oceanwide holdings genworth

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.”. ", 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. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. This information can be found at http://www.genworth.com.au. Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. Life Insurance Claim Form Instructional Video. Confirmation from the Delaware Department of Insurance that its earlier approval of the China Oceanwide-Genworth still applies. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. Businesses controlled by Oceanwide have more than 10,000 employees globally. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current … (RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. issued an update on the pending transaction. 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., 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. Hony Capital has big stakes in companies such as WeWork and PizzaExpress. The life subsidiaries are the companies that wrote the LTCI business. China Oceanwide has been trying to acquire Genworth since October 2016. 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. 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. 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 … 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. About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. The best way to deliver quality service is by understanding what clients want from your interactions. Approximately $340 million of this cash balance is ring-fenced to pay for Genworth's February 2021 senior notes at maturity. 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. With NDRC's re-approval, Oceanwide will now move forward with the … Genworth. We appreciate the continuing patience of our shareholders, employees and other stakeholders as we continue to pursue steps that will maximize Genworth's value. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. The contingency plan also addresses the need to further align the Company's expense structure with its business activities. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. … 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. Financial Inc., one of the world’s longest deal engagements, is really fizzling out. As the needs of your clients and prospects change, make sure your technology can keep up. 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. 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. GNW -28.84%. Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on … 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. Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth Thus, the management team will fully focus its efforts on executing our contingency plan. Life Insurance Company of New York (only Genworth Life Insurance Company of New York is 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. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. Advance your career and take your firm's production to the next level with FREE practice-management tips. 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. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. Preserve wealth with help from advanced tax planning and risk management strategies. Take the guess work out of long term care planning. The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. Genworth will host an investor call before the market opens on January 5, 2021 to review today's announcement and address shareholder questions. 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. However, the merger agreement remains in effect, although either party is able to terminate the merger agreement at any time. Back in October 2016, Genworth agreed to sell itself to the personal Chinese conglomerate for $2.7 billion in money. 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. Working group members say states should put any vaccines they have "in arms now.". 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. Genworth Financial is a Fortune 500 insurance holding company that offers mortgage insurance and long term care insurance. Grow your annuities business with help from expert insight and analysis you can access all in one place - FREE. 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 … This information can be found at  http://www.genworth.com.au. (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). 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. 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.”. How to Exceed Investor Service Expectations: An Advisor's Guide to Expanding Value Propositions. 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