Helia Group Ltd

HLI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.00	Zbmgj	Bsjxrksvy

Corporate Action: Same Business, New Name, Vote in Favour of Genworth Name Change

Nathan Zaia

Nov 1, 2022

Strong demand for lenders mortgage insurance in 2020-21 continues to benefit Genworth Mortgage Insurance's earnings, but the tailwind is subsiding. Net earned premium, or NEP, in the third quarter was down 8% on the quarterly average of the first half, with new policies, which drive future revenues, down a much more material 27%. The tailwind of nonexistent claims continues, but we expect this to end in fiscal 2023 as higher cash rates increase mortgage stress.

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