Genworth(US:GNW)2025-04-30 20:21Financial Performance - Total revenues for Q1 2025 were $1,786 million, a slight increase from $1,864 million in Q1 2024[33] - Net income available to common stockholders for Q1 2025 was $54 million, compared to a loss of $1 million in Q4 2024 and $85 million in Q3 2024[36] - Adjusted operating income for Q1 2025 was $51 million, up from $15 million in Q4 2024 and $48 million in Q1 2024[36] - Basic earnings per share for continuing operations in Q1 2025 was $0.14, compared to $0.01 in Q4 2024 and $0.20 in Q3 2024[36] - Total revenues for the Long-Term Care Insurance Segment in Q1 2025 were $1,051 million, slightly down from $1,105 million in Q1 2024[59] - Adjusted Operating Loss for the Long-Term Care Insurance Segment was $30 million in Q1 2025, compared to a profit of $3 million in Q1 2024[59] - Total revenues for the Life and Annuities Segment in Q1 2025 were $421 million, a decrease from $461 million in Q1 2024[66] - Adjusted Operating Loss for the Life and Annuities Segment was $33 million in Q1 2025, compared to a loss of $1 million in Q1 2024[66] - The loss from continuing operations for Q1 2025 was $44 million, compared to a loss of $29 million in Q1 2024[69] - The total premiums for the first quarter of 2025 were $862 million, slightly down from $875 million in the first quarter of 2024[98] Assets and Liabilities - Total assets as of March 31, 2025, were $87,256 million, an increase from $86,871 million at the end of 2024[39] - Total liabilities as of March 31, 2025, amounted to $77,575 million, a slight increase from $77,440 million on December 31, 2024[42] - Policyholder account balances stood at $14,447 million as of March 31, 2025, a decrease from $14,594 million on December 31, 2024[42] - Future policy benefits liabilities were recorded at $54,158 million as of March 31, 2025, compared to $53,610 million at the end of 2024, indicating a rise of approximately 1.02%[42] - Total equity increased to $9,681 million as of March 31, 2025, compared to $9,431 million at the end of 2024, reflecting a growth of approximately 2.65%[42] Investment Income - The company reported net investment income of $739 million in Q1 2025, down from $782 million in Q1 2024[33] - U.S. GAAP Net Investment Income for Q1 2025 was $739 million, a decrease from $782 million in Q1 2024[86] - Net investment income for Q1 2025 was $144 million, consistent with Q4 2024, but down from $167 million in Q1 2024[69] - Policy loans generated a net investment income of $36 million in Q1 2025, down from $58 million in Q1 2024[86] - Limited partnerships contributed $8 million to net investment income in Q1 2025, a decrease from $20 million in Q1 2024[86] Insurance Operations - New insurance written for the Enact segment is regularly monitored as a measure of new business volume generated[22] - The company considers the loss ratio for the Enact segment as a measure of underwriting performance, which is calculated as benefits and other changes in policy reserves to net earned premiums[24] - Direct Primary New Insurance Written (NIW) for Q1 2025 was $9,818 million, a decrease from $10,526 million in Q1 2024[54] - Direct Primary Insurance In-Force remained stable at $268,366 million in Q1 2025 compared to $263,645 million in Q1 2024[54] - Primary Delinquencies increased to 22,349 in Q1 2025 from 19,492 in Q1 2024, indicating a rise in risk[54] - The Loss Ratio for Q1 2025 was 12%, up from a negative 7% in Q1 2024, reflecting increased claims relative to premiums[54] Equity and Shareholder Information - Total stockholders' equity as of March 31, 2025, is $8,710 million, an increase from $8,494 million as of December 31, 2024[28] - Book value per share increased to $20.94 as of March 31, 2025, compared to $20.16 as of December 31, 2024[28] - The weighted-average common shares used in basic earnings per share calculations for the first quarter of 2025 is 418.3 million[28] - The weighted-average common shares outstanding for Q1 2025 were 418.3 million, a decrease from 443.0 million in Q1 2024[36] Comprehensive Income - The company reported a total accumulated other comprehensive loss of $1,421 million as of March 31, 2025, down from $1,642 million as of December 31, 2024[28] - Total accumulated other comprehensive income (loss) improved to $(1,421) million as of March 31, 2025, from $(1,642) million on December 31, 2024[42] Investment Strategy - The company continues to focus on maintaining a balanced investment strategy while managing credit risk effectively[81] - The overall investment portfolio composition remains diversified, with fixed maturity securities making up a significant portion of the total assets[81] - Public fixed maturity securities accounted for 43% of the total investment portfolio, with a carrying amount of $26,470 million, slightly up from $26,159 million in the previous quarter[81] - Private fixed maturity securities remained stable at 18% of the total portfolio, with a carrying amount of $11,166 million, compared to $10,882 million in the previous quarter[81]