GNW - Earnings call transcript Q3 2024 | Genworth Financial, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Genworth Financial's Third Quarter 2024 Earnings Conference Call. My name is Lisa, and I'll be your coordinator today. [Operator Instructions].

We will facilitate a question-and-answer session towards the end of this conference call.

As a reminder, this conference is being recorded for replay purposes. you Q&A using portion that headsets speakerphones ask the during of we refrain cellphones, from or Also, today's call. the Financial turn Vice now call Brian to . I'll Johnson, President of Planning Analysis. and over Senior sir. ahead, go Please .

Brian Johnson

XXXX Thank you, and the call The morning. investor.genworth.com. Welcome Investor this Relations presentation accompanies available the Earnings Genworth Third that website, to slide is Call. Genworth's good Quarter on section of

to be Our found can there, review and these encourage we release materials. earnings also you financial and supplement

Chief and President Officer; McInerney, Tom be will Officer. today Upton, Jerome Financial Executive Chief Speaking and

Following call our period. open prepared remarks, we up will the question-and-answer for a

In Jamala and of Kelly to take also President business; our Investment Chief and to Officer, will addition CEO our speakers, Saltzgaber, be Insurance U.S. questions. Life available Arland, your

morning, may statements. this forward-looking we various make During the call

statements. as may you annual most factors statements SEC. in recent Our differ advise filed with the notes related such and the Form report well release the on from materially presentation regarding We cautionary results as risk our forward-looking XX-K read as to our actual of earnings

morning's in Also, results financial estimates reconciled we statutory GAAP meaningful due required the may be the have SEC with our measures investors. statutory non-GAAP to also non-GAAP In This believe to been investor of timing filing where that references materials, includes to rules. statements. accordance discussion measures the to are of

over President CEO, and call our Tom to turn the And now I'll McInerney.

Thomas McInerney

for Quarter and Good joining growth that Thank Call. Third driving strategy and execute the you value. our continue is you, Brian. shareholder to quarter, our against morning, thank everyone, In Earnings we long-term

$XX or adjusted performance on contributing $XXX I will net $X.XX progress, per performance, adjusted of income. with continued to its Slide income million, operating lead review per $XX income financial operating reported and our $X.XX share. to our I strategic million Before share X. Genworth million Enact of start

well pretax strength's statutory life loss accounting companies reported and distributions. basis, capital estimated We're legal Enact's consistent and an insurance from driven settlements. unfavorable higher lower million, very levels by shareholder U.S. claims benefit the pleased mortality operational as as of with $XX On a new

when quarter this will Complete available month. statutory be file statements results statutory our later we third

Our the advanced approximately in and payments. our X million million each ended advanced $XXX Genworth's We cash Throughout Jerome segment we remains as on liquidity detailed X. shortly. quarter of financial assets of of $XXX will liquid in cash inclusive by position the performance more detail strategic priorities strong. quarter, Slide cover with

million Enact, our third value We the Enact's Our ownership XX% first and of create including $XX shareholder approximately value market priority is which growing its to pleased very contributed through has approximately in to with returns. million Genworth remain $XXX since IPO, capital quarter. in

of as Since time, Genworth programs, to significant May our and $XXX for shareholder cash Enact XX% the October, has worth bringing of over return total flows Consistent delivered from $XXX relative the a reflects its Genworth shareholders. IPO, XX% total of approximately XXX's repurchased shareholder of XXXX. year-to-date created Enact period total through of million shares, repurchases since we November million X, to S&P value same the of enabled significant which return has Enact return

enabling the We U.S. of CareScout also investment CareScout $XX targeted million Enact cash including initiatives, the to for our Services Network across are fuel quality long-term flows growth using XXXX, in to from us scale

customer-centric Our life LTC businesses. second annuity to strategic is self-sustaining and priority legacy maintain our

secured quarter, our plan premium gross legacy to MYRAP action effective be In the increase premium our approvals $XXX closer an most to of third continues on we Our bring insurance with in million to breakeven. multiyear average portfolio rate LTC tool XX%.

