Genworth to sell stake in Australian business
US-based Genworth Financial has announced it intends selling a stake in its Australian mortgage insurance business via an initial public offering (IPO).
Announcing a 65 per cent decline in third quarter profit in the US overnight, the company said it would be selling a stake in the Australian mortgage insurance business.
According to a report issued by Bloomberg, Genworth chief executive officer Michael Fraizer described the Australian move as being part of a value-enhancing strategy.
"We continue to pursue and accelerate value-enhancing strategies to redeploy and optimise capital while maintaining appropriate risk buffers, including strategic management of new business levels and our plan to pursue a minority share Initial Public Offering of our Australian mortgage insurance business," he said.
AUTHOR
Mike Taylor
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