Insurance service provider Genworth Financial, Inc. (NYSE: GNW) has reported lower earnings and revenues for the first quarter of 2023. The company repurchased around $68 million of its stock during the quarter.
Net income available to shareholders decreased to $62 million or $0.12 per share in the March quarter from $191 million or $0.37 per share in the prior-year period.
The bottom line was negatively impacted by a 2% decline in revenues to $1.85 billion. Premium revenues remained unchanged year-over-year, while net investment income rose 3%.
“Genworth’s recent achievements enable us to further refine our priorities to maximize long-term shareholder value by allocating capital from Enact, launching our CareScout services business, and stabilizing LTC through our multi-year rate action plan. As we continue to execute on our priorities, we will be well-positioned to continue returning capital to shareholders,” said Genworth’s CEO Tom McInerney.