XXXX. present basis billion on since $XX estimated value net an to progress cumulative our brings This a

[indiscernible] of progress obligations. third the states This for Insurers's underscores and products recognition role oldest critical policyholder supporting historically in progress quarter of included rate their in among advancement in our meet actions. Our MYRAP ability challenging the the LTC on to growing

on progress legacy legal our risk LTC management ongoing settlements and on and to operate business LTC of the have continue existing to system, obligations. to to our LTC our active insurance well as active will management leveraging U.S. MYRAP enables Strong tail continue companies future and This claims life block. as cover reduce closed our as to significantly and a reduced other reserves capital

drive Our CareScout third care through consumer-focused solutions. strategic priority and growth future services funding agent innovative, is with to

rigorous scale coverage a XX. more now to providers XX As network as you'll care to covering CareScout states process than X, person-centered undergo network metrics. see Slide extending The XX quality of home who on the includes rapidly October credentialing continues nationwide, high-quality, XXX

Currently, meeting XX% discounts over rates. to with Genworth's and off XX% codes agreeing care of respective of offering the standard cost many hourly their their rates ZIP below

track XX% the achieve on of of XX-plus population aged the in nearly census U.S. are geographic We the this to coverage end year. by

that still to expand offerings It time. remember plans building the our we're is and important over business customer base with to

includes assisted currently network providers, add care metropolitan quality we other communities large CareScout and to plan living year in areas over time. next statistical home care the only types While

extend offering without to long-term insurance find care we and help insurers also quality care to XXXX, policyholders other introduce preferred families In services LTC to at CareScout plan rates. a direct-to-consumer

our $X over billion own For LTC billion present net risk LTC time, a $X.X savings basis further claims value goal in our mitigating block. at remains our legacy to to policyholders, on of drive on least

cost services, of we In millions to Americans are the for care aging developing agent new funding solutions of the care. unprepared addition for

reduce with conservative LTC to increases for and individual assumptions is limits product upcoming Our in cap future. the coverage premium the need designed

dollars. policyholders maximize access will claim network, include It to quality our CareScout helping their

Interstate before new our a market approval continue filing. product initial consumers, and the secure work us to regulators. and launch Commission, help as significant There funding We Regulation products distributors the multistate with in demand LTC is Compact Insurance and known the have improved among completed unmet to Product for

to XX our the beginning by strategy has we've of goal $XXX XXXX financial states. XX made the least reducing in of the Launching to market growth last of from reenter debt CareScout excited been built obtaining with $X.X billion our in are by flexibility approvals today. new the We required possible plan million at over XXXX as decade, the to with the

of result a to experience, long-term care well achievement positioned market generating for the capture shareholders. the for our services as growing As while our industry we value agent are uniquely demand as unparalleled significant

look I about forward in the coming to sharing more our quarters. progress

moment care Before to it around long-term Jerome, a in over take conversation country. want I hand I to growing meeting acknowledge our national the challenges to

our in XXXX baby to a a of semiprivate as aid home as nursing in the survey, workers to These ages the space figures of room skilled cost and rise continues significantly of pose boomer and median likely health care reported generation a more As than $XXX,XXX exceeds year. facility $XX,XXX per shortage care annual a skilled the cost are challenges. now cost in

workforce I costs believe the our need have cost as defray states on loved well solutions step funding their impact often public-private Several more needs. of the range care for a have for away strongly of considering partnerships in care. years in ones addressing for those care high long-term jobs from the as Americans costs in LTC as to been rising to recent

recently, in presidential their by care to our federal long-term More manage level, include federal U.S. program Representative long-term costs. help payroll a agendas. to aims Suozzi, Tom create funded the both policy At candidates proposals LTC [indiscernible] Americans tax care-related

solutions. and nation effective sign presents next each challenges, their proposals long-term to of to its our advance the that an engaging increasingly addressing We recognizing administration benefits emergence own While responsible, care Congress is remain encouraging with the the is crisis. states, committed these and and

continue am to closing, In ongoing against I and proud from progress performance see act. an priorities our strong of strategic we our the

