Markets

Genworth shares are taking a hit

Shares in Genworth Mortgage Insurance fell hard after the company issued a profit warning. A short time ago, they were down 5.6% to $2.945. Genworth says net earned premiums are expected to be 17% to 19% lower than 2016, instead of the previous guidance of a 10% to 15% fall. […]
Genworth shares are taking a hit
Markets

CHART: Tighter lending for property is crushing mortgage insurance

Australia’s mortgage insurance business is taking a hit because banks and other lenders are taking a more conservative approach to mortgages. Genworth just released its quarterly update, showing a sharp fall in new business. There are fewer high loan-to-valuation loans being approved, those for which banks require mortgage insurance. A […]
CHART: Tighter lending for property is crushing mortgage insurance
Markets

It’s business as usual for mortgage insurer Genworth Australia after its sale to a Chinese property group

The $US2.7 billion ($A3.5 billion) sale of US-based mortgage insurance group Genworth Financial to family-owned China Oceanwide Holdings is not expected to have a major impact on the local Australian business. Genworth will become a standalone subsidiary of China Oceanwide. “Genworth Australia understands that Genworth Financial Inc intends to maintain […]
It’s business as usual for mortgage insurer Genworth Australia after its sale to a Chinese property group
Markets

Genworth’s mortgage insurance business is being crushed

More cautious lending at the banks has cut Genworth’s first quarter mortgage insurance profits by 24.8% to to $67.3 million The gross premiums of Genworth Mortgage Insurance Australia fell 33.4% to $85 million, reflecting a decline in the high loan to valuation (LVR) business. A short time ago, Genworth shares […]
Genworth’s mortgage insurance business is being crushed