Core business operation of Genworth Financial Inc. Leading market position and franchise in Australia Very strong capitalization Solid earnings performance Concentration in business lines Business growth dependent on prevailing economic conditions The insurer financial strength ratings on Genworth Financial Mortgage Insurance Pty Ltd. (GFMI; AA/Stable/--) reflects the company's operational integration with its U.S.-based sister company, Genworth Mortgage Insurance Corp. (GMIC; AA/Stable/--), and ultimate ownership by Genworth Financial Inc. (Genworth; A/Stable/A-1). On a stand-alone basis, the rating on GFMI benefits from the company's leading market position, very strong capitalization, and solid earnings track record. Offsetting these factors is the concentrated suite of lenders' mortgage insurance (LMI) products that rely on the performance of the home loan market and the prevailing economic
