TORONTO – Genworth MI Canada Inc. (TSX:MIC) says it is increasing its regular quarterly dividend and will pay a special dividend to shareholders after reporting a slight increase in net earnings in the third quarter.
Genworth, Canada’s largest private insurer of residential mortgages, says the quarterly dividend is going up 11 per cent to 39 cents per share, payable Nov. 28 to shareholders of record on Nov. 17.
The special dividend, 43 cents per share, will be paid on the same date, the company said in its earnings release, issued after markets closed.
Genworth said net earnings in the most recent quarter were $98 million or $1.01 per diluted share, up from $96 million or 99 cents in the prior-year period period.
“Strong top line growth was one of the key elements of our solid business performance this quarter,” said chairman and CEO Brian Hurley.
Net premiums written of $217 million were $56 million or 35 per cent higher than in the comparable 2013 period, reflecting higher volumes of mortgage originations, continued market share penetration and the higher premium rates which took effect on policies written after May 1.
Losses on claims of $30 million reflected a $2 million decrease over the same quarter in the prior year.
Net Investment income, excluding realized gains, of $43 million was $2 million lower than the same quarter in the prior year, while net operating income of $93 million was $2 million higher year over year.
