Genworth's 2007 annual report summarizes the company's performance for the year and outlines its vision and strategy going forward. In 2007, Genworth delivered net operating income of $1.37 billion and net operating earnings per share of $3.07, though results were below targets due to weakness in the US mortgage insurance segment. The report highlights several customer stories and outlines Genworth's strategic goals of becoming more consumer-focused, leveraging relationships with distribution partners, and using capital markets expertise to enhance its business model. Going forward, Genworth aims to help more people achieve financial security at various life stages through its array of insurance and investment products.
The 2010 annual report for Northwestern Mutual summarizes the company's strong financial performance in 2010. Some key points include:
- Total surplus grew $3.4 billion to $17.6 billion and policyowner dividends approved for 2011 were nearly $4.9 billion.
- Total revenue was $23.1 billion and total assets were $180 billion, increases of 8% and 8% respectively from 2009.
- Northwestern Mutual maintained the best possible financial strength ratings from the four major rating agencies.
The report highlights how the company continued to deliver superior financial value to policyholders while keeping a strong focus on helping customers plan for long-term financial security even during a time of economic uncertainty.
This document is the 2009 annual report for Northwestern Mutual. It summarizes the company's financial results for 2009, highlighting that despite volatility in financial markets, Northwestern Mutual paid over $4.7 billion in policyholder dividends, an increase of 4% from 2008. The report also features interviews with several policyholders who felt financially secure during the economic downturn thanks to their policies and relationships with Northwestern Mutual financial representatives.
- WFG provides financial services and products to help clients achieve financial independence through strategies like managing expenses, increasing income, protecting assets with insurance, eliminating high-interest debt, saving for emergencies, and accumulating wealth through long-term investing.
- Their advisors create customized plans to address clients' unique financial needs and goals at any stage of life, from saving for retirement and children's education to managing wealth transfers between generations.
- WFG is affiliated with major financial companies to offer clients access to a broad range of investment and insurance options.
The document provides information about Birla Sun Life Insurance Company (BSLI), including:
- BSLI is a joint venture between Aditya Birla Group and Sun Life Financial Inc. of Canada.
- It has emerged as a leading player in India's life insurance industry, with over 1.5 million policies sold and a network of over 1000 agents across 100 cities.
- Kapil Dev, a famous Indian cricketer, was appointed as the company's brand ambassador to help increase its national brand recognition.
- BSLI's strengths include its multi-channel distribution network, customer-centric products and services, and strong training programs for agents.
This document discusses strategies for controlling escalating medical insurance costs through greater employer control and participation in alternative insurance models like captives. It outlines how traditional insurance results in annual double-digit cost increases and minimal transparency or control. A captive insurance program places employers in a group that shares risks and returns, gaining stability, transparency and the ability to retain underwriting profits and investment returns to offset premiums. The document provides an overview of captive definitions, design considerations, and underwriting guidelines to establish a captive program.
8 Mistakes When Buying Long Term Care Insuranceptdavis
Here are 8 common mistakes people make when buying long term care insurance. Many policies are riddled with exclusions, limitations and restrictions (not to mention the lawyerese that is difficult, if not impossible, to understand) - all of which can prevent the insured from collecting benefits they thought were purchased. Don\'t fall victim to a policy\'s "small print"!
This document provides information about health insurance plans from Golden Rule Insurance Company, a UnitedHealthcare company. It outlines several types of plans they offer including copay plans, health savings account plans, and high deductible plans. It emphasizes their experience serving individuals and families for over 60 years. It also highlights the benefits of their large provider network which can offer savings of up to 35-45% on healthcare costs.
The 2010 annual report for Northwestern Mutual summarizes the company's strong financial performance in 2010. Some key points include:
- Total surplus grew $3.4 billion to $17.6 billion and policyowner dividends approved for 2011 were nearly $4.9 billion.
- Total revenue was $23.1 billion and total assets were $180 billion, increases of 8% and 8% respectively from 2009.
- Northwestern Mutual maintained the best possible financial strength ratings from the four major rating agencies.
The report highlights how the company continued to deliver superior financial value to policyholders while keeping a strong focus on helping customers plan for long-term financial security even during a time of economic uncertainty.
