The following is a summary of the Genworth Financial, Inc. (GNW) Q1 2024 Earnings Call Transcript:
Financial Performance:
Genworth reported net income of $139 million, or $0.31 per share, and an adjusted operating income of $85 million, or $0.19 per share, for the first quarter.
Their Enact segment led the results with adjusted operating income of $135 million. Since the IPO of Enact, Genworth has received approximately $675 million in capital.
Genworth's Long-Term Care (LTC) segment reported adjusted operating income of $3 million in the quarter, while the life and annuities segment reported an adjusted operating loss of $15 million.
Business Progress:
Genworth made progress against their strategic priority to drive long-term growth and shareholder value.
They saw progress with the expansion of the CareScout Quality Network; a network of long-term care providers. The network has more than 200 providers available in over 30 states. By the end of the year, they expect that they will have home care coverage for two-thirds or more of the age 65-plus population in the US.
The company also continued with their share repurchase program and have repurchased approximately $434 million of shares since the program began in May 2022.
More details: Genworth Financial IR
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