NEW YORK (TheStreet) -- Shares of Genworth Financial Inc. (GNW) are down 35.18% to $9.12 in early trading as the company's CEO predicted a tougher path ahead after the insurer posted a record loss, Bloomberg reports.
The financial security company reported a loss of $844 million yesterday, driven by costs tied to its long-term care insurance operation, according to Bloomberg, adding that CEO Tom McInerney apologized today for his prior remarks about the business.
"The turnaround in this business will be more difficult and prolonged," McInerney said, adding, "Despite this setback, we remain steadfast in our commitment to transform this business."
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Separately, TheStreet Ratings team rates GENWORTH FINANCIAL INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENWORTH FINANCIAL INC (GNW) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, revenue growth, attractive valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."