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Genworth(GNW) - 2025 Q1 - Quarterly Results
GNWGenworth(GNW)2025-04-30 20:21

Financial Performance - Total revenues for Q1 2025 were 1,786million,aslightincreasefrom1,786 million, a slight increase from 1,864 million in Q1 2024[33] - Net income available to common stockholders for Q1 2025 was 54million,comparedtoalossof54 million, compared to a loss of 1 million in Q4 2024 and 85millioninQ32024[36]−AdjustedoperatingincomeforQ12025was85 million in Q3 2024[36] - Adjusted operating income for Q1 2025 was 51 million, up from 15millioninQ42024and15 million in Q4 2024 and 48 million in Q1 2024[36] - Basic earnings per share for continuing operations in Q1 2025 was 0.14,comparedto0.14, compared to 0.01 in Q4 2024 and 0.20inQ32024[36]−TotalrevenuesfortheLong−TermCareInsuranceSegmentinQ12025were0.20 in Q3 2024[36] - Total revenues for the Long-Term Care Insurance Segment in Q1 2025 were 1,051 million, slightly down from 1,105millioninQ12024[59]−AdjustedOperatingLossfortheLong−TermCareInsuranceSegmentwas1,105 million in Q1 2024[59] - Adjusted Operating Loss for the Long-Term Care Insurance Segment was 30 million in Q1 2025, compared to a profit of 3millioninQ12024[59]−TotalrevenuesfortheLifeandAnnuitiesSegmentinQ12025were3 million in Q1 2024[59] - Total revenues for the Life and Annuities Segment in Q1 2025 were 421 million, a decrease from 461millioninQ12024[66]−AdjustedOperatingLossfortheLifeandAnnuitiesSegmentwas461 million in Q1 2024[66] - Adjusted Operating Loss for the Life and Annuities Segment was 33 million in Q1 2025, compared to a loss of 1millioninQ12024[66]−ThelossfromcontinuingoperationsforQ12025was1 million in Q1 2024[66] - The loss from continuing operations for Q1 2025 was 44 million, compared to a loss of 29millioninQ12024[69]−Thetotalpremiumsforthefirstquarterof2025were29 million in Q1 2024[69] - The total premiums for the first quarter of 2025 were 862 million, slightly down from 875millioninthefirstquarterof2024[98]AssetsandLiabilities−TotalassetsasofMarch31,2025,were875 million in the first quarter of 2024[98] Assets and Liabilities - Total assets as of March 31, 2025, were 87,256 million, an increase from 86,871millionattheendof2024[39]−TotalliabilitiesasofMarch31,2025,amountedto86,871 million at the end of 2024[39] - Total liabilities as of March 31, 2025, amounted to 77,575 million, a slight increase from 77,440milliononDecember31,2024[42]−Policyholderaccountbalancesstoodat77,440 million on December 31, 2024[42] - Policyholder account balances stood at 14,447 million as of March 31, 2025, a decrease from 14,594milliononDecember31,2024[42]−Futurepolicybenefitsliabilitieswererecordedat14,594 million on December 31, 2024[42] - Future policy benefits liabilities were recorded at 54,158 million as of March 31, 2025, compared to 53,610millionattheendof2024,indicatingariseofapproximately1.0253,610 million at the end of 2024, indicating a rise of approximately 1.02%[42] - Total equity increased to 9,681 million as of March 31, 2025, compared to 9,431millionattheendof2024,reflectingagrowthofapproximately2.659,431 million at the end of 2024, reflecting a growth of approximately 2.65%[42] Investment Income - The company reported net investment income of 739 million in Q1 2025, down from 782millioninQ12024[33]−U.S.GAAPNetInvestmentIncomeforQ12025was782 million in Q1 2024[33] - U.S. GAAP Net Investment Income for Q1 2025 was 739 million, a decrease from 782millioninQ12024[86]−NetinvestmentincomeforQ12025was782 million in Q1 2024[86] - Net investment income for Q1 2025 was 144 million, consistent with Q4 2024, but down from 167millioninQ12024[69]−Policyloansgeneratedanetinvestmentincomeof167 million in Q1 2024[69] - Policy loans generated a net investment income of 36 million in Q1 2025, down from 58millioninQ12024[86]−Limitedpartnershipscontributed58 million in Q1 2024[86] - Limited partnerships