Mic q2 2017_earnings_presentation

1. 1Genworth MI Canada Inc.Q2 2017 Results
August 1st, 2017
Second Quarter 2017 Results

2. 2Genworth MI Canada Inc.Q2 2017 Results
Forward-looking and
non-IFRS statements
DRIVING VALUE THROUGH CUSTOMIZED SERVICE EXPERIENCE
Public communications, including oral or written communications such as this document, relating to Genworth MI Canada Inc. (the
“Company”, “Genworth Canada” or “MIC”) often contain certain forward-looking statements. These forward-looking statements
include, but are not limited to, statements with respect to the implementation of changes introduced by the Government and the
potential impact on new insurance written, as well as the Company’s future operating and financial results, sales expectations
regarding premiums written, capital expenditure plans, dividend policy and the ability to execute on its future operating, investing and
financial strategies, the Canadian housing market, 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,” “intend”, “plan”, “anticipate”, “believe”,
“seek”, “propose”, “estimate”, “expect”, and similar expressions. 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 ability of the Company to control or predict. The Company’s actual results may differ materially from those
expressed or implied by such forward-looking statements, including as a result of changes in the facts underlying the Company’s
assumptions, and the other risks described in the Company’s most recently issued Annual Information Form, Short Form Base Shelf
Prospectus, and Management’s Discussion and Analysis and all documents incorporated by reference in such documents.
Management’s current views regarding the Company’s financial outlook are stated as of the date hereof and may not be appropriate
for other purposes. 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. Such non-IFRS financial measures
include net operating income, operating earnings per common share (basic), operating earnings per common share (diluted),
operating return on equity, insurance in-force, new insurance written, loss ratio, expense ratio, combined ratio, investment yield, and
Minimum Capital Test (“MCT”). The Company believes that these non-IFRS 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, where applicable, can
be found in the Company’s most recent Management’s Discussion and Analysis, which is posted on the Company’s website and is
also available at www.sedar.com.

3. 3Genworth MI Canada Inc.Q2 2017 Results
2Q17 financial results
Operating EPS (diluted) Book Value Per Share (diluted, incl. AOCI)
$38.23 $39.01 $39.28
$40.42
$41.34
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
+8%
YoY
1. MCT ratio denotes the Company’s estimate of the Minimum Capital Test ratio for operating insurance company. Effective Jan. 1, 2017, the holding target MCT of
220% was recalibrated to the OSFI Supervisory MCT ratio target of 150% and the minimum MCT ratio under PRMHIA was reduced to 150%.
Note: Amounts may not total due to rounding.
$MM except ROE,
EPS & MCT
Q2
2017
Q1
2017
Q2
2016
Q/Q Y / Y
Premiums written $170 $127 $249 +33% -32%
Loss ratio 3% 15% 21% -12 pts -17 pts
Net Operating
Income
$126 $107 $99 +17% +28%
Operating ROE 14% 12% 12% +2% +2%
Operating EPS (dil.) $1.36 $1.17 $1.07 +17% +27%
MCT ratio1 167% 162% 233% n.m. n.m.
Internal MCT target
(2017) / MCT holding
target (2016)
157% 157% 220% n.m. n.m.
Q2 key highlights
• Transactional premiums written of $161MM; lower by 5% Y/Y,
14% lower new insurance written, partly offset by 10% higher
average premium rate
• Portfolio premiums written of $8MM; lower by 78% Q/Q after
several large Q1 transactions and 2016 regulatory changes
• Loss ratio of 3% driven by lower new delinquencies net of cures
across all regions and favourable loss reserve development,
reflecting macroeconomic tailwinds and strong housing markets
• Operating income up 17% Q/Q, driven by lower losses on
claims and higher premiums earned
• Ongoing capital strength with MCT ratio of 167%1
$1.07
$1.02
$1.14
$1.17
$1.36
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

