Genworth Financial Announces Fourth Quarter 2015 Results
Net Operating Loss Of $0.17 Per Share And Net Loss Per Share Of $0.59 Driven By Annual Assumption Updates In Life Insurance; Loss On Sale From Previously Announced Business Divestitures Also Impacted Net Loss
RICHMOND, Va., Feb. 4, 2016 /PRNewswire/ --
Genworth Financial, Inc. (NYSE: GNW) today reported results for the period ended December 31, 2015. The company reported a net loss2 of $292 million, or $0.59 per diluted share, compared with a net loss of $760 million, or $1.53 per diluted share, in the fourth quarter of 2014. Net operating loss3 for the fourth quarter of 2015 was $82 million, or $0.17 per diluted share, compared with a net operating loss of $415 million, or $0.83 per diluted share, in the fourth quarter of 2014. The net loss and net operating loss in the quarter include net after-tax charges of $184 million, or $0.37 per diluted share, primarily driven by assumption updates in universal life insurance. Additionally, the net loss includes an after-tax loss of $134 million related to the pending sale of the European mortgage insurance business and an additional after-tax loss of $73 million related to the completed lifestyle protection insurance business sale. The company reported a net loss of $615 million, or $1.24 per diluted share, in 2015, compared with a net loss of $1,244 million, or $2.51 per diluted share, in 2014. The company reported net operating income of $255 million, or $0.51 per diluted share, in 2015, compared with a net operating loss of $398 million, or $0.80 per diluted share, in 2014. "We are pleased with the continued strong performance of our mortgage insurance businesses," said Tom McInerney, President and CEO. "In our U.S. life insurance businesses, we are actively pursuing multiple restructuring actions to separate and isolate our LTC business and narrow our commercial focus, including through the suspension of traditional life and fixed annuity sales." Strategic Update In 2016, the company plans to initiate a series of internal restructuring actions aimed at separating and isolating its LTC business, subject to regulatory and other potential third-party approvals. These actions are focused on addressing LTC legacy block issues that continue to pressure ratings across the organization. Also, the company has decided to suspend all sales of traditional life insurance and fixed annuity products in the first quarter of 2016 given the continued impact of ratings and recent sales levels of these products. This action is expected to reduce cash expenses by approximately $50 million pre-tax annually and the company expects to record an approximately $15 million pre-tax restructuring charge in the first quarter of 2016 related to this decision. In addition, and as previously announced, the company still expects to achieve annualized cash expense reductions of $100 million pre-tax or more. Actions taken in 2015 are expected to reduce cash expenses by approximately $90 to $100 million pre-tax on an annualized basis, bringing total expected cash expense reductions to $150 million or more. As of December 31, 2015, the U.S. mortgage insurance (MI) business was compliant with the private mortgage insurer eligibility requirements (PMIERs) capital requirements, with a prudent buffer. The company generated a total of approximately $535 million in PMIERs capital credit in 2015 from three reinsurance transactions approved by the government-sponsored enterprises (GSEs) covering the 2009 through 2015 books of business as well as the intercompany sale of its ownership of affiliated preferred securities for approximately $200 million. With regard to the executed reinsurance transactions, the GSEs reserve the right to reassess the PMIERs capital credit on those transactions if certain conditions are not met, including if the statutory risk-to-capital ratio of the business exceeds 18:1. The company intends to maintain a prudent level of capital in excess of the PMIERs capital requirements. In January 2016, the company completed the sale of certain blocks of term life insurance to Protective Life Insurance Company. The company expects this transaction to generate capital of approximately $100 to $150 million in aggregate to Genworth, which includes an expected tax payment of over $200 million to the holding company that is scheduled to be settled in July 2016, partially offset by a decrease in the unassigned surplus of the U.S. life insurance companies. In December 2015, the company completed the sale of its lifestyle protection insurance business to AXA with estimated net proceeds of approximately $400 million, subject to post-closing adjustments. In January 2016, the company redeemed its senior notes due in 2016 using $321 million of proceeds from this transaction. During the fourth quarter, the company announced it had entered into an agreement to sell its European mortgage insurance business to AmTrust Financial Services, Inc. that is expected to result in net proceeds of approximately $55 million to the U.S. MI business. The transaction is expected to close in the first quarter of 2016 and is subject to customary conditions, including requisite regulatory approvals.
