Unlike MI Peers, Genworth Reports Profits

The U.S. mortgage insurance operations of Genworth Financial Inc., Richmond, Va., were profitable in the third quarter, unlike those of its industry peers.Genworth's U.S. mortgage insurance business had net operating income of $39 million, down from $53 million a year earlier. Flow insurance sales increased 91% over those of a year earlier, while bulk sales increased from $1.2 billion a year earlier to $2.8 billion. Genworth's international mortgage insurance business saw its net operating income increase from $81 billion in the third quarter of 2006 to $110 billion for the most recent period. Genworth's overall net operating income (which is not a measure used under generally accepted accounting principles) totaled $368 million ($0.83 per share) for the third quarter, compared with $297 million ($0.63 per share) a year earlier. As for Genworth's mortgage insurance peers, MGIC and Triad posted corporate losses; PMI revealed that it will take a loss; and Old Republic (which does business as Republic Mortgage Insurance Co.) had operating losses in its mortgage guaranty and title insurance segments. Genworth can be found online at http://www.genworth.com.