Core business operation of U.S.-based Genworth Financial Inc. Leading market position and franchise in Australia Very strong capitalization Solid earnings performance Portfolio diversification across more than 300 lenders over Australia and New Zealand Concentration in business lines Business growth dependent on prevailing economic conditions The insurer financial strength ratings on Australian-based Genworth Financial Mortgage Insurance Pty Ltd. (GFMI, previously named GE Mortgage Insurance Co. Pty Ltd.; AA/Stable/--) acknowledge the company's operational integration with its U.S.-based sister, Genworth Mortgage Insurance Corp. (GMIC; AA/Stable/--), and ultimate ownership by Genworth Financial Inc. (Genworth; A/Stable/A-1). On a stand-alone basis, GFMI's rating benefits from the company's leading market position, very strong capitalization (in excess of A$1.3 billion), and continued solid earnings track record. The ratings
