Hoping someone can share their thoughts on the below:

Was reading the GMA results and they have experienced better then expected outcomes in mortgage claims. 

However CBA whom are responsible for 57% of Gross Volume have stated they will tender for LMI at the end of 2022.

It's possible that GMA may lose this business to QBE or another insurer.

Can someone explain why GMA trades at $2.31 but has NTA of $3.47 .. Why is there such a large discount and can it close overtime?