Genworth Financial Sees Continued Upside With Enact Cash, Buybacks

Genworth Financial's (GNW) Q4 results were driven by cash from Enact Holdings and share repurchases. Enact Holdings' net income rose 10% YoY to $119 million, while Genworth's net income declined 35% to $64 million. Genworth repurchased $228 million of its shares in Q4, bringing the total for 2022 to $1 billion. The company's 81% ownership of Enact Holdings contributed $104 million in after-tax income in Q4, up from $85 million in Q3. Enact's life insurance policies in force increased 2% YoY to 3.4 million, while its annuity direct written premium fell 4% to $1.6 billion. Genworth's Q4 results exceeded analysts' expectations, and the stock price rose 3.7% after the earnings announcement.