Mic q4 2016_earnings_presentation

1Genworth MI Canada Inc.Q4 2016 Results
February 7th, 2017
Fourth Quarter 2016 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 the 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 Annual Information Form dated March 16, 2016, its Short Form Base
Shelf Prospectus dated August 9, 2016, its most recently issued 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.

2016 financial results
$MM except
ROE, EPS &
MCT
Q4
2016
Q / Q Y / Y
FY
2016
Y / Y
Premiums
written
$171 -23% -20% $760 -6%
Loss ratio 18% -7% -5% 22% +1 pt
Net Operating
Income
$105 +13% +11% $388 +3%
Operating ROE 12% +1% Flat 11% Flat
Operating EPS
(dil.)
$1.14 +12% +11% $4.23 +4%
MCT1 245% +8 pts +11 pts 245% +11 pts
Key highlights
Fourth quarter highlights:
• Loss ratio of 18%, down 5% Y/Y
• NOI of $105 MM, up 11% Y/Y, EPS of $1.14, up 12% Y/Y
Full year highlights:
• Premiums written decreased by 6%
• Loss ratio of 22%, lower than expected range of 25%-35%
• NOI increased by 3% and Operating EPS up 4% Y/Y
• ROE of 11%, marginally lower Y/Y
• Robust capital position with MCT ratio at 245%1
• Book value per share growth of 7% Y/Y
Operating EPS (diluted) Book Value Per Share (diluted, incl. AOCI)
$36.82 $37.23
$38.23 $39.01 $39.28
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
+7%
YoY
1. MCT denotes ratio for operating insurance company.
Note: Amounts may not total due to rounding.
1.03 0.99
0.99 1.07
1.00 1.02
1.03 1.14
2015 2016
Q1
Q2
Q3
$4.05
$4.23
Q4
+4%
YoY

Our environment today
STABLE TO IMPROVING MACROECONOMIC ENVIRONMENT
1 Source: GDP projections sourced from Bank of Canada Monetary Policy Report January 2017.
Risk Assessment
Economic
Housing
Insurance
Portfolio
Regulatory
Key takeaways
 GDP growth projection supportive in 2017 (Canada 2.1%; US 2.2%)1
 Oil prices stabilizing in the $50 to $60 per barrel range in 2017
 Housing risk in Toronto and Vancouver remains elevated
 Government changes contributing to soft landing
 Longer term improvement in first-time homebuyer affordability
 NIW quality & mix remains strong
 Mortgage rate stress test to have positive long-term impact on portfolio
quality
 Mortgage rate stress test impacting mkt. size; drives safety & soundness
 New capital framework driving higher capital requirements and recently
announced premium rate increase
 Private MI government guarantee limit increased to $350 billion
 Risk sharing proposal could influence mortgage industry dynamics

$26 $18
$22
$78$24
$22
$32
$22
2015 2016
Top line
$3.9 $3.4 $5.9 $4.5
$6.8 $5.8 $4.1
$25.9
$8.3
$6.9 $6.1
$6.5
$6.2
$5.1
$9.6
$4.9
2015 2016 2015 2016
New insurance written ($ billions) Premiums written ($ millions)
Note: Company sources.
Note: Amounts may not total due to rounding.
$25.2 $25.7
Q1
Q2
Q3
Q4
Transactional insurance highlights
• NIW decreased, reflecting targeted underwriting
changes in select markets, and a smaller market size
• Expect volumes to decline 15%-25% in 2017
• Premium rate increases average ~18-20% driving an
average transactional premium rate of 330 – 335 bp for
2017 vs. 293 bp in 2016
Transactional Portfolio
$104 $99
$183 $170
$236
$201
$181
$149
2015 2016
$705
Q1
Q2
Q3
Q4
Transactional Portfolio
Average premium rate
2.79% 2.93%
$21.2
$41.9
$619
$140
Average premium rate
0.40% 0.34%
$104
Portfolio insurance highlights
• NIW increased, driven by higher demand from lenders
due to the July 1, 2016 regulatory changes
• Lower portfolio insurance average premium rate due to
lower LTVs and strong credit quality
• Expect volumes to decline ~25%-35% as compared to
the normalized run rate, post regulatory changes