This document is the 2009 annual report for Northwestern Mutual. It summarizes the company's financial results for 2009, highlighting that despite volatility in financial markets, Northwestern Mutual paid over $4.7 billion in policyholder dividends, an increase of 4% from 2008. The report also features interviews with several policyholders who felt financially secure during the economic downturn thanks to their policies and relationships with Northwestern Mutual financial representatives.
- WFG provides financial services and products to help clients achieve financial independence through strategies like managing expenses, increasing income, protecting assets with insurance, eliminating high-interest debt, saving for emergencies, and accumulating wealth through long-term investing.
- Their advisors create customized plans to address clients' unique financial needs and goals at any stage of life, from saving for retirement and children's education to managing wealth transfers between generations.
- WFG is affiliated with major financial companies to offer clients access to a broad range of investment and insurance options.
The document provides information about Birla Sun Life Insurance Company (BSLI), including:
- BSLI is a joint venture between Aditya Birla Group and Sun Life Financial Inc. of Canada.
- It has emerged as a leading player in India's life insurance industry, with over 1.5 million policies sold and a network of over 1000 agents across 100 cities.
- Kapil Dev, a famous Indian cricketer, was appointed as the company's brand ambassador to help increase its national brand recognition.
- BSLI's strengths include its multi-channel distribution network, customer-centric products and services, and strong training programs for agents.
This document discusses strategies for controlling escalating medical insurance costs through greater employer control and participation in alternative insurance models like captives. It outlines how traditional insurance results in annual double-digit cost increases and minimal transparency or control. A captive insurance program places employers in a group that shares risks and returns, gaining stability, transparency and the ability to retain underwriting profits and investment returns to offset premiums. The document provides an overview of captive definitions, design considerations, and underwriting guidelines to establish a captive program.
8 Mistakes When Buying Long Term Care Insuranceptdavis
Here are 8 common mistakes people make when buying long term care insurance. Many policies are riddled with exclusions, limitations and restrictions (not to mention the lawyerese that is difficult, if not impossible, to understand) - all of which can prevent the insured from collecting benefits they thought were purchased. Don\'t fall victim to a policy\'s "small print"!
This document provides information about health insurance plans from Golden Rule Insurance Company, a UnitedHealthcare company. It outlines several types of plans they offer including copay plans, health savings account plans, and high deductible plans. It emphasizes their experience serving individuals and families for over 60 years. It also highlights the benefits of their large provider network which can offer savings of up to 35-45% on healthcare costs.
This document is a form from Ameriprise Financial advisor Michael Perino providing information on financial planning topics and requesting the recipient check off topics of interest. The form covers issues like business planning, personal finance, insurance, education, retirement, social security, taxes, investments, and life events. It requests the recipient provide their contact information and check items to receive more information on. It includes a disclaimer that the information is for education only and not specific advice, and to consult experts on tax or legal issues.
- This document provides management's discussion and analysis of Genworth Life Insurance Company's statutory financial position for 2017. It discusses significant reinsurance transactions, corporate information, and the pending acquisition by China Oceanwide Holdings Group Co.
- In 2017, Genworth Life ceded some life insurance policies to and recaptured some reinsurance agreements from other Genworth subsidiaries.
- Genworth continues to work towards satisfying regulatory conditions for its proposed acquisition by China Oceanwide, though the deadline has been extended again to July 2018 as they seek approval from CFIUS.
http://bondsmakeiteasy.org This presentation in 2007 by Harvard Business School Professor Peter Tufano and Doorways to Dreams (D2D) Fund Executive Director Timothy Flacke provides information on the promise and potential of U.S. Savings Bonds.
Max New York Life Insurance aims to become the most admired life insurance company in India. Its vision is to be a top 5 private insurer through profitable new business sales while serving as a national brand, employer, and partner of choice. The company offers a range of individual and group insurance products across protection, savings, retirement, child, and health categories. It has a large network of agents and focuses on customer retention through after-sales service while targeting customers based on needs, opportunities, health, and paying capacity. The company is currently in the growth stage of its product lifecycle.
