Lenders’ mortgage insurer Helia has reported a 32% decline in first-quarter gross written premium to $34.5 million and 9% drop in insurance revenue to $84.3 million. 

Helia says the loss of new business with CBA from January 31 and "lower first homebuyer volumes" due to competition from the federal government’s 5% deposit scheme contributed to the GWP slide. 

“The impact of changes in GWP are reflected progressively in insurance revenue, which was down 9% on [prior corresponding period] due to lower GWP in recent book years,” the insurer said today in a first-quarter trading update. 

“Claims remain extremely low with negative total incurred claims of $9.5 million reflecting lower delinquencies and rising dwelling values."

The insurance service result – a measure of underwriting performance – moderated to $70.5 million from $79.5 million a year earlier and statutory net profit after-tax fell to $42.9 million from $68.2 million. 

Impacts of the contract loss from CBA – the country’s biggest home loan lender – and headwinds from the deposit scheme have been flagged in the past by Helia. 

First home buyers made up 27% of GWP in the 2025 financial year. 

Helia is set to lose another bank contract, with ING not renewing the agreement when it expires on June 30. The ING contract provided 20% of GWP in FY25, second to CBA’s 44%. 

The insurer has forecasted insurance revenue of $320-$370 million this year in its 2025 earnings release.