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Genworth Financial's Lifestyle Protection Insurance Entities Rated "A-" by Standard and Poor's
London (ots/PRNewswire) - Standard and Poor's Ratings Services ("S&P") has rated Genworth Financial's main Lifestyle Protection Insurance entities "A-" following the completion of a financial strength rating assessment. The ratings given to the two UK-registered entities, Financial Insurance Company Limited and Financial Assurance Company Limited, indicates that both have strong financial security characteristics. The outlook on both companies is stable.
The announcement by S&P, which is the first independent rating sought by Genworth for the two entities, was awarded following a comprehensive review of the competitive position, strategy, capital strength, financial flexibility and risk management processes of the Lifestyle Protection business.
Bob Brannock, President - Europe at Genworth Financial comments: "We welcome the decision by S&P to rate our main Lifestyle Protection Insurance entities "A-". In particular, we are pleased that, in their announcement, S&P have recognised our very strong capitalization, geographic diversification and competitive advantage through our IT systems and locally-focussed teams."
"The fact that this rating has been achieved during one of the harshest economic downturns is testament of our ability to manage risk and maintain capital."
"As a specialist underwriter of life, health and unemployment risk and other covers, our products play a vital role in helping consumers achieve financial security through the economic cycle and shouldering the burden placed on government welfare systems. The new rating from S&P demonstrates that Genworth is the partner of choice for these products."
The press release by Standard and Poor's can be accessed via their homepage: http://www.standardandpoors.com
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enrol to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrolment information is found under the "Investors" section of Genworth.com.
Lifestyle Protection Insurance is a family of products that help borrowers and consumers maintain their lifestyle by allowing them to make regular repayments on loans, mortgages and other financial commitments in the event of unemployment, disability or an accident, and clear outstanding balances in the event of death.
ots Originaltext: Genworth Financial
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