Genworth reports profit in third quarter

After spending more than a year in the red, Genworth Financial made profits in the third quarter.

On Thursday the company reported net income of $19 million, or four cents per diluted share, available to common shareholders. It was the first time since the first quarter of 2008 that Genworth did not have a loss, according to its archived news releases on earnings.

Genworth employs more than 1,200 in the Lynchburg area.

Life insurance earnings increased to $79 million from the $63 million it earned in the third quarter of 2008. Long-term care insurance grossed $35 million, compared to $39 million in the third quarter of 2008.

Genworth had investment losses of $62 million in the third quarter, compared to investment losses of $478 million in the third quarter of 2008.

“Genworth continued to make substantial progress across our business lines with improved sequential sales, emerging benefits from sound price increases in several lines, lower losses and strong financial flexibility,” said Michael Fraizer, chairman and CEO, in a news release. The stabilization in Genworth’s markets, combined with the company’s growth strategies, “position us well for improved results as we move ahead,” he said.

Genworth’s stock closed on Friday at $10.62, up 44 cents.