Mgmt did an extremely poor job communicating results.
There is an "executive" vice president for investor relations. That lady should be fired.
My emails to investor relations had gone into a blackhole.
Plus, gnw does not need a executive vice president for investor relations.
Any monkey can do a better job than what has happened so far.
Reviews are done.
Charges for previous sales are done.
There is only $15 million charge for layoffs.
Unless they sell something else, there isn't other charges on the horizon.
They threw the kitchen sink at this quarter's results.
So, what remaining negative news is left for the next Quarter?
Looks like we will have the first positive quarter soon.
Isn't the Ltc business isolated from the rest of the company except for life and annuities? So, even if bk... It only applies to that business.
Let me recap and pls let me know if I got anything wrong:
1. Closing life insurance and annuity business. Separating out LTC business. Bad? How?
2. From CFO in conf call, $598 million due in 2018. That's the next debt.
3. Cut $100 million in expenses. Another $50 million by 2nd half.
4. Annual review done and material deficiency remediated.
With all the $150 million per year savings and MI still generating dividends... Gnw can't pay 600 million by 2018?
They need to address the significant drop in share price DIRECTLY so we can cut the speculations. I've seen other cmanies do this and sp recovered.
Pls email investor relations and the board of directors for comment.
I just did that but I think the more folks who does this the better.
Pls make sure you identify yourself as a Genworth stockholder.
We need some comment, one way or another... From the company.
If ceo is gone, we are back to square 1. Give the guy some slack to turn the ship around. I don't think you can attribute the problems to him. The ltci problems were created by his predecessors. He just step in at the wrong time.
There are 2 questions i would like to see if anyone on this board have any insight into...
1. Why isn't Hancock facing the same problems as Genworth? I don't see Hancock doing reserve testing, etc...
2. Martin Klein went over to Athene who wants to grow into the largest player in the fixed annuities space. Doesn't this present opportunities for gnw to sell some of their annuities to Athene? Marty should already be familiar with gnw's books. Isn't Athene a logical player for some deals with gnw?
Excuses are what management makes.
All of us are in the dark nor have any powers over gnw nor the markets.
I don't recall seeing Janet Yellen posting on this board.
All speculations... Until we hear from management in the fourth q earnings call.
By your own statement, "NO one need LTC"...
This would be great for gnw if true. Gnw won't have to pay any claims and collect billions in premium.
Heck, they might as well reverse the billions in reserves.