[PPT] - SMARTER MI DATA DRIVEN CUSTOMER CENTRIC 2017 Investor Day December PowerPoint Presentation

SLIDE 1 1 Genworth MI Canada Inc. 2017 Investor Day December 6th, 2017

2017 Investor Day

SMARTER MI

PEOPLE POWERED DATA DRIVEN CUSTOMER CENTRIC

SLIDE 2 2 Genworth MI Canada Inc. 2017 Investor Day

Forward-looking and non-IFRS statements

DRIVING VALUE THROUGH CUSTOMIZED SERVICE EXPERIENCE Public communications, including oral or written communications such as this document, relating to Genworth MI Canada Inc. (the “Company”, “Genworth Canada” or “MIC”) often contain certain forward-looking statements. These forward-looking statements include, but are not limited to, statements with respect to the implementation of any regulatory or legal changes introduced by the Government and the potential impact on new insurance written, as well as the Company’s future operating and financial results, sales expectations regarding premiums written, capital expenditure plans, dividend policy and the ability to execute on its future

perating, investing and financial strategies, the Canadian housing market, and the size of the transactional insurance market,

proposed or potential transactions involving the Company or its shareholders and other statements that are not historical facts. These forward-looking statements may be identified by their use of words such as “may”, “would”, “could”, “will,” “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions. These statements are based on the Company’s current assumptions, including assumptions regarding economic, global, political, business, competitive, market and regulatory matters. These forward-looking statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the ability of the Company to control or predict. The Company’s actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in the facts underlying the Company’s assumptions, and the other risks described in the Company’s most recently issued Annual Information Form, Short Form Base Shelf Prospectus, and Management’s Discussion and Analysis and all documents incorporated by reference in such documents. Management’s current views regarding the Company’s financial outlook are stated as of the date hereof and may not be appropriate for other purposes. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. To supplement its financial statements, the Company uses select non-IFRS financial measures. Such non-IFRS financial measures include net operating income, operating earnings per common share (basic), operating earnings per common share (diluted),

perating return on equity, insurance in-force, new insurance written, loss ratio, expense ratio, combined ratio, investment yield,

delinquency rates, effective loan-to-value, and Minimum Capital Test (“MCT”). The Company believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance and may be useful to investors because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-IFRS measures do not have standardized meanings and are unlikely to be comparable to any similar measures presented by

ther companies. These measures are defined in the Company’s glossary, which is posted on the Company’s website at

http://investor.genworthmicanada.ca. A reconciliation from non-IFRS financial measures to the most readily comparable measures calculated in accordance with IFRS, where applicable, can be found in the Company’s most recent Management’s Discussion and Analysis, which is posted on the Company’s website and is also available at www.sedar.com.

SLIDE 3 3 Genworth MI Canada Inc. 2017 Investor Day DRIVING VALUE THROUGH CUSTOMIZED SERVICE EXPERIENCE

Genworth Canada 2017 Investor Day

December 6th, 2017 – Agenda

Lunch and registration: 12 noon to 12:40 PM Stuart Levings President & CEO Craig Sweeney SVP & Chief Risk Officer Philip Mayers SVP & Chief Financial Officer Opening remarks and introduction Duration Discussion topic 5 minutes Jonathan Pinto VP, Investor Relations Strategic outlook 30 minutes Disciplined risk management 30 minutes Financial strategy and insights 30 minutes Wrap up by CEO, followed by Q & A period with all executive presenters 30 minutes

SLIDE 4 4 Genworth MI Canada Inc. 2017 Investor Day

Agenda and key themes

Strategic outlook Disciplined risk management Financial strategy and insights Question and answer session

Smarter M.I.

SLIDE 5 5 Genworth MI Canada Inc. 2017 Investor Day

Stuart Levings

President and Chief Executive Officer

Strategic outlook

SLIDE 6 6 Genworth MI Canada Inc. 2017 Investor Day

Genworth Canada overview

$4.0 billion

Market capitalization*

91 million

Shares outstanding**

$6.8 billion

Total assets

$3.9 billion

Shareholders’ equity WHO WE ARE LARGEST private residential mortgage insurer in Canada Helped 1.5M+ families achieve homeownership1 Supported 250+ Canadian lenders1 MARKET FACTS (Q3’17) WHAT WE DO2 1 2 4 3 Mortgage Application Mortgage Insurance Application and Premium Mortgage Loan Insurance Contract Homebuyer Mortgage lender (originates mortgage) Mortgage insurer

Mandatory for less than 20% down payment
100% coverage protects lender against default risk
Upfront non-refundable premium
Capital relief for lenders

MORTGAGE INSURANCE PRODUCT SERVED MARKET

Primarily first time homebuyers with:
25-45 age demographic
$102K average household income….70% multiple

borrowers3 Note: Company sources. Market facts in Canadian dollars. 1. Cumulative transactional funded deals.

2. Denotes transactional mortgage insurance. 3. YTD 2017 – as at Q3’17; transactional purchase only.

*As at November 20th, 2017, Source: Ipreo. ** Basic shares outstanding as at Sept. 30, 2017.

SLIDE 7 7 Genworth MI Canada Inc. 2017 Investor Day

Served market: first time homebuyers

Purchase price <300K >300K - <=500K >500K …and what they purchase What our prudent home buyer profile looks like… 46.4% 34.8% 13.0% 5.8% <= 100K >100K - 150K >150K - 200K > 200K 54.2% 28.6% 12.5% 4.7% <= 35 >35 - <= 45 >45 - <= 55 > 55 Detached Condo Row/Semi 3% immigrated to Canada1 70% bought with spouse/partner1 746 average credit score1 Average household income = $102K Average borrower age = 36 years NATIONAL VANCOUVER TORONTO CALGARY 68% 9% 13% 30% 30% 23% 29% 40% 31% 68% 11% 12%

Avg. price2 = $408K
Avg. income = $115K
Avg. GDS3 = 26%

Note: Company sources, in Canadian dollars. 1. Jan17-Sep17 timeframe; Purchase Business only. 2. Average price represents Greater Calgary Area, Greater Toronto Area and Greater Vancouver Area YTD Sep17; Purchase Business only. 3. Denotes Gross Debt Service Ratio.

