GNW - Genworth Financial Inc - Q2 2013 Earnings Call Transcript

    Company Name:Genworth Financial Inc
    Event Title:Q2 2013 Earnings Call Transcript
    Event Date:31-Jul-2013
    Event Time:08:00 AM ET



    Good morning, ladies and gentlemen and welcome to the Genworth Financial's Second Quarter 2013 Earnings Conference Call. My name is Ally and I will be your coordinator today.

    At this time, all participants are in 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 your cell phone, speaker phone or headsets during the Q&A portion of today's call.

    I would now like to turn the presentation over to Georgette Nicholas, Senior Vice President of Investor Relations. Ms. Nicholas you may proceed.

    Georgette Nicholas

    Senior Vice President of Investor Relations
    Thank you, Operator. And good morning everyone. Thank you for joining us for Genworth's second quarter 2013 earnings call. Our press release and financial supplements were released last evening and earlier this morning, our second quarter earnings summary presentation was posted to our website.

    We encourage you to review all these materials. Today you will hear from our President and Chief Executive Officer, Tom McInerney followed by Marty Klein, our Chief Financial Officer. Following our prepared comments, we will open the call up for question-and-answer period. In addition to our speakers Pat Kelleher, President and CEO of our U.S.

    Life Insurance Division; Kevin Schneider, President and CEO of our Global Mortgage Insurance Division; Jerome Upton, Chief Financial Officer of our Global Mortgage Insurance Division and Dan Sheehan, Chief Investment Officer will be available to take your questions. With regard to forward-looking statements and the use of non-GAAP financial information, 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 note regarding forward-looking statements in our earnings release and the risk factors of our most recent annual report on Form 10-K and Form 10-Q we filed with the SEC.

    This morning's discussion also includes non- GAAP financial measures that we believe maybe 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 international protection and international mortgage insurance results, please note that all percentage changes exclude the impact of foreign exchange. And finally, references to statutory results are estimates for the quarter due to the timing of the filing of the statutory statements.

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

    Thomas J. McInerney

    President and Chief Executive Officer
    Thanks, Georgette and good morning everyone. Thank you for joining us today for a second quarter earnings call. I would like to spend my time today briefly discussing second quarter results outlining the significant actions we are taking to improve the U.S.

    Life Insurance division's performance and providing an update on our progress we are making on our strategic objectives and goals. We are working hard on our four strategic priorities to improve shareholder value and we are beginning to see some early progress.

    As a reminder our four strategic priorities for 2013 are first, to improve the operating performance of the businesses; second, simply the portfolio, free generate capital and for increase of financial strengths and flexibility of the company. I am pleased with the results in second quarter of 2013 as we reported operating income of a 133 million, up 66 million compared to the prior year with improved performance in both the global mortgage insurance and U.S. life insurance division.

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