HELIA GROUP LIMITED — AGM Information 2015

May 5, 2015

ASX Release 101 Miller St NORTH SYDNEY 2060

2015 Annual General Meeting

CEO and Managing Director’s Address

(SYDNEY) 6 May, 2015 – Good morning ladies and gentlemen, my name is Ellie Comerford and as introduced by Richard I am CEO and Managing Director of Genworth Mortgage Insurance Australia and have been in this role for close to four and a half years.

I am proud to speak to you today at our inaugural Annual General Meeting as an ASX-listed company in a year that marks the 50th anniversary of the business.

As Richard mentioned our mission is about helping Australians realise the dream of home ownership. We do that by supporting our lender customers as they manage risk and build a stable and strong mortgage market. Today I’d like to begin by talking about the values that underpin how we go about fulfilling our mission, and are behind the way in which we interact with our customers, our business partners and the communities in which they operate. I’ll then update you on our financial results as well as discussing our progress against our key strategic priorities before closing with some comments about the outlook for the business.

Values

Our core values at Genworth Australia are Heart, Integrity, and Excellence and they represent who we are and what we stand for. They inform how we do what we do, and provide us with a guide with which to achieve our goals and deliver on our promises. It means that we strive to excel, we make a difference and we do the right thing.

Our values are integral in helping us to reach not only our business goals, but our personal ones as well. We believe that by acting in accordance with our values we will deliver on our objectives, distinguish ourselves from our competitors and build a brand that truly reflects the character of our company.

Customers

We bring these values to all our customer relationships. We have commercial relationships with over 100 lender customers across Australia most of whom we have had partnerships with for many years. A large part of our business is extended under term contracts and during 2014 we extended and renewed a number of our existing contracts such that at year end 86% of Gross Written Premium for 2014 came from contracted customers.

The Lenders Mortgage Insurance (LMI) market in Australia is dynamic and very much follows the fortunes of the residential mortgage market itself in terms of overall volume as well as reflecting our continuously reviewed risk appetite. We continue to work with all our customers to ensure efficiency, productivity and risk diversification goals are achieved as well as reinforcing the benefits that a strong, well capitalised and stable mortgage insurance business such as ours can provide to the mortgage market.

We often get positive feedback from our customers. They comment on our ability to create strong partnerships as well as deliver innovative customer service. When it comes to our underwriting services we’re told that our underwriters are professional and go out of their way to help. On the processing side, the Genworth Portal has dramatically improved the submission process for customers – it is simple, clean and fast and has greatly improved time management.

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We work hard at our partnerships and we interact closely with our customers across the mortgage process from origination to arrears management. Our long standing client base is a testament to our ongoing dedication to relationship management.

Having said that, as previously advised in February this year, one of our top three lender customers, representing 14% of Gross Written Premium, did advise that they are terminating the agreement for the primary provision of LMI by Genworth Australia. Because of the large Unearned Premium Reserve we hold of $1.36 billion, the termination of this contract does not significantly change the financial outlook for full year 2015 for Genworth Australia, with the full effect more likely to be felt in the 2016 financial year and beyond. In the meantime, we continue to focus on opportunities to replace this business and/or to adjust the business operations to reflect the customer base and maintain our return profile.

We remain committed to delivering innovative and tailored risk management solutions for our customers and business partners and building and maintaining strategic relationships that will allow us to deliver value for our shareholders.

Community

Also of value to our shareholders is, we believe, our involvement in the community. As highlighted in our Annual Report – we are a conscientious corporate citizen and as an organisation are also focused on our ongoing social responsibility. Genworth Australia has a very proud and growing history of contributing to causes that are aligned to our mission and vision of helping Australians purchase their home sooner and in keeping them there. Not only do we support many causes with monetary contributions but we continue to foster the participation of our people in a comprehensive volunteering program that has a number of key foundation areas - education, homelessness and basic needs.

