Genworth Financial profit falls; CEO resigns

Tue May 1, 2012 4:24pm EDT

May 1 (Reuters) - Life and mortgage insurer Genworth Financial Inc's quarterly profit fell as its U.S. mortgage unit struggles with losses from the mortgages it wrote during the housing boom.

Genworth also said CEO Michael Fraizer has resigned. It has named Martin Klein acting chief executive officer.

First-quarter profit was $47 million, or 9 cents per share, compared with $59 million, or 12 cents per share, a year ago.

The company's shares closed at $6.15 on Tuesday on the New York Stock Exchange.

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