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Genworth Financial

 
Hoover's Profile: Genworth Financial, Inc.
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(NYSE:GNW)
Company Financials
Income Statement
Balance Sheet
Cash Flow Statement

Contact Information
Genworth Financial, Inc.
6620 W. Broad St.
Richmond, VA 23230
VA Tel. 804-281-6000
Toll Free 888-436-9678
Fax 804-662-2414

Type: Public
On the web: http://www.genworth.com
 Employees: 6,000
Employee growth: (14.3%)

What's a Genworth? Insurance and investment specialist Genworth might ask what your life or your nest egg is worth. Genworth specializes in long-term care insurance, as well as life insurance, retirement investments, supplemental health insurance, and private mortgage insurance. The company also offers a variety of payment protection insurance products in international markets. Genworth focuses its retirement investment products, including individual and group annuities and mutual funds, on affluent individuals. Genworth serves over 15 million customers in 25 countries; its products are sold through independent distributors and financial advisors.

Key numbers for fiscal year ending December, 2008:
Sales: $9,948.0M
One year growth: (10.6%)
Net income: ($572.0)M

Officers:
Chairman, President, and CEO: Michael D. (Mike) Fraizer
SVP and CFO: Patrick B. (Pat) Kelleher
SVP and CIO: Scott J. McKay

Competitors:
MetLife
Northwestern Mutual
Prudential

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Genworth Financial
Type Public (NYSE: GNW)
Founded May 2004
Headquarters Richmond, Virginia
Key people Michael D. Fraizer,
Chairman/CEO
Industry financial services
Products annuities, combination products, investment services, life insurance, long term care insurance, medicare supplement insurance, mortgage insurance, and payment protection insurance
Employees ~6,000 (2009)
Website www.genworth.com

Genworth Financial is an international financial services organization that offers a portfolio of primarily consumer-focused products through its various companies, including annuities, combination products, investment services, life insurance, long term care insurance, medicare supplement insurance, mortgage insurance, and payment protection insurance. Genworth Financial is headquartered in Richmond, Virginia, and employs over 6,000 people in 25 different countries. Its earliest roots go back to 1871, when the Life Insurance Company of Virginia wrote its first policy[1]

The company's stated goal: "Genworth Financial is dedicated to helping individuals and families achieve their goals in a world of shifting financial burdens."

Contents

Legal Entity Structure

Company Ratings

History

2003

  • November - GE announces its intention to pursue an initial public offering (IPO) of a new company named Genworth Financial, Incorporated. It will comprise most of its life and mortgage insurance operations.[2]

2004

  • May - GE sells part of its ownership in Genworth Financial (formerly GE Financial) in the largest IPO of the year. The IPO tops the more publicized Google IPO that year.[3] Genworth debuts 145 million Class A shares at $19.50 a share, generating proceeds of $2.83 billion and is listed as the 14th largest IPO of all time. As part of the IPO plan, GE sells 30 percent of Genworth to the public with Morgan Stanley and Goldman Sachs serving as joint book-running managers. GE to divest itself over the next five years.[4]
  • December - Genworth completes its sponsorship of the TV show The Apprentice, hosted by Donald Trump. President and CEO Michael Frazier makes a surprise live appearance in the season finale and casts his vote for winning apprentice Kelly Perdew.

