Genworth Australia’s mortgage insurance business has reported net operating earnings of $US46 million ($44 million) for the first quarter, recovering from a $US21 million ($20 million) loss in the corresponding period last year.

It says last year’s first-quarter result suffered a $US53 million ($51 million) after-tax impact from reserve strengthening.

This year’s first-quarter loss ratio was 47%, down 107 points from the previous corresponding period.

Overall, US-based Genworth has posted net income of $US103 million ($100 million), up from $US46 million.

Its global mortgage insurance division recorded net operating income of $US102 million ($99 million) compared with a $US37 million ($36 million) loss a year earlier.

The US life insurance division’s net operating income grew to $US85 million ($82 million) from $US64 million ($62 million).