The life and mortgage insurer company posted a profit of $116 million, down substantially from the $324 million it earned in the same period in 2007.
Said Genworth Financial Chief Executive Michael Fraizer, "Genworth had a challenging quarter with weakness in U.S. housing and financial markets, which impacted results in our U.S mortgage insurance and other domestic product lines, partly offset by solid performance in our international platforms."
Genworth’s net investment losses reached $128 million for the quarter, in large part due to investments in sub-prime and Alt-A residential mortgage and asset-backed securities.