Genworth Mortgage lnsurance Australia says favourable claims conditions continued in the fourth quarter amid high property price growth, a fall in delinquencies and low numbers of mortgages in possession.

Full-year net claims are expected to be between $5 million and -$15 million when final audited results are announced on February 25.

Investments produced a loss of $10.6 million in 2021, including a loss of $11.6 million in the second half when Genworth’s portfolio was hit by higher government bond rates.

Genworth posted an underwriting profit of $88 million in the first half, up from $53 million a year earlier, as mortgage repayment deferrals, repossession moratoriums and a 12% rise in national home values all boosted its performance.