Genworth Financial, Inc. (NYSE:GNW) Q1 2018 Earnings Conference Call - Final Transcript

May 02, 2018 • 08:00 am ET


Genworth Financial, Inc. (NYSE:GNW) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to Genworth Financial's First Quarter 2018 Earnings Conference Call. My name is Daniel and I will be your coordinator today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of this conference call. As a reminder, the conference is being recorded for replay purposes. Also, we ask that you refrain from using cell phones, speaker phones or headsets during the Q&A portion of today's call.

I would now like to turn the presentation over to Tim Owen, Head of Investor Relations. Mr. Owens, you may proceed.

Tim Owens

Thank you, operator. Good morning, everyone, and thank you for joining Genworth's first quarter 2018 earnings call. Our press release and financial supplement were released last night, and this morning our earnings presentation was posted to our website and will be referenced during our call. We encourage you to review all of these materials.

Today, you will hear from our President and Chief Executive Officer, Tom McInerney; followed by Kelly Groh, our Chief Financial Officer. Following our prepared comments, we will open up the call for a question-and-answer period. In addition to our speakers, Kevin Schneider, Chief Operating Officer; and Dan Sheehan, Chief Investment Officer will be available to take your questions.

During the call this morning, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentation, as well as the risk factors of our most recent Annual Reports on Form 10-K as filed with the SEC. This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. In our financial supplement, earnings release and investor materials, non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules. Also, when we talk about the results of our international businesses, please note that all percentage changes exclude the impact of foreign exchange. And finally, references to statutory results or estimates due to the timing of the filing of the statutory statements.

And now, I'll turn the call over to our CEO, Tom McInerney.

Tom McInerney

Good morning and thank you for joining today's earnings call. Since our fourth quarter earnings call, we have announced several updates with respect to the pending sale of the Oceanwide, as well as made progress against our ongoing strategic initiatives. Today, we'd like to provide you with an update on these initiatives and review our strong first quarter results. I will start by providing a brief overview of our financial performance and update on the pending transaction with Oceanwide. Kelly will then provide a more in-depth update on our first quarter results and additional information on our holding company liquidity. Following our prepared remarks, we'll open the call to questions.

I am pleased with Genworth's strong first quarter operating performance. For the quarter, adjusted operating income was $125 million or $0.25 per diluted share. Our