Genworth Financial (GNW) Expects to Recover $85M In Federal Income Tax Refunds Through Q309
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Genworth Financial, Inc. (NYSE: GNW) today disclosed that, based on recently enacted legislation, it expects to recover approximately $85 million in Federal income tax refunds, considering results through the third quarter of 2009. The exact amount of the recovery will be determined by results for the remainder of this year, with any statutory tax benefit being recorded in the fourth quarter of 2009. This legislation expands the carryback period for certain net operating losses to five years from two years. On a statutory basis, a significant portion of this recovery will benefit the U.S. Mortgage Insurance business, and is expected to increase the regulatory Risk To Capital ratio by 0.5 to 1.0 points by year end 2009.
These legislative changes are not expected to have any profit or loss impact for U.S. Generally Accepted Accounting Principles purposes.
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