Genworth Q4 2024 Earnings Report
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 Revenue
Genworth EPS
Genworth Revenue by Segment
Genworth Revenue by Geographic Location
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.