Genworth MI Canada Press Releases

Genworth MI Canada Inc. Releases 2012 Annual Report and 2013 Management Information Circular

Thu, 16 May 2013 17:34:00 -0400

TORONTO, May 16, 2013 /CNW/ - Genworth MI Canada Inc. (Genworth Canada) (TSX: MIC) today announced that its 2012 Annual Report and 2013 Management Information Circular are available for download on the Company website at http:/investor.genworthmicanada.ca.

Focused on what makes Genworth Canada different, this year's report describes the unique strengths that enable the Company to deliver attractive returns for shareholders year after year, while at the same time helping sustain the safety and soundness of the Canadian housing market.

"Our difference is in our people and the way we do business," says Brian Hurley, chairman and CEO of Genworth Canada. "We believe in prudent homeownership and we are committed to working with our customers to help responsible Canadians become homeowners."

The Company's Management Information Circular contains information for common shareholders about the Annual General Meeting taking place on Thursday, June 6, 2013, including information related to the election of the Company's directors and appointment of auditors.

The Financial Report and Management Information Circular are being mailed to shareholders and print copies of the complete Annual Report are available upon request.

About Genworth MI Canada Inc.

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, 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 March 31, 2013, Genworth Canada, had $5.7 billion total assets and $3.1 billion shareholders' equity. Find out more at www.genworth.ca.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

Genworth MI Canada Inc. Announces Acceptance by TSX of Normal Course Issuer Bid

Tue, 30 Apr 2013 17:14:00 -0400

TORONTO, April 30, 2013 /CNW/ - Genworth MI Canada Inc. (TSX: MIC) ("Genworth Canada" or the "Company") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, Genworth Canada proposes to purchase through the facilities of the TSX or through other permitted means (including through other published markets), from time to time over the next 12 months, if considered advisable, up to an aggregate of 4,937,078 of its issued and outstanding common shares (the "Common Shares"), being approximately 5% of the Common Shares as of April 24, 2013.

Purchases may commence through the TSX on May 3, 2013 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 2, 2014. Daily purchases under the NCIB will be limited to a maximum of 30,454 Common Shares, other than purchases made in compliance with the provisions of the block purchase exemption of the TSX rules and purchases from Genworth Financial, Inc., the Company's majority shareholder, and its affiliates (collectively, "Genworth Financial").

Genworth Financial, will be permitted to sell its Common Shares to the Company in accordance with an exemption granted by the TSX pursuant to its rules, regulations and policies in connection with the NCIB in order to maintain its proportionate percentage ownership at approximately 57.43%. Genworth Financial has advised the Company that it intends to participate in the NCIB. The maximum number of Common Shares that may be purchased pursuant to the NCIB will also be reduced by the number of Common Shares purchased by the Company from Genworth Financial.

The Board of Directors of Genworth Canada believes that the proposed purchases pursuant to the NCIB are in the best interests of the Company and are a desirable use of corporate funds. All Common Shares purchased by Genworth Canada will be cancelled.

The NCIB will be implemented by the Company's broker responsible for making purchases of Common Shares on behalf of Genworth Canada pursuant to an automatic purchase plan agreement to be entered into between such broker and Genworth Canada (the "APP Agreement"). Pursuant to the APP Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by the Company's broker in its sole discretion, without consultation with the Company, having regard to the price limitations and other terms of the APP Agreement, as well as the prevailing market price of the Common Shares at the time of purchase. The APP Agreement has been reviewed by the TSX and will be implemented following commencement of the NCIB.

Purchases from Genworth Financial will be made pursuant to the TSX exemption on any trading day that the Company makes a purchase from other shareholders. Purchases from Genworth Financial will be made during the TSX's Special Trading Session pursuant to an automatic disposition plan agreement to be entered into between the Company's broker and Genworth Financial. In the event that Genworth Financial does not sell Common Shares on any trading day (other than as a result of a market disruption), the TSX exemption will cease to apply and the Company will not be permitted to make any further purchases from Genworth Financial under the terms of the NCIB.

About Genworth MI Canada Inc.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, the Company's plans, objectives, expectations and intentions, including the Company's expectations regarding future developments in connection with the normal course issuer bid and the receipt of regulatory approvals, the Company's intention to repurchase common shares from the Company's shareholders, the Company's expectations regarding the participation of Genworth Financial, Inc. and its affiliates in the normal course issuer bid and other statements contained in this release that are not historical facts. These statements may be identified by their use of words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", or similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the Company's expectations regarding the normal course issuer bid and Genworth Financial, Inc.'s participation in the same. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the Company's control. The Company's actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in the Company's Annual Information Form. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

Genworth MI Canada Inc. Announces Dividend Payment In The Second Quarter 2013

Tue, 30 Apr 2013 17:10:00 -0400

TORONTO, April 30, 2013 /CNW/ - The Board of Directors of Genworth MI Canada Inc. (the "Company") (TSX: MIC) today announced that it has authorized and declared a dividend of $0.32 per common share for the second quarter of 2013. This dividend will be paid on May 31, 2013, to shareholders of record at the close of business on May 15, 2013.

