Genworth Financial reports smaller loss
- July 31, 2009
Genworth Financial more than halved its second-quarter loss compared with a year ago as investment income continued to fall.
The Henrico County-based mortgage and life insurer reported a net loss of $50 million for the quarter, compared with $109 million during the same period last year. The company’s net operating income, which doesn’t include investment gains or losses, was $9 million. The company had net operating income of $232 million during the second quarter last year.
“Genworth made substantial progress improving both operating results and balance sheet strength, Genworth Chairman and CEO Michael D. Fraizer said in a statement. “We achieved sound profitability in the Retirement and Protection and International segments, improved investment performance, enhanced capital flexibility from the IPO of Genworth MI Canada and retired all maturing long term debt until 2011.”