July 21, 2011 / 1:38 AM / 7 years ago

CORRECTED - UPDATE 1-Genworth MI Canada sees higher Q2 share, lower net

(Removes reference to Genworth Financial story in paragraph 5. Follows clarifying information from Genworth that it is not using Genworth MI Canada’s shares to increase reserves in mortgage unit. Also changes first paragraph to clarify that company expects higher per share earnings, but lower net income)

July 20 (Reuters) - Mortgage insurer Genworth MI Canada (MIC.TO) said it expects a lower net income but a higher per-share profit in the second-quarter, 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 (GNW.N) forecast a second-quarter loss of $92 million to $112 million on increased mortgage reserves. [ID:nN1E76J1TM]

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 and Carol Bishopric)

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