1. Genworth MI Canada Inc.
Fourth Quarter 2013
February 5, 2014

2. Forward-looking and non-IFRS statements
This presentation includes certain forward-looking statements. These forward-looking statements include, but are not limited
to, statements with respect to the Company’s future operating and financial results, expectations regarding premiums
written, capital expenditure plans, dividend policy and the ability to execute on its future operating, investing and financial
strategies, and other statements that are not historical facts. These forward-looking statements may be identified by their use of
words such as “may,” “would,” “could,” “will,” “expects,” “anticipates,” “contemplates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” or words of similar meaning. These statements are based on the Company’s current assumptions, including
assumptions regarding economic, global, political, business, competitive, market and regulatory matters. These forward-looking
statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the
control of the Company. The Company’s actual results may differ materially from those expressed or implied by such forwardlooking statements, including as a result of changes in the facts underlying the Company’s assumptions, and the other risks
described in the Company’s Annual Information Form dated March 29, 2013, its Short Form Base Shelf Prospectus dated May
31, 2012, the Prospectus Supplements thereto and all documents incorporated by reference in such documents. Other than as
required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future developments or otherwise.
To supplement its financial statements, the Company uses select non-IFRS financial measures. Non-IFRS measures used by the
Company to analyze performance include underwriting ratios such as loss ratio, expense ratio and combined ratio, as well as other
performance measures such as net operating income and return on net operating income. The Company believes that these nonIFRS financial measures provide meaningful supplemental information regarding its performance and may be useful to investors
because they allow for greater transparency with respect to key metrics used by management in its financial and operational
decision making. Non-IFRS measures do not have standardized meanings and are unlikely to be comparable to any similar
measures presented by other companies. These measures are defined in the Company’s glossary, which is posted on the
Company’s website at http://investor.genworthmicanada.ca. A reconciliation from non-IFRS financial measures to the most readily
comparable measures calculated in accordance with IFRS can be found in the Company’s most recent financial statements, which
are posted on the Company’s website and are also available at www.sedar.com.
Genworth MI Canada Inc.
2
Q4 2013 February 5, 2014

3. 2013 Financial highlights
2013
Y/Y1
$349 million
+3%
12%
(1pt)
Operating EPS (diluted)
$3.60
+5%
MCT
222%
+12 pts
Net Operating Income
Operating ROE
(from Jan 1/13)
$0.94
2
$0.86
Q4 2012
1.
2.
 Solid earnings performance and Y/Y book
value growth of 6%
 Low loss ratio driven by strong portfolio
quality and favourable economic conditions
 Steady investment income
 Strong capital position - 2013 actions
include share buy back and increased Q4
dividends
Book Value Per Share (diluted, including AOCI)
Operating EPS (diluted)
$0.90
Key messages:
Q1 2013
$0.90
$0.89
Q2 2013
$30.62
Q3 2013
Q4 2013
Q4 2012
$31.32
$30.94
Q1 2013
Q2 2013
$31.82
Q3 2013
$32.53
Q4 2013
YoY comparison is to the adjusted net operating income and operating EPS (diluted) which exclude the impact of the government guarantee fund exit fee reversal of $123 million after taxes.
Operating EPS (diluted) in the fourth quarter excludes the favourable impact of the government guarantee fund exit fee reversal of $137 million after taxes.
Genworth MI Canada Inc.
3
Q4 2013 February 5, 2014

4. Market influencers
Dynamics
Business implications
Housing Market:
 Balanced supply and demand
 Resale volumes and home prices up
modestly
Premiums Written:
 Flat to modest premium growth
 Credit quality expected to remain high
Losses on Claims:
 Losses should continue to perform well
with loss ratios within a 25-35% range
Macro-environment:
 Unemployment stable around 7%
 Modest increase in GDP
 Relatively flat rates expected
Investment Income:
 Stable investment yield
Stable housing market in 2014
Genworth MI Canada Inc.
4
Q4 2013 February 5, 2014

5. Insurance portfolio strength
727
727
730
733
720
726
08
09
10
11
12
13
256
266
284
296
301
302
08
09
10
11
12
13
Key highlights:
Credit score
 High quality insurance written in 2013
 Average credit score remains strong – up 13
pts since 2008
 Average home price relatively stable – up an
average of 3% per year since 2008
 Average gross debt ratios well below industry
standard
($000’s)
Home price
(%)
Gross debt
23
08
24
25
24
22
09
10
11
12
23
13
Contributing to lower losses on claims
Genworth MI Canada Inc.
5
Q4 2013 February 5, 2014

6. Delinquency trends
Number of Reported Delinquencies
Key highlights:
 Modest increase in Q4 due to typical
seasonality
 Decrease in delinquencies driven by stable
employment and improving housing markets
 Declining YoY trend in most regions
 Alberta down 35% YoY
 Quebec continues to be a watch area
2153
Other
240
1963
Quebec
1778
1830
259
252
451
515
1778
255
249
463
482
301
284
284
318
311
295
507
Alberta
BC
437
342
337
337
619
533
453
461
517
Q4'12
Ontario
Q1'13
Q2'13
Q3'13
Q4'13
Genworth MI Canada Inc.
6
Q4 2013 February 5, 2014