Genworth MI Canada Inc. designates any and all dividends paid or deemed for Canadian federal, provincial or territorial income tax purposes to be paid as "eligible dividends", unless indicated otherwise in respect of dividends paid subsequent to this notification, and hereby notifies all recipients of such dividends of this designation.

About Genworth MI Canada Inc.

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, 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 March 31, 2013, Genworth Canada had $5.7 billion total assets and $3.1 billion shareholders' equity. Find out more at www.genworth.ca.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

Genworth MI Canada Inc. Reports First Quarter 2013 Earnings

Tue, 30 Apr 2013 17:09:00 -0400

First Quarter Net Operating Income of $85 million, Operating Diluted EPS of $0.86/share

Normal Course Issuer Bid Announced

TORONTO, April 30, 2013 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) today reported first quarter 2013 net income of $88 million or $0.89 per diluted common share, and net operating income of $85 million or $0.86 operating earnings per diluted common share.

"We started 2013 with solid results that exceeded our expectations for the quarter," said Brian Hurley, Chairman and Chief Executive Officer. "We are also pleased to announce that our Board has authorized, a share repurchase through a normal course issuer bid. Our strong balance sheet allows us to return capital to our shareholders, while maintaining our financial flexibility going forward."

First Quarter 2013 Key Financial Metrics:

(Note: Comparisons to prior quarter exclude impact from exit fee reversal in the fourth quarter of 2012)

Net premiums written of $84 million were $33 million lower than the prior quarter and $5 million higher year-over-year. The sequential decrease was primarily driven by typical winter seasonality. The year-over-year increase reflects a higher market penetration by the Company in a smaller high loan-to-value mortgage insurance market and increased volumes of portfolio insurance on low loan-to-value mortgages.
Net premiums earned of $144 million were $3 million lower as compared to the prior quarter and $2 million lower year-over-year. The slightly lower premiums earned are primarily the result of continued aging of the older books.
Losses on claims of $44 million were $2 million lower than the prior quarter due to fewer new reported delinquencies across most regions, particularly in Alberta. On a year-over-year basis, losses on claims were $12 million lower, reflecting lower new reported delinquencies due to an improving economic environment. This resulted in a loss ratio of 31% for the quarter, flat sequentially and 7 percentage points lower year-over-year.
Net Investment income excluding realized gains of $45 million was $1 million lower than the prior quarter and $2 million higher year-over-year. The decline in investment income continued to be reflective of lower reinvestment yields.
Net operating income of $85 million was $4 million lower than the prior quarter primarily due to lower premiums earned and $9 million higher year-over-year primarily as a result of lower losses on claim, which was partially offset by lower earned premiums.
Operating return on equity was 12% for the quarter, 1 percentage point lower than the prior quarter and flat year-over-year.
The expense ratio, as a ratio of net premiums earned, was 18%. This ratio was 1 percentage point lower than the prior quarter and flat year-over-year, but consistent with the Company's expected range.
The unearned premium reserve was $1.7 billion at the end of the quarter. These premiums will be earned over time in accordance with the Company's premium recognition curve which follows the Company's historical loss emergence pattern.
The regulatory capital ratio or Minimum Capital Test ("MCT") ratio was approximately 216%, 6 percentage points higher than the Company's ratio as at January 1, 2013 and 31 points higher than its internal target MCT ratio of 185%. The Company intends to operate with a MCT ratio above 190% to maintain financial flexibility.

First Quarter 2013 Key Highlights:

The Company continued to make solid progress towards its operational targets. As a result of its strategic efforts, the Company consistently remains the leader in the Canadian private mortgage insurance industry.