Avg. price2 = $518K
Avg. income = $122K
Avg. GDS3 = 29%
Avg. price2 = $461K
Avg. income = $111K
Avg. GDS3 = 28%
Avg. price2 = $325K
Avg. income = $102K
Avg. GDS3 = 24%

SLIDE 8 8 Genworth MI Canada Inc. 2017 Investor Day

2017 key accomplishments

DRIVING SHAREHOLDER VALUE THROUGH SOUND RISK MANAGEMENT AND INDUSTRY THOUGHT LEADERSHIP Loss mitigation efforts ongoing; 54% workout penetration; success rate of 96%, 12 months after workout on average3 Enhancements to risk selection, technology and processes (Smarter MI) Strong financial performance; 7% increase in quarterly dividend1; transactional premium rate increase of 18%2 in 2017 Note: Company sources.

1. Increase is effective Q4’17.
2. Q3 2017 vs. Q3 2016.
3. Oct. 2016 to Sept. 2017 period.
4. YTD Sept. 2017, purchase business only.

2017 loss ratio trending towards lower half of range 10% to 20% range Proactive engagement with regulators to influence mortgage finance sector Well-distributed; high quality portfolio; average credit score 7464, improved debt service ratios

SLIDE 9 9 Genworth MI Canada Inc. 2017 Investor Day

Our environment today

Risk Assessment Economic Housing & mortgage markets Insurance portfolio Regulatory Key takeaways

Strong economic growth environment, 3.1%1 expected in 2017
Positive momentum in oil producing regions
Interest rates on the rise
Monitoring NAFTA renegotiations
Housing markets trending towards more normalized state
First time homebuyer affordability still impacting HLTV market size
Strong supporting fundamentals; 1MM immigration in next 3 years2
Portfolio quality remains strong
Mortgage rate stress test driving improved consumer debt profile in

the insured segment

Extremely strong mortgage loan performance
Government shifting focus to uninsured mortgage space (B-20)
OSFI capital rules impacting lender profitability and competitor

dynamics

Increasing provincial focus on housing policy initiatives

STRONG MACROECONOMIC ENVIRONMENT

1. BoC GDP forecast, Monetary Policy Report, Oct. 2017. 2. Multi-year strategy tabled by the Liberal government, Nov. 2017.

SLIDE 10 10 Genworth MI Canada Inc. 2017 Investor Day

Impact from 2016 stress test

304 498 461 390 422 530 314 281 National Victoria Vancouver Calgary Hamilton Toronto Ottawa- Gatineau Montreal Meaningful difference in impact across markets (C$, 000s) Application volumes*

22%
50%
53%
32%
44%
53%
26%
17%

New insurance written**

15%

Source: Company data. * Change in Activity based on transactional application volumes received YTD Q317 (v. YTD Q316). **Transactional new insurance written (NIW) 3Q YTD 2017 v. 3Q YTD 2016. CHANGE IN APPLICATIONS DOWN APPROXIMATELY 20% AS EXPECTED; NIW & PREMIUMS WRITTEN LESS IMPACTED DUE TO RATE INCREASE AND HIGHER APPROVAL RATE Genworth insured property prices

SLIDE 11 11 Genworth MI Canada Inc. 2017 Investor Day

B-20 qualifying rate impact

73% 12% 5% 11% 2016 – YTD 2017 Low Ratio Applications (up to 25 year amortization) GDS & TDS breach drill-down1 Eligible NIW (within debt servicing limits) TDS > 44% limit Within 200 bps of limit >200 above limit Both GDS and TDS breach GDS > 39% limit 71% 29% 43% 57% Within 400 bps of limit >400 above limit Note: Company sources. NIW represents new insurance written. 1. Based on Total GDS and/or TDS breach ($) 2. Management estimate. POTENTIAL IMPACT TO HOUSING DEMAND IN THE 5%-10%2 RANGE; IMPROVES LONG-TERM AFFORDABILITY Creates more level playing field in terms of qualifying criteria between uninsured mortgages (B-20) and insured mortgages (B-21)

SLIDE 12 12 Genworth MI Canada Inc. 2017 Investor Day

Market size Market share Premium rate

Modest improvement in first

time homebuyer penetration rate

Diversified across lenders
Full year impact of 2017 rate

increase (~3.50% v. 3.26%)2

Growth opportunities

1 2 3

TRANSACTIONAL PREMIUMS WRITTEN EXPECTED TO BE MODESTLY HIGHER IN 2018 Transactional market penetration 80%1 ~17- 20%1 Transactional insurance penetration of ~17-20%1 (of total mortgage

riginations) in

2017 2018 expectations for a modestly larger insured market Uninsured market Insured market

B-20 & provincial changes slowing home price

appreciation; improved affordability for first time homebuyer

Lower mortgage rates for borrower-paid insured

mortgages vs. uninsured mortgages

B-20 mortgage rate stress test reduces incentive to avoid

high ratio mortgage rules Key drivers of market size growth: Impact +2-3% +1-2 points +24 bps 1. Management estimate. 2. Management estimate, vs. Q3 YTD 2017.

