China’s Oceanwide to Acquire Virginia Genworth Financial

Virginia-based life and annuities insurer, Genworth Financial, is being acquired by Oceanwide a Chinese conglomerate , for $2.7 billion. The US insurer will continue to operate as a standalone company while senior managers get to keep their seat. Recall: Genworth, which was once a part of General Electric, has written generous long-term care policies in the past yet these policies became less profitable as interest rates hit rock bottom and as its life insurance customers lived longer than expected.