Strong term life sales and profits helped a Richmond, Va., insurer pump up results during the fourth quarter of 2004 despite flat long term care insurance profits.[@@]
The insurer, Genworth Financial Inc., is reporting $346 million in net income for the latest quarter on $2.6 billion in revenue, compared with $213 million in net income on $3.1 billion in revenue for the fourth quarter of 2003.
Net income was up 62%.
Genworth emerged as a stand-alone company in May 2004, when its former parent and current majority owner, General Electric Company, Fairfield, Conn., organized a public offering of Genworth stock.
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Genworth executives go to great lengths to emphasize that 2004 net results are not necessarily comparable to 2003 results, because of all the changes in corporate organization that took place when Genworth separated from General Electric. The operations Genworth now controls generated about $2.6 billion in revenue during the fourth quarter of 2003, the company says.