SLIDE 13 13 Genworth MI Canada Inc. 2017 Investor Day

Our core business franchise is solid

Prudently grow key accounts Drive capital efficiency Leverage GR strategy to influence government

Fundamentals are sound: strong

regulatory structure; prime, de-risked mandatory product; disciplined underwriting and covenant recourse

Risk profile of recent, more exposed

books materially improved over older books

Housing in larger markets moving

towards a “soft landing”

New capital framework and improved

pricing should drive ROE progression

Business generating excess capital as
lder books season

A D

Proactively manage risk

B C

Status Strategies to improve core MI business

SLIDE 14 14 Genworth MI Canada Inc. 2017 Investor Day

Lender MI allocation dynamics

CREATING VALUE THROUGH: RELATIONSHIPS, SERVICE EXPERIENCE, CLAIMS CREDIBILITY, AND INDUSTRY THOUGHT LEADERSHIP

Allocation at branch level (50%1 of industry volume) Allocation at HQ (“toggle lenders”) (50%1

f industry volume)
Focused on driving superior

customer experience

Relationships/“feet on the street”
Local market expertise
Underwriting consultation
Training
Key senior decision makers and

relationships

Thought leadership/data
Service standard scorecards
Counterparty assessments
Portfolio insurance

Field Sales National Accounts Regional sales resources across all provinces Key head office relationships supported by field sales 1. Management estimate.

SLIDE 15 15 Genworth MI Canada Inc. 2017 Investor Day

Prudent growth and enhanced customer experience

Growth strategy

(1) Drive enhanced customer experience and profitability through

ur “Smarter MI” strategy

(2) Maintain transparency on credit ratings and counterparty strength (3) Build on our reputation as the preferred MI partner through

ngoing industry “thought

leadership” Leveraging key capabilities ENHANCE LENDER ‘POINT OF SALE’ EXPERIENCE TO DRIVE MARKET SHARE GROWTH Risk analytics Customer segmentation Enhanced modeling 25 years of mortgage performance data

SLIDE 16 16 Genworth MI Canada Inc. 2017 Investor Day

2018 outlook

GRADUAL MARKET NORMALIZATION AS STAKEHOLDERS ADJUST TO REGULATORY INTERVENTION

Ongoing economic strength, greater parity between provinces “Normalized” housing markets, particularly in the GTA & GVA B-20 stress test - pressure on conventional mortgages and higher end price segment Modest improvement in FTHB fundamentals Transactional premiums written expected to be modestly higher in 2018 Ongoing normalization of losses Emergence of risk based pricing methodology for HLTV mortgage insurance

SLIDE 17 17 Genworth MI Canada Inc. 2017 Investor Day

Strategic priorities for 2018

1

Invest in process innovation and technology to drive improved customer experience

4

Maintain an efficient capital structure to ensure capital strength while maximizing ROE

3

Leverage our strong government relations strategy to influence our regulatory environment

2

Continue to exercise prudent risk management and proactive loss mitigation CONTINUE TO PROVIDE THOUGHT LEADERSHIP IN THE MORTGAGE INDUSTRY

SLIDE 18 18 Genworth MI Canada Inc. 2017 Investor Day

Craig Sweeney

Senior Vice President and Chief Risk Officer

Disciplined risk management

SLIDE 19 19 Genworth MI Canada Inc. 2017 Investor Day

Risk governance framework

Portfolio analytics
Identification of loss trends
Drives underwriting changes
Proactive loss mitigation

Portfolio risk management

Clearly defined risk appetite
Underwriting fundamentals
Proprietary mortgage scoring model
Robust quality assurance

Manage the quality

f new business

INSURANCE RISK PILLARS

Macro-economic environment
Housing market trends
Regional risk factors

Identify & assess key risks Strong regulatory framework

Defined underwriting best practices (OSFI’s B-20 / B-21 guidelines)
Borrower recourse
Efficient and effective mortgage foreclosure process
Risk-sensitive capital framework

REGULATORY & LEGAL FRAMEWORK GOVERNANCE Robust risk

versight
Board: Risk, capital and investment committee
Management: Insurance risk committee; Model risk committee

SLIDE 20 20 Genworth MI Canada Inc. 2017 Investor Day

Underwriting fundamentals - Smarter MI

APPLICATION SCREENING PROCESS

Credit Quality

“Prime”

borrower(s)

Payment

history

Debt

serviceability Collateral Models

Property

characteristics

Locational

influences

Value /

marketability UW’ing Rules

Regulatory

requirements

Emerging

risks

Model ‘blind

spots’ Automated Underwriting Decision

All models

must pass for a loan to auto approve

Enhanced due

diligence on referred files Loan Quality Score

Comprehensive

loan quality assessment

SLIDE 21 21 Genworth MI Canada Inc. 2017 Investor Day

Environment

Commentary Portfolio quality › Significant embedded equity and strong average credit scores Canadian economy › Strong economic momentum across most regions going into 2018 Stabilizing oil prices › Reinvestment in the oil and gas sector in initial stages U.S. economy › Robust labour market and consumer confidence Commentary NAFTA / Recession › NAFTA negotiations expected to continue into late 2018 Housing risk: GTA / GVA › B-20 Guideline: Stress test to further reduce over heating in key regions Rising interest rates › Insurance portfolio heavily weighted to 5-yr fixed rate mortgages Household debt levels › MIC: improving borrower debt profile

KEY RISKS KEY STRENGTHS

Source: Company sources, Bank of Canada, RBC economics, US EIA, bls.gov, fred.stlouisfed.org/series/UMCSENT

SLIDE 22 22 Genworth MI Canada Inc. 2017 Investor Day

1. Total Insurance in Force as at September 30, 2017 based on original insured amount
2. Based on outstanding balance of insured mortgages as reported by the Company as at September 30, 2017 of $222B
3. Effective LTV calculated using Teranet comprehensive data; Based on lender reported outstanding balance of insured mortgages as at September 30, 2017

Insurance in Force (C$B) 1 $161 $165 $21 $21 $20 $19 $21 $25 $21 $14 $487 O/S Insured Mtg Balances2 (C$B) $103 $17 $7 $7 $9 $11 $16 $20 $20 $12 $222 % – ELTV3 >80% 0.1% 1% 0% 1% 11% 26% 47% 48% 66% 94% 21% 39% 37% 53% 57% 62% 65% 71% 75% 82% 91% Bulk <=2009 2010 2011 2012 2013 2014 2015 2016 YTD'17 Average Effective Loan-to-Value (ELTV) by Book Year3 As at September 30, 2017 Bulk Transactional Total >25% EQUITY ON AVERAGE FOR 2015 AND PRIOR BOOK YEARS

