The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Genworth MI Canada Inc. Announces a 12% Increase to its Fourth Quarter 2011 Dividend and Declares a Special Dividend

Thursday, November 03, 2011

Genworth MI Canada Inc. Announces a 12% Increase to its Fourth Quarter 2011 Dividend and Declares a Special Dividend16:35 EDT Thursday, November 03, 2011TORONTO, Nov. 3, 2011 /CNW/ - The Board of Directors of Genworth MI Canada Inc. (the "Company") (TSX: MIC) today announced that it has authorized and declared a 3 cents increase to its shareholder dividend from $0.26 to $0.29 per common share for the fourth quarter of 2011.  This dividend will be paid on December 1, 2011, to shareholders of record at the close of business on November 15, 2011.As well, the Board of Directors of the Company announced that it has declared a special dividend of $0.50 per common share, for an aggregate amount of approximately $50 million, also to be paid on December 1, 2011, to shareholders of record at the close of business on November 15, 2011.  The common dividend increase and the special dividend declaration reinforce the strength of the Company's business model and its confidence in delivering ongoing profitability.Genworth MI Canada Inc. designates any and all dividends paid or deemed for Canadian federal, provincial or territorial income tax purposes to be paid as "eligible dividends", unless indicated otherwise in respect of dividends paid subsequent to this notification, and hereby notifies all recipients of such dividends of this designation.About Genworth MI CanadaInc.Genworth MI Canada Inc., through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, has been the leading Canadian private residential mortgage insurer since 1995.  Known as Genworth Financial Canada, "The Homeownership Company," it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times.  Genworth Financial Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace.  As at September 30, 2011, Genworth Financial Canada had $5.4 billion in total assets and $2.7 billion in shareholders' equity.  Based in Oakville, Ontario, the Company employs approximately 265 people across Canada. Additional information about Genworth MI Canada Inc. is available at www.genworth.ca.For further information: Investors - Samantha Cheung, 905-287-5482 samantha.cheung@genworth.comMedia - Lisa Azzuolo, 905-287-5520 lisa.azzuolo@genworth.com