Our Genworth Australia people are the cornerstone of our community engagement and in 2014 demonstrated their dedication where 124 unique volunteers reached out and provided 1,222 volunteers hours (163 days) to support our community partners. Genworth’s volunteer ratio of approximately 40% represents a pleasing high level of employee engagement in comparison to the sector benchmark of 10% for employee volunteering. Be it backyard blitzes, mentoring, reading, cooking, Christmas gifts, and other homeless initiatives our people get involved and make a difference and to quote one of our key partners “go above and beyond”.

Diversity

As Richard mentioned we are also committed to promoting diversity in the workplace. We have adopted a Diversity Policy which provides a framework to achieve, amongst other things, a diverse and skilled workforce, a workplace culture characterised by inclusive practices and behaviours for the benefit of all staff, improved employment and career development opportunities for women and a work environment that values and utilises the contributions of employees with diverse backgrounds, experiences and perspectives.

I am pleased to say that our 2014 report, which is to be submitted shortly to the Workplace Gender Equality Agency, highlights our progress and ongoing commitment to diversity, gender equality and how we are supporting our diverse workforce. In addition to the Board and Senior Leadership Team targets and statistics provided by Richard I am delighted to share that 43% of the Genworth Australia workforce and almost 40% of managers at Genworth Australia are female.

Financial Results

Turning now to our financial results. For the 2014 financial year we reported an underlying net profit after tax of $279.4 million, an increase of 26.5% compared to 2013. This is on an equivalent basis to the financial information contained in the IPO prospectus in April 2014.

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New business volumes of $36.2 billion of New Insurance Written (NIW) increased 2%, whilst Gross Written Premium (GWP) of $634.2 million for the full year was 6% higher than 2013. This growth was a combination of both price increases and higher volume which was offset by an ongoing trend toward an overall lower average Loan to Value Ratio (LVR) mix of mortgages being originated, particularly in the over 90% LVR segment.

Total pro forma revenue, as measured by Net Earned Premium (NEP) was $445.8 million, representing an increase of 12% compared to the full year 2013.

The overall performance of the business was supported by a favourable loss experience throughout the year. For the full year, the loss ratio of 19.0% was down from 32.1% in 2013 and reflected a strong housing market (including a 7.9% increase in capital city house prices), and increased premium pricing. Overall we saw a lower level of delinquent loans in our portfolio, a reduction in the number of delinquent loans that converted to claim, and an overall lower average claim amount.

We released our first quarter 2015 financial results to the ASX last week. Reported net profit after tax increased by 29.2% to $89.5 million versus the previous corresponding period. Excluding mark-to-market gains, our underlying net profit after tax of $69.7 million was steady against the prior corresponding period.

The amount of new business we wrote in the quarter was down by approximately 17% compared to the previous period. This decline is a reflection of a combination of our risk appetite settings, the industry-wide reduction in high LVR lending in certain segments and tightened lender risk appetite with more focused regulatory oversight in the Australian mortgage market.

Our normalised loss ratio of 25.3% in the first quarter is consistent with our guidance of between 25% - 30% for the full year 2015.

We have a strong stable balance sheet with $1.36 billion of Unearned Premium Reserve (UPR) and we had an estimated regulatory capital solvency ratio of 163% on a level 2 basis at the end of the quarter.

Strategic Priorities

Let me update you now on our progress in executing on our strategic priorities as outlined by Richard.

Our focus is to strengthen our market leadership and we do this by intimately understanding the strategic needs of our lender customers and assisting them to find solutions. Last year we implemented an end-toend process review of key customers, including policy, processes and quality controls. At the same time, we transitioned more than 50 customers to portal policy application submissions from email or fax. Additionally, we have provided a wide range of support services including extensive face-to-face training, a comprehensive LMI fact sheet and other useful resources in our LMI Toolkit.

We look to enhance profitability by continuously focusing on underwriting discipline and service levels, attractive market segments, management of claims and appropriate pricing actions. We have predictive delinquency modelling fully operationalised and have made good progress on loss management mitigation techniques.

Also key is the ongoing assessment of opportunities to optimise our capital base to enhance returns, including potential for additional capital management initiatives. As you know, in 2014 we successfully listed the business on the ASX. We also renewed the entire reinsurance program with improved terms and price and more recently have added an additional $100 million consortium layer, bringing the total program to $915 million.

