The largest financial sector listing on the Australian Securities Exchange since 2007, Genworth Mortgage Insurance Australia, commenced trading its shares yesterday and finished the day 13 per cent above its issue price.US insurer Genworth sold 34 per cent of its shares in the initial public offering. It raised A$583 million, with the offer priced at $2.65 a share.Genworth Australia shares opened at $2.90 and reached a high of $3.04 before closing at $3.Genworth Financial said that the IPO would allow it to reduce risk and rebalance capital amongst its three major mortgage insurance businesses - in the United States, Canada and Australia.Speaking at an ASX ceremony to mark the commencement of trading, Genworth Australia chairman Richard Grellman said public company status would give Genworth better access to capital markets and enhance its financial flexibility.Genworth is a specialist mortgage insurer and, according to its prospectus, it will not be changing its business model. Its strategy is to strengthen its LMI market leadership.It has forecast that net profit will increase from $179.4 million in 2012/13 to $231.1 million in the current financial year. If it meets its target it will produce a 10 per cent return on equity.