GENWORTH MI CANADA INC.

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1 Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014

2 Condensed Consolidated Interim Statements of Financial Position (In thousands of Canadian dollars) Notes June 30, 2015 December 31, 2014 Assets Cash and cash equivalents 5 $ 324,635 $ 190,375 Short-term investments 5 123,632 84,933 Accrued investment income and other receivables 134,514 30,099 Derivative financial instruments Bonds and debentures 5 4,616,570 4,630,169 Bonds and debentures under securities lending program 5 424, ,190 Equity investments 5 203, ,703 Equity investments under securities lending program 5 7,167 63,753 Collateral receivable under reinsurance agreement 4(e) 28,889 28,446 Total invested assets, accrued investment income and other receivables 5,863,079 5,501,971 Income taxes recoverable 8 31,092 6,465 Subrogation recoverable 4(c) 68,935 66,976 Prepaid assets 2,812 2,924 Property and equipment 1,118 1,335 Intangible assets 8,641 7,461 Deferred policy acquisition costs 4(d) 179, ,289 Goodwill 11,172 11,172 Total assets $ 6,166,762 $ 5,770,593 Liabilities and Shareholders' Equity Liabilities: Accounts payable and accrued liabilities $ 276,545 $ 41,557 Loss reserves 4(b) 116, ,493 Share-based compensation liabilities 7 12,085 16,764 Derivative financial instruments 5 43,100 23,298 Long-term debt , ,137 Unearned premium reserves 4(a) 1,846,725 1,798,568 Accrued net benefit liabilities under employee benefit plans 38,228 36,307 Deferred tax liabilities 41,511 35,122 Total liabilities 2,806,808 2,499,246 Shareholders' equity: Share capital 11 1,366,304 1,384,558 Retained earnings 1,811,890 1,701,707 Accumulated other comprehensive income 181, ,082 Total shareholders' equity 3,359,954 3,271,347 Total liabilities and shareholders' equity $ 6,166,762 $ 5,770,593 See accompanying notes to the condensed consolidated interim financial statements. On behalf of the Board: (signed) "Brian Hurley" (signed) "Brian Kelly" Director Director 1

3 Condensed Consolidated Interim Statements of Income Three months ended Six months ended June 30, June 30, Notes Premiums written 4(a)(e) $ 205,024 $ 160,462 $ 335,303 $ 244,596 Premiums earned 4(a)(e) $ 144,052 $ 141,135 $ 287,146 $ 282,075 Losses on claims 4(b) 24,553 16,964 55,975 44,750 Expenses: Premium taxes and underwriting fees 16,392 12,976 26,422 20,406 Employee compensation 12,386 11,449 20,433 22,494 Office 4,475 4,432 8,708 8,756 Professional fees 1,286 1,374 2,395 2,287 Promotional and travel 1,031 1,317 2,659 2,625 Other Total expenses 35,806 31,811 61,244 57,187 Net change in deferred policy acquisition costs 4(d) (6,619) (4,354) (7,624) (2,875) 29,187 27,457 53,620 54,312 Net underwriting income 90,312 96, , ,013 Investment income: Interest 40,443 43,125 81,544 86,156 Dividends 2,171 1,396 3,709 3,146 Net investment gains 16,763 5,211 31,785 10,542 Total investment income 59,377 49, ,038 99,844 General investment expenses (915) (1,104) (2,019) (2,352) 58,462 48, ,019 97,492 Interest expense 10 5,678 6,584 11,292 12,242 Fee on early redemption of long-term debt 7,249 7,249 Income before income taxes 143, , , ,014 Income taxes: Current 8 41,083 38,766 63,975 67,711 Deferred (1,454) (4,521) 6,386 1,170 39,629 34,245 70,361 68,881 Net income for the period attributable to owners of the Company $ 103,467 $ 97,264 $ 210,917 $ 192,133 Earnings per share: 9 Basic $ 1.12 $ 1.02 $ 2.27 $ 2.02 Diluted $ 1.12 $ 1.02 $ 2.23 $ 2.02 See accompanying notes to the condensed consolidated interim financial statements. 2

