Earnings ·
Reports Q3 net loss of $41M and announces new $500M share repurchase authorization
GNWGenworth Financial Inc
Genworth Financial reported a third-quarter net loss of $41 million, or $0.11 per diluted share, driven by the Closed Block segment's $146 million adjusted operating loss. Adjusted operating income excluding the Closed Block was $102 million, or $0.27 per diluted share. The company announced a new $500 million share repurchase authorization and executed $80 million in buybacks during the quarter. Enact Holdings contributed $132 million in adjusted operating income with a PMIERs sufficiency ratio of 158%. Genworth Financial operates as a holding company providing long-term care insurance, mortgage insurance through its majority-owned subsidiary Enact, and aging care services.