Genworth Finl Inc Stock Price, News & Analysis

Genworth Financial reported a fourth-quarter net income of $163 million and adjusted operating income of $164 million, down from $267 million and $188 million in Q4 2020. For 2021, net income surged to $904 million, compared to $178 million in 2020. The Enact segment showed strong performance with a 9% growth in primary insurance, while the U.S. Life Insurance segment achieved $41 million in adjusted operating income. Significant debt retirement totaling $2.1 billion was noted. The cash and liquid assets at year-end were $356 million.

Genworth Financial, Inc. (NYSE: GNW) will release its fourth quarter earnings after market close on February 1, 2022. A conference call to discuss these results is scheduled for February 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release and financial supplement via the company's website here. Additionally, Genworth's subsidiary, Enact Holdings, Inc. (NASDAQ: ACT), will hold its own conference call on February 2, at 8:00 a.m. (ET), to discuss its fourth quarter results.

Genworth Financial, Inc. (NYSE: GNW) has completed the redemption of all $308 million of its 4.900% Senior Notes due 2023, using approximately $334 million in cash. This amount covers the principal, a make-whole premium, and accrued interest up to the redemption date of December 15, 2021. Genworth Holdings, its wholly-owned subsidiary, executed this transaction. As a Fortune 500 provider, Genworth addresses financial challenges related to aging, while also being the parent company of Enact Holdings, Inc. (Nasdaq: ACT).

Genworth Financial, Inc. (GNW) announced a notice of redemption for its outstanding 4.900% Senior Notes due 2023, effective December 15, 2021. The redemption price will be 100% of the principal amount, along with a make-whole premium and any accrued interest. The redemption will be managed by The Bank of New York Mellon Trust Company. This strategic move is part of Genworth's financial management efforts. Genworth Holdings is a wholly-owned subsidiary of Genworth Financial, which also owns Enact Holdings, a leading mortgage insurance provider.

Genworth Financial reported its Q3 2021 results, highlighting a net income of $314 million, down 25% from Q3 2020. Adjusted operating income rose 91% to $239 million. The company successfully completed the IPO of Enact Holdings, generating $529 million in net proceeds. The U.S. life insurance segment saw improved adjusted operating income of $93 million, driven by long-term care insurance. Despite a drop in net income, rating upgrades were received from Moody's and S&P, improving Genworth's credit profile.

The Beyond Dollars Study 2021 by Genworth reveals a significant rise in the complexities and duration of caregiving amidst the pandemic. Major findings indicate that 49% of care recipients now need comprehensive assistance, up from 39% in 2018. The average duration of care has increased from 3 to 3.5 years. Additionally, 79% prefer at-home care, though challenges persist. Financial and emotional strains on caregivers are notable, with 56% of women and 45% of men reporting negative impacts on their work. Long-Term Care Insurance alleviates some financial burdens, with only 23% utilizing any insurance coverage.

Genworth Financial (NYSE: GNW) announced its third quarter earnings release will be issued on November 2, 2021, after market close. A conference call to discuss the results is scheduled for November 3, 2021, at 9:00 a.m. ET. Investors can access the earnings release and financial supplement on Genworth's website. Additionally, Enact Holdings (NASDAQ: ACT) will hold a conference call on the same day at 8:00 a.m. ET. For more information, visit the investor relations section of the Genworth website.

On September 27, 2021, Genworth Financial (NYSE: GNW) announced significant credit rating upgrades from Moody's and S&P Global. Moody's upgraded Genworth Holdings, Inc.'s senior unsecured debt rating to B1 from Caa1, while S&P improved the issuer credit ratings to B from B-. Genworth has retired over $1.5 billion of parent company debt in 2021, enhancing its liquidity and financial flexibility. The insurer financial strength ratings of its life insurance subsidiaries remain unchanged. These developments reflect improvements in Genworth's credit risk profile.

On September 21, 2021, Genworth Financial (GNW) announced the full retirement of its approximately $296 million Promissory Note with AXA, S.A. This decision will allow AXA to release its 19.9% security interest in the common stock of Enact Holdings, Inc. Genworth's settlement with AXA is related to previous losses from mis-sold Payment Protection Insurance. Genworth is also responsible for a portion of future losses, estimated at $52 million as of June 30. Genworth aims to enhance its financial position and prioritizes further debt reduction to maximize shareholder value.