Genworth Financial reports quarterly profit
- January 28, 2010
Richmond-based Genworth Financial reported a $75 million profit for the fourth quarter as it reduced investment losses and reinvested cash.
Last year, Genworth reported a $321 million loss in the fourth quarter.
Investment losses during the quarter fell to $54 million from $89 million during the same period last year. The company also reinvested $1.5 billion during the fourth quarter.
Net operating income in Genworth’s Retirement and Protection unit was $129 million for the quarter, compared with a year-ago loss of $199 million, which included a $238 million write off.
Its international business unit’s operating income fell 18.5 percent during the year to $101 million from $124 million.
Genworth’s loss in its U.S. mortgage business continued to fall. The loss for the fourth quarter was $74 million, compared with $116 million the year before.
For the year, Genworth reported a loss of $399 million, down from its $572 million loss in 2008.