Insurance service provider Genworth Financial, Inc. (NYSE: GNW) has reported lower earnings and revenues for the third quarter of 2022. The company said it expects higher free cash flow going forward.
Net income available to shareholders declined sharply to $104 million or $0.20 per share in the September quarter from $314 million or $0.61 per share in the prior-year period.
The bottom line was negatively impacted by an 11% decrease in revenues to $1.84 billion, with all the operating segments registering negative growth.
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“We are pleased with the progress we have made in the first nine months of the year. Genworth achieved our debt target further stabilized our legacy LTC book, and initiated a program to return capital to our shareholders, while also delivering solid financial results,” said Genworth’s CEO Tom McInerney.