Rising property prices helped to improve the financial metrics for mortgage insurer Genworth in the final quarter of 2013, with the loss ratio halving over the year.In the December 2013 quarter, Genworth said its loss ratio was 21 per cent, down from 47 per cent in the January quarter.Across the year, its loss ratio was 36 per cent, down from 70 per cent in 2012. The high loss ratio that year reflected a large rise in loss reserves.Operating expenses have been more difficult to control, with the expense ratio standing at 33 per cent in 2013, up one percentage point on 2012.Genworth earned US$228 million over the calendar year, up from US$142 million in 2012.New business levels increased three per cent over the year from what the company termed "a larger origination market".Genworth is yet to spell out a timetable for its initial public offering for the sale of a 40 per cent stake in its Australian business, but continues to expect to complete this some time in 2014.