Genworth Posts $193 Million Loss Tied to Europe-Unit Sale
ByGenworth Financial Inc. posted a second-quarter loss on costs tied to the planned sale of a European unit to fill a U.S capital gap.
The net loss of $193 million, or 39 cents a share, compares with profit of $176 million, or 35 cents, a year earlier, the Richmond, Virginia-based company said Tuesday in a statement. Operating income, which excludes one-time items, was 24 cents a share, missing the 26-cent average estimate of analysts surveyed byBLOOMBERG
.
Chief Executive Officer Tom McInerney has sought to bolster finances to meet demands from regulators and win approval from ratings firms and bondholders after posting a 2014 loss on long-term care insurance. He said July 22 that the company was inexclusive talks with Axa SA to sell a lifestyle protection business in Europe. The insurer posted a $306 million loss on the sale in the second quarter, according to its earnings statement…
Genworth Posts $193 Million Loss Tied to Europe-Unit Sale
