Genworth Financial Inc. says it is currently examining a number of strategic alternatives regarding its U.S. mortgage insurance business – including a possible spin-off – in order to determine the optimal course for Genworth, its customers and its shareholders.
The company has also reaffirmed its sound financial foundation and cash availability to meet liquidity requirements across the company.
‘We have demonstrated that, in the current stressed U.S. housing environment, our U.S. mortgage insurance business continues to operate from a more sound financial position and lower risk profile than any other U.S. mortgage insurer,’ says Michael D. Fraizer, chairman and CEO. ‘At the same time, progress in our international, wealth management, retirement, life and long-term care insurance businesses has been overshadowed by concerns about the future of U.S. mortgage insurance.’
Source: Genworth Financial