- Genworth Mortgage Insurance (GMA) has revealed some heavy losses over 2020 as COVID-19 wrought havoc on the Australian economy
- The lenders mortgage insurance (LMI) company posted a net loss after tax of $104.3 million over 2020, with an underwriting loss of $234 million
- For reference, Genworth made a net profit of $97 million in 2019, with an underwriting result of $42.1 million in profit
- Still, CEO and Managing Director Pauline Blight-Johnston says the company is in a strong capital position to tackle the year ahead
- Genworth had just under $3.7 billion in assets and $2.3 billion in liabilities as of the end of December 2020, meaning its net assets sat at around $1.4 billion
- Nevertheless, Genworth’s share price took a hit today, down 4.59 per cent at $2.70 per share just before market close