In the fourth quarter of 2015, the company changed how it reviews its operating businesses and no longer has separate reporting divisions. Under this new structure, the company has the following five operating business segments: U.S. Mortgage Insurance; Canada Mortgage Insurance; Australia Mortgage Insurance; U.S. Life Insurance (which includes its LTC, life insurance and fixed annuities businesses); and Runoff (which includes the results of non-strategic products which are no longer actively sold). In addition to the five operating business segments, the company also has Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of the operating segments, including certain smaller international mortgage insurance businesses and discontinued operations. Financial information has been updated for all periods to reflect the reorganized segment reporting structure. Net investment losses, net of taxes and other adjustments, were zero in the quarter, compared to $22 million in the prior quarter and $4 million in the prior year. Total impairments, net of tax, were $9 million in the quarter, compared to $6 million in the prior quarter and none in the prior year. Net investment income decreased to $781 million in the quarter, compared to $783 million in the prior quarter and $797 million in the prior year primarily from unfavorable foreign exchange and the continued impact from the low interest rate environment. The reported yield for the current quarter was 4.45 percent. The core yield3 was 4.35 percent, down from the prior quarter. Net operating income (loss) results are summarized in the table below:
Net operating income (loss) represents net operating income (loss) from continuing operations excluding net investment gains (losses), goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions, restructuring costs and other adjustments, net of taxes. A reconciliation of net operating income (loss) of segments and Corporate and Other activities to net loss is included at the end of this press release. Unless specifically noted in the discussion of results for mortgage insurance businesses in Canada and Australia, references to percentage changes exclude the impact of translating foreign denominated activity into U.S. dollars (foreign exchange). Percentage changes, which include the impact of foreign exchange, are found in a table at the end of this press release. The impact of foreign exchange on results in the fourth quarter of 2015 was an unfavorable $8 million and $6 million versus the prior year in the mortgage insurance businesses in Canada and Australia, respectively. U.S. Mortgage Insurance
U.S. MI net operating income was $41 million, compared with $37 million in the prior quarter and $21 million in the prior year. The loss ratio in the current quarter was 39 percent, down four points sequentially from a slight decrease in new delinquencies, continued growth in insurance in force resulting in higher earned premiums and the impact of prior period cancellations. The loss ratio was down 22 points from the prior year reflecting the continued decline in delinquencies from the 2005 to 2008 book years. Flow new insurance written (NIW) of $7.8 billion decreased 16 percent from the prior quarter from a seasonally smaller purchase originations market but increased 13 percent versus the prior year primarily from a larger purchase originations market. During the fourth quarter, the company's concentration of single premium lender paid NIW was in line with the prior quarter as it continues its selective participation in this market. Future volumes of this product will vary in part depending on the company's evaluation of the risk return profile of these transactions. The business's insurance in force grew approximately seven percent during 2015 driven by an expanding purchase originations market, increased market share and its differentiated service offerings. Canada Mortgage Insurance
Canada reported net operating income of $37 million versus $38 million in the prior quarter and $36 million in the prior year. The loss ratio in the quarter was 23 percent, up two points from the prior quarter driven by a seasonal increase in new delinquencies, net of cures, primarily from Alberta and Quebec and down three points compared to the prior year. Results included unfavorable foreign exchange of $8 million and lower expenses versus the prior year. Flow NIW was down 26 percent5 sequentially from a seasonally smaller originations market and was flat5 year over year. In addition, the company completed several bulk transactions in the quarter of approximately $7.3 billion, consisting of low loan-to-value prime loans, given strong lender demand. Australia Mortgage Insurance
