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Genworth Mortgage Insurance Australia cuts dividend, plans A$100M share buyback

Genworth Mortgage Insurance Australia Ltd. declared a lower interim dividend and said it intends to begin an on-market share buyback program.

The company lowered its fully franked dividend for the six-month period ended June 30 to 12 Australian cents per share from the prior-year dividend of 14 cents per share. The company said it also declared a special dividend of 2 cents per share for the period.

The interim dividend and the special dividend are payable Aug. 30.

Meanwhile, Genworth Mortgage Insurance Australia said it intends to repurchase up to A$100 million worth of shares under the buyback program.

As of Aug. 1, US$1 was equivalent to A$1.25.