Genworth(US:GNW)2024-11-06 22:00Financial Performance - Total stockholders' equity for Genworth Financial, Inc. was $8,311 million as of September 30, 2024, compared to $8,459 million in the previous quarter[8] - Book value per share was $19.40, a slight decrease from $19.49 in the prior quarter[8] - Adjusted operating income for the third quarter of 2024 was reported at $25 million, reflecting a significant increase from a loss of $10 million in the same quarter last year[7] - The company reported a U.S. GAAP basis Return on Equity (ROE) of 3.3% for the third quarter of 2024, up from 3.0% in the previous quarter[8] - Total revenues for Q3 2024 were $1,880 million, an increase from $1,769 million in Q2 2024[10] - Net income available to common stockholders for Q3 2024 was $85 million, compared to $76 million in Q2 2024[10] - Basic earnings per share for Q3 2024 was $0.20, up from $0.18 in Q2 2024[10] - Adjusted operating income for Q3 2024 was $48 million, down from $125 million in Q2 2024 and $85 million in Q3 2023[11] - The company reported a loss from discontinued operations of $3 million in Q3 2024[10] - The company reported a total of $1,859 million in other liabilities, down from $1,973 million, representing a decrease of 5.8%[15] Insurance Segment Performance - New insurance written for the Enact segment was $3,200 million, representing a 15% increase compared to the previous quarter[7] - Insurance in-force for the Enact segment reached $50 billion, indicating a growth of 10% year-over-year[7] - The loss ratio for the Enact segment was reported at 25%, which is consistent with the previous quarter's performance[7] - Long-term care insurance segment reported premiums of $581 million in Q3 2024, up from $564 million in Q2 2024, and total revenues of $1.723 billion year-to-date[30] - The Long-Term Care Insurance segment reported an adjusted operating loss of $46 million in Q3 2024, compared to a loss of $29 million in Q2 2024[11] Investment Performance - Net investment income for Q3 2024 was $777 million, a decrease from $808 million in Q2 2024[10] - The company reported net investment gains of $17 million in Q3 2024, a significant recovery from losses of $66 million in Q2 2024[11] - The company reported a total of $32,539 million in public fixed maturity securities, a 5.5% increase from $30,851 million[40] - The total amount of securities due in one year or less was $1,311 million, representing 3% of total fixed maturity securities[42] - The annualized yield on fixed maturity securities - taxable was 4.6% in Q3 2024, compared to 4.7% in Q2 2024[43] Market Outlook and Strategy - The company plans to expand its market presence through strategic partnerships and new product offerings in the upcoming quarters[6] - Genworth is focusing on enhancing its technology capabilities to improve operational efficiency and customer experience[6] - The company anticipates a gradual recovery in the long-term care insurance market, projecting a 5% growth in premiums for the next fiscal year[6] Asset and Liability Management - Total assets as of September 30, 2024, were $90.76 billion, an increase from $87.54 billion as of June 30, 2024[12] - Total liabilities rose to $81,505 million, compared to $78,190 million in the previous quarter, marking an increase of 4.0%[15] - Future policy benefits amounted to $57,303 million, up from $53,774 million, indicating a growth of 6.0%[15] - Total accumulated other comprehensive income (loss) was $(1,871) million, compared to $(1,687) million in the previous quarter, indicating a worsening of 10.9%[15] Operational Efficiency - The company continues to focus on restructuring efforts, with expenses related to restructuring recorded at $11 million in Q3 2024[11] - The adjusted expense ratio for the third quarter of 2024 was 25%, a decrease from 27% in the second quarter of 2024[48] - The company’s operating return on equity (ROE) is defined as adjusted operating income divided by average ending stockholders' equity, excluding accumulated other comprehensive income[46]