Overview
Genworth Q2 net income at $51 mln compared with $76 mln year ago, adjusted operating income at $68 mln
Company repurchased $30 mln shares in Q2, $620 mln since inception
Result Drivers
ENACT PERFORMANCE - Strong operating performance from Enact contributed to capital returns and supported share repurchase program
CARESCOUT EXPANSION - CareScout launched Care Plans and expanded its network coverage, reaching consumers in all 50 states
LTC PREMIUM INCREASES - Premiums in the LTC segment increased due to in-force rate actions, partially offset by policy terminations
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.12
Q2 Net Income
$51 mln
Q2 Adjusted Operating Income
$68 mln
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the multiline insurance & brokers peer group is "buy"
Wall Street's median 12-month price target for Genworth Financial Inc is $9.50, about 15.8% above its July 29 closing price of $8.00
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nBw221kdMa
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)