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ADVA Optical Networking SE: Publication pursuant to §26a WpHG (the German Securities Trading Act) with the aim of pan-European distribution ADVA Optical Networking SE / ADVA Optical Networking SE: Publication pursuant to §26a WpHG (the German...
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Tom McInerney (Victor J. Blue/Bloomberg ) Genworth, the biggest seller of long-term care insurance policies in the US,has announced it will be acquired by a Chinese investor, China Oceanwide Holdings. I spoke with Genworth CEO Tom McInerney about...
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Correction of a release from 09.11.2016 - ADVA Optical Networking SE: Publication pursuant to §26 sect.1 WpHG (the German Securities Trading Act) ADVA Optical Networking SE / Correction of a release from 09.11.2016 - ADVA Optical Networking SE:...
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Addex Appoints Biopharmaceutical Industry Veteran, Roger G. Mills, M.D., as Chief Medical Officer Addex Therapeutics / Addex Appoints Biopharmaceutical Industry Veteran, Roger G. Mills, M.D., as Chief Medical Officer . Processed and...




 
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Genworth Financial (NYSE: GNW) provides domestic and international mortgage insurance, long-term care insurance, and life insurance products. Genworth's exposure to some of the recently maligned companies (like Fannie Mae (FNM), Freddie Mac (FRE), American International Group (AIG), Lehman Brothers (LEH), and Washington Mutual (WM)) totals roughly $630 million.[1]

In February 2008, Genworth reported a $93 million write-down due to underestimated risk in its actuarial models as well as losses due to investments in subprime securities.[2] Over the past year, Genworth's stock has steadily fallen from a high of 31.77 per share to a low of 4.85 per share as of September 29, 2008.[3]

That said, the company has maintained its "AA" credit rating while many of its competitors have been reduced to "A" ratings.[4] It maintains approximately $800 million in cash and has a roughly $1.8 billion credit facility available.[5] The company has even continued to issue a $0.10 quarterly dividend.[6]




References

  1. "Genworth says it may spin off its mortgage insurance business, MarketWatch, September 30, 2008
  2. "Zacks Industry Rank Analysis Highlights: AIG, FLIR, GNW, LNC, and NOC", BNET, February 14, 2008
  3. Google Finance GNW Page
  4. "Deutsche Bank analyst: Genworth well-capitalized", Forbes, September 26, 2008
  5. "Conseco shares slump 40% on exposure to AIG, Lehman, WaMu, ShareBuilder, September 17, 2008
  6. Reuters Key Development GNW
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