7. Q4 2013 Financial highlights
$MM except EPS and BVPS
Q4’13
Q3’13
Q4’12
Net premiums written
$129
$161
$117
Net premiums earned
142
143
147
Losses on claims
31
32
46
Expenses
33
27
28
Underwriting income
78
84
73
Net investment income
44
51
471
$85
$91
$89
$0.90
$0.94
$0.90
$32.53
$31.82
Key messages:
$30.62
(Excl. realized gains / losses)
Net Operating Income1
Operating EPS1
Book value per share
1.
Strong business execution
contributing to solid profitability
and BVPS growth
 Lower premiums written reflect
typical seasonality
 Loss ratio of 22% flat QoQ
 Increase in expenses related to
impact of higher share price on
share-based compensation
Net Investment Income, net operating income and operating EPS (diluted) in the fourth quarter of 2012 excludes the one-time favourable impact of
the government guarantee fund exit fee reversal of $186 million or $137 million after taxes.
Strong execution contributing to solid profitability and BVPS growth
Genworth MI Canada Inc.
7
Q4 2013 February 5, 2014

8. Top line impacted by seasonality
Premiums Written
Key highlights:
($millions)
$161
18
$137
$119
26
17
$129
11
$84
11
144
119
111
102
74
Q4'12
Q1'13
Q2'13
Q3'13
High loan-to-value: $119 MM in Q4
 17 % lower QoQ consistent with seasonality
 16% increase YoY reflects normalization of market
size resulting from prior product change impact
Portfolio: $11 MM in Q4, lower by 39% QoQ
 Continue to capitalize on market opportunities
 Monitoring developments on proposed portfolio
insurance restrictions
Q4'13
Portfolio
Flow
$1.7 billion in unearned premiums
Genworth MI Canada Inc.
8
Q4 2013 February 5, 2014

9. Profitability driven by low losses
Underwriting profitability
Key highlights:
($millions)
Premiums earned
$147
$144
$143
$143
35
32
31
26
27
33
82
84
78
Losses on claims
46
44
Expenses
28
26
Underwriting
profit
73
74
$142
 Premiums earned primarily driven by average
size of recent books
 Low loss ratio of 22% in Q4 and 25% for 2013
 Expense ratio of 23% in Q4 ... expected to trend
back to 19 to 20% range in 2014
Q4'12 Q1'13 Q2'13 Q3'13 Q4'13
Loss ratio
31%
31%
25%
22%
22%
Expense ratio
19%
18%
18%
19%
23%
Combined ratio
50%
49%
43%
41%
45%
Favourable economic conditions contributing to solid results
Genworth MI Canada Inc.
9
Q4 2013 February 5, 2014

10. Investments contribute steady income
Key highlights:
Common Equity
3%
 High quality mandate continues to drive
investment decisions
 Reduced equities by $35 million and realized
$8 million gain in Q4
 Near term reinvestment pressure due to low
yields, but well-positioned for future
Cash
4%
Corporates
42%
Total
$5.4 billion
Federal
35%
Portfolio
Assets (market value)
Pre-tax yield1
Provincial
16%
Duration
$5.4 billion
3.7 %
3.7 years
1. Pre-tax equivalent book yield after dividend gross-up of general portfolio (as at December 31, 2013)
Genworth MI Canada Inc.
10
Q4 2013 February 5, 2014

11. Strong capital position
Key highlights:
Minimum Capital Test Ratio (MCT)
216%
216%
31%
210%
218%
31%
33%
 Successful actions taken to balance capital
strength and efficiency
222%
35%
185%
185%
Q1'13
Q2'13
Q3'13
9% ordinary dividend increase in Q4’13
Holding company cash of $85 MM
185%
Jan. 1 2013
$105 MM share buyback in 2013
•
185%
MCT up 4 points QoQ
•
185%
•
•
25%
Q4'13
Internal MCT target
Buffer
Well-positioned in 2014 for capital strength and flexibility
Genworth MI Canada Inc.
11
Q4 2013 February 5, 2014

12. Strategic priorities

Maintain disciplined underwriting and insurance portfolio quality strength

Capitalize on sales momentum

Enhance customer experience through innovation

Ongoing focus on balancing capital strength with efficiency

Continue to help shape regulatory environment

Invest in our people
Driving shareholder value
Genworth MI Canada Inc.
12
Q4 2013 February 5, 2014

13. Question and Answer
SAMANTHA CHEUNG
Contact:
VP INVESTOR RELATIONS
905 287 5482
samantha.cheung@genworth.com
www.genworth.ca
Genworth MI Canada Inc.
13
Q4 2013 February 5, 2014