$8.970
+0.030 (+0.34%)Zum Schluss
GNW-News
GNW-Events
Genworth Expresses Disappointment Over AXA's Loss in Court
Genworth Financial (GNW) issued a statement in response to a UK Court of Appeal ruling against AXA (AXAHY) in their case against Santander (SAN) companies related to liabilities associated with the mis-selling of Payment Protection Insurance, or PPI, policies. The judgment granted Santander's appeal resulting in the setting aside of the trial court's judgment in AXA's favor for a majority of the indemnity claim. The Court of Appeal also denied AXA's appeal of the trial court's judgment rejecting AXA's contribution claim. In summary, the Court of Appeal judgment results in a finding of Santander being not liable for the vast majority of AXA's losses resulting from Santander's mis-selling. The statement follows: "While we are very disappointed in the decision from the Court of Appeal, we are analyzing the judgment and working with AXA to evaluate next steps, including options for further appeals," said Tom McInerney, Genworth President & CEO. "Since we have not factored any recoveries from the case into our capital allocation plans, we remain focused on our three strategic priorities: creating shareholder value through Enact, driving growth through CareScout, and maintaining self-sustainability in our Closed Block." At issue were losses incurred from mis-selling complaints for PPI underwritten by two companies that AXA acquired from Genworth in 2015. The policies were sold by a company acquired by Santander in 2009.
Genworth Financial Authorizes Additional $500 Million Share Buyback
Genworth Financial announced that its Board of Directors authorized an additional $500 million for the repurchase of shares of the company's common stock under its existing share repurchase program. As of September 1, 2026, approximately 30 million shares of common stock had been acquired at an aggregate purchase price of approximately $262 million under the company's existing $350 million share repurchase authorization, with approximately $88 million remaining available for repurchases under the authorization. "We are pleased to expand our share repurchase authorization, reflecting our continued confidence in Genworth's financial position and our ability to return capital to shareholders," said Tom McInerney, Genworth's President & CEO. "Enact's recently announced plans for higher capital returns in 2026 further strengthen our expected cash flows and support our ability to continue executing against our capital allocation priorities."
Genworth CEO Takes Temporary Leave, CFO Appointed Interim CEO
The company states: "Genworth Financial announced that Tom McInerney, President & Chief Executive Officer, will be taking a temporary leave of absence from his role to focus on his health. The Board of Directors has named Jerome Upton, currently Genworth's Chief Financial Officer, as Interim President & Chief Executive Officer, effective immediately."
Genworth Reports Strong Q1 2026 Results
"Genworth is off to a solid start in 2026, with first quarter results demonstrating disciplined execution across our businesses," said Tom McInerney, President & CEO. "Enact's strong cash generation supported capital returns to shareholders, while we continued to build the CareScout platform and enhanced the self-sustainability of the Closed Block. We remain well positioned to deliver long-term shareholder value and help families navigate the aging journey with confidence."
Genworth Responds to UK Court's Approval of Banco Santander's Appeal Request
Genworth (GNW) issued a statement following the UK Court of Appeal's decision to grant Santander's (SAN) request for permission to appeal the High Court's July 25 ruling in favor of certain companies in the AXA group regarding liabilities tied to the mis-selling of payment protection insurance policies. The company said, "At issue were losses incurred from mis-selling complaints for PPI underwritten by the claimants, who were acquired from Genworth in 2015. The policies were distributed by a company acquired by Santander in 2009. In the July 25 judgment and order, the High Court found Santander liable for the claimants' losses and awarded the claimants approximately GBP 680 million in damages, interest, and costs. Santander subsequently applied for permission to appeal, and yesterday the Court of Appeal granted that request. The case will now proceed to a determination by the Court of Appeal which is expected to take approximately 12 to 18 months. Under prior agreements between, amongst others, Genworth and the claimants, Genworth is entitled to a share of any funds the claimants recover from third parties in relation to PPI-related losses. As previously shared, any potential litigation recoveries have not been factored into Genworth's capital allocation plans. Any proceeds received will be deployed in line with Genworth's capital allocation priorities: investing in growth through CareScout, returning capital to shareholders through its buyback program, and opportunistically reducing debt."
Diese Seite dient nur der Recherche und ist keine Anlageberatung. Modelle können falsch liegen. Vergangene Wertentwicklung ist kein Indikator für die Zukunft.