This document provides information about a DI Retirement Security program that allows clients to continue contributing to their retirement plans if they become disabled. It discusses how the program works through a trust, the investment options available, underwriting guidelines, and tips for selling the program to target clients. Key points include that the program provides disability income benefits and continues retirement contributions through an irrevocable trust if the client is disabled. It has flexible investment options and is available as an add-on to existing individual disability income policies.
Bueller Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Advanced Planning For the Ultra High Net Worth.The recordings for this program can be found at http://tinyurl.com/6yojnrt.
Learn more at www.inknowvision.com
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
This document summarizes a home buildings and contents insurance policy. It outlines what is covered under the policy, including coverage for accidental loss or damage to buildings or contents, additional benefits like temporary accommodation, and legal liability coverage. It also describes important policy details like excesses, exclusions, renewal terms, how premiums are determined, and the insurer's details. The document is intended to help customers understand if this product meets their needs and compare it to other options.
Blue Zebra Motor Insurance Comprehensive Plus Comprehensive Third Party Property Damage Combined Financial Services Guide and Product Disclosure Statement
Allianz Life North America – Rethinking What’s Ahead in RetirementOpen Knowledge
In this analysis of the United States’ retirement landscape, Gary C. Bhojwani, chairman of Allianz Life Insurance Company of North America and member of the Board of Management, Allianz SE, Insurance USA, traces the evolution of retirement over the past 70 years and identifies a decisive shift in the financial mindset of all Americans from accumulation of assets to a focus on lifetime income and guarantees. Emphasizing that annuities are set to play a vital role, he highlights the opportunities presented by insured retirement solutions and suggests the demand for guaranteed lifetime income will only grow in coming years.
This document discusses a strategy for parents to maximize both retirement savings and education savings for their children called "double-dipping". It involves making maximum RRSP contributions each year to receive tax savings, then using the tax refund to contribute to an RESP, taking advantage of government grants. Contributing to an RRSP allows tax deductions, while the RESP benefits from grants of up to 20% on the first $2,500 contributed annually. This strategy allows parents to save for both retirement and their children's education in a tax-efficient manner.
Understanding the basics of life insurance is essential when researching and ultimately choosing which life insurance is right for you and your family.
1. Research your health insurance options, including high-deductible plans paired with HSAs. These allow you to save pre-tax funds to cover medical costs.
2. Ask providers about costs upfront for routine care like checkups and common procedures. Shop around as prices can vary significantly.
3. Manage your health by maintaining preventative care, eating healthy, exercising, and avoiding risky behaviors to reduce the need for costly treatments.
Taking proactive steps to understand your health insurance options, get cost information, and manage your health empowers you to make informed choices that control rising premiums and out-
Asset-Care is a long-term care insurance product that uses a single premium to provide guaranteed death and long-term care benefits. The single premium purchases a guaranteed amount of coverage that can be used for qualifying long-term care expenses or passed to beneficiaries. Any unused benefits are paid to beneficiaries. It offers tax advantages and allows policyholders to access their full premium amount if they change their minds. Optional riders are available to provide lifetime long-term care coverage through fixed premiums.
There are clear advantages to purchasing long term care insurance at a younger age when you are more likely to be healthy and qualify for coverage. Premiums are also generally lower when purchased earlier. Long term care insurance helps ensure you have control over the type of care you receive and where you receive it, which can impact your future quality of life. The choices you make today about long term care planning will affect your lifestyle in the future.
The document provides an annual review for Pinnacle Financial Consultants. It summarizes the company's core principles of putting clients first, being the best through expertise and innovation, creating an empowering environment, and being a leader in corporate citizenship. It then discusses the company's services in private client consulting, private placement investing, and retirement benefits. It highlights the company's community involvement and industry leadership. It provides an overview and examples of the company's work in 2014 in private client consulting, private placement investing, 401(k) plans, and nonqualified plans.
This document discusses consumer driven health care and high deductible health plans with health savings accounts (HSAs). It provides examples of how HSAs can save individuals and families money on health insurance premiums and taxes compared to traditional plans. The summaries are:
1) HSAs are tax-advantaged accounts that allow individuals to pay for medical expenses with pre-tax dollars, saving on taxes. Any unused funds roll over year to year and can be invested for continued tax-free growth.
