The top executive at Genworth Financial Inc. assured analysts and investors Monday that the proposed sale to a China-based investment firm was “the best option” to preserve and create value for shareholders.
Genworth, a major seller of home mortgage insurance and long-term care insurance, announced Sunday evening that its board agreed for the Henrico County-based company to be bought for about $2.7 billion by Beijing-based China Oceanwide Holdings Group, a privately held international financial company that has been expanding its holdings in the U.S.
Genworth
Genworth Finds Material Weakness – WSJ
Insurer Genworth Financial Inc. said it didn’t have adequate controls in place and failed to identify a $44 million calculation error as it implemented changes to its methodologies as part of a review of its long-term-care claim reserves.
via Genworth Finds Material Weakness – WSJ.
oops.
Update 03.04.15
Miscalculated Risk: The Old-Age Bill That s Crushing Genworth – Insurance Networking News.
This link provides more in depth analysis.
Genworth Charge Has Investors Seeing Red – WSJ
Shares of the Richmond, Va., insurer tanked on its announcement late Wednesday of a $345 million charge tied to under-pricing of many long-term-care insurance offerings years ago. The charge helped weigh the firm to an $844 million loss in the third quarter.
via Genworth Charge Has Investors Seeing Red – WSJ – WSJ.
Oops.
Here’s a link to another article on Genworth if you cannot get to the full WSJ article.
Genworth Financial Shares Crash, November 6 – Business Insider.
Genworth Cuts Jobs in Richmond, Lynchburg
The job cuts included “fewer than 40 in Richmond and fewer than 30 in Lynchburg,” company spokesman Tom Topinka said in the statement. The cuts affected the company’s life insurance and information-technology units.
via Genworth cuts some jobs in Richmond, Lynchburg | Richmond Times-Dispatch.
You can always tell which direction sales is headed by keeping tabs on who gets laid off.
lifeunderwriter.net 