) --

Genworth Financial

(GNW) - Get Report

swung to profit in the second quarter, but trailed earnings estimates hurt by declining revenues in the life insurance segment.

Net income for the second quarter came in at $42 million or 8 cents a share, up from a loss of $50 million or 11 cents a share in June 2009. Adjusted for items, net operating income jumped more than 13 times to $118 million or 24 cents a share from $9 million or 2 cents a share a year earlier.

Analysts were expecting 28 cents on $2.56 billion. The stock is down 3.6% to $15.22 in extended trading.

Total revenue declined 3% to $2.41 billion from $2.48 billion a year earlier. Premiums declined 2% to $1.47 billion.

Operating income in the retirement and protection segment declined 8% to $114 million. Life insurance earnings declined 45% to $32 million. International segment profits rose 21% to $105 million on the back of strong performance in Canada and Australia mortgage insurance and life protection.

The U.S. mortgage business narrowed its losses in the second quarter to $40 million from $134 million a year earlier, on the back of lower delinquencies, improved cure rates and increased loss mitigation savings.

--Reported by Shanthi Venkataraman in New York.

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