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Genworth MI Canada sees operating income rise YOY in Q4'17

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Genworth MI Canada sees operating income rise YOY in Q4'17

Genworth MI Canada Inc. reported fourth-quarter 2017 net operating income of C$121 million, or C$1.33 per share, compared with C$105 million, or C$1.14 per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was C$1.19.

Net income was C$132 million, or C$1.45 per share, compared with C$140 million, or C$1.52 per share, a year ago.

Premiums written totaled C$164 million, down from C$171 million in the same quarter in 2016. Premiums earned totaled C$171 million, up from C$164 million.

The combined ratio for the quarter was 29%, improved from 38% in the year-ago period. Book value per share, including accumulated other comprehensive income, was C$43.13 as of Dec. 31, 2017, compared with C$39.28 as of Dec. 31, 2016.

Genworth MI Canada also reported full-year 2017 net operating income of C$467 million, or C$5.09 per share, up from C$388 million, or C$4.23 per share, in 2016. Net income was C$528 million, or C$5.76 per share, compared with C$417 million, or C$4.54 per share, in the previous year.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was C$4.94.