$225
$232
$240
$255
$270
$275
$280
$291
$295
$298
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
16%
3%716
751
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
% Score <660 (R) Avg score (L)
High portfolio quality
PORTFOLIO QUALITY SIGNIFICANTLY IMPROVED COMPARED TO ‘07/08
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: 90%+ LTV and <= 660 credit score, and >40 TDSR. GTA = Greater Toronto Area, GCA = Greater Calgary Area, GVA = Greater Vancouver Area.
Highlights
Credit score1
Stacked risk factors3
Steady credit score
improvement year-
over-year
Stable home
prices for First Time
Homebuyer
Stacked risks
decreased year-over-
year
Median home price2
(In ‘$000s)
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
2010
2011
2012
2013
2014
2015
2016
GTA GCA GVA National

96 77 36 42 82
31 40
17 25
13
89
183
125
234
103
156
138
63
93
128
82
92
59
66
77
33
38
52
33
33
Q4'15 Q1'16 Q2'16 Q3'16 Q4'16
487
568
352
493
436
385 383 349 331 355
181 187 166 163 147
303 424 467 617 609
624
656 578
504 521
204
222
212 211 235132
162 189 201 203
Q4'15 Q1'16 Q2'16 Q3'16 Q4'16
1,829
2,034 1,961 2,027 2,070
Delinquency trends
Ontario
Pacific2
Alberta
Quebec
Atlantic
Prairies1
Delinquency ratio based on reported outstanding balances3
Q1’16 Q2’16 Q3’16 Q4’16
Transactional 0.34% 0.33% 0.33% 0.33%
Portfolio 0.09% 0.06% 0.07% 0.08%
Total 0.23% 0.20% 0.21% 0.21%
Company sources. 1 Prairies include MB and SK. 2 Pacific includes B.C. and the Territories. 3 Delinquency rates are based on 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 23% 24% 21% 25% 18%
QoQ
∆
-57
-
+11
+35
-131
-12
+40
Alberta delinquencies
Q1’16 Q2’16 Q3’16 Q4’16
New delinquencies 293 277 386 335
Cures 110 152 152 232
New delqs, net of cures 183 125 234 103
2017 FULL YEAR LOSS RATIO RANGE EXPECTED TO BE 25% - 35%

Solid financial performance
$MM except EPS & BVPS Q4’16 Q3’16 Q4’15
Transactional premiums written $149 $201 $181
Portfolio premiums written 22 22 32
Total premiums written $171 $223 $213
Premiums earned 164 162 151
Losses on claims (29) (41) (35)
Expenses (33) (33) (27)
Underwriting income $103 $88 $90
Net investment income
(excl. realized gains / losses)
46 44 44
Net operating income $105 $93 $95
Operating EPS
(diluted)
$1.14 $1.02 $1.03
Book value per share
(diluted, incl. AOCI)
$39.28 $39.01 $36.82
Q4 highlights
• Transactional premiums written lower by
17% Y/Y, due to lower NIW
• Premiums earned increased Y/Y by $13
million due to higher level of premiums
written in recent years
• Loss ratio of 18%, down 7 pts Q/Q on
increased cures in Alberta and favourable
case reserve developments in Quebec
• Net investment income modestly up Q/Q at
$46 million
• Net operating income up $12 million Q/Q
primarily due to lower losses on claims and
higher premiums earned
• Book value per share up 7% Y/Y to $39.28
Company sources. Note: Amounts may not total due to rounding.

60 60 75
170
125
240
180
280
240
310
360
400
0
50
100
150
200
250
300
350
400
450
Announced price increases
Transactional price by LTV
(price in basis points)1
TRANSACTIONAL AVG. PREMIUM
RATE OF 293 BP IN 2016 SHOULD
INCREASE TO 330-335 BP IN 2017
2X+ HIGHER PORTFOLIO
INSURANCE PREMIUM
RATE IN 2017
Up to
65% LTV
Up to
75% LTV
Up to
80% LTV
Up to
85% LTV
Up to
90% LTV
Up to
95% LTV
New pricing (effective March 17th, 2017)
Previous pricing (prior to March 17th, 2017)
2016 2017E
330
to
335
bps
0%
+127%
+92%
+56%
+29%
+11%
~+14%
293
bps
0% 1% 3% 4% 27% 65%
Expected
NIW MIX
%
Average
Premium Rate2
1. Standard, owner-occupied purchase-only funded business written. 2. Represents average premium rate on 2016 and 2017 estimate for transactional new insurance written.

