Genworth Financial

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Genworth Financial, Inc.
Company type
Public
NYSE: GNW[1] (Class A)
S&P 600 Component
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HeadquartersHenrico County, Virginia, United States
Key people
Tom McInerney (CEO)
ProductsLong-term care insurance[2]
Life Insurance[3]
Annuities
Mortgage insurance
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Total equityDecrease US$9.984 billion (2022)
Number of employees
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Websitewww.genworth.com
Footnotes / references
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Genworth Financial, headquartered in Richmond, Virginia, is an American financial services company. It provides life insurance, long-term care insurance, mortgage insurance, and annuities.[4]

History

The firm was founded as The Life Insurance Company of Virginia in 1871, in Petersburg, Virginia. Within a decade, the company expanded beyond the south and moved its headquarters to Richmond.[5]

Beginning with its first annuities business written in 1928, the company grew to offer products for mortgage insurance, lifestyle protection, and long-term care insurance.[5]

In 1986, Life of Virginia was acquired by Combined Insurance for $557 million.[5]

It became Aon in 1987.[5] In 1996, Life of Virginia was acquired by GE Capital.[5][6]

The company was incorporated as Genworth Financial, Inc. in 2003,[4] and it became a public company via an initial public offering in 2004.[7]

GE sold its remaining stake in the company in February 2006 for $2.8 billion.[8][9][10]

In June 2006, the company agreed to buy AssetMark Investment Services for $230 million.[11]

In 2007, another GE Capital insurance company, First Colony Life Insurance Company, merged with the company's life insurance division and became the surviving entity.[12]

In May 2007, the company sold its employee benefits business to Sun Life Financial.[13]

In July 2007, the company acquired Liberty Reverse Mortgage, a reverse mortgage company, for $50 million.[14] It sold the company to Ocwen for $22 million in April 2013.[15]

In September 2007, the company sold its wealth management unit to private equity firms Aquiline Capital Partners and Genstar Capital Management for $412.5 million.[16][17]

In June 2009, Genworth MI Canada, its Canadian mortgage insurance subsidiary, completed an initial public offering on the Toronto Stock Exchange, raising $850 million.[18][19][20]

In June 2011, the company sold Continental Life Insurance, which provided Medigap insurance policies, to Aetna for $290 million.[21][22][23][24]

In September 2012, the company sold Genworth Financial Investment Services, its financial adviser unit, to Cetera Financial Group.[25]

In December 2012, Thomas McInerney was named CEO of the company.[26][27]

On April 1, 2013, Genworth announced the completion of a legal entity reorganization, creating a new holding company and separating the U.S. mortgage insurance subsidiaries.[28]

In December 2015, the company sold Genworth Lifestyle Protection Insurance to Axa for €465 million.[29]

In January 2016, Protective Life acquired parts of the company for $661 million.[30][31]

In February 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff.[32][33]

In June 2016, the company sold its term life insurance platform to Pacific Life.[34]

In October 2016, China Oceanwide Holdings Group agreed to buy the company for $2.7 billion.[35][36] However, in April 2021, Genworth terminated the acquisition due to China Oceanwide's inability to close the acquisition.[37][38][39]

In May 2020, the company's Australian mortgage insurance division, now called Helia, lost its contract with National Australia Bank.[40]

In October 2020, Genworth MI Canada was renamed to Sagen MI Canada. In April 2021, Brookfield Business Partners acquired all of the outstanding common shares of Sagen that it did not already own.[41][42]

In September 2021, the company completed the initial public offering of Enact Holdings, its private mortgage insurance subsidiary.[43][44]

Shareholder lawsuits

In March 2016, the company settled shareholder lawsuits for $219 million. The lawsuit alleged that Genworth and its management made false statements between October 30, 2013 and November 5, 2014 as the company had assured investors that the reserves it had set aside to cover long-term care claims were adequate. However the company had to take a $531 million charge to shore up its long-term care business, leading to a substantial drop in the price of Genworth's securities.[45]

Life insurance premium increases

In October 2022, the company paid $25 million to policyholders to settle a class action lawsuit alleging that premium increases of 40% to 140% were excessive and unlawful.[46]

