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Genworth hit by tighter mortgage market

Genworth Mortgage Insurance says regulatory intervention in the home loan market is squeezing margins, after its third-quarter profit fell by almost a third.

The insurer says net profit for the three months to September 30 fell 31.3 per cent to $32.1 million, with net earned premium - a key measure of profitability - dropping 13.6 per cent compared to the prior corresponding period.

Genworth reiterated its guidance for a 10-15 per cent full-year decline in net earned premium, citing the impact of investor loan rate rises, regulatory limits on interest-only lending, and elevated mortgage delinquencies in Queensland and WA.

Topics: Banking

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