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Genworth pares mortgage insurance losses

  February 05, 2012

Genworth Financial Inc., the mortgage guarantor and life insurer, swung to a fourth-quarter profit on fewer claims tied to delinquent borrowers. Net income was $107 million, or 22 cents a share, vs. a loss of $161 million, or 33 cents, a year earlier. It has cut back the retirement-products business as it tries to maintain sales of mortgage coverage. Its mortgage-insurance unit’s loss narrowed to $94 million from $352 million.

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