Genworth Profit Tumbles 66% as CEO McInerney Shrinks Insurer
- Insurer halted sales of life policies, annuities this year
- McInerney counts on mortgage guaranty unit for rebound
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Genworth Financial Inc., the insurer burned by losses on long-term care, said first-quarter profit dropped 66 percent as Chief Executive Officer Tom McInerney shrinks the company.
Net income fell to $53 million, or 11 cents per share, from $154 million, or 31 cents, the Richmond, Virginia-based insurer said Thursday in a statement. Operating profit, which excludes some investment results, was 21 cents a share, beating by 8 cents the average estimate of nine analysts surveyed by Bloomberg.