2) Examples show HSAs can significantly lower insurance costs for individuals and families through lower premiums compared to plans with copays and richer benefits. Savings grow over time through tax-free contributions and investment returns.
3
An Enhanced Annuity pays a higher retirement income if you have a medical condition that reduces your life expectancy, as the insurance company expects to pay out for a shorter period. Research shows over two-thirds of retirees could benefit from an Enhanced Annuity, with smokers receiving up to 13% more income and the seriously ill receiving significantly higher incomes. Consulting an advisor can help determine if an Enhanced Annuity makes sense for an individual based on their health and maximize their retirement income.
Lawrence Cole is a financial security and investment representative who helps clients achieve their goals and dreams through customized financial security plans. He evaluates clients' needs, discusses options for wealth creation, insurance, estate planning, and helps implement recommendations over time. Cole and his team have access to a wide range of financial products and experts to develop comprehensive plans that meet clients' changing needs at every stage of life. He invites potential clients to meet to begin creating a plan without obligation.
Anderson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jeff is 75 and Theresa is 72. Jeff recently retired from an executive position in a public company. As a result of his retirement he exercised over $45M in stock options and has 5 more years of deferred compensation payments. Jeff has also sold his 50% interest in his Corporation and the note payments are providing significant income for the next 9 years.
Jeff and Theresa have annual living expense desires of $725,000, with the available income to more than meet this need. Jeff’s deferred compensation payments average more than $2M/yr. for the next 5 years; his annual pension payments are $660k/yr. (inflating); and he also has note payments totaling $360k/yr. for the next 9 years from the buyout of his Corporation interests. These sources of income are in addition to an investment portfolio that generates more than $1.7M/yr. in income and various oil/gas ventures that generate over $100k/yr. in income. With annual income totaling over $5M/yr. for the family, they have the luxury of accumulating a very significant cash flow surplus each year.
Learn more at www.inknowvision.com
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
This document is Danaher Corporation's Form 10-Q filing for the quarter ended September 30, 2005. It provides financial statements and disclosures including the consolidated balance sheet, statement of earnings, statement of cash flows, and notes to the financial statements. The notes describe Danaher's acquisitions and divestitures during the nine months ended September 30, 2005, including 10 business acquisitions and the ongoing evaluation of assumptions for its largest acquisition, Leica Microsystems AG. The filing also indicates that Danaher's total comprehensive income for the periods presented represents net earnings plus the change in cumulative foreign translation adjustment.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended April 2, 2004. It provides financial statements and notes for the quarter, including the consolidated balance sheet, income statement, statement of cash flows, and statement of stockholders' equity. It also includes management's discussion and analysis of the financial results as well as certifications of the financial controls. The report indicates Danaher acquired four additional businesses during the quarter through purchases accounted for as additions to its Process/Environmental Controls segment.
This document is a form from Ameriprise Financial advisor Michael Perino providing information on financial planning topics and requesting the recipient check off topics of interest. The form covers issues like business planning, personal finance, insurance, education, retirement, social security, taxes, investments, and life events. It requests the recipient provide their contact information and check items to receive more information on. It includes a disclaimer that the information is for education only and not specific advice, and to consult experts on tax or legal issues.
- This document provides management's discussion and analysis of Genworth Life Insurance Company's statutory financial position for 2017. It discusses significant reinsurance transactions, corporate information, and the pending acquisition by China Oceanwide Holdings Group Co.
- In 2017, Genworth Life ceded some life insurance policies to and recaptured some reinsurance agreements from other Genworth subsidiaries.
- Genworth continues to work towards satisfying regulatory conditions for its proposed acquisition by China Oceanwide, though the deadline has been extended again to July 2018 as they seek approval from CFIUS.
http://bondsmakeiteasy.org This presentation in 2007 by Harvard Business School Professor Peter Tufano and Doorways to Dreams (D2D) Fund Executive Director Timothy Flacke provides information on the promise and potential of U.S. Savings Bonds.