Australia reported net operating income of $22 million versus $21 million in the prior quarter and $33 million in the prior year. The loss ratio in the quarter was 17 percent, down 12 points sequentially and up two points from the prior year. Results in the prior quarter included actuarial updates that had a negligible impact on earnings, but did unfavorably impact the third quarter loss ratio by approximately seven points. New delinquencies were down 14 percent sequentially and cures were down seven percent sequentially from normal seasonal variation, including improved performance in Queensland and stable performance in Western Australia. Results versus the prior year were also impacted by an unfavorable $9 million related to the company's further sell down of approximately 14 percent of its ownership in the Australia business in May 2015 and unfavorable foreign exchange of $6 million. Flow NIW was down 24 percent5 sequentially and down 30 percent5 year over year from a smaller high loan-to-value originations market primarily driven by regulatory focus on the market and tightened lender risk appetite. U.S. Life Insurance
Long Term Care Insurance LTC had net operating income of $19 million, compared with a net operating loss of $10 million in the prior quarter and a net operating loss of $506 million in the prior year. During the quarter, the company completed its annual review of GAAP active life margins or loss recognition testing. GAAP loss recognition testing margins for the business written since late 1995 were approximately $2.5 to $3.0 billion as higher expected future claim costs were more than offset by the impact of future in force rate actions. The company continues to separately test its acquired LTC blocks (representing business written prior to late 1995) for recoverability as part of testing its GAAP loss recognition margins. The GAAP loss recognition testing margin for the acquired block was slightly positive and did not require an increase to reserves in the quarter. Results in the quarter also reflected $10 million of after-tax favorable items, due largely to assumption updates to loss adjustment expenses impacting claim reserves, partially offset by corrections primarily related to reinsurance. Results in the prior quarter included net unfavorable items of $21 million after-tax while results in the prior year included $494 million after-tax of unfavorable items. Existing claims results were unfavorable versus the prior quarter from lower terminations, but favorable versus the prior year from higher terminations. Additionally, results from new claims were unfavorable versus the prior year from an increase in new claim counts and higher severity given the mix of new claims with a higher average reserve. Results in the current quarter also reflected less favorable experience from policies not on claim primarily related to the acquired block of policies. The loss ratio in the current quarter was approximately 73 percent. Results for the quarter included a favorable impact from higher premiums and reduced benefit options of $38 million after-tax versus the prior quarter and $55 million after-tax versus the prior year related to premium increases from in force rate actions approved and implemented to date. Results in the quarter also reflected a $4 million after-tax increase to reserves associated with profits followed by losses on business written since late 1995. Individual LTC sales of $8 million were higher than the prior quarter, but lower than the prior year. Life Insurance Life insurance had a net operating loss of $173 million, compared with net operating income of $31 million in the prior quarter and net operating income of $1 million in the prior year. During the quarter, the company completed its annual review of life assumptions and recorded an after-tax charge of $194 million associated with its universal life insurance products, including $36 million of corrections related to reinsurance inputs. The charge reduced the total life insurance products' deferred acquisition cost (DAC) and other intangible assets by four percent and increased reserves by two percent versus the prior year reflecting updated assumptions for persistency, long term interest rates, mortality and other refinements. In addition to these initial charges, the assumption changes resulted in an unfavorable $4 million after-tax impact in the fourth quarter, as compared to prior periods, and are also expected to increase future reserve growth and DAC amortization in similar amounts. Results in the prior year reflected a $32 million unfavorable item. Sales of $10 million decreased compared to the prior quarter and the prior year. Fixed Annuities Fixed annuities net operating income was $19 million, compared with $19 million in the prior quarter and $23 million in the prior year. Results in the quarter reflect unfavorable impacts from mortality and lower bond call income versus the prior year. Sales in the quarter totaled $314 million, up sequentially and down versus the prior year. Runoff Runoff net operating income was $11 million, compared with a net operating loss of $4 million in the prior quarter and net operating income of $16 million in the prior year reflecting favorable equity market performance versus both the prior quarter and prior year, but less favorable taxes versus the prior year. Corporate And Other Corporate and Other net operating loss was $58 million, compared with $68 million in the prior quarter and $39 million in the prior year. Results in the prior quarter included legal accruals and expenses of $17 million after-tax. Results versus the prior quarter and prior year reflected less favorable taxes. Capital & Liquidity Genworth maintains solid capital positions in its operating subsidiaries.
