Genworth Financial, Inc. (NYSE: GNW) has reported a sharp fall in earnings for the third quarter of 2023 when the insurance service provider’s revenues remained almost unchanged. The company repurchased around $80 million of its stock during the quarter.
Net income available to shareholders decreased to $29 million or $0.06 per share in the September quarter from $136 million or $0.27 per share in the prior-year period.
Third-quarter revenues edged down to $1.83 billion from $1.85 billion in the same period of 2022. Premium revenues and net investment income revenues dropped 2% and 1%, respectively during the three months.
“Genworth continues to execute its strategy to maximize shareholder value, with capital returns from Enact fueling our share repurchase program, investments in growth, and opportunistic debt reduction,” said Genworth’s CEO Tom McInerney.