Headquarters Address: Genworth Financial, Inc., 6620 West Broad Street, Richmond, Virginia 23230, USA
Revenue: US$8.1 billion (according to 2019 annual report)
Size (employees): 3,000+
Global Locations: USA, Australia, Canada
Underwriting Expertise: Mortgage, long-term care, and life insurance
Key People: President and CEO: Thomas J. McInerney
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. It operates through three segments: mortgage insurance, retirement & protection, and international products and services.
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 offers flow mortgage insurance and bulk products and services that help lenders to manage risk and capital.
Meanwhile, US Life Insurance provides life insurance, long-term care insurance, and fixed annuity products. Runoff offers coverage for non-strategic products, including variable life insurance, variable annuity, accident and health insurance, and institutional life insurance.
Genworth’s Long-Term Care helps customers to maintain their lifestyle as they age, with the cost varying based on geographic location, care setting, and level of care required.
History of Genworth
Genworth traces its roots to The Life Insurance Company of Virginia, which was founded in 1871 to address the challenges that come with aging and help people to own a home. In 1987, Combined Insurance acquired The Life Insurance Company of Virginia then sold it to GE Capital in 1996.
In May 2004, Genworth Financial was formed and became a publicly-traded company in the most extensive initial public offering (IPO) of the year.
Since its launch, the company has been able to release numerous mortgage insurance, lifestyle protection, and long-term options and extend its products and services to other countries.
Leadership at Genworth
Thomas J. McInerney – President and CEO
McInerney is the president, director, and CEO of Genworth. He joined the company in January 2013 after serving as a senior advisor at The Boston Consulting Group, where he provided consulting and advisory services to financial services companies in the USA and Canada.
He spent more than 30 years working in various senior roles at ING Groep NV and Aetna Inc., and he has been an active member of the American Council of Life Insurers board and Chief Executive Officer Committees.
Culture at Genworth
Genworth helps communities to become financially secure through community investment and employee giving. It also allows employees to volunteer, and it provides sponsorships to organisations that address social issues such as homelessness and affordable housing, economic development, education, arts and culture, workforce development, and healthy aging and caregiver support.
In 2019, the Genworth Foundation provided $1.9 million in grants to 100 non-profit organisations. Its employees also volunteered 16,000 hours and donated nearly $1.3 million to various non-profit organisations globally.
Aside from helping communities and various charities and organisations, Genworth is also committed to taking care of the environment. It implements numerous initiatives that support environmental stability and reduces the environmental impact associated with its business activities.
Certain professions may be able to avoid paying this hefty expense
It recently reported a full-year net profit
It can hire up to 150 technology specialists within five years
Here's what borrowers should consider when taking out this policy
Their partnership dates back more than 50 years