Genworth Financial Postpones Second Quarter 2023 Earnings Release
July 31 2023 - 6:11PM
Business Wire
Genworth Financial, Inc. (NYSE: GNW) today announced that it
will postpone the release of its financial results for the period
ending June 30, 2023 and earnings conference call, previously
scheduled for August 1, 2023 and August 2, 2023, respectively.
Genworth now expects to issue its second quarter earnings release
after the market closes on August 8, 2023, and hold its conference
call on August 9, 2023 at 9:00 a.m. (ET).
Genworth requires additional time to complete its GAAP
accounting for previously disclosed long-term care insurance (LTC)
legal settlements under the new standard for long duration targeted
improvements (LDTI). This accounting only applies to Genworth’s LTC
segment. It does not impact Enact’s results or the timing of
Enact’s earnings release and conference call. As with all LDTI
accounting, it is non-economic, and will not impact the company’s
cash flows, statutory accounting results, or capital levels. As
previously disclosed, the legal settlements are expected to have a
net favorable economic impact to Genworth. The cumulative economic
value and total LTC settlement expenses will not change and will be
based on policyholder reduced benefit elections over the
implementation of the settlements. Further, the GAAP accounting for
the settlements will have no impact on how Genworth manages or
values its LTC business, or its corporate strategy.
Genworth’s Board and management team remain confident in the
company’s strategy and future, the strength of its balance sheet,
and its ongoing ability to generate free cash flow and return
capital to shareholders, as demonstrated by the $350 million
expansion of the company’s existing share repurchase authorization,
also announced today.
Genworth’s earnings release and summary presentation will be
available through the company's website,
http://investor.genworth.com, at the time of their release to the
public.
Genworth’s conference call will be accessible via telephone and
Internet. The dial-in number for Genworth’s August 9 conference
call is 888-208-1820 or 323-794-2110 (outside the U.S.); conference
ID # 4877504. To participate in the call by webcast, register at
http://investor.genworth.com. It is recommended to join the call at
least 15 minutes in advance.
A replay of the webcast will be available on the company’s
website for one year.
About Genworth Financial Genworth Financial, Inc. (NYSE:
GNW) is a Fortune 500 company focused on empowering families to
navigate the aging journey with confidence, now and in the future.
Headquartered in Richmond, Virginia, Genworth provides guidance,
products, and services that help people understand their caregiving
options and fund their long-term care needs. Genworth is also the
parent company of publicly traded Enact Holdings, Inc. (Nasdaq:
ACT), a leading U.S. mortgage insurance provider. For more
information on Genworth, visit genworth.com, and for more
information on Enact Holdings, Inc. visit enactmi.com.
Cautionary Note Regarding Forward-Looking Statements This
press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will," or words of similar meaning and include, but
are not limited to, statements regarding the outlook for future
business and financial performance of Genworth Financial, Inc.
(Genworth) and its consolidated subsidiaries. Examples of
forward-looking statements include statements Genworth makes
relating to its financial results under U.S. GAAP in connection
with the implementation of new accounting guidance as well as
future cash flow and capital returns to shareholders.
Forward-looking statements are based on management’s current
expectations and assumptions, which are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. Actual outcomes and results may differ
materially due to global political, economic, business,
competitive, market, regulatory, and other factors and risks, as
well as risks discussed in the risk factor section of Genworth’s
Annual Report on Form 10-K, filed with the United States Securities
and Exchange Commission on February 28, 2023. Genworth undertakes
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230731368068/en/
Investors: Sarah E. Crews InvestorInfo@genworth.com Media: Amy
Rein Amy.Rein@genworth.com
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