Higher claims persist for Genworth
Mortgage insurance firm Genworth reported mixed results for the September 2012 quarter. The number of claims paid increased, though the average claim paid fell. Genworth reported a rise in profit for the quarter, however.Genworth said it paid out 963 claims during the quarter, up from 770 in the June quarter, and also up from 852 in the March quarter.The average claim paid was A$84,000 in the September 2012 quarter, down from A$91,000 in the prior quarter, but up from A$77,000 the quarter before that.The number of claims paid is roughly double that of a year ago, and the size of claims is moderately higher.These factors were behind a one-off increase in reserves for Genworth Australia six months ago, which led to the deferral, to 2013, of a planned sale of up to 40 per cent of shares in the company.Genworth said operating earnings were US$57 million in the September 2012, up from US$44 million in the June quarter.It said new business had increased by seven per cent over the last three months.