Q3 2019 Genworth Mortgage Insurance Australia Ltd Earnings Call Transcript
Thank you for standing by, and welcome to the Genworth Mortgage Insurance Australia 3Q 2019 Earnings Results Conference Call. (Operator Instructions)
I would now like to hand the conference over to Ms. Georgette Nicholas, CEO and Managing Director. Please go ahead.
Thank you. Good morning, and thank you for joining our CFO, Michael Bencsik, and myself on the call this morning to discuss the third quarter 2019 results for Genworth Mortgage Insurance Australia.
If we start with Slide 4 of the presentation, overall Q3 performance was solid with the market stabilizing and in major markets of Sydney and Melbourne, home prices improved during the quarter. Alongside recent interest rate cuts, the overall economic conditions are encouraging first homebuyers back into the market. And as a result, our new insurance written was up 26.4% to $6.4 billion in the third quarter '19 when compared to the prior year. This was achieved despite only modest movement
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