I'll financial Jerome that, for call turn of discussion With results. deeper over the to a our

Jerome Upton

of more fourth with and Tom, and in before strong MYRAP, detail. performance, U.S. discuss on and Life a followed financial the by our debt our you, returns call provide on first delivered the I'll company everyone. Enact's operating Q&A. drivers open Then the holding investment quarter. for preview progress review we liquidity our I'm process, portfolio assumption an quarter the Genworth's Thank update and our good results capital we continued I'll morning, in pleased optimization

As Slide operating driven was third Enact. million, income quarter shown X, by primarily on adjusted $XX

segment liability by driven cash to reported related was offset long-term favorable to an operating adjusted This of a partially million. insurance IFA loss experience, updates expected assumption actual $XX Our flow from by remeasurement care approval loss amounts.

and As including a LTC reminder, seasonal in trends. experience mortality fluctuates actual GAAP drives quarterly, results to expected from

For full we year, the actual remeasurement loss from the continue liability experience. to to expect expected

assumptions. of in $XX volatility strong The adjusted corporate were million expect forward, $XX long-term Going offset results short-term and and annuities in results deviate in continued Enact from also LTC life by losses we and million operating from partially GAAP other. as earnings

$X offset partially loss operating driven million life annuities of This from posted from million, Within was income by mortality. life adjusted annuities, by variable insurance million adjusted annuities. and fixed and of $X unfavorable $XX operating an

interest reported holding on and Corporate was Other timing a primarily loss and impacted tax-related Corporate Sequentially, Other $XX debt driven growth and the expense by CareScout. investments of in by items. million company

strong delivered reserve performance performance a income. XX% with a $XXX continued income investment X. strong Slide Enact adjusted alongside taking another look Now reflecting in cure closer operating net increase, Enact's quarter million by favorable on releases year-over-year driven

force and written in elevated by X% continued year-over-year billion, grew Primary $XXX insurance new to insurance persistency. supported

or ratio drove Slide approximately XXX% X%. X, remained billion As ratio on release requirements. sufficiency loss pretax reserve PMIERs favorable at a million $XX of shown and above Enacts $X.X Enact strong

significant book Enact's the AOCI, year-end including of time, to $X.X value, up at at at the end billion has of increased has same delivered from XXXX billion the to Genworth's of while and share quarter Genworth. third $X.X Enact returns capital XXXX,

share third Enact's allocation to the our total for will from to $XXX to its returns of million dividend We repurchase million detail end capital million expect range now Genworth quarterly guidance total combination The supporting the I year, in capital the further in $XXX program a in shortly. $XX full be and upper proceeds which priorities, Enact generated our quarter. of of

highlight Slide progress made we On on the significant our MYRAP. X,

increases. this includes mentioned, and to successful in Tom oldest actions slow historically products on improve As rate states our

and the claims from legal block as well rate the and protect As as we ability, MYRAP to benefit work legacy tail have reductions LTC risk. paying premium significantly settlements the our stabilize reduced increases associated

third the reduce XX% approximately basis end the of with cumulative quarter, a response actions net of rate of in-force present value on As benefits. nearly rate have achieved billion to choosing $XX we policyholder a of

million gross bringing we a quarter, approvals total secured to basis that $XXX on million. $XXX shows the XX incremental third year-to-date in in Slide the IFA

premium $XXX in We to also submitted filings $XXX bringing the year-to-date quarter, in in-force total million. the million

Based be on compared prior year this strong lower in-force will premium filings submitted expect to we years, in approvals total prior that years.

