Helia Group (ASX:HLI) said its gross written premium was down 32% year over year in the first quarter, according to a Friday Australian bourse filing.
The decline reflects the loss of new business with Commonwealth Bank of Australia (ASX:CBA) from Jan. 31 and lower first home buyer volumes due to competition from the Australian Government 5% Deposit Scheme, per the filing.
Insurance revenue fell 9% from a year earlier due to lower gross written premium in recent book years.
Net investment revenue was negative AU$2 million in the period largely due to realized and unrealized losses on the bond portfolio as interest rates rose and credit spreads widened.
In the same filing, the company said it has finalized the submission of data in relation to the three months ended March 31 to the Australian Prudential Regulation Authority on April 30. The data covers Helia Insurance, its main operating entity, and Helia Indemnity, which is in run-off.
Helia Group's shares were down 4% in recent Friday trade.