Sagen MI Canada Inc · TSX:MIC.PR.A
Sagen MI Canada — Genworth MI Canada — Investor Day (December 2009)
86 slides from Sagen MI Canada's investor day presentation, Dec 9, 2009
Slide 1: Genworth MI Canada Inc. Investor Day
Genworth MI Canada Inc. Investor Day December 9, 2009
Slide 2: Investor Relations introduction
Genworth MI Canada Inc. Investor Day Samantha Cheung Vice-President, Investor Relations December 9, 2009
Slide 3: Agenda
Agenda Genworth MI Canada Inc. Investor Day Brian Hurley, Chairman and Chief Executive Officer Peter Vukanovich, President and Chief Operating Officer Stuart Levings, Chief Risk Officer Debbie McPherson, Senior Vice President, Sales and Marketing Break 10:30 – 10:45 Sue Noonan, Vice President, Opera
Slide 4: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements that relate to the Company’s current expectations and views of future events. These forward-looking statements may be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “int
Slide 5: Non-GAAP Measures
Non-GAAP Measures To supplement its financial statements, the Company uses select non-GAAP financial measures. Non-GAAP 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 o
Slide 6: Brian Hurley, Chairman and CEO
Genworth MI Canada Inc. Investor Day Brian Hurley Chairman and Chief Executive Officer December 9, 2009
Slide 7: Leading Private Canadian MI Platform
Leading Private Canadian MI Platform Highly Attractive Mortgage Market Long Standing Relationships with the Largest Lenders Diversified by Lender, Geography and Year High Quality Investment Portfolio Experienced Leadership Team Well Positioned to Deliver Strong Returns Investor Day - December 9, 200
Slide 8: Track Record of Profitability
Track Record of Profitability Strong Financial Performance $ Millions 350 322 310 300 248 250 222 205 200 149 150 100 50 0 '04 '05 '06 '07 '08 Q3'09YTD * ROE 20% 21% 20% 20% 17% 13%* * Including impact of changes to the premiums recognition curve, underwriting profits and Operating ROE would have be
Slide 9: YTD 2009 Progress
YTD 2009 Progress Share Price Volume Accomplishments $28 $19.00 $26.30 3,500,000 Nov. 30, IPO date 2009 $26 3,000,000 2,500,000 Excellent Performance During $24 Economic Downturn $22 2,000,000 Managed Risk & Mitigated Losses $20 1,500,000 1,000,000 Completed Initial Public Offering $18 500,000
Slide 10: Canada Market Dynamics
Canada Market Dynamics Consumer Confidence Improving Market Housing Affordability Returning Mortgage Market Rebounding Large Banks Well Capitalized Lenders Financial Flexibility a Plus Regionals / Mortgage Banks Need Funding Strong Canadian Regulatory Framework Regulators Recognized as “Best Global
Slide 11: Competitive Strengths
Competitive Strengths Solid Lender Best In Class Service Relationships & Technology Risk Collaborative Management Culture Financial Strength Investor Day - December 9, 2009 10
Slide 12: Business Strategy
Business Strategy 1 Leverage Value Chain Penetration 2 Growth in Premiums Written 3 Mitigate Losses on Claims & Manage Risks 4 Enhance Portfolio Yield 5 Optimize Capital Structure Deliver Attractive ROE Through All Economic Cycles Investor Day - December 9, 2009 11
Slide 13: Growth Strategy Execution
Growth Strategy Execution Consistent Net Premiums Written Growth $ Millions 2000 1800 1600 Recession Reduced Market 1400 Size and Share Addressing 1200 Affordability Deeper 1000 Joint Product Auto Decisioning Market Development 800 Implemented - Faster, Segmentation Better Decisions, 600 Flexible 40
Slide 14: Capital Flexibility
Capital Flexibility $ Millions • Building Significant Excess Capital 350 ~250-300 • Evaluating Financial Leverage 300 – Assuming a 10% Debt to Capital Results in $250MM of Add’l Flexibility 250 ~150-200 – Current Dividend ~$25MM/Quarter 200 • Evaluating Options to Redeploy ~125-150 Excess Capital… E
Slide 15: Our Strategy is Delivering Results
Our Strategy is Delivering Results 12 Consecutive Years of Profitable Growth Positive Earnings in Challenging Economic Environment Third Quarter 2009 Results Net Operating Income $75 Million Operating EPS $0.63 ROE 12% Sharp Focus on Key Business Targets that Drive Shareholder Value Return to Mid-
Slide 16: Key Questions
Key Questions What is our view on the housing market? Where do we see losses going? Why does customer service matter? What is our view on our capital position? How are we going to grow? What are our income growth opportunities? Investor Day - December 9, 2009 15
Slide 17: Peter Vukanovich, President and COO
Genworth MI Canada Inc. Investor Day Peter Vukanovich President and Chief Operating Officer December 9, 2009 Investor Day - December 9, 2009 16
Slide 18: Competitive Strengths
Competitive Strengths Solid Lender Best In Class Service Relationships & Technology National Breadth Difficult to and Scale Replicate Risk Collaborative Management Culture Deep Understanding Customer of Markets Centric Financial Strength Investor Day - December 9, 2009 17
Slide 19: What is Our Culture – Why does it Matter?
