New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
December 20, 2012
09:46 EDTGNWGenworth sees $80M benefit to Q4 GAAP net income from Canadian act
Genworth Financial's Canadian subsidiary, Genworth MI Canada, reported the anticipated financial impact, under International Financial Reporting Standards, from the implementation of the Protection of Residential Mortgage or Hypothecary Insurance Act, or PRMHIA, effective on January 1, 2013. PRMHIA establishes a legislative framework that replaces the current Government Guarantee Agreement. While there is no change in the level of the Government Guarantee to MIC under PRMHIA, it does eliminate the Government Guarantee Fund and related exit fees in favor of a higher regulatory capital target set by Canada's Minister of Finance. When PRMHIA is implemented, the elimination of the Government Guarantee Fund will increase MIC's regulatory capital available, which is expected to be predominately offset by an increase in its required capital. The implementation of this legislation is positive and will strengthen Genworth MI Canada's claim paying ability. Under U.S. Generally Accepted Accounting Principles, or GAAP, Genworth Financial expects a benefit of approximately $80M in 4Q12 to its net income from the reversal of the accrued liability for exit fees associated with this change to the Government Guarantee Agreement. Genworth Financial's current year portion of the exit fee accrual for the business through September 30 was approximately $8M. There are no other significant impacts anticipated on GAAP results or U.S. statutory capital levels, Genworth said.
News For GNW From The Last 14 Days
Check below for free stories on GNW the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 31, 2014
19:35 EDTGNWGenworth provides additional disclosure on long term care insurance
Genworth Financial announced on July 29 that it is conducting a comprehensive review of its long term care insurance claim reserves. Many of the company's investors have asked for additional information about the last in-depth review of the claims reserve, which was conducted in 2012. The company cannot predict how the results of the current review will compare with the results of its review in 2012. As a result of the 2012 claims review, the company established refinements to its claim reserves to reflect how a claim transitions by diagnosis and care facility, trends in benefit utilization, and refinements to claim terminations. The impact to GAAP claim reserves as a result of the new methodology was an increase to reserves of approximately $166M as of September 30, 2012. Separately, the company also made changes to claim reserves to appropriately reflect waiver of premium benefit, shared policies where both lives are on claim, reinsurance on incurred but not reported claims, and the valuation interest rate. The impact to GAAP claim reserves as a result of these changes was a decrease to reserves of approximately $165M as of September 30, 2012. The net impact to GAAP claim reserves as a result of the 2012 claims review was a net increase to reserves of approximately $1M as of September 30, 2012. The primary areas of focus in the current review are an analysis of potential causes of the meaningful increases in adverse claims experience in Q2 and an assessment of the assumptions and methodology underlying the associated reserves, including morbidity, mortality, interest rates and claim terminations. The company intends to complete this review before the release of financial results for Q3. The company continues to believe that the existing assumptions and methodology provide the most reliable best estimate. However, given the review underway that will consider both long-term and recent experience, the company will likely change some of its assumptions, which could increase our long term care insurance claim reserves, and any increase may or may not be material.
July 30, 2014
17:12 EDTGNWOn The Fly: Closing Wrap
Subscribe for More Information
12:27 EDTGNWOn The Fly: Midday Wrap
Subscribe for More Information
12:16 EDTGNWStocks with call strike movement; GNW LEN
Subscribe for More Information
10:00 EDTGNWOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
09:38 EDTGNWActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN TWTR NFLX GILD C MA FB RFMD AMGN GNW TSLA
07:59 EDTGNWGenworth downgraded to Neutral from Outperform at Macquarie
Subscribe for More Information
July 29, 2014
17:10 EDTGNWGenworth reports Q2 EPS 35c, consensus 35c
Reports Q2 revenue $2.42B, consensus $2.36B. Reports book value per share $32.68 vs. $29.76 last year.
15:53 EDTGNWNotable companies reporting after market close
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use