Genworth returns to profit but warns of renewed uncertainty
Key Points
- Half-year sales fall 12pc to $208.7m
- Pre-tax profit $83.7m vs $128.6m loss
- Net profit $59.4m vs $90m loss
- Interim dividend 5¢ vs nil, payable August 31
Genworth Mortgage Insurance Australia returned to profitability in the first half of fiscal 2021 with the group experiencing benign claims due to the improved economy, but chief executive Pauline Blight-Johnston warned the latest COVID-19 restrictions have created renewed uncertainty.
The group – a provider of lenders mortgage insurance – reported net profit of $59.4 million in the half, reflecting a strong underwriting result of $87.7 million. This was partially offset by unrealised mark to market investment losses from a rise in government bond rates. On an underlying basis, NPAT was $76.4 million in the period.
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