Helia Group Limited (HLI) Earnings Call Transcript & Summary

Good morning. I am Ian MacDonald, Chairman of the Board of Directors of Genworth Mortgage Insurance Australia Limited. I would like to welcome you to our 2021 Annual General Meeting of Shareholders. It is now 11 a.m, and I have been informed that the necessary quorum of shareholders is present at the meeting, attending by virtual means. I therefore declare the meeting open. Due to the COVID-19 pandemic, we are again holding a virtual AGM to allow us to meet with you today in a way that ensures everyone's safety and well-being. The notice of meeting dated the 26th of March 2021 has been circulated to members, and I will take the notice of meeting as read. The notice of meeting and the virtual AGM online guide that were released on ASX and posted on our website set out meeting procedures to enable attendance and participation in this meeting by virtual means. You can find my address as Chairman and the CEO's address on our website. They were also released to the market prior to the commencement of this meeting. Before I proceed with my address and the formal business of the meeting, I would like to introduce my fellow directors: David Foster, Chairman of the Remuneration and Nominations Committee and the Technology Committee; Gai McGrath, Chairman of the Risk Committee; Graham Mirabito; Andrea Waters, Chairman of the Audit Committee; and Duncan West, Chairman of the Capital and Investment Committee; as is Pauline Blight-Johnston, our Chief Executive Officer and Managing Director. Also present at the meeting are Prudence Milne, our General Counsel and Company Secretary; and Brady Weissel, Assistant Company Secretary, who is here to assist with the meeting procedures. And David Kells, the company's auditor partner at KPMG for the 2020 year. Mr. Kells is available via video conference to answer questions in relation to the conduct of the audit, the auditor's report, the company's accounting policies and the independence of the auditor. I will now outline the procedures for today's meeting. In a moment, I will present my address as Chairman, and then I will invite Pauline to present the CEO's address. Once those presentations have concluded, I will open the meeting to general questions. There will also be an opportunity to ask specific questions on the financial report, remuneration report, and each of the resolutions to be voted on today as we come to those items of business. At the end of general questions, we will then move to the formal business of the meeting, including any questions, and voting on each of the resolutions to be put to the meeting today. Shareholders attending the meeting through the online platform will be able to ask questions and cast their vote once they have registered for an electronic voting card which will validate your shareholding. [Operator Instructions] Even though we are meeting by virtual means, I strongly encourage shareholders to participate in the meeting by submitting their general questions as well as any questions they may have on specific items of business. The online platform is now open for you to submit questions. You can submit questions at any time up to and during question time for the items of business to which your question relates. All questions you submit will be placed in the queue, and I will respond to those questions when we reach the relevant part of the meeting. I will now update you on the key achievements of the company over the past year. When I addressed shareholders at last year's Annual General Meeting, the nation and the world were coming to grips with the sudden onset of a global pandemic, COVID-19. Over the year, the pandemic significantly affected our way of life and the key economy. I'll now spend some time reflecting on how Genworth navigated this unprecedented year, enabled by its robust business fundamentals and strong customer relationships. After my remarks, our Chief Executive Officer, Pauline Blight-Johnston, will discuss the company's 2020 performance in greater detail and will also update you on our first quarter results that were released last Friday. In a very challenging year, your company did not hesitate to support Australians in their time of need. With our lender customers, Genworth assisted over 63,000 borrowers who are experiencing difficulties, including those impacted by COVID-19. Genworth continued to partner with our lender customers to enable thousands more Australians to build financial security by purchasing homes and investment properties. With home ownership appearing increasingly out of reach for many Australians, the role that Genworth plays is -- in increasing access to the housing market has never been more important. The company wrote over 75,000 new Lenders Mortgage Insurance policies during the year, reflecting the historically low interest rates and rising house prices. At the end of 2020, Genworth had 1.2 million policies with insurance in force of $305.7 billion. Genworth has long-standing strong relationships with its lender customers. During 2020, the company renewed a number of customer contracts for the exclusive provision of LMI, including the supply and service contract with our largest customer, Commonwealth Bank, effective on the 1st of January 2020. Over the remainder of the year, the company secured further customer renewals. These included an exclusive LMI relationship with a nonmajor bank, and an extension of our relationship with a mutual lender for the first time on an exclusive basis. In 2020, the company undertook a strategic review to better position the business for growth, grounded in a deeper understanding of the needs and desires of today's lenders and borrowers. Pauline will talk about the learnings from the review and the sustainable growth strategy that is now being developed. This strategy will build on the strategic program of work undertaken in recent years to facilitate adaptation and innovation in our business. Genworth's commitment to enabling home ownership underpin the way we supported our people and customers throughout the year. At the start of the pandemic, the company's management and employees responded quickly to assist lender customers and their borrowers. Genworth's people have worked hard under