Genworth Financial reported second quarter revenue of $1.90 billion, surpassing analyst estimates of $1.70 billion. The company posted net income of $47 million, or $0.12 per diluted share, missing the consensus estimate of $0.28. However, adjusted operating income excluding the Closed Block segment was $112 million, or $0.29 per diluted share.
Key Highlights
- Adjusted operating income, excluding the Closed Block segment, was $112 million, or $0.29 per diluted share, driven by strong results from its Enact subsidiary.
- The Enact segment reported adjusted operating income of $143 million and provided $103 million in capital returns to Genworth during the quarter.
- The company executed $62 million in share repurchases in the second quarter, bringing the year-to-date total to $128 million.