Latest news with #InsurerFinancialStrength
Business Wire
06-08-2025
- Business
- Business Wire
Genworth Financial Receives Ratings Upgrade from Moody's
RICHMOND, Va.--(BUSINESS WIRE)--Genworth Financial, Inc. (NYSE: GNW) today announced that Moody's Ratings (Moody's) has upgraded the Genworth Holdings, Inc. backed senior unsecured debt rating to Baa3 from Ba1, signifying a one-notch upgrade. The outlook for the rating is stable. 'We are pleased with this upgrade from Moody's, as it recognizes the continued progress we've made to strengthen our financial position and execute on our strategic objectives, as well as the strong value of our approximately 81% ownership of Enact,' said Jerome Upton, Executive Vice President and Chief Financial Officer. 'We remain focused on delivering value for our shareholders as we position the company for long-term success.' The Insurer Financial Strength ratings of Genworth's life insurance subsidiaries, which include Genworth Life Insurance Company, Genworth Life Insurance Company of New York and Genworth Life and Annuity Insurance Company, were unaffected by this ratings action. Additional information regarding the rating upgrade can be found in the rating action issued by Moody's this week. About Genworth Financial Genworth Financial, Inc. (NYSE: GNW) is a Fortune 1000 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth provides guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit and for more information on Enact Holdings, Inc. visit Cautionary Note Regarding Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the outlook for future business and financial performance of Genworth Financial, Inc. (Genworth) and its consolidated subsidiaries, liquidity and future strategic investments, including new senior care growth initiatives through fee-based services, advice, consulting and products, and future capital returns to shareholders. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, as well as risks discussed in the risk factor section of Genworth's Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission on February 28, 2025. Genworth undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Union Insurance reports Dh38.3 million profit compared to Dh2.5 million loss in 2023
Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organisations in the region, on Thursday reported that its net profit surged from a loss of Dh2.5 million posted in 2023 to Dh38.3 million in 2024. As of December 31, 2024, total assets have grown to Dh1.514 billion compared to Dh1.457 billion reported in the same period last year. Total shareholders' equity has grown from Dh205 million in 2023 to Dh243.3 million in 2024. 'We are proud of our strong financial results that reflect the resilience of our business and the success of our sustainable growth strategies.' says Ramez Abou Zaid, Chief Executive Officer, Union Insurance Company. 'The restructuring of our operations and the investment portfolio has resulted in improved liquidity and solvency.' 'The strong financial performance, despite the unprecedented claims due to the floods in 2024, reflects prudent underwriting, strong reinsurance arrangements and the trust and faith of our clients,' he added. Earlier in 2024, Fitch Ratings has assigned the company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a Positive Outlook reflecting potential improvement in financial performance following management actions to improve the profitability of Union's underwriting book. The rating signifies strong capitalisation, good company profile and strong reinsurance protection.
Zawya
20-03-2025
- Business
- Zawya
Union Insurance Reports strong financial performance for 2024
Dubai, UAE - Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organisations in the region, has reported strong financial results for 2024. The company's net profit has surged from a loss of AED2.5 million posted in 2023 to AED38.3 million in 2024. As of 31 December 2024, Total Assets have grown to AED 1.514 billion compared to AED1.457 billion reported in the same period last year. Total Shareholders' Equity has grown from Dhs205 million in 2023 to AED243.3 million in 2024. 'We are proud of our strong financial results that reflect the resilience of our business and the success of our sustainable growth strategies.' says Ramez Abou Zaid, Chief Executive Officer, Union Insurance Company. 'The restructuring of our operations and the investment portfolio has resulted in improved liquidity and solvency.' 'The strong financial performance, despite the unprecedented claims due to the floods in 2024, reflects prudent underwriting, strong reinsurance arrangements and the trust and faith of our clients,' he added. Earlier in 2024, Fitch Ratings has assigned the company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a Positive Outlook reflecting potential improvement in financial performance following management actions to improve the profitability of Union's underwriting book. The rating signifies strong capitalisation, good company profile and strong reinsurance protection. About Union Insurance Company Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Central Bank and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and wider Middle East.
