Monday 27 March 2017 by John Manning Company research

Genworth Financial Mortgage Insurance Pty Limited research report 2017

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A comprehensive report from FIIG's in house research team

Genworth Financial Mortgage Insurance Pty Ltd (Genworth Australia) is a leading provider of lenders’ mortgage insurance (LMI) in Australia with an estimated 34% of the domestic LMI market by new insurance written (NIW) for the year ended 31 December 2016.

Although Genworth Australia is wholly owned by USA-based parent Genworth Financial Inc., the group cannot make distributions or capital returns to the US parent that exceed 100% of net earnings without prior approval from APRA. This ultimately acts to preserve the regulatory capital base of the Australian operations.

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