0001193125-11-265298.txt : 20111006 0001193125-11-265298.hdr.sgml : 20111006 20111006092451 ACCESSION NUMBER: 0001193125-11-265298 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111001 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111006 DATE AS OF CHANGE: 20111006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENWORTH FINANCIAL INC CENTRAL INDEX KEY: 0001276520 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 331073076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32195 FILM NUMBER: 111128327 BUSINESS ADDRESS: STREET 1: 6620 WEST BROAD STREET CITY: RICHMOND STATE: VA ZIP: 23230 BUSINESS PHONE: 804-281-6000 MAIL ADDRESS: STREET 1: 6620 WEST BROAD STREET CITY: RICHMOND STATE: VA ZIP: 23230 8-K 1 d239283d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

October 1, 2011

Date of Report

(Date of earliest event reported)

 

 

LOGO

GENWORTH FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-32195   33-1073076

(State or other jurisdiction of

incorporation or organization)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

6620 West Broad Street, Richmond, VA   23230
(Address of principal executive offices)   (Zip Code)

(804) 281-6000

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.01. Completion of Acquisition or Disposition of Assets.

Effective October 1, 2011, Genworth Financial, Inc. completed the previously disclosed disposition of its Medicare supplement insurance business to Aetna Inc. for $276 million, net of customary closing adjustments. The transaction includes the sale of Continental Life Insurance Company of Brentwood, Tennessee and its subsidiary, American Continental Insurance Company, and the reinsurance of the Medicare supplement insurance in-force business written by other Genworth life insurance subsidiaries.

 

Item 9.01. Financial Statements and Exhibits.

(b) Pro Forma Financial Information.

The unaudited pro forma condensed consolidated balance sheet of Genworth Financial, Inc. as of June 30, 2011 and notes thereto and the unaudited pro forma condensed consolidated statements of income of Genworth Financial, Inc. for the six months ended June 30, 2011 and for the year ended December 31, 2010 and notes thereto are filed as Exhibit 99.1 hereto and incorporated by reference herein.

(d) Exhibits.

The following is filed as an exhibit to this report:

 

Number

   

Description

99.1    Unaudited Pro Forma Condensed Consolidated Balance Sheet of Genworth Financial, Inc. as of June 30, 2011 and notes thereto and Unaudited Pro Forma Condensed Consolidated Statements of Income of Genworth Financial, Inc. for the six months ended June 30, 2011 and for the year ended December 31, 2010 and notes thereto.

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 6, 2011

 

GENWORTH FINANCIAL, INC.
By:  

/s/ Amy R. Corbin

  Amy R. Corbin
 

Vice President and Controller

(Duly Authorized Officer and Principal Accounting Officer)

EXHIBIT INDEX

 

Number

   

Description

99.1    Unaudited Pro Forma Condensed Consolidated Balance Sheet of Genworth Financial, Inc. as of June 30, 2011 and notes thereto and Unaudited Pro Forma Condensed Consolidated Statements of Income of Genworth Financial, Inc. for the six months ended June 30, 2011 and for the year ended December 31, 2010 and notes thereto.

 

4

EX-99.1 2 d239283dex991.htm UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Pro Forma Condensed Consolidated Balance Sheet

Exhibit 99.1

Genworth Financial, Inc.

Unaudited Pro Forma Condensed Consolidated Financial Statements

The following unaudited pro forma condensed consolidated financial statements and related notes are presented to show the effect on the historical condensed consolidated financial statements of Genworth Financial, Inc. (the “Company”) of the sale of Continental Life Insurance Company of Brentwood, Tennessee (“Continental”) and American Continental Insurance Company (“American Continental”), both indirect subsidiaries of the Company, to Aetna Inc. (“Aetna”) (the “Sale”) and the effects of the reinsurance transactions whereby Genworth Life Insurance Company (“GLIC”) and Genworth Life and Annuity Insurance Company (“GLAIC”), both indirect subsidiaries of the Company, ceded 100% of their Medicare supplement insurance to Aetna and Aetna ceded 100% of the long-term care insurance business of Continental to GLIC (the “Reinsurance Transactions”). As a result of these Reinsurance Transactions, all Medicare supplement insurance has either been sold or reinsured and all long-term care insurance held by Continental has been reinsured back to the Company. The Sale and the Reinsurance Transactions were effective on October 1, 2011.

The unaudited pro forma condensed consolidated balance sheet is based on the assumption that the Sale and the Reinsurance Transactions were both completed on June 30, 2011. The unaudited pro forma condensed consolidated statements of income for the six months ended June 30, 2011 and for the year ended December 31, 2010 are based on the assumption that the Sale and the Reinsurance Transactions were completed on January 1, 2010.

