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

May 02, 2018 • 08:00 am ET

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

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Presentation
Executive
Kelly Groh

these contributions won't be made because of the delay in the deal timing and expected changes to the un-stacking.

I do not expect any of this capital to be contributed to GLIC. As we have said previously, GLIC must rely upon the $2.7 billion of statutory capital within the company, prudent management of the in-force and regulators approving the actuarially justified LTC rate action plan to satisfy policyholder obligations. We have no current intentions to provide additional capital for this business, deleveraging is the main priority with this capital investment and we will be updating the market at the appropriate time. But something's up, I am very pleased with our global mortgage insurance performance along with the execution of our term loan which allows us to retire our May 2018 debt maturity given the delay in the transaction with Oceanwide. While our US life business continues to be challenged, we remain focused on the operational progress including our LTC rate action plan and other strategic actions intended to improve this business.

With that, let's open it up for questions.