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Genworth MI Canada sees losses on claims rise 17% in Q1

Losses on claims at GenworthMI Canada Inc. increased 17% year over year to C$37 million in the firstquarter as the company saw the average reserve per delinquency increase modestlyand noted an increase in net new delinquencies from oil-producing regions.

The first-quarter loss ratio was 24%, compared to 23% in theprior quarter and 22% in the year-ago period.

The Canadian mortgage insurer's first-quarter net operating incomedeclined year over year but would have been flat absent an increase in the corporatetax rate and a C$5 million prior-year favorable tax adjustment.

Genworth MI Canada posted net operating income of C$91 million,or 99 Canadian cents per share, down from C$97 million, or C$1.03 per share, inthe same quarter of 2015.

The S&P Capital IQ consensus normalized EPS estimate was95 cents per share.

First-quarter net income was C$88 million, or 96 cents per share,compared to C$107 million, or C$1.08 per share, a year earlier.

Premiums written slipped to C$117 million from C$130 millionyear over year, while premiums earned grew to C$154 million from C$143 million.

Net investment income totaled C$37 million, down from C$57 milliona year ago.