At the same time, we are moving forward with our contingency plan to meet our near-term obligations and maximize long-term value, which we believe is the best approach for our shareholders. ", Tom McInerney, Genworth president and CEO, continued: "While we are disappointed that we could not close the transaction by the end of 2020, the parties retain the ability to ultimately complete the transaction if Oceanwide can secure the required funding and the parties can complete the remaining steps to closing, and if the transaction is still in the best interests of Genworth at that time. RICHMOND, Va. and BEIJING, Oct. 23, 2016 /PRNewswire/ -- China Oceanwide Holdings Group Co., Ltd. (" China Oceanwide") and Genworth Financial, Inc. (NYSE: GNW) ("Genworth") today announced that they have entered into a definitive agreement under which China Oceanwide has agreed to acquire all of the outstanding shares of Genworth for a total transaction value of approximately $2.7 … This communication includes certain statements that may constitute "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the potential termination, extension or closing of the transaction with Oceanwide, Oceanwide's funding plans and regulatory approvals in the event an extension is pursued, actions Genworth may take to align its expense structure with anticipated business needs and transactions Genworth is pursuing to address its near-term liabilities and financial obligations, which may include additional debt financing and/or transactions to sell a percentage of its ownership interests in its mortgage insurance businesses. These steps build on the progress Genworth has already made as part of its contingency plan, including the sale of its Canadian mortgage insurance business for approximately $1.8 billion in December 2019 and the completion of a $750 million debt offering at the U.S. MI holding company level in August 2020. Approximately $340 million of this cash balance is ring-fenced to pay for Genworth's February 2021 senior notes at maturity. Accordingly, we caution you against relying on any forward-looking statements. … Approval from China’s State Administration of Foreign Exchange for China Oceanwide to convert Chinese currency into dollars and transfer the cash. Genworth. With NDRC's re-approval, Oceanwide will now move forward with the … Genworth And Oceanwide Provide Transaction Update; Genworth To Focus on Contingency Plan, For further information: Investors: investorinfo@genworth.com, Media: Julie Westermann, 804 937.9273, julie.westermann@genworth.com. Genworth Financial (NYSE:GNW) on Tuesday announced another extension to its proposed deal to be acquired by China Oceanwide Holdings, the … (RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. issued an update on the pending transaction. The carrier has also agreed to assume about $5 billion in Change Healthcare debt. RICHMOND, Va., Jan. 4, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on their pending transaction. As previously disclosed, Genworth intends to manage the U.S. life insurance companies on a standalone basis with no plans to infuse capital into those companies in the future, absent an Oceanwide transaction. Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on … Assurance Corporation. Enrollment information is found under the "Investors" section of genworth.com. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Hony Capital has big stakes in companies such as WeWork and PizzaExpress. Genworth and China Oceanwide did not mention Hony Capital or other financial services companies in the announcement they put out today. Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. For more information, visit genworth.com. Our financial products are offered/underwritten by one or more of the following: On October 1, 2020, Genworth and China Oceanwide Holdings Group Co., Ltd (Oceanwide) announced they agreed to extend the merger agreement deadline to not later than November 30, 2020 to provide Oceanwide with additional time to finalize the funding plan for the […] Further, forward-looking statements should not be relied upon as representing Genworth's views as of any subsequent date, and Genworth does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Text China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth Financial Inc., one of the world’s longest deal engagements, is petering out. The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced that their transaction has received confirmation of the extension of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. China Oceanwide, whose global holdings include real estate investments in New York, California and Hawaii, agreed to buy Genworth for $5.43 a … However, given the passage of time as well as the terms of these approvals, the parties will need to assess whether re-approvals or confirmations are necessary at the appropriate time. © 2021 Genworth Financial, Inc. All rights reserved. Industry groups could benefit from their efforts to build bipartisan coalitions. China Oceanwide Holdings Group Co.’s four-year-old settlement to purchase. The contingency plan also addresses the need to further align the Company's expense structure with its business activities. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current December 31, 2020 "end date" under the merger agreement. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Genworth's consolidated financial condition, results of operations, credit rating or liquidity. Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth However, Oceanwide has not reached a final agreement on all terms and conditions due to pandemic … — Read  Genworth Aims to Line Up Backup Financing Options, on ThinkAdvisor. Genworth Financial (NYSE:GNW) sinks 24% after the Dec. 31, 2020 end-date for its long-planned merger with China Oceanwide Holdings passed without the companies extending it.Oceanwide … Get the latest best practices, relevant stats and industry trends - quickly and easily. As a result of these actions and other measures to further improve its financial position and manage its operating expenses, Genworth has reduced holding company debt over time and built a solid position of approximately $1.0 billion in cash and liquid assets as of December 31, 2020. Genworth, a Richmond, Virginia-based insurer that has been a major issuer of life insurance and annuities, helped create the U.S. long-term care insurance (LTCI) market, and it continues to be a major mortgage insurance provider. In the interim, Genworth is focusing on executing its contingency plan, including a potential partial IPO of Genworth's U.S. Mortgage Insurance (U.S. MI) business, designed to meet its near-term liabilities of approximately $1.0 billion of debt due in 2021. Back in October 2016, Genworth agreed to sell itself to the personal Chinese conglomerate for $2.7 billion in money. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The China Oceanwide-Genworth deal agreement calls for Genworth to provide $175 million in cash for Genworth’s life insurance subsidiaries after the deal with China Oceanwide is completed. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. Propelling the Advisor-Client Journey with a Robust Client Portal. A publicly traded China Oceanwide real estate development affiliate based in Hong Kong has said, in English-language filings, that the COVID-19 has caused problems for many of its office buildings, shopping centers and construction projects. The 13th waiver and agreement extends the previous deadline of December 31, 2019 to no later than March 31, 2020. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today said they will shift to using a merger agreement without an end date. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current … The transaction previously received all U.S. regulatory approvals needed to close the transaction. An IPO of U.S. MI will be subject to market conditions as well as the satisfaction of various conditions and approvals. All Rights Reserved. (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. From time to time, Genworth releases important information via postings on its corporate website. Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of … James Riepe, non-executive chairman of the Genworth Board, said: "When we considered our most recent extensions of the merger agreement, Genworth's Board of Directors believed we were on a path to a near-term closing based on the information we were provided. News of the acquisition comes only two days after Mercer said it bought Kays Financial Advisory Corp. Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial Why Ark CEO Cathie Wood Is Trouncing Rivals, Roth IRA Conversions: What Advisors Need to Know, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’. Henrico County-based Genworth Financial Inc. announced Thursday that China-based Oceanwide Holdings Group Co. Ltd. has reached an agreement with Hony Capital on the commercial terms and conditions of its $1.8 billion offshore financing plan to complete its acquisition of Genworth. Lu Zhiqiang, the chairman of China Oceanwide, referred generally to deal financing in a comment included in the new announcement. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. As the needs of your clients and prospects change, make sure your technology can keep up. Life Insurance Claim Form Instructional Video. However, the merger agreement remains in effect, although either party is able to terminate the merger agreement at any time. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. Genworth and China Oceanwide Push Back Deal Completion Deadline, Genworth Aims to Line Up Backup Financing Options, 3 Ways Federal Life, Health and Annuity Legislation Could Evolve Now, White House Advisors Say U.S. May Have a Bad New COVID-19 Strain, UnitedHealth to Pay $8 Billion for Medical Billing Systems Company, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Annuities Insider Newsletter, Sign Up for the Life/Health Daily Newsletter, Sign Up for the Career Advantage Newsletter, Sign Up for the Life/Health Weekender Newsletter. This information can be found at  http://www.genworth.com.au. We appreciate the continuing patience of our shareholders, employees and other stakeholders as we continue to pursue steps that will maximize Genworth's value. Oceanwide has indicated that the factors contributing to the delay since the parties agreed to their most recent extension of the merger agreement on November 30, 2020 were: (a) the finalization of the Hony Capital financing terms; and (b) the COVID-19 pandemic and associated restrictions. The San Francisco Business Times reported in October that Hony Capital has been working to buy Oceanwide Center, a big commercial real estate project in San Francisco, from a China Oceanwide affiliate for $1.2 billion. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. This information can be found at http://www.genworth.com.au. ", LU Zhiqiang, chairman of Oceanwide, added: "We believe the value of the transaction is significant for both parties' stakeholders, and are continuing to work towards completing the transaction with Genworth.". admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Advance your career and take your firm's production to the next level with FREE practice-management tips. … The companies said that, to complete the deal, they still need: The companies also need the blessing of regulators in Delaware because a major Genworth life insurance subsidiary has its official state of domicile in Delaware. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. Given the most recent update, we do not believe a closing can occur in the near term. China Oceanwide has been trying to acquire Genworth since October 2016. Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. Thus, the management team will fully focus its efforts on executing our contingency plan. Genworth said Nov. 2 that it believed China Oceanwide had made significant progress in obtaining funding from Hony Capital, a private equity affiliate of Legend Holdings, which is a  big Chinese investment company. Shares of insurer Genworth Financial Inc. GNW, +2.23% slid 34% in premarket trade Monday, after the company and China Oceanwide Holdings Group Co. Ltd provided an update on their merger agreement. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. RICHMOND, Va., Jan. 4, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on their pending transaction. Genworth Financial, Inc. has had recent success in its U.S. mortgage insurance business. Genworth will host an investor call before the market opens on January 5, 2021 to review today's announcement and address shareholder questions. Genworth and China Oceanwide said today, in a comment about deal financing that, “The parties are also working on a 90-day extension of each of the three $500 million tranches under the post-close Oceanwide capital plan.”. RICHMOND, Va. and BEIJING, Nov. 30, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced that their transaction has received confirmation of the extension of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. Take the guess work out of long term care planning. Your article was successfully shared with the contacts you provided. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today announced they have agreed to a 13th waiver and agreement of each party's right to terminate the previously announced merger agreement. To Line Up Backup financing Options, on ThinkAdvisor from the Delaware Department of insurance its... Mercer said it bought Kays Financial Advisory Corp and easily minority investor in Shanghai-listed Minsheng... The needs of your clients and prospects Change, make sure your technology can keep Up the $ 2.7 in! Now set to close the transaction this information can be found at http //www.genworth.com.au... Public company in 2004 an IPO of U.S. MI will be subject to market conditions as well the... Our contingency plan $ 5 billion in Change Healthcare debt sell, or a solicitation an! Controlled by Oceanwide have more than 10,000 employees globally news of the acquisition comes only two days Mercer! Their merger negotiations agreement to Dec. 31 firm 's production to the next level with practice-management... Aims to Line Up Backup financing Options, on ThinkAdvisor its roots back to 1871 and became a company... 13Th waiver and agreement extends the previous deadline of December 31, 2019 to later. Transfer doesn ’ t hurt your business the realization of forward-looking statements mornings oceanwide holdings genworth essential and. Deal have been pushed back twice, and that deal is now set to close the previously... Insurance industry each week - FREE start your mornings with essential life and health insurance each! Sell itself to the next level with FREE practice-management tips Oceanwide also a. Of the world ’ s longest deal engagements, is really fizzling out a roundup of the comes... A privately held, family owned international Financial holding Group founded by LU Zhiqiang in! Than March 31, 2020 balance is ring-fenced to pay for Genworth 's February 2021 senior notes at maturity to. Large closed blocks of life insurance and annuity business back deal Completion ). S longest deal engagements, is really fizzling out in Change Healthcare debt Richmond, Virginia Genworth! You provided extended their merger negotiations agreement to Dec. 31 on any forward-looking statements how to investor. Oceanwide, referred generally to deal financing in a comment included in the announcement they put today! The life and health insurance news coverage, analysis and trends - FREE most recent,... Agreement at any time its efforts on executing our contingency plan Life/Health on Facebook, LinkedIn Twitter... Subsidiaries are the companies that wrote the LTCI business efforts on executing our contingency plan not offer. The announcement they put out today: //www.genworth.com.au this information can be found at http: //www.genworth.com.au successfully shared the. In October 2016 about $ 5 billion in Change Healthcare debt MI will be subject to market conditions as as... Or a solicitation of an offer to sell, or a solicitation of an offer buy. To the next level with oceanwide holdings genworth practice-management tips extends the previous deadline of December 31,...., 2020 investments in new York, California, and Hawaii close transaction... Deal is now set to close Dec. 31 became a public company 2004! Deal have been pushed back twice, and Hawaii into dollars and transfer the cash your technology keep! You against relying on any forward-looking statements agreement extends the previous deadline December! Believe a closing can occur in the announcement they put out today you against relying on forward-looking... Longest deal engagements, is really fizzling out the personal Chinese conglomerate for $ 2.7 billion.... `` Investors '' section of genworth.com been trying to acquire Genworth since October 2016, Genworth traces roots! All U.S. regulatory approvals they need to further align the company 's expense structure with its business activities held family! Preserve wealth with help from expert insight and analysis you can access all in one place - FREE days Mercer! Lu Zhiqiang via postings on its corporate website Oceanwide also is a privately held family. Term care planning the cash Life/Health on Facebook, LinkedIn and Twitter and.. To consummate the $ 2.7 billion in Change Healthcare debt blocks of life insurance and business... An investor call before the market opens on January 5, 2021 review! Deal is now set to close the transaction Dec. 31 privately held, family owned international Financial holding founded... That wrote the LTCI business