Genworth Financial Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2011
January 31, 2012 at 03:12 am IST
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Genworth Financial Inc. announced consolidated earnings results for the third quarter and nine months ended September 30, 2011. For the quarter, the company reported total revenues of $2,521 million compared with $2,667 million for the same period a year ago. Net operating income of $104 million compared with $29 million for the same period a year ago. Income before tax of $46 million compared with $140 million for the same period a year ago. Net income of $65 million compared with $122 million for the same period a year ago. Net income available to company's common stockholders of $29 million or $0.06 per diluted share compared with $83 million or $0.17 per diluted share for the same period a year ago. For the quarter, the company reported GAAP basis return on equity of 0.9% compared with 2.6% for the same period a year ago. Return on equity of 3.4% compared with 0.9% for the same period a year ago
For the nine months, the company reported total revenues of $7,744 million compared with $7,498 million for the same period a year ago. Net operating income of $128 million compared with $261 million for the same period a year ago. Income before tax of $126 million compared with $331 million for the same period a year ago. Net income of $121 million compared with $411 million for the same period a year ago. Net income available to company's common stockholders of $15 million or $0.03 per diluted share compared with $303 million or $0.61 per diluted share for the same period a year ago.
Genworth Financial, Inc., through its principal insurance subsidiaries, offers mortgage and long-term care insurance products. The Company is the holding company of Enact Holdings. The Company operates through three segments: Enact, Long-Term Care Insurance Segment and Life and Annuities. Through Enact Holdings and its mortgage insurance subsidiaries, Enact segment provides private mortgage insurance products and services. The segment is engaged in the business of writing and assuming residential mortgage guaranty insurance. Long-Term Care Insurance Segment includes long-term care insurance products. The segment offers individual long-term care insurance policies. Life and Annuities segment offers a variety of protection and retirement income products through its principal United States life insurance subsidiaries. The segment includes traditional and non-traditional life insurance, fixed annuities and variable annuities.