Home / Corporate / Genworth unveils share buyback program
29 November 2021
Genworth Mortgage Insurance Australia will commence a stock buyback program, returning to shareholders up to a maximum aggregate value of $100 million.
The lenders’ mortgage insurer says the purchase, to start from next Wednesday, would represent 11.1% of the company’s issued share capital or around 45.9 million ordinary shares.
The total number of shares to be purchased by Genworth under the on‐market share buy‐back will depend on business and market conditions, the prevailing share price, market volumes and other considerations.
Genworth says the proposed buyback is designed to bring its solvency ratio more in line with the board’s target capital range of 1.32 to 1.44 times the prescribed capital amount on a Level 2 basis.
“The on‐market share buy‐back is consistent with Genworth ensuring we have an efficient capital structure and helps us to deliver improved returns to our shareholders,” CEO and MD Pauline Blight‐Johnston said.