National risk in force (RIF)

SLIDE 23 23 Genworth MI Canada Inc. 2017 Investor Day Credit profile C$103B (effective LTV by loan bucket, % of transactional business) Note: Effective LTV calculated using Teranet comprehensive data; Based on lender reported outstanding balance of insured mortgages as at September 30, 2017 2% 6% 8% 84% > 75% 70.01-75% 65.01-70% <= 65% Outstanding insured mortgage balance 10% 5% 739 768 '08 '09 '10 '11 '12 '13 '14 '15 '16 Q3'17 YTD % Score* <660 Avg Score *excludes files with missing Credit Score 84% OF PORTFOLIO INSURANCE HAS EMBEDDED EQUITY OF AT LEAST 35%

Portfolio insurance

SLIDE 24 24 Genworth MI Canada Inc. 2017 Investor Day EMBEDDED EQUITY & STRONG CREDIT SCORES REDUCE OVERALL RISK IN PORTFOLIO C$119B (effective LTV by loan bucket, % of transactional business) Note: Effective LTV calculated using Teranet comprehensive data; Based on lender reported outstanding balance of insured mortgages as at September 30, 2017 14% 3% 720 746 '08 '09 '10 '11 '12 '13 '14 '15 '16 Q3'17 YTD % Score <660 Avg Score 15% 12% 12% 61% > 90% 85.01-90% 80.01-85% <= 80%

Transactional insurance

Credit profile Outstanding insured mortgage balance

SLIDE 25 25 Genworth MI Canada Inc. 2017 Investor Day

Limiting stacked risk factors

EXPOSURE TO STACKED RISK LOANS TRENDING DOWNWARD 66% 27% 5% 1% 1% >90-95 >85-90 >80-85 >75-80 <=75 95 LTV – credit score 3% 5% 8% 29% 36% 19% <=660 <=680 <=700 <=740 <=780 780+ 20% 37% 25% 18% >40 >35-40 >30-35 <=30% 95 LTV – TDSR Stacked risks (% of NIW): >90%+ LTV + <=660 credit score + >40 TDSR Halifax Montreal Ottawa Toronto Calgary Vancouver National 2017 0.2% 0.1% 0.2% 0.1% 0.4% 0.5% 0.4% 2016 0.7% 0.1% 0.4% 0.3% 0.4% 0.3% 0.5% 2015 0.7% 0.5% 0.9% 0.4% 0.6% 0.5% 0.8% Loan-to-value (LTV) Mix Note: Company sources; Stacked Risk = >90% LTV and <= 660 score and >40 total debt service ratio (TDSR). NIW represents new insurance written.

LTV mix, 95LTV by Credit Score, 95LV by TDSR and 2017 Stacked risks based on New Insurance Written (NIW) YTD Sep’17; Purchase only. Excludes Alt A.
2015 and 2016 Stacked risks based on Total NIW for the year; Purchase only, excludes Alt A

2017 TRANSACTIONAL BUSINESS

SLIDE 26 26 Genworth MI Canada Inc. 2017 Investor Day

Early term delinquency trend

Note: Company sources as at Q3’17; MI (transactional) data only.

1. Represents loans that go into delinquency status within the first 12 months.

12-month delinquency rate (DR) trend1 RISK MANAGEMENT PROCESSES DRIVE BETTER PORTFOLIO QUALITY

Measure of underwriting quality and

potential borrower misrepresentation

B-20/B-21 guidelines support strong

underwriting discipline

Key MIC risk processes and controls:
Lender underwriting quality assurance
Industry information sharing
Collateral model tests for inflated values

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3'17 YTD 12-Month DR

SLIDE 27 27 Genworth MI Canada Inc. 2017 Investor Day

Regional risk assessment

Housing risk Economic risk Low High High GTA Quebec Alberta Atlantic Ontario (ex GTA) Prairies Key Indicators

Overvaluation
Affordability
Price-to- income
Supply / demand

Key Metrics: GDP Forecast; UE Rate; Economic diversity Pacific (ex GVA) Denotes change from Q2’17 Elevated housing risk in GTA. Regulatory actions reducing risk GVA Improved economic forecast for Alberta and Prairies regions Sources: Company estimates, Market average/consensus, Northern Economic Diversification Index

SLIDE 28 28 Genworth MI Canada Inc. 2017 Investor Day

GTA & GVA: housing market trends

Sales-to-listings ratio (%) Source: CREA, data as at Sep’17. Note: GTA represents the Greater Toronto Area and GVA represents the Greater Vancouver Area. 20 40 60 80 100 24 20 16 12 8 4 FB Tax* 4 8 12 GTA GVA Months before the tax Months after the tax Resale price (month 24 = 100) 80 100 120 140 160 24 20 16 12 8 4 FB Tax* 4 8 12 GTA GVA Months before the tax Months after the tax Both cities have returned to a more balanced market House prices have returned to 2016 levels

SLIDE 29 29 Genworth MI Canada Inc. 2017 Investor Day 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Jan17 Feb17 Mar17 Apr17 May17 Jun17 Jul17 Aug17 Sep17 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Jan17 Feb17 Mar17 Apr17 May17 Jun17 Jul17 Aug17 Sep17 GTA1 median price GVA1 median price Market MIC Market MIC Condo Detached Condo Note: Company sources, except for market data based on information from CREA. Median price on transactional new insurance written for purchase transactions (excludes re-financings).

