RICHMOND, Va., May 11, 2015 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) today announced that its wholly owned
subsidiaries Brookfield Life Assurance Company Limited and Genworth
Financial International Holdings, Inc. (as partners) (together, the
"Vendor") entered into an underwriting agreement for the sale of
92.3 million shares in Genworth Mortgage Insurance Australia
Limited ("Genworth Australia") at A$3.08 per share. The sale, which represents
approximately 14.2% of Genworth Australia's share capital, is being
conducted via a fully underwritten sell down to equity market
investors and will leave the Vendor with an approximate 52.0% stake
in Genworth Australia on completion.
"The sale today represents an important step toward the
execution of our strategic initiative to increase the financial
flexibility and strength of Genworth. This transaction advances
Genworth's ability to support compliance with the Private Mortgage
Insurer Eligibility Requirements and reduce debt levels," said
Tom McInerney, President and
CEO.
Important notice
This announcement does not
constitute an offer to sell, or the solicitation of an offer to
buy, any securities in the United
States. The securities offered and sold by Genworth set out
in this announcement have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the "Securities Act"),
or under the securities laws of any state or other jurisdiction of
the United States, and may not be
offered or sold, directly or indirectly, in the United States except in compliance with
the registration requirements of the Securities Act and any other
applicable securities laws of any state or other jurisdiction of
the United States or pursuant to
an exemption from, or in a transaction not subject to, such
registration requirements and any other applicable securities
laws.
About Genworth Financial
Genworth Financial, Inc.
(NYSE: GNW) is a leading Fortune 500 insurance holding company
committed to helping families become more financially secure,
self-reliant and prepared for the future. To help families start
"the talk" about their futures and long term care planning,
Genworth recently completed a national #LetsTalk Tour to encourage
conversations and information sharing. Genworth has leadership
positions in mortgage insurance and long term care insurance and
product offerings in life insurance and fixed annuities that assist
consumers in solving their home ownership, insurance and retirement
needs. Headquartered in Richmond,
Virginia, Genworth traces its roots back to 1871 and became
a public company in 2004. For more information, visit
genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's publicly
traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage
Insurance Australia Limited, separately release financial and other
information about their operations. This information can be found
at http://genworth.ca and http://www.genworth.com.au.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. 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 outlook for our future business and
financial performance. 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. Actual outcomes and
results may differ materially due to global political, economic,
business, competitive, market, regulatory and other factors and
risks, including the items identified under "Part I—Item 1A—Risk
Factors" of our Annual Report on Form 10-K for the year ended
December 31, 2014, filed with the Securities and Exchange
Commission (SEC) on March 2, 2015 and
as updated in Genworth's Form 10-Q filed with the SEC on
April 29, 2015.
We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
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visit:http://www.prnewswire.com/news-releases/genworth-financial-announces-sale-of-a-portion-of-its-interest-in-genworth-mortgage-insurance-australia-limited-300080740.html
SOURCE Genworth Financial, Inc.