Genworth Affirms Full-Year Outlook

The company's first-quarter earnings surpass estimates.
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Genworth Financial

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said its first-quarter earnings advanced, partly because of healthy results from its life insurance segment, and the company reiterated its profit guidance for the full year.

The

General Electric

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spinoff reported earnings for the first quarter of $334 million, or 70 cents a share, compared with $322 million and 65 cents a share in the year-ago period.

Net operating earnings totaled $345 million, or 72 cents a share, vs. $326 million and 66 cents last year, the Richmond, Va., insurance provider said Thursday. Analysts surveyed by Thomson Financial expected 66 cents in the most recent quarter.

"Our first quarter demonstrated solid business results, strong capital management, and excellent progress on new product launches, as we continue to expand and penetrate markets for retirement income, protection and mortgage insurance," Michael Fraizer, Genworth's chairman and chief executive, said in a statement.

He also said international operations continued to strengthen their position, with double-digit earnings growth from both payment protection and international mortgage insurance.

For 2006, Genworth said it still expects net operating earnings of $2.65 to $2.75 a share. The consensus analyst forecast is $2.75.