Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth 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. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. Genworth and China Oceanwide Push Back Deal Completion Deadline, Genworth Aims to Line Up Backup Financing Options, Robinhood Sued Over Issues Tied to 'Dark Pool' of Payments, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Annuities Insider Newsletter, Sign Up for the Life/Health Daily Newsletter, Sign Up for the Career Advantage Newsletter, Sign Up for the Life/Health Weekender Newsletter. 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) the risk that the transaction with Oceanwide may not be completed in a timely manner or at all, which may adversely affect Genworth's business and the price of Genworth's common stock; (ii) the parties' inability to obtain regulatory approvals, clearances or extensions, or the possibility that such regulatory approvals or clearances may further delay the transaction with Oceanwide or will not be received prior to June 30, 2020 (and either or both of the parties may not be willing to further waive their end date termination rights beyond June 30, 2020) or that materially burdensome or adverse regulatory conditions may be imposed or undesirable measures may be required in connection with any such regulatory approvals, clearances or extensions (including those conditions or measures that either or both of the parties may be unwilling to accept or undertake, as applicable) or that with continuing delays, circumstances may arise that make one or both parties unwilling to proceed with the transaction with Oceanwide or unable to comply with the conditions to existing regulatory approvals or one or both of the parties may be unwilling to accept any new condition under a regulatory approval; (iii) the risk that the parties will not be able to obtain other regulatory approvals, approvals, clearances or extensions, including in connection with a potential alternative funding structure or the current geo-political environment, or that one or more regulators may rescind or fail to extend existing approvals, or that the revocation by one regulator of approvals will lead to the revocation of approvals by other regulators; (iv) the parties' inability to obtain any necessary regulatory approvals, clearances or extensions for the post-closing capital plan, and/or the risk that a condition to the closing of the transaction with Oceanwide may not be satisfied or that a condition to closing that is currently satisfied may not remain satisfied due to the delay in closing the transaction with Oceanwide or that the parties are unable to agree upon a closing date following receipt of all regulatory approvals and clearances; (v) potential legal proceedings that may be instituted against Genworth related to the transactions with Oceanwide; (vi) the risk that the proposed transaction disrupts Genworth's current plans and operations as a result of the announcement and consummation of the transaction; (vii) potential adverse reactions or changes to Genworth's business relationships with clients, employees, suppliers or other parties or other business uncertainties resulting from the announcement of the transaction or during the pendency of the transaction, including but not limited to such changes that could affect Genworth's financial performance; (viii) certain restrictions during the pendency of the transaction that may impact Genworth's ability to pursue certain business opportunities or strategic transactions; (ix) continued availability of capital and financing to Genworth before the consummation of the transaction; (x) further rating agency actions and downgrades in Genworth's financial strength ratings; (xi) changes in applicable laws or regulations; (xii) Genworth's ability to recognize the anticipated benefits of the transaction; (xiii) the amount of the costs, fees, expenses and other charges related to the transaction; (xiv) the risks related to diverting management's attention from Genworth's ongoing business operations; (xv) the impact of changes in interest rates and political instability; and (xvi) other risks and uncertainties described in the Definitive Proxy Statement, filed with the SEC on January 25, 2017, and Genworth's Annual Report on Form 10-K, filed with the SEC on February 27, 2020. Lu Zhiqiang, the chairman of China Oceanwide, referred generally to deal financing in a comment included in the new announcement. Oceanwide will continue to work on finalizing its financing plan and will then discuss currency conversion and transfer of funds with China's State Administration of Foreign Exchange (SAFE). Shares of Genworth Financial (NYSE:GNW) have plummeted today, down by 26% as of 12:05 p.m. EST, after the company provided an update regarding its transaction with China Oceanwide. China Oceanwide is now in the process of closing on a $1.8 billion financing arrangement from Hony Capital, … Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. © 2021 Genworth Financial, Inc. All rights reserved. China Oceanwide has been trying to acquire Genworth since October 2016. RICHMOND, Va. and BEIJING, Oct. 1, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced today that Oceanwide has reached a general agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth… Genworth has received comprehensive financial information from China Oceanwide every quarter, and Hony Capital, an investment firm, provided a commitment for $1.8 billion in financing that … Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to … Genworth and Oceanwide Provide Update on Pending Transaction, For further information: For further information: Investors: investorinfo@genworth.com or Media: Julie Westermann, 804 662.2423, julie.westermann@genworth.com. Genworth and Oceanwide remain committed to the transaction and are still targeting closing towards the end of May, if feasible. From time to time, Genworth releases important information via postings on its corporate website. Genworth Financial (GNW) is a company that has been wrapped up in regulatory approvals from 2016 to March of this year regarding its pending sale to China Oceanwide (OTC:HHRBF). Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. 