Genworth Canada Announces New Mortgage Insurance Premium Rates

TORONTO, Feb. 28, 2014 /CNW/ - Effective May 1, 2014, Genworth Canada will 
increase its mortgage insurance premium rates by an average of 15 per cent. 
"We believe this new pricing is prudent and more reflective of increased 
regulatory capital requirements," said Brian Hurley, Chairman and CEO of 
Genworth Canada. "These pricing actions are supportive of the long-term safety 
and stability of the Canadian housing market." 
The new premium rates for standard owner-occupied purchase applications 
submitted on or after May 1, 2014 are as follows: 


    Loan-to-Value Ratio           Standard Premium Standard Premium
                                  (Current)        (Effective May 1, 2014)
    Up to and including 65%       0.50%            0.60%
    Up to and including 75%       0.65%            0.75%
    Up to and including 80%       1.00%            1.25%
    Up to and including 85%       1.75%            1.80%
    Up to and including 90%       2.00%            2.40%
    Up to and including 95%       2.75%            3.15%
                                                    

Genworth Canada will be working with its customer base to ensure a smooth 
implementation.

About Genworth Canada 
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial 
Mortgage Insurance Company Canada (Genworth Canada), is the largest private 
residential mortgage insurer in Canada. The Company provides mortgage default 
insurance to Canadian residential mortgage lenders, making homeownership more 
accessible to first-time homebuyers. Genworth Canada differentiates itself 
through customer service excellence, innovative processing technology, and a 
robust risk management framework. For almost two decades, Genworth Canada has 
supported the housing market by providing thought leadership and a focus on 
the safety and soundness of the mortgage finance system.  As at December 31, 
2013, Genworth Canada, had $5.6 billion total assets and $3.0 billion 
shareholders' equity. Find out more at www.genworth.ca.



SOURCE  Genworth Canada 
Media: Lisa Azzuolo, Director, Communications 905.287.5520 
orLisa.Azzuolo@genworth.com 
Investors: Samantha Cheung, Vice President, Investor Relations 905.287.5482 
orSamantha.Cheung@genworth.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2014/28/c8334.html 
CO: Genworth Canada
ST: Ontario
NI: REL FIN MMC MOR  
-0- Feb/28/2014 20:39 GMT
 
 
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