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Dec 31, 2023
Genworth Q4 2023 Earnings Report
Genworth's financial performance was impacted by losses in LTC and Life and Annuities, which included annual assumption updates, but was partially offset by Enact's strong operating performance.
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.
Forward Guidance
The company is well positioned with financial flexibility and a clear strategy to drive shareholder value in 2024 and beyond.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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