...August 4, 2021 MELBOURNE (S&P Global Ratings) Aug. 4, 2021--S&P Global Ratings today said Genworth Financial Mortgage Insurance Pty Ltd.'s (Genworth Australia; A/Negative/--) first-half 2021 performance was strong, but not strong enough to resolve potential downside risks related to COVID-lockdown measures. We expect that our negative outlook on the issuer ratings will remain until the end of 2021, when we get more information about the effect of state-based COVID lockdowns. Australia's major banks have reimplemented support measures to help loans hit by the extended lockdowns. This includes the Sydney metropolitan area, which has been acutely affected, and represented about 27% of insurance in-force. The removal of government support schemes has yet to affect mortgage insurers, but it could translate into higher mortgage insurance claims. Genworth Australia's operating performance over the first half of 2021 was strong, boosted by solid year-on-year premium growth, lower claims expenses,...
