China Oceanwide will buy Genworth in a $2.7-billion deal which includes a $1.1-billion capital commitment to pay off debt and invest in the US life insurance business.
“China Oceanwide is also aligned with Genworth’s long-term goals of serving the aging population in the U.S., and providing financial capabilities to those seeking home ownership.”
I believe this is good news for Genworth policyholders and the LTC insurance marketplace overall. Readers should note that two other active LTC insurers are also now foreign-owned. John Hancock is owned by the Canadian insurance company Manulife, and Transamerica is owned by Dutch insurer AEGON.
The US life & LTC biz must and will remain a US-based subsidiary of China Oceanwide, subject to US federal and state regulators. In-force policies must all be honored by law.
Click here for a link to the company's full press release:
for older posts