Total new insurance written this quarter was $5.7 billion as compared to $8.5 billion in the prior quarter and 38% higher than the same period last year, primarily due to larger volumes of portfolio insurance. The high loan-to-value component of new insurance written during the quarter was $3.3 billion, representing a decline of 25% from $4.4 billion in the fourth quarter of the prior year and a decline of 8% over the same quarter last year. The sequential decline in volumes of high loan-to-value mortgages was attributed to a combination of seasonality and general housing market slowdown, while the year-over-year decline was attributed to insured product changes resulting from government guarantee product changes in July 2012.
The Company insured $2.4 billion of low loan-to-value mortgage portfolios, lower than the prior quarter volume of $4.1 billion, and $1.9 billion higher than the same period last year. The premiums written in the quarter from insurance of low loan-to-value mortgage portfolios represented approximately 13% of the Company's net premiums written. The volume of portfolio insurance varies from quarter to quarter based on the needs of lenders.
The total delinquency rate based on original insurance in-force was 0.14%, flat to the prior quarter and 5 basis points lower than the same period last year. The number of reported delinquencies declined modestly from the prior quarter, reflecting the aging of the 2007 and 2008 books, improving economic conditions and portfolio quality in combination with ongoing success of the Company's proactive loss mitigation strategies.
The Company's investment portfolio had a market value of $5.3 billion at the end of the quarter. During the quarter, the Company's formerly segregated government guarantee fund investment portfolio was combined with the Company's general investment portfolio. The portfolio had a pre-tax equivalent book yield of 3.7% and duration of 3.6 years as at March 31, 2013.
As part of an ongoing effort to improve its estimate of the outstanding insurance exposure, the Company recently surveyed its largest customers and obtained the amount of the outstanding balances. As a result, the Company estimates that the outstanding balance of insured mortgages was approximately $150 billion as at December 31, 2012 and believes that this does not have an impact on the premium recognition curve, which is based on the pattern of loss emergence. Under the $300 billion outstanding insurance cap for private mortgage insurers as set by the Minister of Finance, the Company believes that the private sector industry has ample remaining capacity.

The Company was also pleased to announce today that its Board of Directors has authorized a normal course issuer bid ("NCIB") to purchase up to 4,937,078 shares, representing approximately 5% of its outstanding common shares. As at April 29, 2013, there were 98,741,567 shares issued and outstanding. Under the terms of the NCIB, the Company will purchase the common shares for cancellation on the open market, including from the Company's major shareholder, Genworth Financial, Inc. Purchases of common shares may commence on May 3, 2013 and will expire on the earlier of May 2, 2014 and the date on which the Company has purchased the maximum number of shares under the NCIB. The Company's major shareholder, Genworth Financial Inc., is expected to maintain its 57.4% ownership interest in the Company throughout the course of the NCIB.

Dividends

On March 15, 2013, the Company paid a quarterly dividend of $0.32 per common share.

The Company also announced today that its Board of Directors approved a dividend payment of $0.32 per common share, payable on May 31, 2013 to shareholders of record at the close of business on May 15, 2013.

Shareholders' Equity

As of March 31, 2013, shareholders' equity was $3.1 billion representing a book value of $31.32 per common share on a fully diluted basis. Excluding accumulated other comprehensive income ("AOCI") or loss, shareholders' equity was $2.9 billion or a book value of $28.99 per common share on a fully diluted basis.

Detailed Operating Results and Financial Supplement

For more information on the Company's operating results, please refer to the Company's Management's Discussion and Analysis as posted on SEDAR and available at www.sedar.com.

This press release, the financial statements, Management's Discussion and Analysis, and the first quarter 2013 financial supplement are also posted on the investor section of the Company's website (http://investor.genworthmicanada.ca). Investors are encouraged to review all of these materials.

Earnings Call

The Company's first quarter earnings call will be held on May 1, 2013 at 10:30 am ET (Local: 416-644-3414, Toll free: 1-800-814-4859). The call is accessible via telephone and by audio webcast on the Company's website. Slides to accompany the call will be posted just prior to its start. A replay of the call will be available until June 1, 2013 (Local: 416-640-1917, Toll Free: 1-877-289-8525 Access Code 4611636#). Participants are encouraged to pre-register for the webcast through the Company's website. A replay of the call will also be available from the Company's website for a period of at least 45 days following the conference call.

About Genworth MI Canada Inc.

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, 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 March 31, 2013, Genworth Canada had $5.7 billion total assets and $3.1 billion shareholders' equity. Find out more at www.genworth.ca.

Consolidated Financial Highlights

*($ millions, except per share amounts)*	Three Months Ended March 31 (Unaudited)
*($ millions, except per share amounts)*	2013	2012
New Insurance Written	5,685	$4,106
Insurance In Force	289,757	268,726
Net Premiums Written	84	79
Net Premiums Earned	144	147
Losses on Claims	44	56
Investment Income (Interest and Dividends, net of expenses)¹	45	43
Realized and Unrealized Gains or Losses on Investments	4	6
Total investment income	50	50
Net Income	88	81
Net Operating Income¹	85	76
Fully Diluted Earnings Per Share	$0.89	$0.82
Fully Diluted Operating Earnings Per Share¹	$0.86	$0.77
Fully Diluted Book Value Per Common Share, including AOCI	$31.32	$27.31
Fully Diluted Book Value Per Common Share, excluding AOCI¹	$28.99	$25.30
Loss Ratio	31%	38%
Combined Ratio	49%	56%
Operating Return on Equity¹	12%	12%
Minimum Capital Test Ratio (MCT)	216%	159%

¹This is a financial measure not calculated based on International Financial Reporting Standards ("IFRSs").
See the "IFRSs and Non-IFRSs Financial Measures" section of this press release for additional information.