Max New York Life Insurance aims to become the most admired life insurance company in India. Its vision is to be a top 5 private insurer through profitable new business sales while serving as a national brand, employer, and partner of choice. The company offers a range of individual and group insurance products across protection, savings, retirement, child, and health categories. It has a large network of agents and focuses on customer retention through after-sales service while targeting customers based on needs, opportunities, health, and paying capacity. The company is currently in the growth stage of its product lifecycle.
This document provides information about a DI Retirement Security program that allows clients to continue contributing to their retirement plans if they become disabled. It discusses how the program works through a trust, the investment options available, underwriting guidelines, and tips for selling the program to target clients. Key points include that the program provides disability income benefits and continues retirement contributions through an irrevocable trust if the client is disabled. It has flexible investment options and is available as an add-on to existing individual disability income policies.
Bueller Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Advanced Planning For the Ultra High Net Worth.The recordings for this program can be found at http://tinyurl.com/6yojnrt.
Learn more at www.inknowvision.com
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
This document summarizes a home buildings and contents insurance policy. It outlines what is covered under the policy, including coverage for accidental loss or damage to buildings or contents, additional benefits like temporary accommodation, and legal liability coverage. It also describes important policy details like excesses, exclusions, renewal terms, how premiums are determined, and the insurer's details. The document is intended to help customers understand if this product meets their needs and compare it to other options.
Blue Zebra Motor Insurance Comprehensive Plus Comprehensive Third Party Property Damage Combined Financial Services Guide and Product Disclosure Statement
Allianz Life North America – Rethinking What’s Ahead in RetirementOpen Knowledge
In this analysis of the United States’ retirement landscape, Gary C. Bhojwani, chairman of Allianz Life Insurance Company of North America and member of the Board of Management, Allianz SE, Insurance USA, traces the evolution of retirement over the past 70 years and identifies a decisive shift in the financial mindset of all Americans from accumulation of assets to a focus on lifetime income and guarantees. Emphasizing that annuities are set to play a vital role, he highlights the opportunities presented by insured retirement solutions and suggests the demand for guaranteed lifetime income will only grow in coming years.
This document discusses a strategy for parents to maximize both retirement savings and education savings for their children called "double-dipping". It involves making maximum RRSP contributions each year to receive tax savings, then using the tax refund to contribute to an RESP, taking advantage of government grants. Contributing to an RRSP allows tax deductions, while the RESP benefits from grants of up to 20% on the first $2,500 contributed annually. This strategy allows parents to save for both retirement and their children's education in a tax-efficient manner.
Understanding the basics of life insurance is essential when researching and ultimately choosing which life insurance is right for you and your family.
1. Research your health insurance options, including high-deductible plans paired with HSAs. These allow you to save pre-tax funds to cover medical costs.
2. Ask providers about costs upfront for routine care like checkups and common procedures. Shop around as prices can vary significantly.
3. Manage your health by maintaining preventative care, eating healthy, exercising, and avoiding risky behaviors to reduce the need for costly treatments.
Taking proactive steps to understand your health insurance options, get cost information, and manage your health empowers you to make informed choices that control rising premiums and out-
Asset-Care is a long-term care insurance product that uses a single premium to provide guaranteed death and long-term care benefits. The single premium purchases a guaranteed amount of coverage that can be used for qualifying long-term care expenses or passed to beneficiaries. Any unused benefits are paid to beneficiaries. It offers tax advantages and allows policyholders to access their full premium amount if they change their minds. Optional riders are available to provide lifetime long-term care coverage through fixed premiums.
There are clear advantages to purchasing long term care insurance at a younger age when you are more likely to be healthy and qualify for coverage. Premiums are also generally lower when purchased earlier. Long term care insurance helps ensure you have control over the type of care you receive and where you receive it, which can impact your future quality of life. The choices you make today about long term care planning will affect your lifestyle in the future.
The document provides an annual review for Pinnacle Financial Consultants. It summarizes the company's core principles of putting clients first, being the best through expertise and innovation, creating an empowering environment, and being a leader in corporate citizenship. It then discusses the company's services in private client consulting, private placement investing, and retirement benefits. It highlights the company's community involvement and industry leadership. It provides an overview and examples of the company's work in 2014 in private client consulting, private placement investing, 401(k) plans, and nonqualified plans.
