Genworth Q2 net income $181M, adj op income $176M; Enact income $167M; $30M buybacks

GENWORTH FINANCIAL INC

2022-Q2 EPS reported $0.64 revenue$3,773,000,000

Net income $181M ($0.35 diluted) vs $240M ($0.47) Q2 2021; adjusted operating income $176M ($0.34) vs $194M ($0.38).
Enact segment adjusted operating income $167M; insurance in-force grew 9% annually; received first quarterly dividend of $19M from Enact.
U.S. Life Insurance segment adjusted operating income $21M; $52M in annual LTC premium rate increases approved; cumulative NPV from LTC rate actions since 2012 rose ~$300M to $20.7B.
Retired $48M of debt; holding company debt $1.05B; cash/liquid assets $228M; executed $30M share repurchases through July 2022.
Moody's upgraded credit rating two notches in July 2022; U.S. life RBC ratio estimated at 290%.

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