Genworth Financial Announces Fourth Quarter 2023 Results

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Written By Kris Enyinnaya

Genworth Financial, Inc. (NYSE: GNW), a company that provides life insurance, long-term care insurance, mortgage insurance, and annuities, recently unveiled its financial results for the fourth quarter of 2023, shedding light on its performance across various segments. 

With strategic initiatives and financial maneuvers, Genworth aims to fortify its position in the market and create value for its stakeholders. Let’s delve into the details of Genworth’s quarterly report and assess its implications.

Financial Highlights

Genworth executed $35 million in share repurchases during the quarter, totaling $384 million through February 13, 2024, at an average price of $5.33 per share, with approximately 443 million shares outstanding. 

Credits: DepositPhotos

The company made significant progress on its Long-Term Care Insurance (LTC) multi-year rate action plan (MYRAP), reducing the estimated remaining amount left to achieve by $1.5 billion to approximately $5 billion. 

Additionally, Genworth achieved $127 million of gross incremental premium approved in the fourth quarter in the MYRAP, with $28 billion net present value achieved from in-force rate actions (IFAs) since 2012.

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Consolidated GAAP Financial Highlights

The consolidated net loss amounted to $212 million, or $0.47 per diluted share, and adjusted operating loss of $230 million, or $0.51 per diluted share. 

Genworth received $128 million in capital returns from Enact and maintained a robust statutory pre-tax income of $148 million and an RBC ratio of 303%. 

Moreover, the company ended the year with holding company cash and liquid assets of $350 million.

Operational Successes and Future Outlook

Despite challenges, Genworth made substantial progress in its strategic priorities. CEO Tom McInerney expressed pride in the company’s achievements, emphasizing improvements in the financial condition of its legacy LTC business, the launch of the CareScout Quality Network, and the significant capital returns to shareholders. 

Looking ahead, the company is well-positioned with financial flexibility and a clear strategy to drive shareholder value in 2024 and beyond.

Enact, Genworth’s subsidiary, reported adjusted operating income of $129 million in the fourth quarter, with primary new insurance written at $10.453 billion and a loss ratio of 10%. 

The company maintained a robust equity position of $3.785 billion, reflecting its strong performance and financial stability.

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Long-Term Care Insurance

Genworth’s LTC segment reported an adjusted operating loss of $151 million, reflecting premiums of $615 million and net investment income of $489 million. 

Credits: DepositPhotos

The segment faced challenges, including unfavorable cash flow assumption updates and liability remeasurement losses. Despite headwinds, Genworth remains committed to addressing the evolving needs of its customers in this segment.

Life and Annuities

The Life and Annuities segment reported a consolidated adjusted operating loss of $183 million, with mixed results across life insurance and annuities. 

While life insurance experienced unfavorable impacts from assumption updates, variable annuities reported higher adjusted operating income due to favorable assumption updates.

Strength in Navigating Uncertainties 

Genworth’s fourth-quarter results showcase a blend of achievements and challenges across its business segments. With a focused strategy and strong financial fundamentals, the company is poised to navigate through uncertainties and capitalize on growth opportunities. 

As Genworth continues its journey, stakeholders remain optimistic about its ability to deliver long-term value in a dynamic market landscape.

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