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.