Q1 2024 Genworth Financial Inc Earnings Call Transcript
Key Points
- Genworth Financial Inc (GNW) reported a net income of $139 million and adjusted operating income of $85 million in the first quarter.
- Enact, a subsidiary of Genworth Financial Inc (GNW), had a strong quarter with adjusted operating income of $135 million and announced a $250 million expansion of its share repurchase program.
- The LTC segment of Genworth Financial Inc (GNW) reported adjusted operating income of $3 million, driven by seasonally higher claim terminations.
- Genworth Financial Inc (GNW) achieved $41 million of gross incremental premium approvals with an average percentage premium increase of 25%.
- CareScout, part of Genworth Financial Inc (GNW), is expanding with the CareScout Quality Network now available in over 30 states, enhancing long-term care options and potentially reducing claim costs.
- The life and annuities segment of Genworth Financial Inc (GNW) reported an adjusted operating loss of $15 million, primarily due to losses in life insurance.
- Despite positive first-quarter results, Genworth Financial Inc (GNW) anticipates LTC earnings pressure throughout the remainder of the year with expected liability remeasurement losses.
- Genworth Financial Inc (GNW) experienced unfavorable tax timing of $15 million in the corporate and other segment, expected to reverse by year-end.
- The adjusted operating losses in life and annuities were partially offset by losses in corporate and other totaling $38 million.
- Genworth Financial Inc (GNW) faces ongoing volatility in GAAP results, although statutory results are considered more reflective of underlying performance.
Good morning, ladies and gentlemen, and welcome to Genworth Financial's first-quarter 2024 earnings conference call. My name is Cynthia, and I will be your coordinator today. (Operator Instructions)
I would now like to turn the presentation over to Sarah Crews, Director of Investor Relations. Please go ahead.
Thank you, and good morning. Welcome to Genworth's first-quarter 2024 earnings call.
The slide presentation that accompanies this call is available on the Investor Relations section of the Genworth website, investor.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials.
Speaking today will be Tom McInerney, President and Chief Executive Officer; and Jerome Upton, Chief Financial Officer. Following our prepared remarks, we will open the call up for a question-and-answer period. In addition to our speakers, Jamala Arland, President and CEO of our US Life Insurance business; and Kelly
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
