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Net And Pro Forma Profits Rise At GE Scion

By Staff Writer

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NU Online News Service, Oct. 8, 2004, 7:45 p.m. EDT

Earnings increased 57% at Genworth Financial Inc., Richmond, Va., during the third quarter.[@@]

Genworth, a financial services company carved out from General Electric Company, Fairfield, Conn., in May, does not expect to release detailed earnings information until Oct. 21.

But the company, which has large annuity and long term care insurance operations, says its net income increased to $271 million in the latest quarter, up from $173 million for the third quarter of 2003.

Genworth emphasizes that it believes comparing its third-quarter 2003 and third-quarter 2004 net income figures is misleading because of major changes that took place as a result of the separation from General Electric.

The company says its “historical net earnings from continuing operations” increased to $271 million, from $230 million. “Pro forma net operating earnings” increased to $271 million, from $216 million.