Genworth Financial Inc.’s mortgage insurance unit saw increased income despite higher delinquency and losses at its parent. New business fell, but the book of business expanded.
In its fourth-quarter 2017 report, Genworth disclosed a $290 million loss from continuing operations before income taxes during the three months ended Dec. 31.
Losses at the Richmond, Virginia-based firm widened from $56 million in the final three months of 2016 and swung from a $286 million profit three months earlier.
Source: Mortgage Daily