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December 11, 2012
09:54 EDTGNWGenworth trading higher after naming new CEO
Genworth Financial (GNW) is trading higher this morning after its board of directors selected Thomas J. McInerney as the company's president and CEO. McInerney most recently served as an adviser to The Boston Consluting Group and previously served as the COO of ING Groep (ING) and President of Aetna Financial Services (AET). McInerney's appointment is effective as of January 1, 2013 and he will also be elected to Genworth's board of directors. The company says James S. Riepe will continue to serve as non-executive chairman. Acting CEO Marty Klein will re-assume his full-time role as CFO when McInerney becomes CEO. Genworth shares rose 33c, or 4.91%, to $7.05 in early morning trading.
News For GNW From The Last 14 Days
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October 9, 2015
05:19 EDTGNWGenworth Australia reaffirms FY15 outlook
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September 30, 2015
18:02 EDTGNWGenworth to sell certain blocks of term life policies to Protective Life
Genworth Financial announced that Genworth Life and Annuity Insurance Company, a wholly-owned indirect subsidiary of the company, has entered into an agreement to sell, via reinsurance, certain blocks of term life insurance to Protective Life Insurance Company. The majority of the term life insurance blocks included in this transaction are currently reinsured to River Lake Insurance Company and River Lake Insurance Company II, which previously had not been consolidated in the statutory financial statements of the U.S. life insurance companies. Genworth will continue to administer and service the policies, which represent approximately $108.7B of term life insurance in force backed by approximately $2.3B of statutory reserves as of June 30. The transaction represents another step toward increasing Genworth's financial flexibility and strength by generating capital from low return blocks. The company expects to generate initial capital of approximately $100M-$150M in aggregate to Genworth. The transaction will utilize all of the net operating losses in the U.S. life insurance companies resulting in expected inter-company tax payments over time to the holding company and other entities for the use of tax benefits. The impacts will likely be favorable for some legal entities and unfavorable for others and will vary based upon utilization of net operating losses and tax sharing arrangements, among other factors. In addition to the aggregate capital and tax benefits associated with the sale, the company anticipates a minimal impact to income and a modest improvement to return on equity. The company expects to record an after-tax GAAP loss of approximately $275M-$325M in the third quarter of 2015 primarily related to the write-off of deferred acquisition costs associated with the term life insurance blocks being sold. The transaction is expected to close during the first quarter of 2016 and is subject to customary conditions, including requisite regulatory approvals. Genworth will provide further details regarding the transaction on its earnings conference call for the third quarter of 2015.

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