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December 20, 2012
09:46 EDTGNWGenworth sees $80M benefit to Q4 GAAP net income from Canadian act
Genworth Financial's Canadian subsidiary, Genworth MI Canada, reported the anticipated financial impact, under International Financial Reporting Standards, from the implementation of the Protection of Residential Mortgage or Hypothecary Insurance Act, or PRMHIA, effective on January 1, 2013. PRMHIA establishes a legislative framework that replaces the current Government Guarantee Agreement. While there is no change in the level of the Government Guarantee to MIC under PRMHIA, it does eliminate the Government Guarantee Fund and related exit fees in favor of a higher regulatory capital target set by Canada's Minister of Finance. When PRMHIA is implemented, the elimination of the Government Guarantee Fund will increase MIC's regulatory capital available, which is expected to be predominately offset by an increase in its required capital. The implementation of this legislation is positive and will strengthen Genworth MI Canada's claim paying ability. Under U.S. Generally Accepted Accounting Principles, or GAAP, Genworth Financial expects a benefit of approximately $80M in 4Q12 to its net income from the reversal of the accrued liability for exit fees associated with this change to the Government Guarantee Agreement. Genworth Financial's current year portion of the exit fee accrual for the business through September 30 was approximately $8M. There are no other significant impacts anticipated on GAAP results or U.S. statutory capital levels, Genworth said.
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October 13, 2014
10:08 EDTGNWOn The Fly: Analyst Upgrade Summary
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08:19 EDTGNWGenworth upgraded to Outperform from Market Perform at Keefe Bruyette
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