During Q1FY17, Genworth Mortgage Insurance Australia Limited (ASX: GMA) reported statutory net profit after tax (NPAT) of $52.2 million and underlying2 NPAT of $68.3 million. The company’s profitability remains strong despite revenue being pressured by a smaller high loan-to-value ratio (LVR) market. New business volume, as measured by New Insurance Written (NIW), increased 9.7% to $6.8 billion in Q1FY17 compared with $6.2 billion in Q1FY16. Further, GWP (gross written premium) increased 3.8% cent to $88.2 million in Q1FY17, reflects a higher LVR mix of business compared with the same quarter in 2016 and the impact of the premium rate actions taken in 2016. However, Net Earned Premium (NEP) of $107.9 million decreased 4.9% compared with $113.5 million in Q1FY16 reflecting lower earned premium from recent book years. The expense ratio in Q1FY17 stood at 25.2% against 23.4% during the same period in previous year.