Genworth Mortgage Insurance Australia has reported an underlying net profit of $133.1 million for the half-year to June 30 – a 40.7% increase on the previous corresponding period, when Genworth was wholly owned by its US-based parent.

Genworth listed on the Australian Securities Exchange in May after Genworth Financial floated 34% of the business.

CEO Ellie Comerford says the results are “marginally ahead of our expectations”.

The first-half performance has been bolstered by the strength of the housing market over the past year, the company says. This has led to a lower volume of loan arrears converting to claims, and an overall lower average claim amount.

Gross written premium of $313.6 million for the first half of 2014 was 14.9% higher than the previous corresponding period.

The first-half loss ratio of 19.6% is well down on a loss ratio of 42.3% in the previous corresponding period.

Genworth has revised its full-year net profit forecast from $231 million to as high as $250 million.