Genworth reports increase in Alberta delinquencies

Canadian private mortgage insurer Genworth has reported a rise in delinquencies in the third quarter.

New net delinquencies (net of cures) increased by 53 compared to the same period of 2015 to reach 493. The rise was mainly due to Alberta which saw 159 while Ontario, Quebec and the Pacific region saw fewer delinquencies year-over-year.

Genworth earned $162 million in premiums on the third quarter of 2016, up 3 per cent quarter-over-quarter; net operating income was up 1 per cent to $93 million; and its loss ratio was 25 per cent, up 4 per cent quarter-over-quarter.

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