Solid underwriting profitability
90 88 95 88
103
27 28
30
33
33
35 37
32 41
29
Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16
Underwriting profitability ($ millions)
Net underwriting
income
Expenses
Losses on claims
Loss ratio 23% 24% 21% 25% 18%
Expense ratio 18% 19% 19% 20% 20%
Combined
ratio
41% 42% 40% 45% 38%
Avg. reserve
per delq. ($000s)
$71.9 $70.9 $75.4 $79.5 $79.0
New delqs.
net of cures
487 568 352 493 436
Premiums earned $162$151 $154 $158 $164
Highlights
• Higher level of premiums written in last three
years driving trend of increased premiums
earned…nine consecutive quarters of Q/Q
increases
• Modest Y/Y increase in premiums earned
expected for 2017; premium rate increases
positive for premiums earned in future years
• Q4 loss ratio of 18% driven by discrete items
• Alberta cures increased by 80
• Favourable development of Quebec case
reserves
• Average reserve per delinquency essentially
flat Q/Q
• 2016 loss ratio of 22%; 2017 full year expected
range remains 25% to 35%
Company sources.

Federals
Provincials
Preferred shares
Emerging markets debt4
Investment grade
corporates3
Cash5
32%
16%
33%
7%
7%
5%
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 Dec. 31st, 2016).
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 ($6.2B portfolio1) Net Investment Income ($ millions)6
$5,917
$5,867
MAINTAINING QUALITY FOCUS IN LOW RATE ENVIRONMENT ... SELECTIVELY ADDING
INVESTMENT GRADE PREFERRED SHARES WITH ATTRACTIVE YIELD
$441 million of
bond maturities in
2017
5,642
6,014
276
212
Q4 2015 Q4 2016
Book value
Net
unrealized
gain
$5.9B
$6.2B
Investment
yield
3.3% 3.2%
$42 $41
$42 $44
$42 $44
$44
$46
2015 2016
Q1
Q2
Q3
Q4
$169
$176

MCT ratio 245% 158% to 162%
Internal MCT target 185% 157%
Holding Target 220% n.a.
MCT Supervisory
Target
150% 150%
Holdco cash2 $180 million $180 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. Jan. 1, 2017 Proforma MCT is the Company’s estimate under the new capital framework that become effective January 1, 2017..
Regulatory capital as at December 31st, 2016
(by category, $ millions unless otherwise noted)
Highlights
Strong capital position as we transition
to new capital framework for 2017
• 2016 holding target of 220% recalibrated
to OSFI supervisory target of 150%
• Minimum MCT for government guarantee
reduced to 150%
• New internal MCT target of 157%
• Pro-forma MCT at Jan. 1, 2017 estimated
to be in the range of 158%-162%
• Normal course operating range of
160% to 165%
Government guarantee limit for private
mortgage insurers increased to $350
billion
3,827
Insurance Risk
Market Risk1
Operational Risk
Capital in excess
of 220%
Capital in
excess of
150%
2,501
358
572
397
2016 MCT Jan. 1, 2017 Proforma MCT
3

2017 outlook
Smaller MI market size could lead to moderate decline in premiums
written despite rate increases
Estimated 25% to 35% loss ratio range for 2017
Investment income expected to be modestly higher in 2017
Premiums earned expected to modestly increase in 2017
due to large recent books of business
Managing capital to 160%-165% MCT under new framework

Strategic priorities
BUILDING ON SOLID BUSINESS FUNDAMENTALS
1
Invest in
process
innovation to
drive prudent
market share
expansion
4
Maintain an
efficient capital
structure to
ensure capital
strength while
maximizing
ROE
3
Leverage our
strong
government
relations
strategy to
influence our
regulatory
environment
2
Continue to
exercise prudent
risk
management
and proactive
loss mitigation
5
Explore a
private
mortgage
insurance
offering to
address low
ratio mortgage
rule changes

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

investor@genworth.cominvestor.genworthmicanada.ca
Investor Relations
Jonathan A. Pinto, MBA, LL.M
Vice President, Investor Relations
jonathan.pinto@genworth.com905.287.5482

Mic q4 2016_earnings_presentation

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