Genworth Announces Termination of Merger Agreement with Oceanwide

RICHMOND, Va., April 6, 2021 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) today announced that it has exercised its right to terminate its merger agreement with China Oceanwide Holdings Group Co., Ltd. (Oceanwide) as of April 6, 2021. Terminating the agreement allows Genworth to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership, which might impact the Company’s ability to successfully execute the plan. The Company’s revised strategic plan includes a potential partial initial public offering (IPO) of its U.S. MI business (subject to market conditions as well as the satisfaction of
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Financial Announces Second Quarter 2019 Results

7/30/19 Net Income Of $168 Million And Adjusted Operating Income Of $204 Million RICHMOND, Va., July 30, 2019 /PRNewswire/ — Merger Agreement With China Oceanwide Holdings Group Co., LTD (Oceanwide) Extended To No Later Than November 30, 2019; Actively Soliciting Interest In Genworth MI Canada U.S. Mortgage Insurance (MI) Adjusted Operating Income Of $147 Million With $15.8 Billion In New Insurance Written (NIW) And Continued Strong Loss Performance U.S. MI’s PMIERs1 Sufficiency Ratio At 123 Percent, In Excess Of $650 Million Above The Revised Standards That Became Effective On March 31, 2019 Continued Strong Capital Levels In Canada And Australia
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Categories: Genworth, Industry News, and Long-Term Care.