The unaudited pro forma financial statements as of and for the periods presented are for illustrative and informational purposes only and are not intended to represent, or be indicative of, what the Company’s results of operations or financial position would have been had the Sale and the Reinsurance Transactions been completed on the dates noted above. The unaudited pro forma condensed consolidated financial statements also should not be considered representative of the Company’s future results of operations or financial position.

The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable under the circumstances. Actual amounts could differ materially from these estimates. The pro forma results should be read in conjunction with the financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the six months ended June 30, 2011.

 

1

GENWORTH FINANCIAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

As of June 30, 2011

(Amounts in millions, except per share amounts)

 

     Historical     Disposition (a)     Adjustments     Pro Forma  

Assets

         

Investments:

         

Fixed maturity securities available-for-sale, at fair value

    $ 56,221      $ (119 )    $ —        $ 56,102   

Equity securities available-for-sale, at fair value

      374        —          —          374   

Commercial mortgage loans

      6,432        —          —          6,432   

Restricted commercial mortgage loans related to securitization entities

      457        —          —          457   

Policy loans

      1,542        (1 )      —          1,541   

Other invested assets

      3,301        —          —          3,301   

Restricted other invested assets related to securitization entities ($378 at fair value)

      379        —          —          379   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investments

      68,706        (120 )      —          68,586   

Cash and cash equivalents

      2,831        (31 )      251   (b)      3,051   

Accrued investment income

      693        (1 )      —          692   

Deferred acquisition costs

      7,362        (56 )      (32 ) (c)      7,274   

Intangible assets

      692        (22 )      —          670   

Goodwill

      1,333        (37 )      —          1,296   

Reinsurance recoverable

      16,999        (6 )      24   (c)      17,017   

Other assets

      988        (7 )      —          981   

Deferred tax asset

      1,291        —          —          1,291   

Separate account assets

      11,452        —          —          11,452   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

    $ 112,347      $ (280 )    $ 243      $ 112,310   
  

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities and stockholders’ equity

         

Liabilities:

         

Future policy benefits

    $ 31,177      $ (55 )    $ 3   (c)    $ 31,125   

Policyholder account balances

      26,115        —          —          26,115   

Liability for policy and contract claims

      7,327        (30 )      2   (c)      7,299   

Unearned premiums

      4,563        (15 )      —          4,548   

Other liabilities ($145 other liabilities related to securitization entities)

      5,637        (20 )      39   (d)      5,656   

Borrowings related to securitization entities ($58 at fair value)

      452        —          —          452   

Non-recourse funding obligations

      3,374        —          —          3,374   

Long-term borrowings

      4,755        —          —          4,755   

Deferred tax liability

      1,937        5        —          1,942   

Separate account liabilities

      11,452        —          —          11,452   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

      96,789        (115 )      44        96,718   
  

 

 

    

 

 

    

 

 

    

 

 

  

Commitments and contingencies

         

Stockholders’ equity:

         

Class A common stock, $0.001 par value; 1.5 billion shares authorized; 579 million shares issued and 491 million shares outstanding

      1        —          —          1   

Additional paid-in capital

      12,110        —          —          12,110   
  

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income (loss):

         

Net unrealized investment gains (losses):

         

Net unrealized gains (losses) on securities not other-than-temporarily impaired

      352        (2 )      —          350   

Net unrealized gains (losses) on other–than-temporarily impaired securities

      (116 )      —          —          (116 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net unrealized investment gains (losses)

      236        (2 )      —          234   
  

 

 

    

 

 

    

 

 

    

 

 

  

Derivatives qualifying as hedges

      943        —          —          943   

Foreign currency translation and other adjustments

      883        —          —          883   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total accumulated other comprehensive income (loss)

      2,062        (2 )      —          2,060   

Retained earnings

      2,959        (163 )      199        2,995   

Treasury stock, at cost (88 million shares)

      (2,700 )      —          —          (2,700 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Genworth Financial, Inc.’s stockholders’ equity

      14,432        (165 )      199        14,466   

Noncontrolling interests

      1,126        —          —          1,126   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stockholders’ equity

      15,558        (165 )      199        15,592   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 112,347      $ (280 )    $ 243      $ 112,310   
  

 

 

    

 

 

    

 

 

    

 

 

  

See Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheet

 

2

Genworth Financial, Inc.

Notes to Unaudited Pro Forma

Condensed Consolidated Balance Sheet

(a) Adjustments reflect the disposition of the assets and liabilities of Continental and American Continental related to the sale to Aetna.

(b) Adjustment reflects the net proceeds received in connection with the sale of Continental and American Continental and the reinsurance transactions. Proceeds are net of expenses related to the Sale, including advisor fees and other incremental items, and the Company assumed these expenses were paid in cash on June 30, 2011.

