Flooding in south-east Queensland and elsewhere has affected only four per cent of home loans over which Genworth Financial provides mortgage insurance to lenders. The floods are also not expected to have a material impact on the insurer's financial results in Australia the company said in its quarterly financial results published overnight.Genworth's results confirm improved underwriting profits for the firm, one of the two that dominates mortgage insurance in Australia alongside QBE LMI.Operating income for 2010 increased to US$205 million, from US$148 million in 2009.New business, however, is flagging in line with the slow-down in mortgage sales in Australia. New insured home loans' business in the last quarter of 2010 was US$5.9 billion, down from US$8.7 billion in the same quarter of 2009.Genworth puts the book value for its Australian mortgage insurance at US$1.9 billion.