Genworth Financial Misses Shot At Treasure Loot
Wednesday, Apr 15,2009, 10:56:54 AM Click:
Copyright: M2 COMMUNICATIONS LTD
Source: InvesTrend
Wordcount:
13 April 2009 (FinancialWire) - Insurer Genworth Financial (NYSE: GNW) said he spent a period set by the Office of Thrift Supervision of the application to become a savings and loan holding company, and be able to buy Minnesota-based interbank fsb. The company said it will therefore not be able to participate in Treasury's Capital Purchase Program.
CEO of the company Michael D. Fraize PRC said that participation through an acquisition savings has been an option considered Genworth to provide "another level of capital to respond to unforeseen events.
He added: "Since Genworth initial application of the CPP in November, we made significant progress improving our levels of capital and flexibility in using various strategies, including reinsurance, improvements in markets, reductions dividend, mitigating the risk and expense rationalization.
Fraize said that the company remains "comfortable with our goal of a life insurance company risk-based capital ratio of 350 percent or more by the end of 2009."
Genworth will report first quarter operating results in early May.
Richmond, Virginia-based Genworth Financial employs approximately 6,000 people and has a presence in over 25 countries.
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Free annual reports for companies mentioned in the media are available through annual reports of the Free Service (http://investrend.ar.wilink.com/?level=279).
((Comments on this story in May will be sent to tww.feedback @ m2.com))
Source: InvesTrend
Wordcount:
13 April 2009 (FinancialWire) - Insurer Genworth Financial (NYSE: GNW) said he spent a period set by the Office of Thrift Supervision of the application to become a savings and loan holding company, and be able to buy Minnesota-based interbank fsb. The company said it will therefore not be able to participate in Treasury's Capital Purchase Program.
CEO of the company Michael D. Fraize PRC said that participation through an acquisition savings has been an option considered Genworth to provide "another level of capital to respond to unforeseen events.
He added: "Since Genworth initial application of the CPP in November, we made significant progress improving our levels of capital and flexibility in using various strategies, including reinsurance, improvements in markets, reductions dividend, mitigating the risk and expense rationalization.
Fraize said that the company remains "comfortable with our goal of a life insurance company risk-based capital ratio of 350 percent or more by the end of 2009."
Genworth will report first quarter operating results in early May.
Richmond, Virginia-based Genworth Financial employs approximately 6,000 people and has a presence in over 25 countries.
FinancialWire (tm) is a fully independent, news wire service property. FinancialWire (tm) is not a press release service and receives no compensation for its news, opinions, or distributions. More information is at the FinancialWire (tm) site (http://www.financialwire.net/disclosures.php). Contact FinancialWire (tm) directly via inquiries@financialwire.net.
Free annual reports for companies mentioned in the media are available through annual reports of the Free Service (http://investrend.ar.wilink.com/?level=279).
((Comments on this story in May will be sent to tww.feedback @ m2.com))
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