Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Genworth director announces retirement

Genworth director announces retirement

Mortgage insurance provider Genworth has announced the retirement of one of its board members after reporting a significant fall in profits for the first quarter of 2016.

Samuel Marsico will retire as a non-executive director from Genworth’s board, having been a designee of Genworth Financial and a member of the group’s risk committee since 2012.

Genworth said in a statement that Mr Marsico had made a significant contribution to the company, “bringing professional expertise in the areas of risk management and mortgage insurance specifically”.

Advertisement
Advertisement

“On behalf of my fellow directors and executive management, I thank Mr Marsico for his service, his commitment and his insights to both the board and the risk committee,” Genworth chairman Richard Grellman said.

The group said it was finalising a global search for Mr Marsico’s replacement.

The announcement of Mr Marsico’s departure came after Genworth reported a net profit after tax (NPAT) of $67.3 million and an underlying NPAT of $61.8 million for the March 2016 quarter, down 11.5 per cent and 24.8 per cent respectively over the prior corresponding period.

[Related: YBR director resigns]

Genworth director announces retirement
mortgagebusiness

 

Latest News

The APRA Capability Review has been released, outlining that while the regulator has been “an impressive and forceful regulator”, it sho...

Two non-major banks have reduced their interest rate floors for home loan serviceability assessments, following moves from ANZ and Westpac. ...

Residential property values are expected to begin rising sooner than anticipated, with ANZ Research revising its forecasts in response to re...

FROM THE WEB
podcast

LATEST PODCAST: A shift in serviceability requirements

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.