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June, 2013Genworth MI Canada Inc. 1
June, 2013Genworth MI Canada Inc. 2
Forward-looking and non-IFRS statements
This presentation includes certain forward-looking statements. These forward-looking statements include, but are not limited to,
statements with respect to the Company’s future operating and financial results, expectations regarding premiums written, capital
expenditure plans, dividend policy and the ability to execute on its future operating, investing and financial strategies, and other
statements that are not historical facts. These forward-looking statements may be identified by their use of words such as “may,”
“would,” “could,” “will,” “expects,” “anticipates,” “contemplates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” or words of
similar meaning. These statements are based on the Company’s current assumptions, including assumptions regarding economic,
global, political, business, competitive, market and regulatory matters. These forward-looking statements are inherently subject to
significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Company. The
Company’s actual results may differ materially from those expressed or implied by such forward-looking statements, including as a
result of changes in the facts underlying the Company’s assumptions, and the other risks described in the Company’s Annual
Information Form dated March 29, 2013, its Short Form Base Shelf Prospectus dated May 31, 2012, the Prospectus Supplements
thereto and all documents incorporated by reference in such documents. Other than as required by applicable laws, the Company
undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information,
future developments or otherwise.
To supplement its financial statements, the Company uses select non-IFRSs financial measures. Non-IFRSs measures used by the
Company to analyze performance include underwriting ratios such as loss ratio, expense ratio and combined ratio, as well as other
performance measures such as net operating income and return on net operating income. The Company believes that these non-
IFRSs financial measures provide meaningful supplemental information regarding its performance and may be useful to investors
because they allow for greater transparency with respect to key metrics used by management in its financial and operational
decision making. Non-IFRSs measures do not have standardized meanings and are unlikely to be comparable to any similar
measures presented by other companies. These measures are defined in the Company’s glossary, which is posted on the
Company’s website at http://investor.genworthmicanada.ca. A reconciliation from non-IFRSs financial measures to the most
readily comparable measures calculated in accordance with IFRSs can be found in the Company’s most recent financial statements,
which are posted on the Company’s website and are also available at www.sedar.com.
June, 2013Genworth MI Canada Inc. 3
Solid Q1 2013 results across key metrics
Net operating income $ 85 MM $76 MM
Operating Return on equity 12% 12%
Operating earnings per share (diluted) $0.86 $0.77
Q1 2013 Q1 2012
Book Value Per Share (diluted, including AOCI)
$27.31 $27.88
$28.72
$30.62
$31.32
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
15% YoY growth
June, 2013Genworth MI Canada Inc. 4
Consistent results
Priorities First Quarter 2013
 Premiums written $84 million of new premiums written
 Prudent risk management Loss ratio of 31%
 Investment portfolio return $5.3 billion investment portfolio
Book yield of 3.7% as at March 31, 2013
 Capital strength Minimum capital test of 216%
 Dividends and return to
shareholders
Quarterly dividend of $0.32 per common share
Normal course issuer bid announced
June, 2013Genworth MI Canada Inc. 5
Positive trends in delinquency rate
Mortgage insurance portfolio
delinquency rate
Insurance
in-force
March 31
2013
Dec 31
2012
Sept 30
2012
March 31
2013
Ontario 0.08% 0.09% 0.09% 46%
BC 0.20% 0.18% 0.18% 15%
Alberta 0.18% 0.22% 0.24% 16%
Quebec 0.19% 0.19% 0.20% 14%
Other 0.15% 0.14% 0.15% 9%
Canada 0.14% 0.14% 0.15% 100%
June, 2013Genworth MI Canada Inc. 6
Recent federal budget
Consultations with government underway
 No changes to high loan-to-value products
 Proposal to limit use of portfolio insurance to gov’t sponsored securitization programs
 Proposal to prohibit use of insured mortgages in private securitization programs
 MIC insured mortgages eligible for gov’t sponsored securitization programs
 Majority of MIC insured mortgages currently securitized through these programs
March budget overview
Impact on MIC
June, 2013Genworth MI Canada Inc. 7
Canadian market outlook
 Economy to grow modestly in 2013 … Second half stronger than first
 Moderate income growth
 Stable employment outlook
 Low rates and steady employment continues to support housing
 Balanced market expected to keep prices relatively flat
 Market adapting to lower more sustainable level of housing activity
 Borrower quality remains high
Macroeconomic environment
Housing market
June, 2013Genworth MI Canada Inc. 8
Book value continues to grow
$ millions (except EPS) Q1 2013 Q4 2012 Q1 2012
Net premiums written $84 $ 117 $79
Premiums earned 144 147 147
Losses on claims (44) (46) (56)
Underwriting income 74 73 65
Adjusted net investment income
