May 1, 2018 / 10:56 PM / a year ago

Australia's Genworth Mortgage Q1 profit slumps, announces $75 mln buyback

May 2 (Reuters) - Genworth Mortgage Insurance Australia posted a 70.9 percent slump in first-quarter underlying profit on Wednesday, and said it would buy back up to A$100 million ($74.89 million) of its shares.

Australia’s biggest mortgage insurer said the buyback would be subject to shareholder approval at the annual general meeting scheduled for May 10.

The company recorded a quarterly underlying profit of A$19.9 million, lower than the A$68.3 million posted a year ago when it realised a gain on rebalancing investments.

The reported loss ratio, the percentage of premiums spent on claims, jumped 21.1 percentage points to 55.9 percent in the first quarter. ($1 = 1.3353 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru)

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