IFRSs and Non-IFRSs Financial Measures

The Company's consolidated financial statements are prepared in accordance with IFRSs. To supplement its financial statements, the Company uses select non-IFRSs financial measures. Non-IFRSs measures used by the Company to analyze performance include underwriting ratios such as loss ratio, expense ratio and combined ratio, as well as other performance measures such as net operating income and return on operating income. Other non-IFRSs measures used by the Company include shareholders' equity, insurance in-force, new insurance written, MCT ratio, delinquency ratio, severity on claims paid, operating earnings per common share of the Company (basic and diluted), book value per common share (basic and diluted; including and excluding AOCI), dividends paid per common share of the Company, and portfolio duration. The Company believes that these non-IFRSs financial measures provide meaningful supplemental information regarding its performance and may be useful to investors because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-IFRSs measures do not have standardized meanings and are unlikely to be comparable to any similar measures presented by other companies. These measures are defined in the Company's glossary, which is posted on the investor section of the Company's website. To access the glossary, click on the "Glossary of Terms" link under "Investor Resources" subsection on the left navigation bar. A reconciliation of non-IFRSs financial measures to the most recently comparable measures calculated in accordance with IFRSs can be found in Management's Discussion and Analysis filed with the Company's most recent financial statements, which are available on the Company's website and on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, the Company's plans, objectives, expectations and intentions, and other statements contained in this release that are not historical facts. These statements may be identified by their use of words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", or similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the Company's expectations regarding the effect of the Canadian government's new government guarantee legislative framework, the effect of the changes to the government guarantee mortgage eligibility rules, the timing and extent of repurchases of the Company's common shares under the NCIB, and the Company's beliefs as to housing demand and home price appreciation, unemployment rates, the Company's future operating and financial results, sales expectations regarding premiums written, capital expenditure plans, dividend policy and the ability to execute on its future operating, investing and financial strategies. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the Company's control. The Company's actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in the Company's Annual Information Form. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact Information:

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

First-Time Homebuyers Showing Their Rational Side

Mon, 08 Apr 2013 06:00:00 -0400

Genworth Canada Releases Results of Homeownership Study

TORONTO, April 8, 2013 /CNW/ - According to a national survey conducted by Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), first-time homebuyers are adjusting to the new mortgage requirements and making informed choices about homeownership.

The annual poll, completed in conjunction with the Canadian Association of Credit Counselling Services (CACCS), asked 1,514 Canadians questions about their financial well-being and preparedness. The 2013 survey revealed that there was a significant rise in the number of recent first-time buyers who say they put down more than 20% on their homes (56% vs. 36% in the 2012 survey). In fact, the number of people that said it is getting harder to save for that down payment is on the decline (50% vs. 55% in 2012) with more first-time buyers finding it easier to save money (9%, up from 5% in 2012). In addition, only 17 per cent of respondents thought it was a good time to buy, suggesting that low interest rates alone are not enough to entice Canadians to purchase a home.

"Canadians entering the real estate market are making financially astute choices by saving longer and putting down larger deposits on their homes," said Brian Hurley , Chairman and CEO of Genworth Canada. "They continue to value homeownership and are being responsible about the way they enter into mortgage debt. This trend bodes well for a soft-landing of the housing market."

Among first-time homebuyers, the proportion saving for less than two years has decreased by nearly 30%, while the proportion saving for more than five years rose by more than 50%. This appears to indicate that fewer first-time homebuyers feel a sense of urgency about entering the real estate market, which is consistent with the fact that fewer expect house prices to rise in the next twelve months.

"There is still a strong need for Canadians to have a better grasp on their financial situation," said Henrietta Ross , CEO of CACCS. "More than 40% don't think their credit rating reflects them or don't know what their credit rating is. Counselling could help ensure they are financially prepared to enter and maintain substantial investments, such as homeownership."

The interviews were conducted by Environics Research Group using an online methodology during the week of February 11-19, 2013.

David MacDonald , Vice President at Environics Research Group, will be presenting the results of the survey at Genworth Canada's Homeownership Education Week seminar for mortgage industry professionals April 9. MacDonald will be joined by Henrietta Ross , CEO of CACCS, Stuart Levings , COO of Genworth Canada, and Phil Soper of Royal LePage in a panel discussion following the presentation of the survey results. To register for the live webcast of the seminar or find out more about Homeownership Education Week visit www.genworth.ca.

About Genworth Canada
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, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through superior customer service, a robust risk management framework and innovative processing technology. 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, 2012, Genworth Canada had $5.7 billion total assets and $3.0 billion shareholders' equity. Find out more at www.genworth.ca.