difficult circumstances, and it is a credit to them that the company maintained high standards of service to our lender customers throughout the year. Moving on now to Genworth's 2020 financial results. The company's 2020 performance was materially impacted by the effect of COVID-19 on the economy. In response, Genworth increased reserving for anticipated future claims outcomes, which contributed to a full year statutory net loss of $107.6 million and an underwriting net loss of $234 million. Pleasingly, Genworth was in a strong financial position when the pandemic arose and continues to remain well positioned. As of the 31st of December 2020, Genworth's regulatory solvency ratio was 1.65x the prescribed capital amount on a group basis. This was comfortably above the Board's target range of 1.32 to 1.44x and represented surplus capital of $203.2 million above the top end of the range. The company's cash and investment portfolio as at the 31st of December 2020 had a market value of $3.4 billion, of which 81% was held in cash and fixed interest securities with a rating of A- or better. Whilst we maintained a strong capital position throughout 2020, for the first time in Genworth's history, our shareholders did not receive a dividend during the year. Since listing on the Australian Securities Exchange in 2014, Genworth has returned over 100% of after-tax profits by way of ordinary and special dividends to shareholders, and implemented other capital management initiatives including buybacks and capital reductions. In 2020, due to the uncertain economic outlook, regulatory guidance from the Australian Prudential Regulation Authority and the company's fiscal year '20 statutory net loss, the Board concluded it would preserve capital and not pay an interim or final ordinary dividend for 2020. The Board and management believe that the impact on shareholders should be shared by our key management. Therefore, whilst management did an excellent job leading their teams during a challenging year, executive key management personnel voluntarily elected not to receive any fixed remuneration increases or short-term incentives for 2020. I assure you that your Board appreciates the importance of dividends for shareholders. We will resume dividend payments when we believe it is appropriate to do so, taking into account the impacts of COVID-19 on the company's financial and capital position. Turning now to our commitment to operate in a responsible and sustainable manner. The Board believes that to have a sustainable business that delivers long-term value for shareholders and other stakeholders, Genworth needs to continue to make a positive contribution to Australia's social fabric. Our commitment is embedded in a sustainability framework that supports our people, customers, the community and home ownership. In April, Genworth released our latest sustainability report that is aligned with the Global Reporting Initiative Sustainability Reporting Standards. Pauline will outline the key 2020 achievements shortly. I would, however, like to note one of the results specifically relating to the Board's composition. Genworth has a target of 40% women on the Board, and we continue to exceed this target. I want to touch briefly now on the recent selldown by majority shareholder Genworth Financial, Inc., or GFI. On the 3rd of March 2021, GFI sold its entire holding of shares in Genworth. Consequently, GFI no longer owns any shares in the issued capital of our company. The sale has no impact on Genworth employees, customer contracts, or local service offerings, although key service agreements between GFI and Genworth will terminate over time. Both companies will transition the relevant services to in-house or to local service providers. Management has established a dedicated team to manage the transition plan and is in the process of finalizing the project scoping. During the year, we continued our program of Board renewal to maintain a diverse and appropriate mix of competencies and experience. Following the sale of GFI's holding, GFI executive designee directors Raj Singh and Stuart Take resigned from our Board. David Foster and Graham Mirabito ceased to be GFI designees and have continued on the Board as independent nonexecutive directors. Jerome Upton, a former GFI executive, had already retired from our Board in September 2020. The Board will consider whether to appoint additional directors to fill these vacancies in due course. In February 2020, Gayle Tollifson retired, and Christine Patton retired in August. In March 2020, Andrea Waters was appointed as an independent director. And in August 2020, Graham Mirabito was appointed as an independent director. At this Annual General Meeting, Graham will retire and offer himself for election. I will also retire and offer myself for reelection as Chairman. Shareholders will hear from us shortly when we speak to respective resolutions that deal with our elections. I would like to thank the former and current directors for their wise counsel and support during a very unusual and unprecedented year. I also express my thanks to Pauline, who in her first year as Genworth's CEO has skillfully led the business through a very challenging period, ably supported by a talented and experienced management team and the dedicated and committed Genworth employees. Together, they have operated the business prudently and efficiently through 2020, managing the demands presented by COVID-19 whilst continuing to reposition the business for the future. In closing, I would like to thank shareholders for your ongoing support and patience through an unprecedented year. Your Board understands how important it is for Genworth to play our part in the nation's rebuilding program by continuing to support our lender customers, their borrowers and the broader community. As we look ahead, it is pleasing that we are now operating in a better economic environment than anyone anticipated when I spoke to you all 1 year ago. However, there will still be challenges ahead as the impact of COVID-19 continues to flow through the economy and to Genworth's business. Against this backdrop, your company is well capitalized and well positioned to manage the business through the economic recovery. I will now hand over to Pauline.

