Genworth Financial Inc. (NYSE:GNW) says it still wants to strengthen its long-term care insurance (LTCI) capital, earnings and sales, as well as its mortgage insurance business.
The company is reporting $204 million in net income for the quarter on $2.3 billion in revenue, compared with $219 million in net income on $2.3 billion in revenue for the fourth quarter of 2014.
Operating income at the U.S. life operations fell to $81 million, from $94 million in the year-earlier quarter.
In the fourth quarter of 2014, big increases in policy reserves led to a $506 million net operating loss at the LTCI unit. For the first quarter, the unit is reporting a $10 million operating profit, down from $46 million in the year-earlier quarter.