MOVEit hack

On June 6, 2023, third-party vendor to Genworth, PBI Research Services, reported a vulnerability with their MOVEit Transfer software.[47] The vulnerability resulted in a Russian-linked extortion group, named 'C|0p',[48] gaining unlawful access to private data. Whilst PBI Research Services did report the vunlnerability, the company was criticised for not revealing the scope of the hack sooner.[49] The software is used to track deaths of its member organisations so that payments can be issued to the relevant beneficiaries. Whilst a number of state and federal organisations were affected by the hack, between 2.5-2.7 million customers of Genworth Financial had their private data downloaded; including first and last name, date of birth and social security number.[50][51] On June 22, 2023, Genworth filed a report with the Securities and Exchange Commission regarding the data breach.[52]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Financial Announces Third Quarter 2023 Results". Business Wire. September 30, 2023.
  2. ^ Page Module:Citation/CS1/styles.css has no content.Bell, Alison (November 13, 2023). "Genworth Moves Ahead With Long-Term Care Reboot". ThinkAdvisor. Retrieved November 22, 2023.
  3. ^ Page Module:Citation/CS1/styles.css has no content."Should Insurance - Life Stock Genworth Financial Inc (GNW) Be in Your Portfolio Friday?". Investors Observer. November 17, 2023. Retrieved November 22, 2023.
  4. ^ a b c Page Module:Citation/CS1/styles.css has no content."Genworth Financial, Inc. 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  5. ^ a b c d e Page Module:Citation/CS1/styles.css has no content."Life Insurance Company of Virginia". Virginia Historical Society.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Quint, Michael (December 27, 1995). "GE Capital To Acquire An Insurer". The New York Times.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Goes Public In Year's Largest IPO". The Wall Street Journal. May 26, 2004.
  8. ^ Page Module:Citation/CS1/styles.css has no content."G.E. Selling $2.8 Billion Stake in Insurer". The New York Times. Bloomberg News. February 28, 2006.
  9. ^ Page Module:Citation/CS1/styles.css has no content."GE to Sell Remaining Stake in Genworth". Los Angeles Times. Reuters. February 28, 2006.
  10. ^ Page Module:Citation/CS1/styles.css has no content."G.E. to sell remaining stake in insurance unit". NBC News. Associated Press. February 27, 2006.
  11. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Financial to buy Pleasant Hill firm". American City Business Journals. June 30, 2006.
  12. ^ Page Module:Citation/CS1/styles.css has no content."EXAMINATION REPORT of GENWORTH LIFE AND ANNUITY" (PDF). May 8, 2020.
  13. ^ Page Module:Citation/CS1/styles.css has no content."Sun Life Financial completes acquisition of Genworth's Employee benefits group". Investment Executive. May 31, 2007.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Anderson, Mark (July 20, 2007). "Liberty Reverse Mortgage sells for $50M". American City Business Journals.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Anderson, Mark (April 5, 2013). "Ocwen buys Rancho Cordova-based Liberty Home Equity". American City Business Journals.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Todd, Sarah (September 3, 2013). "Genworth Closes Sale of Wealth Management Units". American Banker.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Aquiline, Genstar buy Genworth Wealth Management for $412.5 million". American City Business Journals. September 4, 2013.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Genworth launches massive TSX offering". The Globe and Mail. June 30, 2009.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Geller, Martinne (June 29, 2009). "Genworth Canadian unit prices IPO". Reuters.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Genworth MI Canada Announces Pricing of Initial Public Offering" (Press release). Sagen. June 29, 2009.
  21. ^ Page Module:Citation/CS1/styles.css has no content.LAWLEY, ERIN (June 13, 2011). "Aetna acquiring Brentwood insurance business". Nashville Post.
  22. ^ Page Module:Citation/CS1/styles.css has no content."Aetna to buy Brentwood's Continental Life for $290 million". American City Business Journals. June 13, 2011.
  23. ^ Page Module:Citation/CS1/styles.css has no content.Basu, Anand (June 13, 2011). "Aetna to buy Genworth's Medicare supplement business". Reuters.
  24. ^ Page Module:Citation/CS1/styles.css has no content."Aetna buys Genworth Financial business for $290 million". Deseret News. Associated Press. June 13, 2011.
  25. ^ Page Module:Citation/CS1/styles.css has no content."Cetera Financial Group completed the acquisition of Genworth Financial Investment Services yesterday". Investment News. September 4, 2012.
  26. ^ Page Module:Citation/CS1/styles.css has no content."Genworth names Thomas McInerney CEO". Reuters. December 11, 2012.
