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Genworth Announces Termination of Merger Agreement with Oceanwide
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RICHMOND, Va., April 6, 2021 /PRNewswire/ Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) today announced that it has exercised its right to terminate its merger agreement with China Oceanwide Holdings Group Co., Ltd. (Oceanwide) as of April 6, 2021. Terminating the agreement allows Genworth to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership, which might impact the Company s ability to successfully execute the plan.
The Company s revised strategic plan includes a potential partial initial public offering (IPO) of its U.S. MI business (subject to market conditions as well as the satisfaction of various conditions and approvals). China Oceanwide and Genworth also will continue to explore potential opportunities to bring long-term care insurance and other similar products to the Chine
Genworth Financial Announces Fourth Quarter 2020 Results
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RICHMOND, Va., Feb. 16, 2021 /PRNewswire/
Fourth Quarter Net Income Of $267 Million And Adjusted Operating Income Of $173 Million; 2020 Full Year Net Income Of $178 Million And Adjusted Operating Income Of $317 Million
U.S. Mortgage Insurance (MI) 2020 Full Year Adjusted Operating Income Of $381 Million; Record New Insurance Written (NIW)
U.S. MI s PMIERs
Annual U.S. GAAP Assumption Review Completed For U.S. Life Insurance:
Net Favorable Impacts Of $13 Million After-Tax In Long Term Care Insurance (LTC) And $10 Million After-Tax In Life Insurance
LTC Active Life U.S. GAAP Margins Of Approximately $0.5 To $1.0 Billion, Consistent With Prior Year
Sales Management, MLO Jobs; Recruiting, VA IRRRL, Non-QM Products; Litigation is Expensive; HMDA Season has Begun! Jan 11 2021, 7:58AM
Of course some found humor in last week’s riot in Washington DC. (“In light of recent events, Mexico has decided that it will pay for the wall after all. And Canada wants one as well.”) For others, as heard in these messages from Republican Arnold Schwarzenegger and Colin Powell, there is nothing to laugh about. MLOs steer clear of politics with their clients, and on their job-related websites, for good reason. Not only is personal information on a company website against many rules and regulations, but there is a lot at stake. Many forecast that U.S. mortgage volumes could top $3 trillion this year as rising competition among lenders and an activist Federal Reserve combine to put further downward pressure on rates, and there are 800,000 U.S. borrowers who could save money if rates stay where they are. And who would