What is Our Culture – Why does it Matter? Performance Ingenuity Customer Centricity Clarity Heart Investor Day - December 9, 2009 18
Slide 20: Organizational Structure
Organizational Structure Operations & Sales & Underwriting Marketing Risk Loss Management Lenders Mitigation Finance Investor Day - December 9, 2009 19
Slide 21: Key Stakeholders
Key Stakeholders Lenders We are the Innovator and Growth Partner Homebuyers MI is the Most Affordable Way to Own a Home Influencers Need Innovation and Consumer Education Government Trusted Housing Policy Adviser Investor Day - December 9, 2009 20
Slide 22: Government Relations
Government Relations Why GR is Important Who We Talk to - Competition Benefits Consumers - Federal Department of Finance and Lenders - OSFI - Private MI Promotes Safety and Soundness of the Financial System - Provincial Insurance Regulators How the Guarantee Works Why Lenders Care - Strict Eligibili
Slide 23: How We Deliver Competitive Advantage
How We Deliver Competitive Advantage - How do We Manage Risk? Risk Management Stuart Levings - How is Book Performing in the Current Economic Environment? Sales and Marketing - How are We Positioned for Growth? Debbie McPherson - What Differentiates Us from the Competition? Operations and - How does
Slide 24: Stuart Levings, Chief Risk Officer
Genworth MI Canada Inc. Investor Day Stuart Levings Chief Risk Officer December 9, 2009 Investor Day - December 9, 2009 23
Slide 25: Risk Management – Our Foundation
Risk Management – Our Foundation Enterprise Risk Management Portfolio Analytics Quality Assurance Underwriting Guidelines Loss Mitigation Investment Policy & Loan-by-Loan Underwriting Regulatory Compliance Investor Day - December 9, 2009 24
Slide 26: Risk Management – Decision Framework
Risk Management – Decision Framework Risk Framework Focus Areas - Job Losses Evaluate Key Economic Factors - Unemployment Rate - Housing Market Trends - Loan to Value Limits Set Credit Policy & Risk Limits - Credit Quality - Concentration Limits - New Business Distribution Monitor Portfolio - Perfor
Slide 27: Economic Trends – Impact on Us
Economic Trends – Impact on Us Frequency of Default Job Losses - Loss of Income - Bankruptcy Severity of Default House Prices - Drop in Value Erodes Equity in Home - Slower Market … Interest Expense Marginal Impact - Frequency & Severity Interest Rates - Majority Fixed Rate Mortgages - Loans Underwr
Slide 28: Unemployment Stabilizing
Unemployment Stabilizing Monthly Change in Employment Unemployment Rate 100 9% 50 8% 7% 0 6% -50 5% -100 4% -150 3% -200 2% -250 1% -300 0% 'Dec 07 'Mar 08 'Jun 08 'Sep 08 'Dec 08 'Mar 09 'Jun 09 'Sep 09 Source: Statistics Canada Unemployment Accelerated in Late ’08/Early ’09 Pace of Job Losses Slow
Slide 29: Home Prices Recovering
Home Prices Recovering Average Home Price Sequential Home Price Appreciation (CAD$ 000) 340 9% 330 7% 320 5% 310 3% 300 1% 290 -1% 280 270 -3% 260 -5% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Source: Canada Real Estate Association (CREA) Canada Experienced Price Declines in 2008 Most Regions Rebounde
Slide 30: Portfolio Diversification & Performance
Portfolio Diversification & Performance Diversification Buffers Economic Impact Diversification - Geographic & Vintage - Loan to Value & Credit Score Benefit from Effect of Multiple Books Vintage - Economic Cycles Impact Performance Performance - Stronger Books Dilute Stressed Books Pricing Assumpti
Slide 31: High Quality, Prime Portfolio
High Quality, Prime Portfolio High LTV Insurance In-Force Segmentation 09/30/09 Credit Score Original Loan-to-Value >=700 52% No Score 5% 0 - 600 5% 660 - 700 21% 600 - 660 17% ~ 70% of Portfolio Between Average Credit Score 702 80% - 95% LTV at Origination Investor Day - December 9, 2009 30