Thank you, Ian, and good morning, everyone. I'm Pauline Blight-Johnston, Genworth's Chief Executive Officer and Managing Director. When I joined Genworth last March, I was certainly not anticipating that 2020 would become such an extraordinary year. It's been a privilege to lead Genworth through this period, and one that highlighted the critical role our company plays in helping more Australians to achieve home ownership and to stay in those homes wherever possible. Genworth was operationally and financially well positioned for the challenges of 2020. When COVID-19 emerged, we responded promptly by implementing our business continuity and contingency plans. In March 2020, Genworth's people transitioned to working remotely, and we've successfully operated a mix of remote and in-office activity since then. Throughout 2020, we worked closely with our lender customers to assist their borrowers whilst prudently managing underwriting risk. We adapted processes and enhanced controls to electronically ingest large volumes of borrower support data, creating operational efficiencies and enabling rapid customer response. We expanded our hardship policy to include pandemics and processed over 55,000 home loan repayment deferrals. In addition, we efficiently administered the high volumes of new business written by lender customers as a result of the low interest rate environment and rising house prices. It's a testament to the quality of our people and our systems that this work was delivered remotely whilst meeting all contractual service level agreements and continued strong customer service. Our lender customers have expressed their appreciation for our commitment and support. In addition, our employee survey results reported a very high level of satisfaction and confidence in the way we've managed the pandemic and supported employee health and well-being. Underpinning our business achievements is Genworth's sustainability framework. We believe that to be a sustainable business, Genworth needs to create a culture of empowerment and innovation for our people, support our lender customers to help people purchase and stay in their homes, make a positive contribution to the communities of which we are a part, and manage our environmental impact. In 2020, we implemented a range of learning and development programs and health and wellbeing initiatives to support our people. These included mental health training, our Leading into the Future course, and our Women in Leadership program. Genworth has continued to exceed our target of maintaining at least 40% female representation in senior management. We are proudly a Diversity Council of Australia Inclusive Employer and a Workplace Gender Equality Agency Employer of Choice. We have long-standing relationships with lender customers. And in 2020, Genworth wrote over 75,000 new Lenders Mortgage Insurance policies. And we assisted over 63,000 borrowers in hardship, including those affected by COVID-19. We supported 2 community partners that are working hard to address homelessness: St. Vincent de Paul Society and Youth off the Streets. Whilst our people were unable to participate in volunteering due to COVID-19 restrictions, Genworth contributed over $170,000 to the community in 2020. Genworth reduced its energy, water and waste usage in 2020 as our employees worked remotely, with indirect emissions falling by more than 30% on a 2018 baseline. We continued to progress our understanding of the physical and transitional risks to our business associated with climate change. And we also added sustainability considerations into our investment policy and our underlying investment mandates. Turning now to the company's financial performance. Genworth's results since the start of the pandemic last March reflect the unusual operating environment that's being created by the impact of COVID-19 on the economy. In response to the pandemic, repayment deferrals and moratoriums on foreclosures were introduced to support borrowers. These initiatives and government support packages interrupted the typical incidence patterns of loan delinquencies and claims. To compensate for these impacts, Genworth refined our reserving methodology in 2020 and increased reserving. For the full year ended the 31st of December 2020, Genworth reported a statutory net loss of $107.6 million and an underlying net loss of $104.3 million. 2020 profits were reduced primarily by the write-down of deferred acquisition costs of $181.8 million pretax in March 2020, and the December 2020 reserving review of $109.1 million pretax. Whilst reporting a loss for the full year was disappointing, Genworth maintained its strong financial position with a capital ratio well in excess of the prescribed capital amount. In addition, Genworth's fundamentals remained strong, with numerous encouraging achievements delivered during 2020, including strong top line growth in premium revenue with gross written premium increasing 29.7% to $561.7 million compared to full year 2019; new insurance written increasing by 18.1% to $31.6 billion; net earned premium increasing 4.6% to $312 million; improving our Net Promoter Score as rated by our lender customers; renewing a number of lender customer contracts for the exclusive provision of Lenders Mortgage Insurance; and introducing to market our monthly premium product, an industry-first innovation that enhances the value proposition of LMI for many borrowers. I'll talk more about this achievement shortly. Last week we reported our first quarter results for 2021, and we've had a good start to the new year. Genworth delivered underlying net profit for the quarter after-tax of $30.3 million and a statutory net profit after tax of $3.4 million, after allowing for unrealized mark-to-market asset losses as a result of rising bond rates. The strong new business performance has continued, with the first quarter gross written premium up 25.1% to $143 million compared to the same period last year. It's pleasing that the economic recovery is underway and that COVID-19 health outcomes and the economic outlook continue to improve with the vaccine rollout. Uncertainty remains as the home loan repayment deferrals and the JobKeeper scheme have only recently ended. We're working very closely with our lender customers to support Australian borrowers and to understand the likely future performance of those loans that were previously on repayment deferral. Over coming periods, it will become increasingly evident how many insured loans may continue to experience difficulty, and hence the ultimate impact of COVID-19 on Genworth's financial results. Importantly, Genworth remains in a strong operational and financial position. As at the 31st of March 2021, the company's regulatory solvency ratio was 1.63x the prescribed capital amount on a level 2 basis. This remains comfortably above the Board's target range of 1.32 to 1.44x, representing surplus capital of over $200 million above the top end of the range. Our strong capital position provides us with the capacity to adapt to changing circumstances, to withstand a wide range of future claims outcomes, and to deliver on our new business growth strategy. Whilst we've been very focused on prudently and efficiently managing the business in this new operating environment, we've also kept an eye to the future. During 2020 we introduced a more customer-centric operating model accompanied by a leaner organization design that removes duplication, creates efficiencies and clear end-to-end accountabilities. We are now developing a business growth strategy that will enhance our current business by improving its efficiency and competitiveness; and evolve our LMI offering by refreshing it for a new generation of homebuyers. As I mentioned earlier, Genworth has recently launched its monthly premium LMI product, which provides borrowers with an alternative to an upfront premium. We've worked very closely with a number of our lender customers to develop this product, and it's pleasing to see the strong interest in this innovation from borrowers, lenders and brokers. We're also beginning to explore opportunities to extend our core LMI capabilities in ways that support our goal of increasing home ownership in Australia. As we look forward, Genworth is well placed to navigate the challenges and opportunities ahead. The company's capital strength, along with our operational flexibility, will enable us to manage a wide range of future claims outcomes as well as deliver our sustainable growth strategy. We will continue to focus on operational excellence and strategic initiatives that support more Australians to build financial security through home ownership. In closing, I'd like to thank our Chairman, Ian, and my fellow directors for their stewardship of the company and support to me since I joined Genworth last March. To all our Genworth people, thank you for your hard work, your resilience and your commitment to each other, our customers and Australian borrowers. I'm extremely proud of how each and every one of you have adapted to meet the challenge of the past year. To our customers and other partners, thank you for your support, and I look forward to continuing to build on our long-standing relationships. Finally, I'd like to thank you, our shareholders, for your support and investment in Genworth. I'll now hand back to Ian for the formal business of the meeting.

