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Mar 31, 2021
Genworth Q1 2021 Earnings Report
Genworth reported a strong first quarter performance, executing its strategic plan following the termination of the merger agreement with China Oceanwide Holdings Group Co., Ltd.
Key Takeaways
Genworth Financial, Inc. reported a net income of $187 million and adjusted operating income of $168 million for the first quarter of 2021. The company completed the sale of its interest in Genworth Australia, resulting in net proceeds of $123 million. Continued progress was made on the planned partial IPO of the U.S. Mortgage Insurance (MI) business.
Completed sale of Genworth’s interest in Genworth Mortgage Insurance Australia Limited (Genworth Australia), resulting in net proceeds of $123 million.
U.S. MI Adjusted Operating Income of $126 Million, 33 Percent Above Prior Quarter
Continued Progress Toward LTC Multi-Year Rate Action Plan (MYRAP) With $157 Million Incremental Annual Rate Increases Approved In First Quarter, With An Estimated Net Present Value Of Approximately $0.7 Billion
Holding Company Cash And Liquid Assets Of $757 Million
Forward Guidance
Genworth is focused on executing its strategic plan to create long-term shareholder value. The company is confident in its ability to meet debt obligations and is well-positioned to create value for stakeholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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