UPDATE 1-Genworth Financial profit beats forecasts, shares jump

Tue Apr 28, 2015 6:55pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(New throughout, adds details and updates share price)

April 28 (Reuters) - Life and mortgage insurer Genworth Financial Inc on Tuesday reported a quarterly profit that beat analysts' estimates, helped by a higher income from its mortgage insurance units in the U.S. and Canada.

Shares of the company rose 7 pct in extended trading.

Net profit attributable to common shareholders in the first quarter ended March 31 fell to $154 million, or 31 cents per share, from $184 million, or 37 cents per share, a year earlier.

Genworth also said it was still pursuing the planned sale of its non-core lifestyle protection insurance business.

"Genworth demonstrated stability, particularly in its long-term care unit," said Mark Palmer, an analyst with BTIG.

"There was some concern that the U.S. mortgage unit could lose market share and they delivered a better-than-expected performance," he added.

Net operating income of 31 cents per share beat the average analyst estimate of 26 cents, according to Thomson Reuters I/B/E/S.

Net operating income from the company's mortgage units in Canada and the United States rose to $92 million from $74 million.   Continued...