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Dec 31, 2024
Genworth Q4 2024 Earnings Report
Genworth reported a net loss in Q4 2024, primarily driven by challenges in its Long-Term Care Insurance segment, while its Enact segment performed well.
Key Takeaways
Genworth Financial reported a net loss of $1 million and adjusted operating income of $15 million in Q4 2024. The company's performance was impacted by losses in its Long-Term Care Insurance segment, while its Enact segment generated strong adjusted operating income of $137 million. The company continued executing share repurchases and reducing debt, maintaining a solid liquidity position.
Genworth reported a net loss of $1 million in Q4 2024.
Adjusted operating income was $15 million, with Enact contributing $137 million.
Long-Term Care Insurance saw an adjusted operating loss of $104 million.
The company repurchased $51 million in shares during the quarter.
Genworth
Genworth
Forward Guidance
Genworth aims to sustain Enact's strong performance while addressing challenges in its Long-Term Care Insurance segment. The company plans to continue share repurchases and focus on operational efficiency.
Positive Outlook
- Strong performance in the Enact segment.
- Ongoing execution of share repurchases.
- Maintained solid liquidity position with $294M in cash and liquid assets.
- Continued progress on Long-Term Care Insurance rate actions.
- Future growth potential with CareScout expansion.
Challenges Ahead
- LTC Insurance segment continues to face losses.
- Net investment losses impacted net income negatively.
- Higher required capital due to growing portfolio obligations.
- Lower renewal premiums in LTC segment affecting revenue.
- Increased new delinquencies in mortgage insurance portfolio.