LMI business conditions soft
Genworth reported new insurance written of A$8.5 billion for the quarter - down 13.3 per cent on the same period last year. For the year to date, new insurance written was $26.2 billion - down three per cent on the same period last year.Gross written premium of $124.7 million for the quarter was 20.8 per cent down on the same period last year. Year-to-date, gross written premium of $410 million was 13 per cent down on the same period last year.Underlying net profit 58.7 million for the quarter was down 16.4 per cent on the same period last year. Year-to-date, underlying net profit of $191.6 million was down 5.7 per cent on the same period last year.The company reported at its half-year results briefing that a reduction in the number of mortgages written at high loan-to-valuation ratios had put a brake on the business.During the September quarter it completed a data enhancement project, which had some impact on net earned premium and the loss ratio.The company announced an on-market share buyback for shares up to an aggregate maximum amount of $150 million.