Helia Group Ltd

HLI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.00	Zdhw	Wsdqmrvh

Genworth's Profit Slides, but Premium Growth Points to Stronger Earnings in the Future

Nathan Zaia , Adrian Atkins

Feb 12, 2021

Business Strategy and Outlook

Genworth has a 50-year history in providing lenders mortgage insurance in Australia but has only been listed on the ASX since May 2014. Global U.S.-based insurer Genworth Financial Inc. listed it but retains a 52% stake. We think it is likely Genworth will find it challenging to grow its LMI business in the face of slow credit growth and increased competition. We believe the entrance of Arch Capital Group, and increased tendency of lenders to self-insure, will see Genworth cede further share over time.

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