{"id":429619,"date":"2021-02-04T17:42:07","date_gmt":"2021-02-04T22:42:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=429619"},"modified":"2021-02-04T17:42:07","modified_gmt":"2021-02-04T22:42:07","slug":"genworth-mi-canada-inc-reports-fourth-quarter-2020-results-including-net-operating-income-of-124-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-mi-canada-inc-reports-fourth-quarter-2020-results-including-net-operating-income-of-124-million\/","title":{"rendered":"Genworth MI Canada Inc. Reports Fourth Quarter 2020 Results Including Net Operating Income of $124 Million"},"content":{"rendered":"
\n

Canada NewsWire<\/p>\n<\/p><\/div>\n

\n
\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Net Income:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $124 million<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 15% Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Flat Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net Operating Income:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $124 million<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 10% Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 4% Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Fully Diluted Operating EPS:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $1.43<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 10% Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 4% Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Transactional Premiums Written:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $335 million<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 89% Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 15% Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Premiums Written:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $354 million<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 94% Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 19% Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Premiums Earned:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $181 million<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 6% Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Up 5% Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Loss Ratio:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 10%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Down 10 pts Y\/Y<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Down 3 pts Q\/Q<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n

\n TORONTO<\/span>, Feb. 4, 2021<\/span> \/CNW\/ –\u00a0Genworth MI Canada Inc. (the “Company<\/b>“) (TSX: MIC) today reported fourth quarter 2020 net income of $124 million<\/span>, earnings per fully diluted common share of $1.44<\/span>, net operating income of $124 million<\/span>, operating earnings per fully diluted common share of $1.43<\/span> and an operating return on equity of 13%.<\/p>\n

“We were very pleased with our fourth quarter and full year results, including strong top line momentum, a relatively low loss ratio and 13 percent operating return on equity,” said Stuart Levings<\/span>, President and CEO. “While the economic environment continues to evolve in line with our expectations, there remains a high degree of uncertainty, especially as we manage through the second wave of COVID-19. That said, the proactive government measures, improved employment levels and strength of the housing market should help us manage through this period even as the mortgage deferral program winds down. We would also like to thank our employees for their commitment and dedication during this challenging year.”<\/p>\n

\n Key Fourth Quarter 2020 Financial Results and Operational Metrics: <\/b>\n <\/p>\n