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UPDATE 1-Genworth Financial stock falls on Q2, cautious outlook
* Sales to slow down, earnings to be muted in H2
* Remains cautious about U.S. mortgage insurance business
* Stock falls as much as 13 pct
July 30 (Reuters) - Genworth Financial Inc (GNW.N), which reported a weak second-quarter profit on Thursday, said it expects earnings to be muted in the second half of the year due to investments in sales, technology and new products, sending its shares down as much as 13 percent.
On a conference call with analysts, company executives said they expect sales to slow down moderately in the second half of the year.
The life and mortgage insurer maintained its cautious outlook for its U.S. mortgage insurance business.
"We believe it is prudent to take a more conservative view of our U.S. mortgage insurance performance for the next two quarters and have a more favorable view as we look towards 2011," Chief Financial Officer Patrick Kelleher said on the call.
On Thursday, the company posted a quarterly profit below analysts' estimates as income from its life insurance segment fell 45 percent. [ID:nSGE66S0NB]
Shares of the company were trading down 11 percent at $14.05 in morning trade on the New York Stock Exchange. The stock, which has fallen 13 percent in value in the past three months, touched a low of $13.78 earlier in the session. (Reporting by Sweta Singh in Bangalore; Editing by Anne Pallivathuckal)