Slide 32: Delinquencies are Stabilizing
Delinquencies are Stabilizing $220B Insurance in Force 09/30/09 Delinquency Rate 30-Sept-08 30-June-09 30-Sept-09 Ontario 48% 0.22% 0.30% 0.25% BC 16% 0.11% 0.21% 0.23% Alberta 15% 0.24% 0.47% 0.50% Quebec 14% 0.25% 0.29% 0.29% Other1 7% Total Delinquency 0.21% 0.30% 0.28% Notes: (1) Other includes
Slide 33: Fundamentals of Underwriting
Fundamentals of Underwriting Credit Profile Debt Service - Credit Score - Income Level - Credit Age - Interest Rate - Payment History - Amortization Sound Risk Property Judgment Product - Property Location - Loan to Value - Property Value - Self Employed - Sales History - Salaried Investor Day - Dec
Slide 34: Risk Management – Tools & Technology
Risk Management – Tools & Technology Highly Predictive Loan Score Scoring Model - Based on 10 Yrs Canadian Data - Drives Auto-Decisioning Engine Leading Edge Property Technology - Automated Property Valuations Property Tools - Best in Class Appraisal Process - Geospatial “Heat Mapping” Tools Advance
Slide 35: Elements of a Mortgage Scoring Model
Elements of a Mortgage Scoring Model Built on Canadian Loan to Performance Data Credit Value Highly Predictive Affordability Property Key Element in Auto-Decisioning Engine Investor Day - December 9, 2009 34
Slide 36: Highly Predictive Underwriting Tool
Highly Predictive Underwriting Tool Delinquency Rate OMNIScore Achieves Tighter Delinquency Groupings Investor Day - December 9, 2009 35
Slide 37: Geospatial Mapping – Risk Concentration
Geospatial Mapping – Risk Concentration Economically Stressed Neighborhood Investor Day - December 9, 2009 36
Slide 38: Navigating Economic Change
Navigating Economic Change In Summary • Focus on Macro Economic Trends • Dynamic Response in Risk Policies • Investment in Leading Edge Technology • Maintaining Key Risk Goals Prudent Risk Management … Enhanced Lender Experience Investor Day - December 9, 2009 37
Slide 39: Debbie McPherson, Sales and Marketing
Genworth MI Canada Inc. Investor Day Debbie McPherson Senior Vice President, Sales and Marketing December 9, 2009 Investor Day - December 9, 2009 38
Slide 40: Investor Day - December 9, 2009
Investor Day - December 9, 2009 39
Slide 41: Sales Execution
Sales Execution 1 2 3 Value Added Service Loss Relationship Excellence Mitigation Top-line Growth Growth Customize Value Propositions by Lender Objectives Leverage Service Experience Positions Genworth as Strategic Growth Partner Investor Day - December 9, 2009 40
Slide 42: Today's Topics
Today’s Topics • Lender Segmentation • Comprehensive Sales Structure • Customized Training • Influencer Strategies • Consumer Segmentation • Customer Satisfaction Metrics Investor Day - December 9, 2009 41
Slide 43: Focus on Customer Needs
Focus on Customer Needs Tailored Strategy for Each Customer Segment Lender Segmentation Priorities Service Nationals 3 Key Originators Training Field Decisioning Product Innovation Nationals Holistic Service Level 3 Key Originators Central Decisioning Agreements Service Regional / Other >150 Origina
Slide 44: Comprehensive Sales Structure
Comprehensive Sales Structure Marketing Credit Risk/QA Genworth Operations/Production Lender Head Office National Team Sales Finance/Treasury Retail Branches Underwriting Centres Genworth Lender Field Sales Regional Captive Sales Force Teams Regional Management Investor Day - December 9, 2009 43
Slide 45: Deeper Lender Partnerships
