Business
Why the Genworth (ASX:GMA) share price is tumbling 6% today
Genworth Mortgage Insurance Australia Ltd (ASX: GMA) shares are tumbling lower today after the company released its financial results for the full year ending 31 December 2020 (FY20). At the time of writing, the Genworth share price has fallen 5.65% lower to $2.67.
Why is the Genworth share price sinking?
The Genworth share price is on the slide today after the business reported an underlying net loss after tax of $104.3 million for FY20. This compares to a $97 million net profit after tax during FY19.
The company experienced an underwriting loss of $234 million for the period. The FY19 underwriting result was $42.1 million.
Genworth reported it would not be declaring an interim or final dividend due to the uncertainty surrounding…
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