As Richard mentioned the Board declared both ordinary and special dividends for the 2014 year and we continue to evaluate other capital management initiatives. We recently received regulatory approval for the potential issuance of up to $250 million of subordinated notes that would qualify as Tier 2 capital. A decision to issue these notes will be subject to business and market conditions.

Maintaining a strong risk management discipline through our framework and practices with investment in underwriting, risk and claim systems, is of prime importance. We have always had a very strong risk culture at Genworth, but we have continuously added to our capability in this field and have focused on

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working with our customers to enhance risk management processes. Examples of this include ongoing credit and geography risk analysis and an enhanced data management framework.

Finally, a priority focus for us always, and particularly at this time, is continuing to work with regulators, rating agencies and other industry participants in regard to the value of LMI to the mortgage market in Australia. We are focused on promoting legislative and regulatory policies that support the housing and mortgage industry. We made considerable contributions to a number of regulatory enquiries during 2014. Most importantly for us, we saw an acknowledgement from the Financial System Inquiry (FSI) of the importance of the mortgage market in its discussion on financial stability and competition. We thoroughly endorse the observation that was made in the report that APRA should seek to maintain as much risk sensitivity in the capital framework as possible. We also endorse the FSI’s statement that in the context of reviewing the major banks’ risk weights, APRA should look to recognise lenders' mortgage insurance where appropriate. Outcomes, and indeed, the timing of any actions out of the FSI remain to be seen. But we will continue to work closely with all stakeholders, including our customers, in this regard.

Outlook

Turning now to the outlook for Genworth Australia. I wish to reaffirm the 2015 guidance we provided at our first quarter results last month. We expect our Net Earned Premium to be relatively stable with growth up to 5% in 2015 and for the full year loss ratio to be between 25% - 30%. Of course, our full year outlook is subject to market conditions and unforeseen circumstances or economic events and we continue to believe there is room for caution in regard to certain regional areas of the economy.

At present, we are seeing relatively stable economic conditions, characterised by higher but steady unemployment and benign inflation at the bottom end of the target range. The historically low interest rate environment, particularly following the rate cut by the RBA yesterday, should continue to support improved trends in household demand and growth in employment. At the same time, however, lower rates will continue to impact our investment yield.

While the impact of a strong focus by regulators on lending standards is putting downward pressure on the level of business we write, these actions very much serve to support our risk management focus.

For our part, we will continue to focus on assisting all lender customers with risk management, ensuring sound lending practices across the mortgage industry, and continuing to strive to deliver long-term returns to shareholders through execution on our key strategic initiatives.

In closing, I would like to firstly thank the Genworth Australia Chairman and Directors, for their ongoing guidance and support to management throughout the past year. I would also like to take this opportunity to thank our shareholders for their continued confidence in our business.

Finally, I would like to thank our Genworth Australia people for their hard work, dedication and contribution to achieving a strong operating and financial performance. These actions, underpinned by our values – Heart, Integrity and Excellence – have enabled Genworth Australia in 2014 to continue to deliver on our mission and vision and to maintain our strong position in the market.

I am looking forward to everyone’s contribution in the year ahead as we not only celebrate fifty years of continuous business through many cycles but work to deliver on our strategic priorities and continue to build a successful future for Genworth Australia.

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For more information:

Analysts and Investors should contact:

Media should contact:

Alistair Reid

Investor Relations Manager T: +61 2 8248 2552

Mark Westfield

M: +61 457 805 838

About Genworth Australia

GMA, through its subsidiary companies Genworth Financial Mortgage Insurance Pty Ltd and Genworth Financial Mortgage Indemnity Ltd (GMA Group), is the leading provider of Lenders Mortgage Insurance (LMI) in the Australian residential mortgage market. The GMA Group has been part of the Australian residential mortgage lending market for 50 years since Housing Loans Insurance Corporation was founded by the Australian Government in 1965 to provide LMI in Australia. GMA is currently a subsidiary of Genworth Financial, Inc. and part of the Genworth Financial, Inc. group of companies. Genworth Financial, Inc’s current ownership interest in GMA is approximately 66.2% of the issued shares in GMA.

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