The company's stated goal: "Genworth Financial is dedicated to helping individuals and families achieve their goals in a world of shifting financial burdens."
May - GE spins off Genworth Financial (formerly GE Financial) in the largest IPO of the year. The IPO tops the more publicized Google IPO that year.http://www.ipohome.com/marketwatch/review/2004review.asp Genworth debuts 145 million Class A shares at $19.50 a share, generating proceeds of $2.83 billion and is listed as the 14th largest IPO of all time. As part of the IPO plan, GE sells 30 percent of Genworth to the public with Morgan Stanley and Goldman Sachs serving as joint book-running managers. GE to divest itself over the next five years.
December - Genworth completes its sponsorship of the TV show The Apprentice, hosted by Donald Trump. President and CEO Michael Frazier makes a surprise live appearance in the season finale and casts his vote for winning apprentice Kelly Perdew.
2005
March - GE sells a total of 80.5 million shares of Genworth Class A common stock in a secondary offering at a price to the public of $26.50 per share. GE receives net proceeds from the offering and the repurchase of approximately $2.6 billion. Concurrent with the offering, Genworth repurchases directly from GE $500 million of Genworth's Class B Common Stock. GE's ownership of Genworth falls to approximately 52% of Genworth's common stock.
Genworth announces it will extend grace periods for life and long-term care premium payments and take other measures to assist customers and distributors in portions of Louisiana, Mississippi and Alabama that have been declared disaster areas by the Federal Emergency Management Agency (FEMA) as a result of devastation left by Hurricane Katrina.http://phx.corporate-ir.net/phoenix.zhtml?c=175970&p=irol-newsArticle&ID=752232&highlight=
GE agrees to sell a total of 80 million shares at a price to the public of $29.50 per share. GE also agrees to sell 21 million shares to Citigroup Global Markets Inc., an affiliate of which will issue securities exchangeable for Genworth Class A shares. GE grants over- allotment options to permit the underwriters of the common stock offering to purchase an additional 12 million shares and to permit Citigroup Global Markets Inc. to purchase an additional 3.15 million shares. GE's ownership drops to approximately 27 percent of Genworth's common stock.http://phx.corporate-ir.net/phoenix.zhtml?c=175970&p=irol-newsArticle&ID=759660&highlight=
December - GE agrees to sell a total of 38 million shares to Morgan Stanley & Co. Incorporated, as the sole underwriter of the offering, at a price of $34.66 per share. GE grants an over-allotment option to permit the underwriter to purchase an additional 2.85 million shares. GE's ownership drops to approximately 18 percent of Genworth's common stock.http://phx.corporate-ir.net/phoenix.zhtml?c=175970&p=irol-newsArticle&ID=792137&highlight=
Genworth changes the names of a select group of its underwriting companies to drop the GE name and incorporate the Genworth brand.
General Electric Capital Assurance Company becomes Genworth Life Insurance Company
GE Life and Annuity Assurance Company becomes Genworth Life and Annuity Insurance Company
GE Capital Life Assurance Company of New York becomes Genworth Life Insurance Company of New York
March - GE agrees to sell approximately 71 million shares of Class A Common Stock at a price to the public of $32.75 per share. Concurrently with the closing of the offering, Genworth also will repurchase 15 million shares of Genworth's Class B Common Stock directly from GE for $479 million. GE ceases to own any shares of Genworth's common stock.http://phx.corporate-ir.net/phoenix.zhtml?c=175970&p=irol-newsArticle&ID=825308&highlight=
Genworth announces the reorganization of its businesses into three new operating segments: Retirement and Protection, International and U.S. Mortgage Insurance. The reorganization is intended to more directly align high-growth international, mortgage insurance and retirement and protection business opportunities.http://phx.corporate-ir.net/seccapsule/seccapsule.asp?m=f&c=175970&fid=4788309&dc=
Through a holistic combination of volunteerism, collaborations with community partners, and charitable contributions, Genworth Financial supports efforts that enhance the quality of life in the communities where it maintains offices.
Genworth Foundation
Established in 2005, the Genworth Foundation is dedicated to providing funds and volunteers, solving individual problems, and building stronger communities. The Foundation focuses its funding efforts to ensure the following community priorities are addressed: Supporting access to basic needs, enriching senior's lives, providing educational opportunities for at-risk youth.
Genworth Volunteers
Genworth Volunteers is a global organization made up of employees and retirees. It directly supports the philanthropic efforts of Genworth Financial and the Genworth Foundation.
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