Pre-nationalisation Genworth pisses away another $100m

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My favourite pre-nationalisation mortgage dog is out today with stellar results:

Collapsing profit and a massive buyback. Nice.

Amusingly, GMA did not even release its gross written premium number this quarter, no doubt to keep it from nosey bloggers. It was 369bn at the end of 2017 so it’s still trading on a spectacular capital leverage ratio 179x:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.