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Friday, January 29, 2010

Canadian Mortgage Broker News - Genworth MI Canada sees positive year-end results

Canadian Mortgage Broker News - Genworth MI Canada sees positive year-end results


Genworth MI Canada sees positive year-end results
Friday, 29 January 2010
Genworth MI Canada ended 2009 on a positive note, with a $6 million increase in new insurance written in the fourth quarter compared to the previous quarter and net income for the year climbing to $87 million.
"Our strong execution against our business objectives combined with improving housing fundamentals contributed favourably to our overall results this quarter," said Brian Hurley, chairman and CEO of the company. "In addition, our proactive Homeownership Assistance Program contributed to lower delinquencies and a corresponding lower loss ratio."
Along with the strong housing market, the private mortgage insurer also said its positive year-end results were "favourably impacted by improving customer confidence and market position gains with key lenders."
The financial standing for 2009 was also marked by Genworth MI Canada's initial public offering last July to raise money for its parent company in the U.S. The offering generated $850 million, with close to $97 million allocated for the Canadian arm of the company to pay off debts and build business. The IPO raised Genworth MI Canada's stock from $19 to a current trading rate of $25.56, according to The Financial Post.