About Canadian Association of Credit Counselling Services:
The Canadian Association of Credit Counselling Services (CACCS) represents a Canada-wide network of accredited, not-for-profit agencies and affiliates offering preventative education and confidential services to clients experiencing financial difficulties. With a focus on financial counselling education, accreditation of agencies and certification of Financial Counsellors, CACCS is also committed to national research and policy initiatives concerning personal finance and industry advocacy.

To find a certified Credit Counsellor and qualified Financial Coach at an accredited Member Agency, call the CACCS central referral service at 1-800-263-0260 or visit www.caccs.ca for more information.

For additional information or to arrange interviews, please contact:

Lisa Azzuolo
Genworth Canada
905.287.5520 or Lisa.Azzuolo@genworth.com

Genworth MI Canada Inc. Schedules First Quarter 2013 Earnings Conference Call for May 1, 2013

Mon, 01 Apr 2013 17:23:00 -0400

TORONTO, April 1, 2013 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) today announced it will issue its earnings release and financial supplement containing the first quarter results after the market closes on April 30, 2013. A conference call will be held the following day, May 1, at 10:30 am (EDT) to discuss the results for the quarter. Investor materials will be available on the Company's website, http://investor.genworthmicanada.ca, in advance of the call.

Genworth MI Canada Inc.'s conference call will be accessible via telephone and over the Internet on the Company's website. The direct dial-in number for the May 1 conference call is 416-644-3414 or 1-800-814-4859. A replay of the call will be available until June 1 (Local 416-640-1917, Toll Free 1-877-289-8525, Access Code 4611636#). Participants are encouraged to pre-register for the webcast through the Company's website. A replay of the call will also be available from the Company's website for a period of at least 45 days following the conference call.

About Genworth MI Canada Inc.

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, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through innovative processing technology, superior customer service, 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, 2012, Genworth Canada, had $5.7 billion total assets and $3.0 billion shareholders' equity. Find out more at www.genworth.ca.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

Genworth MI Canada Inc. Announces Dividend Payment In the First Quarter 2013

Tue, 05 Feb 2013 17:13:00 -0500

TORONTO, Feb. 5, 2013 /CNW/ - The Board of Directors of Genworth MI Canada Inc. (the "Company") (TSX: MIC) today announced that it has authorized and declared a dividend of $0.32 per common share for the first quarter of 2013. This dividend will be paid on March 1, 2013, to shareholders of record at the close of business on February 15, 2013.

About Genworth MI Canada Inc.

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, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through innovative processing technology, superior customer service, 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, 2012, Genworth Canada had $5.7 billion total assets and $3.0 billion shareholders' equity. Find out more at www.genworth.ca.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

Genworth MI Canada Inc. Reports Solid Fourth Quarter 2012 And Full Year Results

Tue, 05 Feb 2013 17:13:00 -0500

Fourth Quarter Net Operating Income of $226 million, Operating Diluted EPS of $2.28/share
Adjusted Q4 Net Operating Income of $89 million, Adjusted Operating Diluted EPS of $0.90/share
Adjusted Full Year Net Operating Income of $339 million and Adjusted Operating Diluted EPS of $3.43/share

TORONTO, Feb. 5, 2013 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) today reported fourth quarter 2012 net income of $226 million or $2.29 per diluted common share. On an adjusted basis, the Company reported fourth quarter net operating income of $89 million or $0.90 per diluted common share, excluding the one-time favourable impact of $137 million from the reversal of previously accrued federal government guarantee fund exit fees. The adjusted net operating income was $8 million or 10% higher than the prior quarter and $10 million or 13% higher year-over-year.

On a full year basis, the Company reported $462 million in total net operating income. On an adjusted basis, the Company reported $339 million in total net operating income as compared to $318 million in 2011. This represents a $21 million or 7% increase in net operating income.

"In 2012, we continued to deliver strong profitability including higher premiums written and loss ratio improvement," said Brian Hurley, Chairman and Chief Executive Officer. "This momentum, combined with stronger lender relationships and improved borrower quality, positions us well for 2013."

As reported in the Company's December 20, 2012 press release, the Protection of Residential Mortgage or Hypothecary Insurance Act (Canada) ("PRMHIA") became effective on January 1, 2013 and established a legislative framework that replaced the previous guarantee agreement the Company had with the federal government. Under PRMHIA, all obligations related to the previous federal government guarantee fund and related exit fees were terminated. As a result, the Company has reversed the previously accrued exit fees of $186 million, or $137 million after taxes, in the fourth quarter. This consisted of $166 million ($122 million after taxes) accrued in 2011 and prior years and $20 million ($15 million after taxes) accrued for the first nine months of 2012. The following table provides a summary of the fourth quarter and full year results including and excluding the impact of the reversal of such exit fees. The Company's Review of Performance for this quarter includes a full description of this impact.

