-=Genworth Financial (GNW) sinks on further delay in closing of China Oceanwide transaction

• GNW and Oceanwide have agreed to a fifteenth waiver and agreement of each party's right to terminate their pending merger agreement, extending the previous deadline of June 30 to no later than September 30. Co "continue[s] to believe the transaction represents the best and most certain value for [co's] shareholders." The transaction has now been moving toward closing for circa 3.5 years. Co indicated that given this latest delay, co is taking steps to address its near-term liabilities; steps are expected to include a debt offering and working toward launching a 19.9% IPO of its US Mortgage Insurance business, in the event the China Oceanwide transaction is terminated. The companies also agreed to additional interim milestones upon which co's right to terminate the merger as of August 31 may be contingent. At multi-year lows.

-=Long trade : Genworth Financial (GNW) +19% (3/20)

• Fri 2/28: #1; vol. 8.4M

Genworth Financial announces agreement in principle with NYDFS regarding proposed Oceanwide acquisition of Genworth's New York-domiciled insurance company

Genworth Financial and China Oceanwide Holdings Group today announced that they have agreed in principle with the New York State Department of Financial Services (NYDFS) on conditions that are expected to facilitate a reapproval by the NYDFS of the proposed acquisition of control by Oceanwide of Genworth's New York-domiciled insurance company, Genworth Life Insurance Company of New York (GLICNY).

Genworth has agreed, among other things, to contribute $100 mln to GLICNY at the closing of the Oceanwide transaction.

The reapproval of the NYDFS remains subject to submission and approval of the documentation setting forth the agreed upon conditions. Oceanwide and Genworth are working to complete this process as soon as possible.

In addition, the parties are providing supplemental information to certain US insurance regulators to reflect the planned capital contribution to GLICNY at the closing of the Oceanwide transaction and the passage of time since their prior approval of the Oceanwide transaction. If the parties are able to obtain the NYDFS reapproval and confirm the other US regulatory approvals, Oceanwide will also need to receive clearance in China for the currency conversion and transfer of funds in order to complete the transaction.

Genworth and Oceanwide are targeting closing the transaction on or about March 31, 2020.

=Genworth Financial (GNW) reported earnings on Tue 4 Feb 20 (a/h)

Q4 earnings of -$0.030 have been announced, missing analyst estimates by -$0.247.
Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended December 31, 2019. The company reported 2019 full year net income(4) of $343 million, or $0.67 per diluted share, in 2019, compared with net income of $119 million, or $0.24(5) per diluted share, in 2018. The company reported adjusted operating income(6) of $420 million, or $0.82 per diluted share, in 2019, compared with an adjusted operating loss of $5 million, or $0.01(5) per diluted share, in 2018.

=Genworth Financial (GNW) :U.S. security panel approves purchase by Oceanwide

Genworth Financial receives approval from CFIUS to move forward with proposed China Oceanwide and Genworth Financial transaction  

• China Oceanwide Holdings Group Co and Genworth Financial announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of their proposed transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction. This satisfies one of the conditions to the closing of the proposed transaction.
• In connection with the CFIUS review of the proposed transaction, Genworth and Oceanwide entered into a mitigation agreement which, among other things, requires Genworth to use a U.S.-based, third-party service provider to manage and protect the personal data of Genworth's U.S. policyholders.
• The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China and other international jurisdictions. Genworth and Oceanwide are engaging with the relevant regulators regarding the pending applications.

=Genworth Financial (GNW) reported earnings on Tue 6 Feb 2018 (a/h)

• Genworth Financial posts 4Q profit

RICHMOND, Va. (AP) _ Genworth Financial Inc. (GNW) on Tuesday reported fourth-quarter net income of $353 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Richmond, Virginia-based company said it had net income of 70 cents. Earnings, adjusted for non-recurring gains, came to 65 cents per share.

The financial services company posted revenue of $1.69 billion in the period. Its adjusted revenue was $1.64 billion.

