Genworth(GNW) - 2020 Q2 - Earnings Call Presentation

Financial Performance - Genworth reported a net loss of $441 million, or $0.86 per diluted share, and an adjusted operating loss of $21 million, or $0.04 per diluted share[5] - The U S Life Insurance segment experienced an adjusted operating loss of $5 million, impacted by Life Insurance performance, while LTC benefited from higher mortality indicative of COVID-19[5] - The holding company's cash and liquid assets amounted to $554 million, including $59 million restricted, with $52 million principal amount of 2021 Senior Notes repurchased during the quarter[5] U S Mortgage Insurance (MI) - U S MI saw a robust mortgage origination market with $28 4 billion in New Insurance Written (NIW)[5] - U S MI reported an adjusted operating loss of $3 million, primarily due to higher new delinquencies attributable to the COVID-19 pandemic[5] - U S MI's PMIERS sufficiency ratio was estimated at 143%, which is $1 275 million above requirements[5] - U S MI can withstand over a 5x increase in the delinquency rate prior to exhausting PMIERs excess[30] Australia Mortgage Insurance - Australia MI reported an adjusted operating income of $1 million, but increased losses primarily due to loss reserve strengthening in the current quarter attributable to the COVID-19 pandemic[8] - Flow NIW increased due to ongoing strong customer origination performance with continued low-interest rates, with $4 4 billion in 2Q20, $4 1 billion in 1Q20, and $3 7 billion in 2Q19[19] U S Life Insurance - LTC benefited from higher mortality in the current quarter, impacting active claims, pending claims, and active policies[9] - Fixed Annuities reported $28 million in adjusted operating income, with improvement in equity markets favorably impacting results during the quarter[9] - Estimated pre-tax benefit in 2Q20 from implemented in-force premium rate actions from 2012 through 2Q20 was $183 million[36] Investments - Fixed maturities comprise $63 5 billion or 82% of the total portfolio[60] - The investment portfolio had an unrealized gain position of $8 7 billion as of 2Q20, up from $4 9 billion in the prior quarter[60]