Thank you, Pauline. At this time, I would like to give shareholders attending the meeting live through the online platform an opportunity to ask any general questions they may have. [Operator Instructions] I will now pause briefly for shareholders to submit any general questions they may have. There being no general questions, I will briefly run through some formalities for voting at this meeting. Shareholders eligible to vote or their appointed proxies will be able to cast a vote by using the electronic voting card on their screen. The voting card will remain accessible until the voting is closed. Once voting is closed, all voting cards will automatically be submitted and cannot be changed. Shareholders who were not able to attend the meeting had the option of casting a direct vote or alternatively appointing a proxy. As a significant number of our shareholders vote by proxy and direct voting, and we have received proxy votes or direct votes in respect of around 70% of our total shares, we consider it appropriate to recognize the votes both of those attending the meeting today and those who have voted by proxy or direct vote. Accordingly, a poll will be called for each resolution. I now declare the poll open. After each resolution has been moved, we will then display the proxy and direct votes that have been cast prior to opening up the meeting to any questions before voting takes place. The results of the poll will be declared and released to the ASX as soon as possible after the meeting has concluded. As stated in the notice of meeting and on the voting form you each received, where I as Chairman have been appointed as proxy with a discretion as how to vote as proxy holder, I intend to vote all such shares in favor of all resolutions. There are 4 resolutions to be voted on today, and an opportunity will be given to shareholders to ask questions about each of the resolutions. The first item of business is the receipt and consideration of the company's annual financial report, directors' report and auditor's report for the year ended December 31, 2020. The reports were contained in the 2020 annual report, which was released to the ASX and Genworth's website in February, and hard copies sent to those shareholders that requested a hard copy of the annual report. I will take those reports as read. There is no vote for this item, but I welcome questions submitted through the Ask a Question box on your screens. Mr. David Kells, our audit partner from KPMG, is available to answer any specific questions you have or you may have about the conduct of the audit. I confirm there have been no questions submitted in writing to the auditor prior to the meeting. I will respond to any questions specifically relating to the remuneration when we come to that resolution on the rem report. I will now pause briefly for shareholders to submit any questions they may have on this item of business.

