Genworth Australia recently announced that its second-largest customer, which comprised 14% of its gross written premium, would not be renewing its contract with the insurer. We are revising our outlook on Genworth Australia to negative from stable as further significant contraction of its business base is outside our expectations of a return to premium growth in 2017. We are affirming our 'A+' ratings on Genworth Australia. On March 20, 2017, S&P Global Ratings revised its outlook on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) to negative from stable. At the same time, we affirmed our 'A+' ratings on the insurer. The outlook revision to negative reflects our expectations of a possible weakening of Genworth Australia's competitive position, and subsequent
