Genworth Financial profits more than triple
Genworth Financial sees sharp increase in 3Q profits, helped by mortgage insurance business
NEW YORK (AP) -- Insurance company Genworth Financial said its third quarter profits more than tripled, helped by a recovery in what had been a struggling division for the insurer: its U.S. residential mortgage insurance business.
DETAILS: Genworth reported a $3 million loss in its U.S. mortgage insurance division, compared with a $37 million loss a year ago. The unit had a $13 million profit in the second quarter.
NUMBERS: Net income rose to $108 million, or 22 cents per share. That's up from a profit of $35 million, or 7 cents a share, in the same period a year ago. Total revenues were $2.32 billion, down from $2.46 billion a year ago. Its adjusted earnings amounted to 24 cents a share in the latest quarter. Analysts polled by FactSet expected Genworth to earn 26 cents per share on that basis on $2.41 billion in revenue.
FUTURE: Genworth is seeking to raise premiums on some long-term care insurance policyholders as it tries to offset lost investment revenue.
STOCK: Genworth Financial shares were down 27 cents, or 1.9 percent, to $14.30 in aftermarket trading. The stock has nearly doubled this year, up 94 percent through Tuesday's close.
