Shefi Ben-Hutta
Editor at Coverager
CareScout Enact Mortgage Insurance Genworth Financial

Genworth Financial: Driving growth through CareScout

Genworth Financial held its Q2’24 earnings call on Aug 1, 2024, led by CEO Thomas Mcinerney. Key highlights:

  • Earnings Performance: Genworth reported net income of $76 million ($0.17 per share) and adjusted operating income of $125 million ($0.28 per share), with significant contributions from Enact.
  • Enact’s Strong Performance: Enact Mortgage Insurance , Genworth’s mortgage insurance unit, reported an adjusted operating income of $165 million, contributing to the company’s overall financial stability.
  • Shareholder Returns: Enact announced an increase in its expected shareholder return for the full year, having already returned $738 million in capital to Genworth since its IPO.
  • Long-Term Care (LTC) Segment: The LTC segment posted an adjusted operating loss of $29 million, mainly due to liability remeasurement losses.
  • Life and Annuities: This segment reported an adjusted operating loss of $1 million driven by losses in life insurance.
  • CareScout Expansion: CareScout, Genworth’s aging care services business, expanded its coverage to over 40 states, aiming for 80-85% coverage of the US 65+ population by the end of 2024. “We are also encouraged by the network’s early adoption by our LTC policyholders. We have already helped hundreds of new policyholders on claim, find quality care with CareScout Quality Network care providers.” – CEO Tom McInerney.

  • LTC Rate Actions: Genworth achieved $138 million in gross incremental premiums through its multi-year rate action plan, reaching an estimated $29.2 billion in cumulative progress since 2012.
  • Future Focus: Genworth aims to deliver long-term growth through Enact and CareScout while continuing to return value to shareholders through share repurchases and debt management.
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