Jeffrey Wade
Genworth Financial is an international insurance holding company that offers mortgage, life, and long-term care insurance and services. It was founded in 1871 as The Life Insurance Company of Virginia and has since expanded to offer a variety of insurance products, including mortgage insurance. Genworth's mortgage insurance offerings help people buy a home sooner by providing coverage for prime-based and individually underwritten residential mortgage loans. The company has a strong commitment to its customers and the community, as well as environmental initiatives to reduce its business's environmental impact. In recent years, Genworth has undergone several legal entity reorganizations and acquisitions, facing some challenges along the way, including a data breach affecting millions of customers in 2023.
| Characteristics | Values |
|---|---|
| Company Name | Genworth Financial |
| Year Founded | 1871 |
| Headquarters | Richmond, Virginia |
| Services | Mortgage Insurance, Life Insurance, Long-Term Care Insurance, Annuities |
| Business Segments | Mortgage Insurance, Retirement & Protection, International Products and Services |
| US Mortgage Insurance Coverage | Prime-based and individually underwritten residential mortgage loans |
| Australia Mortgage Insurance | Flow mortgage insurance, bulk products and services for selling mortgages to capital markets |
| Canada Mortgage Insurance | Flow mortgage insurance, bulk risk management products and services for lenders |
| US Life Insurance | Life insurance, long-term care insurance, fixed annuity products |
| Environmental Initiatives | Yes |
| Customer Support | Phone, Mail, Online |
| Recent Data Breach | June 2023, affecting 2.5-2.7 million customers |
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What You'll Learn
Genworth Financial's history
Genworth Financial, Inc. is a financial services company headquartered in Richmond, Virginia, that provides life insurance, long-term care insurance, mortgage insurance, and annuities. The firm was founded as The Life Insurance Company of Virginia in 1871 in Petersburg, Virginia, and expanded beyond the south to Richmond within a decade.
The company's first annuities business was written in 1928, and it gradually expanded its offerings to include products for mortgage insurance, lifestyle protection, and long-term care insurance. In 1986, Life of Virginia was acquired by Combined Insurance for $557 million and became Aon in 1987. In 1996, Life of Virginia was acquired by GE Capital.
The company was incorporated as Genworth Financial, Inc. in 2003 and became a public company through an initial public offering in 2004. GE sold its remaining stake in the company in February 2006 for $2.8 billion. Genworth MI Canada, its Canadian mortgage insurance subsidiary, completed an initial public offering on the Toronto Stock Exchange in June 2009, raising $850 million.
Over the years, Genworth Financial has undergone several acquisitions and divestments. In July 2007, the company acquired Liberty Reverse Mortgage, a reverse mortgage company, for $50 million, and sold it to Ocwen for $22 million in April 2013. In September 2007, the company sold its wealth management unit to private equity firms for $412.5 million. In June 2011, they sold Continental Life Insurance to Aetna for $290 million, and in September 2012, they sold their financial adviser unit, Genworth Financial Investment Services, to Cetera Financial Group.
Genworth Financial has faced legal challenges, including settling shareholder lawsuits in March 2016 for $219 million due to alleged false statements regarding reserves for long-term care claims. In October 2022, they paid $25 million to policyholders to settle a class-action lawsuit over excessive and unlawful premium increases.
As of 2025, Genworth Financial continues to operate, providing financial solutions for long-term care and supporting elderly Americans and their caregivers through sustainable business practices.
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Genworth's mortgage insurance products
Genworth Financial is an international insurance holding company that offers mortgage, life, and long-term care insurance and services through advisors, sales specialists, financial intermediaries, and independent distributors. The company was founded in 1871 as The Life Insurance Company of Virginia and has since expanded its offerings to include mortgage insurance, lifestyle protection, and long-term care insurance.
Genworth operates through three main segments in the mortgage insurance space: US Mortgage Insurance, Australia Mortgage Insurance, and Canada Mortgage Insurance. US Mortgage Insurance offers coverage for prime-based and individually underwritten residential mortgage loans. Australia Mortgage Insurance provides flow mortgage insurance and bulk products and services that help in selling mortgages to capital markets. Canada Mortgage Insurance, offered through Genworth MI Canada (now known as Sagen MI Canada), provides flow mortgage insurance and bulk products and services to help lenders manage risk and capital.