with companies. insurance our life effective of ensuring long-term the remains legacy the pleased which of are for MYRAP continued our tool most success We self-sustainability

impacts positive of before, the said in-force and LTC better we've believe as results rate reflect we actions As our of settlements. statutory economics underlying business the legal the they represent

shown increase same higher $X.X on last actions to net XX, legal to quarter in Slide rate had and than LTC statutory settlements income is which period XXXX. $XXX impacts the year. in-force began The and the As settlement, a benefit pretax billion legal driven favorable primarily third final by the of the second million year-to-date,

impact shows for our pretax to into activities fourth is as of we downward income insurance year-to-date a settlement favorable trend life conclusion. pretax come $XXX continue to statutory final generated results million. the U.S. expected XX The the the a companies. to On basis, quarter Slide

mortality and GLIC, had in LTC quarter unfavorable a from a down risk-based and income legal XXX% to XXX% statutory we $XX loss at the settlements, quarter, to consolidated strong third from claims ratio a compared end life our the Statutory due million, end at in September Company, earnings the of earnings higher products. reflecting or the year-to-date. Genworth of benefit prior and annuity for end drove LTC Life smaller of the the Insurance of In at capital XXXX, June of XXX%

grow as to of and was consolidated end billion remains The slight capital quarter-over-quarter surplus GLIC's portfolio. of in sound by driven change our limited required with as September. capital $X.X increase balance partnership sheet a we the continue of

available our filings will third this on website results month. investor with quarter be later statutory final our Our

year's this like will As in quarter. discuss to ahead, be I'd look which the fourth our assumption review, we annual to approach completed

trends ongoing, rate is key assumptions monitoring short-term our mortality utilization, have on still we key and some our benefit and review is preliminary perspectives. incidents, and in-force as In While trends can actions. been such LTC, provide review focused

we the mortality, in impacts of and life are lapse and annuity products, the interest rates reviewing our recent decline rates. potential For

in of products As fourth a LTC, our updates a the impact annuity our assumption reminder, million. and for quarter negative resulted in in approximately pretax $XXX aggregate life GAAP to XXXX earnings

in assumption flow prior the parallel impacts review review, view year. companies. life the we testing for would yet our our a our as conducting the While are the be not aggregate from is similar statutory range preliminary cash insurance updates GAAP assumption is with In complete, in the for

margins While this yet process initial should indicates our remain positive. complete, assessment GLIC is that not

our of XXXX. products the for reserve certain require to June period Additionally, the guarantee regulatory universal prescribed using testing reinvestment statutory XXXX life from additional rate secondary July

interest the rates rate impact to income any a reinvestment help that compared prior were reinvestment impacts the benefit Given this year, will a updates. favorable prescribed impact favorable the in statutory believe the rate. given significant increase offset expect From The we rate. higher we from prior the assumption during period the potential negative from materially year reinvestment was perspective,

assumption fourth call. the reviews on quarter of earnings results discuss statutory our will our We testing and flow cash

future stand-alone a existing meet As basis. operate we've life and before, obligations. reserves a U.S. They using and system as on companies we to manage said claims capital closed the insurance

capital given with at the We nature our companies will do policies insurance peak still we from not life of and away, decade legacy returns insurance claim not least put years a into these companies. expect long-tail capital LTC the

XX. Slide to Turning

Our held to our maturities, portfolio support in liabilities. remains of investment-grade The our strong. majority assets fixed investment are long-duration

alternative for concentrated the yields during of than which maintain approximately in XX%. investments the with real X.X% strong accounts exposure, generate of returns, less assets exposure. approximately high-quality achieved in program XX% office continues to commercial and targeting assets is estate portfolio our confidence New We investment-grade and XX% our quarter

$XXX We evaluating million calculating XX. for the to purposes buffer of company with from in when advanced target. future hold liquid debt and do $XX our approximately $XXX cash We subsidiaries holding assets. Included of holding the quarter liquidity million capital for cash payments capital from cash million our ended allocation to turning liquid and obligations. the and Slide Enact service consider our not in company cash the of this or assets, Next, on we received

