Profile: Genworth Financial Inc (GNW)
24 Mar 2017
Genworth Financial, Inc., incorporated on December 5, 2012, provides mortgage insurance products that allow people to purchase homes. The Company offers individual and group long-term care insurance products to meet consumer needs for long-term care. Its segments include U.S. Mortgage Insurance, Canada Mortgage Insurance, Australia Mortgage Insurance, U.S. Life Insurance, Runoff, and Corporate and Other.
U.S. Mortgage Insurance
In the United States, the Company offers mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans (flow mortgage insurance). The Company provides mortgage insurance on a bulk basis (bulk mortgage insurance) with essentially all of its bulk writings being prime-based. Through its U.S. Mortgage Insurance segment, it provides private mortgage insurance. Primary mortgage insurance is placed through flow or bulk mortgage insurance policies. Bulk mortgage insurance transactions provide primary coverage on a finite set of individual loans identified by the bulk policy. The Company also performs fee-based contract underwriting services for mortgage lenders. The Company distributes its mortgage insurance products through its sales force throughout the United States.
Canada Mortgage Insurance
The Company offers flow mortgage insurance and also provides bulk mortgage insurance that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk in Canada. In both primary flow and bulk mortgage insurance, its mortgage insurance in Canada provides insurance coverage for 100% of the unpaid loan balance, including interest, selling costs and expenses. Most mortgage lenders in Canada offer both fixed rate and variable rate mortgages. It also provides bulk mortgage insurance to lenders that have originated loans with loan-to-value ratios of less than or equal to 80%. These policies provide lenders with capital relief from applicable bank regulatory capital requirements and facilitate the securitization of mortgages in the Canadian market.
Australia Mortgage Insurance
In Australia, the Company offers flow mortgage insurance and provides bulk mortgage insurance that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk. The Company also provides bulk mortgage insurance in Australia mainly to Australian Prudential Regulation Authority (APRA)-regulated lenders that intend to securitize Australian residential loans they have originated.
U.S. Life Insurance
The Company offers long-term care insurance products, as well as service traditional life insurance and fixed annuity products in the United States. Its individual and group long-term care insurance products provide defined levels of protection against the significant and escalating costs of long-term care services provided in the insured's home or in assisted living or nursing facilities. In contrast to health insurance, long-term care insurance provides coverage for skilled and custodial care provided outside of a hospital or health-related facility. Its life insurance products provide protection against financial hardship after the death of an insured. Its fixed annuity products help individuals create dependable income streams for life or for a specified period of time and help them save and invest to achieve financial goals.
The Company's Runoff segment's non-strategic products primarily include its variable annuity, variable life insurance, institutional, corporate-owned life insurance, and other accident and health insurance products. Institutional products consist of funding agreements, funding agreements backing notes (FABNs) and guaranteed investment contracts (GICs). Its variable annuities provide contractholders the ability to allocate purchase payments and contract value to underlying investment options available in a separate account format. Its institutional products consist of funding agreements, funding agreements backing notes (FABNs) and guaranteed investment contracts (GICs), which are deposit-type products that pay a guaranteed return to the contractholder on specified dates.
The Company competes with Federal Housing Administration, Veteran's Administration, Canada Mortgage and Housing Corporation.
Genworth Financial Inc
6620 W Broad St
RICHMOND VA 23230-1716
Company Web Links
- BRIEF-Genworth completes statutory cash flow testing for 2016
- BRIEF-Genworth Financial announces Q4 2016 results
- BRIEF-Genworth Financial announces third quarter 2016 results
- PRESS DIGEST - Wall Street Journal - Oct 25
- BRIEF-Genworth Financial says Asia Pacific Global Capital to pay $105 mln if deal terminated due to change of recommendation