2005

  • March - GE sells a total of 80.5 million shares of Genworth Class A common stock in a secondary offering at a price to the public of $26.50 per share. GE receives net proceeds from the offering and the repurchase of approximately $2.6 billion. Concurrent with the offering, Genworth repurchases directly from GE $500 million of Genworth's Class B Common Stock. GE's ownership of Genworth falls to approximately 52% of Genworth's common stock.
  • June - Chief Investment Officer William R. Wright resigns and Chief Risk Officer Mark W. Griffin named acting CIO.[5]
  • September
    • Genworth announces it will extend grace periods for life and long-term care premium payments and take other measures to assist customers and distributors in portions of Louisiana, Mississippi and Alabama that have been declared disaster areas by the Federal Emergency Management Agency (FEMA) as a result of devastation left by Hurricane Katrina.[6]
    • GE agrees to sell a total of 80 million shares at a price to the public of $29.50 per share. GE also agrees to sell 21 million shares to Citigroup Global Markets Inc., an affiliate of which will issue securities exchangeable for Genworth Class A shares. GE grants over- allotment options to permit the underwriters of the common stock offering to purchase an additional 12 million shares and to permit Citigroup Global Markets Inc. to purchase an additional 3.15 million shares. GE's ownership drops to approximately 27 percent of Genworth's common stock.[7]
  • October
    • Mark W. Griffin named Chief Investment Officer.[8]
    • Genworth acquires C.J.M. Planning Corporation.[9]
  • December - GE agrees to sell a total of 38 million shares to Morgan Stanley & Co. Incorporated, as the sole underwriter of the offering, at a price of $34.66 per share. GE grants an over-allotment option to permit the underwriter to purchase an additional 2.85 million shares. GE's ownership drops to approximately 18 percent of Genworth's common stock.[10]

2006

  • January
    • Samuel D. Marsico named senior vice president and Chief Risk Officer (CRO).[11]
    • Genworth acquires AssetMark Investment Services, Inc.[12]
    • Genworth changes the names of a select group of its underwriting companies to drop the GE name and incorporate the Genworth brand.
      • General Electric Capital Assurance Company becomes Genworth Life Insurance Company
      • GE Life and Annuity Assurance Company becomes Genworth Life and Annuity Insurance Company
      • GE Capital Life Assurance Company of New York becomes Genworth Life Insurance Company of New York
  • March - GE agrees to sell approximately 71 million shares of Class A Common Stock at a price to the public of $32.75 per share. Concurrently with the closing of the offering, Genworth also will repurchase 15 million shares of Genworth's Class B Common Stock directly from GE for $479 million. GE ceases to own any shares of Genworth's common stock.[13]
  • May - Genworth acquires Continental Life Insurance Company of Brentwood, TN, a Medicare Supplement (Medigap) Insurance Provider.[14] Christopher M. Olson relieves Randall Baskin as President of Continental Life.
  • June - Genworth announces it will be a lead sponsor of NBC's summer reality entertainment series Treasure Hunters, in partnership with NBC Universal Television Studio, Madison Road Entertainment, Magical Elves and Imagine Television.[15]
  • July - Genworth acquires Vero Lenders Mortgage Insurance Limited (Vero LMI), in Sydney, Australia.[16]
  • August - Richard P. McKenney resigns his position as Chief Financial Officer (CFO) to take a similar role at Sun Life Financial in Toronto, Canada.[17]
  • December - Genworth receives the first authorization to incorporate a mortgage insurance company in Mexico.[18]

2007

  • January
    • Genworth merges the remaining original underwriting companies.
      • First Colony Life Insurance Company merges into Genworth Life and Annuity Insurance Company
      • Federal Home Life Insurance Company merges into Genworth Life and Annuity Insurance Company
      • American Mayflower Life Insurance Company of New York merges into Genworth Life Insurance Company of New York[19]
    • Genworth announces the reorganization of its businesses into three new operating segments: Retirement and Protection, International and U.S. Mortgage Insurance. The reorganization is intended to more directly align high-growth international, mortgage insurance and retirement and protection business opportunities.[20]
    • Genworth announces it will sell its employee benefits group (EBG) life and health business to Sun Life Financial Inc., for $650 million.[21]
  • March

Awards & Recognition

2006

2007

  • Ranked #9 in Fortune magazine's America's Most Admired Companies, Insurance: Life & Health category.[22]
  • Genworth's 100+ Stories awarded the 2007 IAC 'Outstanding Microsite' Award.[23]
  • Listed at #227 on the Fortune 500
  • Ranked #318 in Forbes magazine's Global 2000

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