4 Condensed Consolidated Interim Statements of Comprehensive Income (In thousands of Canadian dollars) Three months ended Six months ended June 30, June 30, Net income $ 103,467 $ 97,264 $ 210,917 $ 192,133 Other comprehensive income: Items that may be reclassified subsequently to income: Net change in fair value of Available-for-Sale ("AFS") financial assets (a) (50,638) 19,549 15,007 58,015 Gains on AFS financial assets realized and reclassified to income (b) (11,839) (7,234) (18,329) (8,587) Total other comprehensive income for the period attributable to owners of the Company (c) (62,477) 12,315 (3,322) 49,428 Total comprehensive income attributable to owners of the Company $ 40,990 $ 109,579 $ 207,595 $ 241,561 (a) Net of income tax of $14,517 for the three months ended June 30, 2015 (June 30, $6,682) and net of income tax of $8,621 for the six months then ended (June 30, $20,336). (b) Net of income tax of $8,246 for the three months ended June 30, 2015 (June 30, $2,530) and net of income tax of $10,533 for the six months then ended (June 30, $3,010). (c) Net of income tax of $22,763 for the three months ended June 30, 2015 (June 30, $4,152) and net of income tax of $1,912 for the six months then ended (June 30, $17,326). See accompanying notes to the condensed consolidated interim financial statements. 3

5 Condensed Consolidated Interim Statements of Changes in Equity Accumulated other Total Share Retained comprehensive shareholders' capital earnings income equity Balance at January 1, 2015 $ 1,384,558 $ 1,701,707 $ 185,082 $ 3,271,347 Comprehensive income: Net income 210, ,917 Other comprehensive loss (3,322) (3,322) Total comprehensive income 210,917 (3,322) 207,595 Total transactions recognized directly in equity: Dividends on common shares (1) (72,348) (72,348) Issuance of common shares 3,367 3,367 Repurchase of common shares (note 11) (21,621) (28,386) (50,007) Total transactions recognized directly in equity (18,254) (100,734) (118,988) Balance at June 30, 2015 $ 1,366,304 $ 1,811,890 $ 181,760 $ 3,359,954 Accumulated other Total Share Retained comprehensive shareholders' capital earnings income equity Balance at January 1, 2014 $ 1,408,213 $ 1,555,062 $ 124,043 $ 3,087,318 Comprehensive income: Net income 192, ,133 Other comprehensive income 49,428 49,428 Total comprehensive income 192,133 49, ,561 Total transactions recognized directly in equity: Dividends on common shares (1) (66,473) (66,473) Issuance of common shares 3,837 3,837 Total transactions recognized directly in equity 3,837 (66,473) (62,636) Balance at June 30, 2014 $ 1,412,050 $ 1,680,722 $ 173,471 $ 3,266,243 (1) The Company paid dividends of $0.39 per ordinary common share in the first and second quarters of 2015 ($0.35 per ordinary common share in the first and second quarters of 2014). See accompanying notes to the condensed consolidated interim financial statements. 4

6 Condensed Consolidated Interim Statements of Cash Flows (In thousands of Canadian dollars) Cash provided by (used in): Six months ended June 30, Operating activities: Net income $ 210,917 $ 192,133 Adjustments for: Amortization of intangible assets and depreciation of property and equipment 1,187 2,092 Expensing of deferred policy acquisition costs 28,294 26,224 Income taxes 70,361 68,881 Interest income (81,544) (86,156) Dividend income (3,709) (3,146) Net investment gains (31,785) (10,542) Interest expense 11,292 12,242 Fee on early redemption of long-term debt 7,249 Share-based compensation expense net of equity total return swap re-measurement (348) 4, , ,982 Change in non-cash balances related to operations: Accrued investment income and other receivables (106,510) (185) Prepaid assets 112 (157) Subrogation recoverable (1,959) 6,098 Deferred policy acquisition costs (35,918) (29,099) Accounts payable and accrued liabilities 234,900 29,044 Loss reserves 804 (12,497) Unearned premium reserves 48,157 (37,479) Accrued net benefit liability under employee benefit plans 1,921 1, , ,209 Cash generated from (used in) operating activities: Interest received from bonds and debentures 88,633 94,834 Dividends received from equity investments 3,992 3,182 Interest paid on long-term debt (11,204) (10,394) Income taxes paid (86,684) (299,558) Share based compensation rewards settled in cash (1,405) (1,628) Settlement of equity total return swaps (869) Net cash generated from (used in) operating activities 338,635 (43,355) Financing activities: Net proceeds from long-term debt issuance 158,635 Repayment of long-term debt (157,249) Dividends paid (72,348) (66,473) Repurchase of common shares (50,007) Proceeds from exercise of stock options 1,843 1,790 Net cash used in financing activities (120,512) (63,297) Investing activities: Purchase of short-term investments (241,901) (85,992) Proceeds from sale or maturities of short-term investments 203, ,163 Purchase of bonds (728,704) (705,035) Proceeds from sale or maturities of bonds 733, ,301 Purchase of equity investments (209,438) (20,914) Proceeds from sale of equity investments 162,066 55,715 Purchase of intangible assets and property and equipment (2,150) (2,566) Net cash generated from (used in) investing activities (83,863) 164,672 Increase in cash and cash equivalents 134,260 58,020 Cash and cash equivalents, beginning of period 190, ,692 Cash and cash equivalents, end of period $ 324,635 $ 271,712 See accompanying notes to the condensed consolidated interim financial statements. 5