Deeper Lender Partnerships Focused Segment Strategy • Dedicated Business Development Leader • Lender Specific Underwriting Teams • Joint Marketing • Joint Product Development • Customized Training • Tailored Sales Approach Investor Day - December 9, 2009 44
Slide 46: Customer Centric Sales and Service
Customer Centric Sales and Service Sales Drivers How We Deliver Help Grow Their Business – High Touch Model – Accessible Staff – Metric Driven Sales – Frequent Policy Updates Culture – Flexibility – Adapt Service Model – Training – Customized Training – Knowledgeable Modules Trusted Business Partner
Slide 47: Thought Leadership & Training . . . Key to Growth
Thought Leadership & Training . . . Key to Growth YTD 2009 – Conducted 15,000+ Hours of Training Investor Day - December 9, 2009 46
Slide 48: Genworth Development Centre
Genworth Development Centre • Courses are Interactive and Available 24/7 • Improve Business Skills • Increase Competitive Edge Investor Day - December 9, 2009 47
Slide 49: Influencer Strategy
Influencer Strategy • Understand Broker Needs – Regional Advisory Board Sessions • Increase Face-to-Face Time – Industry Associations – Sales Calls – Training • Help to Grow Their Business – Genworth Business Building Tips – Genworth EDGE Newsletter – “Your Mortgage Plan” Investor Day - December 9,
Slide 50: Mortgage Planning Guide
Mortgage Planning Guide www.YourMortgagePlan.ca Document Needs & Goals of Prospective Homebuyers Align Goals to Financing Options Investor Day - December 9, 2009 49
Slide 51: Consumer Segmentation
Consumer Segmentation www.homeownership.ca Investor Day - December 9, 2009 50
Slide 52: Overall Quality of Service
Overall Quality of Service % Rating Excellent or Very Good 100% 95% 94% 92% 91% 92% 89% 90% 89% 88% 90% MIC 80% Other MI 70% Providers 69% 66% 65% 60% 63% 63% 63% 61% 58% 56% 50% 2003 2004 2005 2006 2007 Q2 2008 Q3 2008 Q1 2009 Q3 2009 Q3 – 2009 Lender Satisfaction Report Annual Sample: n = 1100 Inv
Slide 53: Our Differentiation
Our Differentiation In Summary • Fully Integrated Team Approach • Customized Lender Value Propositions • Understand Consumer & Influencer Needs • Product Innovation Genworth Differentiation Will Drive Top Line Growth Investor Day - December 9, 2009 52
Slide 54: The Homeownership Company
The Homeownership Company Investor Day - December 9, 2009 53
Slide 55: Break
Genworth MI Canada Inc. Investor Day Break December 9, 2009
Slide 56: Sue Noonan, Vice President, Operations
Genworth MI Canada Inc. Investor Day Sue Noonan Vice President, Operations December 9, 2009 Investor Day - December 9, 2009 55
Slide 57: Service Excellence
Service Excellence 1 2 3 Value Added Service Loss Relationship Excellence Mitigation Deliver Outstanding Customer Experience Objectives Utilize Technology to Drive Speed and Efficiency Deepen Relationships Positions Genworth as a Growth Partner Investor Day - December 9, 2009 56
Slide 58: Customer Centre of Everything We Do
Customer Centre of Everything We Do Key Drivers of Service Excellence Turnaround Time Fast, Consistent Decisions Flexible Alternative Solutions Offered Knowledgeable Products, Properties & Process Expertise Consistent Lender Specific Underwriting Teams Accessible Prompt Responses and First Call Reso
Slide 59: Auto Approval Reduces Turnaround Time
Auto Approval Reduces Turnaround Time High Level Process: Electronic Mortgage Application Results Application Processing Time1 Genworth MI Canada Proprietary <4 Business Hours 85% Underwriting System <24 Business Hours 93% Credit Evaluation Property Valuation Risk Rules Assessment Proprietary Mortga
Slide 60: Comprehensive Underwriting Process
