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.