Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Genworth Profits Rise 13%

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.