But the firm said the strength of its mortgage insurance portfolio reflects the more positive market conditions.
"We are pleased with the quarter's results reflecting continued strength in portfolio quality and growth in our average premium rate, both of which bode well for future performance," said Stuart Levings, President and CEO. "Our extraordinarily low loss ratio of 3% reflects the positive impact of macroeconomic tailwinds and strong housing markets and is likely to normalize as these markets adjust to government actions and market forces.”
New insurance written from transactional insurance was down 14% year-over-year to $0.8 billion, largely due to the impact of the federal government’s stress test on insured mortgages. Premiums written were down 5% to $161 million.
New delinquencies net of cures were down to 155, 366 lower than in the first quarter and 197 lower than Q2 2016.
Compared to the previous quarter there was significant decreases in Ontario, Quebec, the Atlantic provinces and Alberta.
Overall net income at Genworth Canada was up 65% year-over-year to $150 million.
MBN
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