Genworth Finl Inc Stock Price, News & Analysis

Genworth Mortgage Insurance released its 15th First-Time Homebuyer Market Report, revealing significant growth in the market for 2020. A total of 2.38 million first-time homebuyers were recorded, a 14% increase from the previous year. In Q4 alone, 657,000 homes were purchased, marking a 26.4% growth. First-time buyers accounted for 40% of home purchases, an increase from 38% in 2019. The report highlights favorable affordability conditions and record low down payment mortgages, with 1.94 million first-time buyers utilizing these options. The analysis emphasizes a strong rebound in the housing market despite pandemic challenges.

Genworth Financial (NYSE: GNW) announced the sale of approximately 214.3 million shares of Genworth Mortgage Insurance Australia Limited at A$2.28 per share, totaling USD$247 million in proceeds. This sale marks the divestment of Genworth's entire stake in Genworth Australia, enhancing liquidity to meet near-term obligations, including debt due in September 2021. Following this transaction, Genworth will retain approximately USD$123 million in net proceeds. The company is also preparing for a potential IPO of its U.S. Mortgage Insurance business, subject to market conditions.

Genworth Financial (NYSE: GNW) has announced that its 2021 Annual Meeting will take place virtually on May 20, 2021, at 9:00 a.m. Eastern Time. Class A common stockholders on record as of March 22, 2021, are eligible to vote. The deadline for stockholder proposals under Rule 14a-8 was January 19, 2021, while nominations for other business must be delivered by March 1, 2021. The company aims to address financial challenges in homeownership and aging through its insurance services.

Genworth Financial reported a fourth quarter net income of $267 million and an adjusted operating income of $173 million, marking a notable recovery from a net loss of $17 million in Q4 2019. For the entire year, net income was $178 million, down from $343 million in 2019, while adjusted operating income fell to $317 million from $420 million. The company is focusing on enhancing liquidity to meet 2021 obligations and is exploring a potential IPO for its U.S. mortgage insurance business while executing expense reductions aimed at saving $50 million annually.

Genworth Financial (NYSE: GNW) announced its fourth-quarter earnings release will occur after market close on February 16, 2021. A related conference call is scheduled for February 17, 2021, at 9:00 a.m. ET to discuss financial results. The earnings release and financial details will be available on Genworth's investor website. Participants can join the conference call via phone or webcast, with a replay option available until March 3, 2021.

Genworth Financial (NYSE: GNW) will hold a special topics call on January 5, 2021, at 8:00 a.m. ET, led by President and CEO Tom McInerney. The discussion will focus on a recent transaction update with Oceanwide and the progression of their contingency plan. Investors can join via telephone or webcast, with dial-in details provided. A replay of the call will be available until January 19, 2021. Genworth, founded in 1871, aims to support homeownership and address aging financial challenges.

Genworth Financial, Inc. (NYSE: GNW) and Oceanwide are addressing delays in their merger, originally set to close by December 31, 2020. Factors contributing to the delay include financing finalization and COVID-19 restrictions. While the merger agreement remains effective, it is open to termination. Genworth is prioritizing its contingency plan, which may include a partial IPO of its U.S. Mortgage Insurance business to address $1.0 billion in near-term debts. The company has $1.0 billion in cash and liquid assets as of December 31, 2020, with $340 million earmarked for upcoming debt obligations.

Genworth Mortgage Insurance released its Q3 2020 First-Time Homebuyer Market Report, revealing significant increases in homebuyer activity. 700,000 homes were bought by first-time buyers, up 15.7% year-over-year. The number of first-time homebuyers reached a record of 2.55 million on an annualized basis. Low mortgage rates dropped to 3.01%, aiding affordability. 82% of first-time buyers utilized low-down payment mortgages. The repeat buyer market also grew by 17% to 1.08 million homes. Most states saw gains in first-time homebuyer numbers.

Genworth Financial (GNW) held its 2020 annual stockholders' meeting, where all nine nominated directors were re-elected. New independent director Karen E. Dyson, a retired U.S. Army lieutenant general, joined the board. Stockholders approved an advisory vote on executive compensation and ratified KPMG LLP as the company's accounting firm for 2020. Genworth, a Fortune 500 insurance holding company, focuses on mortgage and long-term care insurance, aiming to assist families with homeownership and aging financial challenges.