Genworth
 |
|
| Public | |
| Traded as | : GNW S&P 400 Component |
| Industry | Financial Services |
| Founded | May 2004 |
| Headquarters | Henrico County, Virginia, United States |
|
Key people
|
Thomas J. McInerney (CEO) |
| Products | Long term care insurance, mortgage insurance |
| Revenue | US$ 8.548 billion (2015) |
| Total assets | US$ 106.4 billion (2016) |
|
Number of employees
|
~3,300 (2016) |
| Website | www |
Genworth Financial is a Fortune 500 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year.
The Genworth Financial family of companies has three segments: Retirement & Protection, US Mortgage Insurance, and International. Products and services include life and long-term care insurance, mortgage insurance, and annuities. Its legal structure is set up as six separate companies.
On April 1, 2013, Genworth announced the completion of a legal entity reorganization, with the result being the creation of a new ultimate holding company. This restructuring separated the U.S. mortgage insurance subsidiaries from the overall firm.
A.G. McIlwaine was the company’s first president. Begun by two dozen Petersburg investors, the Life Insurance Company of Virginia offered its first policies to local customers before expanding to Richmond, Virginia. Under general agent F.W. Chamberlayne, the Richmond Department attracted a large number of new clients. Within the first decade, the client base expanded beyond the South.
As the Life Insurance Company of Virginia grew, the headquarters were moved to Richmond, Virginia. By the turn of the twentieth century, the company offered products through different divisions,. The “Ordinary Division” of the company offered whole life annuity options and related products, the “Intermediate Division” offered term life products, endowment policies, and limited payment policies, and an industrial division offered inexpensive products.
Colloquially known as “Life of Virginia”, the company expanded its portfolio in the 20th century. Beginning with its first annuities business written in 1928, the company grew to include different mortgage insurance, lifestyle protection, and long-term care products and options.
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Wikipedia