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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    SOURCE  Genworth Canada  Media: Lisa Azzuolo, Director, Communications 905.287.5520  Investors: Samantha Cheung, Vice President, Investor Relations 905.287.5482  To view this news release in HTML formatting, please use the following URL:  CO: Genworth Canada ST: Ontario NI: REL FIN MMC MOR