Genworth surges most since 2010 as CEO calms Wall Street nerves

April 29, 2016 by Katherine Chiglinsky

(Bloomberg) — Genworth Financial Inc. climbed the most since 2010 after first-quarter profit beat analysts’ estimates as Chief Executive Officer Tom McInerney works to free up capital to meet debt payments.

The insurer surged 21 percent to $3.45 at 9:45 a.m. in New York trading. Richmond, Virginia-based Genworth reported Thursday that operating profit was 21 cents a share, beating by 8 cents the average estimate of nine analysts surveyed by Bloomberg.

McInerney has been shrinking the insurer through asset sales after a $1.2 billion loss in 2014 that was fueled by its long-term care business. Click HERE to read more…

Originally Posted at Lifehealthpro on April 29, 2016 by Katherine Chiglinsky.