2013-Public-Accountability-Statement
Untitled Document innovation excellence results

 

corporate profile

Genworth Financial Mortgage Insurance Company Canada (Genworth Canada) is a subsidiary of Genworth MI Canada Inc. (TSX: MIC). As the largest private residential mortgage insurer in Canada, Genworth Canada provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers.

Genworth Canada differentiates itself through superior customer service, innovative processing technology and a robust risk management framework. For almost two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2013, Genworth Canada had $5.7 billion in total assets and $3.1 billion in shareholders' equity.

Video message from the Chairman

delivering exceptional value to the
mortgage insurance industry

Educating lenders and homebuyers to
enable responsible homeownership


Genworth Canada is a leader in mortgage industry training and education. Our professionals are recognized experts, regularly called on to speak at industry conferences and offer training seminars on mortgage insurance, industry trends, specific products and services, and effective sales techniques.

During Genworth Canada's 2013 Homeownership Education Week, we attracted hundreds of in-person and webcast participants to our half-day seminar, featuring senior fi nance, economic, mortgage and real estate industry professionals discussing recent trends and developments in homebuyer behavior and the housing market.

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delivering exceptional value to
homeowners

Maximizing homeowner equity in property sales

Genworth Canada offers consumers far more than mortgage insurance. We offer our insured homeowners support throughout the homeownership cycle. So, when two elderly homeowners with little equity in their residence recently decided to move to an eldercare facility, they called on Genworth Canada for help.

Our hands-on approach to shortfall sales demonstrates that what we do truly makes a difference to homeowners. We recognize that our customer and shareholder interests are aligned, and we offer partnership and service to ensure we all come out ahead.



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" When the unexpected happens, our Homeowner Assistance Program lends a hand with tailored solutions to help keep borrowers in their home. By proactively getting involved, we reduce the risks for everyone – homeowners, lenders and Genworth Canada." – Stuart Levings, COO
Providing financial relief when
it's needed most


We pride ourselves on a collaborative approach and high service levels that can be counted on in good times and in bad. One family in Alberta found themselves confronting one of these unexpected situations when they learned that the fl oorboards of the home they purchased were rotting with black mould. Experts deemed it uninhabitable without costly mould removal and renovations.

 
delivering exceptional value to
Our Communities

Our vision is to make the dream of homeownership a reality for Canadians. We act on it diligently by channeling our resources towards homes for those in need, and investing in financial literacy education that empowers today's youth to become tomorrow's success stories.

Supporting affordable homeownership

Genworth Canada works closely with numerous governments, agencies, builders and community groups in support of affordable homeownership initiatives across the country. We are a proud member of the Canadian Housing and Renewal Association, an organization that provides a national voice on housing issues.

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$735,000
In addition to numerous in-kind donations and countless volunteer hours, Genworth Canada's cash-based contributions to community causes in 2013 totalled $ 735,000.
National meaning of home contest

Since 2007, Genworth Canada has contributed $675,000 through our annual Meaning of Home contest to help Habitat for Humanity affiliates build homes for deserving families. Every year, students nationwide submit essays for a chance to direct a $60,000 Genworth Canada grant to a Habitat build of their choice, plus one of five runner-up grants of $5,000 to a Habitat affiliate.

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delivering exceptional value to
Our Employees

Investing in our people to deliver superior results

We continually invest in the experience of our 250+-strong workforce. They are the people with the commitment and expertise behind Genworth Canada's success. Throughout the year, we provide our employees with training and development opportunities to enrich their knowledge and future career prospects at our Company. Genworth Canada is fortunate to have a wealth of long-tenured employees.

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From left – Brian Hurley and Rhonda Lawson with Genworth Canada's 2013 10-year long-term service award employees
 
delivering exceptional value
Coast to Coast
Helping fund the top priorities of Canadians

In 2013, Genworth Canada paid more than $90 million in Corporate Income Tax and Premium Tax to the Federal and Provincial governments.

Genworth Canada – Tax Payments (for the year ended December 31, 2013)

PROVINCE INCOME TAX PREMIUM TAX TOTAL
Newfoundland 785,567 425,033 1,210,600
Prince Edward Island 96,606 425,033 169,475
Nova Scotia 929,319 442,967 1,372,286
New Brunswick 372,468 196,323 568,791
Manitoba 847,646 467,268 1,314,914
Saskatchewan 1,548,345 1,021,786 2,570,131
British Columbia 3,329,889 2,606,347 5,936,236
Yukon 32,415 9,461 41,876
Northwest Territories 15,196 10,347 25,543
Nunavut 640 201 841
Québec 6,778,718 2,289,055 9,067,773
Ontario 12,024,910 7,051,932 19,076,842
Alberta 4,514,933 3,573,068 8,088,001
FEDERAL 40,966,127   40,966,127
TOTAL 72,242,779 18,166,657 90,409,436


 
chairman's award recipients

Rewarding our people for their exceptional talent and commitment

The Chairman's Award of Excellence is awarded each year to top performers who in the course of the past year have contributed to business performance and culture in a meaningful way.
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"Winning this award would not have been possible without the amazing teams I worked with in 2013. I would like to thank them for their hard work and dedication."

"The day before I found out about winning the Compass Award, I told my wife how lucky I feel to work with so many great people. Genworth is a company that truly empowers its employees."

"My team has had an extremely busy and productive past few years…. I would like to extend my Compass Award win to the Loss Modeling Team, as they are equally deserving of the honour."
public accountability statement

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Latest Presentation
March 8, 2017 Summary of Genworth Canada’s Submission on “Balancing the Distribution of Risk on Canada’s Housing Finance System”
View this Presentation (PDF 438 KB)

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March 27, 2017 - 2:09 PM ET Note: Minimum 20 minute delay