Genworth first-quarter results fall on investment losses

Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash. The Richmond, Va., company lost $469 million, or $1.08 per share, compared with net income of $116 million, or 27 cents per share, in the first quarter a year ago. Net income, excluding one-time losses was $14 million, or 3 cents a share, compared with $244 million, or 56 cents per share a year ago. Revenue fell to $1.7 billion from $2.8 billion a year ago. Analysts polled by Thomson Reuters expected 19 cents a share on revenue of $2.7 billion.