Essent Group reported higher net income on a 25% year-over-year increase in insurance-in-force, while Genworth Financial posted a larger net loss from a year ago as its life insurance division took a hit.
Essent's net income for the third quarter rose 46% from the same period in 2015 to $59.7 million. Earnings per share were 65 cents.
The increase in net income largely stemmed from an uptick in insurance-in-force to $77.6 billion from $62.1 billion last year. New insurance written was $10.3 billion, compared with $7.6 billion in 2015.
Essent also reported 32% growth year over year in net premiums earned to $110.8 million during the third quarter.
Expenses rose 18% from 2015 to $37.8 million, reflecting an increase in underwriting and operating costs and a higher provision for losses.
Meanwhile, Genworth reported a third-quarter net loss of $380 million and losses per share of 76 cents. Last year, the Virginia-based insurer reported a $284 million net loss.
Much of the company's net loss reflects the results of its U.S. life insurance division, which reported a $207 million net operating loss this year versus net operating income of $40 million in 2015. The company's corporate and other divisions also extended to a $327 million net loss from a $68 million net loss a year ago.
Additionally, Genworth's Canadian and Australian mortgage segments reported lower net operating income in the third quarter of 2016 when compared with a year ago.
The company's U.S. mortgage insurance division remained a standout, however. This division's net operating income rose 81% from the third quarter of 2015 to $67 million. Primary flow insurance written was $12.8 billion versus $9.3 billion a year ago, and the loss ratio dropped to 21% from 43%.
Additionally, United Guaranty Corp. had pretax operating income of $130 million in the third quarter, down from $133 million one year earlier, American International Group reported. During the quarter,
UG slipped to second among mortgage insurers in terms of new insurance written with $15 billion for the period, up from $14.7 billion in the third quarter of 2015.
