Douglas Smith's questions to Genworth Financial Inc (GNW) leadership • Q3 2024
Question
Douglas Smith of Everest Group asked about the financial reporting of CareScout, its current P&L impact on the parent company, and the corporate structure for its future insurance products.
Answer
CFO Jerome Upton explained that CareScout's $35 million investment is reported within the 'Corporate and Other' segment and its revenues are currently minimal. President and CEO Thomas McInerney confirmed a future CareScout insurance business would be a new sister entity, outside the existing ring-fenced life companies. Upton also highlighted the expected $1B-$1.5B in long-term claim savings for GLIC from CareScout.