Genworth Financial Releases Annual Report

By Bobby Samwell • Thursday, February 29 10:26 • Permanent Link

Genworth Financial, Inc. has recently released its 10-K report, providing a detailed look at the company's financial performance and operations. The company operates in three segments: Enact, U.S. Life Insurance, and Runoff. The Enact segment offers mortgage insurance products, the U.S. Life Insurance segment offers long-term care insurance products, and the Runoff segment includes variable annuity, variable life insurance, and corporate-owned life insurance.

In the 10-K report, under Item 7 * Management’s Discussion and Analysis of Financial Condition and Results of Operations, Genworth Financial provides a comprehensive overview of its financial performance for the years ended December 31, 2023, and 2022. The report also includes discussions of information related to 2021 and year-to-year comparisons between 2022 and 2021, reflecting the adoption of LDTI and the change in operating segments.

The consolidated results of operations for the periods indicated in the report show that Genworth Financial's total revenues for 2023 were $7,488 million, a decrease of $7 million compared to 2022. The company reported net income available to Genworth Financial, Inc.’s common stockholders of $76 million in 2023, a significant decrease of 92% compared to $916 million in 2022.

The financial information in the report outlines the breakdown of revenues, which primarily consist of premiums, net investment income, net investment gains (losses), and policy fees and other income. Additionally, the report details the company's expenses, including benefits and other changes in policy reserves, liability remeasurement (gains) losses, changes in fair value of market risk benefits and associated hedges, and more.

Furthermore, the report provides a reconciliation of net income to adjusted operating income for the years ended December 31, 2023, 2022, and 2021. The adjusted operating income is derived from income from continuing operations, excluding the after-tax effects of specific items, and is used by the management to evaluate performance and allocate resources.

Today the company's shares have moved -0.6% to a price of $6.17. For the full picture, make sure to review Genworth Financial's 10-K report.

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