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Genworth Financial, Inc. reports developments across an insurance holding company built around Enact, its publicly traded mortgage insurance subsidiary, and a Closed Block of long-term care insurance, life insurance and annuity products. Recurring updates cover quarterly results, investment gains and losses, reserve impacts, capital returns from Enact, share repurchases and the management of legacy insurance obligations.
Company news also follows CareScout, Genworth’s wholly owned platform for aging and long-term care navigation. CareScout updates include its Quality Network of home care providers, personalized Care Plans, long-term care insurance offerings and the completed Seniorly acquisition, which added senior living community resources and advisor-network capabilities.
Genworth Financial (NYSE: GNW) will release its second-quarter earnings on August 1, 2022, following which a conference call is scheduled for August 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release, presentation, and financial supplement via the company's website at investor.genworth.com. Prior to this, its subsidiary, Enact Holdings (NASDAQ: ACT), will hold its own conference call on August 2, 2022, at 8:00 a.m. (ET) to discuss its results.
Genworth Financial (NYSE: GNW) held its 2022 annual meeting, where stockholders elected all nine director nominees, including Thomas J. McInerney and Karen E. Dyson. The meeting also saw the approval of the advisory vote on executive compensation and the ratification of KPMG LLP as the independent public accounting firm for 2022. Genworth, based in Richmond, Virginia, specializes in financial products for aging families and is the parent company of Enact Holdings (NASDAQ: ACT), a leading mortgage insurance provider.
Genworth Financial (GNW) reported Q1 2022 net income of $149 million, a 20% decline from Q1 2021, and adjusted operating income of $131 million, down 22% year-over-year. The company announced a $350 million share repurchase program, the first in over 13 years, and initiated a $0.14 quarterly dividend. While Enact segment adjusted operating income rose to $135 million driven by a strong loss performance, the U.S. Life Insurance segment posted a $4 million adjusted operating loss due to unfavorable results. Overall, strong capital ratios were reported, with a risk-based capital ratio of 296%.
Genworth Financial (NYSE: GNW) has launched a $350 million share repurchase program, the first in over 13 years. This decision reflects an improved financial position and a commitment to return capital to shareholders. Genworth plans to fund repurchases from holding company capital and future cash flows, including dividends from its investment in Enact Holdings (NASDAQ: ACT). The program allows flexibility in timing and method of repurchase, with no expiration date set. CEO Tom McInerney emphasized the company's strong financial performance and future growth initiatives.
Genworth Financial, Inc. (NYSE: GNW) will release its first quarter earnings on May 3, 2022, after market close. A conference call is scheduled for May 4, 2022, at 9:00 a.m. ET to discuss the results. Investors can access the earnings release and financial documents on Genworth's website. The conference call will be available via telephone and online, with a replay accessible until May 18, 2022. Additionally, Enact Holdings, Inc. (NASDAQ: ACT) will discuss its first quarter results on the same day, at 8:00 a.m. ET.
Genworth Financial, Inc. (NYSE: GNW) has appointed Elaine Sarsynski as a new independent director on its Board of Directors. Sarsynski, who previously held leadership roles at MassMutual International, will stand for election at the company's 2022 Annual Meeting. Current board member Debra Perry plans to retire after her term ends in May 2022, not standing for re-election. Company CEO Tom McInerney expressed confidence that Sarsynski's extensive experience in the insurance sector will enhance the board's oversight and contribute to stockholder value.
Genworth Financial, Inc. (NYSE: GNW) announced that S&P Global Ratings has upgraded its issuer credit ratings to B+ from B, reflecting substantial improvements in leverage and liquidity. The company retired over $2 billion of debt in 2021, enhancing financial flexibility and enabling plans for further debt retirement. By reducing its debt to below $1 billion, Genworth aims to evaluate returning capital to shareholders. The outlook for the ratings remains positive, signaling potential growth opportunities.
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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.