July 31, 2012 / 9:10 PM / 7 years ago

Genworth MI Canada's profit falls on lower net premiums earned

July 30 (Reuters) - Mortgage insurer Genworth MI Canada’s quarterly profit fell 5 percent on lower net premiums earned.

Second-quarter net income fell to C$79 million ($78.82 million), or 79 Canadian cents per share, from C$83 million, or 77 Canadian cents per share, a year earlier.

Net premiums earned fell C$3 million to C$148 million.

Analysts on average expected a profit of 80 Canadian cents per share on revenue of C$79.2 million, according to Thomson Reuters I/B/E/S.

The Oakville, Ontario-based company’s shares, which have lost about 34 percent of their value in the last six months, closed at C$16.98 on Tuesday on the Toronto Stock Exchange.

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