The Genworth Mortgage Insurance Australia Ltd (ASX: GMA) share price slipped in early trade before flattening out after the ASX insurer unveiled its new CEO and managing director.
What did Genworth announce today?
The Genworth share price is worth watching after the company announced that Ms. Pauline Blight-Johnson has been appointed CEO and managing director. This comes after a domestic and international search to replace the acting CEO, Mr. Duncan West.
Ms. Blight-Johnson will take the reins on Monday 2 March while Mr. West will remain as an independent, non-executive director.
The latest leadership change is another step forward for Genworth. The group's shares rocketed higher in October after a strong third-quarter result.
The Aussie mortgage insurer reported a 26.4% increase in new insurance written to $6.4 billion in the quarter. Net earned premium also climbed 11.9% higher on the prior corresponding period to $76.2 million.
The group's net profit after tax surged 28.06% to $25.1 million during the period. The Genworth share price is certainly one to watch ahead of the February earnings season.
Genworth is expected to release its results for FY19 on 5 February 2020. Given the bumper third quarter and subsequent share price reaction, I'd be watching this space.
How did the Genworth share price perform in 2019?
The group's shares absolutely rocketed in 2019 in a real turnaround for shareholders. Shares in the Aussie insurer climbed a whopping 70.56% throughout the calendar year.
While that's impressive in itself, the recent Genworth share price declines make it even more astonishing.
The group's shares fell more than 50% from mid-February 2015 to the end of 2018. Genworth's shares are currently trading at $3.78 per share and approaching a 52-week high.
Foolish takeaway
It will be worth watching the Genworth share price today following the ASX leadership announcement.
Not all ASX insurers look like they're in for a good day, with the Insurance Australia Group Ltd (ASX: IAG) share price down more than 5% in early trade after an update on the bushfire impact.
