Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth Genworth and China Oceanwide did not mention Hony Capital or other financial services companies in the announcement they put out today. The 13th waiver and agreement extends the previous deadline of December 31, 2019 to no later than March 31, 2020. The best way to deliver quality service is by understanding what clients want from your interactions. 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. Copyright © 2021 ALM Media Properties, LLC. China Oceanwide Holdings Group Co.’s four-year-old settlement to purchase. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. 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. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. 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. RICHMOND, Va., Aug. 31, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of … Cautionary Note Regarding Forward-Looking Statements. We appreciate the continuing patience of our shareholders, employees and other stakeholders as we continue to pursue steps that will maximize Genworth's value. In addition, Genworth settled its litigation with AXA in July 2020. (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). Advance your career and take your firm's production to the next level with FREE practice-management tips. 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. 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. Propelling the Advisor-Client Journey with a Robust Client Portal. Businesses controlled by Oceanwide have more than 10,000 employees globally. The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. … Get tips to ensure you connect with your client and their loved ones so wealth transfer doesn’t hurt your business. This information can be found at http://www.genworth.com.au. China Oceanwide has been trying to acquire Genworth since October 2016. Genworth Financial and China Oceanwide Holdings Group have revealed uncertainty around the completion of their long-delayed merger agreement, leading mortgage insurer Genworth to focus on its contingency plan. This information can be found at  http://www.genworth.com.au. 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. Working group members say states should put any vaccines they have "in arms now.". … 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. (RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. issued an update on the pending transaction. “Securing these last few remaining regulatory approvals and finalizing our financing are important milestones in our efforts to close our transaction and fulfill our vision of bringing long term care insurance to China,” said Lu. 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. 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 … All Rights Reserved. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. Lu Zhiqiang, the chairman of China Oceanwide, referred generally to deal financing in a comment included in the new announcement. Accordingly, we caution you against relying on any forward-looking statements. The carrier has also agreed to assume about $5 billion in Change Healthcare debt. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. 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. The companies said today that China’s National Development and Reform Commission has now extended acceptance of China Oceanwide’s Genworth acquisition filing. 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. Driving Growth Through Multigenerational Relationships. News of the acquisition comes only two days after Mercer said it bought Kays Financial Advisory Corp. 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 … Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance However, Oceanwide has not reached a final agreement on all terms and conditions due to pandemic … 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. 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. 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. — Read  Genworth Aims to Line Up Backup Financing Options, on ThinkAdvisor. 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. admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; 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. 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’. The contingency plan also addresses the need to further align the Company's expense structure with its business activities. © 2021 Genworth Financial, Inc. All rights reserved. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today said they will shift to using a merger agreement without an end date. GNW -28.84%. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Genworth Financial is a Fortune 500 insurance holding company that offers mortgage insurance and long term care insurance. Life Insurance Claim Form Instructional Video. Financial Inc., one of the world’s longest deal engagements, is really fizzling out. RICHMOND, Va. and BEIJING, Oct. 1, 2020 / PRNewswire / -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced today that Oceanwide has reached a general agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth, and that Oceanwide … 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. 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. Your article was successfully shared with the contacts you provided. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. Given the most recent update, we do not believe a closing can occur in the near term. A separate news release with conference call details will be forthcoming, at which time the information for the call will be available on the company's website, http://investor.genworth.com. 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. “Actual outcomes and results may differ materially from those in the forward-looking statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i) the risk that Oceanwide will be unable to complete funding,” according to the cautionary note. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. With NDRC's re-approval, Oceanwide will now move forward with the … Back in October 2016, Genworth agreed to sell itself to the personal Chinese conglomerate for $2.7 billion in money. 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. 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 […] It is headquartered in Richmond, Virginia. The transaction previously received all U.S. regulatory approvals needed to close the transaction. The agreement also calls for China Oceanwide to make a $1.5 billion contribution to Genworth’s U.S. operations in three “tranches,” or slices, after the deal closes. Approval from China’s State Administration of Foreign Exchange for China Oceanwide to convert Chinese currency into dollars and transfer the cash. Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. ", 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. 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. 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. Genworth and China Oceanwide said in a cautionary note accompanying the announcement that have made forward-looking statements about a number of matters, including ”Oceanwide’s funding plans.”. — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. Genworth will host an investor call before the market opens on January 5, 2021 to review today's announcement and address shareholder questions. Take the guess work out of long term care planning. For more information, visit genworth.com. 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. Hony Capital has big stakes in companies such as WeWork and PizzaExpress. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Preserve wealth with help from advanced tax planning and risk management strategies. However, the merger agreement remains in effect, although either party is able to terminate the merger agreement at any time. How to Exceed Investor Service Expectations: An Advisor's Guide to Expanding Value Propositions. Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial Genworth Financial (GNW) - Get Report shares dropped on Monday after the deadline on the insurer's long-planned merger with China Oceanwide Holdings … On Monday, Genworth said it had decided not to extend its merger agreement with Beijing-based China Oceanwide Holdings Group Ltd., the investment company that agreed in … Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. 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. China Oceanwide is a Beijing-based real estate developer and financial services company, with commercial real estate properties and construction projects all over the world. 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. Get the latest best practices, relevant stats and industry trends - quickly and easily. Genworth. ", 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.". 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. Industry groups could benefit from their efforts to build bipartisan coalitions. 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. China Oceanwide, whose global holdings include real estate investments in New York, California and Hawaii, agreed to buy Genworth for $5.43 a … Exclusive discounts on ALM and ThinkAdvisor events. With NDRC's re-approval, Oceanwide will now move forward with the few remaining regulatory steps required to close the … Confirmation from the Delaware Department of Insurance that its earlier approval of the China Oceanwide-Genworth still applies. Assurance Corporation. Thus, the management team will fully focus its efforts on executing our contingency plan. In the effort to expand overseas, China Oceanwide has acquired U.S. insurer Genworth Financial Inc. and International Data Group Inc., while investing in several commercial real estate projects in major U.S. cities, including Los Angeles, San Francisco, New York, and Hawaii. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current … 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 … 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. 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. Our financial products are offered/underwritten by one or more of the following: Genworth Financial (NYSE:GNW) on Tuesday announced another extension to its proposed deal to be acquired by China Oceanwide Holdings, the … Genworth Financial, Inc. has had recent success in its U.S. mortgage insurance business. About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Grow your annuities business with help from expert insight and analysis you can access all in one place - FREE. As the needs of your clients and prospects change, make sure your technology can keep up. The life subsidiaries are the companies that wrote the LTCI business. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. 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. An IPO of U.S. MI will be subject to market conditions as well as the satisfaction of various conditions and approvals. Approximately $340 million of this cash balance is ring-fenced to pay for Genworth's February 2021 senior notes at maturity. 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. Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States. Genworth Financial, Inc. GNW and China Oceanwide Holdings Group Co. Ltd (Oceanwide) have once again delayed their merger to no later than Mar … Life Insurance Company of New York (only Genworth Life Insurance Company of New York is 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.”. Enrollment information is found under the "Investors" section of genworth.com. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. 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. Actual outcomes and results may differ materially from those in the forward-looking statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i) the risk that Oceanwide and/or Genworth determines to terminate the merger agreement or that Oceanwide will be unable to complete funding and that the transaction with Oceanwide may not be completed in a timely manner or at all, any of which may adversely affect Genworth's business and the price of Genworth's common stock, and the risk that Genworth will be unable to address its near-term liabilities and financial obligations, including the risks that it will be unable to raise additional debt financing and/or sell a percentage of its ownership interest in its U.S. mortgage insurance business to repay the promissory note to AXA S.A. or refinance its debt maturing in 2021 or beyond; (ii) the parties' inability to obtain regulatory approvals, clearances or extensions, or the possibility that such regulatory approvals or clearances may further delay the transaction with Oceanwide, to the extent the transaction is pursued or that materially burdensome or adverse regulatory conditions may be imposed or undesirable measures may be required in connection with any such regulatory approvals, clearances or extensions (including those conditions or measures that either or both of the parties may be unwilling to accept or undertake, as applicable) or that with continuing delays, circumstances may arise that make one or both parties unwilling to proceed with the transaction with Oceanwide or unable to comply with the conditions to existing regulatory approvals or one or both of the parties may be unwilling to accept any new condition under a regulatory approval; (iii) the risk that the parties will not be able to obtain other regulatory approvals, approvals, clearances or extensions, including in connection with a potential alternative funding structure or the current geo-political environment, or that one or more regulators may rescind or fail to extend existing approvals, or that the revocation by one regulator of approvals will lead to the revocation of approvals by other regulators; (iv) the parties' inability to obtain any necessary regulatory approvals, clearances or extensions for the post-closing capital plan, and/or the risk that a condition to the closing of the transaction with Oceanwide may not be satisfied or that a condition to closing that is currently satisfied may not remain satisfied due to the delay in closing the transaction with Oceanwide or that the parties are unable to agree upon a closing date following receipt of all regulatory approvals and clearances; (v) potential legal proceedings that may be instituted against Genworth related to the transactions with Oceanwide; (vi) the risk that the proposed transaction or its termination disrupts Genworth's current plans and operations as a result of the announcement and consummation of the transaction; (vii) potential adverse reactions or changes to Genworth's business relationships with clients, employees, suppliers or other parties or other business uncertainties resulting from the announcement of the transaction or during the pendency of the transaction or as a result of the termination of the transaction, including but not limited to such changes that could affect Genworth's financial performance; (viii) certain restrictions during the pendency of the transaction that may impact Genworth's ability to pursue certain business opportunities or strategic transactions; (ix) continued availability of capital and financing to Genworth before the consummation of the transaction; (x) further rating agency actions and downgrades in Genworth's financial strength ratings; (xi) changes in applicable laws or regulations; (xii) Genworth's ability to recognize the anticipated benefits of the transaction; (xiii) the amount of the costs, fees, expenses and other charges related to the transaction or the potential inability to significantly reduce costs in connection with any proposed resource alignment; (xiv) the risks related to diverting management's attention from Genworth's ongoing business operations; (xv) the impact of changes in interest rates and political instability; and (xvi) other risks and uncertainties described in the Definitive Proxy Statement, filed with the SEC on January 25, 2017, and Genworth's Annual Report on Form 10-K, filed with the SEC on February 27, 2020. 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