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February 05, 2014 at 10:54 AM
(Bloomberg) — Genworth Financial Inc. and Radian Group Inc. rallied in New York trading after posting profits from insuring U.S. mortgages.
Genworth jumped 4.6 percent to $15.20 at 9:38 a.m., the biggest gain in the Standard & Poor’s 500 Index. Radian climbed 4 percent to $14.90.
Genworth, which also offers life insurance and long-term care coverage, had a $6 million operating profit at its U.S. mortgage insurer, compared with a loss a year earlier. Philadelphia-based Radian today reported net income of $36.4 million, after a $177.3 million loss in the last three months of 2012.
“We expect significantly higher earnings for U.S. MI in 2014 than in 2013 as the 2005-to-2008 blocks continue to burn out,” Genworth Chief Executive Officer Tom McInerney said on a conference call today.
