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Half Year 2019 Genworth Mortgage Insurance Australia Ltd Earnings Call Transcript

Jul 31, 2019 / 12:01AM GMT
Release Date Price: A$3.39 (+14.92%)
Georgette Cecelia Nicholas
Genworth Mortgage Insurance Australia Limited - CEO, MD & Director

Thank you, and good morning. Thank you for joining our CFO, Michael Bencsik, and myself on the call this morning to discuss the 2019 first half results for Genworth Mortgage Insurance Australia.

If we start with Slide 4 of the presentation. The overall market is settling with home prices moderating in Sydney and Melbourne, encouraging buyers back into the market, along with an increase in activity from rate cuts and confidence improving after the federal election. This has resulted in our new insurance written being up 20.7% from $10.3 billion in the first half of 2018 to $12.5 billion in the first half of 2019. We achieved this growth despite an overall smaller residential mortgage market year-on-year by working with our lender customers to identify areas of opportunity and grow our share.

In terms of gross written premium, the large decrease you see relates to the bespoke transaction that we wrote in our Bermuda insurance entity last year. And if you remove that transaction for

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