Higher mortgage originations help Genworth premiums soar

Mortgage insurer Genworth has released its annual financial results which show a 26 per cent rise in the value of net premiums to $809 million. The gain of $169 million was driven primarily by an increase in the average premium rate, improved market penetration, and higher volumes of mortgage originations.  Portfolio insurance contributed $104 million in premiums written, representing an increase of $21 million from 2014, driven by higher demand from lenders. The Company estimates that its outstanding balance of insured mortgages as at September 30, 2015, was approximately $184 billion, which is approximately 47 per cent of the original insured amount.

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