GenWorth.com is A major national investement bank.

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Genworth Financial

Formed in 2004, Genworth Financial is a global financial services organization. Through its various companies, the company provides a range of consumer-focused products like annuities, combination products, investment services, life insurance, long-term care insurance, medicare supplement insurance, mortgage insurance, and payment protection insurance. Headquarter in Richmond, Virginia, the company has employed over 7,000 people in more than 25 different countries. After a public offering of the stocks of Genworth Financial, General Electric retained a controlling stake. However, General Electric sold the stake in 2006. The main competitors of Genworth Financial are AIG, Metlife and Prudential.

History

In 2003, General Electric announced its intention to pursue an initial public offering of a new company named Genworth Financial, Incorporated. General Electric wanted to confine a greater part of its life and mortgage insurance operations to this new offshoot company. Earlier called as GE Financial, Genworth Financial was spun off by General Electric. This was rated as the largest initial public offering of the year and the fourteenth largest initial public offering of all times. Morgan Stanley and Goldman Sachs served as joint book-running managers and General Electric sold 30% of Genworth to the public. In the same year, in a second offering, GE's ownership of Genworth fell to approximately 52% of Genworth's common stock. In the consecutive developments, by the end of 2005, GE’s ownership of Genworth Financial dropped to approximately 18% of Genworth’s common stock.

Genworth acquired C.J.M. Planning Corporation in 2005 and AssetMark Investment Services, Inc in 2006. Genworth dropped the GE name for a select group of its underwriting companies and incorporated the Genworth brand. Eventually, General Electric Capital Assurance Company became Genworth Life Insurance Company; GE Life and Annuity Assurance Company became Genworth Life and Annuity Insurance Company; and GE Capital Life Assurance Company of New York became Genworth Life Insurance Company of New York. Following this, the company acquired Continental Life Insurance Company of Brentwood, TN and Vero Lenders Mortgage Insurance Limited, Sydney, Australia.

In 2007, Genworth merged the remaining original underwriting companies. First Colony Life Insurance Company and Federal Home Life Insurance Company merged with Genworth Life and Annuity Insurance Company. American Mayflower Life Insurance Company of New York merged into Genworth Life Insurance Company of New York. As a final touch before a grand march, Genworth announced the reorganization of its businesses into three new operating segments: Retirement and Protection, International and U.S. Mortgage Insurance.

Profile

Genworth Financial is primarily concerned with offering financial security services. The various solutions of the company help to meet the investment, protection, homeownership and retirement needs of customers. The company has a global presence in more than 25 countries. The three operating segments of the company are Protection, Retirement Income and Investments, and Mortgage Insurance. The services provided under protection segment are life insurance, long-term care insurance, payment protection insurance, and group life and health insurance. The services under the Retirement Income and Investments segments are various forms of wealth accumulation, income distribution and institutional investment products. The Mortgage Insurance segment enables borrowers to buy homes with low down payments in the United States, Canada, Australia, New Zealand, Mexico, Japan and multiple European countries. The products and services of the company are distributed through diversified channels like financial intermediaries, advisors, independent distributors and sales specialists. The stocks of the company are listed in the New York stock exchange under the ticker symbol GNW. With over 7,000 employees, the company is ranked no. 223 among fortune 500 companies in the year 2006. The annual revenue of the company is $11,029.0 millions with a net profit of $1,328.0 millions.

Official Website

The official website of the company is Genworth.com. The site provides a broad overview of the company information, list of offices across the globe, and online secure information facility. To know more about the corporate information, press coverage, market research study and the history of the company, sites listed under references and additional readings can be consulted.