Shares of Synchrony Financial (NYSE:SYF) ended Monday session in green amid volatile trading. The shares closed up +0.47 points or 1.74% at $27.41 with 6.66 million shares getting traded. Post opening the session at $26.78, the shares hit an intraday low of $26.68 and an intraday high of $27.49 and the price vacillated in this range throughout the day. The company has a market cap of $22.52 billion and the numbers of outstanding shares have been calculated to be 833.93 million shares.
Synchrony Financial (SYF) President and Chief Executive Officer Margaret M. Keane and Executive Vice President and Chief Financial Officer Brian D. Doubles will participate in the Barclays Global Financial Services Conference in New York on Tuesday, September 13, 2016 at 7:30 am (Eastern time).
A live webcast and replay will be made available on the Synchrony Financial Investor Relations website at www.investors.synchronyfinancial.com.
Shares of Genworth Financial Inc (NYSE:GNW) ended Monday session in green amid volatile trading. The shares closed up +0.05 points or 1.02% at $4.93 with 8.01 million shares getting traded. Post opening the session at $4.80, the shares hit an intraday low of $4.57 and an intraday high of $4.94 and the price vacillated in this range throughout the day. The company has a market cap of $2.45 billion and the numbers of outstanding shares have been calculated to be 498.34 million shares.
Genworth Financial Inc (GNW) on Aug. 2, 2016 reported results for the period ended June 30, 2016. The company reported net income of $172 million, or $0.34 per diluted share, in the second quarter of 2016, compared with a net loss of $193 million, or $0.39 per diluted share, in the second quarter of 2015. Net operating income for the second quarter of 2016 was $123 million, or $0.25 per diluted share, compared with net operating income of $119 million, or $0.24 per diluted share, in the second quarter of 2015.
In February 2016, the company announced a restructuring plan for its U.S. life insurance businesses to: (1) suspend sales of its traditional life insurance and fixed annuity products; (2) further reduce expense levels in 2016; (3) repatriate existing business from Brookfield Life and Annuity Insurance Company Limited (BLAIC), its primary Bermuda domiciled reinsurance subsidiary, to its U.S. life insurance companies in 2016; and (4) separate and isolate its LTC business. The company made progress on this plan since the end of the first quarter including:
- Reducing cash expenses by approximately $150 million pre-tax on an annualized basis, achieving the targeted level of cash expense reduction; and
- Recapturing two blocks of life insurance business from BLAIC to the U.S. life insurance companies, effective April 1, 2016 and July 1, 2016, and filing for the regulatory approvals to merge BLAIC into Genworth Life Insurance Company. The merger will, if approved, complete the repatriation of BLAIC.
During the second quarter of 2016, the company completed the sale of its European MI business to AmTrust Financial Services, Inc., which resulted in net proceeds of approximately $50 million to the U.S. MI business.
“Our results in the second quarter were solid, and we were especially pleased with the strong performance in U.S. MI,” said Tom McInerney, President and CEO. “We also achieved our cash expense reduction target and remain on track to complete the repatriation of our Bermuda subsidiary in the fourth quarter.”