Although new business tumbled at Genworth Mortgage Insurance Corp., earnings were significantly better and the book of business grew.
Parent Genworth Financial Inc. earned $332 million from continuing operations before income taxes during the three months ended March 31, 2017.
The earnings results, along with a host of other operational and financial metrics, were revealed in its first-quarter 2017 earnings report.
Income swung from a $56 million loss the prior quarter and more than doubled from the same quarter in 2016, when profits were $150 million.
Income from just the U.S. mortgage insurance segment jumped to $114 million from $95 million both three months earlier and one year earlier.
At the Genworth Mortgage Insurance unit, new insurance written totaled $7.6 billion during the most-recent three-month period. Business tumbled from $11.1 billion in the fourth-quarter 2016 but was up from $7.4 billion in the first-quarter 2016.
Refinance share fell to 17 percent from 24 percent in the final quarter of last year.
March 2017 completed with primary insurance in force on 703,214 loans for $139.3 billion. The book of business expanded from 699,841 loans for $137.5
billion as of year-end 2016 and 655,300 mortgages for $124.1 billion on the same date in 2016.
The first-quarter 2017 ended with a delinquency rate of 3.27 percent, improving 40 basis points from the end of the fourth-quarter 2016 and 94 BPS from the end of the first-quarter 2016.