This document discusses consumer driven health care and high deductible health plans with health savings accounts (HSAs). It provides examples of how HSAs can save individuals and families money on health insurance premiums and taxes compared to traditional plans. The summaries are:
1) HSAs are tax-advantaged accounts that allow individuals to pay for medical expenses with pre-tax dollars, saving on taxes. Any unused funds roll over year to year and can be invested for continued tax-free growth.
2) Examples show HSAs can significantly lower insurance costs for individuals and families through lower premiums compared to plans with copays and richer benefits. Savings grow over time through tax-free contributions and investment returns.
3
An Enhanced Annuity pays a higher retirement income if you have a medical condition that reduces your life expectancy, as the insurance company expects to pay out for a shorter period. Research shows over two-thirds of retirees could benefit from an Enhanced Annuity, with smokers receiving up to 13% more income and the seriously ill receiving significantly higher incomes. Consulting an advisor can help determine if an Enhanced Annuity makes sense for an individual based on their health and maximize their retirement income.
Lawrence Cole is a financial security and investment representative who helps clients achieve their goals and dreams through customized financial security plans. He evaluates clients' needs, discusses options for wealth creation, insurance, estate planning, and helps implement recommendations over time. Cole and his team have access to a wide range of financial products and experts to develop comprehensive plans that meet clients' changing needs at every stage of life. He invites potential clients to meet to begin creating a plan without obligation.
Anderson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jeff is 75 and Theresa is 72. Jeff recently retired from an executive position in a public company. As a result of his retirement he exercised over $45M in stock options and has 5 more years of deferred compensation payments. Jeff has also sold his 50% interest in his Corporation and the note payments are providing significant income for the next 9 years.
Jeff and Theresa have annual living expense desires of $725,000, with the available income to more than meet this need. Jeff’s deferred compensation payments average more than $2M/yr. for the next 5 years; his annual pension payments are $660k/yr. (inflating); and he also has note payments totaling $360k/yr. for the next 9 years from the buyout of his Corporation interests. These sources of income are in addition to an investment portfolio that generates more than $1.7M/yr. in income and various oil/gas ventures that generate over $100k/yr. in income. With annual income totaling over $5M/yr. for the family, they have the luxury of accumulating a very significant cash flow surplus each year.
Learn more at www.inknowvision.com
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
This document is Danaher Corporation's Form 10-Q filing for the quarter ended September 30, 2005. It provides financial statements and disclosures including the consolidated balance sheet, statement of earnings, statement of cash flows, and notes to the financial statements. The notes describe Danaher's acquisitions and divestitures during the nine months ended September 30, 2005, including 10 business acquisitions and the ongoing evaluation of assumptions for its largest acquisition, Leica Microsystems AG. The filing also indicates that Danaher's total comprehensive income for the periods presented represents net earnings plus the change in cumulative foreign translation adjustment.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended April 2, 2004. It provides financial statements and notes for the quarter, including the consolidated balance sheet, income statement, statement of cash flows, and statement of stockholders' equity. It also includes management's discussion and analysis of the financial results as well as certifications of the financial controls. The report indicates Danaher acquired four additional businesses during the quarter through purchases accounted for as additions to its Process/Environmental Controls segment.
Danaher Corporation reported record results for the fourth quarter and full year 2005. Net earnings for Q4 2005 increased 20% to $261.6 million compared to Q4 2004. For the full year, net earnings increased 21.5% to $907.7 million compared to 2004. Sales for Q4 2005 increased 14.5% and sales for 2005 increased 16% compared to the prior year. The company's president stated that the record performance throughout 2005 and strong fourth quarter give them confidence for continued excellent results in 2006.
This document is a Form 10-Q quarterly report filed by Danaher Corporation with the Securities and Exchange Commission for the quarter ended September 29, 2006. The summary provides key financial information including operating results, balance sheet details, and cash flow statements. Danaher reported quarterly net earnings of $268.1 million on sales of $2.44 billion. Total assets were $12 billion and stockholders' equity was $6.15 billion. For the nine months, net earnings were $798.3 million on sales of $6.94 billion. Cash provided by operating activities was $1.08 billion, while cash used for acquisitions was $2.17 billion for the period.
