Genworth Financial continues to build its presence in Mexico with Lifestyle Protection Insurance and Mortgage Insurance products
MEXICO CITY, Oct. 1 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW), a global leader in financial security, has closed a transaction for the sale of Genworth Seguros Mexico, S.A. de C.V. to HDI-Gerling International Holding AG.
Initially announced in January 2009, the sale includes the automobile, property and casualty, life, and personal accident insurance business lines that Genworth Seguros distributes through independent professional insurance agents. The sale is valued at approximately $45 million (USD).
"With the conclusion of this transaction, Genworth Financial will focus on its core Lifestyle Protection Insurance and Mortgage Insurance businesses in Mexico," said Alejandro Rivero-Andreu, country leader and president of Genworth Financial in Mexico. "We are fully committed to serving our distributors and customers, and we will continue to bring our global expertise to our operations in Mexico."
Genworth Financial's operations center will also remain in Leon, according to Rivero-Andreu. Both the Lifestyle Protection Insurance and Mortgage Insurance businesses will be based in Mexico City.
Lifestyle protection insurance products maintain 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 consumers who want to buy a home while protecting mortgage lenders against borrower default.
Genworth distributes lifestyle protection insurance and mortgage insurance through its partnerships with major banks, Sofoles and Sofomes in Mexico.
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 and Protection, U.S. 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. 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.
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