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 … This information can be found at http://www.genworth.com.au. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. Learn how lifestyle risk factors provide a sharper, more informed risk assessment to create a better experience for your customers. Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial 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 the closing of the transaction with Oceanwide, the receipt of required approvals relating thereto and any capital contribution resulting therefrom. Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). The agreement also calls for China Oceanwide to make a $1.5 billion contribution to Genworth’s U.S. operations in three “tranches,” or slices, after the deal closes. Elite teams are searching for a better way of doing business -- and they're finding answers in the RIA channel. SA Stone Wealth Management broker also was charged with an indecent assault on a female adult, according to court records. … The Top 5 Lead Generation Ideas for Financial Advisors. Life Insurance Claim Form Instructional Video. Businesses controlled by Oceanwide have more than 10,000 employees globally. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. A Hony Capital representative … Get the latest best practices, relevant stats and industry trends - quickly and easily. Former RIA Killed Himself After U.S. Capitol Riot Arrest, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, 5 Predictions for Advisors in Biden’s First Year, Texas Broker Charged With Child Sexual Assault, Indecency. Oceanwide said finalizing the Hony Capital financing terms and restrictions related to the coronavirus pandemic have contributed to the delay in closing the deal. China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth GNW -28.84% Financial Inc., o The companies said that, to complete the deal, they still need: The companies also need the blessing of regulators in Delaware because a major Genworth life insurance subsidiary has its official state of domicile in Delaware. Genworth: China Oceanwide, Hony leaders work on financing, source says 15 May 2020 - 10:33 am UTC Senior executives at China Oceanwide and Hony Capital continue to work on lining up funding for the USD 1.8bn offshore bridge loan from Hony that China Oceanwide needs to fund its long-pending acquisition of Genworth … Earlier this week, Genworth announced that Oceanwide had made significant progress towards the Hony Capital funding and other requirements in order to close the Oceanwide transaction. The San Francisco Business Times reported in October that Hony Capital has been working to buy Oceanwide Center, a big commercial real estate project in San Francisco, from a China Oceanwide affiliate for $1.2 billion. Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to June 30, 2020. The age of digital prospecting is here. Advance your career and take your firm's production to the next level with FREE practice-management tips. Access now! Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance Genworth said … ... Genworth, one of the … On Oct. 1, 2020, Genworth announced that Oceanwide had reached an agreement with Chinese private equity firm Hony Capital on the commercial terms and conditions of its $1.8 billion offshore financing plan to complete its acquisition of Genworth. RICHMOND, Va., Nov. 2, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. Genworth and China Oceanwide said today, in a comment about deal financing that, “The parties are also working on a 90-day extension of each of the three $500 million tranches under the post-close Oceanwide capital plan.”. Genworth said one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. However, given the unprecedented market disruptions due to the coronavirus pandemic, Oceanwide and Genworth previously extended the deadline to no later than June 30, 2020 to provide the parties with additional time if needed to close the transaction. Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to … “Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony … Oceanwide has confirmed that Oceanwide's existing financing arrangement for debt funding of up to $1.8 billion through Hony Capital has been extended through December 31, 2020. Genworth Financial is a company that has been wrapped up in regulatory approvals from 2016 to March of this year regarding its pending sale to China Oceanwide ().Earlier this year, with all the regulatory approvals in place, it seems like Hony put the deal on ice. Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced today that Oceanwide has reached a general agreement with Hony Capital on the key … Genworth (NYSE:GNW) said that Covid-19 and some geopolitical issues have raised additional due diligence issues for Hony Capital, which is helping fund China Oceanwide's acquisition of Genworth … 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. Oceanwide will also seek confirmation from the Delaware Department of Insurance that the acquisition of Genworth's Delaware domiciled insurer may proceed under the existing approval. admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Genworth said Monday that one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. 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. The Hony Capital financing arrangement was set to expire March 31. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. China Oceanwide is a Beijing-based real estate developer and financial services company, with commercial real estate properties and construction projects all over the world. Grow your annuities business with help from expert insight and analysis you can access all in one place - FREE. Preserve wealth with help from advanced tax planning and risk management strategies. Your article was successfully shared with the contacts you provided. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. Genworth announced that Oceanwide has made significant progress on the Hony Capital funding and has provided satisfactory documentation to Genworth indicating that Hony Capital … “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) the risk that Oceanwide will be unable to complete funding,” according to the cautionary note.