7 Notes to Condensed Consolidated Interim Financial Statements 1. Reporting entity: Genworth MI Canada Inc. (the "Company") was incorporated under the Canada Business Corporations Act on May 25, 2009 and is domiciled in Canada. Its shares are publicly traded on the Toronto Stock Exchange under the symbol "MIC". The Company's registered office is located at Suite 300, 2060 Winston Park Drive, Oakville, Ontario, L6H 5R7, Canada. Genworth Financial Inc., a public company listed on the New York Stock Exchange, indirectly holds approximately 57.3% of the common shares of the Company. The Company holds a 100% ownership interest in the holding companies Genworth Canada Holdings I Company ("Holdings I"), Genworth Canada Holdings II Company ("Holdings II") and MIC Holdings F Company ("Fco"). The Company also holds an indirect 100% ownership interest in Genworth Financial Mortgage Insurance Company Canada ("Genworth Mortgage Insurance Canada" or the "Insurance Subsidiary") through Holdings I and Holdings II. These condensed consolidated interim financial statements as at and for the three and six months ended June 30, 2015, reflect the consolidation of the Company and these subsidiaries. The Insurance Subsidiary is engaged in mortgage insurance in Canada and owns all of the issued and outstanding shares of MIC Insurance Company Canada ("MICICC"). MICICC is licensed to service policies originated prior to its acquisition by the Company in 2012, and underwrite reinsurance limited to the class of mortgage insurance. The Insurance Subsidiary is subject to regulation under the Protection of Residential Mortgage or Hypothecary Insurance Act ("PRMHIA"). Under the terms of PRMHIA, the Canadian federal government guarantees the benefits payable under eligible mortgage insurance policies issued by the Insurance Subsidiary, less 10% of the original principal amount of each insured loan, in the event that the Insurance Subsidiary fails to make claim payments with respect to that loan due to its bankruptcy or insolvency. The Insurance Subsidiary and MICICC are regulated by the Office of the Superintendent of Financial Institutions Canada ("OSFI") as well as applicable provincial financial services regulators. 6

8 2. Basis of presentation: (a) Statement of compliance: These condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting. Accordingly, the condensed consolidated interim financial statements contain selected explanatory notes to the financial statements and do not include all the disclosures required by International Financial Reporting Standards. Full disclosures were included in the Company's annual consolidated financial statements for the year ended December 31, These condensed consolidated interim financial statements were approved by the Board of Directors on August 4, (b) Use of estimates and judgments: The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the condensed consolidated interim financial statements and the reported amounts of income and expenses during the period. Actual results may differ from these estimates. These significant judgments and estimates made by the Company in preparing these condensed consolidated interim financial statements were the same as those applied to the consolidated financial statements as at and for the year ended December 31, (c) Seasonality: The mortgage insurance business is seasonal in nature. While net premiums earned, investment income and underwriting and administrative expenses are relatively stable from quarter to quarter, premiums written and losses may vary each quarter. These variations are driven by the level of mortgage originations and related mortgage policies written, which typically peak in the spring and summer months. Delinquencies and losses on claims vary from quarter to quarter primarily as the result of prevailing economic conditions as well as the characteristics of the insurance in-force portfolio, such as size and age. All revenue and expenses are recognized when they occur in accordance with the accounting policies referred to in the Company's annual consolidated financial statements. No revenue or expenses are anticipated or deferred for interim reporting purposes if anticipation or deferral would not be appropriate at the end of the Company's financial year. 7

