Genworth earnings an excuse to lighten up

|About: Genworth Financial, Inc. (GNW)|By:, SA News Editor

Genworth (GNW) book value per share of $29.76 is off from $32.90 at the end of Q1; excluding AOCI (gains/losses on portfolio), book value of $23.39 vs. $23.11.

U.S. life insurance operating profit of $79M vs. $64M a year ago, but off from $85M in Q1 as sales of life insurance products unexpectedly fell. "The company will continue to make pricing and product changes that would be expected to increase sales over time."

International mortgage insurance profit of $89M vs. $76M.

U.S. mortgage insurance profit of $13M vs. loss of $25M.

Net operating profit of $133M up 98.5% Y/Y.

The holding company ends quarter with about $1B in cash and liquid securities, up about $50M from Q1.

Earnings call tomorrow at 7:30 ET.

Shares -4.9% AH after a near-tripling over the past year.

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