Genworth(GNW) - 2024 Q2 - Quarterly Results

Financial Performance - In Q2 2024, Genworth Financial reported total revenues of $1,769 million, a decrease from$1,864 million in Q1 2024[13]. - Net income available to common stockholders for Q2 2024 was $76 million, compared to$139 million in Q1 2024[13]. - The company experienced a net investment loss of $61 million in Q2 2024, contrasting with a gain of$49 million in Q1 2024[13]. - Total benefits and expenses for Q2 2024 were $1,626 million, slightly down from$1,628 million in Q1 2024[13]. - Income from continuing operations before income taxes was $143 million in Q2 2024, down from$236 million in Q1 2024[13]. - The diluted earnings per share for Q2 2024 was $0.17, compared to$0.31 in Q1 2024[13]. - The company reported benefits and other changes in policy reserves of $1,151 million in Q2 2024, compared to$1,203 million in Q1 2024[13]. - Net income available to common stockholders for Q2 2024 was $76 million, compared to$137 million in Q2 2023, reflecting a decrease of 44.6%[15]. - Adjusted operating income for Q2 2024 was $125 million, up from$85 million in Q1 2024, indicating a 47.1% increase[15]. - The company reported a basic earnings per share of $0.17 for Q2 2024, compared to$0.29 in Q2 2023, a decrease of 41.4%[15]. Assets and Liabilities - Total assets as of June 30, 2024, were $87.543 billion, a decrease from$90.817 billion as of December 31, 2023[16]. - Total liabilities decreased to $78.190 billion as of June 30, 2024, from$82.482 billion at the end of 2023, representing a reduction of 5.2%[19]. - Future policy benefits liabilities were $53.774 billion as of June 30, 2024, down from$57.655 billion at the end of 2023, a decline of 6.5%[19]. - Cash and cash equivalents stood at $1.932 billion as of June 30, 2024, slightly down from$2.215 billion at the end of 2023[16]. - Total investments were $58.359 billion as of June 30, 2024, a decrease from$59.751 billion at the end of 2023[16]. - Total assets as of June 30, 2024, amounted to $87,543 million, an increase from$89,192 million as of March 31, 2024[20][21]. - Total liabilities were reported at $78,190 million as of June 30, 2024, compared to$80,313 million as of March 31, 2024[20][21]. Insurance Segment Performance - New insurance written for the Enact segment was reported at $Z million, indicating the volume of new business generated during the quarter[7]. - The loss ratio for the Enact segment was reported at A$165 million in Q2 2024, compared to $135 million in Q1 2024, a growth of 22.2$29 million in Q2 2024, compared to a profit of $3 million in Q1 2024[15]. Investment Performance - Net investment income for Q2 2024 was$808 million, an increase from $782 million in Q1 2024, totaling$1.590 billion for the first half of 2024[53]. - Gross investment income before expenses and fees reached $833 million in Q2 2024, compared to$805 million in Q1 2024, totaling $1.638 billion for the first half of 2024[53]. - The annualized yield for fixed maturity securities - taxable was 4.7$(60) million, with a total of $(10) million for the first half of 2024[54]. - The net unrealized gains on equity securities still held were$12 million in Q2 2024, increasing to $44 million for the total period[54]. - The company reported net investment gains (losses), gross of$(61) million in Q2 2024, with a total of $(12) million for the first half of 2024[54]. Shareholder Equity - Total stockholders' equity for Genworth Financial, Inc. increased to$8,459 million as of June 30, 2024, compared to $8,006 million on March 31, 2024, reflecting a growth of 5.6$19.49 as of June 30, 2024, up from $18.21 as of March 31, 2024, representing an increase of 7.0$9,353 million as of June 30, 2024, down from $8,879 million as of March 31, 2024[20][21]. Operational Metrics - Management continues to focus on enhancing operational performance through strategic measures, including monitoring key performance indicators such as insurance in-force and risk in-force[7]. - The weighted-average common shares outstanding for diluted calculations were 440.7 million in Q2 2024, down from 450.3 million in Q1 2024[13]. - The expense ratio increased by five percentage points for the three months ended June 30, 2024[27]. - The primary delinquency rate improved to 1.96% in Q2 2024 from 2.01% in Q1 2024, indicating a decrease of 0.05 percentage points[31]. - The total number of primary delinquencies at the end of Q2 2024 was 19,051, a decrease from 20,432 in Q4 2023[31].