TORONTO – Genworth MI Canada Inc. (TSX: MIC), Canada’s largest private insurer of residential mortgages, has reported an increase in net income in the fourth quarter.
Genworth says it earned net income of $93 million, or 98 cents per common share in the three months ended Dec. 31. That was up from $89 million, or 90 cents, in the same year-earlier period.
Net premiums written totalled $129 million, up 11 per cent over the $117 million written in the same 2012 quarter, primarily as a result of slightly higher mortgage origination volume.
Losses on claims of $31 million reflected a $1 million improvement over the prior quarter and $15 million improvement over the same quarter in the prior year.
“In both cases, the company experienced lower losses primarily due to a favourable shift in the regional mix of delinquencies, a stable economic environment and strong credit quality of recent books,” the company said in a release.
For the full year, net income was $375 million or $3.86 per diluted share, up from $348 million or $3.43 per share in 2012.