Genworth reported 13% higher income in 2012, compared to 2011.
The majority of the reported income did not come from insuring mortgages of debt laden Canadian homeowners but it came from investments.
According to its report – Its investment portfolio had a market value of $5.4 billion at the end of the quarter and the combined portfolio had a pre-tax equivalent book yield of 3.7%. That is a good yield and explains the income.
On the interesting side – mortgage losses went further down and number of new insurances written went up by a decent ratio in 2012 compared to 2011.
Great results. Looks Canada isn’t affected with global recession.