Consolidated statement of Genworth, the mortgage insurance group, indicated a fall in profit by 52.8% for the first half year ending 30 June 2018 to $41.90 million from $88.66 million in previous corresponding period. The decline was reportedly driven by the adverse impact from 2017 Earnings Curve Review. Revenue from ordinary activities was down by $67.24 million as compared to $296.50 million revenue generated in previous half year ending 30 June 2017. While Gross written premium increased 46.4% to $266.8 million in 1H18 from $182.3 million in 1H17 following the establishment of its new insurance entity in Bermuda, the expense ratio increased from 25.9% in 1H17 to 32.9% in 1H18, reflecting a decline in new insurance written by 32.3%.
Despite the heavy cut in profits, the company continues to announce special dividend of $0.04 per share and $0.08 of interim dividend per share, entitled for distribution on 30 August 2018 to shareholders registered on 16 August 2018. Following the release of half yearly report, ASX:GMA stock rose by $0.120 or 4.461% to $2.81, while the stock has shown decline of 10.06% past one year.
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