4. 4Genworth MI Canada Inc.Q2 2017 Results
$4.5
$1.1
$6.5
$4.9
2016 2017
$3.4 $3.0
$5.8 $5.0
$6.9
$5.1
2016 2017
$18 $38
$78
$8
$22
$22
2016 2017
Top line
New insurance written ($ billions) Premiums written ($ millions)
Note: Company sources.
Note: Amounts may not total due to rounding.
Q1
Q2
Q3
Q4
Transactional insurance highlights
• NIW decreased year-over-year, due to a smaller high LTV
origination market resulting primarily from the mortgage
rate stress test introduced in 4Q16
• 2017 annual volumes expected to decline 15%-25%
• Premium rate increase which took effect in March 2017
(increase averages 18% to 20% reflecting higher capital
requirements), partly offsetting volume decline impact
Transactional Portfolio
$99 $89
$170 $161
$201
$149
2016 2017
Q1
Q2
Q3
Q4
Transactional Portfolio
Average premium rate
2Q16 2Q17
2.95% 3.23%
$41.9 $619
$140
Average premium rate
2Q16 2Q17
0.30% 0.76%
Portfolio insurance highlights
• NIW decreased Q/Q, driven by lower demand due to
the Purpose Test rules, the elimination of refinance
mortgages, and increased premium rates
• Expecting smaller portfolio insurance market for
remainder of 2017 compared to 2016
$21.2
$10.5
$25.9$8.0
$11.6
$250
$46

5. 5Genworth MI Canada Inc.Q2 2017 Results
Our environment today
Risk Assessment
Economic
Housing
Insurance
Portfolio
Regulatory
Key takeaways
• Canada 2017 GDP projection revised to 2.8% (up from 2.6%)
• Oil producing regions showing modest improvement
• Overnight lending rate increased 25 bps to 0.75%
 Government changes have stabilized key housing markets
in Ontario. Soft landing expected
 Housing risk in GVA continues to improve
 Portfolio quality remains strong
 Mortgage rate stress test has resulted in improved
consumer debt profile in the insured segment
 OSFI proposes mortgage rate stress test in draft B20
guideline “Residential Mortgage Underwriting Practices
and Procedures” related to uninsured mortgages
 New capital framework driving higher capital requirements
offset by premium rate increases
STABLE TO IMPROVING MACROECONOMIC ENVIRONMENT
Denotes change from previous quarter

6. 6Genworth MI Canada Inc.Q2 2017 Results
Regional risk assessment
Note: Based on Company’s estimates of housing and economic risk.
Improving economic forecast for
Alberta and Prairies regions
Housing markets in GTA & parts of
Ontario starting to cool. Soft landing
expected
Housingrisk
Economic riskLow High
High
GTA
GVA
Quebec
Alberta
Atlantic
Ontario
(ex GTA)
Prairies
Key Indicators
 Overvaluation
 Affordability
 Price-to-
income
 Supply/
demand
Key Metrics: GDP Forecast; UE Rate; Economic diversity
Pacific
(ex GVA)
Denotes change from Q1’17

7. 7Genworth MI Canada Inc.Q2 2017 Results
Strong portfolio quality
CONTINUED PORTFOLIO QUALITY STRENGTH
BODES WELL FOR FUTURE PERFORMANCE
1 Company sources for transactional new insurance written. Average score for all borrowers.
2 Company sources for transactional new insurance written, Purchase only.
3 Stacked risk factors: Purchase only; 90%+ LTV and <= 660 credit score, and >40 TDSR.
4 FTHB represents First Time Homebuyers.
Highlights
Credit score1 Stacked risk factors3
Credit quality remains
very strong
Relatively stable average
home prices for FTHBs
given modest growth in
household income
Limited exposure to
loans with stacked risk
factors
Average home price2
(In ‘$000s)
Q2 reflects typical
increase in QC
business mix
11%
3%
727
747
'10
'11
'12
'13
'14
'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
% Score <660 (R) Avg score (L)
0.9%
0.3%
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
$284
$296
$301
$304
$315
$322
$327
$315
$330
$326
$328
$317
'10
'11
'12
'13
'14
'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17

