Insurer also given an average rating of "hold" by brokerages
Shares of Genworth MI Canada Inc. hit $44.02 late last week, the latest step in a continuous approach towards the previous 52-week high of $46.75.
The residential mortgage insurer has also been granted an average rating of “Hold” by the six brokerages currently covering the firm.
During its last quarterly report back in July, Genworth reported that its Q2 revenue reached $171.27 million, just short of expert predictions of $172 million. The firm attributed the shortfall to greater losses on claims and expenses.
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Said losses were partially counterbalanced by higher operating investment income and higher premiums earned.
“We continue to see strong operating results this year, with another low loss ratio of 14% for the quarter,” president and CEO Stuart Levings said.
"Our results have been favourably impacted by the generally supportive macroeconomic environment, while housing markets continue to normalize in line with our expectations. We remain focused on our customers and on driving prudent growth, while maintaining disciplined risk management practices.”
