RICHMOND, Va., May 13, 2021 /PRNewswire/ -- Genworth Financial,
Inc. (NYSE: GNW) (Genworth) today announced that it has postponed
the previously announced initial public offering (IPO) of its
subsidiary, Enact Holdings, Inc. (Enact).
"In light of the recent significant trading volatility in the
mortgage insurance (MI) sector, Genworth's Board of Directors
determined that current market pricing for the planned offering
does not accurately reflect Enact's value. Therefore, we have
decided to postpone the IPO and will continue to evaluate our
options as market conditions develop," said Tom McInerney, Genworth President and CEO. "Our
primary objective has been and will continue to be protecting the
value of Enact. We maintain our positive long-term outlook for the
MI sector, given strong trends in the U.S. housing market and
expected tailwinds as the economy recovers from COVID-19."
Genworth's liquidity position to meet its near-term obligations
is not dependent on the IPO, with the holding company having
approximately $757 million in cash
and liquid assets as of March 31,
2021.
A registration statement on Form S-1 relating to these
securities has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance
holding company committed to helping families achieve the dream of
homeownership and address the financial challenges of aging through
its leadership positions in mortgage insurance and long term care
insurance. Headquartered in Richmond,
Virginia, Genworth traces its roots back to 1871 and became
a public company in 2004. 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.
Cautionary Note Regarding Forward-Looking Statements
This communication contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may
be identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning & include, but are not limited to, statements
regarding the outlook for future business and financial performance
of Genworth Financial, Inc. (Genworth) and its consolidated
subsidiaries. Forward-looking statements are based on
management's current expectations and assumptions, which are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes
and results may differ materially due to global political,
economic, business, competitive, market, regulatory and other
factors and risks, including those discussed at the end of this
presentation, as well as in the risk factor section of Genworth's
Annual Report on Form 10-K, filed with the United States Securities
and Exchange Commission (SEC) on February
26, 2021, Genworth undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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SOURCE Genworth Financial, Inc.