Genworth Financial, Inc. (GNW) - NYSE
  • Apr. 20, 2015, 8:31 AM
    • Mortgage insurers fell post-market on Friday after the FHFA issued the final version of the Private Mortgage Insurer Eligibility Requirements that disappointed by not giving credit for any future premium income, says BTIG's Mark Palmer.
    • Alongside that was the FHFA's announcement that g-fees would be kept at current levels vs. a hoped-for reduction.
    • Nevertheless, with the uncertainly cloud removed, the stock's are higher in premarket action.
    • MGIC Investment (NYSE:MTG+1.9%, Radan (NYSE:RDN+2.2%. Also taking note of the news: Genworth (NYSE:GNW), Essent Group (NYSE:ESNT), Old Republic (NYSE:ORI), and NMI Holdings (NASDAQ:NMIH)
    | Apr. 20, 2015, 8:31 AM | 1 Comment
  • Apr. 13, 2015, 12:01 PM
    • Sky News reports Genworth (GNW +2.4%) and JC Flowers as being in talks over the sale of the insurer's lifestyle protection unit. The P-E firm is one of a number of bidders sniffing around after the operation was put up for sale last year. Apollo Global and Warburg Pincus have also been mentioned as having interest.
    • The unit could be worth about $500M.
    | Apr. 13, 2015, 12:01 PM | 1 Comment
  • Apr. 2, 2015, 12:56 PM
    • Genworth Financial (GNW +6.8%) has hired Goldman Sachs to explore a sale of its life and annuity insurance unit, reports Bloomberg. The company would consider selling GLAIC in parts if a buyer for the entire business can't be found.
    • The year-end book value of GLAIC was about $2.1B, and a Bloomberg source says the unit would likely go for a discount to that amount. The operation is the 2nd-largest of Genworth's four main life insurance subsidiaries and earned about $200M last year.
    • Previously: Big pay cut for Genworth boss after tough year (April 2)
    | Apr. 2, 2015, 12:56 PM | 3 Comments
  • Apr. 2, 2015, 9:59 AM
    • Genworth (GNW +2%) CEO Tom McInerney received $2.7M in pay last year vs. $12M in 2013 after higher-than-forecast costs from long-term health care insurance led to a $1.2B annual loss for the company.
    • His 2014 compensation included no bonus or stock options vs. the $3M bonus and $7.1M received in 2013 when Genworth's stock price doubled (it fell 45% in 2014).
    • Genworth annual meeting notice and proxy statement
    | Apr. 2, 2015, 9:59 AM | 2 Comments
  • Mar. 23, 2015, 11:16 AM
    • "Investors in Genworth (GNW +5.1%) are receiving a free option on the drug," says Raymond James, upgrading the stock to Strong Buy with $12 price target from Outperform. "About 50% of Genworth's long-term care insurance claims payments are for Alzheimer's or other forms of dementia."
    • Previously: Biogen up on study results in Alzheimer's (March 20)
    • Genworth's stock price has melted down over the past few months thanks to long-term care insurance claims that have been far higher than anticipated.
    • Previously: Genworth +2.3% as Raymond James doubles down (March 23)
    | Mar. 23, 2015, 11:16 AM
  • Mar. 23, 2015, 9:11 AM
    | Mar. 23, 2015, 9:11 AM | 2 Comments
  • Mar. 23, 2015, 7:34 AM
    • Raymond James boosts its rating on beaten-up Genworth (NYSE:GNW) to Strong Buy from Outperform.
    • The stock's ahead by 2.3% premarket.
    | Mar. 23, 2015, 7:34 AM | 4 Comments
  • Mar. 2, 2015, 2:09 PM
    • Genworth (GNW -6.6%) discloses in its 2014 10-K it has "concluded that we did not have adequate controls designed and in place to ensure that we correctly implemented changes made to one of our methodologies as part of our comprehensive long-term care insurance claim reserves review completed in the third quarter of 2014," and that this deficiency resulted in the company failing to "identify a $44 million after-tax calculation error."
    • Though this error didn't cause "a material misstatement" for Genworth's financials, the company has "concluded a material weakness exists in the controls over the implementation of our long-term care insurance claim reserves assumption and methodology changes because such a misstatement could have occurred." It's working to address the weakness.
