Genworth(US:GNW)2023-05-04 14:06Financial Performance Highlights - Genworth reported a first quarter net income of $62 million, or $0.12 per diluted share, and adjusted operating income of $84 million, or $0.17 per diluted share[9] - The U S life insurance companies' statutory pre-tax income was $192 million, driving a risk-based capital ratio of 295%[10] - Enact segment achieved adjusted operating income of $143 million[9] - Genworth executed $68 million in share repurchases during the quarter, with a total of $182 million executed through April 2023 at an average price less than $5 00 per share[10] Long-Term Care Insurance (LTC) - Continued progress on the LTC multi-year rate action plan, achieving approximately $23 8 billion net present value from in-force rate actions (IFAs) since 2012[9] - LTC adjusted operating loss was $(37) million, reflecting an unfavorable assumption update for implementation timing of certain IFAs[9, 15] - First quarter included $240 million pre-tax of premiums from implemented in-force rate actions, up $30 million versus prior year[38] - In-force rate action approvals in 1Q23 resulted in $50 million in gross incremental premium[44] Segment Performance - Life and Annuities adjusted operating loss was $(4) million[9] - Corporate and Other reported an adjusted operating loss of $(18) million, reflecting higher expenses related to new growth initiatives with CareScout and higher interest expense[9, 18] Portfolio and Capital Management - Fixed maturities comprised $47 4 billion, or 77%, of the total portfolio[22] - Unrealized loss position of $3 1 billion as of 1Q23, down from $4 3 billion in 4Q22[22] - Genworth holding company cash and liquid assets were $233 million at quarter-end[10]