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Genworth Financial (GNW) saw its loss narrow to $122 million, or $0.25 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $292 million, or $0.59 a share. On an adjusted basis, loss per share for the quarter was almost stable at $0.27, when compared with the last year period. Revenue during the quarter went up marginally by 1.95 percent to $2,198 million from $2,156 million in the previous year period. Net premium earned for the quarter went down marginally by 2.25 percent or $26 million to $1,131 million.
Total expenses come down marginally Benefits, losses and expenses for the quarter were at $2,254 million, or 199.29 percent of premium earned from $2,359 million or 203.89 percent of premium earned in the last year period. Operating loss for the quarter was $56 million, compared with an operating loss of $203 million in the previous year period. Net investment income was at $786 million for the quarter, up 0.64 percent or $5 million from year-ago period. Meanwhile, income from fees and commission for the quarter moved up marginally by 2.56 percent or $6 million to $240 million. The company has recorded a gain on investments of $41 million in the quarter compared with a loss of $16 million for the previous year period.
"The Genworth Board of Directors continues to believe that this transaction is in the best interests of Genworth's stockholders and unanimously recommends the approval of the transaction," said Tom McInerney, president and chief executive officer of Genworth.
Assets, liabilities fall
Total assets decreased 1.67 percent or $1,773 million to $104,658 million on Dec. 31, 2016. On the other hand, total liabilities were at $90,191 million as on Dec. 31, 2016, down 1.75 percent or $1,603 million from year-ago. Return on assets was at 0.02 percent in the quarter against a negative 0.06 percent in the last year period. Return on equity for the quarter stood at negative 0.84 percent as compared to a negative 1.99 percent for the previous year period.
Meanwhile, reinsurance recoverables moved up 2.96 percent or $510 million over the year to $17,755 million on Dec. 31, 2016.
Shareholders equity stood at $14,467 million as on Dec. 31, 2016, down 1.16 percent or $170 million from year-ago. As a result, debt to equity ratio went down 14 basis points to 0.32 percent in the quarter from 0.46 percent in the last year period.
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