    • Shares have dived in response, and are just ~$0.50 removed from a 52-week low of $6.75.
    | Mar. 2, 2015, 2:09 PM | 19 Comments
  • Feb. 17, 2015, 12:55 PM
    | Feb. 17, 2015, 12:55 PM
  • Feb. 11, 2015, 3:01 PM
    • "While the company has taken a number of prudent steps to protect its capital position and maintains meaningful LTC accounting reserve margins, we believe it remains highly concentrated in the LTC business and exposed to further deterioration in its legacy block," says Moody's Scott Robinson, of the downgrade to Baa1 from A3 after the company las night unveiled $494M in reserve charges related to long-term care. The outlook remains negative.
    • Robinson notes Genworth (GNW +6.9%) remains largely reliant on the largess of state regulators continued approval of rate increases to help get it out of this mess.
    • Previously: Genworth now up 16% after earnings, LTC review (Feb. 11)
    • Previously: Genworth swings to after-hours gain after detailing reserves (Feb. 10)
    | Feb. 11, 2015, 3:01 PM | 3 Comments
  • Feb. 11, 2015, 9:13 AM
    | Feb. 11, 2015, 9:13 AM | 7 Comments
  • Feb. 11, 2015, 7:49 AM
    • After knee-jerking down 16% in the immediate aftermath of last night's results, Genworth (NYSE:GNW) has turned it around to a 16% gain in premarket action.
    • A highly depressed stock price and the $478M reserve charge for long-term care that's not pretty, but not nearly as bad as some of the worst fears, look like they've combined for an explosive move upward.
    • Noting no capital raise is needed, BTIG's Mark Palmer reiterates his Buy rating and $15 price target.
    • The conference call gets underway at 8 ET
    • Previously: Genworth swings to after-hours gain after detailing reserves (Feb. 10)
    • Previously: Genworth Financial misses by $0.71, beats on revenue (Feb. 10)
    | Feb. 11, 2015, 7:49 AM | 3 Comments
  • Feb. 10, 2015, 6:00 PM
    • A volatile late session for Genworth Financial (NYSE:GNW), which has swung from heavy after-hours declines of -16% to turn positive, +3.7%, after its Q4 report.
    • All eyes were on the size of the hole in the company's long-term care reserves, and Genworth took an after-tax GAAP charge of $478M "related to the LTC active life margin review of its blocks acquired before 1996." Estimates varied widely for the difficult-to-calculate figure.
    • "I am disappointed by the continued challenges in our older LTC blocks and how it is overshadowing otherwise strong performance and momentum in other businesses," says CEO Tom McInerney.
    • Cushioning the reserves blow were results in U.S. mortgage insurance, up to $21M from a prior loss of $2M.
    | Feb. 10, 2015, 6:00 PM | 7 Comments
  • Feb. 10, 2015, 5:39 PM
    • Top gainers, as of 5:15 p.m.: CNQ +19.4%. CHS +10.1%. BXE +9.5%. ELMD +7.6%. KEG +7.4%.
    • Top losers, as of 5:15 p.m.: PIR -30.5%. GNW -16.8%. SSNI -15.0%. NOG -9.7%. IPHI -7.9%.
    | Feb. 10, 2015, 5:39 PM | 10 Comments
  • Feb. 10, 2015, 5:09 PM
    • Genworth Financial (NYSE:GNW): Q4 EPS of -$0.84 misses by $0.71.
    • Revenue of $2.42B (+0.4% Y/Y) beats by $10M.
    | Feb. 10, 2015, 5:09 PM | 4 Comments
  • Feb. 10, 2015, 3:22 PM
    • "This is teed up to be a potential market mover," writes Imperial Capital credit analyst David Havens (he used all caps to get his point across).
    • At issue will be the 2nd part of Genworth's (GNW -0.7%) review of the adequacy of reserves for its long-term care insurance business. Issues with long-term care caused an implosion in the stock price following Q3's earnings, and the shares have yet to recover.
    • Havens notes estimates for a reserve charge could range from $0 to more than $1B.
    • There aren't a lot of bulls on Genworth out there, but BTIG's Mark Palmer is one, and he says Genworth is seeking premium-rate increases from state insurance departments which could offset any need to boost reserves. Should management not announce the need for a capital raise this evening, it would be another upward catalyst.
    • Jefferies' Collin Devine launched coverage with a Buy rating, calling the risks "over-discounted" at the current valuation.
    • Earnings are due tonight between 4 and 5 ET.
    | Feb. 10, 2015, 3:22 PM | 4 Comments
Company Description
Genworth Financial, Inc. is a financial services company, which provides insurance, wealth management, investment and financial solutions. It operates its business through three divisions: U.S. Life Insurance, Global Mortgage Insurance, and Corporate and Other. The U.S. Life Insurance division... More
Sector: Financial
Industry: Life Insurance
Country: United States