Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.
"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.
"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.
"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.
Wednesday, 3 May 2017
Genworth reports rising deliquencies
Genworth released its 1Q17 results before the open this morning.
Gross Written Premium increased by 3.8 per cent year-on-year to $85 million, in part reflecting a higher LVR mix in the reported period.
However, statutory NPAT declined by 22.4 per cent to $52.2 million.
The loss ratio increased from 27 per cent to 34.8 per cent, partly due to an increase in the number of delinquent loans.
The portfolio delinquency rate increased to 0.48 per cent, up from 0.40 per cent in 1Q16.
There were significant year-on-year increases in the delinquency rates in Western Australia (25 basis points), South Australia (14 basis points), and Queensland (13 basis points).
Looking at delinquency rates by book year, while not high, it's notable that initial delinquency rates have been moving on to a steeper trajectory across recent book years.