From the AFR:
Genworth Financial has warned of further delays to a partial float of its Australian operations, despite reporting an improvement in third-quarter local operating earnings and a drop in mortgage insurance delinquencies.
Genworth put its mooted $US800 million second quarter 2012 initial public offering on ice earlier this year, after posting first-quarter losses spurred by higher claims and delinquencies from coastal Queensland areas, which were exposed to natural catastrophes.
“Adverse market or other conditions might further delay or impede the planned IPO of the company’s mortgage insurance business in Australia,” Genworth said in a statement as it announced its third-quarter earnings.
Or maybe Genworth wants to wait for a peak in the cycle, such as it is. When it comes, this IPO may be a major sell signal for housing, much like Myer was for retail.
