Loss Mitigation

Genworth’s MI Segment Loses $134m 

Genworth Financial’s [stock GNW][/stock] mortgage insurance operation lost $134m in Q209 amid an environment of high mortgage defaults, and revenue from the rest of the company’s insurance operations could not make up for the loss. Overall, the firm lost $50m in the quarter ($0.11 per share), a relative improvement over the company’s $109m loss in Q208. Genworth’s US mortgage insurance sector took a hard hit as it continued to incur losses, despite increasing loss mitigation efforts, which saved the company $188m.