1. GTA represents the Greater Toronto Area and GVA represents the Greater Vancouver Area.

Detached

GTA & GVA: housing market trends

SLIDE 30 30 Genworth MI Canada Inc. 2017 Investor Day

Buffers against rising interest rates

2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 % 5-yr Fixed 54% 57% 58% 78% 84% 75% 78% 82% 71% 70% 15% 15% 5yr Fixed <5yr Fixed Variable Originations between 2007-YTD 2017 MIC: Interest rate trend 2 3 4 5 6 7 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 18F* 19F* Avg Contract Rate Qualifying Rate buffer % * Mortgage renewal rate is the 5 year bond rate plus 150 bps 70% of portfolio* is 5-yr fixed rate MIC: Qualifying rate *MIC originations between 2007-2017 MAJORITY OF 2013 / 14 BORROWERS WILL RENEW AT RATES EQUAL TO OR LOWER THAN THEIR ORIGINAL MORTGAGE RATE

SLIDE 31 31 Genworth MI Canada Inc. 2017 Investor Day 11.1% 10.5% 8.0% 7.9% 7.8% 0% 5% 10% 15% 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3

Improving gross debt service ratio

REGULATORY CHANGE SUPPORTING IMPROVED PORTFOLIO QUALITY MIC: Gross debt service ratio >35% Highly indebted borrowers Note: Data include purchases and refinances originated by federally regulated financial institutions Note: Company sources for transactional new insurance written Indebted Borrowers Source: Bank of Canada, Financial System Review Nov. 2017.

SLIDE 32 32 Genworth MI Canada Inc. 2017 Investor Day

Regional diversification

GEOGRAPHICALLY DIVERSIFIED … ALBERTA EXPOSURE REDUCED TO 18% Note: Company sources.

1. NIW represents new insurance written.
2. Pacific includes BC and Territories.

Regional highlights Regulatory changes and affordability constraints reducing Ontario NIW 38% 37% 39% 43% 38% 25% 27% 23% 17% 18% 14% 12% 12% 13% 16% 10% 12% 13% 14% 14% 13% 13% 12% 13% 14% 2013 2014 2015 2016 2017 YTD Ontario Alberta Quebec Pacific Other Regional NIW1 dispersion (Transactional)2 Underwriting actions resulting in smaller but better quality Alberta portfolio since 2014 Strong economic conditions in

Quebec. Key growth region in

2018

SLIDE 33 33 Genworth MI Canada Inc. 2017 Investor Day 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 YTD 2017 Canada loss ratio - MIC (RS) Canada DR-CBA

2018 annual loss ratio expectations

MIC loss ratio & CBA delinquency rates PRELIMINARY 2018 ANNUAL LOSS RATIO RANGE 15% TO 25% Preliminary 2018 Loss Ratio Range

WTI price-per-barrel in the

$50-60 US range

Canadian dollar remains

stable in the 70-80 cent range

Modest increase in mortgage

interest rates 2018 assumptions UE Rate House Prices National ~6.5% (0.5%) Note: 2018 assumptions based on Company estimates; denote exit rates. Data Sources: Canadian Bankers Association, Company sources; all data as at Q3’17 except CBA delinquency rates (as at Aug’17)

1. 2009 excludes the impact of the change to the premium recognition curve in Q1’09

1

SLIDE 34 34 Genworth MI Canada Inc. 2017 Investor Day

Key takeaways

Disciplined risk management

Underwriting fundamentals reducing risk Well positioned to address economic pressures 2018 annual loss ratio range: 15% to 25% Strong portfolio quality

SLIDE 35 35 Genworth MI Canada Inc. 2017 Investor Day

Philip Mayers

Senior Vice President and Chief Financial Officer

Financial strategy and insights

SLIDE 36 36 Genworth MI Canada Inc. 2017 Investor Day 2012 2013 2014 2015 2016 2017 30.62 32.53 35.02 36.82 39.28 42.04 13%2 12% 12% 12% 11% 13% 0% 5% 10% 15% 20% 25% 5 10 15 20 25 30 35 40 45 2012 2013 2014 2015 2016 Q3'17 1.19 1.31 1.44 1.59 1.70 1.32 2012 2013 2014 2015 2016 2017

Consistently creating shareholder value

Operating earnings per share (C$, diluted) Book value per share (C$, including AOCI, diluted) EPS (net of dividends) Ordinary dividends paid Buybacks & special dividends (C$, millions) $3.432 $3.60 $3.86 $4.05 $4.23 Total EPS 6% CAGR1 Track record of year over year EPS growth 5% CAGR1

1. Net operating income, EPS, and book value per share CAGR (compounded annual growth rate) reflects the 2012-2016 period. 2. 2012 net operating income, EPS & ROE

excludes impact of the reversal of the government guarantee fund exit fee. 105 116 50 3Q YTD Operating Income history (C$, millions) $3.76 40 3% CAGR1 On track for continued growth in

perating income

$3392 $349 $366 $375 $388 $345 3Q YTD Net operating income Operating return on equity Book value per share 3Q YTD

SLIDE 37 37 Genworth MI Canada Inc. 2017 Investor Day Unearned premiums provide good visibility of future revenues with significant embedded value

Strong balance sheet

(C$, millions)

Sept. 30,

2017

Dec. 31,

2016 Assets Cash and investments $ 6,472 $ 6,265 Other assets 355 347 Total assets $ 6,826 $ 6,612 Liabilities Loss reserves 131 163 Unearned premiums 2,136 2,143 Long-term debt 433 433 Other liabilities 265 224 Total liabilities 2,965 2,963 Shareholders’ equity (incl. AOCI) 3,861 3,649 Total liabilities and shareholders’ equity $ 6,826 $ 6,612 Strong capital position with track record of annual dividend increases and share buybacks Modest leverage with debt to total capital of 10% High quality investment portfolio with ~92%1 investment grade fixed income Note: Amounts may not total due to rounding. 1. Includes cash and cash equivalents of 5%. EMBEDDED PROFITS IN $2.1 BILLION UNEARNED PREMIUMS RESERVE DRIVING ONGOING PROFITABILITY

SLIDE 38 38 Genworth MI Canada Inc. 2017 Investor Day 2013 and prior years 2013 and prior years 2014 2014 2015 2015 2016 2016 2017 2017 2017 2018 premiums earned illustration

