Genworth Financial is taking a flexible view on the timing of its planned float of a 40 per cent stake in its Australian mortgage insurance business.Tom McInerney, chief executive of Genworth in the US, told a quarterly analysts' call that "our 2013 cash and capital plans didn't include [the IPO] so we're not under pressure from an overall capital cash position to do anything."We have said a few times before that we think that our timing for the IPO will be later this year in the fourth quarter, maybe even next year. "There's two reasons for that. First, while we're pleased with the results of the last four quarters in Australia, we do expect continued good performance. And so, therefore, we think that helps the value over time. "And second, we haven't seen a lot of IPO activity in Australia, and so we'd like to see over the next few months a little bit more evidence of a good IPO market. "So, we're really watching those two things quite a bit and we'll have more to say on that later in the year."Kevin Schneider, president of the US mortgage insurance business, said later in the call: "We'd look to see if we can do that in the fourth quarter. It may come later."Martin Klein, chief financial officer said: "I think the markets, equity markets over [in Australia] are, generally... working okay.""But one thing that really hasn't happened, as Tom just mentioned, is there really - continuously… not being any significant IPO activity. "We do see, as we did maybe a few months ago, perhaps a pipeline that's building, but nothing's really come to market yet, so we want to watch that pretty closely."Genworth said, in its quarterly filing, that its loss ratio increased to 47 per cent, from 36 per cent, over the quarter.Net operating earnings in Australia were A$46 million, down from $62 million in the December 2012 quarter.