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Genworth Profits Rise 13%

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Solid term life sales helped fuel a 13% rise in third-quarter earnings at Genworth Financial Inc.[@@]

Genworth, Richmond, Va., is reporting $307 million in net income for the latest quarter on $2.6 billion in revenue, up from $271 million in net income on $2.5 billion in revenue for the third quarter of 2004.

The company says term life sales of $38 million were up 46% on a year over year basis, while sales of products that generate a steady stream of income rose 41%, to $99 million.

“We are growing the life insurance franchise at a strong pace, increasing assets under management in our retirement income business and building a significant international mortgage insurance revenue pipeline,” says Genworth Chairman Michael Frazier.

Total net operating earnings for insurance for the latest quarter were $145 million, up from $135 million for the third quarter of 2004.

Genworth is reporting $59 million in net operating and investment income for its retirement operation for the latest quarter, up from $40 million.

The company also has announced the appointment of Mark Griffin as chief investment officer.