(c) Adjustment reflects the reinsurance transactions related to the Medicare supplement insurance business of GLIC and GLAIC ceded to Aetna and the long-term care insurance business of Continental assumed by GLIC.

(d) Adjustment reflects the tax impact of the net gain related to the sale of Continental and American Continental and the reinsurance transactions.

 

3

GENWORTH FINANCIAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Six Months Ended June 30, 2011

(Amounts in millions, except per share amounts)

 

     Historical     Disposition (a)     Adjustments     Pro Forma  

Revenues:

         

Premiums

    $ 2,892      $ (132 )    $ (35 ) (b)    $ 2,725   

Net investment income

      1,711        (3 )      (1 ) (b)      1,707   

Net investment gains (losses)

      (68 )      —          —          (68 ) 

Insurance and investment product fees and other

      688        —          —          688   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      5,223        (135 )      (36 )      5,052   
  

 

 

    

 

 

    

 

 

    

 

 

  

Benefits and expenses:

         

Benefits and other changes in policy reserves

      3,081        (106 )      (26 ) (b)      2,949   

Interest credited

      405        —          —          405   

Acquisition and operating expenses, net of deferrals

      1,014        (18 )      (5 ) (b)      991   

Amortization of deferred acquisition costs and intangibles

      382        (14 )      1   (b)      369   

Interest expense

      261        —          —          261   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total benefits and expenses

      5,143        (138 )      (30 )      4,975   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      80        3        (6 )      77   

Provision (benefit) for income taxes

      24        1        (2 )      23   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

      56        2        (4 )      54   

Less: net income attributable to noncontrolling interests

      70        —          —          70   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) available to Genworth Financial, Inc.’s common stockholders

    $ (14 )    $ 2      $ (4 )    $ (16 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) available to Genworth Financial, Inc.’s common stockholders per common share:

         

Basic

    $ (0.03 )        $ (0.03 ) 
  

 

 

        

 

 

  

Diluted

    $ (0.03 )        $ (0.03 ) 
  

 

 

        

 

 

  

Weighted-average common shares outstanding:

         

Basic

      490.4            490.4   
  

 

 

        

 

 

  

Diluted

      490.4            490.4   
  

 

 

        

 

 

  

See Notes to Unaudited Pro Forma Condensed Consolidated Statements of Income

 

4

GENWORTH FINANCIAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Year Ended December 31, 2010

(Amounts in millions, except per share amounts)

 

     Historical     Disposition (a)     Adjustments     Pro Forma  

Revenues:

         

Premiums

    $ 5,854      $ (247 )    $ (70 ) (b)    $ 5,537   

Net investment income

      3,266        (6 )      (3 ) (b)      3,257   

Net investment gains (losses)

      (143 )      —          —          (143 ) 

Insurance and investment product fees and other

      1,112        —          85   (c)      1,197   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      10,089        (253 )      12        9,848   
  

 

 

    

 

 

    

 

 

    

 

 

  

Benefits and expenses:

         

Benefits and other changes in policy reserves

      5,994        (179 )      (50 ) (b)      5,765   

Interest credited

      841        —          —          841   

Acquisition and operating expenses, net of deferrals

      1,965        (36 )      (12 ) (b)      1,917   

Amortization of deferred acquisition costs and intangibles

      756        (25 )      (4 ) (b)      727   

Interest expense

      457        —          —          457   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total benefits and expenses

      10,013        (240 )      (66 )      9,707   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      76        (13 )      78        141   

Provision (benefit) for income taxes

      (209 )      (4 )      40        (173 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

      285        (9 )      38        314   

Less: net income attributable to noncontrolling interests

      143        —          —          143   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) available to Genworth Financial, Inc.’s common stockholders

    $ 142      $ (9 )    $ 38      $ 171   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) available to Genworth Financial, Inc.’s common stockholders per common share:

         

Basic

    $ 0.29          $ 0.35   
  

 

 

        

 

 

  

Diluted

    $ 0.29          $ 0.35   
  

 

 

        

 

 

  

Weighted-average common shares outstanding:

         

Basic

      489.3            489.3   
  

 

 

        

 

 

  

Diluted

      493.9            493.9   
  

 

 

        

 

 

  

See Notes to Unaudited Pro Forma Condensed Consolidated Statements of Income

 

5

Genworth Financial, Inc.

Notes to Unaudited Pro Forma

Condensed Consolidated Statements of Income

(a) Adjustment reflects the elimination of revenues and expenses of Continental and American Continental from the Company’s historical results.

(b) Adjustment reflects the reinsurance transactions related to the Medicare supplement insurance business of GLIC and GLAIC ceded to Aetna and the long-term care insurance business of Continental assumed by GLIC.

(c) Adjustment reflects the pre-tax gain from the sale of the assets and liabilities of Continental and American Continental.

 

6

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