Genworth Financial earned $82 million in the first quarter, a 54% drop from the year ago, as continued losses at its mortgage insurance unit held back the company’s financial recovery.
Although its MI business is still suffering, the Richmond, Va-based firm reported an improvement in that line of business, thanks to slowing flow delinquencies, and the addition of what it calls “high margin new business.”
The MI unit lost $81 million in 1Q compared to a $36 million loss in the same period a year earlier.
“Loss mitigation activities, including workouts, presales, policy rescissions and targeted settlements, net of reinstatements, resulted in $122 million of savings in the quarter,” Genworth said of its MI business.
Among the nation’s eight MI firms, Genworth ranks fifth in terms of policies-in-force, according to figures compiled by National Mortgage News and the Quarterly Data Report.
In trading Wednesday, its share price was down slightly to $12. Its 52-week high is $18, its low $10.
