![Genworth Financial Inc [GNW] reports quarterly net loss of $169 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FGNW.png&w=1200&q=75)
GENWORTH FINANCIAL INC [GNW] has reported a net loss of $169 million for quarter ended Dec 31, 2022.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $1.9 billion
Based in RICHMOND, Virginia, GENWORTH FINANCIAL INC operates in the FINANCE sector.
In the first quarter of 2024, Genworth Financial, Inc. reported total revenues of $1.864 billion, showing a slight increase compared to the same period in 2023 which stood at $1.854 billion. The company's revenues were primarily driven by premiums and net investment income.
Moving on to benefits and expenses, the cost side of the income statement, the company reported total benefits and expenses of $1.628 billion in the first quarter of 2024, slightly lower than the $1.645 billion reported in the corresponding period of 2023. This decrease can be attributed to changes in policy reserves and lower interest expenses.
As a result of the revenue and expense figures, Genworth Financial, Inc. reported a net income of $169 million in Q1 2024, marking an improvement from the net income of $154 million in Q1 2023. This increase in net income can be attributed to a better performance in the company's investment gains and reductions in certain expenses.
The earnings per share also showed growth, with basic earnings per share for income from continuing operations available to common stockholders at $0.32 in Q1 2024, compared to $0.25 in Q1 2023. Similarly, diluted earnings per share rose from $0.24 in Q1 2023 to $0.31 in Q1 2024, showcasing an upward trend in the company's profitability.
In conclusion, Genworth Financial, Inc. demonstrated a positive financial performance in the first quarter of 2024 compared to the same period in 2023, marked by an increase in revenues, a slight reduction in expenses, and a growth in net income and earnings per share.
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