GENWORTH FINANCIAL INC - Quarter Report: 2020 September (Form 10-Q)

 

 

 

 

            

 

 

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Securities registered pursuant to Section 12(b) of the Act:

 

		Three months ended September 30,								Nine months ended September 30,
		2020				2019				2020				2019
Revenues:
Premiums		$	1,034			$	1,015			$	3,068			$	3,004
Net investment income			827				816				2,406				2,426
Net investment gains (losses)			375				(2	)			382				27
Policy fees and other income			184				191				539				601
Total revenues			2,420				2,020				6,395				6,058
Benefits and expenses:
Benefits and other changes in policy reserves			1,299				1,284				4,146				3,817
Interest credited			137				146				417				439
Acquisition and operating expenses, net of deferrals			249				247				721				713
Amortization of deferred acquisition costs and intangibles			101				112				310				277
Goodwill impairment			—				—				5				—
Interest expense			49				59				145				179
Total benefits and expenses			1,835				1,848				5,744				5,425
Income from continuing operations before income taxes			585				172				651				633
Provision for income taxes			150				34				186				169
Income from continuing operations			435				138				465				464
Income (loss) from discontinued operations, net of taxes			1				(80	)			(519	)			42
Net income (loss)			436				58				(54	)			506
Less: net income from continuing operations attributable to noncontrolling interests			18				10				35				45
Less: net income from discontinued operations attributable to noncontrolling interests			—				30				—				101
Net income (loss) available to Genworth Financial, Inc.’s common stockholders		$	418			$	18			$	(89	)		$	360
Net income (loss) available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders		$	417			$	128			$	430			$	419
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders			1				(110	)			(519	)			(59	)
Net income (loss) available to Genworth Financial, Inc.’s common stockholders		$	418			$	18			$	(89	)		$	360
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic		$	0.83			$	0.25			$	0.85			$	0.83
Diluted		$	0.82			$	0.25			$	0.84			$	0.82
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic		$	0.83			$	0.04			$	(0.18	)		$	0.72
Diluted		$	0.82			$	0.04			$	(0.17	)		$	0.71
Weighted-average common shares outstanding:
Basic			505.6				503.5				505.1				502.7
Diluted			511.5				511.2				511.2				509.5