February 2, 2011 / 12:54 PM / 7 years ago

UPDATE 2-Genworth MI Canada Q4 falls on soft housing market

* Net income $84 mln vs $87 mln

* Net premium earned up $1 mln (Adds details)

Feb 2 (Reuters) - Mortgage insurer Genworth MI Canada’s (MIC.TO) fourth-quarter profit fell as new delinquencies rose due to a soft housing market.

The company, which had an investment portfolio of $5.1 billion at the end of last year, reported net income of $84 million, or 80 cents a share, compared with $87 million, or 74 cents a share, last year.

Net premium earned rose $1 million to $156 million.

    “The increase in losses during the quarter was mainly due to a marginal increase in new delinquencies as a result of typical seasonal pressure on the housing market,” the company said in a statement.

    Last year, the company had announced a share repurchase program of $325 million. [ID:nWNAB6161]

    Shares of the company closed at C$27.00 on Tuesday on the Toronto Stock Exchange. They have risen about 2 percent since the company reported its third-quarter results. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal, Sriraj Kalluvila) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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