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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;

Stock News for Genworth (GNW)
08/26/201517:01:53Statement of Changes in Beneficial Ownership (4)
08/26/201517:00:34Statement of Changes in Beneficial Ownership (4)
08/24/201517:50:49Statement of Changes in Beneficial Ownership (4)
08/21/201516:17:19Statement of Changes in Beneficial Ownership (4)
08/19/201516:19:20Statement of Changes in Beneficial Ownership (4)
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08/10/201509:32:29Statement of Changes in Beneficial Ownership (4)
08/10/201509:31:32Statement of Changes in Beneficial Ownership (4)
08/05/201516:45:00A.M. Best Removes from Under Review & Affirms Ratings of Genworth...
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08/04/201517:16:13Current Report Filing (8-k)
08/04/201517:10:00Genworth Financial Announces Second Quarter 2015 Results
07/28/201509:40:00Life Insurance Stocks Highlight -- Genworth Financial, MetLife...
07/22/201508:22:53Current Report Filing (8-k)
07/22/201504:08:10Genworth to Sell Lifestyle Insurance Business to France's AXA
07/22/201502:45:00Genworth Enters Into Exclusive Negotiations With AXA S.A. To...
07/13/201516:10:00Genworth Financial Schedules Earnings Conference Call For August...
07/02/201516:24:00CANCELED: July 3 Genworth "Celebrate Freedom" Concert and Fireworks
07/01/201516:22:36Statement of Changes in Beneficial Ownership (4)
07/01/201516:21:43Statement of Changes in Beneficial Ownership (4)

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