RICHMOND, Va., Dec. 14,
2017 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW)
(Genworth) today announced that its majority owned subsidiary,
Genworth Mortgage Insurance Australia Limited (GMA), issued a press
release reporting that it had finalized its annual review of the
premium earning pattern or earnings curve. GMA will modify
the premium earning pattern in line with the conclusions of this
review. As a result, the change, in the aggregate, will
lengthen the average duration of the period over which GMA
recognizes its revenue, but it does not affect the total amount of
revenue earned over time from premiums already written. GMA
included in its press release the estimated impact of the
modification on its fourth quarter financial results, including
minimal impact to its regulatory solvency ratio, as well as
resulting changes to its 2017 full year outlook.
Genworth continues to review the financial impact of GMA's
modified earning pattern on its consolidated financial statements
under U.S. generally accepted accounting principles (GAAP).
Genworth's treatment of GMA's modified earnings pattern under U.S.
GAAP may be different than GMA's treatment under Australian GAAP
with the result that the financial impact to Genworth may be
materially different than that recognized by GMA. Genworth
expects to announce its conclusion with its results for the fourth
quarter of 2017.
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. From time to time, Genworth's
publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth
Mortgage Insurance Australia Limited, separately release financial
and other information about their operations. This information can
be found at http://genworth.ca and
http://www.genworth.com.au.
Cautionary Note Regarding Forward-Looking Statements
This communication includes certain statements that may
constitute "forward-looking statements" within the meaning of the
federal securities laws, including Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements may be
identified by words such as "expects," "intends," "anticipates,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements
regarding future financial results of Genworth and Genworth
Mortgage Insurance Australia Limited. 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 from those in the forward-looking
statements and factors that may cause such a difference include,
but are not limited to, risks and uncertainties related to: (i)
different accounting treatment and (ii) other risks and
uncertainties described in Genworth's Annual Report on Form 10-K,
filed with the SEC on February 27,
2017. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
Consequences of material differences in results as compared with
those anticipated in the forward-looking statements could include,
among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar risks,
any of which could have a material adverse effect on Genworth's
consolidated financial condition, results of operations,
credit rating or liquidity. Accordingly, forward-looking statements
should not be relied upon as representing Genworth's views as of
any subsequent date, and Genworth does not undertake any obligation
to update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws.
View original
content:http://www.prnewswire.com/news-releases/genworth-australia-finalizes-premium-earning-pattern-and-updates-fy2017-guidance-300571783.html
SOURCE Genworth Financial, Inc.