Genworth Financial (GNW) Q1 Earnings Beat, Revenues Miss
Zacks Investment Research | May 02, 2017 10:30PM ET
Genworth Financial, Inc. (NYSE:GNW) reported first-quarter 2017 net operating income of 29 cents per share that beat the Zacks Consensus Estimate of 22 cents per share by 38.1%. Earnings improved 38% year over year. The bottom line included expenses related to state guaranty fund assessments for the Penn Treaty Network American Insurance Company and American Network Insurance Company (Penn Treaty) plan of liquidation.
The company reported net income per share of 31 cents, skyrocketing 182% from 11 cents earned in the prior-year quarter.
Operational Performance
Total revenue of Genworth improved 18% year over year to $2.137 billion. Increase of 43% in premiums alongside higher net investment income drove the upside. However, decline in policy fees and other income limited the improvement. Also, the top line missed the Zacks Consensus Estimate of $2.180 billion.
Total benefits and expenses increased 12.5% year over year to $1.8 billion, primarily due to an increase in benefits and other changes in policy reserves.
Genworth Financial Inc Price, Consensus and EPS Surprise
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Performance of Other Insurers
Among the other players from the finance sector that have reported first-quarter earnings so far, Chubb Limited (NYSE:CB) beat the Zacks Consensus Estimate but RLI Corp. (NYSE:RLI) and The Progressive Corporation (NYSE:PGR) missed expectations.
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