The 2013 financial year was one of contrasts for the leviathans of the lenders' mortgage insurance market in Australia. QBE Lenders' Mortgage Insurance recorded a hefty underwriting profit, but Genworth - which hopes to list on the ASX - was only just in the black.Company-level data compiled by the Australian Prudential Regulation Authority shows QBE LMI collected A$234 million in premium income over the year to June 2013. With claims of only $61 million, and modest underwriting and reinsurance expenses, its underwriting profit was $114 million.Genworth collected $444 million in premium income over 2013 but faced very high claims, of $260 million, and much higher expenses. As a result, its underwriting profit was only $3 million.Moody's Investors Service noted that QBE LMI had "low and stable loss ratios, a significant surplus to regulatory capital requirements and a leading market position" in a commentary released yesterday. These factors meant the business was not affected by the downgrade in the credit rating of QBE Insurance Group.Moody's affirmed the rating of QBE LMI at A2.