June 14, 2021

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Genworth Financial Sells Its Stake In Genworth Mortgage Insurance Australia

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Genworth Financial Inc. (GNW) said that its wholly owned subsidiaries Genworth Financial International Holdings and Genworth Holdings have sold about 214.3 million shares in Genworth Mortgage Insurance Australia Limited at A$2.28 per share. It represents Genworth’s entire ownership position in Genworth Australia. Settlement of the sale will occur on March 3.

Completion of the transaction will result in a payment of about US$247 million under outstanding AXA promissory note. Following the payment, the net proceeds available to Genworth will be about US$123 million.

As previously indicated, Genworth will continue to prepare for a potential partial IPO of Genworth’s U.S. Mortgage Insurance.

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