Genworth Financial (GNW) has registered net income of $108m, or $0.22 per diluted share, for the third quarter of 2013, against $35m, or $0.07, during the comparable period last fiscal.
For the quarter ended on 30 September 2013, the insurer’s total revenues stood at $2.3bn, compared to $2.5bn recorded in the same period the previous year.
Genworth president and CEO Tom McInerney said, "Genworth is moving forward and rebuilding shareholder value through solid operating performance from our divisions, the increasing impact of long term care rate actions and continued achievement of key milestones.
"We have increased our cash balance, established a new credit line, and addressed our near term debt maturities, which have strengthened our balance sheet and increased financial flexibility."
US Life Insurance Division net operating income stood at $111m, against $79m during the prior quarter and $86m a year ago. Global Mortgage Insurance Division had net operating income of $87m, compared to $102m in the prior quarter and $57m a year ago.
Reported International Mortgage Insurance segment net operating earnings stood at $90m, versus $94m a year ago.
Canada Mortgage Insurance reported net operating earnings of $41m against $42m during the corresponding period earlier year. Australia Mortgage Insurance reported net operating earnings of $61m versus $57m in the prior year.
Other Countries Mortgage Insurance had a net operating loss of $12m, compared to $5m in the prior year as the business continues to be pressured from elevated losses, primarily in Ireland.