Fourth Quarter 2012 Key Financial Metrics:

Summary of Financial Adjustments

$millions except as noted	Fourth Quarter 2012		Full Year 2012
$millions except as noted	Reported	Adjusted¹	Reported	Adjusted¹
Underwriting Income	73	73	291	291
Net investment income	233	47	367	201
Net Income	226	89	470	348
Net Operating Income¹	226	89	462	339
Operating EPS (diluted)¹	$2.28	$0.90	$4.67	$3.43
Operating Return on Equity¹	33%	13%	17%	13%

¹This is a financial measure not calculated based on International Financial Reporting Standards ("IFRSs"). See the "IFRSs and Non-IFRSs Financial Measures" section of this press release for additional information.

Net premiums written of $117 million were $61 million lower than the prior quarter and $6 million lower year-over-year. The sequential decrease was primarily driven by typical seasonality resulting in lower mortgage volumes in the fourth quarter in combination with a smaller high loan-to-value mortgage market that resulted from changes to the mortgage insurance eligibility rules in July 2012. The year-over-year decrease was also attributable to the smaller high loan-to-value market.
Net premiums earned of $147 million were flat as compared to the prior quarter and $9 million lower year-over-year.
Losses on claims of $46 million were $2 million higher than the prior quarter due to typical seasonality. On a year-over-year basis, losses on claims were $15 million lower, reflecting lower new reported delinquencies due to an improving economic environment, particularly in Alberta. This resulted in a loss ratio of 31% for the quarter, 1 percentage point higher sequentially and 8 percentage points lower year-over-year.
Adjusted net Investment income excluding realized gains of $46 million was $7 million higher than the prior quarter and $4 million higher year-over-year. The increases were primarily due to the inclusion of exit fees in the prior quarter and year-over-year results.
Adjusted net operating income of $89 million was $8 million higher than the prior quarter, which included exit fees, and $10 million higher year-over-year, due to loss ratio improvement.
Adjusted operating return on equity was 13% for the quarter, 1 percentage point higher than the prior quarter and flat year-over-year.
The expense ratio, as a ratio of net premiums earned, was 19%. This ratio was 1 percentage point higher than the prior quarter and 2 percentage points higher year-over-year, but consistent with the Company's expected range.
The unearned premium reserve was $1.8 billion at the end of the quarter. These premiums will be earned over time in accordance with the Company's premium recognition curve which follows the Company's historical loss emergence pattern.
The regulatory capital ratio or Minimum Capital Test ("MCT") ratio was approximately 170%, 6 percentage points higher than the prior quarter and 8 percentage points higher year-over-year.

Fourth Quarter 2012 Key Highlights:

The Company continued to make solid progress towards its operational targets. As a result of its strategic efforts, Genworth Canada consistently remains the leader in the Canadian private mortgage insurance industry.

Total new insurance written this quarter increased to $8.5 billion as compared to $6.2 billion in the fourth quarter of the prior year, largely driven by higher volumes of portfolio insurance, which were offset in part by lower high loan-to-value volumes resulting from the July 2012 changes in the mortgage insurance eligibility rules. The high loan-to-value component of new insurance written during the quarter was $4.4 billion, representing a decline of 16% from $5.2 billion in the fourth quarter of the prior year.
The Company insured $4.1 billion of low-loan-to-value mortgage portfolios, higher than the prior quarter volume of $2.7 billion. The Company continued to take advantage of selected portfolio insurance opportunities under its clearly defined risk appetite and disciplined pricing approach.
The total delinquency rate was 0.14%, 1 basis points lower than the prior quarter and 6 basis points lower year-over-year. The delinquency rate continues to be positively influenced by improving economic conditions in combination with ongoing success of the Company's proactive loss mitigation strategies.
The Company's investment portfolio had a market value of $5.4 billion at the end of the quarter. Going forward with the implementation of PRHMIA, the funds previously segregated under their own investment mandate in the Government Guarantee fund will be combined with the Company's general portfolio. The combined portfolio had a pre-tax equivalent book yield of 3.7% and duration of 3.8 years as at December 31, 2012.
Effective January 1, 2013, with the implementation of the new legislation, the Minister of Finance set the minimum MCT ratio for the Genworth Financial Mortgage Insurance Company Canada, the Company's Insurance subsidiary, at 175%. In conjunction with this, the Company increased its internal MCT target capital ratio to 185%. As at January 1, 2013, the Company's MCT ratio increased to approximately 211%. The Company expects to operate above 190% MCT ratio in the normal course of business.

Dividends

On November 15, 2012, the Company paid a quarterly dividend of $0.32 per common share.

The Company also announced today that its Board of Directors approved a dividend payment of $0.32 per common share, payable on March 1, 2013 to shareholders of record at the close of business on February 15, 2013.