Premiums earned

Net premiums written (C$, millions) Earnings curve (by age of book for a calendar year) Premiums earned (Contribution by book year)1 Q4/17 and 2018 premiums earned1 Q4/17 premiums earned1 Note: Earnings curve assumes no material change in the curve with respect to above depiction. 1 Estimates as of Q4/17 and 2018 premiums earned are for illustrative purposes only and are not to scale. 498 760 809 640 512 550 2017 2016 2015 2014 2013 2012 0% 5% 10% 15% 20% 25% Year 7 Year 6 Year 5 Year 4 Year 3 Year 2 Year 1 3Q YTD 2018 4Q17 (illustrative purposes only) Key drivers of 2018 premiums earned Transactional premium rate should grow by ~7% to ~3.50% in 2018 reflecting full impact of Q2 2017 price increase Premiums earned expected to be relatively flat in 2018 2017 Q3 YTD $505 million

SLIDE 39 39 Genworth MI Canada Inc. 2017 Investor Day

Loss ratio

2018 FULL YEAR TARGET LOSS RATIO OF 15 TO 25% Loss ratio expected to trend higher in 2018 as losses on claims begin to normalize in Ontario and Pacific regions 39% 43% 38% 7% 23% 17% 18% 50% 46% 12% 13% 16% 22% 22% 13% 14% 14%

1%

12% 13% 14% 23% 33% 2015 2016 2017 YTD 2016 3Q17 YTD Ontario Alberta Quebec Pacific Other Regional NIW1 vs. losses on claims Alberta, Quebec and Atlantic regions driving 2016 and 2017 losses on claims Strong economic conditions in Ontario and Pacific regions resulting in almost no losses on claims in these regions Regional NIW1 dispersion (Transactional)2 Regional losses on claims distribution Observations Note: Company sources.

1. NIW represents new insurance written.
2. Pacific includes BC and Territories.

Loss ratio 22% 11%

SLIDE 40 40 Genworth MI Canada Inc. 2017 Investor Day

Loss reserving primer

Unpaid principal & accrued interest Incurred but not reported delinquencies Settlement costs:

Legal
Appraisal
Repairs
Property

management

Property taxes

Loss reserves represent our best estimate of the net costs of settling claims plus a provision for adverse deviation for delinquent loans Best estimate of losses on claims Estimated property value Expected cures and recoveries Provision for adverse deviation Forced sale value Market value Reserves set using forced sale value Distribution of sale prices vs. appraised values Reflects potential for home price declines, higher settlement costs, lower cure or recovery rates, etc. LOSS DEVELOPMENT MOST PRONOUNCED WHEN THERE ARE UNANTICIPATED ECONOMIC DEVELOPMENTS Note: Company sources.

SLIDE 41 41 Genworth MI Canada Inc. 2017 Investor Day

Embedded value illustration

In-force portfolio

Expected over economic cycle Stress scenario 1% to 2% increase 2% to 4% increase

5% to -7%
15% to -20%

25% to 30% 60% to 70% $2.1 billion ($578M) ($1,365M) ($420M) ($420M) ~$813M ~$233M ~$9.00 ~$2.60 Unemployment rate change over 5 years Cumulative HPA / (HPD) over 5 years Loss ratio (national) over 5 years Unearned premiums Future losses Future expenses (20% expense ratio) Embedded value after taxes MEANINGFUL EMBEDDED FUTURE PROFITS AND ADDITIONAL INTRINSIC VALUE Additional intrinsic value per share Note: Company estimates.

SLIDE 42 42 Genworth MI Canada Inc. 2017 Investor Day 30% 15% 33% 6% 8% 8%

High quality investments

Federals Provincials Preferred shares Emerging markets debt Investment grade corporates3 Cash & other4 Duration: 3.9 years Book yield: 3.1%2 Invested assets (C$, millions, unless noted) $5,917 $5,867 $176MM of bond maturities for the rest of 2017, and $623MM in 2018 5,940 6,248 305 90 76 43 58 Q3 2016 Q3 2017 Book value Unrealized investment gain $6.2B $6.5B Net derivative (44) Accrued income Industry / sector & subsectors Corporate bonds & emerging market debt (~40% of portfolio) Preferred shares (8% of portfolio) 59% 23% 13% 5% 34% 37% 7% 7% Pipelines & Distribution Energy Financials Industrials, Utilities & Other 4% Infrastructure Pipelines & Distribution Energy Financials Industrials, Utilities & Other Note: Company sources.

1. Represents market value of investments, includes accrued investment income and other receivables and net derivative financial instruments related to foreign exchange

and interest rate hedging programs. 2. Investment yield represents pre-tax equivalent book yield after dividend gross-up of portfolio (as at Sept. 30th, 2017). 3. Market value, includes CLOs. 4. Cash & other includes short-term investments, accrued investment income and other receivables, and net derivative financial instruments. POSITIONED WELL FOR RISING RATE ENVIRONMENT Total invested assets (Market value of $6.5 billion1) 11% Collateralized loan obligations

SLIDE 43 43 Genworth MI Canada Inc. 2017 Investor Day

Investments generate steady income stream

Interest rate hedge program Investment highlights Current book yield1 (Sept. 30/17) Current duration

Sept. 30/17

(years) 1-year forward rates2 Cash & short-term 0.87% 0.2 1.40% Federal agency bonds3 2.14% 4.2 2.23% Provincial gov’t bonds 3.21% 5.4 2.32% Corporate bonds (Single A, average quality) 3.28% 3.3 2.42% Emerging market debt 3.72% 5.2 3.29% Preferred shares 6.67% 4.3 6.67% Total 3.10% 3.9

