Home loan delinquencies and lenders mortgage insurance (LMI) claims remained “very low” in the third quarter, says Genworth, which is preparing to put a vote to shareholders later this month to change its name to Helia Group.

The LMI leader says net claims incurred were -$9 million in July-September and -$12 million for January-September. The negative outcome was caused by a reduction in reserves due to fewer delinquencies, it said.

Genworth revised its full-year net claims incurred forecast to a range of -$25 million to $25 million, from mid-year guidance of nil to $50 million.

“While net claims incurred are expected to increase, it may take some time for changes in the economy to flow through to delinquencies and claims paid,” Genworth said, adding it was "well positioned for a changing economy”.

Genworth expects full-year net earned premium at the top of its $375-$435 million guidance range.

GWP was $68.5 million in the third quarter and $257.1 million for the year to date. The underwriting result was $84 million and $258.5 million respectively, for a third-quarter net profit of $54.8 million.

“GWP is lower than third quarter 2021, reflecting lower industry volumes of new high loan to value ratio (LVR) lending,” it said.

Genworth also said it has invested in Household Capital, a provider of home equity retirement funding.