SYDNEY, July 30 AAP - Mortgage insurer Genworth has flagged a full year profit of up to $250 million amid higher premiums as a strong property market leads to fewer claims.
The company, which listed on the ASX in May, said a reduction in claims helped lift its first half underlying profit 41 per cent to $133 million during the six months to June 30.
It now expects to lift its full-year profit to between $231 and $250 million.
Genworth Mortgage Insurance Australia said the strength of the housing market during the past 12 months meant fewer loans had been placed in arrears, which reduced the number of claims the company received.
At the same time, Genworth lifted its gross written premium almost 15 per cent to $313.6 million after increasing prices and attracting more customers.
Chief executive Ellie Cornerfield said the company was in a good position heading into the second half.
"The performance is marginally ahead of our expectations and positions us well for the remainder of the 2014 financial year," she said.
AAP ews/cdh/gfr
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