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Genworth Financial Inc. Reports Operating Results (10-K)

February 25, 2011 | About:

Genworth Financial Inc. (NYSE:GNW) filed Annual Report for the period ended 2010-12-31.

Genworth Financial Inc. has a market cap of $6.4 billion; its shares were traded at around $13.08 with a P/E ratio of 52.3 and P/S ratio of 0.6. Hedge Fund Gurus that owns GNW: Edward Lampert of ESL Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns GNW: Todd Combs of Castle Point Capital Management, LLC, NWQ Managers of NWQ Investment Management Co, HOTCHKIS & WILEY of Hotchkis & Wliey Capital Management LLC, RS Investment Management, Dodge & Cox, Richard Snow of Snow Capital Management, L.P., Arnold Schneider of Schneider Capital Management, John Keeley of Keeley Fund Management, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

We also have Corporate and Other activities which include debt financing expenses that are incurred at our holding company level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of non-core businesses and non-strategic products that are managed outside of our operating segments. Our non-strategic products include our institutional and corporate-owned life insurance products. Institutional products consist of: funding agreements, funding agreements backing notes (FABNs) and guaranteed investment contracts (GICs). For the year ended December 31, 2010, Corporate and Other activities had a net loss available to Genworth Financial, Inc.s common stockholders and a net operating loss available to Genworth Financial, Inc.s common stockholders of $146 million and $213 million, respectively.

We had $13.9 billion of total Genworth Financial, Inc.s stockholders equity and $112.4 billion of total assets as of December 31, 2010. For the year ended December 31, 2010, our revenues were $10.1 billion and we had net income available to Genworth Financial, Inc.s common stockholders of $142 million.

Our life insurance business markets and sells products that provide a personal financial safety net for individuals and their families. These products provide protection against financial hardship after the death of an insured. Some of these products also offer a savings element that can help accumulate funds to meet future financial needs. In 2009, we implemented new marketing strategies and enhanced sales support services and product offerings. A key objective of these efforts was to further assist producers selling to our primary target market of main street consumers, that encompass the middle market and emerging affluent market, who purchase policies with face amounts of $1 million or less. Embedded in these services are a simplified fulfillment process and streamlined underwriting which enable high volume, low-cost processing for policies being sold in these markets. Within our primary target market, we have also launched, and continue to launch, additional products, services and marketing strategies focused on consumers who purchase policies with face amounts in excess of $500,000.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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