The following is a summary of the Genworth Financial, Inc. (GNW) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Genworth reported a net income of $85 million, with $0.19 per share, and an adjusted operating income of $48 million, $0.11 per share.

• End-of-quarter liquidity was strong with cash and liquid assets totaling $369 million, inclusive of approximately $162 million in advanced cash payments.

• Statutory pre-tax loss of $18 million due to unfavorable mortality, higher new claims, and lower legal settlement benefits.

• Adjusted operating income from Enact was $148 million, mainly driven by favorable cure performance and strong net investment income.

Business Progress:

• Enact delivered increased capital returns while continuing to drive shareholder value with a robust performance.

• Genworth plans to invest $35 million in CareScout Services in 2024 to scale the network across the U.S.

• Expanded geographic coverage of the CareScout Quality Network to include providers in 49 states, offering discounted rates in care services.

• Introduced targeted investment strategies and aggressive debt reduction, lowering company debt from $4.2 billion in 2013 to $821 million in 2024.

Opportunities:

• Demonstrated potential for market growth through CareScout Quality Network, aiming to include assisted living communities and other care types in the future with plans to reenter the market in 2025.

• Plans to develop new funding solutions for long-term care with the upcoming introduction of a conservatively designed product to reduce the need for future LTC premium increases.

Risks:

• Faced challenges such as unfavorable mortality trends and high new claims which impacted statutory accounting results negatively.

• Continued dependence on approval for rate actions and market expansion plans subject to regulatory and market risks.

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