Helia Group Ltd

HLI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.00	Dldwc	Fszxbqdkx

Genworth's Strong Underlying Result Masked by Reserve Increases and Movements in Bond Yields

Nathan Zaia , Adrian Atkins

Apr 30, 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 and completely sold out in 2021. We think it is likely Genworth will find it challenging to grow its LMI business in the face of 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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