Genworth Financial Announces First Quarter 2017 Results

Genworth Financial
05/02/17

Net Income Of $155 Million And Adjusted Operating Income Of $143 Million
RICHMOND, Va., May 2, 2017 /PRNewswire/ —

  • Stockholder Approval Of Acquisition By China Oceanwide Holdings Group Co., Ltd. (Oceanwide) March 7, 2017 With Approximately 96 Percent Of Votes Cast Voting In Favor Of The Merger
  • All Regulatory Filings For The Oceanwide Acquisition Submitted
  • Progress Made On U.S. Life Restructuring Plan With Several Internal Reinsurance Transactions Completed Effective April 1, 2017
  • Net Income1 And Adjusted Operating Income2 Includes An Unfavorable Item In Long Term Care Insurance (LTC) Relating To Guaranty Fund Assessments For The Penn Treaty Plan Of Liquidation Of $14 Million After-Tax, Or $0.03 Per Diluted Share
  • LTC Results Benefitted From Seasonally Favorable Existing Claim Experience
  • Strong Loss Ratio And Capital Levels In The First Quarter For U.S. And Canada Mortgage Insurance (MI)
  • U.S. MI First Quarter Of 2017 Adjusted Operating Income Increased 20 Percent Compared To The First Quarter Of 2016
  • Holding Company Cash And Liquid Assets Of Approximately $1.0 Billion

Genworth Financial, Inc. (NYSE: GNW) today reported results for the period ended March 31, 2017. The company reported net income of $155 million, or $0.31 per diluted share, in the first quarter of 2017, compared with net income of $53 million, or $0.11 per diluted share, in the first quarter of 2016. The adjusted operating income for the first quarter of 2017 was $143 million, or $0.29 per diluted share, compared with adjusted operating income of $103 million, or $0.21 per diluted share, in the first quarter of 2016. Net income and adjusted operating income in the quarter were each reduced by $14 million after-tax, or $0.03 per diluted share, relating to state guaranty fund assessments for the Penn Treaty Network American Insurance Company and American Network Insurance Company (Penn Treaty) plan of liquidation.

Genworth Financial Announces First Quarter 2017 Results

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