Shares of Genworth Financial Inc (NYSE:GNW) ended Friday session in red amid volatile trading. The shares closed down -0.06 points or -1.21% at $4.89 with 5.83 million shares getting traded. Post opening the session at $4.90, the shares hit an intraday low of $4.87 and an intraday high of $5.06 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.
Net income was impacted by net investment gains, net of taxes and other adjustments, of $25 million in the quarter, including the gains from the sale of certain TIPS in the quarter, compared to $3 million of net investment gains in the prior year. Total impairments, net of tax, were $14 million in the quarter, compared to none in the prior year.
Net investment income decreased to $779 million in the quarter, down from $789 million in the prior quarter primarily from unfavorable prepayment speed adjustments related to residential mortgage-backed securities and down from $793 million in the prior year primarily from lower variable investment income. The reported yield and core yield2 for the current quarter were both 4.48 percent.
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.”
Shares of Fifth Third Bancorp (NASDAQ:FITB) ended Friday session in green amid volatile trading. The shares closed up +0.12 points or 0.58% at $20.92 with 5.73 million shares getting traded. Post opening the session at $20.66, the shares hit an intraday low of $20.66 and an intraday high of $21.11 and the price vacillated in this range throughout the day. The company has a market cap of $16.08 billion and the numbers of outstanding shares have been calculated to be 766.37 million shares.
Fifth Third Bancorp (FITB) on September 21, 2016 announced the appointments of Jerry W. Burris and Eileen A. Mallesch to the Bancorp Board of Directors.
“Both of these individuals represent outstanding additions to the Board and we welcome them,” said Marsha C. Williams, chair of the Fifth Third Bancorp Board.
She added, “Jerry’s background as a CEO of Associated Materials, a privately held company, as well as his 20 years of management background with General Electric provide deep and broad management expertise. Eileen’s career includes roles as a CFO with Genworth Financial as well as a variety of other finance leadership roles at other companies including PepsiCo. That will enable her to make a substantial contribution to our board as well.”
Prior to serving as CEO and president of Associated Materials, LLC from 2011 to 2014, Jerry Burris was a senior executive with Barnes Group Inc. for five years, including serving as president of Precision Components. He also served in various management roles at GE, including president and CEO of Advanced Materials Quartz & Ceramics, general manager of Global Services for GE Healthcare, and general manager of Global Sourcing for GE Industrial Systems. He first joined GE in 1986.