NU Online News Service, Jan. 21, 2005, 9:21 a.m. EST
A Richmond, Va., insurer has given insurers an early peek at its earnings for the fourth quarter of 2004.[@@]
The insurer, Genworth Financial Inc., is reporting $346 million in net income for the quarter, up from $213 million for the fourth quarter of 2003.
Genworth gave no reason for the 15% increase in net earnings.
Genworth released net earnings and information about “pro forma net earnings” today to coordinate with efforts by General Electric Company, Fairfield, Conn., to release its earnings.
Although General Electric converted Genworth into a stand-alone company in May 2004 by selling a large amount of Genworth stock to the public, General Electric still owns a majority of Genworth’s stock.
Genworth, which generated about $2.5 billion in revenue during the third quarter of 2004, says it will release detailed fourth-quarter results Jan. 27.