Genworth Q1 net income $149M ($0.29), down from $187M ($0.37) YoY; announces $350M buyback

GENWORTH FINANCIAL INC

2022-Q1 EPS reported $0.29 revenue$1,892,000,000

Net income $149M ($0.29 diluted) vs $187M ($0.37) in Q1 2021; adjusted operating income $131M ($0.25) vs $168M ($0.33).
Enact segment adjusted operating income $135M; insurance in-force up 10% YoY; Enact declares $0.14/share quarterly dividend.
U.S. Life Insurance segment adjusted operating loss $4M, driven by unfavorable life results partly offset by strong LTC performance.
$350M share repurchase authorized, first shareholder return in over 13 years; S&P upgraded credit ratings.
LTC rate actions: $101M annual premium increases approved; cumulative NPV of achieved rate actions since 2012 reaches $20.4B.

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