Genworth Financial Announces First Quarter 2020 Results

RICHMOND, Va., May 5, 2020 /PRNewswire/ --

Reapprovals Received From New York Department Of Financial Services (NYDFS) And Virginia Bureau Of Insurance For Pending Merger With China Oceanwide Holdings Group Co., Ltd (Oceanwide)

Merger Agreement Extended To Not Later Than June 30, 2020

U.S. Mortgage Insurance (MI) Adjusted Operating Income Of $148 Million, 19 Percent Above Prior Year

U.S. MI's PMIERs1 Sufficiency Ratio At 142 Percent, In Excess Of $1.1 Billion Above Requirements

No Observable Impact From COVID-19 Pandemic On Delinquencies In First Quarter

Strong Capital Levels In Australia MI With ApproximatelyA AUD$270 Million Above Management Targets

Continued Progress Toward LTC2A Multi-Year Rate Action Plan (MYRAP) With $45 Million Incremental Annual Rate Increases Approved In First Quarter

U.S. Life Insurance Segment Adversely Impacted By Decline In Equity Markets And Interest Rates

Holding Company Cash And Liquid Assets Of $575 Million With $411 Million Holding Company Public Debt Repaid During The Quarter, Including Early Redemption Of June 2020 Senior NotesA 

Closely Monitoring COVID-19 Pandemic, Supporting Customers And Employees Amid Uncertainty

Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2020. The company reported a net loss3A of $66 million, or $0.134A per diluted share, in the first quarter of 2020, compared with net income of $174 million, or $0.34 per diluted share, in the first quarter of 2019. The company reported adjusted operating income5 of $33 million, or $0.07 per diluted share, in the first quarter of 2020, compared with adjusted operating income of $95 million, or $0.19 per diluted share, in the first quarter of 2019.A  COVID-19 UpdateThe COVID-19 pandemic has had a profound effect on the global economy, and Genworth has been proactive to support its employees, customers and communities around the world. The company has implemented business continuity procedures including a global work from home policy initiated on March 11th and has continued to serve its customers and policyholders effectively with minimal disruption. Genworth is providing additional financial, health and wellness resources to employees including additional paid leave to assist employees in caring for themselves and their family members. Genworth is also following regulatory guidelines to support loss mitigation efforts for mortgage borrowers and extend grace periods for life insurance, LTC and annuity policyholders. Genworth has extended these and other relief options to customers to ensure continuation of insurance coverage and mitigate financial hardship for customers and policyholders.The COVID-19 pandemic and ensuing global economic slowdown impacted the company's first quarter of 2020 financial results primarily as a result of the significant decline in equity markets andA interest ratesA during the quarter, which led to unfavorable impacts in Genworth's fixed and variable annuity products. The global MI businesses experienced limited impacts from the pandemic in the first quarter, as mortgage origination levels remained strong and delinquencies remained stable.
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