Genworth Mortgage Insurance Australia Limited (GMA) is in our radar today. The Company released its full year 2014 earnings stating the statutory net profit after tax (NPAT) for six months ended 31 December of $172.7 million and a full year 2014 pro forma NPAT of $324.1 million. The statutory NPAT of $215.2 million associated to the financial period post the Initial Public Offering (IPO) being from 19 May 2014 to 31 December 2014 has also been stated. The underlying NPAT which excludes mark-to-market investment gains has been reported to be $146.3 million for the six months ended 31 December and $279.4 million for the full year 2014 on a pro forma basis. The Company declared a fully franked final ordinary dividend of 13.1 cents per share and a fully franked special dividend of 11.5 cents per share. A payout ratio of about 58% of the 2H14 underlying NPAT has been represented by the final ordinary dividend.
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