Danaher Corporation reported record results for the fourth quarter and full year 2003. Net earnings for Q4 2003 were $169.9 million, or $1.06 per share, compared to $161.7 million, or $1.03 per share for Q4 2002. For the full year, net earnings were $536.8 million or $3.37 per share compared to $290.4 million or $1.88 per share for 2002. Sales increased 17% in Q4 2003 to $1.49 billion and grew 16% for the full year to $5.29 billion. The company experienced strong growth in both its process/environmental controls and tools/components segments.
This document provides information about World Financial Group (WFG), a financial services marketing company. It discusses WFG's vision to help consumers achieve financial independence and its system for building a successful business. The document outlines WFG's business opportunity, highlighting how representatives can earn income by helping families and build a team. It also reviews compensation structures and incentives. In summary, WFG aims to empower ordinary people to achieve financial goals through its training, tools and business model.
World Financial Group helps families build and protect their wealth through savings, insurance, and investment products. They believe in creating trusting relationships and growing their business through referrals. Their financial advisors conduct needs analyses to understand clients' situations and recommend solutions to improve financial security, such as sufficient emergency savings, debt management, retirement planning, and insurance. Their goal is to help clients gain peace of mind regarding their financial futures.
World Financial Group helps families build and protect their wealth through savings, insurance, and investment products. They believe in developing trusting relationships and growing their business through referrals. Their financial advisors conduct needs analyses to understand clients' situations and recommend solutions to improve financial security, such as sufficient emergency savings, debt management, retirement planning, and insurance. Their goal is to help clients gain peace of mind regarding their financial futures.
Mutual fund - Marketing Perspective, Investment Vehicles Plans in UAE, Abu Dh...Expat Wealth Care
A case study on Mutual Fund Management Marketing Perspective - investment vehicles plans in UAE, Dubai and Abu Dhabi. We offer best mutual funds investment plan in UAE.
The document discusses the need for a new solution in the changing financial world to help families achieve financial freedom and stability. It argues that the current financial services industry does not provide proper answers, protection, or understanding for consumers. The solution proposed is to work with World Financial Group to build solid financial foundations through education and long-term financial planning relationships. The goal is to revolutionize the industry and help one million associates and consumers worldwide plan better for their future.
This document provides information about World Financial Group (WFG), including who they are, their mission and vision, strategic alliances, products offered, how to build income through WFG, and options to become a client or business owner. Key details include:
- WFG is a financial services company made up of an insurance agency and mutual fund dealer that offers products like mutual funds, insurance, and retirement plans.
- Their mission is to help families achieve financial independence and their vision is to build the world's best financial services organization.
- Associates can build income by helping families and receiving commissions, with examples showing potential monthly earnings ranging from $2,520 to $15,480.
- Options
The document outlines how a properly structured equity index universal life insurance policy can serve as a "Legacy Bank" for wealth accumulation and financing one's lifestyle. Key points:
- An EIUL policy allows gains to become principal each year, providing steady growth while guaranteeing no loss of principal.
- Loans can be taken from the policy for major purchases like a home or business costs, allowing the policy owner to benefit from arbitrage between the loan rate and potential growth rate.
- The death benefit and cash value grow tax-deferred, and distributions are tax-free. This "Legacy Bank" can be passed to heirs while maximizing each dollar.
This document provides information about health, life, and supplemental insurance products. It discusses helping clients protect their health, income, and family through various insurance solutions tailored to their needs and budget. Sample products discussed include health, life, Medicare, and supplemental policies. The document also covers topics like health care reform, the metal tier plans, and qualifying life events as they relate to insurance.
Do You Know How Much Zurich Paid out in Benefit Claims between Jan 2017 to Dec 2019 ?
Is your family protected?
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Alpha Wealth is an independent financial advisory company based in Ireland. Their mission is to provide impartial financial advice and excellent customer service to individuals, families, and companies. They offer advice on savings and investments, financial planning, tax planning, insurance, pensions, retirement planning, business advice, and health insurance. The team of advisors at Alpha Wealth have over 50 years of combined experience in financial services.