Chairman, there are no questions for this item of business.

Thank you. There being no questions, we will move to the first resolution. The first resolution relates to the company's remuneration report for the financial year ended 31 December 2020. The remuneration report, which forms part of the director's report, was released on ASX and Genworth's website and sent to shareholders on request, so I will take the report as read. Further details about the resolution were also contained in the explanatory notes that accompanied the notice of meeting. I remind shareholders that this vote is advisory only and is not binding on the company. However, please be assured the Board does take into consideration the feedback we receive from shareholders. Before putting the resolution, I would like to advise shareholders that the company will disregard any votes, as stated in the voting exclusion statement, related to resolution 1 as set out in the notice of meeting. The directors unanimously recommend that shareholders vote for the resolution. I now put resolution 1, and the wording for this resolution appears on your screen along with the proxy and direct votes received in relation to this resolution. I will now pause briefly for shareholders to ask any questions on this resolution by submitting them through the Ask a Question box.

Chairman, there are no questions for this resolution.

Thank you. To submit a full vote in respect of all of your shares, please ensure you are in the Full Vote tab and record your vote by clicking either the For, Against or Abstain box against resolution 1 on your electronic voting card. To submit a partial vote, please ensure you're in the Partial Vote tab. You will then be able to enter the number of shares you would like to vote for the resolution. The total amount of votes you're entitled to vote will be listed under each resolution. If you're a proxy holder and have only directed votes for and/or against, please submit your vote by clicking either the For or Against box against resolution 1. If you're a proxy holder with open votes, you need to click either the For, Against or Abstain box against resolution one to indicate how you wish to cast any open votes. I will pause briefly while you cast your vote. [Voting]

Thank you. I will now move to resolution 2 relating to the grant of share rights to Genworth's Chief Executive Officer and Managing Director, Pauline Blight-Johnston. Shareholder approval is being sought for all purposes, including for the purpose of ASX listing rule 10.14, to grant to the company's CEO and Managing Director, Pauline Blight-Johnston, 311,593 share rights in the company under the Genworth Australia share rights plan. Subject to shareholder approval, the share rights will be issued to Ms. Blight-Johnston as soon as practicable following the meeting. The grant of share rights under the share rights plan will allow Ms. Blight-Johnston to obtain ordinary shares in the company. Further details about the resolution and the terms and conditions of the grant of share rights were contained in the explanatory notes that accompanied the notice of meeting. Before putting the resolution, I would like to advise shareholders that the company will disregard any votes as stated in the voting exclusion statement related to resolution 2 as set out in the notice of meeting. The directors recommend that shareholders vote for the resolution. And I now put resolution 2, and the wording for this resolution appears on your screen along with the proxy and direct votes received in relation to this resolution. I will now pause briefly for shareholders to ask any questions on this resolution by submitting them through the Ask a Question box. The voting instructions are the same as for the previous resolution. Please record your vote by clicking the For, Against or Abstain box against resolution 2 on your voting card. [Voting]

For the next item of business, I have asked Duncan West to chair the meeting for your consideration of resolution 3, given that it pertains to my reelection as a director.