9 3. Significant accounting policies: The Company's complete accounting policies have been included in the consolidated financial statements for the year ended December 31, Accounting policies and methods of computation followed in the preparation of these condensed consolidated interim financial statements were the same as those applied by the Company in the annual consolidated financial statements as at and for the year ended December 31, Insurance contracts: (a) Premiums and unearned premium reserves: Changes in unearned premium reserves recorded in the condensed consolidated interim statements of financial position and their impact on premiums earned are as follows: Six months ended June 30, Unearned premium reserves, beginning of period $ 1,798,568 $ 1,723,768 Premiums written during the period 335, ,596 Premiums earned during the period (287,146) (282,075) Unearned premium reserves, end of period $ 1,846,725 $ 1,686,289 (b) Losses on claims and loss reserves: The carrying value of loss reserves reflects the present value of expected claims costs and expenses and provisions for adverse deviation and is considered to be an indicator of fair value. There is no ready market for the trading of loss reserves and the value agreed between parties in an arm's-length transaction may be materially different. Loss reserves comprise the following: June 30, December 31, Case reserves $ 75,846 $ 75,178 Incurred but not reported reserves 35,082 35,365 Discounting (1,525) (1,936) Provision for adverse deviation 6,894 6,886 Total loss reserves $ 116,297 $ 115,493 8

10 4. Insurance contracts (continued): The following table presents movement in loss reserves and the impact on losses on claims: Six months ended June 30, Loss reserves, beginning of period $ 115,493 $ 117,388 Claims paid during the period (55,171) (57,247) Losses on claims incurred during the period 55,975 44,750 Loss reserves, end of period $ 116,297 $ 104,891 (c) Subrogation recoverable: The following table presents movement in subrogation recoverable during the period: Six months ended June 30, Subrogation rights related to real estate, beginning of period $ 46,195 $ 55,968 Subrogation rights related to real estate acquired as a result of settling claims, at fair value 105, ,043 Change in market value of real estate on hand (4,120) (2,645) Subrogation rights related to real estate disposed of during the period (98,637) (109,058) Subrogation rights related to real estate, end of period 49,221 49,308 Borrower recoveries, beginning of period 20,781 19,486 Net estimated borrower recoveries recognized 1,670 3,930 Borrower recoveries received (2,737) (3,368) Borrower recoveries, end of period 19,714 20,048 Subrogation recoverable, end of period $ 68,935 $ 69,356 The Company applies an expected recovery rate based on historical experience of successful recoveries from borrowers to past claims paid and current loss reserves to establish a recovery accrual. The Company reviews the expected recovery rate quarterly to ensure it reflects the most current historical experience of successful recoveries. 9

11 4. Insurance contracts (continued): (d) Deferred policy acquisition costs: The following table presents movement in deferred policy acquisition costs and the impact on total expenses: Six months ended June 30, Deferred policy acquisition costs, beginning of period $ 172,289 $ 158,427 Policy acquisition costs deferred during the period 35,918 29,099 Deferred policy acquisition costs expensed during the period (28,294) (26,224) Net change in deferred policy acquisition costs during the period 7,624 2,875 Deferred policy acquisition costs, end of period $ 179,913 $ 161,302 (e) Reinsurance: Effective December 1, 2014, the Company, through its indirect subsidiary MICICC, entered into a retrocession agreement with a third party reinsurance company, under which the Company assumed reinsurance risk for approximately 33% of the retroceded liabilities on claims paid by Genworth Financial Mortgage Insurance Pty Limited, an Australian company ( Genworth Australia") in excess of 700,000 Australian dollars within any one year up to a maximum exposure to the Company of 30,000 Australian dollars less claims paid by the Company in prior years. The term of the agreement is 3 years. Genworth Australia has the right to terminate the reinsurance agreement after the first year of coverage. Under the Agreement, the Company receives premium equal to 6.75% of the maximum exposure of 30,000 Australian dollars in the first year of coverage and 5.75% of the maximum exposure in the second and third years of coverage. During the three and six months ended June 30, 2015, the Company recognized $487 and $977 of premiums respectively, and incurred no losses under the reinsurance agreement ( $533 and $1,043 of premiums recognized and no losses incurred). 10

