Genworth plans to launch Care Assurance Worksite in Q3, approved in 34 states as of June 30
Genworth notes claims in long-term care insurance are expected to grow as the block ages
Overview
U.S. insurance and mortgage provider's Q2 net income was steady at $47 million
Adjusted operating income, excluding Closed Block, was $112 million, unchanged from the prior year
Company repurchased $62 million of shares in the quarter
Result Drivers
Mortgage insurance — Enact unit drove net income with strong operating performance and capital returns
Investment income — Net investment income rose to $660 million, up from $605 million in the prior quarter and $634 million in the prior year, mainly from higher income from limited partnerships and U.S. Treasury Inflation-Protected Securities
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