Shareholders' Equity

As of December 31, 2012, shareholders' equity was $3.04 billion representing a book value of $30.62 per common share on a fully diluted basis. Excluding accumulated other comprehensive income ("AOCI") or loss, shareholders' equity was $2.82 billion or a book value of $28.40 per common share on a fully diluted basis.

Detailed Operating Results and Financial Supplement

For more information on the Company's operating results, please refer to the Company's Review of Performance as posted on SEDAR and available at www.sedar.com.

This press release, the financial statements, Review of Performance, and the fourth quarter 2012 financial supplement are also posted on the investor section of the Company's website (http://investor.genworthmicanada.ca). Investors are encouraged to review all of these materials.

Earnings Call

The Company's fourth quarter earnings call will be held on February 6, 2013 at 10:30 am ET (Local: 416-644-3414, Toll free: 1-800-814-4859). The call is accessible via telephone and by audio webcast on the Company's website. Slides to accompany the call will be posted just prior to its start. A replay of the call will be available until March 6, 2013 (Local: 416-640-1917, Toll Free: 1-877-289-8525 Access Code 4589899#). Participants are encouraged to pre-register for the webcast through the Company's website. A replay of the call will also be available from the Company's website for a period of at least 45 days following the conference call.

About Genworth MI Canada Inc.

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, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through innovative processing technology, superior customer service, 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, 2012, Genworth Canada, had $5.7 billion total assets and $3.0 billion shareholders' equity. Find out more at www.genworth.ca.

Consolidated Financial Highlights

*($ millions, except per share amounts)*	Three Months Ended December 31 (Unaudited)		Full Year Ended December 31 (Unaudited)
*($ millions, except per share amounts)*	2012	2011	2012	2011
New Insurance Written	8,472	6,224	41,286	26,586
Insurance In Force	301,456	265,776	301,456	265,776
Net Premiums Written	117	123	550	533
Net Premiums Earned	147	156	589	612
Losses on Claims	46	62	194	225
Adjusted Investment Income (Interest and Dividends, net of expenses)¹	46	42	162	169
Impact of reversal of government guarantee exit fee	186	-	186	-
Realized and Unrealized Gains or Losses on Investments	1	1	12	7
Total investment income	233	43	367	179
Net Income	226	79	470	323
Net Operating Income¹	226	79	462	318
Adjusted Net Operating Income¹	89	79	339	318
Fully Diluted Earnings Per Share	$2.29	$0.80	$4.76	$3.13
Fully Diluted Operating Earnings Per Share¹	$2.28	$0.80	$4.67	$3.08
Adjusted Fully Diluted Earnings Per Share¹	$0.90	$0.80	$3.52	$3.13
Adjusted Diluted Operating Earnings Per Share¹	$0.90	$0.80	$3.43	$3.08
Fully Diluted Book Value Per Common Share, including AOCI	$30.62	$26.94	$30.62	$26.94
Fully Diluted Book Value Per Common Share, excluding AOCI¹	$28.40	$24.78	$28.40	$24.78
Loss Ratio	31%	39%	33%	37%
Combined Ratio	50%	56%	51%	53%
Operating Return on Equity¹	33%	13%	17%	13%
Adjusted Operating Return on Equity¹	13%	-	13%	-
Minimum Capital Test Ratio (MCT)	170%	162%	170%	162%

_¹	This is a financial measure not calculated based on International Financial Reporting Standards ("IFRSs"). See the "IFRSs and Non-IFRSs Financial Measures" section of this press release for additional information.

IFRSs and Non-IFRSs Financial Measures

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, the Company's plans, objectives, expectations and intentions, and other statements contained in this release that are not historical facts. These statements may be identified by their use of words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", or similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the Company's expectations regarding the effect of the Canadian government's new government guarantee legislative framework, the effect of the changes to the government guarantee mortgage eligibility rules, and the Company's beliefs as to housing demand and home price appreciation, unemployment rates, the Company's future operating and financial results, sales expectations regarding premiums written, capital expenditure plans, dividend policy and the ability to execute on its future operating, investing and financial strategies. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the Company's control. The Company's actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in the Company's Annual Information Form. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com

Students across Canada Help Raise $100,000 for Habitat for Humanity

Mon, 28 Jan 2013 07:00:00 -0500

Genworth Canada writing contest receives nearly 5,000 entries from coast to coast

TORONTO, Jan. 28, 2013 /CNW/ - Being grateful for what she has, inspired 11-year old Chaamindri Fernando from Winnipeg, Manitoba to write the winning essay in Genworth Canada's sixth annual Meaning of Home contest.

"I share a room with my brother
But I should have my own
He always makes a mess.

But I changed my mind when I knew
You slept on road side benches
Shivering in the cold
Sometimes wet in the rain…"

The Meaning of Home contest invites Grade 4, 5 and 6 students from across Canada to submit a written essay about what home means to them for a chance to direct $60,000 to a Habitat for Humanity build of their choice in Canada and receive a pizza party for their entire school.

