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Genworth Faces Deal Resistance in Delaware


Genworth Financial Inc. says the Delaware Department of Insurance is one of the regulatory ... China Oceanwide, a Chinese real estate development company that has been expanding into financial services, has been trying to acquire Genworth since October ...


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The company as a whole is reporting $265 million in net income for the fourth quarter on $1.7 billion in revenue, compared with a net loss of $63 million on $2.2 billion in revenue for the fourth quarter of 2016. Results for the fourth quarter include a $456 million gain related, partly, to the effects of the new Tax Cuts and Jobs Act. The company's operating results exclude the effects of the new tax law and other unusual gains and chargesThe company reported a $290 million operating loss before income taxes for the latest quarter, compared with a $56 million operating loss for the year-earlier quarter. The LTCI unit reported $17 million in operating profits for the quarter, up from a $1 million operating loss for the year-earlier quarter. New individual LTCI sales held steady at $1 million. New group LTCI sales increased to $4 million, from $1 million. China Oceanwide China Oceanwide, a Chinese real estate development company that has been expanding into financial services, has been trying to acquire Genworth since October 2016. China Oceanwide executives say they still want to complete the Genworth deal. In earlier earnings calls, Genworth has reported that one obstacle to completing the deal has been resistance from the Committee on Foreign Investment in the United StatesCFIUS, an agency that reviews international deals involving U.Scompanies for national security implications, has concerns about data securityGenworth says it has come up with a mitigation plan that involves an outside data services company. Genworth says now that another obstacle is a disagreement with Delaware insurance regulators over the value of life insurance operations domiciled there. "The parties continue to work towards an acceptable solution in order to move forward in the transaction approval process," Genworth says of the Delaware valuation concerns. What's Core Tom McInerney, Genworth's president, said in a statement that the results demonstrate Genworth's operational discipline, and he implied that, at this point, discipline means keeping the mortgage insurance operation healthy. "We continue to believe the transaction with Oceanwide represents the greatest and most certain value for our stockholders, and we are pursuing a secured debt transaction to address our 2018 debt obligation, and are continuously evaluating the strategic alternatives we may need to exercise to insulate our U.Smortgage insurance business from continued ratings pressure," McInerney said. — Read Americans Worried About Long-Term Care but Have No Plan to Pay For It: Genworth on ThinkAdvisor. — Connect with ThinkAdvisor Life/Health on Facebook and Twitter. « Prev Next » Reprints Discuss this story We welcome your thoughtsPlease allow time for your contribution to be approved and postedThank you. /* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */ var disqus_shortname = 'advisorone'; // required: replace example with your forum shortname // The following are highly recommended additional parametersRemove the slashes in front to use. var disqus_identifier = '5a7b1898140ba0cf501f0df6'; var disqus_url = 'http://www.thinkadvisor.com/2018/02/07/genworth-faces-deal-resistance-in-delaware'; var disqus_title = 'Genworth Faces Deal Resistance in Delaware'; /* * * DON'T EDIT BELOW THIS LINE * * */ (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = 'http://' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); Please enable JavaScript to view the comments powered by Disqus Related Genworth Says China Oceanwide Deal Is Moving Forward The company says it believes it can resolve national security agency concerns. function relocate_related_article(){ var $currentPage = $(".current.page"); var $relatedStory = $('.embedded-related-story-wrap'); var pCount = $currentPage.find('p').length; var pageHeight = $currentPage.height(); var bookPromo = $currentPage.find('.book-promo').length; var premiumPromo = $currentPage.find('.premium-promo').length; if (pCount > 6 && pageHeight > 700 && !bookPromo && !premiumPromo) { // check for mobile article updates (DIGMAIN-1605) if(SBM.article && SBM.article.applied){ $('.paragraph-show').eq(5).after($relatedStory); $relatedStory.show(); }else{ $currentPage.find('p').eq(4).after($relatedStory); $relatedStory.show(); } } } $(function() { relocate_related_article(); $(SBM.article).on('applied',function(){ relocate_related_article(); }); }); .embedded-related-story-wrap { margin: 0 40px 20px 0; display: none; float:left; } #embedded-related-story { width:180px; border-top:3px solid #6d0607; /*margin: 0 0 10px 0;*/ font-family: sans-serif; padding-top: 5px; } #embedded-related-story img { display: block; margin: 0 0 10px; } #embedded-related-story .related-thumbnail { float: right; margin: 0 0 0 10px; } #embedded-related-story p { font-family: sans-serif; margin: 0; color: #666; } #embedded-related-story h4 { font-family: sans-serif; margin: 0 0 10px; } #embedded-related-story h5 { font-family: sans-serif; font-size: 14px; margin: 0 0 1em; } #content #embedded-related-story h5 a { text-decoration: none; } .benefitspro #content #embedded-related-story h5 a:hover { text-decoration: underline; } .thinkadvisor #embedded-related-story p { font-family: proxima-nova, 'sans serif'; color: #6C6B71; } .thinkadvisor #embedded-related-story h4 { font-size: 12px; text-transform: uppercase; font-family: proxima-nova, 'sans serif'; } // used for the ce-center article call out var article_id = '5a7b1898140ba0cf501f0df6'; var article_section = 'News'; // used for mobile pagination: DIGMAIN-1605 SBM.article.apply(); By Allison Bell Insurance Editor ThinkAdvisor Think_Allison Share this story try { Summit.OAS.manager.display({"large":"Right1","medium":"Right","small":""}); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } try { Summit.OAS.manager.display("x17"); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } Want the latest investment news? 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