NEW YORK - Genworth Financial returned to profitability and it has been a long wait for investor to get return from their stock. The question is will it be worth the wait? The company reported net income of $82 million, or $0.17 per diluted share, compared with net income of $178 million, or $0.36 per diluted share, in the first quarter of 2010. Net operating income for the first quarter of 2011 was $98 million.
The CEO of Genworth Michael D. Fraizer said "In the first quarter, we continued to deliver strong international performance, demonstrated sales and earnings progress in Retirement and Protection, and are seeing improving credit trends in U.S. Mortgage Insurance,"
The company's book value per share increased to $28.7. The Retirement and Protection segment earned $10 million of net income. The Life Insurance Segment earned $52 million, Long Term Care earned $40 million, Wealth Management earned $10 million. Retirement Income earned $25 million. The company's mortgage insurance operations made $51 million in Canada and $52 million in Australia but lost $81 million in the United States. The division has been under much scrutiny over the last year as the company looks to turn this division back to profitability.
The stock has been essentially untraded in afterhours, which is the time after the closing bell where investors can trade stocks. The company will begin its conference call at 10 AM tomorrow.
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