- After completing the Long Term Care Insurance comprehensive claim review, Genworth (GNW -30.3%) boosts reserves by $531M and takes an after-tax earnings charge of $345M.
- Q3's net operating loss of $317M or $0.64 per share stands against net operating income of $139M or $0.28 per share one year ago.
- CEO: Tom McInerney: "The turnaround in this business will be more difficult and prolonged because of the poor performance of the older generation products."
- Earnings call presentation slides
- Previously: Genworth Financial EPS of -$0.64