Slide repurchase that program Tom pay opportunistically to our reviewed attractive top CareScout, our allocation share and intrinsic on down growth to XX price shown value through invest our capital us. in priorities is shareholders to debt strategy, I'll through and long-term cash reiterate return our when below when are share

the $XX shareholders share repurchases price We repurchasing share shares the end of capital continue an through another through return to $X.XX to in million of October. average third of per million at and quarter, $XX

to of $XXX of to million and between million remaining million repurchases October XXXX. current to $XXX We authorization our have under in share $XXX as the end expect now allocate

amount may Our XXXX than for that have And market reminder, final amount conditions. reduced outstanding company authorization depending the full in and we the we October. fully utilized year assets. we Since vary XXX on From holding outstanding be XXXX, lower XX%. approximately our end shares XXX the our share a May of repurchased price will as initial shares given shares million million in tax the have as of to by of

share with very for We're program. pleased shareholders value our through the created repurchase

in bringing the third total debt principal of million our million. retired have debt, quarter $XX to cash. company of in $XX for we $XXX debt million retired principal also Year-to-date, We holding $XX million

debt-to-capital annuities. Our value XX%, attributing no well equity below to and ratio LTC, is life

$XXX swap Additionally, million our effectively. floating an yield manage on we interest locking rate rate subordinated X.X% rate executed in debt risk to approximate more interest

We level. cash Enact are given an debt financial liquidity flows manageable our our from flexibility and sustainable pleased level, with

value and proactively while as managing of our its legal as capital our increased strong the risk. are stabilizing earnings, action evidenced LTC book returns. priorities, key shareholder closing, additional The further LTC Enact a strategic value and from on increasing settlements In X legacy block. the we driver are the and multiyear rate delivering plan benefit liabilities by

growth delivering CareScout sustainable and meaningful long-term returning will continue Enact through share shareholders holding to we ahead, to value while opportunistically repurchasing focus and through repurchases company on Looking debt.

Now let's for the line open questions. up

Operator

with [Operator KBW. our first question And Instructions] comes Osetec Brett from

Brett Osetec

My Santander lawsuit. first one on is AXA the

you guys I just for there, next think you but of the is could ruling the a use proceeds? still is March for set potential positive on of case comment there year, if

Thomas McInerney

for you thank much question. very Brett, the Well,

the them, we that we've still a that's the the settlement extent date. it but of we trial win and been time, think that is set case, a side To yes, for of or our -- lawsuit. side like could there So XXXX, before be March saying for data AXA of that possible March we is the long

would focus to And shareholder any been I think share to we've repurchase capital continue proceeds the be for do to what doing, through return the program.

continue you'd buy the where good there's opportunities, a see think I to play. pricing We'll that step up and debt. back us good

which, and anything about, good you then the Jerome product And when well, also Jerome, we very CareScout doing launch that? Insurance very know in momentum if to business CareScout . add year. want then we next first business, obviously, talked new to invest don't CareScout, to I want investing gaining to sometime I continue in both is as and services the

Jerome Upton

well, I think you it Tom. covered .

Brett Osetec

I on Okay. follow-up, Great. guys just a beyond little on LTC will revenue claims. color my was give And hoping model the then work for you CareScout savings how potential more could

Thomas McInerney

Yes.

make simple, question. in maybe a try basically, $XX,XXX year. is said the annual about But So just it remarks, it's a I cost for to to Home good as my Brett, Care

on we're $X,XXX roughly discounts, XX% the month. XX% are range. I over very So well in let's say, a the And little think a doing

month, of you good $XXX the discount month $XXX through then the and costs. network just the GLIC policy terms in savings so savings and lower the on by maintained that they've built say of services retained of to is CareScout a if $XXXX So the $X,XXX claim goes a because

model. So that's the basic

Operator

Esterov to CreditSights. from question Joshua next And our we'll move with

Joshua Esterov

I've on questions CareScout. got two

hop that percentage them coverage separately, especially I least into in do one have in policyholder first where how lower a straightforward you your And to that provider of And presentation clarifying individuals prices, the is code regards more ZIP aware maybe how potentially care question. before plus there age -- either with insurer at the you then or Is the the services to are define as material? one XX as do The are just queue, back at become available policyholders. non-Genworth located? that's

