MELBOURNE (Standard&Poor's) March 31, 2016--Standard&Poor's Ratings Services today said that its ratings on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia; A+/Stable/--) are unchanged following its announcement of a proposed capital repatriation. Subject to shareholder approval at the company's Annual General Meeting (AGM) on May 5, 2016, Genworth Australia intends to repatriate between A$202 million to A$250 million of capital. We believe that should the proposed capital repatriation proceed, Genworth Australia's financial profile will remain strong, supported by the strength of its capital and earnings position. The capital repatriation measures are in line with our expectations and should see the insurer's regulated capital remaining at the higher end of its target range of 1.32x to 1.44x