Comprehensive Underwriting Process Collateral Risk Automated Valuation Model & Appraisals Capital Down Payment & Net Worth Credit Risk Ability to Pay … Full Review of Borrowers Credit History & Score Capacity Debt Serviceability ... Debt to Income Ratio Character Proprietary Scoring Model … 2.5x Mor
Slide 61: Drivers of Service Quality
Drivers of Service Quality 16% Training 71% Underwriting Services Overall Quality of 13% Service Account Managers 88% Lender Satisfaction with Underwriting Service Investor Day - December 9, 2009 60
Slide 62: Summary – Operations Impact
Summary – Operations Impact “I called and spoke with Cathy from your underwriting team and she was absolutely fantastic! Overall, I had a 10 out of 10 experience and just wanted to share it with all of you!” • Best in Class Technology “I must say that I am very impressed with the service from Genwor
Slide 63: Rob Kirby, Vice President, Loss Mitigation
Genworth MI Canada Inc. Investor Day Rob Kirby Vice President, Loss Mitigation December 9, 2009 Investor Day - December 9, 2009 62
Slide 64: Loss Mitigation
Loss Mitigation 1 2 3 Value Added Service Loss Relationship Excellence Mitigation Reduce Losses on Claims Objectives Keep Borrowers in Homes Ensure Policy Compliance “Win” for All Parties Investor Day - December 9, 2009 63
Slide 65: Mortgage Delinquency Cycle
Mortgage Delinquency Cycle Foreclosure Assessment and Sale Recovery 1 – 3 Months 15 + Months 4 – 15 Months Mortgage Enforcement Process • Assessment – Lender Commences “Soft” Collections to Bring Mortgage Current • Enforcement – Law Firm Engaged for Legal Enforcement • Sale – Property Listed for Sal
Slide 66: Anatomy of a Claim
Anatomy of a Claim • Genworth Process – Triage Approach – Reserving • What is Included in a Claim – Shortfall on Sale – Interest – Costs Understanding of the Borrower is Critical to Success Investor Day - December 9, 2009 65
Slide 67: HomeOwner Assistance Program Strategy
HomeOwner Assistance Program Strategy Foreclosure Assessment Recovery and Sale Screen Delinquencies for Workout Opportunities • Focus on Early Access to the Homeowner – Comprehensive Marketing Programs • Strong Partnerships with All Lenders – High Penetration Rates • Identify Workout Opportunities –
Slide 68: Thought Leadership in Loss Mitigation
Thought Leadership in Loss Mitigation www.HomeownerAssistance.ca Identifies Cause Provides Potential Solutions Option to Send to Genworth Investor Day - December 9, 2009 67
Slide 69: Asset Management Strategy
Asset Management Strategy Foreclosure Assessment Recovery and Sale Reduce Severity of Loss • Focus on Accelerating Mortgage Foreclosure – Alternative Solutions • Apply Strong Marketing and Sale Processes – Maximizing Values • Avoid Distress “Discount” – Apply Non-traditional Strategies Quick Access
Slide 70: Recovery Strategy
Recovery Strategy Foreclosure Assessment Recovery and Sale Multi- Pronged Approach • Borrowers – Screen Debtors for Recovery Potential – Customize Recovery Strategy Based on Potential • Third Parties – Focus on Recoveries from E&O Insurance – Leverage Specialty National Law Firms Goal to Recover 20%
Slide 71: Summary – Loss Mitigation Impact
Summary – Loss Mitigation Impact Summary Loss Mitigation Results Workouts Completed 3229 • Dedicated Resources 3500 3000 2500 • Lender Specific Teams 2000 1500 1226 1329 1000 674 • Strong Lender Partnerships 500 0 • Business Differentiator 1Q'09 2Q'09 3Q'09 YTD • Win-Win-Win • Workout Penetration of
Slide 72: Phil Mayers, Chief Financial Officer
Genworth MI Canada Inc. Investor Day Phil Mayers Chief Financial Officer December 9, 2009 Investor Day - December 9, 2009 71
Slide 73: Track Record of Profitability
