Genworth Finl Inc Stock Price, News & Analysis

On September 27, 2021, Genworth Financial (NYSE: GNW) announced significant credit rating upgrades from Moody's and S&P Global. Moody's upgraded Genworth Holdings, Inc.'s senior unsecured debt rating to B1 from Caa1, while S&P improved the issuer credit ratings to B from B-. Genworth has retired over $1.5 billion of parent company debt in 2021, enhancing its liquidity and financial flexibility. The insurer financial strength ratings of its life insurance subsidiaries remain unchanged. These developments reflect improvements in Genworth's credit risk profile.

On September 21, 2021, Genworth Financial (GNW) announced the full retirement of its approximately $296 million Promissory Note with AXA, S.A. This decision will allow AXA to release its 19.9% security interest in the common stock of Enact Holdings, Inc. Genworth's settlement with AXA is related to previous losses from mis-sold Payment Protection Insurance. Genworth is also responsible for a portion of future losses, estimated at $52 million as of June 30. Genworth aims to enhance its financial position and prioritizes further debt reduction to maximize shareholder value.

Genworth Financial, Inc. (NYSE: GNW) has successfully completed the IPO of its subsidiary, Enact Holdings, Inc. (ACT), a prominent mortgage insurance provider. 15,306,960 shares were sold at $19.00 per share, including an overallotment option. The total sale amounts to 29,962,560 shares, yielding approximately $535 million in net proceeds for Genworth. Following the transaction, Genworth's ownership in Enact decreased to 81.6%. Proceeds will be used to retire debts, enhancing Genworth's financial position.

Genworth Financial (NYSE: GNW) announced an amendment to its registration statement on Form S-1 with the SEC for the proposed IPO of its subsidiary, Enact Holdings. The net proceeds will benefit Genworth Holdings, which plans to repay debts, including a Promissory Note with AXA. While the registration statement is filed, it remains pending effectiveness, meaning no securities can be sold until approved. This move underscores Genworth’s efforts to strengthen its financial stability while navigating the IPO landscape.

AM Best has revised the outlook for Genworth Financial, Inc. (GNW) to negative from stable, affirming a Financial Strength Rating (FSR) of B (Fair) and a Long-Term Issuer Credit Rating (ICR) of 'bb+' (Fair) for Genworth Life and Annuity Insurance Company (GLAIC). The revision comes due to declining risk-adjusted capitalization and significant losses, including a $182 million statutory loss attributed to reserve changes and increased mortality amid the COVID-19 pandemic. GLAIC's risk-based capital (RBC) was calculated at 424% at the end of 2020. Other ratings for Genworth's subsidiaries reflect similar weaknesses.

Genworth Financial (GNW) reported a strong second quarter for 2021, with net income of $240 million, $0.47 per share, compared to a loss of $441 million a year earlier. Adjusted operating income rose to $194 million from a loss of $23 million. Key metrics include Enact's adjusted operating income of $135 million and a U.S. Life Insurance segment income of $71 million. The company is progressing towards an IPO of Enact, reducing its debt significantly, and improving its financial position with holding company liquid assets at $842 million.

Genworth Financial, Inc. (NYSE: GNW) announced the successful redemption of all $513 million of its 7.625% Senior Notes due July 21, 2021. The total cash used for this redemption amounted to approximately $532 million, covering the principal, a make-whole premium, and accrued interest. This move reflects Genworth's commitment to maintaining a strong balance sheet and managing its financial obligations effectively. As a leading insurance holding company, Genworth focuses on providing mortgage and long-term care insurance to assist families in achieving homeownership and addressing aging financial challenges.

Genworth Financial, Inc. (NYSE: GNW) announced its second-quarter earnings release will be issued after the market closes on August 3, 2021. A conference call will take place on August 4, 2021, at 9:00 a.m. (ET) to discuss the earnings results. The release and financial supplement will be available on Genworth's website at the time of release. The call can be accessed via telephone or webcast, with a replay available until August 18, 2021.

On June 21, 2021, Genworth Financial (NYSE: GNW) announced a redemption notice for all outstanding 7.625% Senior Notes due 2021, with a redemption date set for July 21, 2021. The redemption price will be 100% of the principal amount plus any accrued interest and a make-whole premium. The Bank of New York Mellon Trust Company will act as the Paying Agent for this redemption. Genworth Financial, a Fortune 500 company, specializes in mortgage insurance and long-term care insurance, aiding families in addressing financial challenges.