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.
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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.
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