Genworth Financial, Inc (GNW) saw its loss widen to $380 million, or $0.76 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $284 million, or $0.57 a share.
Revenue during the quarter went up marginally by 2.38 percent to $2,150 million from $2,100 million in the previous year period. Net premium earned for the quarter declined 3.23 percent or $37 million to $1,108 million.
Total expenses come down
Benefits, losses and expenses for the quarter were at $2,275 million, or 205.32 percent of premium earned from $2,451 million or 214.06 percent of premium earned in the last year period. Operating loss for the quarter was $125 million, compared with an operating loss of $351 million in the previous year period.
Net investment income was at $805 million for the quarter, up 2.81 percent or $22 million from year-ago period. Meanwhile, income from fees and commission for the quarter moved down marginally by 2.69 percent or $6 million to $217 million. The company has recorded a gain on investments of $20 million in the quarter compared with a loss of $51 million for the previous year period.
“While our mortgage insurance performance remained strong, it was overshadowed by the previously announced charges related to the review of our LTC claim reserves and taxes,” said Tom McInerney, President and Chief excutive officer. “LTC remains challenged, but we continue to receive significant premium rate increases and remain focused on executing our multi-year rate action plan.”
Assets grow, liabilities fall
Total assets increased 0.58 percent or $630 million to $108,852 million on Sep. 30, 2016. On the other hand, total liabilities were at $92,103 million as on Sep. 30, 2016, down 0.76 percent or $703 million from year-ago.
Return on assets for the quarter stood at negative 0.25 percent as compared to a negative 0.10 percent for the previous year period. Return on equity for the quarter stood at negative 2.27 percent as compared to a negative 1.84 percent for the previous year period.
Meanwhile, reinsurance recoverables moved up 1.54 percent or $266 million over the year to $17,542 million on Sep. 30, 2016.
Total debt was at $4,272 million as on Sep. 30, 2016, down 36.62 percent or $2,468 million from year-ago. Shareholders equity stood at $16,749 million as on Sep. 30, 2016, up 8.65 percent or $1,333 million from year-ago. As a result, debt to equity ratio went down 18 basis points to 0.26 percent in the quarter from 0.44 percent in the last year period.
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