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Australia's Genworth Q3 net profit falls 31 pct on dip in new insurance contracts
November 2, 2017 / 9:56 PM / a month ago

Australia's Genworth Q3 net profit falls 31 pct on dip in new insurance contracts

SYDNEY, Nov 3 (Reuters) - Australian home loan insurer Genworth Mortgage Insurance Australia Ltd said on Friday third-quarter net profit fell more than 31 percent as new insurances written out during the period took a dip.

Net profit was A$32.1 million ($24.8 million) for the three months to Sept. 30 from A$46.7 million a year ago.

Australia’s biggest mortgage insurer said its new business volume, measured by new insurance policies, dropped to A$5.5 billion from A$6.1 billion, while net earned premium for the quarter was A$100.1 million, compared with A$115.9 million last year. ($1 = 1.2962 Australian dollars) (Reporting by Christina Martin; Editing by Byron Kaye and Alison Williams)

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