Life and mortgage insurer Genworth Financial Inc. said it willcut 400 jobs to reduce costs by up to $90 million a year.

The company, which has about 5,800 employees, did not disclosewhere the cuts would be made but said it would take a charge of $15million to $20 million in the current quarter.

Genworth's total expenses fell 8.4 pct to $9.31 billion in2012.

The job cuts include 150 positions that will not be filled.

“We do not believe these actions significantly change ourpreviously disclosed views on performance in 2013, but anticipatethem to have a more meaningful impact in future years,” ChiefExecutive Tom McInerney said in a statement.

Genworth, which was once part of industrial conglomerate GeneralElectric, sold its wealth management and alternative investmentbusinesses in March for about $413 million to repay debt.

Genworth has about $4.76 billion in long-term debt and $3.80billion in cash, according to a regulatory filing.

The company had said in January it was reorganizing to separateits mortgage insurance business from the rest of the company,reducing the risk of default on its bonds.

Mortgage insurers such as Genworth, Radian Group Inc , MGICInvestment Corp and Old Republic International Corp sold billionsof dollars of policies at low prices during the housing boom andwere stuck with huge losses when the market crashed.

But profits on new insurance policies are increasinglyoffsetting legacy losses.

Genworth's first-quarter profit more than doubled, beatinganalysts' estimates, as a recovering U.S. housing market boostedits mortgage insurance business.

The company's shares closed at $10.35 on the New York StockExchange on Wednesday. They were little changed in light tradingbefore the bell on Thursday.