Genworth M.I. Business, Earnings Jump

Aug. 01--Quarterly business increased at Genworth Mortgage Insurance Corp., as did earnings. In addition, the book of business expanded, and delinquency was sharply lower.

In parent-Genworth Financial Inc.'s second-quarter earnings report, company-wide income from continuing operations before income taxes came to $360 million.

Results were not quite as good as during the same quarter of last year, when earnings were $401 million. But income improved from the first-three months of this year, when Genworth earned $228 million.

Earnings from its U.S. mortgage insurance business climbed to $174 million from $142 million in the second-quarter 2017 and $141 million in the first-quarter 2018.

M.I. earnings increased as insurance written ascended to $11.4 billion in the second quarter from $9.0 billion three months earlier and $9.8 million one year earlier. Full first-half insurance written amounted to $20.4 billion.

Refinance share was 6 percent, about half as wide as the 11 percent share of the previous quarter.

June ended with $159.5 billion primary insurance in force on 762,727 loans, more than 749,145 loans for $154.9 billion three months prior and 714,254 loans for $143.0 billion one year prior.

Primary delinquency was slashed to 2.37 percent from 2.75 percent as of March 31. The improvement was even larger compared to mid-2017, when the rate was 2.89 percent.

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