Stock Track | Genworth Plummets 8.36% After Q4 2024 Earnings Report and Lower Rate Action Outlook

Stock Track

Feb 20, 2025

Genworth Financial Inc. (GNW) stock plummeted 8.36% in intraday trading on Wednesday, following the release of its fourth-quarter 2024 earnings report and disappointing outlook for future rate increases on its long-term care insurance policies.

The company reported a net loss of $1 million for the quarter and adjusted operating income of $15 million, weighed down by a $104 million loss in its long-term care insurance segment. This was driven by unfavorable actual-to-expected experience and assumption updates, including lower expectations for future rate action approvals.

While Genworth made progress on its multi-year rate action plan with $343 million in premium rate increase approvals in 2024, the company lowered its outlook for the total remaining value to be achieved from rate actions to $4.6 billion, down $0.7 billion from prior estimates. This reduction in expected future rate increases on long-term care policies appears to have spooked investors.

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(GNW) stock plummeted 8.36% in intraday trading on Wednesday, following the release of its fourth-quarter 2024 earnings report and disappointing outlook for future rate increases on its long-term care insurance policies.</p>\n\n<p>The company reported a net loss of $1 million for the quarter and adjusted operating income of $15 million, weighed down by a $104 million loss in its long-term care insurance segment. This was driven by unfavorable actual-to-expected experience and assumption updates, including lower expectations for future rate action approvals.</p>\n\n<p>While Genworth made progress on its multi-year rate action plan with $343 million in premium rate increase approvals in 2024, the company lowered its outlook for the total remaining value to be achieved from rate actions to $4.6 billion, down $0.7 billion from prior estimates. This reduction in expected future rate increases on long-term care policies appears to have spooked investors.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GNW","symbol_name":"通用金融","start_time":0,"source_url":"","article_id":"1169899326","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1169899326","pubTimestamp":1739987441,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Genworth Financial Inc.  stock plummeted 8.36% in intraday trading on Wednesday, following the release of its fourth-quarter 2024 earnings report and disappointing outlook for future rate increases on its long-term care insurance policies.The company reported a net loss of $1 million for the quarter and adjusted operating income of $15 million, weighed down by a $104 million loss in its long-term care insurance segment. 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