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October 28, 2010 at 01:56 PM
Genworth Financial reported Thursday net income of $83 million for the third quarter, or $0.17 per diluted share, far exceeding third-quarter 2009's report of $19 million. Operating income fell from $81 million one year ago to $29 million, or $0.06 per diluted share.
Operating income included $111 million from the retirement and protection segment, but was offset by losses in the mortgage insurance and corporate segments.
“Genworth's results in the quarter demonstrate continued earnings momentum in the international segment with mixed results in the U.S. reflecting the slow economy and struggling housing market, particularly in Florida,” Michael Fraizer, chairman and CEO, said in a press release.
Life insurance earnings fell from $78 million to $33 million of the last 12 months, but were up slightly from $32 million in the second quarter. Third-quarter results include higher investment income that was "more than offset by the continued lower persistency on 10 year level term policies." Total life sales increased 36% to $68 million.
Long-term care earnings increased to $44 million from one year ago on higher investment income and new business, but was partially offset by higher claims. The independent sales channel drove an increase of $10 million in sales over last year.
