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GNW: Genworth Financial Inc GNW - equity, debt and subsidiaries

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Genworth Financial Inc  GNW

Summary (from latest annual and quarterly report)

  • Total equity  : 12.81 billion USD
  • Market Cap is 1.8 billion USD ( the last price of the stock is 3.68 USD)
  • Genworth Financial Inc is a financial security company. It provides insurance, wealth management, investment and financial solutions
  • Equity of total company decreased from 12.82 billion USD in 2015 to 12.81 billion in 2017
  • Company has 3.01 billion USD in cash on account (from latest 2017 quarterly report )
  • Total equity – cash on account = 12.81 billion USD – 3.01 billion USD = 9.8 billion USD
  • GNW has 2.7 billion USD treasury stock
  • In 2017 company has 4.26 billion USD long-term debt, short – term debt is zero (from latest quarterly report ), (In 2015 total debt was 4.74 billion USD)
  • In latest quarterly report - total equity decreased to 12.81 billion  USD from 12.82 billion USD in 2015, total debt is 4.26 billion USD in 2017)
  • Company's revenue decreased in 2016 (latest annual report) to 8.36 billion USD from 8.54 billion in 2015
  • Net loss in 2016 was 277 million USD, Net loss in 2015 was 615 million USD

Opinion about the company

Fundamentally it is a not bad company (Total debt is big -4.26 billion usd, company has 3.01 billion USD in cash on account, ROE is negative, around -1%).

Genworth Financial was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year.

The Genworth Financial family of companies has three segments: Retirement & Protection, US Mortgage Insurance, and International. Products and services include life and long-term care insurance, mortgage insurance, and annuities. The company provides individual long-term care insurance, group long-term care insurance for employers offering benefits to employees, and caregiver support services. Prior to 2016, the company offered several annuities: fixed immediate annuities, traditional fixed deferred annuities, and fixed index annuities.

Life insurance was the company’s first product. As of December 2013, Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company have over $728 billion in force. Prior to the suspension of sales in 2016, the firm offered term life insurance, whole life insurance, universal life insurance, and index universal life insurance. In 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff. In 2012, Genworth’s U.S. companies paid over $3.2 billion in benefits to life insurance, long-term care insurance, and annuity policyholders and beneficiaries.

  • Premiums represent 50% of total revenues
  • Net investment income represents 37% of total revenues

 

Standalone subsidiaries

  • In July 2009, Genworth MI Canada Inc. (“Genworth Canada”), Genworth’s indirect, majority-owned subsidiary, completed an initial public offering of its common shares. As of March 1, 2017, GNW beneficially owned 57.2% of the common shares of Genworth Canada. Genworth MI Canada has Market Cap of 2.3 billion USD, 57.2% is worth 1.31 billion USD
  • In May 2014, Genworth Mortgage Insurance Australia Limited (“Genworth Australia”), Genworth’s indirect, majority-owned subsidiary, completed an initial public offering of its common shares. As of March 1, 2017, GNW beneficially owned 52.0% of the common shares of Genworth Australia. Genworth Mortgage Insurance Australia Ltd has Market Cap of 1.5 billion USD, 52% is worth 780 million USD
  • Standalone subsidiaries: River Lake, American Agriculturist Services, Assigned Settlement, Brookfield Life and Annuity Insurance Company Limited, European Group Financing Company Limited and CFI Pensions Trustees Limited are worth around 500 million USD

 

Total = 2.59 billion USD

 

  • China Oceanwide Holdings Group agreed to buy Genworth Financial Inc. for $2.7 billion in US dollars
  • On October 21, 2016, Genworth entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Asia Pacific Global Capital Co., Ltd., a limited liability company incorporated in the People’s Republic of China (“Asia Pacific”), and Asia Pacific Global Capital USA Corporation, a Delaware corporation and an indirect, wholly owned subsidiary of Asia Pacific (“Merger Sub”), pursuant to which Merger Sub will merge with and into Genworth, subject to the terms and conditions of the Merger Agreement, with Genworth surviving the Merger as an indirect, wholly owned subsidiary of Asia Pacific, and an indirect subsidiary of China Oceanwide Holdings Group Co., Ltd., a limited liability company incorporated in the People’s Republic of China. Genworth expects the proposed transaction to be completed by the middle of 2017, subject to certain closing conditions including receipt of required regulatory approvals

 

 

Close : 3.43
As of Mon 09/18/2017
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