Commercial Lines ALL IBR | Commercial Lines Commercial Lines Home |News |White Papers |Suppliers |Companies Return to: IBR Home | General Insurance | Commercial Lines Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Commercial Lines News Genworth Financial Q1 2013 net income increased to $103m IBR Staff Writer Published 02 May 2013
Genworth Financial has reported net income of $103m, or $0.21 per diluted share, compared to $46m, or $0.09 per diluted share, during the first quarter last year.
Net operating income was $151m, or $0.30 per diluted share, against $17m, or $0.03 per diluted share, during the comparable period earlier year.
Net investment losses, net of tax and other adjustments, stood at $28m compared to net investment gains of $17m during the same period a year ago.
Genworth Financial president and CEO Tom McInerney said that the company achieved several milestones in the first quarter of 2013, including progress on long term care premium rate increase plans, the sale of its wealth management business, execution of the US Mortgage Insurance capital plan on April 1.
US Life Insurance Division net operating income was $85m, compared to $64m during the corresponding period a year ago, mainly backed by favorable mortality experience across the life insurance, long term care insurance and fixed annuity product lines.
Global Mortgage Insurance Division had net operating income of $102m, compared to a net operating loss of $37m, while Corporate and Other Division net operating loss was $36m, compared to $10m in a year ago quarter.
Employing 5,840 staff, Genworth operates through three divisions including US Life Insurance, which includes life insurance, long term care insurance and fixed annuities, Global Mortgage Insurance, containing US Mortgage Insurance and International Mortgage Insurance segments and the Corporate and Other division.
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Related Dates
2013> May
Related Industries
Financial Services> Insurance> Non-Life Insurance> Commercial Insurance
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