Genworth Financial Inc ( (GNW) ) has released its Q4 earnings. Here is a breakdown of the information Genworth Financial Inc presented to its investors.
Genworth Financial, Inc. is a Fortune 500 company based in Richmond, Virginia, specializing in providing guidance, products, and services to help families manage long-term care needs. It operates primarily in the insurance sector and is the parent company of Enact Holdings, a leading U.S. mortgage insurance provider.
In its fourth quarter 2024 earnings report, Genworth Financial announced a net loss of $1 million, with adjusted operating income of $15 million. The company highlighted strategic advancements, including expanding its CareScout Quality Network and executing significant share repurchases throughout the year.
Key financial metrics revealed a strong performance from Enact, with adjusted operating income of $137 million in the fourth quarter and capital returns of $84 million to Genworth. The company also reported a U.S. life insurance companies’ RBC ratio of 306%, indicating robust statutory pre-tax income and a growing limited partnership portfolio.
Despite challenges in its Long-Term Care Insurance segment, which reported an adjusted operating loss of $104 million, Genworth made progress on its multi-year rate action plan, achieving $40 million in gross incremental premium approvals. The company also repurchased $31 million in holding company debt at a discount, reflecting a strategic focus on debt management.
Looking ahead, Genworth Financial remains committed to delivering value to shareholders and supporting families in navigating aging-related challenges. The company enters 2025 with a solid financial foundation and plans to continue leveraging its strategic initiatives for future growth.
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