Sales and earnings were a little weaker for Genworth Mortgage Insurance Australia in the first three months of the year, according to a March quarter financial report released by the company's parent, Genworth Financial Inc.The local company, which last month issued a prospectus for an initial public offering, reported revenue of US$131 million for the three months to March - down from US$143 million in the previous corresponding period.Genworth Australia's net operating income for the quarter was US$62 million - down from US$66 million in the December quarter but well up on the $US46 million of net operating income in the previous corresponding period.The loss ratio for the quarter was 17 per cent - down four percentage points from December and down 30 percentage points from the previous corresponding period. This improved result was due to "favourable ageing of late stage delinquencies".The company had US$281 billion of in-force insurance at the end of March, compared with US$299 million in the previous corresponding period.Genworth Inc is selling up to 40 per cent of its Australian business through the IPO, in an offer that will raise as much as A$750 million.