(excluding gains/losses)
45 46 43
Adjusted net operating income $85 $89 $76
Adjusted operating EPS (diluted) $0.86 $ 0.90 $0.77
Book value per share
(diluted and including AOCI)
$31.32 $ 30.62 $27.31
Demonstrated track record of performance
June, 2013Genworth MI Canada Inc. 9
Core business outpaced market
69
121
160
99
71
9
11
10
3
3
3
47
11
17
11
Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013
($millions)
Refinance
Gross PW 82 179 181 119 84
Risk premium (3) (2) (3) (2) -
Net PW $79 $176 $178 $117 $84
Purchase
Portfolio
3
Premiums written
Q1‘12 Q2‘12 Q3‘12 Q4‘12 Q1‘13
$1.7 billion in unearned premiums
 Lower housing activity as housing market
transitions to more sustainable level
 Resale volumes down 15% year-over-year
 Improved market penetration partially
offset smaller higher loan-to-value market
 Continued demand for portfolio insurance
(PW represents premiums written)
June, 2013Genworth MI Canada Inc. 10
Solid underwriting performance
65 76 77 73 74
26
25 26 28 26
56 48
44
46 44
Q1'12 Q2'12 Q3'12 Q4'12 Q1'13
$147
Underwriting profit
$144Premiums earned
Underwriting
profit
Expenses
Losses on
claims
$147
Loss ratio 38% 32% 30% 31% 31%
Expense ratio 18% 17% 18% 19% 18%
Combined
ratio
56% 49% 48% 50% 49%
 New reported delinquencies
declined by 6% sequentially despite
typical seasonal pressures
 Q1 loss ratio flat sequentially
 Continued success with loss
mitigation programs
$148 $147
Consistent underwriting profit
($millions)
June, 2013Genworth MI Canada Inc. 11
Cash
5%
Federal
35%
Provincial
14%
Corporates
40%
CommonEquity
6%
Investment portfolio remains high quality
 Balanced high quality portfolio
• 49% federal & provincial bonds
• 40% corporate bonds
• 96% of bonds ‘A’ or higher
 $324 million positive mark-to-market
Total
$5.3 billion
1Pre-tax equivalent book yield after dividend gross-up of general portfolio
(as at March 31, 2013)
$ Billion Portfolio
Assets (MV) $5.3
Pre-tax yield1 3.7 %
Duration 3.6 years
June, 2013Genworth MI Canada Inc. 12
Strong capital position with flexibility
145% 145% 145%
185% 185%
11% 17% 25%
25% 31%
156%
162%
170%
210%
216%
2010 2011 2012 1-Jan-13 31-Mar-13
Minimum Capital Test Ratio
Buffer
Internal MCT ratio target
MCT ratio
Normal course issuer bid announced
June, 2013Genworth MI Canada Inc. 13
Disciplined execution
Proven business model
Solid financial foundation
Strategic priorities remain the same
Profitability remains a key focus
June, 2013Genworth MI Canada Inc. 14
Question and Answer
SAMANTHA CHEUNG
VP INVESTOR RELATIONS
905 287 5482
samantha.cheung@genworth.com
www.genworth.ca
For further info:

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Genworth MI Canada Inc. - Investor Presentation May/June 2013

  • 1. June, 2013Genworth MI Canada Inc. 1
  • 2. June, 2013Genworth MI Canada Inc. 2 Forward-looking and non-IFRS statements This presentation includes certain forward-looking statements. These forward-looking statements include, but are not limited to, statements with respect to the Company’s future operating and financial results, expectations regarding premiums written, capital expenditure plans, dividend policy and the ability to execute on its future operating, investing and financial strategies, and other statements that are not historical facts. These forward-looking statements may be identified by their use of words such as “may,” “would,” “could,” “will,” “expects,” “anticipates,” “contemplates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” or words of similar meaning. These statements are based on the Company’s current assumptions, including assumptions regarding economic, global, political, business, competitive, market and regulatory matters. These forward-looking statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Company. The Company’s actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in the facts underlying the Company’s assumptions, and the other risks described in the Company’s Annual Information Form dated March 29, 2013, its Short Form Base Shelf Prospectus dated May 31, 2012, the Prospectus Supplements thereto and all documents incorporated by reference in such documents. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. To supplement its financial statements, the Company uses select non-IFRSs financial measures. Non-IFRSs measures used by the Company to analyze performance include underwriting ratios such as loss ratio, expense ratio and combined ratio, as well as other performance measures such as net operating income and return on net operating income. The Company believes that these non- IFRSs financial measures provide meaningful supplemental information regarding its performance and may be useful to investors because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-IFRSs measures do not have standardized meanings and are unlikely to be comparable to any similar measures presented by other companies. These measures are defined in the Company’s glossary, which is posted on the Company’s website at http://investor.genworthmicanada.ca. A reconciliation from non-IFRSs financial measures to the most readily comparable measures calculated in accordance with IFRSs can be found in the Company’s most recent financial statements, which are posted on the Company’s website and are also available at www.sedar.com.
