Genworth Mortgage Insurance Australia is searching for a CEO to take over from Georgette Nicholas, who is returning to the US after five years with the company.

Ms Nicholas, who also sits on the Insurance Council of Australia board, will remain in the top role until a successor starts and will then continue as an employee for a time to ensure a smooth transition.

“After more than five years away from my family in the United States I have made a personal decision to return home,” she said today.

“I am proud of the transformation achieved during my time with the company and the contribution that Genworth has made in supporting home ownership across Australia.”

Ms Nicholas became CEO in early 2016 after holding the position in an acting capacity. She had earlier moved to Australia to become CFO for the group, which listed on the stock exchange in 2014.

Previously she held roles at Genworth Financial in the US, which has a 52% stake in the local business.

An Australian and international executive search will now start to find a new CEO.

Chairman Ian MacDonald says Ms Nicholas played a significant role in redefining the business model and positioning the company as a “leading provider of risk and capital management solutions” for the residential mortgage market.

“Georgette leaves Genworth in a strong position to compete and grow over the next phase of our strategic journey,” he said.

Genworth first quarter net profit rose to $47.8 million from $8.4 million a year earlier, including unrealised gains on the investment portfolio, the company said today.

The underlying result rose 12.1% to $22.3 million supported by new policies written in its traditional business as first home buyers returned to the market.

“While moderating housing markets and tighter credit conditions continued to be prevalent in the quarter we delivered strong results with growth in our new insurance written and continued momentum in our strategic program of work,” Ms Nicholas said.

Gross written premium decreased 50.4% to $86.3 million due to a bespoke transaction written through Genworth’s Bermuda insurance entity a year earlier.

The combined operating ratio was 89.3% compared with 89.5% a year earlier.

Ms Nicholas said the company is holding discussions with Commonwealth Bank, the firm’s biggest client, with its major contract due for renewal at year-end.

Genworth, which expects a moderating trend in metropolitan housing markets to continue through this year, maintained its forecast for a full year loss ratio of 45-55%.