Australian shares to open lower; Wall Street down on US/China tensions; $A at US69.18¢; Aust bond yields down; oil up. Ahead: Genworth earnings.
Genworth Mortgage Insurance Australia is buying back up to $100 million in shares, representing 9.2 percent of the company’s issued share capital or around 34.7 million shares. It has received shareholder approval to buy back up to 60 million shares at the 2022 AGM.
Genworth reported statutory profits dropped by 68.2 per cent to $18.9 million in the first half of 2022, compared with the same period last year. But its underlying profits rose 75.6per cent to $134.3 million. The difference between the two figures is due to unrealised mark to market investment losses.“Underlying NPAT was well up on the prior period, driven by a strong underwriting result due to higher earned premium and negative net claims incurred,” said CEO Pauline Blight-Johnson.
Net earned premium is expected in a range of $375 million to $435 million, an increase from the previous guidance range of $315 million to $375 million provided at FY21. FY22 net incurred claims are expected to be within a range of $0 million to $50 million. The extent of any further unrealised investment gains or losses will primarily depend on movements in bond rates which remain uncertain in the current environment. Higher bond rates are expected to benefit 2H22 interest income and are positive for future profitability, it said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX to edge higher, Wall St lower broadlyAustralian shares are set for a muted open amid losses in Europe and on Wall Street. $A drops on tempered local rate outlook.
Read more »
ASX little changed as Appen, Credit Corp join profit season’s victimsThe S&P/ASX 200 Index rose almost 0.1 per cent to 6998.1 points, Appen shares fell 27.3 per cent to $4.15 and Credit Corp dropped 5.4 per cent to $23.02.
Read more »
Bobby bought at the market's peak. He's now reassessing his lifestyle to pay the mortgageAfter eye-watering property price rises in recent years, house values are now starting to drop, but those who bought at the height are facing a 'perfect storm' as interest rates rise.
Read more »
ASX to slip, Wall St lower, RBA rate decision pendingAustralian shares are poised to open down, following New York’s lead. Oil retreats. $A higher on RBA rate rise expectations.
Read more »
ASX LIVE: ASX to slip, $A drops on global tensions, ratesAustralian shares are set to open lower, following New York’s sell-off on rising US/China tensions. US rates are set to keep rising fast. Follow updates here.
Read more »
Orica chases equity injection, JPM and Citi on ticketChemicals company Orica’s set to go to shareholders for fresh funds on Wednesday morning.
Read more »