Fostering a spirit of innovation and excellence,
where nothing is static and everything can
always be improved, is what enables Genworth
Canada to deliver year after year of profitability
and attractive returns for shareholders. Our
difference is in our people and the way
we do business. We believe in responsible
homeownership and we are committed to
working with our customers to help Canadians
achieve their homeownership dreams.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, homeownership more accessible to first-time homebuyers.
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- ¹ Excludes $100 million impact of change in premium recognition curve for the quarter ended March 31, 2009. Including the impact of
changes to the premium
recognition curve, for the year ended December 31, 2009, operating earnings per share (diluted) would have
been $3.23 and operating return on equity would
have been 16%.
² Adjusted for the impact of the government guarantee fund exit fee reversal in 2012. Including the impact of the government guarantee exit
fee reversal, net
operating income, operating return on equity and operating earnings per share were $462 million, 17% and $4.67 respectively.
a word from
our chairman and
chief executive officer
Letter to Shareholders
In 2012, Genworth MI Canada (Genworth Canada) continued a trend of solid annual growth, delivering an 11% increase in earnings per share and over 14% increase
in book value per share. In each quarter
we reported strong results, and we
ended the year having delivered on all
our strategic priorities.
read full letter to shareholders
our customer service
At Genworth Canada, we believe in creating customer experiences that foster engagement, nourish relationships and sustain profitablity. Through the dedication and experience of our account managers and underwriters, and our constantly evolving processes and technology, we deliver value beyond morgage insurance.
our unique approach to
Prudent risk management is a cornerstone of our business. Our proactive and disciplined risk mangement framework allows us to maintain a high-quality and well-diversified portfolio. With more than 20 years of data, we have established proprietary tools and processes that our lenders find valuable and that contribute
to the safety and soundness of Canada's housing market.
leveraging our financial
strength and stability
In 2012, Genworth Canada maintained its track record of delivering strong
profitablity and shareholder returns. By remaining focused on proactive risk
management, superior customer service and disciplined financial management,
the Company achieved top-line growth, loss ratio improvement, increased net operating income and enhanced capital.
helping build stronger
communities across Canada
Genworth Canada is committed to helping build stronger communities across Canada. We do this by enabling responsible homeownership, promoting financial literacy and supporting local and national causes that our people believe in. Our values – heart, integrity and excellence – guide our people, in everything they do,
at work and in their communities.
Habitat for Humanity in Canada and Haiti LINK TO VIDEO
Chairman's Award Recipients
The Chairman's Award of Excellence recognizes Genworth Canada employees who consistently work within their teams to maximize business performance through innovation, collaboration, commitment and service excellence. These individuals have contributed to creating a positive and effective work environment and fostering an inclusive culture, while managing demanding roles and challenging projects.
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