Genworth Financial

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Genworth Financial, Inc.
Type Public
Traded as NYSEGNW
S&P 500 Component
Industry Financial Services
Founded May 2004
Headquarters Richmond, Virginia, United States
Key people Thomas J. McInerney,
President and Chief Executive Officer
Products Life and Long Term Care Insurance, Wealth Management, Mortgage Insurance, Lifestyle Protection Insurance, and Annuities
Employees ~6,300 (2013)
Website www.genworth.com

Genworth Financial is a Fortune 500 financial security company. Genworth was founded as The Life Insurance Company of Virginia in 1871.[1] In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon in 1987. In 1996, Life of Virginia was sold to GE Capital.[2] In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric Company in the largest IPO of that year.[3]

The Genworth Financial family of companies operates through three segments: Retirement & Protection, US Mortgage Insurance, and International. Products and services include life and long-term care insurance, wealth management, mortgage insurance, lifestyle protection insurance, and annuities. Its legal structure is set up as six separate insurance companies, such as the Genworth Life Insurance Company and the Genworth Mortgage Insurance Company.

On April 1, 2013, Genworth announced the completion of a legal entity reorganization, with the net result being the creation of a new ultimate holding company. This restructuring removes the U.S. mortgage insurance subsidiaries from the companies covered by the indenture governing Genworth's senior notes.[4]

References[edit]

  1. ^ "Profile: Genworth Financial Inc (GNW)". Reuters. Retrieved 17 September 2013. 
  2. ^ GE Capital To Acquire An Insurer
  3. ^ "US recorded largest number of IPOs in 2004 since internet bubble". AltAssets. Investor Networks Limited. 1 March 2005. Retrieved 17 September 2013. 
  4. ^ "A.M. Best Revises Outlook to Stable for Genworth Financial, Inc. and Its Key Life/Health Subsidiaries" (Press release). A.M. Best. 24 May 2013. Retrieved 17 September 2013. 

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