Key Points
About Genworth Financial Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in mortgage insurance and long term care insurance and product offerings in life insurance and fixed annuities that assist consumers in solving their home ownership, insurance and retirement needs. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au. Conference Call and Financial Supplement Information This press release and the fourth quarter 2015 financial supplement are now posted on the company's website. Additional information regarding business results and strategic update will be posted on the company's website, http://investor.genworth.com, by 7:30 a.m. on February 5, 2016. Investors are encouraged to review these materials. Genworth will conduct a conference call on February 5, 2016 at 8:00 a.m. (ET) to discuss business results, its annual assumption reviews and margin testing, and provide a progress update on strategic priorities. The conference call will be accessible via telephone and the Internet. The dial-in number for the conference call is 877 888.4034 or 913 489.5101 (outside the U.S.); conference ID # 858342. To participate in the call by webcast, register at http://investor.genworth.com at least 15 minutes prior to the webcast to download and install any necessary software. Replays of the call will be available through February 19, 2016 at 888 203.1112 or 719 457.0820 (outside the U.S.); conference ID # 858342. The webcast will also be archived on the company's website. Use of Non-GAAP Measures This press release includes the non-GAAP financial measures entitled "net operating income (loss)" and "net operating income (loss) per common share." Net operating income (loss) per common share is derived from net operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of net operating income (loss). The company defines net operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income attributable to noncontrolling interests, net investment gains (losses), goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or resulting gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company's segments and Corporate and Other activities. A component of the company's net investment gains (losses) is the result of impairments, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company's discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions and restructuring costs are also excluded from net operating income (loss) because, in the company's opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from net operating income (loss) if, in the company's opinion, they are not indicative of overall operating trends. While some of these items may be significant components of net income (loss) available to Genworth's common stockholders in accordance with GAAP, the company believes that net operating income (loss) and measures that are derived from or incorporate net operating income (loss), including net operating income (loss) per common share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses net operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from net operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Net operating income (loss) and net operating income (loss) per common share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth's common stockholders or net income (loss) available to Genworth's common stockholders per common share on a basic and diluted basis determined in accordance with GAAP. In addition, the company's definition of net operating income (loss) may differ from the definitions used by other companies. In the fourth quarter of 2014, the company recorded goodwill impairments of $129 million, net of taxes, in the long term care insurance business and $145 million, net of taxes, in the life insurance business. In the third quarter of 2014, the company recorded goodwill impairments of $167 million, net of taxes, in the long term care insurance business and $350 million, net of taxes, in the life insurance business. The company recognized an estimated loss of $134 million, net of taxes, in the fourth quarter of 2015 for the planned sale of the mortgage insurance business in Europe, as well as a tax charge of $7 million in the third quarter of 2015 from potential business portfolio changes related to this business resulting in a total estimated loss on sale of $141 million in 2015. In the third quarter of 2015, the company paid an early redemption payment of approximately $1 million, net of taxes and portion attributable to noncontrolling interests, related to the early redemption of Genworth Financial Mortgage Insurance Pty Limited's notes that were scheduled to mature in 2021. In the third quarter of 2015, the company also repurchased approximately $50 million principal amount of Genworth Holdings, Inc.'s notes with various maturity dates for a loss of $1 million, net of taxes. In the second quarter of 2014, the company paid an early redemption payment of approximately $2 million, net of taxes and portion attributable to noncontrolling interests, related to the early redemption of Genworth MI Canada Inc.'s notes that were scheduled to mature in 2015. These transactions were excluded from net operating income (loss) for the periods presented as they related to a loss on the early extinguishment of debt. In the third quarter of 2015, the company recorded a DAC impairment of $296 million, net of taxes, on certain term life insurance policies in connection with entering into an agreement to complete a life block transaction. In the fourth and second quarters of 2015, the company recorded an after-tax expense of $3 million and $2 million, respectively, related to restructuring costs as part of an expense reduction plan as the company evaluates and appropriately sizes its organizational needs and expenses. There were no infrequent or unusual items excluded from net operating income (loss) during the periods presented other than the following items. There was a $205 million net tax impact in the fourth quarter of 2014 from potential business portfolio changes. The company recognized a tax charge of $174 million in the fourth quarter of 2014 associated with the Australian mortgage insurance business as the company can no longer assert its intent to permanently reinvest earnings in that business. In connection with the company's plans to sell the lifestyle protection insurance business, the company made a change to the permanent reinvestment assertion on one of its legal entities recognizing tax expense of $31 million in the fourth quarter of 2014. The tables at the end of this press release reflect net operating income (loss) as determined in accordance with accounting guidance related to segment reporting, and a reconciliation of net operating income (loss) of the company's segments and Corporate and Other activities to net loss available to Genworth's common stockholders for the three and twelve months ended December 31, 2015 and 2014, as well as for the three months ended September 30, 2015. Adjustments to reconcile net income (loss) attributable to Genworth's common stockholders and net operating income (loss) assume a 35 percent tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves. This press release includes the non-GAAP financial measure entitled "core yield" as a measure of investment yield. The company defines core yield as the investment yield adjusted for those items that are not recurring in nature. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with GAAP. In addition, the company's definition of core yield may differ from the definitions used by other companies. A reconciliation of core yield to reported GAAP yield is included in a table at the end of this press release. Results of Operations by Segment In the first quarter of 2015, the company revised how it allocates the consolidated provision for income taxes to its operating segments to simplify the process and reflect how the chief operating decision maker is evaluating segment performance. The revised methodology applies a specific tax rate to the pre-tax income (loss) of each segment, which is then adjusted in each segment to reflect the tax attributes of items unique to that segment such as foreign income. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities. Previously, the company calculated a unique income tax provision for each segment based on quarterly changes to tax attributes and implications of transactions specific to each product within the segment. The annually-determined tax rates and adjustments to each segment's provision for income taxes are estimates which are subject to review and could change from year to year. Prior year amounts have not been re-presented to reflect this revised presentation and are, therefore, not comparable to the current year provision for income taxes by segment. However, the company does not believe that the previous methodology would have resulted in a materially different segment-level provision for income taxes. Definition of Selected Operating Performance Measures The company reports selected operating performance measures including "sales" and "insurance in force" or "risk in force" which are commonly used in the insurance industry as measures of operating performance. Management regularly monitors and reports sales metrics as a measure of volume of new and renewal business generated in a period. Sales refer to: (1) new insurance written for mortgage insurance; (2) annualized first-year premiums for long term care and term life insurance products; (3) annualized first-year deposits plus five percent of excess deposits for universal and term universal life insurance products; (4) 10 percent of premium deposits for linked-benefits products; and (5) new and additional premiums/deposits for fixed annuities. Sales do not include renewal premiums on policies or contracts written during prior periods. The company considers new insurance written, annualized first-year premiums/deposits, premium equivalents and new premiums/deposits to be a measure of the company's operating performance because they represent a measure of new sales of insurance policies or contracts during a specified period, rather than a measure of the company's revenues or profitability during that period. Management regularly monitors and reports insurance in force and risk in force. Insurance in force for the mortgage insurance businesses is a measure of the aggregate face value of outstanding insurance policies as of the respective reporting date. For risk in force in the mortgage insurance businesses, the company has computed an "effective" risk in force amount, which recognizes that the loss on any particular loan will be reduced by the net proceeds received upon sale of the property. Risk in force for the U.S. mortgage insurance business is the obligation that is limited under contractual terms to the amounts less than 100 percent of the mortgage loan value. Effective risk in force has been calculated by applying to insurance in force a factor of 35 percent that represents the highest expected average per-claim payment for any one underwriting year over the life of the company's businesses in Canada and Australia. In Australia, the company has certain risk share arrangements where it provides pro-rata coverage of certain loans rather than 100 percent coverage. As a result, for loans with these risk share arrangements, the applicable pro-rata coverage amount provided is used when applying the factor. The company considers insurance in force and risk in force to be measures of the company's operating performance because they represent measures of the size of the business at a specific date which will generate revenues and profits in a future period, rather than measures of the company's revenues or profitability during that period. Management also regularly monitors and reports a loss ratio for the company's businesses. For the mortgage insurance businesses, the loss ratio is the ratio of incurred losses and loss adjustment expenses to net earned premiums. For the long term care insurance business, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses. An assumed tax rate of 35 percent is utilized in certain adjustments to net operating income (loss) and in the explanation of specific variances of operating performance and investment results. These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources. Cautionary Note Regarding Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including, but not limited to, the following:
With respect to risks relating to the previously-disclosed litigation In re Genworth Financial, Inc. Securities Litigations, the court has scheduled a trial to begin on May 9, 2016, and the parties are currently engaging in a mediation process. The plaintiffs have recently taken the position that the class is entitled to recover per share and per bond amounts that, if the plaintiffs were to prevail, would, in the aggregate, be material. There can be no assurance that the mediation will result in a settlement and, if it does not, the company intends to continue to vigorously defend the lawsuit. The company cannot determine or predict the ultimate outcome of this litigation or provide an estimate or range of reasonably possible losses arising from this litigation. Nevertheless, the company believes that it is reasonably possible it will incur additional losses in resolving this litigation beyond the amounts already accrued and, if so, that it is reasonably possible the amount of such losses would be material. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
1 Includes both universal life and term universal life insurance. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genworth-financial-announces-fourth-quarter-2015-results-300215514.html SOURCE Genworth Financial, Inc. |
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