Genworth Financial Q1 Adj. Operating Income Declines - Quick Facts

(RTTNews) - Genworth Financial, Inc. (GNW) reported adjusted operating income per share of $0.07, in the first quarter of 2020, compared to $0.19, a year ago. The company reported a net loss per share of $0.13, compared to net income of $0.34 per share, prior year.

First quarter total revenues declined year-on-year to $1.84 billion from $2.04 billion. The COVID-19 pandemic and ensuing global economic slowdown impacted the company's first quarter financial results primarily as a result of the significant decline in equity markets and interest rates during the quarter, which led to unfavorable impacts in Genworth's fixed and variable annuity products.

Genworth said the company and Oceanwide are working to close the transaction as soon as possible. The companies have extended the merger agreement deadline to not later than June 30, 2020.