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Genworth 1Q Net Drops 54% On Year-Ago Tax Gain

DOW JONES NEWSWIRES Genworth Financial Inc.'s (GNW) first-quarter earnings fell 54% from a year-earlier quarter boosted by tax benefits, while revenue increased, but the company's U.S. mortgage operations continued to struggle. "In the first quarter, we continued to deliver strong international performance, demonstrated sales and earnings progress in retirement and protection, and are seeing improving credit trends in U.S. mortgage insurance," said Michael D. Fraizer, chairman and chief executive. The life insurance and mortgage guaranty company's bottom line had mostly been improving in recent quarters, although core profit has disappointed as its mortgage operation has been a hindrance to results. Moody's Investors Service in February said it was reviewing Genworth for downgrade after it posted a surprise fourth-quarter loss. The U.S. mortgage operations' operating loss widened to $81 million, from $36 million a year earlier. The life-insurance operation's operating profit rose to $52 million, from $37 million. Genworth reported a profit of $82 million, or 17 cents a share, down from $178 million, or 36 cents, a year earlier. On an operating basis, earnings fell to 20 cents from 23 cents. Revenue jumped 6.1% to $2.57 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 20 cents on $2.61 billion in revenue. Shares fell 0.2% to $12.15 after hours. As of the close, the stock had fallen 28% in the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Genworth (GNW)
DateTimeHeadline
02/04/201618:30:00Genworth to Separate Struggling Long-Term Care Segment
02/04/201617:11:57Statement of Changes in Beneficial Ownership (4)
02/04/201617:04:32Current Report Filing (8-k)
02/04/201616:45:00Genworth Financial Announces Fourth Quarter 2015 Results
01/26/201614:13:23Amended Statement of Ownership (sc 13g/a)
01/19/201616:15:00Genworth Completes Redemption Of Outstanding 2016 Senior Notes
01/15/201616:27:00Genworth Closes Sale Of Certain Blocks Of Term Life Insurance...
01/12/201616:15:00Genworth Financial Schedules Earnings Conference Call For February...
01/05/201616:28:05Statement of Changes in Beneficial Ownership (4)
01/04/201616:28:44Statement of Changes in Beneficial Ownership (4)
01/04/201616:27:50Statement of Changes in Beneficial Ownership (4)
01/04/201616:26:38Statement of Changes in Beneficial Ownership (4)
01/04/201616:25:47Statement of Changes in Beneficial Ownership (4)
01/04/201616:24:56Statement of Changes in Beneficial Ownership (4)
01/04/201616:23:10Statement of Changes in Beneficial Ownership (4)
01/04/201616:22:42Statement of Changes in Beneficial Ownership (4)
01/04/201616:20:58Statement of Changes in Beneficial Ownership (4)
01/04/201616:20:06Statement of Changes in Beneficial Ownership (4)
12/30/201501:35:00Dai-ichi Life Plans 2016 Acquisitions Via Protective Life, President...
12/17/201516:20:00Genworth Announces Redemption of Outstanding 2016 Senior Notes

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