  27. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Financial Names Thomas J. McInerney President and Chief Executive Officer" (Press release). PR Newswire. December 11, 2012.
  28. ^ Page Module:Citation/CS1/styles.css has no content."A.M. Best Revises Outlook to Stable for Genworth Financial, Inc. and Its Key Life/Health Subsidiaries" (Press release). Business Wire. May 24, 2013.
  29. ^ Page Module:Citation/CS1/styles.css has no content."AXA has completed the acquisition of Genworth Lifestyle Protection Insurance" (Press release). Axa. December 2, 2015.
  30. ^ Page Module:Citation/CS1/styles.css has no content."Protective Closes Acquisition of Blocks of Business from Genworth" (Press release). Business Wire. January 15, 2016.
  31. ^ Page Module:Citation/CS1/styles.css has no content.Alexander, Alan (October 1, 2015). "Protective Life acquires parts of Virginia-based insurance company for $661M". American City Business Journals.
  32. ^ Page Module:Citation/CS1/styles.css has no content."Genworth suspends life insurance sales, plans restructuring". Richmond Times-Dispatch. Bloomberg News. February 4, 2016.
  33. ^ Page Module:Citation/CS1/styles.css has no content.Chiglinsky, Katherine (February 4, 2016). "Genworth Halts Life, Annuity Sales After Loss; Shares Fall". Bloomberg News.
  34. ^ Page Module:Citation/CS1/styles.css has no content."Pacific Life Completes Acquisition of Term Life New Business Platform from Genworth Financial" (Press release). Business Wire. June 24, 2016.
  35. ^ Page Module:Citation/CS1/styles.css has no content.Carew, Rick (January 19, 2017). "China Oceanwide Consortium Clinches Deal to Buy International Data Group". The Wall Street Journal.
  36. ^ Page Module:Citation/CS1/styles.css has no content."China Oceanwide To Acquire Genworth Financial" (Press release). U.S. Securities and Exchange Commission. October 23, 2016.
  37. ^ Page Module:Citation/CS1/styles.css has no content.Vengattil, Munsif (April 6, 2021). "Insurer Genworth terminates $2.7 billion buyout deal with China Oceanwide". Reuters.
  38. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Announces Termination of Merger Agreement with Oceanwide" (Press release). PR Newswire. April 6, 2021.
  39. ^ Page Module:Citation/CS1/styles.css has no content."Why Genworth Financial pulled plug on acquisition by China Oceanwide". WTVR-TV. Associated Press. April 7, 2021.
  40. ^ Page Module:Citation/CS1/styles.css has no content.Yeates, Clancy (May 20, 2020). "Genworth loses NAB insurance contract to QBE". The Sydney Morning Herald.
  41. ^ Page Module:Citation/CS1/styles.css has no content."Brookfield to acquire mortgage lender Genworth/Sagen". The Real Estate News Exchange. October 26, 2020.
  42. ^ Page Module:Citation/CS1/styles.css has no content."Sagen MI Canada Inc. and Brookfield Business Partners L.P. Announce Closing of Arrangement Transaction". Cision (Press release). CNW Group Ltd. April 1, 2021.
  43. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Financial Announces Completion of the IPO of Enact Holdings, Inc" (Press release). PR Newswire. September 20, 2021.
  44. ^ Page Module:Citation/CS1/styles.css has no content.Podder, Sohini (September 16, 2021). "Genworth's Enact valued at $3.26 billion as share rise in Nasdaq debut". Reuters.
  45. ^ Page Module:Citation/CS1/styles.css has no content."AIMCo Secures $219 Million Recovery in Genworth" (Press release). PR Newswire. March 14, 2016.
  46. ^ Page Module:Citation/CS1/styles.css has no content.Ress, David (October 18, 2022). "Genworth settles class action suit over steep universal life increases". Richmond Times-Dispatch.
  47. ^ Page Module:Citation/CS1/styles.css has no content.MarketScreener (June 22, 2023). "MOVEit hack claims Calpers and Genworth as millions more victims impacted -June 22, 2023 at 05:11 pm EDT | MarketScreener". www.marketscreener.com. Retrieved November 22, 2023.
  48. ^ Page Module:Citation/CS1/styles.css has no content.Bell, Allison. "Genworth Sued Over Personal Data Exposed in MOVEit Hack". ThinkAdvisor. Retrieved November 22, 2023.
  49. ^ Page Module:Citation/CS1/styles.css has no content."CalPERS, CalSTRS, Genworth Among Those Affected by MOVEit Data Breach | Chief Investment Officer". www.ai-cio.com. Retrieved November 22, 2023.
  50. ^ Page Module:Citation/CS1/styles.css has no content.Schwartz, Mathew J. (June 23, 2023). "MOVEit Hacks: Data Breach Victim Count Grows by Millions". www.bankinfosecurity.com. Retrieved November 22, 2023.
  51. ^ Page Module:Citation/CS1/styles.css has no content.RESS, DAVE (June 23, 2023). "Russian hackers expose information of 2.5 million Genworth customers". Richmond Times-Dispatch. Retrieved November 22, 2023.
  52. ^ Page Module:Citation/CS1/styles.css has no content."Genworth Financial Confirms 2.5 Million Customers Affected by MOVEit Data Breach". JD Supra. Retrieved November 22, 2023.

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