Chaamindri's essay was chosen among close to 5,000 entries from all parts of Canada. Participation over 2011 grew by more than 55 per cent this year, and more than 250 per cent in some provinces.

"We are thrilled to see such a significant hike in participation this year," said Brian Hurley , chairman and CEO of Genworth Canada. "It's rewarding to know that our contest inspires children, teachers and parents across the country to reflect on what home truly means and take action to help provide a home for families in need."

Since inception in 2007, the Meaning of Home contest has resulted in approximately $570,000 in total grants from Genworth Canada being directed to more than 30 Canadian Habitat affiliates. With Genworth Canada donating an additional $5 per entry again this year, every participating student helped bring a family closer to homeownership.

"In Canada, the homes of a staggering 1.5 million families are unsafe, too small, or unaffordable," said Mark Rodgers , Chief Operating Officer of Habitat for Humanity Canada. "Each year, the Meaning of Home contest demonstrates the passion of today's youth in ensuring that all children have a good place to call home at the end of the day."

Chaamindri has chosen Habitat for Humanity Manitoba as the beneficiary of her $60,000 prize grant. Five runners-up were also selected and awarded a $5,000 grant each to direct to a Habitat for Humanity affiliate of their choice. The runners-up and their Habitat beneficiaries are the following:

Andrew Geffrion, Kanesatake, Québec - Habitat for Humanity Deux Montagnes
Annalies Henckel , Courtenay, British Columbia - Habitat for Humanity Vancouver Island North
Sammi Szeto , Dartmouth, Nova Scotia - Habitat for Humanity Nova Scotia
Denver Winch , Oakville, Ontario - Habitat for Humanity Halton
Abby Howard , Whitby, Ontario - Habitat for Humanity Durham

For the first time this year, students were invited to post videos describing what home means to them for a chance to win additional prizes. The videos are available at www.youtube.com/meaningofhome.

To read Chaamindri's complete essay and the other winning entries, visit www.meaningofhome.ca.

About Genworth Canada
Genworth Canada is the brand name of Genworth Financial Mortgage Insurance Company Canada, a subsidiary of Genworth MI Canada Inc. (TSX:MIC) and the country's largest private residential mortgage insurer. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Through innovative processing technology, differentiated customer service offerings and a robust risk management framework, Genworth Canada has delivered exceptional value, thought leadership, and safety and soundness to the housing market for nearly two decades. Genworth Canada continues to have a strong balance sheet and as of September 30, 2012, the Company had $5.6 billion total assets and $2.9 billion shareholders' equity. Find out more at www.genworth.ca.

Habitat for Humanity Canada:
Founded in 1985, Habitat for Humanity Canada is a national, non-profit organization working towards a world where everyone has a safe and decent place to live. With the help of over 50,000 volunteers every year and 69 affiliate organizations from coast to coast, their mission is to mobilize volunteers and community partners in building affordable housing and promoting homeownership as a means to break the cycle of poverty in Canada and around the world. For more information, please visit www.habitat.ca.

For additional information or to arrange interviews, please contact:

Lisa Azzuolo
Genworth Canada
905.287.5520 or Lisa.Azzuolo@genworth.com

Genworth MI Canada Inc. Schedules Fourth Quarter 2012 Earnings Conference Call for February 6, 2013

Wed, 09 Jan 2013 16:38:00 -0500

TORONTO, Jan. 9, 2013 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) today announced it will issue its earnings release and financial supplement containing the fourth quarter results after the market closes on February 5, 2013. A conference call will be held the following day, February 6, at 10:30 am (ET) to discuss the results for the quarter. At that time, management will provide a review of its business operations and progress on strategic priorities. Investor materials will be available on the Company's website, http://investor.genworthmicanada.ca, in advance of the call.

Genworth MI Canada Inc.'s conference call will be accessible via telephone and over the Internet on the Company's website. The direct dial-in number for the February 6 conference call is 416-644-3414 or 1-800-814-4859. A replay of the call will be available until March 6, 2013 (Local 416-640-1917, Toll Free 1-877-289-8525, Access Code 4589899#). Participants are encouraged to pre-register for the webcast through the Company's website. A replay of the call will also be available from the Company's website for a period of at least 45 days following the conference call.

About Genworth MI Canada Inc.

Genworth MI Canada Inc. (TSX: MIC), through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, has been the leading Canadian private residential mortgage insurer since 1995. Known as Genworth Canada, the Company provides default mortgage insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace. As of September 30, 2012, Genworth Canada had $5.6 billion total assets and $2.9 billion shareholders' equity. Additional information may be found at www.genworth.ca.

Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.com
Media - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com