Genworth Financial (GNW) Reports 2Q13 Results

Genworth Financial (GNW) reported 2Q13 earnings on July 30, 2013 [Source]. The company continues to make progress on its turnaround and our investment thesis remains on track. The company reported 2Q13 net income increased 86% to $141 million or $0.28/diluted share, compared with net income of $76 million or $0.16/diluted share in the 2Q12. This was also […]

Company Updates and Earnings Release Schedule

AIG Will Not Contest SIFI Designation: American International Group announced on June 3, 2013 that it received notice from the U.S. Treasury that the Financial Stability Oversight Council proposed that AIG is a systemically important financial institution (SIFI) under the Wall Street Reform and Consumer Protection Act. General Electric’s Financial Unit, GE Capital and Prudential […]

Genworth Financial (GNW) Reports 1Q13 Results

Genworth Financial (GNW) reported 1Q13 earnings on April 30, 2013 [Source]. At the fourth quarter 2012 earnings release we described Genworth as “a work in progress” this quarter it is more about “progress in works”. Reported results are good and considering the fundamental progress behind the scenes for the future, the results are excellent. Our thesis […]

Genworth (GNW) Updates

Capital Plan Approved: Genworth announces [Source] the comprehensive U.S. Mortgage Insurance capital plan has all necessary approvals and is fully implemented as of April 1, 2013. The resourceful capital plan was detailed in our blog post “Genworth’s Announces Resourceful Capital Plan” [Source]. The plan transferred the European mortgage insurance subsidiaries into Genworth’s U.S. mortgage insurance unit, […]

Genworth (GNW) Announces Sale of Wealth Management Business

In February 2013 Genworth (GNW) named CFO Martin Klein executive vice  president. Adding to the ongoing CFO duties his new role is responsible for, among other duties, positioning the non-core International Protection’s and Wealth Management units’ for eventual sale as outlined in the strategic plan.  We commented at the time that, “It is encouraging to see […]

January Mortgage Delinquencies Continues to Improve

Lender Processing Services, Inc. (LPS) released January data on the mortgage and real estate industries [Source]. Their database represents approximately 70 percent of the overall market. We use it as a leading indicator to track the future health of the mortgage business and potential impact on Genworth Financial (GNW) mortgage insurance businesses. The Positive Trend Continues: […]

Genworth (GNW) Takes Further Action on Turnaround

Our Genworth Investment Thesis [Source] noted a lot of moving parts both at the company and macroeconomic level; “the company will likely continue selling at a discount pending further resolution of the many issues that need to be monitored. However, it seems turnaround is underway on both a macro and micro level but largely overlooked […]

Genworth Financial (GNW) Reports 4Q12 Results

Genworth Financial (GNW) reported 4Q12 earnings on February 5, 2013 [Source]. Genworth continues to be a work in progress. Our investment thesis [Source] identified many moving parts that need addressed to restore investor confidence. The 4Q12 report on a quarter to quarter basis is characterized as mixed from an operating perspective. From a longer term value perspective, as our investment […]

Mortgage Delinquency Continues to Improve:

Lender Processing Services, Inc. (LPS) provides analytics on the mortgage and real estate industries with a loan-level database representing approximately 70 percent of the overall market. It is the leading indicator we use to track the future health of the mortgage business and potential impact on Genworth Financial (GNW) mortgage insurance businesses. The most recent LPS December […]

Genworth (GNW) Announces Resourceful Capital Plan

This plan is resourceful and a significant catalyst for appreciation in the months to come. The plan utilizes the undervalued assets of the company to address rating agency concerns and preserve the still to be recognized value for existing shareholders. The News Release in Part [Source]: Genworth Financial (GNW) announced today a comprehensive capital plan for […]