Genworth Financial Inc. (GNW) saw its stock surge 9.60% on Monday after reporting strong third-quarter 2024 results and making progress on its strategic priorities.

The financial services company reported net income of $85 million, or $0.19 per diluted share, for the quarter ended September 30, 2024. Adjusted operating income, a non-GAAP measure that excludes certain items, came in at $48 million, or $0.11 per diluted share.

Genworth's solid performance was driven by its mortgage insurance subsidiary, Enact Holdings, which reported adjusted operating income of $148 million. Enact's PMIERs sufficiency ratio stood at a robust 173%, reflecting its strong financial position.

In the long-term care insurance segment, Genworth continued to make progress on its multi-year rate action plan, securing $124 million in gross incremental premium approvals during the quarter. The company also expanded its CareScout Quality Network, which now covers over 75% of the aged 65-plus population in the United States.

While the long-term care insurance segment reported an adjusted operating loss of $46 million, Genworth noted positive developments, including favorable cash flow assumption updates related to higher rate approvals.

Genworth's life insurance and annuity businesses saw mixed results, with the life insurance business reporting an adjusted operating loss of $40 million, while the annuity businesses reported combined adjusted operating income of $13 million.

The company's holding company ended the quarter with $369 million in cash and liquid assets, including $162 million in advance cash payments from subsidiaries held for future obligations. Genworth also executed $36 million in share repurchases during the quarter.