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Genworth Financial sees net income drop YOY in Q1

Genworth FinancialInc. reported net income available to common stockholders of $53 million,or 11 cents per share, for the first quarter, down from $154 million, or 31 centsper share, in the year-ago period.

The company reported net operating income of $103 million, or21 cents per share, down from $154 million, or 31 cents per share, in the prior-yearquarter. The net income and net operating income for the quarter included after-taxlitigation settlement and legal expenses of $54 million, or 11 cents per share,Genworth Financial said.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 15 cents.

Total revenues for the quarter were $1.79 billion, down from$2.14 billion a year earlier. Premiums for the quarter were $794 million, comparedwith $1.14 billion in the first quarter of 2015.

Genworth's U.S. life insurance division reported a net operatingincome of $91 million for the quarter, up from $81 million for the quarter endedMarch 31, 2015. Net operating income for the U.S. mortgage insurance segment was$61 million, versus $52 million in the prior-year quarter. Net operating incomefor the quarter was $33 million for the Canada Mortgage Insurance segment and $19million for the Australia Mortgage Insurance segment.

The corporate and other division saw a net operating loss of$105 million for the quarter, compared with a net operating loss of $60 millionin the year-ago quarter.

Book value per share for the quarter decreased to $28.19 from$30.81 a year earlier. Book value per share excluding accumulated other comprehensiveincome was $19.80 for the quarter, down from $21.38 in the prior-year quarter.

Genworth Financial provided updates on the progress of its for its U.S. lifeinsurance businesses. The company suspended sales of traditional life insuranceand fixed annuity products on March 7, reduced cash expenses by approximately $135million pre-tax on an annualized basis and still expects to achieve total expectedannualized cash expense reductions of $150 million or more by the end of the secondquarter, among other things.