Genworth Financial (GNW) earned $24 million in Q312, or seven cents a share. A year earlier, the company reported a net loss of $16 million, or three cents a share.
Net operating income in Q3 hit $121 million, or 25 cents a share, which is up from a net operating income of $62 million, or 13 cents a share, in Q311.
Net of tax, net investment losses and other adjustments were $1 million in Q3, compared to $78 million last year.
“Steady improvement in our operating results in the Global Mortgage Insurance Division and stable underlying performance in the Insurance and Wealth Management Division increased total net operating income both year over year and sequentially again this quarter,” said acting chief executive officer and chief financial officer Martin P. Klein of Genworth in a statement.
Genworth posted a second-quarter profit of $76 million, or 16 cents a share, as its U.S. mortgage insurance operations saw notable improvements.
“Dividends continue to provide liquidity to the holding company,” he added. “We are committed to improving business performance and generating capital as we rebuild shareholder value.”
The Insurance and Wealth Management Division saw its new operating income grow to $104 million, compared to $79 million in the second quarter and $136 million a year prior.
The American mortgage division reported a net loss that was $38 million compared to $25 million in Q2, and $70 million a year prior. During Q3, government sponsored entities granted Genworth Residential Mortgage Assurance Corporation an extension to write new business in non-waiver states until Dec. 31, 2013.
The news is good for Genworth, which faced a downgrade threat from Moody’s Investors Service last month. Genworth says the spin-off or run-off of its private mortgage insurance unit would not be necessary despite the looming downgrade.
