Please note that Genworth ceased operations in New Zealand effective 31 July 2011 and ceased accepting new applications for insurance on 1 October 2011 (other than proposals in relation to top-up loans on existing Genworth insured loans).
Effective 1 October 2013, Genworth also ceased accepting top-up proposals. We will continue to service existing policies including assessing any applications for variations in relation to those policies (excluding top ups). Please refer any requests for variations to our Underwriting team for review at NZUnderwriting@genworth.com or by fax to 0800 601 703.
Genworth will continue to offer hardship assistance to borrowers for existing Genworth insured loans, where they are experiencing financial hardship due to unforeseen circumstances. Please refer any requests for hardship assistance to our Hardship team for review at firstname.lastname@example.org
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Genworth Financial Mortgage Insurance Pty Limited holds the following financial strength ratings:
· Standard & Poor’s “A+“
· Fitch “A+“
Important information about the Standard & Poor’s and Fitch ratings (including the rating scale) can be found in the links below.
For Standard & Poor’s ratings information please click here.
For Fitch ratings information please click here.
An overseas policyholder preference applies. Under Australian law, if Genworth Financial Mortgage Insurance Pty Limited (Genworth) is wound up, its assets in Australia must be applied to its liabilities in Australia before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Genworth's assets in Australia to satisfy New Zealand liabilities.
Under NZ legislation, Genworth Financial Mortgage Insurance Pty Limited (Genworth) is required to maintain a solvency margin which pursuant to an exemption granted by the RBNZ is calculated in accordance with Australian solvency requirements.
Please refer to the updated solvency info for GFMI as at 31 December 2016 (using RBNZ published exchange rate AUD = 1.0397 NZD)
Genworth's solvency disclosures as at 31 December 2016, and as lodged with the RBNZ in its full year solvency returns, are detailed below:
Actual capital base: AU$2,070 million ($NZ 2,152million)
Prescribed capital amount: AU$1,403 million ($NZ 1,458 million)
Capital in excess of prescribed capital: AU$667 million ($NZ 694 million)
Prescribed capital amount coverage: 148%