Targeting to maintain book yield around 3.1 to 3.2% with duration around 3.8 years
Substantially hedged interest rate risk on attractive terms … potential to earn $15MM to $18MM in pre-tax
perating income in 2018
2018 focus on adding US bonds to further diversify away from Canadian financials
1. Pre-tax equivalent yield including gross-up of dividend income.
2. As at Nov. 22nd, 2017. 3. Federal government bonds constitute government agency bonds and NHA MBS. 4. Floating rate reflects the average for 2018 based on the

forward curve as at Dec 4, 2017; fixed rate represents the contract rates for our existing portfolio of interest rate swaps as at September 30th, 2017. Investment portfolio (by asset class) Interest rate swaps 2018 forward curve4 Notional (C$B) $3.5 Floating4 1.60 - 1.70% Fixed4 1.17% Spread 0.43 - 0.53% Potential Impact on

perating investment

income $15 – 18 MM

SLIDE 44 44 Genworth MI Canada Inc. 2017 Investor Day 3.9 3.9 0.1 0.2 31-Mar-17

Sept. 30 2017
Dec. 31, 2018 F

Transitional capital relief for legacy portfolio insurance & extended amortization business expected to run-off in 1H 2019 Continued dialogue on refinements to regulatory capital framework for 2019

Updating credit scores
Low LTV capital requirements

Regulatory capital

MCT (C$, billions) Capital build expected to continue from strong profitability MCT EXPECTED TO BUILD IN 2018 ... ACCESS TO INSURANCE COMPANY CAPITAL ABOVE OPERATING RANGE OF 160% TO 165% MAY BE LIMITED UNTIL TRANSITIONAL RELIEF RUNS OFF Total Capital Available $4.0 $4.1 Capital above internal MCT target of 157% Capital required at 157% MCT Transitional capital benefit

SLIDE 45 45 Genworth MI Canada Inc. 2017 Investor Day

2018 capital priorities

Funding organic growth with MCT > 160% Capital priorities Maintaining modest leverage of <= 15% Capital strength

MCT expected to increase moderately in

2018 Holding company cash and liquid investments > $100 MM Credit facility of $200 MM Capital flexibility

Strong flexibility with unutilized debt

capacity and strong holdco cash position Sustainable

rdinary dividend

Return of capital when excess capital available Capital efficiency

Continued focus on optimizing capital

utilization Observations

SLIDE 46 46 Genworth MI Canada Inc. 2017 Investor Day

Mortgage insurance pricing

COST OF CAPITAL ACCOUNTS FOR OVER 50% OF PREMIUM RATES UNDER THE NEW REGULATORY CAPITAL FRAMEWORK Cost of capital1 45-55% Expenses 18-20% Losses 25-30% Cost of capital1 55-65% Expenses 18-20% Losses 20-25% 2016 2017 new pricing Average premium rate 2.93% Average premium rate ~3.50% ~18% premium rate increase to achieve >13% ROE Cost of capital1 65-75% Expenses 10-15% Losses 15-20% Cost of capital1 75-90% Expenses 10-15% Losses <10% 2016 2017 new pricing Average premium rate 0.34% Average premium rate ~0.76% ~123% premium rate increase to achieve >13% ROE Transactional pricing Portfolio pricing

1. Net of investment income.

SLIDE 47 47 Genworth MI Canada Inc. 2017 Investor Day <=600 600 to 619 620 to 639 640 to 659 660 to 679 680 to 699 700 to 719 720 to 739 740 to 759 760 to 779 >=780 Total Requirement at Issue Credit Score at Issue Credit score multiplier for total asset requirement New base requirement 4.6x 3.2x 2.8x 2.5x 2.1x 1.7x 1.4x 1.0x 0.9x 0.7x 0.6x Multiplier to 730 credit score Based on highest credit score for multiple borrowers Regulatory capital drivers 2016 & prior 2017 & subsequent Original loan amount Current outstanding balance Original LTV Hybrid LTV (O/S balance / original property value) Age of loan Original credit score Supplementary capital for

verheated markets

LTV and credit score are the most sensitive variables in regulatory capital model More granular pricing by LTV and credit score could be beneficial

Better aligns pricing with

underlying risk

Transparent pricing
Incentivizes prudent borrower

behavior / credit profile

Reduces adverse selection &

moral hazard risk Pricing by LTV and credit score is predominant model in the US

Regulatory capital, credit scores and future pricing model

MORE GRANULAR PRICING LIKELY TO EVOLVE OVER TIME

SLIDE 48 48 Genworth MI Canada Inc. 2017 Investor Day

2018 ROE drivers

Premiums earned by book year (C$) Regulatory capital by book year (~C$3.6B) 2018 ROE by book year <10% 10-13% >13% 2013 & prior 2014 to 2016 2017 & 2018 2018 OPERATING ROE EXPECTED TO BE SIMILAR TO THAT IN RECENT YEARS OF 12-13%… OVER THE MEDIUM TERM, TARGETING 13% + OPERATING ROE 2017/2018 2013 & prior 2014-2016 2017/2018 2013 & prior years 2014-2016 Recent books dominate premiums earned…. .…but new capital framework drives higher capital level for 2016 & prior books ….leading to lower ROE on 2013 & prior books, but 13%+ ROE for 2017 book

SLIDE 49 49 Genworth MI Canada Inc. 2017 Investor Day

Key takeaways for 2018

Proven business model has positioned MIC for future financial performance

Modestly higher premiums written driven by modest growth in MI market size and market share coupled with higher average premium rates Consistent with operating ROE in recent years of 12-13% Flat premiums earned due to smaller book

f business in 2017

Normalizing loss ratio range of 15% to 25% aided by strong portfolio quality and stable economic conditions Modestly higher investment income inclusive of favorable contribution from interest rate hedging program

SLIDE 50 50 Genworth MI Canada Inc. 2017 Investor Day

Stuart Levings

President and Chief Executive Officer

Wrap up

SLIDE 51 51 Genworth MI Canada Inc. 2017 Investor Day

MIC investment thesis

Potential for top-line growth through market size recovery, share growth, and full year impact of premium rate increase Seasoned risk management experience and high quality portfolio ROE improvement and strong capital generation

ver the medium term

Proven business model and deep mortgage insurance expertise

Sound product design and strong regulatory environment Enabling execution of business strategy and

rganizational success through people development

and cultural alignment

SLIDE 52 52 Genworth MI Canada Inc. 2017 Investor Day

Culture and values

SLIDE 53 53 Genworth MI Canada Inc. 2017 Investor Day

Q A

SLIDE 54 54 Genworth MI Canada Inc. 2017 Investor Day

Senior management team

Stuart Levings, President & Chief Executive Officer 15+ years of mortgage insurance experience

