May 7, 2009 / 9:29 PM / 8 years ago

UPDATE 2-Genworth posts 1st-qtr loss

* Q1 net loss $469 million v profit of $116 million

* Operating income $0.03 per shr misses Wall St view

* Plans IPO of part of Canadian mortgage insurance biz

* Shares down 15 pct after report (Adds financial details, updates shares)

NEW YORK, May 7 (Reuters) - U.S. life and mortgage insurer Genworth Financial (GNW.N) said on Thursday it posted a net loss in the first quarter, hurt by investment losses.

The Richmond, Virginia-based company’s net loss was $469 million, or $1.08 a share, compared with a profit of $116 million, or 27 cents a share, in the year-ago period.

The result included net investment losses of $483 million.

Net operating income, excluding investment gains or losses, was 3 cents a share in the first quarter compared with analysts’ expectations for 23 cents a share, according to Reuters Estimates.

Genworth also said it planned to sell up to 49 percent of its ownership interest in a Canadian mortgage insurance business through an initial public offering.

Shares, which closed up 20.5 percent at $4.59 in the regular session of the New York Stock Exchange fell 15 percent after the report. (Reporting by Lilla Zuill)

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