Genworth Financial Reports Strong Q3 2024 Results

Genworth Financial Inc ( (GNW) ) has released its Q3 earnings. Here is a breakdown of the information Genworth Financial Inc presented to its investors.

Genworth Financial, Inc. is a Fortune 500 company specializing in long-term care insurance and mortgage insurance in the United States, with a focus on helping families manage the aging process and fund their care needs. The company, which is also the parent of Enact Holdings, reported its third-quarter 2024 financial results, highlighting significant progress in its strategic priorities and financial performance.

In the third quarter of 2024, Genworth Financial achieved a net income of $85 million, or $0.19 per diluted share, supported by strong operational performance from Enact Holdings. The company reported adjusted operating income of $48 million, or $0.11 per diluted share. Additionally, Genworth continued its multi-year rate action plan, achieving $124 million in gross incremental premium approvals and executed $36 million in share repurchases during the quarter.

Key financial metrics for the quarter include a net investment income of $614 million and a U.S. life insurance companies’ RBC ratio of 317%, reflecting robust statutory pre-tax income. Enact Holdings reported an adjusted operating income of $148 million, and primary insurance in-force increased by 2% year-over-year. The company also expanded its CareScout Quality Network, covering over 75% of the aged 65-plus population in the U.S.

Looking ahead, Genworth Financial remains committed to enhancing shareholder value through capital returns and strategic initiatives, including the anticipated launch of a new CareScout insurance offering. The company is optimistic about its future growth prospects, with a focus on strengthening its financial position and addressing the increasing demand for long-term care solutions.