Genworth Gets Major Regulatory Approvals for China Oceanwide Deal
December 26, 2018 by Allison Bell
Genworth Financial Inc. is now much closer to becoming part of China Oceanwide Holdings Group Co. Ltd.
The Richmond, Virginia-based insurer says it has received approvals for the $2.7 billion China Oceanwide deal from several major regulatory agencies.
Genworth was a major player in the U.S. life and annuity markets. It continues to sell some long-term care insurance (LTCI). It’s still a major issuer of mortgage insurance in the United States, Canada and Australia, and it still has large amounts of life, annuity and LTCI business on its books. GLIC has written more LTCI business than any other U.S. issuer.
The Delaware Department of Insurance, the lead regulator for a major Genworth subsidiary, Genworth Life Insurance Company (GLIC), has given the deal its blessing.
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