Track Record of Profitability Strong Financial Performance $ Millions 350 322 310 300 248 Operating 250 105 222 150 Income 205 200 89 Investment 149 69 93 Income 150 53 100 205 159 172 Underwriting 136 129 Profits 50 96 0 '04 '05 '06 '07 '08 Q3'09YTD* ROE 20% 21% 20% 20% 17% 13%* * Including impact
Slide 74: Key Income Drivers
Key Income Drivers Focused on 3 Key Drivers 1 Market Share Gains 2 Loss Improvement 3 Enhanced Investment Yields Investor Day - December 9, 2009 73
Slide 75: Market Growth Drivers
Market Growth Drivers Growth Drivers Key Indicators - Household Formation Demographics - First Time Homebuyer Market - New Immigrants - Home Price Appreciation Housing Fundamentals - Consumer Confidence - Housing Sales - Home Price Appreciation High Loan to Value - Affordability Penetration Levels -
Slide 76: Premiums Earned
Premiums Earned Premiums Earned Curve Premiums Written & Earned Single Upfront Premium Earned Into Revenues 1000 GPW Based on Loss Emergence Pattern 900 Premiums Earned 20% 800 Prev 3 Yr GPW Ave 18% 700 $NPW (000s) 16% 600 Q4 Estimate % Earned by Year 14% 500 12% 400 300 10% 50% 8% Yr 2 - 4 200 100
Slide 77: Loss Environment
Loss Environment Improving Economic Fundamentals Risk Management Execution Portfolio Loss Job Losses Mitigation Quality Credit Workouts Quality House Prices Geographic Asset Dispersion Mgmt Interest Rates LTV Mix Recoveries Losses Are Cyclical … Trending To Pricing Loss Ratios Investor Day - Decembe
Slide 78: Combined Ratio
Combined Ratio Loss Ratios Are Cyclical … Third Quarter Improvement 15% 15% Expense 13% Ratio 15% 28% 20% 14% 22% 46% 42% Loss 41% Ratio 31% 19% 12% 12% 14% '04 '05 '06 '07 '08 Q1'09* Q2'09 Q3'09 * Including impact of changes to the premiums recognition curve, loss ratio and expense ratio would have
Slide 79: Investments
Investments Conservative Investment Management Approach • Manage for Yield • Balanced Portfolio • High Quality Assets Investment Guidelines • Fixed Income and Preferred Shares • Duration 3 to 5 Years • Minimum 10% Federal Government • Investment Grade Corporates … Max of 5% Per Issuer Investor Day -
Slide 80: High Quality Investment Portfolio
High Quality Investment Portfolio Portfolio Distribution Initiatives Total: $5.0 Billion Asset Backed & 6% • Focus on Reducing Cash to Other 3 to 5% of Portfolio Corporates 43% • Invest in Sectors Which Offer Attractive Risk / Reward Profile Provincials 9% – Gov’t Guaranteed MBS Federal Gov’t 19% –
Slide 81: Regulatory Minimum Capital Test
Regulatory Minimum Capital Test 150% MCT MCT Target Maintain Capital Flexibility 140% • Fund Growth 130% & Dividends 147% 120% 140% • Add Leverage 134% 127% as Appropriate 110% 123% • Maximize 100% Shareholder Returns 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 Shareholders’ Equity $2.0 $2.1 $2.2 $2.4 $2.6 ($ Bil
Slide 82: Financial Targets
Financial Targets Multiple Growth Levers Long Term Targets • Growing Top Line ROE Mid-teens* • Investment Yield Enhancement Loss Ratio 35 - 40% • Improving Loss Ratio Investment Yield 5% + • Capital Flexibility Minimum Capital Test 135% *Unlevered ROEs Executing Against Strategic Priorities to Achie
Slide 83: Question and Answer Session
Genworth MI Canada Inc. Investor Day Question and Answer Session December 9, 2009 Investor Day - December 9, 2009 82
Slide 84: Wrap Up
Genworth MI Canada Inc. Investor Day Wrap Up December 9, 2009 Investor Day - December 9, 2009 83
Slide 85: Summary
Summary • Improving Economic Conditions • Proactive Risk Management • Customer Centric Sales & Service • Solid Capital Structure • Strong Leadership Team • Proven Business Execution Investor Day - December 9, 2009 84
Slide 86: Genworth MI Canada Inc. Investor Day
Genworth MI Canada Inc. Investor Day December 9, 2009