12 4. Insurance contracts (continued): The Company is required to collateralize its reinsurance obligations by posting cash collateral equal to the maximum exposure of 30,000 Australian dollars. As at June 30, 2015, the Company has posted 30,000 Australian dollars, equivalent to $28,889 (December 31, ,000 Australian dollars, equivalent to $28,446), under the Agreement. The collateral is recorded as collateral receivable under reinsurance agreement on the Company s condensed consolidated interim statements of financial position. 11

13 5. Investments: The investments presented in the table below are carried at fair value: Fair value June 30, 2015 December 31, 2014 Amortized cost/cost Unrealized gain (loss) % total fair value Fair value Amortized cost/cost Unrealized gain % total fair value Cash and cash equivalents: Canadian federal government treasury bills $ 233,484 $ 233,484 $ 4.1 $ 135,628 $ 135,628 $ 2.5 Cash 91,151 91, ,747 54, , , , , AFS investments: Short-term investments: Canadian federal government treasury bills (1) 123, , ,933 84, Government bonds and debentures: Canadian federal government 1,803,434 1,720,883 82, ,769,540 1,696,877 72, Canadian provincial and municipal government 964, ,354 77, , ,461 68, ,768,057 2,608, , ,667,437 2,526, , Corporate bonds and debentures: Financial 1,033, ,090 48, ,142,371 1,096,582 45, Energy 282, ,291 21, , ,335 18, Infrastructure 218, ,392 15, , ,616 14, All other sectors 583, ,496 49, , ,185 36, ,117,723 1,982, , ,204,510 2,089, , Asset backed bonds (2) 155, ,653 17, , ,930 5, Total AFS bonds and debentures 5,041,148 4,728, , ,997,359 4,735, , Preferred shares: Financial 113, ,255 (4,636) 2.0 Energy 47,283 48,752 (1,469) 0.8 All other sectors 21,704 22,145 (441) , ,152 (6,546) 3.2 Common shares: Financial 3,659 3,726 (67) ,074 37,088 7, Energy 4,122 4,161 (39) ,756 26,924 1, All other sectors 19,858 17,131 2, ,626 78,644 17, ,639 25,018 2, , ,656 27, Total AFS equity investments 210, ,170 (3,925) , ,656 27, Total investments $ 5,699,660 $ 5,390,596 $ 309,064 (3) $ 5,443,123 $ 5,153,950 $ 289,173 (3) (1) Canadian federal government treasury bills includes $40,089 (December 31, $22,418) in collateral posted for the benefit of the Company's counterparties to its derivative financial instrument contracts as described in the derivative financial instruments section of note 5. (2) As at June 30, 2015 asset backed bonds is comprised of collateralized loan obligations (December 31, 2014, asset backed bonds includes $117,342 of collateralized loan obligations). (3) As at June 30, 2015, unrealized gains include unrealized foreign exchange gains of $55,169 (December 31, $30,044). 12

14 5. Investments (continued): The fair value of investments, excluding equity investments and cash and cash equivalents, are shown by contractual maturity of the investment. Terms to maturity: Federal, provincial and municipal bonds and debentures and short-term investments: June 30, December 31, year or less $ 391,406 $ 288, Years 533, , Years 985, , Years 732, ,605 Over 10 Years 248, ,789 Corporate bonds and debentures and asset backed bonds: 2,891,689 2,752,370 1 year or less 206, , Years 570, , Years 454, , Years 652, ,669 Over 10 Years 389, ,607 2,273,091 2,329,922 $ 5,164,780 $ 5,082,292 Investments denominated in foreign currencies: Corporate bonds and debentures and asset backed bonds include $246,275 (December 31, $229,870) of emerging market bonds and $155,368 (December 31, $117,342) of collateralized loan obligations ("CLOs") denominated in U.S. dollars. The CLOs are structured credit securities, collateralized by U.S. bank loans with an average AA credit rating, that pay interest based on floating interest rates indexed to the London Interbank Offered Rate. 13