Mr. Levings assumed his current role as President and Chief Executive Officer in January
2015. Prior to that Mr. Levings served in such senior leadership positions as Senior Vice

President, Chief Operating Officer, Senior Vice President, Chief Operations Officer and Senior Vice President, Chief Risk Officer. Mr. Levings joined the Company in July 2000 as the Financial Controller, and has also held positions in finance and product development, including five years as Chief Financial Officer. Before that, Mr. Levings spent seven years with Deloitte & Touche. Mr. Levings holds a CPA, CA professional designation with over 15 years of professional experience in a variety of industry sectors. Mr. Levings holds a Bachelor of Accounting Science degree from the University of South Africa and is a member of both the South African and Canadian Institutes of Chartered Accountants. Philip Mayers, SVP & Chief Financial Officer 25+ years of mortgage insurance experience

Mr. Mayers became Chief Financial Officer of the Company in 2009. He has over 25

years of finance and general management experience in financial services businesses. Since joining the Company in 1995, Mr. Mayers has held several senior positions, including Vice President, Finance, Vice President, Operations, and Senior Vice President, Business Development. Prior to joining the Company, he held finance positions with Mortgage Insurance Company of Canada (“MICC”), Esso Petroleum Canada and Deloitte & Touche. He holds CPA, CA and CMA professional designations and has a Master of Accounting degree from the University of Waterloo.

SLIDE 55 55 Genworth MI Canada Inc. 2017 Investor Day

Senior management team

Craig Sweeney, SVP & Chief Risk Officer 15+ years of mortgage insurance experience

Mr. Sweeney has more than 18 years of professional experience in the mortgage and

banking industry. Since joining the Company in 1998, Mr. Sweeney has held senior positions in Operations and Business Development, including Director of Risk Operations and Director of Product Development. Mr. Sweeney received an honours Bachelor of Arts degree in Economics from Carleton University in 1994. Winsor Macdonell, SVP, General Counsel & Secretary 15+ years of mortgage insurance experience

Mr. Macdonell is responsible for all of the Company’s legal and compliance matters, as

well as government relations. Mr. Macdonell joined the Company in 1999. He was called to the Bar in Ontario in 1994. Prior to joining the Company, he spent three years in the life and property and casualty industry, and prior to that was in private practice. Mr. Macdonell received an honours Bachelor of Commerce degree from Queens University in 1988 and his LL.B. from Dalhousie University in 1992 and his ICD.D in 2014.

SLIDE 56 56 Genworth MI Canada Inc. 2017 Investor Day

Senior management team

Debbie McPherson, SVP, Sales and Marketing 25+ years of mortgage insurance experience

Ms. McPherson has over 25 years of experience and success in sales and quality

management with the Company. Prior to her current position, Ms. McPherson was the Company’s Ontario Regional Sales Director. Ms. McPherson plays an active role in many industry organizations, including the Canadian Association of Accredited Mortgage Professionals, the Canadian Homebuilders Association and the Canadian Real Estate

Association. Ms. McPherson graduated from the University of Toronto with a Bachelor of

Arts degree. Michel Cubric, SVP, Operations 20+ years of experience Michel Cubric joined Genworth Canada as Senior Vice President, Operations in October

2017. Michel originally hails from Brazil where he started his career in the airline industry.

He moved to Canada and began working in the financial services industry. Over a period

f 14 years at CIBC, Michel developed his knowledge and expertise in the area of
mortgages. In 2009 Michel held the role of Senior Vice President, Operations and

Lending Services for Resmor which rebranded to become RMG Mortgages. In 2012, MCAP acquired the mortgage division of RMG, and Michel continued to lead sales and underwriting until 2016 in addition to assuming responsibility for MCAP’s sub-servicing and lender marketing units. Michel holds a Bachelor of Arts in Physical Education and a Master of Business Administration.

SLIDE 57 57 Genworth MI Canada Inc. 2017 Investor Day

Senior management team

Mary-Jo Hewat, SVP, Human Resources and Facilities 20+ years experience

Ms. Hewat brings over 20 years of human resources expertise spanning numerous

industries and geographies. Ms. Hewat assumed her current role of Senior Vice President, Human Resources and Facilities in May, 2016. Prior to joining Genworth Canada, she was Senior Vice President, HR Business Partnerships at Ontario Municipal Employees Retirement System (OMERS) as well as Vice President, Human Resources. Her career has also included senior HR roles with Sherritt and Hudson’s Bay. Ms. Hewat has a Bachelor of Commerce from Ryerson University and a Masters in Business Administration from the Schulich School of Business, York University. Brian Hurley, Executive Chairman 20+ years of mortgage insurance experience

Mr. Hurley led the establishment of Genworth into the Canadian marketplace in 1994 and

later led it through its initial public offering in 2009. He stepped down as President and CEO of Genworth Canada and assumed the role of Executive Chairman in January 2015.

Mr. Hurley has more than 20 years of senior management experience in the mortgage

insurance industry worldwide, including leading Genworth’s activities in key international markets from 2004 to 2009. Prior roles include Senior VP, International of General Electric’s U.S. mortgage insurance business and Senior VP of Sales and Operations. Mr. Hurley graduated from Assumption College in Worcester, Massachusetts with a Bachelor

f Science degree in Economics.

SLIDE 58 58 Genworth MI Canada Inc. 2017 Investor Day investor@genworth.com investor.genworthmicanada.ca

Investor Relations

Jonathan A. Pinto, MBA, LL.M

Vice President, Investor Relations jonathan.pinto@genworth.com 905.287.5482