Genworth Q2 2023 Earnings Report
Key Takeaways
Genworth Financial reported a net income of $137 million and an adjusted operating income of $85 million for the second quarter of 2023. Enact's strong performance and progress in Long-Term Care Insurance rate actions contributed to the results. The company also announced a $350 million expansion of its share repurchase program.
Net income reached $137 million, and adjusted operating income was $85 million.
Enact segment achieved an adjusted operating income of $146 million with a PMIERs sufficiency ratio of 162%.
Long-Term Care Insurance continued progress with $94 million of gross incremental premium approved, and $24.4 billion net present value achieved from in-force rate actions since 2012.
Share repurchases of $112 million were executed in the quarter, with $264 million in total through July 2023.
Genworth
Genworth
Forward Guidance
Genworth's Board increased the share repurchase authorization by $350 million based on strong free cash flow, and Enact increased its full year 2023 capital return guidance.