Mortgage insurer Genworth Financial posted an overall net profit of $103 million, or 21 cents a share, in the first quarter.

That’s up from earnings of $46 million, or 9 cents a share, for the same quarter of 2012 and reflects a series of positive changes at the company, despite the fact its U.S. mortgage insurance segment still maintains a higher risk-to-capital ratio.

The overall firm made big strides in 1Q 0f 2013, announcing the sale of its wealth management business and the execution of a capital plan for its U.S. Mortgage Insurance operations, which coincided with the Genworth insurance unit’s profitable first quarter.

The U.S. MI unit grew from a $32 million net operating loss in the fourth quarter to net operating income of $21 million in 1Q 2013.

During the same period, Genworth recorded a $4.5 million charge related to a settlement with the Consumer Financial Protection Bureau over allegations that the company and three other mortgage insurers paid lenders kickbacks in exchange for insurance business. The parties entered into a settlement with the CFPB without admitting to any wrongdoing.

The combined risk-to-capital ratio at Genworth hit 24.2-to-1 in late March, which is just below the recommended maximum level of 25-to-1.

In April, the company finalized a capital plan to contribute $100 million of new capital to the firm’s U.S. mortgage insurance operations to assist with capitalization.

"The combined U.S. MI statutory risk-to-capital ratio is estimated at 24.2:1at the end of the first quarter with the risk-to-capital ratio for Genworth Mortgage Insurance Corporation (GMICO) estimated at 26.4:1," the company said in its earnings. "GMICO currently maintains waivers or other authorizations from 45 states that permit the company to continue writing new business while its risk-to-capital ratio exceeds 25.0:1," the insurer added.