Mortgage insurer Genworth Financial Inc announced yesterday that it would delay the listing of its Australian business until 2013. The company had previously announced that an initial public offering of up to 40 per cent of the Australian mortgage insurance business was planned for the June quarter of 2012.Genworth said the delay was due to a deterioration in recent Australian business performance. The company is expecting to report a "modest first quarter loss in the Australian mortgage insurance business" when it reports its group first quarter results on May 2.It said: "For the 2012 first quarter, the company expects to report elevated loss experience in Australia, as lenders accelerated the processing of later-stage delinquencies from prior years through to foreclosure and claim at a higher rate and severity that expected."Genworth said coastal areas of Queensland, which had experienced natural catastrophies and regional economic slowdown, were the main trouble spots.Genworth's Australian business made a net profit of A$200 million in the year to December 2011 - down from $205 million in 2010. Delinquencies rose from 0.48 in 2010 to 0.55 last year and the loss ratio rose from 40 per cent to 47 per cent.On Monday, Standard & Poor's issued a report on the Australian mortgage insurance industry, which said the industry outlook was "stable"S&P said: "We believe the industry's underlying exposures are good quality. Since 2009, the industry has undergone a period of de-risking  - underwriting standards have been tightened, resulting in a lower proportion of low-doc and high loan-to-valuation loans."