- Q2 NOI of $119M or $0.24 per share vs. $154M and $0.31 one year ago.
- The company booked an after-tax loss of $306M or $0.61 per share thanks to the planned sale of the lifestyle protection business. This isn't included in the operating income figure.
- Book value per share (excl. AOCI) of $20.87 falls from $24.31 one year ago.
- Company expects to be complaint with PMIERs capital requirements after closing a series of transactions expected to generate about $500M of additional PMIERs capital credit and the completion of a planned internal restructuring.
- Progress is made towards plan to cut expenses by $100M by the end of 2016, with savings of about $30M this year, and $40M-$50M so far next.
- Global mortgage insurance NOI of $110M vs. $136M a year ago.
- U.S. life insurance NOI of $57M vs. $69M, with long term care insurance NOI of $10M flat from last quarter and up from $6M a year ago. Long term care individual sales of $8M down from $10M in Q1 and $24M a year ago.
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Conference call is underway
- Previously: Genworth Financial misses by $0.02, misses on revenue (Aug. 4)
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GNW -5.3% premarket