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Genworth Financial, Inc. Message Board

  • c_wallis_jr c_wallis_jr Aug 7, 2013 11:25 AM Flag

    It clear the decline is a result of the terrible earnings and the unfortunate S&P price target.

    Net income up 75% from prior year.

    Net operating income up 95% from prior year.

    Net investment gain 15 million vs negative 18 million in the prior year.

    Future $80 to $90 million in annual pre-tax expense savings primarily related to expense reduction plan

    Net operating income of US Life Insurance Division up 23% from prior year.

    Net operating income of Global Mortgage Insurance Division Up 100% from prior year.

    Net investment income up .8% from prior quarter.

    Net income in the quarter included $15 million of net investment gains, net of tax and DAC amortization of $5 million.

    Net unrealized investment gains were $1.3 billion, net of tax and other items.

    The holding company ended the quarter with approximately $1.0 billion of cash and highly liquid securities, up approximately $50 million compared to the prior quarter.

    S&P reiterated its buy recommendation with a target of $15

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