Thomas McInerney

questions, Josh. are Those great

first one, in terms code. we the so at by CareScout, And ZIP look of coverage the

be -- that you in there network cities, codes depending in so bigger expect those providers would will in the in area. And obviously, ZIP several

is to the Wyoming. were not XX more a you in one mentioned it's we rural in get areas, As we're I Obviously, but states, state state. rural yet more fully

So and less XX-plus less are -- less there and are year-olds codes policyholders. populated therefore, that obviously where there ZIP they're are Genworth

So you would that more maybe on those ZIP it typical codes, one, providers. probably two only might have

So that's points And basically how insurers the works. it the touch part with second question of policyholder. and was

obviously been we have regularly, about telling the network. have been with communicate the policyholders, we with CareScout our For and services we started them since journey them

XX When the to in providers claim XX process, We'll And on takes we someone claim, through to work a assess determine coverage files the days. about are who average talk if obviously, that applies. then which The discounts that's the policyholder in the provide, and more going several GLIC network. the doing network policyholders, claim months than month the been XXX they on we've matches between with of out the per last done.

the For providers code different is below Most dimensions. from median the marketing XX states. it's of we'll in of for and the credential on this cost are the network available perspective, in direct-to-consumer, quality we ZIP available, the broader or be a care state that these

been typically needing the care or paying. And where all of the savings direct-to-consumer, is proposition getting Care. value rate from discounts, find generally, time significant the they're per don't Obviously, hour at out family. most the to the we've the insurance, think provider a their time, policyholders. Again, person be have of they for whole we're for of taking effort is XX% where the there we're So I are Home same very since and our sort been significant would whatever away for

That's got purposes, pretty of want So complete we full at We we're that's for We the we're coverage. very optimistic to XX% network. year, by -- going practical the to end forward. coverage. first be said the

or are in to going we'll it's where the to gaps. that, Idaho, states There Montana, take Wyoming other whether always fill like be, time

have will accelerate marketing That that coverage our consumers XX%. much at pretty be think nationwide that, network in to let effective we'll once available. begin we we then know is to plans So general and the

Operator

Douglas We'll to with our Group. Smith Everest next from move question

Unknown Analyst

CareScout and ring-fenced understanding stand-alone to what's the on like, a a in assume also what insurance and company currently all the level CareScout to I'd And I you focus impacts expenses parent like trying parent entities. of on to moment how for looks might company will, entity the be? understand what the of offsetting going better opposed kind P&L as basis? from on the revenue the the if

Thomas McInerney

So you that? want talk Jerome, do about to

Jerome Upton

for remarks, contained thanks million business. Doug, by I in in start investing $XX that your Tom That and highlighted the other this So is question. prepared CareScout segment are his time. in corporate out would and at point we all the saying, in services

And million that investment see will $XX So you through. you, the for so you that's why we've coming we're highlighted making. the can understand

We market, after Tom as large a are highlighted. going very

what optimistic we're about So doing we're there.

So are and expenses other. corporate in

GLIC On . that for side, other up XX% the are providers or up when get corporate like signing as that, come discount of and signing saving are XX% and money because the our the would a well. services revenue in CareScout they would XX% CareScout Services for policyholders

segment. contained and the other it's in So corporate mostly

Unknown Analyst

of material significant portion there revenues expense a are incorporate offsetting other rate? that And run

Jerome Upton

that is made streams business, this that policyholders. and matches the of the fee some those So and provided come from that those on through revenue. to they GLIC, you there are service assessments consolidation, side, assessment a is time, point GLIC there's we coming a however, are There when eliminate in from revenue through at have revenues which are small. GLIC the stream given through are the being pretty where coming But newness

Unknown Analyst

million whatever rate And revenue the be. be that net of might offsetting would run $XX

Jerome Upton

is correct. That

Unknown Analyst

be the or CareScout Would entities? product. ring-fenced of if inside outside insurance then insurance And an did that initiate

