Genworth Q2 2020 Earnings Report
Key Takeaways
Genworth Financial reported a net loss of $441 million, or $0.86 per diluted share, in the second quarter of 2020, compared with net income of $168 million, or $0.33 per diluted share, in the second quarter of 2019. The company reported an adjusted operating loss of $21 million, or $0.04 per diluted share, in the second quarter of 2020, compared with adjusted operating income of $178 million, or $0.35 per diluted share, in the second quarter of 2019.
Net loss of $441 million and adjusted operating loss of $21 million.
Merger agreement with China Oceanwide Holdings Group Co., Ltd extended to not later than September 30, 2020.
Reached agreement with AXA S.A. on July 20, 2020 to settle liability for Payment Protection Insurance Mis-Selling, which included a payment of £100MM subsequent to quarter-end.
U.S. Mortgage Insurance benefited from a robust mortgage origination market with $28.4 billion in new insurance written.
Genworth
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Forward Guidance
Genworth is closely monitoring macroeconomic indicators and is conducting extensive scenario planning to tailor its actions to mitigate adverse effects of the pandemic.