Genworth Financial (NYSE:GNW) is moving forward with plans to address its near-term liabilities and financial obligations, which include the recently announced settlement agreement with AXA and ~$1.0B of debt maturing in 2021.
Expects steps to include debt financing in the near term and taking necessary actions to launch a 19.9% initial public offering of its U.S. mortgage insurance business if the China Oceanwide transaction is terminated.
GNW falls 4.2% in after-hours trading.
Q2 adjusted operating loss of 4 cents per share vs. consensus for adjusted operating EPS of 2 cents; compares with adjusted operating income of 35 cents per share in Q2 2019.
Q2 net investment income of $786M fell from $793M in Q1 and $816M in the year-ago quarter.
U.S. mortgage insurance operating loss of $3M was primarily driven by new delinquencies attributable to the COVID-19 pandemic; compares with adjusted operating income of $148M in Q1 and $147M in Q2 2019.
