Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

GENWORTH FINANCIAL, INC.

(GNW)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Genworth Financial : 2Q21 Earnings Summary Presentation

08/04/2021 | 08:16am EDT

Second Quarter 2021

Earnings Summary

August 4, 2021

©2021 Genworth Financial, Inc. All rights reserved.

Cautionary Note Regarding Forward-Looking Statements

This presentation contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning & include, but are not limited to, statements regarding the outlook for future business and financial performance of Genworth Financial, Inc. (Genworth) and its consolidated subsidiaries , a potential minority IPO of Enact Holdings, Inc. (Enact Holdings), future reductions of debt, potential dividends or share repurchases, and future strategic investments. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including those discussed at the end of this presentation, as well as in the risk factor section of Genworth's Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission (SEC) on February 26, 2021. Genworth undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. For information regarding forward-looking statements, see the Appendix.

Non-GAAP1 And Other Items

All financial results are as of June 30, 2021 unless otherwise noted. For additional information, please see Genworth's second quarter 2021 earnings release and financial supplement posted at genworth.com.

For important information regarding the use of non-GAAP and selected operating performance measures, see the Appendix.

Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share should be read as net income (loss) available to Genworth's common stockholders, net income (loss) available to Genworth's common stockholders per diluted share, adjusted operating income (loss) available to Genworth's common stockholders and adjusted operating income (loss) available to Genworth's common stockholders per diluted share, respectively.

1 U.S. Generally Accepted Accounting Principles

Genworth 2Q21 Earnings Presentation - August 4, 2021

1

Key Themes For The 2nd Quarter Of 2021

Financial Performance

Genworth Net Income Of $240MM, Or $0.47 Per Diluted Share, And Adjusted Operating Income1 Of $194MM, Or $0.38 Per Diluted Share

Continued Progress On Company's Strategic Objectives With Strong Second Quarter Earnings, Preparations For An Initial Public Offering Of Minority Interest In Enact2 And Holding Company Debt Reduction

Enact Adjusted Operating Income Of $135MM From Favorable Loss Performance Driven By Lower New Delinquencies

Enact PMIERs3 Sufficiency Ratio Estimated At 165%, $1,941MM Above Published Requirements

U.S. Life Insurance Segment Adjusted Operating Income Of $71MM Driven By LTC4 Results Benefitting From In Force Rate Actions And Net Investment Income

Continued Progress Toward LTC Multi-Year Rate Action Plan (MYRAP) With $49MM Incremental Annual Rate Increases Approved In Second Quarter, With An Estimated Net Present Value Of Approximately $300MM

Holding Company Cash And Liquid Assets Of $842MM, Including $19MM Restricted

September 2021 Debt Redemption Of $513MM Completed Subsequent To Quarter-End

1 Non-GAAP Measure, See Appendix For Additional Information; 2 Formerly Known As U.S. Mortgage Insurance; 3 Private Mortgage Insurer Eligibility Requirements; 4 Long Term Care

Genworth 2Q21 Earnings Presentation - August 4, 2021

2

2Q21 Results Summary - Genworth Consolidated

Adjusted Operating Income (Loss) ($MM)

Enact: $135MM

2Q21

1Q21

2Q202

New Delinquencies Continued To Decline, Down 32% From

194

168

(23)

The Prior Quarter

U.S. Life Insurance: $71MM

LTC Results Include Larger Benefit From In Force Rate

135

Actions, Including Policyholder Elections Related To A Legal

126

Settlement, And Favorable Investment Income, Partially Offset

By Lower Claim Terminations

Life Mortality Favorable Versus Prior Quarter And Unfavorable

Versus Prior Year; Lower Term Universal Life (TUL) Reserve

Growth And Term DAC1 Amortization Versus Prior Year

71

62

Fixed Annuity Impacted By Unfavorable Mortality And Decline

24

In Interest Rates

15

12

(27)

(32)

(5)

(39)

Runoff: $15MM

Variable Annuity Results Driven By Equity Market

(3)

Performance And Interest Rates

Corporate & Other: $(27)MM

Enact

U.S. Life

Runoff

Corp/Other

Net Income

Net Income

Net Loss3

Lower Interest Expense

240

187

(441)

  • Deferred Acquisition Costs; 2 Results Re-Presented For Genworth Australia MI Sale Completed March 2021; 3 Net Loss Includes After-Tax Loss Of $516MM For AXA Settlement In Discontinued Operations

Genworth 2Q21 Earnings Presentation - August 4, 2021

3

Enact Segment - Primary Insurance In Force (IIF)

Primary IIF

By Origination Year

($B)

2Q21

2Q20

217210

38%

197

23%

13%

6%

6%

5%

4%

3%

2%

2Q21

1Q21

2Q20

2021 2020 2019 2018

2017 2016 2015

2009 - 2008 &

2014 Prior

Portfolio Up 10% Versus Prior Year Driven By

<10% Concentration In 2015 & Prior Books

Historically Large 2020 And 2021 Books Partially

Offset By Lower Persistency

4% In 2005-2008 Books

Concentration Shift Driven By 2020 & 2021 New Insurance

Written (NIW) And High Lapse

Genworth 2Q21 Earnings Presentation - August 4, 2021

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Genworth Financial Inc. published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 12:15:14 UTC.


ę Publicnow 2021
All news about GENWORTH FINANCIAL, INC.
09/27GENWORTH FINANCIAL : Gets Debt Rating Upgrades from Moody's, S&P
MT
09/27GENWORTH FINANCIAL : Receives Ratings Upgrades from Moody's and S&P
PR
09/23GENWORTH FINANCIAL INC : Completion of Acquisition or Disposition of Assets, Financial Sta..
AQ
09/23GENWORTH FINANCIAL : Unaudited Pro Forma Condensed Consolidated Financial Statements (Form..
PU
09/21GENWORTH FINANCIAL : Settles About $296 Million Promissory Note with AXA
MT
09/21GENWORTH FINANCIAL : Announces Retirement in Full of its Promissory Note with AXA
PR
09/20GENWORTH FINANCIAL : Completes Enact Subsidiary IPO
MT
09/16ENACT : Shares Rise in Stock Market Debut
MT
09/13Genworth Revives Enact Holdings IPO, Targets over $3 Bn Valuation
CI
09/13Enact Holdings Announces IPO of Shares Offered by Genworth Holdings
MT
More news
Analyst Recommendations on GENWORTH FINANCIAL, INC.
More recommendations
Financials (USD)
Sales 2021 7 997 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 2,80x
Yield 2021 -
Capitalization 2 232 M 2 232 M -
Capi. / Sales 2021 0,28x
Capi. / Sales 2022 0,28x
Nbr of Employees 3 000
Free-Float 84,3%
Chart GENWORTH FINANCIAL, INC.
Duration : Period :
Genworth Financial, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GENWORTH FINANCIAL, INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Last Close Price 4,40 $
Average target price 4,00 $
Spread / Average Target -9,09%
EPS Revisions
Managers and Directors
Thomas J. McInerney President, Chief Executive Officer & Director
Daniel J. Sheehan EVP, Chief Financial & Investment Officer
Melina E. Higgins Independent Non-Executive Chairman
G. Kent Conrad Independent Non-Executive Director
Debra J. Perry Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
GENWORTH FINANCIAL, INC.16.40%2 253
ALLIANZ SE-1.12%94 021
MARSH & MCLENNAN COMPANIES, INC.44.93%85 393
CHUBB LIMITED22.21%84 571
ZURICH INSURANCE GROUP LTD6.56%64 301
BAJAJ FINSERV LIMITED103.08%38 360