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Genworth Mortgage Insurance Australia to lose NAB contract

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Genworth Mortgage Insurance Australia Limited (ASX:GMA) updated the market in relation to its Supply and Service contract with NAB (National Australia Bank).

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The contract on Proposal relating to its Lenders Mortgage Insurance (LMI) requirements with NAB will expire on 20 November 2020 and it will not be renewed.

Under this contract, the LMI business underwritten represented nearly 12% of Gross Written Premium in FY2019.

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