  • 3. June, 2013Genworth MI Canada Inc. 3 Solid Q1 2013 results across key metrics Net operating income $ 85 MM $76 MM Operating Return on equity 12% 12% Operating earnings per share (diluted) $0.86 $0.77 Q1 2013 Q1 2012 Book Value Per Share (diluted, including AOCI) $27.31 $27.88 $28.72 $30.62 $31.32 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 15% YoY growth
  • 4. June, 2013Genworth MI Canada Inc. 4 Consistent results Priorities First Quarter 2013  Premiums written $84 million of new premiums written  Prudent risk management Loss ratio of 31%  Investment portfolio return $5.3 billion investment portfolio Book yield of 3.7% as at March 31, 2013  Capital strength Minimum capital test of 216%  Dividends and return to shareholders Quarterly dividend of $0.32 per common share Normal course issuer bid announced
  • 5. June, 2013Genworth MI Canada Inc. 5 Positive trends in delinquency rate Mortgage insurance portfolio delinquency rate Insurance in-force March 31 2013 Dec 31 2012 Sept 30 2012 March 31 2013 Ontario 0.08% 0.09% 0.09% 46% BC 0.20% 0.18% 0.18% 15% Alberta 0.18% 0.22% 0.24% 16% Quebec 0.19% 0.19% 0.20% 14% Other 0.15% 0.14% 0.15% 9% Canada 0.14% 0.14% 0.15% 100%
  • 6. June, 2013Genworth MI Canada Inc. 6 Recent federal budget Consultations with government underway  No changes to high loan-to-value products  Proposal to limit use of portfolio insurance to gov’t sponsored securitization programs  Proposal to prohibit use of insured mortgages in private securitization programs  MIC insured mortgages eligible for gov’t sponsored securitization programs  Majority of MIC insured mortgages currently securitized through these programs March budget overview Impact on MIC
  • 7. June, 2013Genworth MI Canada Inc. 7 Canadian market outlook  Economy to grow modestly in 2013 … Second half stronger than first  Moderate income growth  Stable employment outlook  Low rates and steady employment continues to support housing  Balanced market expected to keep prices relatively flat  Market adapting to lower more sustainable level of housing activity  Borrower quality remains high Macroeconomic environment Housing market
  • 8. June, 2013Genworth MI Canada Inc. 8 Book value continues to grow $ millions (except EPS) Q1 2013 Q4 2012 Q1 2012 Net premiums written $84 $ 117 $79 Premiums earned 144 147 147 Losses on claims (44) (46) (56) Underwriting income 74 73 65 Adjusted net investment income (excluding gains/losses) 45 46 43 Adjusted net operating income $85 $89 $76 Adjusted operating EPS (diluted) $0.86 $ 0.90 $0.77 Book value per share (diluted and including AOCI) $31.32 $ 30.62 $27.31 Demonstrated track record of performance
  • 9. June, 2013Genworth MI Canada Inc. 9 Core business outpaced market 69 121 160 99 71 9 11 10 3 3 3 47 11 17 11 Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013 ($millions) Refinance Gross PW 82 179 181 119 84 Risk premium (3) (2) (3) (2) - Net PW $79 $176 $178 $117 $84 Purchase Portfolio 3 Premiums written Q1‘12 Q2‘12 Q3‘12 Q4‘12 Q1‘13 $1.7 billion in unearned premiums  Lower housing activity as housing market transitions to more sustainable level  Resale volumes down 15% year-over-year  Improved market penetration partially offset smaller higher loan-to-value market  Continued demand for portfolio insurance (PW represents premiums written)
  • 10. June, 2013Genworth MI Canada Inc. 10 Solid underwriting performance 65 76 77 73 74 26 25 26 28 26 56 48 44 46 44 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 $147 Underwriting profit $144Premiums earned Underwriting profit Expenses Losses on claims $147 Loss ratio 38% 32% 30% 31% 31% Expense ratio 18% 17% 18% 19% 18% Combined ratio 56% 49% 48% 50% 49%  New reported delinquencies declined by 6% sequentially despite typical seasonal pressures  Q1 loss ratio flat sequentially  Continued success with loss mitigation programs $148 $147 Consistent underwriting profit ($millions)
  • 11. June, 2013Genworth MI Canada Inc. 11 Cash 5% Federal 35% Provincial 14% Corporates 40% CommonEquity 6% Investment portfolio remains high quality  Balanced high quality portfolio • 49% federal & provincial bonds • 40% corporate bonds • 96% of bonds ‘A’ or higher  $324 million positive mark-to-market Total $5.3 billion 1Pre-tax equivalent book yield after dividend gross-up of general portfolio (as at March 31, 2013) $ Billion Portfolio Assets (MV) $5.3 Pre-tax yield1 3.7 % Duration 3.6 years
  • 12. June, 2013Genworth MI Canada Inc. 12 Strong capital position with flexibility 145% 145% 145% 185% 185% 11% 17% 25% 25% 31% 156% 162% 170% 210% 216% 2010 2011 2012 1-Jan-13 31-Mar-13 Minimum Capital Test Ratio Buffer Internal MCT ratio target MCT ratio Normal course issuer bid announced
  • 13. June, 2013Genworth MI Canada Inc. 13 Disciplined execution Proven business model Solid financial foundation Strategic priorities remain the same Profitability remains a key focus
  • 14. June, 2013Genworth MI Canada Inc. 14 Question and Answer SAMANTHA CHEUNG VP INVESTOR RELATIONS 905 287 5482 samantha.cheung@genworth.com www.genworth.ca For further info: