Genworth Mortgage Insurance Australia (ASX:GMA) has lost a contract with NAB

Company News

by Rachael Jones

Genworth Mortgage Insurance Australia (ASX:GMA) has lost a contract for tender with National Australia Bank to provide lenders' mortgage insurance.

The contract will not be renewed when it comes to an end in November 20, 2020.

The LMI business underwritten under this contract represented approximately 12 per cent of Gross Written Premium in FY2019.

Genworth chief executive Pauline Blight-Johnston said: “We are disappointed in the outcome given our long-standing relationship with NAB and would have welcomed the opportunity to continue the partnership.

Shares in Genworth Mortgage Insurance Australia (ASX:GMA) are trading 5.69 per cent higher at $2.14.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.