Business
Genworth Mortgage (ASX:GMA) share price slumps on $107 million loss
The Genworth Mortgage Insurance Australia Ltd (ASX: GMA) share price took a pummelling today. Shares in the lender’s mortgage insurance provider opened at $2.50 – compared to yesterday’s close of $2.68 — and sunk as low as $2.44 in early trade. The Genworth share price made a small recovery in afternoon trading to close the day at $2.58.
The losses come off the back of the company’s publication of its 2020 annual report.
Why the Genworth share price is tanking
Genworth Mortgage haemorrhaged a $107.6 million loss for the 2020 calendar year. To understand the magnitude of that number, in the prior corresponding period (pcp) Genworth made $120 million profit.
In a glimmer of good news, the net earned premium of the mortgage…
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