The Genworth Mortgage Insurance Australia (ASX: GMA) share price is flat today in early trading after releasing its third quarter results.
Underlying NPAT was $40.5 million, which is down 14.6% from the same quarter last year.
Net Earned Premium (NEP) of $100.1 million decreased 13.6% from $115.9 million in Q3 16, reflecting lower earned premium from recent book years.
Gross written premium decreased 3.9% to $88.9 million.
Genworth Mortgage Insurance Australia Limited (GMA) is the provider of Lenders Mortgage Insurance (LMI) in Australia. Currently, GMA offers three main LMI products which are Standard LMI, Homebuyer Plus and Business Select/Low Doc.
Genworth CEO, Ms Georgette Nicholas said, "Our third quarter results were strong and demonstrate the resilience of the business managed through different cycles."
The board continues to target a dividend payout ratio of 50%-80% of NPAT and expects 2017 NEP to decline by around 10%-15%. The full year loss ratio guidance has been updated to between 35%-40%.
