Genworth(US:GNW)2019-08-02 16:05Financial Performance - Genworth's net income was $168 million, or $0.33 per diluted share, and adjusted operating income was $204 million, or $0.40 per diluted share[5] - U S Mortgage Insurance (MI) adjusted operating income reached $147 million with $15 8 billion in new insurance written (NIW)[5] - U S MI's PMIERs sufficiency ratio stood at 123%, exceeding the revised standards effective March 31, 2019, by over $650 million[5] - The holding company's cash and liquid assets amounted to $403 million[5] Mortgage Insurance - U S MI saw a rise in flow NIW, up 77% sequentially due to seasonality and 11% year-over-year, excluding foreign exchange impacts[15] - Canada MI's flow NIW increased 77% sequentially and 11% year-over-year, excluding foreign exchange impacts[15] - Australia MI reported flow NIW of $3 7 billion and bulk NIW of $1 2 billion in 2Q19[17] U S Life Insurance - U S Life Insurance reported adjusted operating income of $66 million, driven by LTC and life insurance[8] - Long Term Care Insurance (LTC) benefited from in-force rate actions and favorable benefit utilization, contributing $37 million to adjusted operating income[24] - Life Insurance saw a net favorable reinsurance correction of $17 million in 2Q19[24] Long Term Care Insurance Rate Actions - Implemented in-force premium rate actions from 2012 through 2Q19 are estimated to provide a $152 million pre-tax benefit in 2Q19[26] - Estimated adjusted operating income from rate actions was $228 million in 2Q19[34]