15 5. Investments (continued): Derivative financial instruments: Derivative financial instruments are used by the Company for hedging purposes and for the purpose of modifying the risk profile of the Company's investment portfolio, subject to exposure limits specified within the Company's investment policy guidelines, which have been approved by the Board of Directors. The Company uses derivative financial instruments in the form of foreign currency forwards and cross currency interest rate swaps to mitigate foreign currency risk associated with bonds denominated in U.S. dollars and reinsurance collateral denominated in Australian dollars. Foreign currency forwards and cross currency interest rate swaps are contractual obligations to exchange one currency for another at a predetermined future date. The Company uses equity total return swaps to hedge a portion of its economic exposure from the changes in fair market value of the Company's common shares, in relation to risks associated with share-based compensation expense. Additional disclosure of the Company's equity total return swaps is included in note 7. The following table shows the fair value and notional amounts of the derivatives by terms of maturity, in Canadian dollars: Notional amount June 30, Net 1 year Over fair value or less years years years Total Foreign currency forwards (1) $ (25,187) $ 28,386 $ 34,567 $ 25,955 $ 203,737 $ 292,645 Cross currency interest rate swaps (1) (17,519) 134, ,612 Equity total return swaps (1) (378) Total $ (43,084) $ 28,386 $169,179 $ 25,955 $ 203,737 $ 427,257 14

16 5. Investments (continued): Notional amount December 31, Net 1 year Over fair value or less years years years Total Foreign currency forwards (1) $ (14,902) $ 29,322 $ 5,752 $ 16,500 $ 203,033 $ 254,607 Cross currency interest rate swaps (1) (8,249) 120, ,558 Equity total return swaps (1) 156 Total $ (22,995) $ 29,322 $126,310 $ 16,500 $ 203,033 $ 375,165 (1) As at June 30, 2015, foreign currency forwards included $25,203 of derivative financial instrument liabilities and $16 of derivative financial instrument assets. All cross currency interest rate swaps and all equity total return swaps were in a liability position. As at December 31, 2014, foreign currency forwards included $15,049 of derivative financial instrument liabilities and $147 of derivative financial instrument assets. All cross currency interest rate swaps were in a liability position and all equity total return swaps were in an asset position. The Company enters into collateral arrangements with its derivative counterparties that require the posting of collateral upon certain net exposure thresholds being met. As at June 30, 2015, the Company had posted collateral of $40,089 (December 31, $22,418) in the form of Canadian federal government treasury bills for the benefit of its counterparties to the foreign currency forwards, cross currency interest rate swaps and equity total return swaps. Fair value measurements: Fair value measurements are based on a three-level fair value hierarchy based on inputs used in estimating the fair value of financial instruments. The hierarchy of inputs is summarized below: Level 1 - inputs used to value the financial instruments are unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - inputs used to value the financial instruments are other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3 - inputs used to value the financial instruments are not based on observable market data. 15

17 5. Investments (continued): The following table sets forth inputs used as of June 30, 2015 in valuing the Company's financial instruments carried at fair value: Level 1 Level 2 Level 3 Total Bonds and debentures $ $ 5,041,148 $ $ 5,041,148 Equity investments 210, ,245 Short-term investments 123, ,632 Net derivative financial instruments (43,084) (43,084) $ 333,877 $ 4,998,064 $ $ 5,331,941 During the three and six months ended June 30, 2015, the Company did not hold any investments measured at fair value using unobservable inputs (Level 3). Transfers between levels of the fair value hierarchy may occur if the inputs used to value the investments change. Any transfers between the levels are deemed to have occurred at the end of the reporting period. Given the types of assets classified in Level 1, which are short-term investments and equity investments, the Company does not typically have any transfers between Level 1 and Level 2 of the fair value hierarchy, and there were no such transfers during the three and six months ended June 30, Valuation of Level 2 financial instruments: Fair values of bonds and debentures, including CLOs, are obtained primarily from industry-standard pricing services and third party brokers utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. Observable information is compiled and integrates relevant credit information, interest rates of the underlying investment, perceived market movements and sector news. Market indicators, industry and economic events are also monitored as triggers to obtain additional data. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. 16

