Genworth Financial Inc. (NYSE: GNW) announced Thursday after the market closed that it earned $45 million or 10 cents a share in the third quarter of 2009.  The result compares to a loss of$258 million or 60 cents a share in the same period a year ago.

The insurance and financial products company received a boost to third quarter results as net investment losses dwindled to $62 million, compared to $478 million in the same quarter last year.

Genworth’s net income available to common shareholders was $19 million or $0.04 share.  That result tops the loss of 2 cents a share analysts expected on average, on the same basis.

Genworth’s large decline in investment losses helped offset a 14 percent year-over-year decline in total revenue to $1.49 billion.  However, the company did see sales rise from the second quarter of 2009.

“Genworth continued to make substantial progress across our business lines with improved sequential sales, emerging benefits from sound price increases in several lines, lower losses and strong financial flexibility,” said Michael D. Fraizer, chairman and chief executive officer, in a press release.

The company’s retirement and protection unit led the way in the third quarter, providing $96 million of the $120 million in operating profit for the period.   

Genworth’s wealth management saw net asset inflows into October, according to the company’s statement, which pushed assets under management to $18 billion.

“We are encouraged by the multiple signs of stabilization and improvement in our served markets which combined with our focused growth strategies, engaged distribution relationships and risk reduction efforts position us well for improved results as we move ahead,” added Fraizer.

Genworth deployed several strategies to begin reinvesting operating company cash balances. This included reinvesting cash at the operating companies, where cash totaled $5.8 billion at the end of the quarter.

The company completed an equity offering of 55.2 million shares during the third quarter, receiving net proceeds of $622 million, bringing total outstanding shares at the end of the quarter to 488.5 million.