Henrico County-based insurer Genworth Financial Inc. today reported first-quarter net income of $82 million, or 17 cents per diluted share.
In the first quarter of 2010, the company had a profit of $178 million, or 36 cents per diluted share. Net income for the quarter last year, however, included a $106 million, or 21 cents per diluted share, non-recurring tax benefit related to separation from Genworth’s former parent company, General Electric.
Net investment losses in the first quarter decreased to $16 million from $42 million in same period last year.
Net operating income for the first quarter of 2011 was $98 million, or 20 cents per diluted share, compared with $114 million, or 23 cents per share, in the first quarter of 2010. Total revenues for the quarter rose from $2.42 billion last year to $2.57 billion this year.
The company’s U.S. Mortgage Insurance unit lost $81 million in the first quarter, compared with a loss of $36 million in the same period last year. Total flow delinquencies declined 7 percent sequentially. Savings from loss mitigation activities totaled $122 million in the quarter, and the business is on track to reach savings of $400 million to $500 million for the full year, company officials said.
“In the first quarter, we continued to deliver strong international performance, demonstrated sales and earnings progress in Retirement and Protection, and are seeing improving credit trends in U.S. Mortgage Insurance,“ Michael D. Fraizer, chairman and CEO, said in a statement. “Overall, we remain focused on sustaining the performance of our leading platforms, continuing to improve performance in U.S. life insurance lines and U.S. Mortgage Insurance, and taking actions to optimize capital allocation.“
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