Genworth Financial and Amerigroup see profit in the first quarter
- April 30, 2010
Two of Virginia’s Fortune 500 companies reported better-than-expected first quarter profits on Friday.
Richmond-based insurer Genworth Financial Inc. (GNW) said net income available to common stockholders was $178 million, or 36 cents per diluted share,
compared with a net loss of $469 million, or $1.08 in the first quarter of 2009. Revenue also improved to $2.4 billion, up 40 percent from last year’s first quarter revenue of $1.7 billion. “Our decisive actions on loss mitigation, select product re-pricing and reinvesting cash all contributed to earnings growth in the quarter,” CEO Michael D. Frazier said in a statement.
Health insurer Amerigroup Corp. (AGP) also saw a boost. Helped by growth in both membership — 75,000 new members — and premium revenues, the Virginia Beach based company reported profit of $42 million, or 82 cents per diluted share, compared to $36.9 million or 69 cents a share, for the same quarter last year.
Revenue increased 12.3 percent to $1.36 billion, compared to $1.2 billion in the first quarter of 2009.