United States

Genworth Financial Inc (GNW)

GNW on New York Consolidated

2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Genworth Financial Q2 earnings per share $0.34
Tuesday, 2 Aug 2016 05:05pm EDT 

Genworth Financial Inc : Genworth financial announces second quarter 2016 results . Q2 earnings per share $0.34 . Genworth financial inc says net investment income decreased to $779 million in quarter, down from $789 million in prior quarter . Genworth financial inc says in q2 life insurance had net operating income of $31 million, compared with $31 million in prior quarter and $22 million in prior year . Q2 earnings per share view $0.21, revenue view $2.08 billion -- Thomson Reuters I/B/E/S . Q2 operating earnings per share $0.25 . "additional steps taken toward repatriation of bermuda subsidiary" . Genworth financial inc says in q2 u.s. Mi net operating income was $61 million, compared with $61 million in prior quarter and $49 million in prior year .Qtrly revenue total revenues $2.24 billion versus $2.16 billion.  Full Article

Genworth Announces Closing Of Lifestyle Protection Insurance Business Sale
Wednesday, 2 Dec 2015 02:45am EST 

Genworth Financial, Inc:closed the sale of its lifestyle protection insurance business to AXA.adjusted sale price was approximately $490 million1and net proceeds from the transaction, net of pension settlement costs, transaction related expenses and gains related to foreign exchange hedging are expected to be approximately $4151,2million.majority of the net proceeds are expected to be applied to the company's debt which becomes due in 2016.company will reflect any revisions to the loss on sale in the fourth quarter of 2015, based on the finalization of its post-closing adjustments.closing of this transaction is another important step toward simplifying the business portfolio and increasing the financial flexibility and strength of Genworth.Barclays and Sidley Austin LLP advised Genworth on this transaction.  Full Article

Genworth Financial Inc enters into agreement to sell European Mortgage Insurance Business to AmTrust Financial Services Inc
Tuesday, 27 Oct 2015 07:30am EDT 

Genworth Financial Inc:Says Genworth Mortgage Insurance Corporation, a wholly-owned indirect subsidiary of company, has entered into an agreement to sell its European mortgage insurance business to AmTrust Financial Services Inc. that is expected to result in net proceeds of about $55 million.Proceeds will provide additional capital credit to GMICO under the private mortgage insurer eligibility requirements.Transaction is expected to close in the first quarter of 2016.  Full Article

Genworth Financial Inc names Kelly L. Groh Chief Financial Officer
Thursday, 15 Oct 2015 05:10pm EDT 

Genworth Financial Inc:Announced that it has named Kelly L. Groh executive vice president and chief financial officer, effective immediately.Kelly L. Groh succeeds Martin P. Klein, who resigned, effective October 15, 2015.Kelly will remain with Genworth in an advisory role through Oct. 30, 2015.  Full Article

Genworth Financial Enters into agreement to sell certain blocks of term life insurance
Wednesday, 30 Sep 2015 06:00pm EDT 

Genworth Financial:Genworth Life and Annuity Insurance Company, a wholly-owned indirect subsidiary of the company, has entered into an agreement to sell, via reinsurance, certain blocks of term life insurance to Protective Life Insurance Company.Says majority of the term life insurance blocks included in this transaction are currently reinsured to River Lake Insurance Company and River Lake Insurance Company II, which previously had not been consolidated in the statutory financial statements of the U.S. life insurance companies.Genworth will continue to administer and service the policies, which represent approximately $108.7 billion of term life insurance in force backed by approximately $2.3 billion of statutory reserves as of June 30, 2015.Goldman, Sachs & Co. acted as financial advisor to Genworth on this transaction.Company expects to record an after-tax GAAP loss of approximately $275 to $325 million in the third quarter of 2015.Transaction is expected to close during the first quarter of 2016.In addition to the aggregate capital and tax benefits associated with the sale, the company anticipates a minimal impact to income and a modest improvement to return on equity.  Full Article

Genworth Financial Inc enters into exclusive negotiations with AXA S.A. to sell Lifestyle Protection Insurance business
Wednesday, 22 Jul 2015 02:45am EDT 

Genworth Financial Inc:Says that it has entered into exclusive negotiations with AXA S.A. after receiving an irrevocable offer to purchase its lifestyle protection insurance business.Expects to accept offer and execute an associated purchase agreement upon completion of French works council consultation process.Says sale price is expected to be about $510 million and the company will record an after-tax loss of about $310 million in the second quarter of 2015 related to expected sale and pension settlement costs.Says net proceeds from transaction, net of pension settlement costs and transaction related expenses, are estimated to be about $400 million.Says Genworth plans to use these proceeds to advance compliance with Private Mortgage Insurer Eligibility Requirements and to reduce debt levels.Says sale is expected to close by end of 2015 and is subject to other customary conditions, including requisite regulatory approvals.Barclays and Sidley Austin LLP are advising Genworth on this transaction.  Full Article

Genworth Financial Inc announces sale of portion of its interest in Genworth Mortgage Insurance Australia Ltd
Monday, 11 May 2015 02:47am EDT 

Genworth Mortgage Insurance Australia Ltd:Says that Genworth Financial Inc (through certain wholly owned subsidiaries) has entered into underwriting agreement in relation to sale of 92.3 million shares or 14.2 pct. of Genworth Mortgage Insurance Australia.Says that on completion of sale, Genworth Financial will hold a controlling shareholding of about 52.0 pct. of GMA's issued capital.  Full Article

BRIEF-Genworth Financial announces third quarter 2016 results

* Genworth - Recorded non-cash charge of $265 million, or $0.53 per diluted share in Q3, related to deferred tax assets not expected to be utilized before expiration