May 3, 2011 / 9:40 PM / 6 years ago

UPDATE 1-Genworth MI Canada Q1 falls on weak housing

* Q1 net profit $80 mln vs $84 mln year ago

* Q1 net premium earned down $1 mln at $155 mln (Follows alerts)

May 3 (Reuters) - Mortgage insurer Genworth MI Canada’s first-quarter profit fell 5 percent due to a weak housing market.

January-March earnings were $80 million, or 76 cents a share, compared with $84 million, or 71 cents a share, a year ago.

Losses on claims of $59 million was $9 million higher sequentially and flat on a year over year basis.

“The increase in losses on claims during the quarter was mainly due to typical seasonal pressure on the housing market during the winter season and the loss experience from certain areas in Alberta,” the company said in a statement.

Net premium earned fell $1 million to $155 million.

The company, which had an investment portfolio of $5.1 billion as at March 31, plans to repurchase about $160 million of its common shares this year.

Shares of the company closed at C$26.14 on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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