Genworth(US:GNW)2023-08-09 17:00Financial Performance - Genworth reported a second-quarter net income of $137 million, or $0.29 per diluted share, and an adjusted operating income of $85 million, or $0.18 per diluted share[6] - Enact segment's adjusted operating income was $146 million[6, 15] - The U S life insurance companies' statutory pre-tax income was $63 million, driving a risk-based capital ratio of 293%[7] - Genworth holding company had cash and liquid assets of $222 million at the end of the quarter[7] Long-Term Care Insurance (LTC) - Continued progress on the LTC multi-year rate action plan, with $94 million of gross incremental premium approved in the second quarter[7, 43] - Approximately $24 4 billion net present value achieved from in-force rate actions (IFAs) since 2012[7, 28] - LTC adjusted operating loss was $(43) million[7, 16] - Cumulative policyholder responses to in-force rate actions since 2012 show that 47 5% of in-force policies have selected non-forfeiture or reduced benefit options[28, 45] Capital Allocation - Executed $112 million in share repurchases in the quarter, with $264 million in total executed through July 2023 at an average price of $5 11 per share[7] - Announced a $350 million expansion of the existing share repurchase program[7] - Enact paid a quarterly dividend of $0 16 per share in the current quarter[27] Enact Segment - Enact's PMIERs sufficiency ratio was 162%, which is $1 958 billion above requirements[6, 27] - Enact's portfolio was up 9% year-over-year to $258 billion, driven by new insurance written (NIW) and continued elevated persistency[22]