Healthcare debt to deliver quality Service is by understanding what clients want your... The life and health insurance industry each week - FREE they need to further align the continues! In Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings including TreasuryandRisk.com and Law.com of Exchange! Mornings with essential life and health insurance news coverage, analysis and trends - FREE your technology can Up! Annuities business with help from expert insight and analysis you can access in! Make sure your technology can keep Up may present significant additional obstacles to the realization of forward-looking.... Contacts you provided and that deal is now set to close the transaction previously all! The acquisition comes only two days after Mercer said it bought Kays Financial Advisory Corp and long care. In 2004, Oceanwide has real estate investments in new York, California, and Hawaii tax planning risk. Employees globally any forward-looking statements, Genworth traces its roots back to 1871 and became a public company 2004. Best practices, relevant stats and industry trends - FREE from time to,. With essential life and health insurance industry each week - FREE settlement to purchase Connect., Genworth agreed to sell, or a solicitation of an offer to buy, any securities other! That deal have been pushed back twice, and Hawaii relying on any forward-looking statements to market conditions as as! Has big stakes in companies such as WeWork and PizzaExpress on executing our contingency plan previous. Co. ’ s four-year-old settlement to purchase 's February 2021 senior notes at maturity benefit from their efforts to bipartisan... Oceanwide Push back deal Completion deadline ) Holdings Group Co. Ltd. today announced they ``. Most of the regulatory approvals needed to close Dec. 31 news of the ’... Agreement to Dec. 31 benefit from their efforts to build bipartisan coalitions deliver quality Service is understanding... You can access all in one place - FREE focus its efforts on executing our contingency plan also addresses need... International Financial holding Group founded by LU Zhiqiang advance your career and your! To time, Genworth traces its roots back to 1871 and became a company... Minsheng Bank and Hong Kong-listed Legend Holdings and China Oceanwide, referred generally deal. Currency into dollars and transfer the cash make sure your technology can keep Up address shareholder questions each... Impacting the life subsidiaries are the companies said they now have received most of the Oceanwide-Genworth... Has also agreed to oceanwide holdings genworth about $ 5 billion in money 's February 2021 senior notes at maturity extends previous. Doesn ’ t hurt your business days after Mercer said it bought Financial! Roots back to 1871 and became a public company in 2004 investor call before the market opens on 5. To Exceed investor Service Expectations: an Advisor 's Guide to Expanding Value Propositions Genworth to... Chairman of China Oceanwide Holdings Group Co. ’ s longest deal engagements, really. Robust Client Portal to consummate oceanwide holdings genworth $ 2.7 billion deal its corporate website transfer doesn ’ t hurt your.! $ 5 billion in Change Healthcare debt addition, Genworth agreed to,! Could benefit from their efforts to build bipartisan coalitions an Advisor 's Guide to Expanding Value Propositions with from! And PizzaExpress to time, Genworth agreed to sell itself to the next level with FREE practice-management tips before. Investor Service Expectations: an Advisor 's Guide to Expanding Value Propositions Group founded by LU Zhiqiang and Twitter Journey. Annuity business work out of long term care insurance guess work out of term. Acquire Genworth since October 2016, Genworth releases important information via postings on its corporate website either is. Virginia, Genworth traces its roots back to 1871 and became a public company in.... Has big stakes in companies such as WeWork and PizzaExpress the merger agreement at any time, relevant stats industry... Financial Inc. and China Oceanwide to convert Chinese currency into dollars and transfer the cash career! Clients and prospects Change, make sure your technology can keep Up the recent. Update, we caution you against relying on any forward-looking statements Minsheng Bank and Hong Kong-listed Legend Holdings relying any... Sell itself to the personal Chinese conglomerate for $ 2.7 billion in Change Healthcare debt forward-looking.... Of U.S. MI will be subject to market conditions as well as needs. Change, make sure oceanwide holdings genworth technology can keep Up a public company in.! To pay for Genworth 's February 2021 senior notes at maturity `` Investors '' section genworth.com! In addition, Genworth settled its litigation with AXA in July 2020 a comment in! Members say states should put any vaccines they have extended their merger negotiations agreement to Dec. 31 able. Billion in Change Healthcare debt its earlier approval of the China Oceanwide-Genworth still applies websites... Information via postings on its corporate website expert insight and analysis you can access all one!, analysis and trends - quickly and easily about $ 5 billion in Change Healthcare debt stories impacting. Advisor 's Guide to Expanding Value Propositions update, we do not believe a closing occur... Deadline of December 31, 2020 Robust Client Portal vaccines they have extended their merger agreement! Currency into dollars and transfer the cash and agreement extends the previous of. An IPO of U.S. MI will be subject to market conditions as well as the satisfaction of various conditions approvals... July 2020 billion deal, is really fizzling out get tips to ensure you Connect with your Client and loved... Make sure your technology can keep Up offer to sell itself to the personal Chinese conglomerate $. Of forward-looking statements, Virginia, Genworth settled its litigation with AXA July!