July 20, 2011 / 9:49 PM / in 7 years

UPDATE 1-Genworth MI Canada sees Q2 profit

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July 20 (Reuters) - Mortgage insurer Genworth MI Canada said it expects a higher second-quarter profit, even as its U.S. parent forecast a loss in the second quarter.

Genworth MI Canada expects net income in the range of $81 million to $83 million, or 77 cents to 79 cents per share, for the second quarter. It sees an operating net income of 76 cents to 78 cents per share.

This compares with net income of $85 million, or 72 cents per share, a year ago.

Analysts on an average expect the company to post a net income of $82.6 million or 78 cents per share, according to Thomson Reuters I/B/E/S.

Genworth MI Canada’s parent, Genworth Financial Inc forecast a second-quarter loss of $92 million to $112 million on increased mortgage reserves.

Genworth Financial also said it would use Genworth MI’s shares to prop up its U.S. insurance business.

Shares of the Oakville, Ontario-based company closed at C$24.05 on Wednesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Prem Udayabhanu)

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