Genworth jumps 27% as securities sale, mortgage unit fuel profit
August 4, 2016 by Katherine Chiglinsky
(Bloomberg) — Genworth Financial Inc. posted its biggest intraday gain since 2009 after reporting a second-straight quarterly profit as Chief Executive Officer Tom McInerney reshapes the insurer to rebound from losses on long-term care coverage.
The insurer rose 74 cents, or 27 percent, to $3.49 at 9:37 a.m. in New York, narrowing its loss for the year to about 6 percent. Genworth reported Tuesday that net income in the three months ended June 30 was $172 million, compared with a loss of $193 million during the same period a year earlier. Operating profit, which excludes some investment results, was 25 cents a share, beating by 5 cents the average estimate of seven analysts surveyed by Bloomberg. Click HERE to view the full story. LifeHealthPro articles may require free registration to view