contributed 8 million to net investment income in Q1 2025, a decrease from 20millioninQ12024[86]InsuranceOperations−NewinsurancewrittenfortheEnactsegmentisregularlymonitoredasameasureofnewbusinessvolumegenerated[22]−ThecompanyconsidersthelossratiofortheEnactsegmentasameasureofunderwritingperformance,whichiscalculatedasbenefitsandotherchangesinpolicyreservestonetearnedpremiums[24]−DirectPrimaryNewInsuranceWritten(NIW)forQ12025was20 million in Q1 2024[86] Insurance Operations - New insurance written for the Enact segment is regularly monitored as a measure of new business volume generated[22] - The company considers the loss ratio for the Enact segment as a measure of underwriting performance, which is calculated as benefits and other changes in policy reserves to net earned premiums[24] - Direct Primary New Insurance Written (NIW) for Q1 2025 was 9,818 million, a decrease from 10,526millioninQ12024[54]−DirectPrimaryInsuranceIn−Forceremainedstableat10,526 million in Q1 2024[54] - Direct Primary Insurance In-Force remained stable at 268,366 million in Q1 2025 compared to 263,645millioninQ12024[54]−PrimaryDelinquenciesincreasedto22,349inQ12025from19,492inQ12024,indicatingariseinrisk[54]−TheLossRatioforQ12025was12263,645 million in Q1 2024[54] - Primary Delinquencies increased to 22,349 in Q1 2025 from 19,492 in Q1 2024, indicating a rise in risk[54] - The Loss Ratio for Q1 2025 was 12%, up from a negative 7% in Q1 2024, reflecting increased claims relative to premiums[54] Equity and Shareholder Information - Total stockholders' equity as of March 31, 2025, is 8,710 million, an increase from 8,494millionasofDecember31,2024[28]−Bookvaluepershareincreasedto8,494 million as of December 31, 2024[28] - Book value per share increased to 20.94 as of March 31, 2025, compared to 20.16asofDecember31,2024[28]−Theweighted−averagecommonsharesusedinbasicearningspersharecalculationsforthefirstquarterof2025is418.3million[28]−Theweighted−averagecommonsharesoutstandingforQ12025were418.3million,adecreasefrom443.0millioninQ12024[36]ComprehensiveIncome−Thecompanyreportedatotalaccumulatedothercomprehensivelossof20.16 as of December 31, 2024[28] - The weighted-average common shares used in basic earnings per share calculations for the first quarter of 2025 is 418.3 million[28] - The weighted-average common shares outstanding for Q1 2025 were 418.3 million, a decrease from 443.0 million in Q1 2024[36] Comprehensive Income - The company reported a total accumulated other comprehensive loss of 1,421 million as of March 31, 2025, down from 1,642millionasofDecember31,2024[28]−Totalaccumulatedothercomprehensiveincome(loss)improvedto1,642 million as of December 31, 2024[28] - Total accumulated other comprehensive income (loss) improved to (1,421) million as of March 31, 2025, from (1,642)milliononDecember31,2024[42]InvestmentStrategy−Thecompanycontinuestofocusonmaintainingabalancedinvestmentstrategywhilemanagingcreditriskeffectively[81]−Theoverallinvestmentportfoliocompositionremainsdiversified,withfixedmaturitysecuritiesmakingupasignificantportionofthetotalassets[81]−Publicfixedmaturitysecuritiesaccountedfor43(1,642) million on December 31, 2024[42] Investment Strategy - The company continues to focus on maintaining a balanced investment strategy while managing credit risk effectively[81] - The overall investment portfolio composition remains diversified, with fixed maturity securities making up a significant portion of the total assets[81] - Public fixed maturity securities accounted for 43% of the total investment portfolio, with a carrying amount of 26,470 million, slightly up from 26,159millioninthepreviousquarter[81]−Privatefixedmaturitysecuritiesremainedstableat1826,159 million in the previous quarter[81] - Private fixed maturity securities remained stable at 18% of the total portfolio, with a carrying amount of 11,166 million, compared to $10,882 million in the previous quarter[81]