Genworth Financial announced that it has closed the previously announced sale of certain blocks of term life insurance to Protective Life Insurance Company.
The transaction represents another action toward increasing Genworth’s financial flexibility and strength by generating capital from low return blocks. Genworth will provide details regarding the transaction on its earnings conference call for the fourth quarter of 2015.
Goldman, Sachs & Co. and Willkie Farr & Gallagher LLP advised Genworth on this transaction.
Genworth Financial is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future.
Genworth has leadership positions in mortgage insurance and long term care insurance and product offerings in life insurance and fixed annuities that assist consumers in solving their home ownership, insurance and retirement needs.
Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004.