NEW YORK, Oct 29 (Reuters) - U.S. insurer Genworth Financial Inc reported a net operating profit on Thursday that beat Wall Street expectations, sending its shares higher after hours.
Net operating income, excluding investment gains and losses, was $81 million, or 18 cents a share, compared with $220 million, or 51 cents per share, last year.
On that basis, analysts, on average, had expected the company to report a loss of 2 cents per share, according to Thomson Reuters I/B/E/S.
The life and mortgage insurer also reported net income available to common shareholders of $19 million, or 4 cents a share, due to sharply lower investment losses compared with a loss of $258 million, or 60 cents a share, a year ago,
In the quarter, net investment losses fell to $62 million from losses of $478 million in the same quarter a year ago.
Genworth shares, which closed at $10.18 in the regular session, were $11.41 after hours.
(Reporting by Lilla Zuill) Keywords: GENWORTH/ (lilla.zuill@thomsonreuters.com; +1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Net operating income, excluding investment gains and losses, was $81 million, or 18 cents a share, compared with $220 million, or 51 cents per share, last year.
On that basis, analysts, on average, had expected the company to report a loss of 2 cents per share, according to Thomson Reuters I/B/E/S.
The life and mortgage insurer also reported net income available to common shareholders of $19 million, or 4 cents a share, due to sharply lower investment losses compared with a loss of $258 million, or 60 cents a share, a year ago,
In the quarter, net investment losses fell to $62 million from losses of $478 million in the same quarter a year ago.
Genworth shares, which closed at $10.18 in the regular session, were $11.41 after hours.
(Reporting by Lilla Zuill) Keywords: GENWORTH/ (lilla.zuill@thomsonreuters.com; +1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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