8. 8Genworth MI Canada Inc.Q2 2017 Results
36 42 82 56
-33
17 25
13 34
10
125
234
103 141
92
63
93
128
109
32
59
66
77
101
26
52
33
33
50
28
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
352
493
436
491
155
349 331 355 349 254
166 163 147 151
149
467 617 609 594
551
578
504 521 517
446
212 211 235 259
204
189 201 203 212
205
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
1,961 2,027 2,070 2,082
1,809
Delinquency trends
Ontario
Pacific2
Alberta
Quebec
Atlantic
Prairies1
Delinquency rate based on reported outstanding balances3
Q3’16 Q4’16 Q1’17 Q2’17
Transactional 0.33% 0.33% 0.34% 0.29%
Portfolio 0.07% 0.08% 0.08% 0.07%
Total 0.21% 0.21% 0.21% 0.18%
Company sources. 1 Prairies include MB and SK. 2 Pacific includes B.C. and the Territories. 3 Delinquency rates are based on the Company’s estimate of outstanding insured
mortgage balances as at the end of the quarter and exclude delinquencies that have been incurred but not reported.
New delinquencies, net of cures, by region
Ontario
Pacific2
Alberta
Quebec
Atlantic
Prairies1
Total
Delinquencies outstanding
Total
Loss ratio 21% 25% 18% 15% 3%
Q/Q
∆
-336
-22
-75
-77
-49
-24
-89
GIVEN 9% LOSS RATIO FOR 1H17, REVISED 2017 FULL
YEAR LOSS RATIO EXPECTED RANGE OF 15% - 25%
• Lower net new delinquencies reflect
decreases across all regions with most
significant decreases in ON, AB, QC &
Atlantic
• Strong loss ratio performance reflects
favourable macroeconomic environment,
lower unemployment, and relatively stable
or higher home prices
Total
Q/Q ∆

9. 9Genworth MI Canada Inc.Q2 2017 Results
Solid underwriting profitability
95 88
103 107
132
30 33
33 34
31
32 41
29 26
6
Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17
Underwriting profitability ($ millions)
Net underwriting
income
Expenses
Losses on claims
Loss ratio 21% 25% 18% 15% 3%
Expense ratio 19% 20% 20% 20% 18%
Combined
ratio
40% 45% 38% 36% 22%
Avg. reserve
per delq. ($000s)
$75.4 $79.5 $79.0 $75.6 $73.7
New delqs.
net of cures
352 493 436 491 155
Premiums earned $164$158 $162 $167
Highlights
• Continued trend of Q/Q growth in premiums
earned driven by higher level of premiums
written in last several years; modest Y/Y
increase in premiums earned expected for 2017
• Q2 loss ratio of 3% driven primarily by:
• 336 lower new delinquencies, net of cures
• 3% lower average reserve per delinquency
• $31MM favourable 2Q17 loss reserve
development primarily from Incurred But Not
Reported (IBNR)
• 2017 full year loss ratio expected range revised
lower to 15% to 25%
$168
Quarterly
Snapshot
Q2’17 Y/Y
Teranet HPI
Q2’17 Q/Q
Teranet HPI
Q2’17
UE Rate
Q2’16
UE Rate
TOR 28.1% 8.3% 6.7% 6.7%
VAN 8.6% 2.7% 5.1% 5.3%
MTL 2.1% 1.6% 6.5% 7.8%
CGY 1.2% 0.1% 9.2% 8.7%
Company sources. Amounts may not total, due to rounding. Market data: Teranet and Statistics Canada.
* Based on the average of the quarters

