Genworth Financial Inc (NYSE:GNW)’s Q2 results announced


Dallas, Texas 08/01/2013 (Financialstrend) – Genworth Financial Inc (NYSE: GNW) has announced its second quarter results for 2013 on July 30, 2013. As per the report, the firm had reported net income of $141 million that is $0.28 per diluted share, which is compared with net income of $76 million that is $0.16 per diluted share in the second quarter of 2012.  The net operating income for the second quarter of 2013 was $133 million that is $0.27 per diluted share, which is compared with net operating income of $67 million that is $0.14 per diluted share in the same fiscal year 2012. The net investment gains, tax and other adjustments were reported as $15 million in the quarter compared to net investment losses of $18 million in the prior year. Total investment impairments, net of tax, were reported $4 million in the present quarter and $27 million in the prior year.

The president & CEO of the firm has announced that they are starting to see good results from their hard work to progress the operating performance of the businesses with strong performance in Global Mortgage Insurance, further growth on long term care insurance rate actions and implementation of an expense reduction plan. They keep on increasing financial elasticity with an ordinary dividend from the U.S. life firms and consistent dividends from Global Mortgage Insurance. These are some of the milestones in their plan to turn the firm around.

Genworth Financial Inc (NYSE:GNW) had presented lose of 2.77% with the trading on Thursday and had thereby closed at $12.99 per share. While the stock opened at $12.90 per share, there had been fluctuations in the intraday prices ranging between $12.62 and $13.24 per share during the day. The 52 week low price for the stock is presently at $4.06 and 52 week high price is at $13.79 per share. There are a total 493.09 million shares in the market valuing to a market cap of $6.41 billion. The stock witnessed around 17.39 million shares being exchanged hands on Thursday while the average level of trading is at 8.02 million shares a day.

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