Genworth Financial Inc. / GNW
About Genworth Financial Inc.
6620 W. Broad St., Richmond, Va. 23230
www.genworth.com
| 804-281-6000
| Founded: 2004
Industry: Financial Services | Category: Top Companies Headquartered in Virginia
Genworth reported a third consecutive year of strong earnings growth as it expanded its businesses overseas and restructured internally.
The company reorganized its businesses into four major segments: retirement and protection; international; U.S. mortgage; and corporate. It also merged three of its life insurance companies into others, bringing them all under the Genworth brand name.
Genworth expanded its asset management efforts by acquiring AssetMark Investment Services for $230 million and a commitment to make additional performance-based payments of up to $100 million over the next five years.
Genworth also paid about $145 million to acquire Continental Life Insurance, a provider of Medicare supplemental insurance.
The company plans to sell its Employee Benefits Group business to Sun Life Financial for $650 million this year.
It also repurchased $1 billion of its stock in 2006, and its board has authorized the purchase of up to $1.1 billion more of its stock this year.
2006 Financial Data
Revenues: $11,029,000,000 | Net Income: $1,328,000,000Asssets: $110,871,000,000 | Earnings Per Share: $2.83
Stockholder Equity: $13,330,000,000 | Annual Dividend: $0.32
Total employees: 7,200 | Local employees: None
Did You Know
Genworth Financial Inc. is a global financial services holding company, serving 15 million customers in more than 25 countries. The company was spun off from General Electric in May 2004, but Genworth's roots stretch back to the Life Insurance Co. of Virginia, which wrote its first policy in 1871.
