UPDATE 1-Insurer Genworth swings to quarterly profit - News

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UPDATE 1-Insurer Genworth swings to quarterly profit

By: AFX | 29 Oct 2009 | 04:49 PM ET

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NEW YORK, Oct 29 (Reuters) - Genworth Financial Inc , the U.S. life and mortgage insurer, reported its first profit in six quarters on Thursday, as net investment losses plunged from the year-ago period, sending its shares surging. Richmond, Virginia-based Genworth reported net income available to common shareholders of $19 million, or 4 cents a share, compared with a loss of $258 million, or 60 cents a share, in the year-ago period. Net operating income available to common shareholders, excluding investment gains or losses, fell to $81 million, or 18 cents a share, from $220 million, or 51 cents per share, last year. Genworth has struggled in recent quarters as losses eroded capital, unnerving investors and prompting it last year to suspend a share buyback program. Earlier this year it helped raise capital by selling off a stake in its Canadian mortgage insurer, after an unsuccessful bid to be approved for federal funding. Genworth shares were up 11 percent in after-hours trading. (Reporting by Christian Plumb; Editing by Tim Dobbyn) Keywords: GENWORTH/ (Reuters Messaging: christian.plumb.reuters.com@reuters.net +1 646 223 6134) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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