Why shares of Genworth Financial Inc. (GNW) are rising in current trading?


Genworth Financial, Inc.(NASDAQ: GNW) is up 0.74% in current market trading at the price of $3.42.

GNW is an insurance holding company dedicated to helping families achieve the dream of homeownership. Also, it addresses the financial challenges of aging through its leadership positions in mortgage insurance and long-term care insurance.

Second Quarter 2021 Results:

On 3rd August 2021, GNW published results for the second quarter ended on 30th June 2021. The net income of the company in the second quarter of 2021 was $240 million, or $0.47 per diluted share. It had a net loss of $441 million, or $0.86 per diluted share, in the second quarter of 2020. An adjusted operating income was reported to be $194 million, or $0.38 per diluted share, in the second quarter of 2021. It had an adjusted operating loss of $23 million, or $0.05 per diluted share in the second quarter of 2020.

Redemption of Outstanding 2021 Senior Notes:

On 22nd July 2021, the company announced that Genworth Holdings, Inc. had finished the redemption of all the $513 million – the aggregate principal amount of its outstanding 7.625% Senior Notes. The cash amount used for the redemption was roughly $532 million. It included the aggregate principal amount of the Notes plus a make-whole premium and unpaid interest.

Monthly Operating Statistics for Enact Holdings:

On 11th July 2021, the firm disclosed monthly operating statistics related to the credit performance of the mortgage insurance portfolio for Enact Holdings, Inc. The information contained total primary delinquencies, new delinquencies, cures, and claims paid.

Introduced Enact – ​a Leading Private Mortgage Insurance Group:

Earlier on 24th May 2021, Enact Holdings, Inc. has introduced its new brand and visual identity. Formerly known as Genworth Mortgage Holdings, Inc., Enact is a wholly-owned operating subsidiary of Genworth Financial, Inc.

Results of Annual Meeting 2021:

Genworth, on 20th May 2021, announced the election of all nine directors chosen for its 2021 annual meeting of stockholders. They approved the selection of KPMG LLP as Genworth’s independent registered public accounting firm for 2021. Also, The Board of Directors elected Melina E. Higgins to serve as the Non-Executive Chair of the Board of Directors.

Postponed Planned IPO of Enact:

Previously, the company, on 13th May 2021, published that it had postponed the previously announced initial public offering (IPO) of its subsidiary, Enact Holdings, Inc.

First Quarter 2021 Results

Earlier on 30th April 2021, GNW announced results for the quarter ended 31 March 2021. It reported a net income of $187 million, or $0.37 per diluted share for the first quarter of 2021. In the first quarter of 2020, it had reported a net loss of $66 million, or $0.13 per diluted share.


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