For the year, the company reported net income of $817 million, or $1.63 per share, swinging to a profit in the period. Revenue was reported as $8.3 billion.

• Genworth, Oceanwide renew application for $2.7 bln merger assent

NEW YORK, Feb 6 (Reuters) - Genworth Financial Inc said Tuesday its application for assent to a takeover by China Oceanwide Holdings Group Co Ltd had been refiled, after agreeing changes the duo hope will alleviate U.S. regulatory concerns.

The transaction, first announced in October 2016 and valuing the U.S. insurer at $2.7 billion, has been repeatedly delayed by an inability to secure the approval of the Committee on Foreign Investment in the United States (CFIUS), which screens foreign takeovers of American companies for national security issues.

While CFIUS has not killed all deals involving Chinese buyers in recent times - at least a handful were approved in 2017 - the panel has been increasingly skeptical of Chinese transactions under the administration of President Donald Trump.

Genworth and Oceanwide had refiled their CFIUS application and provided the group with "detailed information about an additional data security risk mitigation proposal involving a U.S. third-party service provider", according to Genworth's fourth-quarter earnings statement.

It provided no further information on what the data security measures entail. Analysts have said previously that CFIUS is likely concerned by the prospect of potential access by Chinese state actors to Americans' personal information.

Genworth also said Tuesday that it would seek secured debt to address an upcoming maturity, given the delay in securing approval for the acquisition, with further details to be announced "upon the planned launch in the near future".

The insurer had warned in October it was evaluating options, including asset sales and debt refinancing, to address around $600 million of debt coming due in May 2018.

It is the third refiling of the CFIUS application by Genworth and Oceanwide. The government body has 75 days from the submission date to approve the deal, although if no conclusion is reached in that time then the merging parties can withdraw and refile their application and start a new 75-day clock.

=Genworth Financial (GNW) and Oceanwide provide update

Genworth Financial and Oceanwide provide update on CFIUS application; joint voluntary notice has been withdrawn

The co and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today reported that they have withdrawn their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS), with an intent to refile the transaction with additional mitigation approaches, including potentially working with a U.S. third- party service provider. Both parties are fully committed to continuing to work on robust mitigation proposals.

• CFIUS' acceptance of the refiled joint voluntary notice would commence a new 30-day review period, which may be followed by an additional 45-day investigation period. Additional information about the CFIUS review process can be found in the definitive proxy statement filed by Genworth with the Securities and Exchange Commission on Jan. 25, 2017.
• "We continue to work diligently to secure all required regulatory approvals necessary to complete the transaction," said Tom McInerney, president and CEO of Genworth. "At the same time, we are evaluating options to address our upcoming debt maturities and preserve the value of our businesses in the event the transaction with Oceanwide cannot be completed," said McInerney. "We have approximately $600 million of debt that matures in May 2018, with no additional maturities until 2020. Options to address the 2018 debt maturity in the absence of a transaction with Oceanwide include potential refinancing alternatives, current holding company cash, and/or potential asset sales. We are also evaluating options to insulate our U.S. mortgage insurance business from additional ratings pressure in the absence of a transaction with Oceanwide."

====Genworth (GNW) to be acquired by China Oceanwide for $5.43 a share

Genworth Financial Inc., the mortgage guarantor and biggest U.S. seller of long-term care coverage, plans to return to private ownership under a deal announced Sunday to sell itself to China Oceanwide Holdings Group Co. for $2.7 billion. Below is a timeline of key events in Genworth’s troubled tenure as a publicly traded company.

