Genworth to sell Aust stake

Making headlines today, The Sydney Morning Herald has reported that Genworth Financial, the US life insurer, will sell its $1.9 billion stake in the Australian business.

According to a company statement, as much as 40 per cent of the Australian company may be sold in a public offering.

Genworth reported a 65 per cent decline in third-quarter profit on a loss in the investment portfolio.

Collaborating with more than 120 lenders, Genworth has insured more than $300 billion of residential mortgages since 1965.

In a presentation late last week, the US parent company said the Australian mortgage insurance market is very different to the US.