Genworth posts 13% increase in Q1 net profit

TORONTO – Mortgage insurer Genworth MI Canada Inc. has reported a 13 per cent increase in net income in the first quarter.

Genworth, Canada’s largest private insurer of residential mortgages, said Tuesday that it earned net income of $107 million or $1.08 per diluted common share in its most recent period.

That was up $13 million from $95 million in the comparable year-earlier period and included a favourable tax adjustment of $4.5 million.

Premiums increased to $130 million from $84 million, while losses on claims rose to $31 million from $27 million. Total investment income rose to $57 million from $49 million.

“We are pleased with our first-quarter results, particularly our year-over-year top line growth, our solid loss ratio of 22 per cent and higher net operating income,” president and CEO Stuart Levings said in the earning release, issued after markets closed.

“Our business fundamentals remain strong, and . . . recently announced premium increase should bode well for our business going forward.”