Genworth Finl Inc Stock Price, News & Analysis

Genworth Financial, Inc. (NYSE: GNW) announced a credit rating upgrade from S&P Global Ratings, elevating its issuer credit ratings from B+ to BB-. The stable outlook reflects the company's improved liquidity and a robust balance sheet. CEO Tom McInerney indicated that this upgrade enhances financial flexibility, allowing for investment in growth initiatives and capital returns to shareholders. Notably, the financial strength ratings of Genworth’s life insurance subsidiaries remain unchanged. Additional insights can be found in the credit opinion published on February 16, 2023.

Genworth Financial reported a strong fourth quarter for 2022, with net income of $175 million, up from $163 million in Q4 2021. Adjusted operating income rose to $167 million compared to $164 million in the previous year. Full-year net income declined to $609 million from $904 million in 2021, while adjusted operating income fell from $765 million to $633 million. The Enact segment showed robust growth, with $120 million in adjusted operating income. The company returned $168 million to shareholders and executed $30 million in share repurchases. Genworth's Risk-Based Capital ratio stands at 290%, indicating strong financial health. The company aims to remove restrictions affecting Enact in early 2023.

Genworth Financial (NYSE: GNW) announced a leadership restructuring, separating the roles of Chief Financial Officer and Chief Investment Officer. Effective March, Dan Sheehan will transition out of his dual role, with Jerome Upton appointed as Executive Vice President and CFO, and Kelly Saltzgaber as Executive Vice President and CIO. Sheehan will assist in the transition until March 31, 2023. CEO Tom McInerney praised the leadership changes as beneficial for executing strategic priorities. Both Upton and Saltzgaber have been integral to Genworth’s financial transformation, with Upton recognized for his extensive finance experience and Saltzgaber for her investment management expertise.

Genworth Financial (NYSE: GNW) will release its fourth quarter earnings after market close on February 6, 2023. A conference call to discuss the results is scheduled for February 7, 2023, at 9:00 a.m. ET. Stakeholders can access the earnings report and financial supplement via the company's website at investor.genworth.com.

Additionally, Genworth's subsidiary, Enact Holdings (NASDAQ: ACT), will hold its earnings call on the same day at 8:00 a.m. ET.

AM Best upgraded the Long-Term Issuer Credit Ratings (ICR) of Genworth Financial (NYSE: GNW) to 'b+' from 'b' and affirmed the Financial Strength Rating (FSR) of C++ for Genworth Life Insurance Company and Genworth Life Insurance Company of New York. The outlook for these ratings is stable. Conversely, Genworth Life and Annuity Insurance Company saw its FSR downgraded to B- from B due to a significant net loss of $179 million attributed to declining equity markets and increased mortality rates during the COVID-19 pandemic.

Genworth Financial reported a net income of $104 million for Q3 2022, down 67% from $314 million a year earlier. The adjusted operating income also fell 33% to $159 million. The company achieved its debt target of under $1 billion, successfully redeeming $152 million of its debt. Enact's adjusted operating income was $156 million, while U.S. Life Insurance posted $11 million. Notably, annual premium rate increases of $47 million were approved, enhancing net present value by $300 million. The risk-based capital ratio for U.S. life insurance is estimated at 285%.

Genworth Financial, Inc. (NYSE: GNW) will release its third quarter earnings after market close on November 1, 2022. A conference call to discuss the results is scheduled for November 2, 2022, at 9:00 a.m. ET. The earnings release, summary presentation, and financial supplement will be accessible on their website.

Additionally, Enact Holdings, Inc. (NASDAQ: ACT) will host its earnings call earlier the same day at 8:00 a.m. ET.

Genworth Financial (NYSE: GNW) mourns the loss of former board member William H. Bolinder, who passed away on September 29, 2022. Bolinder served on the Board from 2010 to 2019, contributing significantly as Chair of the Nominating and Corporate Governance Committee. He was highly regarded for his financial services expertise and instrumental in shaping Genworth's direction. Bolinder previously held leadership roles at Acadia Trust and Zurich Financial Services Group, demonstrating a strong commitment to the company's success.

Genworth Financial, Inc. (NYSE: GNW) has successfully redeemed all $152 million of its 4.800% Senior Notes due 2024. The total cash outlay for this redemption amounted to approximately $155 million, covering the principal, a make-whole premium, and accrued interest up to September 21, 2022. This strategic move is part of Genworth's efforts to manage debt efficiently while enhancing its financial position.