11/02/17
Net Income Of $107 Million And Adjusted Operating Income Of $76 Million
RICHMOND, Va., Nov. 2, 2017 /PRNewswire/ —
- Strong Insurance In Force Growth, Loss Ratio, And Capital Levels For U.S. Mortgage Insurance (MI)
- U.S. MI’s PMIERs1 Sufficiency Ratio At 122 Percent, In Excess Of $500 Million Above Requirements
- Strong Loss Ratio And Capital Levels For Canada MI
- Annual Review of Long Term Care Insurance (LTC) Claims Reserve Completed. No Significant Adjustments As Aggregate LTC Claim Experience In Line with Expectations. Loss Recognition And Cash Flow Testing Will Be Completed With The Fourth Quarter Financial Close
- Net Income2 Included $40 Million Of Net Investment Gains, Net Of Taxes And Other Adjustments, Primarily Related To Fixed Income Exchanges And Derivative Gains
- Holding Company Cash And Liquid Assets Of Approximately $830 Million
Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended September 30, 2017. The company reported net income of $107 million, or $0.21 per diluted share, in the third quarter of 2017, compared with a net loss of $380 million, or $0.76 per diluted share, in the third quarter of 2016. The adjusted operating income3 for the third quarter of 2017 was $76 million, or $0.15 per diluted share, compared with an adjusted operating loss of $405 million, or $0.81 per diluted share, in the third quarter of 2016.
Strategic Update
Genworth and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) continue to work towards satisfying the closing conditions of their previously announced proposed transaction as soon as possible.
Genworth Financial Announces Third Quarter 2017 Results
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