Insurance service provider Genworth Financial, Inc. (NYSE: GNW) has reported higher earnings and revenues for the fourth quarter of 2022. The company repurchased $30 million of its stock during the quarter.
Net income available to shareholders increased to $175 million or $0.35 per share in the December quarter from $163 million or $0.32 per share in the prior-year period.
The bottom line benefited from a 9% increase in revenues to $1.90 billion. An impressive performance by the core Premiums segment, in terms of revenue growth, more than offset weakness in other areas.
Read management/analysts’ comments on quarterly reports
“I’m proud of the company’s accomplishments in 2022, including achieving our long-term holding company debt target, returning capital to shareholders for the first time in over 13 years, and receiving multiple rating upgrades,” said Genworth’s CEO Tom McInerney.