10. 10Genworth MI Canada Inc.Q2 2017 Results
Strong financial performance
$MM except EPS & BVPS Q2’17 Q1’17 Q2’16
Transactional premiums written $161 $89 $170
Portfolio premiums written 8 38 78
Total premiums written $170 $127 $249
Premiums earned 168 167 158
Losses on claims (6) (26) (32)
Expenses (31) (34) (30)
Underwriting income $132 $107 $95
Net investment income
(excl. realized gains / losses)
45 45 44
Net operating income $126 $107 $99
Net income $150 $106 $91
Operating EPS
(diluted)
$1.36 $1.17 $1.07
Book value per share
(diluted, incl. AOCI)
$41.34 $40.42 $38.23
Q2 highlights
• Transactional premiums written lower by 5% Y/Y,
due to lower NIW, partly offset by higher average
premium rate
• Premiums earned increased Y/Y by 7% due to
higher premiums written in recent years
• Loss ratio of 3%, down 12 pts Q/Q on lower new
delinquencies, net of cures, and $31MM
favourable IBNR reserve development
• Net investment income relatively unchanged Q/Q
• Net operating income up $18MM Q/Q primarily due
to lower losses on claims and higher premiums
earned
• Net income of $150MM includes unrealized gains
of $30MM primarily from foreign exchange and
interest rate derivatives
• Book value per share up 8% Y/Y to $41.34
Company sources. Note: Amounts may not total due to rounding.

11. 11Genworth MI Canada Inc.Q2 2017 Results
Federals
Provincials
Preferred shares
Emerging markets debt4
Investment grade
corporates3
Cash5
33%
16%
34%
7%
7%
3%
Investments contribute steady
income
Duration: 3.8 years
Book yield: 3.2%2
Invested assets
(C$ millions, unless noted)
Note: Company sources.
1. Represents market value. 2. Investment yield represents pre-tax equivalent book yield after dividend gross-up of portfolio (as at Jun. 30th, 2017).
3. Market value, includes CLOs. 4. ~99% Investment grade. 5. Cash includes short-term investments. 6. Excludes realized and unrealized gains and losses.
Total Invested Assets ($6.3B portfolio1)
Net Investment Income
(excluding realized/unrealized gains, $ millions)6
$5,917
$5,867
MAINTAINING FOCUS ON QUALITY IN LOW RATE ENVIRONMENT
$359 million of
bond maturities for
the rest of 2017
5,798 6,115
282
186
Q2 2016 Q2 2017
Book value
Net
unrealized
gain
$6.1B
$6.3B
Investment yield
3.2% 3.2%
$41 $45
$44 $45
$44
$46
2016 2017
Q1
Q2
Q3
Q4
$176

12. 12Genworth MI Canada Inc.Q2 2017 Results
~3.1
0.2 0.2
0.4 0.4
~0.3 ~0.5
1Q17 MCT Jun. 30, 2017 MCT estimate
MCT ratio 162% 167%
Internal MCT
target
157% 157%
Holdco cash2 $189 million $188 million
Capital management
Note: Company sources. MCT denotes ratio for operating insurance company.
1. Market risk includes interest rate, credit, equity risk, and foreign exchange risk.
2. Represents liquid investments and cash held in addition to capital in operating insurance company
3. Jun. 30, 2017 MCT is the Company’s estimate under the new capital framework that became effective January 1, 2017.
Regulatory capital as at June 30th, 2017
(by category, $ billions unless otherwise noted)
Highlights
Strong capital position with MCT ratio
of 167%
• Reflects strong profitability and increase
in interest rate swaps (fixed for floating)
resulting in regulatory capital savings from
hedging interest rate risk
Normal course operating range of
160% to 165%
Continued focus on balancing capital
strength and efficiency
DBRS confirmed ratings:
• Operating company AA, stable trends
• Holding company A (High), stable trends
Insurance Risk
Market Risk1
Operational Risk
Capital in excess of 220%
Capital in
excess of
150%
3
~4.1
~3.0
~4.0

13. 13Genworth MI Canada Inc.Q2 2017 Results
Keen focus on risk management
Proactive loss mitigation
programs
Investing in our customer
experience strategy
Key takeaways
Proven
business model
has positioned
MIC for
future
performance
Balanced approach to writing
new business

14. 14Genworth MI Canada Inc.Q2 2017 Results
investor@genworth.cominvestor.genworthmicanada.ca
Investor Relations
Jonathan A. Pinto, MBA, LL.M
Vice President, Investor Relations
jonathan.pinto@genworth.com905.287.5482