Genworth Financial, Inc. (NYSE:GNW) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET

Company Participants

Sarah Crews - Head, IR
Thomas McInerney - President & CEO
Jerome Upton - EVP & CFO

Conference Call Participants

Operator

Good morning, ladies and gentlemen, and welcome to Genworth Financial's First Quarter 2024 Earnings Conference Call. My name is Cynthia, and I will be your coordinator today. [Operator Instructions].

I would now like to turn the presentation over to Sarah Crews, Director of Investor Relations. Please go ahead.

Sarah Crews

Thank you, and good morning. Welcome to Genworth's first-quarter 2024 earnings call.

The slide presentation that accompanies this call is available on the Investor Relations section of the Genworth website, investor.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials.

Speaking today will be Tom McInerney, President and Chief Executive Officer; and Jerome Upton, Chief Financial Officer. Following our prepared remarks, we will open the call up for a question-and-answer period. In addition to our speakers, Jamala Arland, President and CEO of our US Life Insurance business; and Kelly Saltzgaber, Chief Investment Officer, will also be available to take your questions.

During the call this morning, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentation, as well as the risk factors of our most recent annual report on Form 10-K as filed with the SEC.

This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. In our investor materials, non-GAAP measures have been reconciled to GAAP where required in accordance with the SEC rules -- also, references to statutory results or estimates due to the timing of the filing of the statutory statements.

And now, I'll turn the call over to our President and CEO, Tom McInerney.

Thomas McInerney

Thank you very much, Sarah. And good morning, everyone, and thank you for joining our first-quarter earnings call.

Genworth continued to make strong progress in the first quarter against our strategic priorities to drive long-term growth and shareholder value. In the first quarter, Genworth reported net income of $139 million, or $0.31 per share, and adjusted operating income of $85 million, or $0.19 per share.

Results were led again by Enact, which had a very strong quarter with adjusted operating income of $135 million to Genworth. Enact also announced a $250 million expansion of its share repurchase program and an increase in its ordinary dividend to $0.185 per share, up from $0.16 per share. We are very pleased with Enact's continued strong operating performance, capital levels, and shareholder distributions.