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   Genworth posts $441m Q2 loss, gives update on China Oceanwide merger - Reinsurance News
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href=https://plus.google.com/u/0/b/102741902749929348687/102741902749929348687> <i class="fa fa-google-plus"> </i> </a><a href=https://www.reinsurancene.ws/feed> <i class="fa fa-rss"> </i> </a><div class="hidden-xs hidden-sm"id=btn-search><i class="fa fa-search fa-2x"> </i><span> Search </span></div></div></div></div></div></div><div id=searchbox><form action=https://www.reinsurancene.ws/><input placeholder="Search Reinsurance News"id=s name=s><input id=search-btn type=submit value=Go></form></div><div id=image-wrap2><div class=row><div id=title-wrapper><div class="large-12 columns"><p>Reinsurance News</div></div></div></div><div class=row><div class="large-8 columns"><div id=articles-section><h1>Genworth posts $441m Q2 loss, gives update on China Oceanwide merger</h1><p class=date><i class="fa fa-bolt fa-lg"> </i> 30th July 2020 - Author: <a rel="author external"title="Visit Charlie Wood’s website"href=https://www.reinsurancene.ws/about/#team> Charlie Wood </a><article style="clear: left"><div class=pf-content><p>Mortgage insurer Genworth Financial has reported a net loss of $441 million in the second quarter of 2020, compared with net income of $168 million the the prior year quarter.<p><img class="alignright size-full wp-image-63196"sizes="(max-width: 1050px) 100vw, 1050px"srcset="https://149448277.v2.pressablecdn.com/wp-content/uploads/2020/07/genworth-logo.png 1050w , https://149448277.v2.pressablecdn.com/wp-content/uploads/2020/07/genworth-logo-300x120.png 300w , https://149448277.v2.pressablecdn.com/wp-content/uploads/2020/07/genworth-logo-1024x410.png 1024w , https://149448277.v2.pressablecdn.com/wp-content/uploads/2020/07/genworth-logo-768x307.png 768w "alt=genworth-logo src=https://149448277.v2.pressablecdn.com/wp-content/uploads/2020/07/genworth-logo.png width=320> The company recently reached a settlement agreement with AXA regarding a dispute over payment protection insurance claims underwritten by the company’s former lifestyle protection insurance business and, as a result, Genworth recorded an after-tax loss of $516 million for the settlement as part of discontinued operations in the current quarter.<p>The company reported an adjusted operating loss of $21 million compared with adjusted operating income of $178 million, in the second quarter of 2019.<p>The net loss in the quarter included investment gains of $101 million, net of taxes and other adjustments.<p>Net investment income was $786 million in the quarter, compared to $793 million in the prior quarter and $816 million in the prior year.<div class=reins-in-every-article id=reins-2134960121><p><a href=https://www.reinsurancene.ws/advertising-sponsorship/> <img class="size-full wp-image-77138 aligncenter"alt height=79 loading=lazy src=https://149448277.v2.pressablecdn.com/wp-content/uploads/2021/04/renews-728x90-apr2021.png width=640> </a></div><p>Genworth also commented on the <a href=https://www.reinsurancene.ws/genworth-china-oceanwide-delay-merger-to-september/> merger agreement with China Oceanwide Holdings, which was recently delayed until September 30 </a> .<p>“Although the closing process has been further delayed by the COVID-19 pandemic, the Oceanwide transaction continues to represent the best strategic option for Genworth’s shareholders, and benefits policyholders, customers and employees,” said Tom McInerney, president and CEO of Genworth.<p>“The fifteenth waiver and extension of the merger agreement provides both parties with the flexibility needed to navigate this uncertain environment. In order to address our near-term financial obligations including the recently announced AXA settlement, we are moving forward with steps to enhance our liquidity while working diligently towards closing the transaction.”<p>LU Zhiqiang, chairman of Oceanwide, added, “The acquisition of Genworth is a strategically important transaction and a priority for China Oceanwide.<p>“The financing progress has been delayed given the significant economic impacts of lock-downs associated with the global pandemic, but we remain committed to securing financing for the transaction in order to close the transaction as soon as possible.”<p>As part of the fifteenth waiver and extension, Genworth and Oceanwide also agreed to additional interim milestones designed to provide more clarity to Genworth on Oceanwide’s progress towards financing the transaction.<p>Specifically, the fifteenth waiver includes provisions for Oceanwide to submit satisfactory evidence to Genworth by August 31, 2020 confirming that:<p>Approximately $1 billion is available to Oceanwide from sources in Mainland China to fund the acquisition of Genworth; and Hony Capital and/or other acceptable third parties have committed to provide Oceanwide $1 billion or more from sources outside of China to fund the transaction.<p>Given the delay in the closing process, Genworth is moving forward with plans to address its near-term liabilities and financial obligations, which include the recently announced settlement agreement with AXA and approximately $1 billion of debt maturing in 2021.<p>Genworth expects these steps to include a debt financing in the near term and taking the necessary steps to launch a 19.9 percent initial public offering of its U.S. Mortgage Insurance business, subject to market conditions, in the event the China Oceanwide transaction is terminated.<div class="printfriendly pf-button pf-button-content pf-alignleft"><a onclick="window.print(); return false;"title="Printer Friendly, PDF & Email"href=# rel=nofollow> <img alt="Print Friendly, PDF & Email"style="border:none;-webkit-box-shadow:none; -moz-box-shadow: none; box-shadow:none; 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