Genworth Issues Statement on Court of Appeal Ruling Against AXA in UK Payment Protection Insurance Case

Genworth reports an unfavorable UK appeal outcome in the AXA–Santander PPI case but says its capital plans assumed no case recoveries.

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09/15/2026 - 06:25 AM

RICHMOND, Va.--(BUSINESS WIRE)-- Genworth Financial, Inc. (NYSE: GNW) today issued a statement in response to a UK Court of Appeal ruling against AXA in their case against Santander companies related to liabilities associated with the historic mis-selling of Payment Protection Insurance (PPI) policies. The judgment granted Santander’s appeal resulting in the setting aside of the trial court’s judgment in AXA’s favor for a majority of the indemnity claim. The Court of Appeal also denied AXA’s appeal of the trial court’s judgment rejecting AXA’s contribution claim. In summary, the Court of Appeal judgment results in a finding of Santander being not liable for the vast majority of AXA’s losses resulting from Santander’s mis-selling.

“While we are very disappointed in the decision from the Court of Appeal, we are analyzing the judgment and working with AXA to evaluate next steps, including options for further appeals,” said Tom McInerney, Genworth President & CEO. “Since we have not factored any recoveries from the case into our capital allocation plans, we remain focused on our three strategic priorities: creating shareholder value through Enact, driving growth through CareScout, and maintaining self-sustainability in our Closed Block.”

At issue were losses incurred from mis-selling complaints for PPI underwritten by two companies that AXA acquired from Genworth in 2015. The policies were sold by a company acquired by Santander in 2009.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as expects, intends, anticipates, plans, believes, seeks, estimates, will or words of similar meaning including, but not limited to, statements relating to any potential future judgment, recovery and/or payment amounts in connection with the AXA S.A. and Santander Cards UK Limited litigation (AXA Litigation) and the future strategy, financial condition and liquidity of Genworth. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements based on the actual ultimate outcome of the AXA Litigation, including without limitation the resolution of any appeals, changes to future capital allocation decisions, and other factors and risks, including those listed in the risk factor section of Genworth’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 27, 2026. Genworth undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a publicly traded holding company headquartered in Richmond, Virginia. Through its family of brands—including CareScout, Genworth, and Enact—Genworth uses its more than 150 years of experience to help families navigate the aging journey with clarity and confidence, offering guidance, products, and services that support caregiving decisions, long-term care planning, and the financial challenges of aging. Genworth is the majority owner of Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information, visit https://www.genworth.com.