Genworth Financial, Inc. (NYSE: GNW) has reported lower earnings for the second quarter of 2023 when the insurance service provider’s revenues remained unchanged. The company repurchased around $112 million of its stock during the quarter.
Net income available to shareholders decreased to $137 million or $0.29 per share in the June quarter from $159 million or $0.31 per share in the prior-year period.
Meanwhile, second-quarter revenues remained unchanged at $1.90 billion. Premium revenues declined 2% while net investment income remained flat.
“Enact continues to perform well and has increased its planned capital return to Genworth and other shareholders. Based on strong free cash flow, the Genworth Board increased the share repurchase authorization by $350 million,” said Genworth’s CEO Tom McInerney.