Thomas Mcinerney on litigation
From Genworth Financial, Inc GNW Q3 2025 Earnings Call · · Fyfull
“The UK High Court issued a favorable judgment holding Santander liable for losses related to mis-selling of payment protection insurance; if the ruling is upheld we expect to recover approximately $750 million, which is not included in our capital plans but, if received, would be deployed to invest in Care Scout, return capital to shareholders, and reduce debt.”
On , Thomas Mcinerney, President, Chief Executive Officer & Director at GENWORTH FINANCIAL INC, spoke about litigation during Genworth Financial, Inc GNW Q3 2025 Earnings Call on Fyfull.
About Thomas Mcinerney
Thomas McInerney, president and CEO of Genworth Financial, discussed the company’s third-quarter 2025 results in November 2025, reporting net income of $116 million and adjusted operating income of $17 million, driven by strong performance from its mortgage insurance subsidiary, Enact. He noted that the company announced a new $350 million share repurchase authorization and that Care Scout Services launched Care Assurance, a standalone long-term care insurance product now approved in 37 states. McInerney stated that Genworth is committed to managing its legacy life insurance companies as a closed system, using existing reserves to cover future claims without injecting additional capital. He also highlighted a favorable UK High Court judgment that could result in a $750 million recovery from Santander, which would be used to invest in Care Scout, return capital to shareholders, or reduce debt. In earlier interviews, McInerney discussed the challenges of the long-term care insurance market, stating that original pricing assumptions were flawed and that the industry must adjust premiums as experience deviates from projections. He described Genworth’s efforts to launch new products through Care Scout, including a quality network of providers offering discounted rates, and expressed support for a private-public partnership to address long-term care costs. McInerney also spoke about the company’s 20th anniversary as a public company, noting that Genworth had paid nearly $29 billion in long-term care claims and reduced its debt. On diversity and inclusion, he said Genworth has increased representation among its senior leadership and funds employee resource groups, and he emphasized the importance of listening to employees and holding people accountable for discriminatory behavior.