Good morning, ladies and gentlemen, and welcome to Genworth Financial's First Quarter 2024 Earnings Conference Call. My name is Cynthia, and I will be your coordinator today. [Operator Instructions] As a reminder, the conference is being recorded for replay purposes. [Operator Instructions] I would now like to turn the presentation over to Sarah Crews, Director of Investor Relations. Please go ahead.

Thank you, and good morning. Welcome to Genworth's Quarter 2024 Earnings Call. The slide presentation that accompanies this call is available on the Investor Relations section of the Genworth website, investor.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials. Speaking today will be Tom McInerney, President and Chief Executive Officer; and Jerome Upton, Chief Financial Officer. Following our prepared remarks, we will open the call up for a question-and-answer period. In addition to our speakers, Jamala Arland, President and CEO of our U.S. Life Insurance business; and Kelly Saltzgaber, Chief Investment Officer, will also be available to take your questions. During the call this morning, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentation, as well as the risk factors of our most recent annual report on Form 10-K as filed with the SEC. This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. In our investor materials, non-GAAP measures have been reconciled to GAAP where required in accordance with the SEC rules. Also, references to statutory results are estimates due to the timing of the filing of the statutory statements. And now, I'll turn the call over to our President and CEO, Tom McInerney.

Thank you very much, Sarah, and good morning, everyone, and thank you for joining our first quarter earnings call. Genworth continued to make strong progress in the first quarter against our strategic priorities to drive long-term growth and shareholder value. In the first quarter, Genworth reported net income of $139 million or $0.31 per share and adjusted operating income of $85 million or $0.19 per share. Results were led again by Enact, which had a very strong quarter, with adjusted operating income of $135 million to Genworth. Enact also announced a $250 million expansion of a share repurchase program and an increase in its ordinary dividend to $0.185 per share, up from $0.16 per share. We are very pleased with Enact's continued strong operating performance, capital levels and shareholder distributions. Since Enact's IPO, Genworth has received approximately $675 million in capital from Enact, including $61 million in the first quarter. We are very pleased with our approximately 81% ownership stake in Enact as it continues to generate significant earnings and is a key source of cash flows, helping fuel our share repurchase program, opportunistic debt reduction and our growth investments in CareScout. Our LTC segment reported adjusted operating income of $3 million in the quarter, driven by seasonally higher claim terminations. Meanwhile, our Life and Annuities segment reported an adjusted operating loss of $15 million, driven by losses in life insurance. Jerome will cover the performance of these segments in more detail later. On a statutory accounting basis, the U.S. life insurance companies had a very strong quarter with pre-tax income estimated at $258 million, driven primarily by benefits from LTC in-force rate actions including the impact of legal settlements. Complete statutory results for our U.S. life insurance companies will be available when we file our first quarter statutory statements…

Thank you, Tom, and good morning, everyone. I'm very pleased with the ongoing value creation delivered by Enact and progress on our LTC in-force rate actions, as well as our capital optimization and continued improvement in financial flexibility. I'll first discuss Genworth's results and drivers in more detail, then I'll provide an update on our investment portfolio and liquidity before we open the call for Q&A. Per Slide 5, and as Tom mentioned, first quarter adjusted operating income was $85 million, driven primarily by Enact. Our Long-Term Care Insurance segment reported adjusted operating income of $3 million, including a liability remeasurement gain from actual to expected experience, primarily driven by seasonally high mortality. Looking ahead, despite the favorable seasonal impact in the first quarter due to short-term deviations of actual results compared to long-term assumptions, we continue to expect LTC earnings pressure throughout the remainder of the year and expect a liability remeasurement loss from actual to expected experience for the full year on a GAAP basis. As a reminder, last year, we recorded a full year pre-tax actual to expected loss of $269 million with a quarterly average loss of about $65 million after experiencing positive first quarter results. And, as we have said before, GAAP results continue to be volatile. We believe statutory results better represent the underlying performance of the life companies, including the positive impacts resulting from our in-force rate actions. The results from Enact and LTC were partially offset by adjusted operating losses of $15 million in Life and Annuities and $38 million in Corporate and Other. Life and Annuities included an adjusted operating loss in life insurance of $33 million, reflecting the unfavorable impacts of seasonally high mortality as well as adjusted operating income of $11 million from fixed annuities and $7 million from…

Ladies and gentlemen, we will now begin the Q&A portion of the call. [Operator Instructions] It appears that there are no questions at this time. Ladies and gentlemen, I will now turn the call back over to Mr. McInerney for closing comments.

Thank you very much, Cynthia. What I'd like to do is just sum up and say we're very pleased with the trajectory of Genworth's key value drivers, along with another very strong quarter for Enact, and for the U.S. life companies, a very strong statutory income in the quarter of $258 million. I want to thank all of you for your interest and support of Genworth. I guess we'll see you next in the upcoming shareholders meeting, which is in -- later in May, and then we look forward to seeing you again next quarter. And with that, I'll turn the call back over to Cynthia.

Ladies and gentlemen, this concludes Genworth Financial's First Quarter Conference Call. Thank you for your participation. At this time, the call will end.