Genworth Financial, Inc. (GNW) has reported an 192.45 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $155 million, or $0.31 a share in the quarter, compared with $53 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 21.62 percent to $2,171 million from $1,785 million in the previous year period. Net premium earned for the quarter jumped 43.07 percent or $342 million to $1,136 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $1,839 million, or 161.88 percent of premium earned from $1,635 million or 205.92 percent of premium earned in the last year period. Operating income for the quarter was $332 million, compared with $150 million in the previous year period.
Net investment income for the quarter was almost stable at $790 million, when compared with the last year period. Meanwhile, income from fees and commission for the quarter declined 4.52 percent or $10 million to $211 million. The company has recorded a gain on investments of $34 million in the quarter compared with a loss of $19 million for the previous year period.
"Led by U.S. MI, our mortgage insurance platform continues to perform well and we are making progress against our U.S. Life restructuring and LTC rate action plans," said Tom McInerney, president and chief executive officer of Genworth. "Genworth continues to work to complete the pending transaction with Oceanwide and focus on our key financial and operational priorities, including our multi-year LTC rate action plan."
Total assets stood at $104,686million as on Mar. 31, 2017. On the other hand, total liabilities were at $89,970 million as on Mar. 31, 2017.
Return on assets was at 0.27 percent in the quarter. At the same time, return on equity was at 1.05 percent in the quarter.
Meanwhile, reinsurance recoverables stood at $17,681 million on Mar. 31, 2017.
Shareholders equity was at $14,716 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.29 percent in the quarter.
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