18 5. Investments (continued): Derivative financial instruments are non-exchange traded foreign currency forwards, cross currency interest rate swaps and equity total return swaps. The value of these derivative financial instruments is determined using an income approach in which future cash flows expected from the contracts are discounted to reflect the current value of the derivative financial instruments. The primary inputs used in determining fair value of foreign currency forwards and cross currency interest rate swaps are interest rate yield curves and foreign currency exchange rates. The primary inputs used in determining fair value of equity total return swaps are market prices for referenced assets and interest rate yield curves. 6. Related party balances and transactions: The Company enters into related party transactions with Genworth Financial Inc. and its subsidiaries. Services rendered by Genworth Financial Inc. and affiliated companies consist of information technology, finance, human resources, legal and compliance, and other specified services. The services rendered by the Company and the Insurance Subsidiary relate mainly to financial reporting and tax compliance support services. These transactions are in the normal course of business and are at terms and conditions no less favourable than market. Balances owing for service transactions are non-interest bearing and are settled on a quarterly basis. The Company incurred net related party charges of $1,584 and $3,134 for the three and six months ended June 30, 2015, respectively (June 30, $1,306 and $2,604, respectively). The balance payable for related party services at June 30, 2015 is $215 (December 31, $317) and is reported in accounts payable and accrued liabilities in the condensed consolidated interim statements of financial position. Effective December 1, 2014, the Company, through its indirect subsidiary MICICC, entered into a retrocession agreement with a third party reinsurance company under which the Company assumed reinsurance risk for approximately 33% of the retroceded liabilities on claims paid by Genworth Australia in excess of 700,000 Australian dollars within any one year up to a maximum exposure to the Company of 30,000 Australian dollars, less claims paid by the Company in prior years. Additional information about the reinsurance transaction is disclosed in note 4(e). 17

19 7. Share-based compensation: The Company provides long-term incentive plans for the granting of stock options ("Options"), restricted share units ("RSUs"), directors' deferred share units ("DSUs"), performance share units ("PSUs"), and executive deferred share units ( EDSUs ). The Company has reserved 3,000,000 common shares of its issued and authorized shares for issuance under these long-term incentive plans. As at June 30, 2015, the Company has 1,771,247 common shares remaining that are available for distribution. Disclosure of long-term incentive plans is included in the Company's annual consolidated financial statements for the year ended December 31, During the year ended December 31, 2014, the Company entered into equity total return swaps to hedge a portion of its economic exposure from the changes in fair market value of the Company's common shares. Equity total return swaps are contracts by which one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a referenced asset or group of assets, including any returns such as interest earned or dividends accrued on these assets in exchange for amounts that are based on prevailing market funding rates. Changes in fair value of the equity total return swaps are recognized in employee compensation expense in the condensed consolidated interim statements of income. The following table summarizes information about the Company's share-based compensation plans: Number of share-based awards outstanding as at June 30, 2015 Fair value of share-based awards as at June 30, 2015 Share-based compensation expense for the three months ended June 30, 2015 Share-based compensation expense for the six months ended June 30, 2015 Options 966,904 $ 6,204 $ 2,854 $ (2,771) RSUs 102,106 3, DSUs 60,020 1, (18) PSUs 99,723 3, EDSUs 30,473 1, Effect of equity total return swaps 1,259,226 $ 15,793 $ 4,414 $ (1,750) (2,503) 1,402 Net share-based compensation expense $ 1,911 $ (348) Total share based compensation liability as of June 30, 2015 was $12,085 (December 31, $16,764). 18

20 8. Income Taxes: During the six months ended June 30, 2015, the Company recorded a favourable tax adjustment of $4,501 in respect of taxes for prior periods. 9. Earnings per share: Basic earnings per share have been calculated using the weighted average number of shares outstanding of 92,459,207 ( ,976,887) and 92,806,650 ( ,949,184) for the three and six months ended June 30, Diluted earnings per share have been calculated using the diluted weighted average number of shares outstanding of 92,475,757 ( ,220,038) and 93,267,763 ( ,097,485) for the three and six months ended June 30, For the three months ended June 30, 2015, 913,804 Options, 67,183 RSUs, 75,037 PSUs and 55,023 DSUs (June 30, ,234 Options, 61,311 RSUs, 17,338 PSUs and 20,549 EDSUs) were excluded from the calculation of diluted weighted average number of shares since their effect would have been anti-dilutive due to the cash settlement option. For the six months ended June 30, 2015, 167,600 Options and 24,686 PSUs (June 30, ,014,664 Options, 10,203 RSUs, 17,338 PSUs and 20,549 EDSUs) were excluded from the calculation of diluted weighted average number of shares since their effect would have been anti-dilutive due to the cash settlement option. 19

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