Genworth announces FY18 profit down 49%

Company News

by Anna Napoli

Genworth Mortgage Insurance (ASX:GMA) says its reported net profit after tax (NPAT) fell 49 per cent on FY17 to $76 million for the 2018 full year.

Its net earned premium decreased 24 per cent over the 2018 year, to $281 million.

The company declared a fully franked final ordinary dividend of 9 cents per share.

Genworth says the results reflect the impact of the 2017 earnings curve review as well as weaker housing market conditions, tightening credit standards and increases in mortgage interest rates.

Genworth has today announced a new on market buy-back today up to a value of $100 million.

 Shares in Genworth Mortgage Insurance (ASX:GMA) are trading 5.09 per cent higher to $2.38.

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