Thank you, Ian. And good morning. I turn now to resolution 3, the reelection of Ian MacDonald as a Director. Ian was appointed to the Genworth Board on the 19th of March 2012 and was appointed as Chairman on the 31st of August 2016. He has over 40 years of financial services experience, specifically in banking, insurance, wealth management and technology. Ian has held various senior executive positions with the National Australia Bank and the Yorkshire Bank and the Clydesdale Bank in the U.K. Ian is a senior fellow, past president and a life member of the Financial Services Institute of Australasia and a member of the Australian Institute of Company Directors. He is also a member of the 30% Club, which has been formed by the AICD and is committed to achieving a better gender balance on boards and in organizations. Ian is also currently a Director of Arab Bank Australia Limited. A brief summary of Ian's experience and qualifications are set out on Page 9 of the notice of meeting. The reelection of Ian is unanimously recommended by all the other directors of Genworth. I would now like to invite Ian to say a few words.

Thanks, Duncan. As Duncan just said, I have been a director of Genworth since before it listed in 2014. And I've had the privilege of chairing the Board of Directors to look after shareholders' interests since 2016. Over that time, I have seen many changes in the lending and housing markets and in Genworth. I believe that my tenure on the Board brings stability and consistency and enhances my contribution to the Board. Genworth is an important contributor to getting people in Australia into the housing market earlier than they would without LMI. And I remain excited about the future of its growing business for the shareholders. Thank you.

Thank you, Ian. I now put resolution 3, and the wording for this resolution appears on your screen, along with the proxy and direct votes received in relation to this resolution. I will now pause briefly for shareholders to ask any questions on this resolution by submitting them through the Ask a Question box.

Chairman, there are no questions for this resolution.

The voting instructions are the same as for the previous resolution. Please record your vote by clicking the For, Against or Abstain box against resolution 3 on your electronic voting card. [Voting]

I now hand back to Ian MacDonald to chair the remaining business of the meeting.

Thank you, Duncan. I now move to resolution 4, the election of Graham Mirabito as a director. Graham was appointed to the Board on the 10th of August 2020. Graham is a member of the Audit Committee, the Capital and Investment Committee, and the Technology Committee. Graham has over 35 years of experience in the IT industry, including 10 years in engineering and 25 years in sales, marketing, operations, mergers and acquisitions, and general management. Graham previously spent 12 years as CEO of RP Data, which he took public on the ASX in 2006. He was also CEO of CoreLogic International and responsible for its operations in Australia, Asia and the U.K. Graham is also a director of Harcourts International Ltd., Auscred Services Ltd, and Archistar Pty Ltd. A brief summary of Graham's experience and qualifications is set out on Page 10 of the notice of meeting. The election of Graham Mirabito is unanimously recommended by all the other directors of Genworth. I now ask Graham to say a few words.

Thanks, Ian, and good morning, ladies and gentlemen. I joined the Genworth Board because I was passionate about Genworth's important role in helping Australians get into the housing market sooner. As you all have read in the notice of meeting, I have many years of experience in Australian mortgage and real estate market, leading companies that provide technology, data and analytics services to provide confidence in decision-making in real estate and related financial services. I joined Genworth at a pretty interesting time in its history for surviving, even thriving, through the worst, we hope, times of COVID-19; then recently separating from its majority shareholder and on building on its strong foundation to develop a sustainable growth strategy to enhance and evolve its business. I continue to be an investor and adviser to proptech and fintech companies, and I believe I can continue to add a lot of value to the Genworth Board in overseeing and supporting management as it looks at new opportunities for growth. Thank you to the owners of this business for giving me the opportunity to oversee the company on your behalf. Back to you, Ian.

Thanks, Graham. I now put resolution 4, and the wording for this resolution appears on your screen along with the proxy and direct votes received in relation to this resolution. I will now pause briefly for shareholders to ask any questions on this resolution by submitting them through the Ask a Question box.

Chairman, there are no questions for this resolution.

Thank you, Brady. The voting instructions are the same as for the previous resolution. Please record your vote by clicking the For, Against or Abstain box against resolution 4 on your voting card. [Voting]

Is there any other business pertaining to their shareholding that a member wishes to bring before the meeting? [Operator Instructions]

Chairman, there is no further business.

Thank you. As there is no other business to be brought before the meeting, at this time I would like to ask shareholders to finalize and submit their electronic voting cards. [Voting]

Poll results will be released to the market via the market announcements platform and will be available on the Genworth website as soon as possible, which is expected to occur later today. Before I close the meeting, I would like to thank everyone who has contributed to the holding of this meeting. I now declare the meeting and poll closed. And thank you for your attendance of the 2021 Annual General Meeting of Genworth Mortgage Insurance Australia Limited. I look forward to meeting with you all again. And in the meantime, please stay safe and healthy. Thank you.