http://www.asx.com.au/asxpdf/20130820/pdf/42hrt4c29pj92k.pdfCopy...

http://www.asx.com.au/asxpdf/20130820/pdf/42hrt4c29pj92k.pdf

Copy from page 15 of the half year report:

The reduction in LPI premium income was far more rapid and
severe than previously anticipated, reflecting the wholesale
disposal of mortgage loan portfolios by our main distributor,
Bank of America. Whilst we have known for some time
about likely portfolio disposals, estimating the implications
for premium volumes has been extremely challenging,
exacerbated by a lack of transparency around timing and the
loan quality of the portfolios being sold, the latter having a significant bearing on estimating lost premium production.
Even more challenging, some portfolio disposals are being
undertaken with immediate effect resulting in the need to
refund an element of the unearned premium reserve to the
new LPI service provider (rather than retaining the run-off of
in-force policies).
Management is focused on developing new sources of
LPI revenue; however, at this stage, our full year premium
projections reflect a cautious stance in light of the
aforementioned complexities