Genworth first-quarter results fall on investment losses
Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
The Richmond, Va., company lost $469 million, or $1.08 per share, compared with net income of $116 million, or 27 cents per share, in the first quarter a year ago.
Net income, excluding one-time losses was $14 million, or 3 cents a share, compared with $244 million, or 56 cents per share a year ago.
Revenue fell to $1.7 billion from $2.8 billion a year ago.
Analysts polled by Thomson Reuters expected 19 cents a share on revenue of $2.7 billion.
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