Pursuits
Genworth to Sell Europe Unit at Loss to Fill Mortgage Gap
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Genworth Financial Inc. is in exclusive talks to sell a European unit to France’s Axa SA as Chief Executive Officer Tom McInerney works to fill a capital gap at a business backing U.S. mortgages.
Genworth received an “irrevocable offer” for its lifestyle protection insurance business and the sale price is expected to be about $510 million, the Richmond, Virginia-based insurer said in a statement Wednesday. McInerney’s company said it would take a second-quarter loss of about $310 million on the plan.