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genworth financial inc-cl a (GNW) Key Developments

Genworth Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment Charge for the Fourth Quarter of 2014

Genworth Financial, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenues of $2,424 million compared to $2,412 million a year ago. Loss from continuing operations before income taxes was $923 million compared to income from continuing operations before income taxes of $315 million a year ago. Loss from continuing operations was $708 million compared to income from continuing operations of $245 million a year ago. Net loss available to the company’s common stockholders was $760 million compared to net income available to the company’s common stockholders of $208 million a year ago. Basic and diluted loss per share was $1.53 compared to diluted income per share of $0.41 a year ago. Net operating loss was $416 million compared to net operating income of $193 million a year ago. Book value per common share was $30.04 compared to $29.08 a year ago. GAAP basis ROE was negative at 28.0% compared to ROE of 7.1% a year ago. Loss from continuing operations available to the company’s common stockholders per basic and diluted common share was $1.53 against $0.42 a year ago. For the full year, the company reported total revenues of $9,565 million compared to $9,403 million a year ago. Loss from continuing operations before income taxes was $1,276 million compared to income from continuing operations before income taxes of $1,050 million a year ago. Loss from continuing operations was $1,048 million compared to income from continuing operations of $726 million a year ago. Net loss available to the company’s common stockholders was $1,244 million compared to net income available to the company’s common stockholders of $560 million a year ago. Basic and diluted loss per share was $2.51 compared to diluted income per share of $1.12 a year ago. Net operating loss was $381 million compared to net operating income of $616 million a year ago. GAAP basis ROE was negative at 10.8% compared to ROE of 4.8% a year ago. For the quarter, the company reported goodwill impairment of $299 million.

Genworth Financial To Sell Lifestyle Protection Insurance

Genworth Financial, Inc. (NYSE:GNW) plans to sell its lifestyle protection insurance business. In connection with the plans of sale, Genworth completed an internal debt restructuring recognizing tax benefits of $108 million in the fourth quarter of 2014.

Genworth Financial, Inc. Announces Executive Changes

As previously reported, on December 16, 2014, Leon E. Roday, 60, the Executive Vice President, General Counsel and Secretary of Genworth Financial, Inc., notified the Company that he intended to retire from the Company during the first quarter of 2015, after more than 18 years of service to the Company and its predecessors. The company and Mr. Roday have worked together to plan for the orderly transition of his role and responsibilities in connection with his retirement, including the expectation that Mr. Roday will continue to serve as a Company-designated director of Genworth MI Canada Inc., Genworth Mortgage Insurance Australia Limited, Financial Insurance Company Limited and Financial Assurance Company Limited for at least an additional year after his retirement. In connection with the transition of Mr. Roday’s role, on January 26, 2015, Mr. Roday resigned as Executive Vice President, General Counsel and Secretary of the Company, and Ward E. Bobitz was appointed as Executive Vice President and General Counsel of the Company to replace Mr. Roday. Mr. Bobitz, who has most recently served as the Company’s Vice President and Deputy General Counsel – Regulatory, Transactions, and Litigation, has over 17 years of experience with the Company and its predecessors, serving in various management and legal capacities. Mr. Roday will remain as an employee of the company until the end of February 2015, to facilitate the transition.

Genworth Financial, Inc. to Report Q4, 2014 Results on Feb 10, 2015

Genworth Financial, Inc. announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Feb 10, 2015

Genworth Financial, Inc., Q4 2014 Earnings Call, Feb 11, 2015

Genworth Financial, Inc., Q4 2014 Earnings Call, Feb 11, 2015

 

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