GENWORTH FINANCIAL Reports Decrease in Revenue and Net Income for Q3 of FY2023
November 20, 2023
🌥️Earnings Overview
For the third quarter of FY2023 ending September 30 2023, GENWORTH FINANCIAL ($NYSE:GNW) reported total revenue of USD 1831.0 million and net income of USD 29.0 million, a decrease of 0.4% and 72.1%, respectively, compared to the same period in the previous year.
Price History
The company’s stock opened at $6.1 and closed at $6.0, down 1.5% from its previous closing price of $6.1. This decrease in stock value reflects the significant decrease in revenue and net income reported by the company. Additionally, operating expenses increased by 4%, driven mainly by an increase in personnel costs. While this demonstrates the company’s resilience in the face of declining income, investors remain wary of its prospects going forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Genworth Financial. More…
| Total Revenues | Net Income | Net Margin |
| 7.36k | 362 | 4.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Genworth Financial. More…
| Operations | Investing | Financing |
| 854 | 1.19k | -1.62k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Genworth Financial. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 85.47k | 76.59k | 17.79 |
Key Ratios Snapshot
Some of the financial key ratios for Genworth Financial are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -4.3% | – | 10.6% |
| FCF Margin | ROE | ROA |
| 11.6% | 6.3% | 0.6% |
Analysis
At GoodWhale, we recently conducted an analysis of GENWORTH FINANCIAL‘s wellbeing and according to our findings, we can confidently say that GENWORTH FINANCIAL is in a strong position. On our Star Chart, it has a health score of 8/10 with regard to its cashflows and debt, indicating that it is capable of paying off its debt and funding future operations. When looking at the individual components of GENWORTH FINANCIAL’s financial health, we found that it was particularly strong in liquidity and weak in asset, dividend, growth, and profitability. This led us to classify GENWORTH FINANCIAL as an ‘elephant’, a type of company that is rich in assets after deducting off liabilities. Given this information, we believe that value investors would be interested in GENWORTH FINANCIAL. It is a company that has strong financial fundamentals and is likely to produce stable returns over the long term. Additionally, dividend investors may also be interested in the company, given its potential for future dividend growth. More…
Peers
In the insurance market, there are a few major competitors that stand out among the rest. Genworth Financial Inc is one such company that has been in competition with Great Eastern Holdings Ltd, Mercuries Life Insurance Co Ltd, and CIG Pannonia Life Insurance OJSC for quite some time now. All these companies are striving to provide the best possible products and services to their customers.
– Great Eastern Holdings Ltd ($SGX:G07)
Great Eastern Holdings Ltd is a holding company that provides life insurance and asset management products and services. The company has a market cap of 8.59B as of 2022 and a Return on Equity of 7.45%. Great Eastern Holdings Ltd is headquartered in Singapore.
– Mercuries Life Insurance Co Ltd ($TWSE:2867)
Mercuries Life Insurance Co Ltd is a life insurance company with a market cap of 17.14B as of 2022. The company has a Return on Equity of -13.78%. The company offers life insurance products and services to individuals and businesses.
– CIG Pannonia Life Insurance OJSC ($LTS:0P2E)
CIG Pannonia Life Insurance OJSC is a Romania-based company engaged in the insurance sector. The Company provides a range of life insurance products, including saving plans, unit-linked products, pension plans and health insurance.
Summary
Investors in GENWORTH FINANCIAL have seen a decrease in total revenue and net income for the third quarter of FY2023, ending September 30 2023, compared to the same period of the previous year. Total revenue was USD 1831.0 million, a decrease of 0.4%, and net income was USD 29.0 million, a decrease of 72.1%. It is important for investors to keep a close eye on GENWORTH FINANCIAL’s financials, developments, and future prospects in order to make informed decisions about their investments.
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