Genworth Posts $193 Million Loss Tied to Europe-Unit Sale


Genworth 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

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