• May 24, 2004: General Electric Co. begins divesting Genworth Financial Inc. by selling stock at $19.50 a share in an initial public offering.
• May 24, 2005: Genworth surges 44 percent in its first year of New York trading.
• Dec. 11, 2007: Genworth forecasts that 2008 results will miss analysts’ estimates on mortgage-insurance losses amid a housing slump.
• Nov. 10, 2008: The Richmond, Virginia-based insurer says it is no longer eligible to participate in a federal program that buys short-term debt from financial firms. Downgrades of the company’s credit rating prompted the exclusion.
• Dec. 31, 2008: The stock closes at $2.83 after plunging 89 percent for the year amid losses tied to home loans.
• April 9, 2009: Genworth abandons a request for a Troubled Asset Relief Program bailout. The insurer says it didn’t win approval to buy a Minnesota lender and become a savings and loan holding company, a switch that would have helped it qualify for aid.
• Dec. 15, 2009: Chief Executive Officer Michael Fraizer says that he expects quarterly operating earnings in the U.S. mortgage unit to “turn positive in the mid-2011 time frame.”
• July 28, 2011: Genworth posts a second-quarter loss after setting aside more reserves at the mortgage insurer.
• July 29, 2011: Fraizer says he is weighing a split of the company and the possibility of share buybacks.
• Nov. 4, 2011: The insurer surges 17 percent after announcing plans to sell a stake of as much as 40 percent in its Australian mortgage-guaranty business in 2012.
• March 7, 2012: Prudential Financial Inc. says it plans to stop selling individual long-term care policies amid “challenging economics.” Insurers including Unum Group and MetLife Inc. have previously announced plans to retreat from the business.
• April 18, 2012: Genworth falls 24 percent after postponing the Australian unit IPO until early 2013 amid “elevated” losses.
• May 1, 2012: Fraizer resigns. Chief Financial Officer Martin Klein is named the acting CEO.
• Dec. 11, 2012: Genworth hires Thomas McInerney to be CEO.
• Sept. 25, 2013: McInerney says the Australia IPO will probably be in 2014.
• Dec. 4, 2013: “We have adequate long-term care reserves with the margin for future deterioration,” McInerney tells investors on a conference call.
• Dec. 31, 2013: Genworth closes at $15.53 after doubling for the year as U.S. mortgage insurance has its first annual profit since 2007.
• Jan. 31, 2014: McInerney hires James Boyle as life unit CEO.
• May 15, 2014: Genworth raises A$583 million ($545 million) by selling a stake in its Australian mortgage insurer.
• July 29, 2014: Boyle steps down after claims costs increased for long-term care coverage. McInerney assumes his duties.
• July 30, 2014: After announcing a fresh review of LTC reserves, McInerney says investors got the wrong impression from comments he made in December. The shares fall the most since 2012.
• Nov. 5, 2014: Genworth reports a record quarterly loss of $844 million on costs to increase long-term care reserves.
• Nov. 6, 2014: McInerney apologizes for his July remarks about Wall Street getting the wrong impression. The stock falls 38 percent. S&P cuts Genworth to junk.
• March 2, 2015: Genworth says there’s a material weakness in its accounting for LTC coverage. Shares fall 5.4 percent to $7.33.
• April 29. 2015: McInerney says he’s open to taking Genworth private if a buyer is willing and able to accept the risks.
• Feb. 4, 2016: Genworth suspends sales of traditional life coverage and fixed annuity products after posting a fourth-quarter loss.
• Oct. 23, 2016: China Oceanwide announces deal to buy Genworth for $5.43 a share in cash, up from the most recent closing price of $5.21, and retain senior management.

=Genworth Financial (GNW) reported earnings on Tue 2 Aug 2016 (a/h)

 Genworth Financial beats by $0.19, beats on revs :

• Reports Q2 (Jun) earnings of $0.39 per share, $0.19 better than the Capital IQ Consensus of $0.20; revenues rose 3.7% year/year to $2.24 bln vs the $2.15 bln Capital IQ Consensus.
  • "We also achieved our cash expense reduction target and remain on track to complete the repatriation of our Bermuda subsidiary in the fourth quarter."
• Book Value per Share is $30.37 compared to $27.52 in prior year period.