Genworth Q4 2023 Earnings Report
Key Takeaways
Genworth Financial reported a net loss of $212 million and an adjusted operating loss of $230 million for Q4 2023. The company executed $35 million in share repurchases during the quarter and received $128 million in capital returns from Enact. Annual assumption updates had unfavorable impacts in life insurance and LTC, totaling $227 million.
Executed $35M in share repurchases in the quarter.
Reduced the estimated remaining amount left to achieve in Long-Term Care Insurance (LTC) multi-year rate action plan (MYRAP) by $1.5B to approximately $5B.
Achieved $127M of gross incremental premium approved in fourth quarter in the MYRAP.
Received $128M in capital returns from Enact.
Genworth
Genworth
Forward Guidance
The company is well positioned with financial flexibility and a clear strategy to drive shareholder value in 2024 and beyond.