Genworth Financial continues its presence in Mexico with Lifestyle
Protection and Mortgage Insurance
MEXICO, D.F., Jan. 22 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE:
GNW) has signed an agreement with HDI-Gerling International Holding AG to sell
Genworth Seguros Mexico, S.A. de C.V. The acquisition includes the
automobile, property and casualty, life and personal accident insurance
business lines that Seguros distributes through independent professional
"This transaction allows Genworth to focus on its core businesses in
Mexico - specifically Lifestyle Protection Insurance and Mortgage Insurance,"
said Alejandro Rivero-Andreu, President of Genworth Financial in Mexico.
Lifestyle Protection Insurance maintains customers' monthly repayments on
financial commitments such as mortgages, personal loans, and credit cards if
they are unable to make payments due to involuntary unemployment, accident,
sickness or hospitalization. Mortgage Insurance provides a safe and
affordable option for homebuyers who want to buy a home with less than a 20
percent down payment on a mortgage loan while protecting lenders against
Genworth is well capitalized to continue growing and maintaining an active
market share in Mexico. "We will focus on the Mortgage Insurance and
Lifestyle Protection Insurance businesses where we have specialized in the
past and have significant global experience," said Rivero-Andreu. "We believe
that under HDI-Gerling International Holding AG's management, Genworth Seguros
in Mexico will remain a strong and successful business." Based in Leon,
Genworth Seguros employs approximately 340 associates across Mexico.
HDI-Gerling International Holding AG has filed the initial proceedings to
obtain the corresponding approvals from the Secretary of the Treasury and
Public Credit, and the National Insurance and Bonding Commission. Genworth
expects that closing will take place following regulatory approvals.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global
financial security company. Genworth has more than $100 billion in assets and
employs approximately 6,000 people with a presence in more than 25 countries.
Its products and services help meet the investment, protection, retirement and
lifestyle needs of more than 15 million customers. Genworth operates through
three segments: Retirement & Protection, US Mortgage Insurance and
International. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, which traces its roots back to 1871, became a public
company in 2004 and is headquartered in Richmond, Virginia. For more
information, visit genworth.com
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to our plans,
objectives, expectations and intentions and other statements contained in this
release that are not historical facts as well as statements identified by
words such as expects, anticipates, intends, plans, believes, seeks,
estimates, or words of similar meaning. These statements are based on our
current beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our
control. Actual results may differ materially from these expectations due to
changes in global political, economic, business, competitive, market and
regulatory factors. The company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new information, future
developments or otherwise.
SOURCE Genworth Financial, Inc.
CONTACT: Investors: Alicia Charity, +1-804-662-2248
firstname.lastname@example.org,or Media: Manuel Somoza5255-3000-6148
email@example.com, both of Genworth Financial, Inc.
Web Site: http://www.genworth.com