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Genworth Financial

Genworth Financial, headquartered in Richmond, Virginia, is a provider of long-term care and mortgage insurance products and services throughout the United States, Canada, and Australia. Genworth is the market leader in long-term care insurance products. The insurer recently halted sales of all other life insurance products. The company's domestic U.S. mortgage insurance operation is likely be the primary source of value for Genworth going forward. GNW continues to report strong sales of high-quality mortgage insurance. Genworth reached a deal to be acquired by China Oceanwide. The deal may not close due to regulatory concerns. (05 Sep 2018)

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Transcript: US Insurers & The Rate Environment

Transcript: 04 Dec 2018, 9:15 PM ET - This note provides the slides and transcript for the U.S. insurance presentation given at the CreditSights IG and Crossover conference on December 4, 2018. A download link to the slides is provided in the note.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.
Focused

Genworth: Delaware Recommends Accepting Deal

HY Note: 28 Nov 2018, 12:08 PM ET - The Delaware Department of Insurance concluded that it no longer has objections to the proposed takeover of Genworth by China Oceanwide, subject to certain very limited conditions.

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.
Focused

Genworth: Fitch Downgrades Life Companies

Worth Watching: 20 Nov 2018, 8:54 PM ET - Genworth: Fitch Ratings announced that it was downgrading the Insurer Financial Strength (IFS) ratings of Genworth Life Insurance Company (GLIC) and Genworth Life Insurance Company of New York (GLICNY) to 'B-' from 'B+'. These entities house GN ..

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.
Focused

U.S. Life Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 5:36 AM ET - We provide a recap of U.S. Life Insurer third quarter earnings reports and highlight certain trends and topics that emerged.

PRU 3Q18: Good Enough Quarter, Spreads Tight

Earnings Note: 08 Nov 2018, 12:56 PM ET - Prudential posted $1.3 bn in operating income this quarter, up 2% YoY, though this was largely due to the benefits of corporate tax reform. We maintain our U/P on PRU given trading levels, but note that it is a strong defensive name.

MGIC: In-Force Up, Hurricanes Impact Delinquencies

Worth Watching: 08 Nov 2018, 12:02 PM ET - MGIC reported delinquent inventory of 33,336 units as of the end of October 2018, down just slightly from 33,398 units at the end of 3Q18. The slowdown in the decline in delinquent inventory is likely to be at least partially related to recent ..

U.S. Life Insurance: Application Activity Dips

Worth Watching: 08 Nov 2018, 11:55 AM ET - U.S. Life Insurance: The MIB Index estimates that individual life insurance application activity was down 2.8% in October 2018 as compared to the prior year period. In October 2018, application activity showed a divergence between the 0-44 age ..

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

BHF 3Q18: Sales and Earnings Top Expectations

Earnings Note: 06 Nov 2018, 9:55 AM ET - BHF put together its best quarter yet with adjusted earnings of $270 mn and strong sales of both its flagship Shield product and new fixed annuity offerings. We maintain our O/P recommendation on BHF’s 3.7% 2027s.

MetLife 3Q18: U.S. Business Surges, LTC Update

Earnings Note: 02 Nov 2018, 10:45 AM ET - MetLife reported 3Q18 earnings of $1.4 bn as U.S. business profitability got even stronger. The company did incur costs associated with actuarial reviews for Asia and EMEA business, but LTC is on solid footing at least for the time being.
Focused

Genworth 3Q18: China Moving Forward with Process

Earnings Note: 31 Oct 2018, 8:51 AM ET - More good news for Genworth as first Delaware schedules a public hearing to discuss the transaction and now the first step in the Chinese regulatory process has been cleared. In 3Q18, GNW reported $145 mn in operating earnings.
Focused

Genworth: Major Step with Delaware Public Hearing

HY Note: 29 Oct 2018, 9:43 AM ET - Genworth and China Oceanwide took another major step forward in the regulatory process as Delaware has finally announced that it will hold a public hearing to discuss the deal. This implies the sides are close to agreement.

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

U.S. Insurance: Rate Hikes A Plus, Curve Stubborn

Sector Analysis: 10 Oct 2018, 9:11 PM ET - In this note we discuss the rising rate environment in light of a flattening yield curve. P&C insurers with shorter duration liabilities should benefit immediately, while life insurers with long duration liabilities face challenges.

U.S. P&C Insurance: Hurricane Michael

Sector Analysis: 10 Oct 2018, 4:35 AM ET - Hurricane Michael may end up being a Category 4 storm before it ultimately makes landfall in the Florida panhandle region. We discuss which insurers are most at-risk of losses, and offer a downloadable Excel file to accompany the note.

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