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Correction: Genworth genuinely doing better

Banking Day jumped the gun yesterday in reporting the third quarter profit of Genworth in Australia and uncritically picked out highlights of the second quarter profit.Genworth has now reported its September 2013 quarter profit. In Australia, the mortgage insurer reported net operating income of US$61 million, a rise of US$6 million from the previous quarter.Sales were a bit lower over the quarter.The loss ratio in the quarter was 31 per cent, down four percentage points from the June quarter and down 16 percentage points from the previous year. In common with the previous quarter, there were "lower new delinquencies and higher cures", Genworth said.

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