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. reports developments across an insurance holding company built around Enact, its publicly traded mortgage insurance subsidiary, and a Closed Block of long-term care insurance, life insurance and annuity products. Recurring updates cover quarterly results, investment gains and losses, reserve impacts, capital returns from Enact, share repurchases and the management of legacy insurance obligations.
Company news also follows CareScout, Genworth’s wholly owned platform for aging and long-term care navigation. CareScout updates include its Quality Network of home care providers, personalized Care Plans, long-term care insurance offerings and the completed Seniorly acquisition, which added senior living community resources and advisor-network capabilities.
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.
Genworth Financial (NYSE: GNW) will release its second quarter earnings on July 29, 2020, after market close. A conference call is scheduled for July 30, 2020, at 9:00 a.m. ET to discuss these results and provide updates on its pending transaction with China Oceanwide Holdings Group. Investors can access the earnings release and financial supplement on the company's website.
Details for the conference call include dial-in numbers and a conference ID. A replay will be available until August 14, 2020.
Genworth Financial (NYSE: GNW) has announced plans to address its near-term liabilities while awaiting the finalization of its acquisition by China Oceanwide Holdings, which has been delayed. The company has extended its merger agreement deadline to September 30, 2020, through a 15th waiver. Genworth will consider a debt offering and a potential IPO of its U.S. Mortgage Insurance business to meet financial obligations. The acquisition price stands at $5.43 per share, and Oceanwide aims to secure up to $1.8 billion in funding, which has been impacted by the COVID-19 pandemic.
Genworth Mortgage Insurance reported significant disruptions in the first-time homebuyer market due to COVID-19. In April 2020, rate locks for first-time buyers dropped by 27%, with the hardest-hit states experiencing declines of over 50%. The repeat buyer segment fell by 34%. However, as the economy reopened in May, the market rebounded by 27% for first-time buyers and 37% for repeat buyers. Notably, all mortgage product categories, including jumbo and FHA loans, saw increases, highlighting a rapid recovery in homebuyer activity.