Welcome to our dedicated page for Genworth Finl news (Ticker: GNW), a resource for investors and traders seeking the latest updates and insights on Genworth Finl stock.
Genworth Financial Inc (NYSE: GNW) provides essential insurance solutions spanning mortgage protection, long-term care coverage, and retirement security products. This news hub offers investors and stakeholders centralized access to official announcements, financial disclosures, and strategic developments from this established industry leader.
Track critical updates across Genworth's core operations including Enact mortgage insurance performance, Life & Annuities product innovations, and Long-Term Care Insurance program enhancements. Our curated news collection simplifies monitoring regulatory filings, leadership changes, and market positioning moves within the U.S. insurance sector.
This resource serves as your primary source for unfiltered access to earnings reports, partnership announcements, and operational milestones. Bookmark this page for real-time insights into how Genworth addresses evolving challenges in housing finance and aging population needs through its insurance offerings.
Genworth Financial (NYSE: GNW) and China Oceanwide Holdings have made significant strides in securing a $1.8 billion financing deal for Genworth's acquisition. Despite progress, logistical challenges due to the global pandemic have delayed final agreements, leading to a 16th extension of their merger agreement, now set to November 30, 2020. Oceanwide must provide satisfactory evidence of funding by October 31, or Genworth can terminate the agreement. Regulatory approvals are mostly in place, but complications remain, adding uncertainty to the deal's completion.
Genworth Financial (NYSE: GNW) is progressing towards closing its merger with China Oceanwide Holdings by September 30, 2020. The company has scheduled its 2020 Annual Meeting for December 10, 2020, if the merger isn’t finalized by that date. Both parties are working on financing and have received necessary U.S. regulatory approvals but must confirm with the Delaware Department of Insurance. Key dates include stockholder eligibility to vote on October 16, 2020. The company emphasizes that failure to finalize the merger may adversely affect its business and stock price.
Genworth Mortgage Insurance reported a decline in first-time homebuyer activity for Q2 2020, with 539,000 homes purchased, down 4.6% year-over-year. The annualized rate for first-time buyers fell to 1.86 million, the lowest since 2016. Despite this, first-time buyers constituted 40% of single-family sales. Mortgage rates dropped to 3.36%, aiding affordability. Moreover, a record 83% of first-time buyers utilized low-down payment mortgages. A recovery was noted in May and June, evidenced by a 55% increase in rate locks, although some states reported fewer buyers compared to last year.
Genworth Financial (NYSE: GNW) and China Oceanwide Holdings have announced progress on their pending $2.7 billion merger. The agreement has been extended to September 30, 2020, while Oceanwide provided satisfactory updates on its funding progress. Genworth's Board decided against terminating the merger, citing encouraging developments despite pandemic-related challenges. Regulatory approvals are in place, though further clearances are needed. Oceanwide remains committed to integrating long-term care insurance expertise into the Asian market.
Genworth Financial, Inc. (NYSE: GNW) announced the completion of a $750 million private offering of 6.500% senior notes due 2025 by its subsidiary, Genworth Mortgage Holdings, Inc. The notes are not guaranteed by Genworth Financial or its subsidiaries. Initially, GMHI will retain $300 million of the proceeds, while the rest will help reduce debt maturities at Genworth Holdings, Inc. The offering was made to qualified institutional buyers and non-U.S. Persons under Rule 144A and Regulation S of the Securities Act, without registration.
Genworth Financial announced that its subsidiary, Genworth Mortgage Holdings, priced a private offering of $750 million in 6.500% senior notes due 2025. The offering is exempt from the registration requirements of the Securities Act and is targeted to qualified institutional buyers. GMHI plans to retain $300 million of the net proceeds, while the remainder will be used to reduce upcoming debt maturities. The offering is set to close on August 21, 2020, subject to customary conditions.
Genworth Financial's subsidiary, Genworth Mortgage Holdings, Inc. (GMHI), intends to offer $750 million in senior notes due 2025 in a private offering exempt from registration under the Securities Act. GMHI plans to retain $300 million of net proceeds, with the remainder allocated to its parent company to reduce upcoming debt obligations. The offering is limited to qualified institutional buyers and is not guaranteed by Genworth or its subsidiaries, posing potential risks to investors.
Genworth Financial reported a net loss of $441 million for Q2 2020, compared to a net income of $168 million in Q2 2019. The adjusted operating loss was $21 million, down from $178 million year-over-year. The company reached a settlement with AXA resulting in a £100 million payment and a total after-tax loss of $516 million. Despite a strong mortgage origination market, new delinquencies surged due to COVID-19, with a loss ratio of 94%. The merger agreement with China Oceanwide was extended to September 30, 2020, as funding delays were reported.
Genworth Financial (NYSE: GNW) announced leadership changes on July 28, 2020, with Kelly L. Groh resigning as CFO after 24 years, effective post-second quarter financial close. Dan Sheehan, the current CIO, will take over as CFO while continuing his CIO responsibilities. Groh will assist in the transition. The company also appointed Brian Haendiges as the new CRO, effective September 8, 2020. These changes are expected to foster continuity in financial operations as Genworth continues to navigate its ongoing challenges, including the China Oceanwide transaction.
Genworth Financial (NYSE: GNW) has reached a settlement with AXA regarding £100 million (~$125 million) in payment protection insurance (PPI) mis-selling losses. This follows a court ruling from December 2019, which held Genworth liable under terms from its 2015 sale to AXA. The settlement involves a secured promissory note for £317 million and future payments for mis-selling losses. The total expense for Genworth from this settlement is expected to be about $516 million after-tax. The agreement allows Genworth to manage its obligations as it seeks to raise capital amidst nearing debt maturity.