Thomas McInerney

good be will Another question. outside. That

underneath Enact you the a CareScout call and be holding companies. separately, owns -- And think company share that sister then of holding the entity And legacy basically, Services. so would life it of of Inc., company and So the CareScout. be the then have CareScout will that parent holding and Enact company,

and fee mentioned, a business, on their the That's revenues policyholder, and Genworth the other it's the share our will Doug, LTC capital policyholders allowing the insurers, to service discount. of policyholders, And discounts, other closed the a block as use players take from intensive. you've several business, it's not talking network be whether we're the advantage ultimately very of to and

then a the is And we a that services. that But type monthly cost, the for go of of if of if they will part accrue the I get significant be to obviously, they're part when negotiate they'll it'll the that so to consumers, majority don't, $X,XXX same month care, the savings as CareScout discount. whatever home savings $X,XXX of fee the then month model part, the insurance have and for will significant said, a benefit that's they and paying a around policyholder

order that with of brought clearly, a a or month -- and cover CareScout to $XXX policyholder, you our as we're consumer do couple out it's math, to a obviously, So we XX% the of in minus. years the many claims are saving a if -- if provider $X,XXX, matches goal where have the a plus goes to typically Services, is can

a that a So it's the -- of month year. be basically CareScout would so share $X,XXX for about services $XXX

investment. many matches how can policyholders to consumers you calculate our need, whether they're cover or $XX policyholders, you million insurance in other So that order

completing still we're the business. scale a network. it's So

matches. you cover get about code after start ZIP takes to days or where usually you a have state XX a It

the business optimistic XX In almost a when start X turn year. to we're this we've -- will is be claimers very that that be of early that are and and years, very will got us, given XX, ultimately 'XXs for XX oldest boomers good day million this peak there'll baby they'll XX,XXX XX turn a So are. those the

Jerome Upton

we implied I Doug, that saving in slide to the claim $X thing Services is CareScout just the there's we to policyholders. savings time, both $X.X And the comments and we over are I Tom's to articulated think implied billion add are expect I claims, one coming meaningful my on around through to for comments would be be that think billion. GLIC GLIC Can

to building and So that's $X.X billion. to are policyholder's money. be going GLIC GLIC we scale, And the while money we're $X saving billion

Operator

question And with our next . Joshua CreditSights from Esterov comes

Joshua Esterov

another positive. either prepared Thank margin review, Can you your is remarks or reserve where the you was that update? quarter please where taking margin remain note GLIC's reserve In currently you me. you us time you made on one expect LTC for the provided remind an for that to it a fourth last

Thomas McInerney

Jamala, take want to . do you that one?

Jamala Arland

in you Joshua. XXXX. in year-end flow and cash of billion to Thank we for margin expect review maintain statutory question, We our $X.X Yes. this When statutory we GLIC do of at our that testing, the margin, margin did were your same billion our that $X for range range to year.

Operator

over closing will this and the And ladies at for McInerney comments. time. no gentlemen, now back Mr. it turn appears to are questions call that there I

Thomas McInerney

again want Thank their questions. Josh you I for thank and very much, Lisa. Doug to Brett,

a I investors think of there are lot have. questions our that

bit very a So us to little for it pleased opportunity We're was more we with elaborate where a are. that. good on

perform Obviously, continues to Enact well. extremely

regular good us to as return well dividends Solid the on share buybacks. capital their through on as earnings,

The expanding priorities So very MYRAP, that, with good on making which with terms talked three progress making the LTC we the of we're an We're results. in also good that. Enact pleased good addition business our is shareholders. about. for value We're our legacy to progress of very,

forward significant as growth we're in finally, XXXX really scaling very up looking And business. some and we're that to CareScout then about beyond. on, -- we and the very in And questions business had talked

with Lisa, end So that, I'll the turn call. the to back to you call

Operator

will Third Call. time, the Quarter this call Conference Genworth's concludes you this for participation. gentlemen, Thank and At Ladies Financial your end.

Genworth Financial (GNW) 7 Nov 242024 Q3 Earnings call transcript