In addition to their standard mortgage insurance products, Genworth also offers extra-mile service and support to their customers. They are committed to helping communities and various charities and organizations, as well as taking care of the environment through initiatives that reduce their environmental impact. Genworth also provides customer service and support through their website, MyGenworth online accounts, and a dedicated phone line.
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Genworth's commitment to the environment
Genworth, an American financial services company, offers mortgage insurance, among other services. The company is committed to reducing the environmental impacts of its business activities and implementing best practices to support sustainability.
Genworth's Sustainability Committee, comprising representatives from across the business, supports adherence to the company's Environmental Policy in its everyday processes and procedures. The company recognises that climate change poses significant potential risks to the environment, the global economy, and human health and well-being. Furthermore, Genworth acknowledges the contribution of human activity to global warming.
Genworth seeks to use LEED-certified locations whenever possible and implements environmental risk management processes. The company also quantifies and mitigates the environmental impacts of its operations and educates employees, customers, suppliers, and other stakeholders on environmental issues. Additionally, Genworth participates annually in the CDP disclosure project, previously known as the Carbon Disclosure Project, since 2007.
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Genworth's customer service
Genworth Financial is an American financial services company that provides life insurance, long-term care insurance, mortgage insurance, and annuities. The company has a dedicated customer service team that can be reached through various channels, including phone, mail, fax, and email.
Phone
For mail inquiries, Genworth provides a Forms & Documents page on its website, where customers can download and complete the relevant forms. The completed forms can be mailed to the company's office address. After processing, Genworth sends a confirmation letter to the customer.
Fax and Email
Genworth also accepts requests and inquiries via fax and email. Customers can find the relevant fax numbers and email addresses on the Genworth website, depending on the nature of their inquiry. For example, fax numbers are provided for life insurance and long-term care insurance requests, while specific email addresses are listed for LTC claims invoices and document reviews.
Online
Genworth offers an online customer portal called MyGenworth, where customers can log in to view their current policy information, initiate an EFT, and access their IRS forms. Financial professionals can also manage their business with Genworth online through the Genworth Pro portal.
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Genworth's recent acquisitions and mergers
Genworth Financial, headquartered in Richmond, Virginia, is an American financial services company. It provides life insurance, long-term care insurance, mortgage insurance, and annuities. The company was founded in 1871 as The Life Insurance Company of Virginia in Petersburg, Virginia.
In 2007, Genworth Financial's life insurance division merged with another GE Capital insurance company, First Colony Life Insurance Company, with the former becoming the surviving entity. In the same year, the company acquired Liberty Reverse Mortgage, a reverse mortgage company, for $50 million. In 2009, Genworth MI Canada, its Canadian mortgage insurance subsidiary, completed an initial public offering on the Toronto Stock Exchange, raising $850 million.
In 2013, Genworth Financial completed a legal entity reorganization, creating a new holding company and separating its U.S. mortgage insurance subsidiaries. In 2015, the company sold Genworth Lifestyle Protection Insurance to Axa for €465 million. In 2016, Genworth Financial sold its term life insurance platform to Pacific Life and announced that China Oceanwide Holdings Group had agreed to buy the company for $2.7 billion. However, in 2021, Genworth terminated the acquisition due to China Oceanwide's inability to close the deal.
In 2020, Genworth MI Canada was renamed Sagen MI Canada, and Brookfield Business Partners acquired all outstanding common shares of Sagen. In 2021, the company completed the initial public offering of Enact Holdings, its private mortgage insurance subsidiary. Enact offers competitive MI rates, broad underwriting guidelines, quick turn times, exclusive borrower products, and a dedicated support team.
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Frequently asked questions
Genworth Financial is an international insurance holding company that offers mortgage insurance, helping people buy a home sooner with the safety of mortgage insurance.
Genworth also offers life insurance, long-term care insurance, annuities, and lifestyle protection insurance.
Genworth's US Mortgage Insurance offers coverage for prime-based and individually underwritten residential mortgage loans.
Genworth's Australia Mortgage Insurance provides flow mortgage insurance and bulk products and services that help in selling mortgages to capital markets.
Genworth's Canada Mortgage Insurance offers flow mortgage insurance and bulk products and services that help lenders to manage risk and capital.
