Genworth (GNW) Won't Participate in US Capital Purchase Program
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Genworth Financial (NYSE: GNW) was informed by the U.S. Department of the Treasury that the deadline it set for approval by the Office of Thrift Supervision of Genworth's application to become a savings and loan holding company passed before OTS completed its review of Genworth's application and Treasury will not extend the deadline. Genworth will therefore not complete its intended acquisition of InterBank, fsb of Maple Grove, Minnesota, nor will it be eligible to participate in Treasury's Capital Purchase Program established for companies that own a thrift.
"As we noted on prior occasions, CPP participation by way of a thrift acquisition was only one of the strategic levers Genworth has considered to provide another level of capital flexibility to address unforeseen events, and the nature of that program has continued to evolve," said Michael D. Fraizer, Genworth chief executive officer. "Since Genworth's initial CPP application in November, we have made significant progress enhancing our capital levels and flexibility using various strategies including reinsurance, refinements in targeted markets, dividend reductions, risk mitigation and expense streamlining. Genworth will continue to benefit from these actions. In addition, we remain comfortable with our target of a consolidated life insurance company risk-based capital ratio of 350 percent or above for year end 2009. We ended 2008 with about $2.0 billion of capital across Genworth in excess of levels required for targeted ratings or regulatory requirements. We continue to progress in our evaluation of additional strategic opportunities ranging from selected asset sales to other governmental programs that could provide additional financial flexibility, and we will pursue these where we believe it makes sense."
Genworth will report first quarter operating results in early May and will provide additional comments as appropriate at that time.
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