May 2 (Reuters) - Genworth Mortgage Insurance Australia posted a 70.9 percent slump in first-quarter underlying profit on Wednesday, and said it would buy back up to A$100 million ($74.89 million) of its shares.
Australia’s biggest mortgage insurer said the buyback would be subject to shareholder approval at the annual general meeting scheduled for May 10.
The company recorded a quarterly underlying profit of A$19.9 million, lower than the A$68.3 million posted a year ago when it realised a gain on rebalancing investments.
The reported loss ratio, the percentage of premiums spent on claims, jumped 21.1 percentage points to 55.9 percent in the first quarter. ($1 = 1.3353 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru)