Genworth Financial, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenues for the third quarter increased to $1,880 million, up from $1,831 million in the same period of 2023, while revenues for the nine months decreased slightly to $5,513 million from $5,577 million. The increase in quarterly revenue was primarily driven by the Long-Term Care Insurance segment, which saw revenues rise to $1,135 million from $1,082 million year-over-year.

Net income for the third quarter surged to $118 million, compared to $60 million in the prior year, reflecting a significant improvement in profitability. Income from continuing operations also doubled, reaching $121 million, up from $60 million. For the nine-month period, net income increased to $397 million from $382 million, with net income available to common stockholders rising to $300 million from $288 million.

The company’s total investments grew to $60,520 million as of September 30, 2024, compared to $59,751 million at the end of 2023. Fixed maturity securities available-for-sale increased to $47,342 million from $46,781 million. However, cash and cash equivalents decreased to $2,057 million from $2,215 million, indicating a shift in liquidity.

Genworth's total stockholders’ equity rose to $8,311 million, up from $7,480 million, while total equity increased to $9,255 million from $8,335 million. Retained earnings also saw a notable increase, reaching $1,512 million compared to $1,213 million at the end of 2023.

In terms of strategic developments, Genworth continued its share repurchase program, having repurchased 21,551,602 shares at an average price of $6.26 per share during the nine months ended September 30, 2024, totaling $136 million. An additional 1,401,753 shares were repurchased in October 2024, leaving approximately $197 million available for future repurchases.

The company also faced challenges in its Long-Term Care Insurance segment, where adjusted operating losses decreased to $(46) million from $(71) million year-over-year, driven by favorable cash flow assumption updates and higher policy terminations. However, premiums in this segment decreased by 7% for the nine months ended September 30, 2024, reflecting ongoing pressures in the market.

Overall, Genworth Financial's performance in the third quarter of 2024 demonstrated resilience in profitability and strategic growth, despite facing headwinds in certain segments and a slight decline in overall revenues for the nine-month period.