Premiums and profits working for Genworth
Genworth Financial disclosed a couple of crumbs on its Australia mortgage insurance business in its financial statements published last week.One is the overall impact of the increase in premium rates forced on banks, and thus home loan customers, over the last two years.Genworth said it increased premiums by 20 per cent in Australia so far in 2009, following a 17 per cent increase in 2008.The firm also said it has released reserves after finalising the wrangle with National Australia Bank over claims over some broker-sourced loans. NAB has had to wear the loan losses on these, something the bank highlighted in its interim profit.