Canada NewsWire
TORONTO, May 1, 2018
Transactional Premiums Written: | $109 million | Up 22% Y/Y | Down 30% Q/Q |
Premiums Earned: | $171 million | Up 2% Y/Y | Flat Q/Q |
Loss Ratio: | 13% | Down 3 pts Y/Y | Up 4 pts Q/Q |
Net Income: | $128 million | Up 20% Y/Y | Down 3% Q/Q |
Net Operating Income: | $119 million | Up 11% Y/Y | Down 2% Q/Q |
Fully Diluted Operating EPS: | $1.31 | Up 12% Y/Y | Down 2% Q/Q |
TORONTO, May 1, 2018 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) today reported first quarter 2018 net income of $128 million and earnings per fully diluted common share of $1.38, net operating income of $119 million and operating earnings per fully diluted common share of $1.31 and an operating return on equity of 12%.
"We are pleased with our solid performance this quarter, especially our loss ratio of 13%, driven by the positive macroeconomic environment and stable housing markets," said Stuart Levings, President and CEO. "As part of our ongoing commitment to maintaining an efficient capital structure, we repurchased $50 million of common shares, further emphasizing the confidence we have in our business model."
Key First Quarter 2018 Financial Results And Operational Metrics:
Share Repurchase
During the quarter the Company repurchased 1,228,413 common shares, for an aggregate purchase price of approximately $50 million, under the terms of its normal course issuer bid. The Company's majority shareholder, Genworth Financial, Inc., through its subsidiaries, participated proportionately in the share purchase transactions.
Dividends
On March 7, 2018, the Company paid a quarterly dividend of $0.47 per common share.
The Company also announced today that its Board of Directors approved a dividend payment of $0.47 per common share, payable on May 30, 2018, to shareholders of record at the close of business on May 14, 2018.
Shareholders' Equity
As at March 31, 2018, shareholders' equity was $4.0 billion, representing a book value including accumulated other comprehensive income ("AOCI") of $43.77 per common share on a fully diluted basis. Excluding AOCI, shareholders' equity was $3.9 billion, representing a book value of $43.28 per common share on a fully diluted basis.
Credit and Debt Ratings
The Company's issuer credit rating by DBRS Ratings Limited is 'A' high (stable) and the financial strength rating of the Company's primary operating subsidiary is 'AA' (stable). The Company's credit rating by Standard & Poor's is 'BBB+' (stable) and the financial strength of the Company's primary operating subsidiary is 'A+' (stable).
Detailed Operating Results and Financial Supplement
For more information on the Company's operating results, please refer to the Company's Management's Discussion and Analysis as posted on SEDAR and available at www.sedar.com.
This Press Release, as well as the Company's first quarter 2018 consolidated Financial Statements, Management's Discussion and Analysis ("MD&A") and Financial Supplement are also posted on the Investor section of the Company's website (http://investor.genworthmicanada.ca). Investors are encouraged to review all of these materials.
Earnings Call
The Company's first quarter earnings call will be held on May 1, 2018 at 10:00 am ET (Local: 647-794-4605, Toll free: 1-800-239-9838, Conference ID: 9479531). The call is accessible via telephone and by audio webcast on the Company's website. If listening via webcast, participants are encouraged to pre-register for the webcast through the Company's website. Slides to accompany the call will be posted just prior to its start. A replay of the call will be available until May 31, 2018 (Local: 647-436-0148, Toll-free 1-888-203-1112, Replay Passcode 9479531). The webcast will also be available for replay on the Company's website for a period of at least 45 days following the conference call.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada ("Genworth Canada"), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at March 31, 2018, the Company had $6.8 billion total assets and $4.0 billion shareholders' equity. Find out more at www.genworth.ca.
Consolidated Financial Highlights
($ millions, except per share amounts) | Three Months Ended March 31 (Unaudited) | |
2018 | 2017 | |
Transactional new insurance written1 | $3,156 | $3,047 |
Portfolio new insurance written1 | 1,152 | 10,513 |
Total new insurance written1 | $4,308 | $13,559 |
Premiums written | 115 | 127 |
Premiums earned | 171 | 167 |
Losses on claims | 22 | 26 |
Expenses | 32 | 34 |
Net underwriting income | $117 | $107 |
Investment income (interest and dividends, net of expenses) 1 | 47 | 45 |
Interest rate hedging program income | 4 | - |
Realized gains (losses) on sale of investments | (1) | 1 |
Realized and unrealized gains on derivatives, foreign exchange | 12 | (3) |
Total net investment income | $62 | $43 |
Net income | $128 | $106 |
Net operating income1 | $119 | $107 |
Basic weighted average common shares outstanding | 90,752,714 Werbung Mehr Nachrichten zur Sagen MI Canada Aktie kostenlos abonnieren
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