The document discusses the opportunity presented by a new business revolution in the financial services industry. It notes that traditional financial advisors have been declining in number while products have been improving, leaving many families underserved. The business opportunity presented through Synergy Financial Partners (SFP) allows individuals to help address this problem and benefit financially. SFP uses a hybrid compensation model that allows associates to build a business and earn income in both part-time and full-time capacities by helping clients improve their financial positions through updated products and strategies.
Investors Group is a Canadian financial services company that has been operating since 1926. It serves approximately one million Canadians through over 400 offices across Canada. Investors Group offers a wide range of financial products and services, including mutual funds, RRSPs, mortgages, loans, insurance products, and financial planning services. It takes a personalized approach to financial planning tailored to each client's individual needs and goals over their lifetime.
This document summarizes the services of DeVere Group, an independent financial consultancy. It begins by dispelling three myths about financial planning: that it is only for the rich, only involves investing advice, and can be handled alone. It then introduces DeVere Group and its parent company Acuma. Key services discussed include life insurance, online fund platforms, education planning, retirement planning, and the client onboarding process. The document emphasizes that financial planning involves achieving goals and should be handled with expert guidance over the long term.
This document summarizes a financial services opportunity with Virtual Financial Group. It highlights how VFG can help families achieve their dreams through building a virtual business and financial education. Key points include:
- VFG's mission is to help families become financially secure through disciplined money management and providing associates with strong virtual businesses.
- There is a large unmet need for financial guidance and products tailored for average families, not just the wealthy.
- VFG offers solutions like life insurance and indexed universal life insurance to help families protect against illness/death and save for goals in a tax-advantaged way.
- Associates can build their business virtually through VFG's online platform and support systems.
Virtual Financial is one of the leading business providers in the business world. They have the highest level of services, and they provide the best deals to their customers. One can trust them blindly to unite with this industry.
Investors Group Financial Services is a Canadian financial services company that has been operating since 1926. It serves approximately one million Canadians through over 400 offices across Canada. It offers a wide range of financial products and services for individuals and corporations including short-term products like chequing and savings accounts, long-term lending products like mortgages and loans, and investment and retirement planning products. The company takes a personalized approach to financial planning and advice to help clients meet their unique financial goals.
This document provides information about Investors Group, a Canadian financial services company that has been operating since 1926. It offers a wide range of financial products and services including short-term savings and credit, long-term lending, insurance, investment products, and financial planning services. The document discusses the challenges Canadians face regarding retirement savings, family support, taxes, and disability, and how Investors Group's financial advisors provide personalized financial plans and advice to help clients meet their goals.
This document provides information about Investors Group, a Canadian financial services company that has been operating since 1926. It offers a wide range of financial products and services including short-term banking, lending, insurance, investment products, and retirement planning services. The document emphasizes that Investors Group provides personalized financial advice and planning to help clients achieve their financial goals and prepare for challenges throughout their lifetime. It highlights the value of financial advice and having a coordinated financial plan.
Investors Group is a Canadian financial services company that has been operating since 1926. It serves approximately one million Canadians through over 400 offices across Canada. Investors Group offers a wide range of financial products and services to both individuals and corporations, including short-term products like checking and savings accounts, long-term lending products like mortgages and loans, and investment and retirement planning products like mutual funds, RRSPs, and tax-advantaged funds. The company takes a personalized approach to financial planning and advice to help clients achieve their financial goals.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 1999. It provides information on EchoStar's business operations, legal proceedings, risks to its business, financial statements and other required disclosures. EchoStar operates a direct broadcast satellite subscription television service in the United States called DISH Network, which had approximately 3.4 million subscribers as of December 31, 1999. It also provides digital set-top boxes and other equipment to international direct-to-home service providers.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2001 filed with the SEC. It provides an overview of EchoStar's businesses, including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment sales. It summarizes EchoStar's proposed merger with Hughes Electronics Corporation, which is subject to various regulatory approvals and conditions, including IRS and shareholder approval. If completed, the merger would create a new public company providing satellite TV services and technologies globally.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the SEC. It provides an overview of EchoStar's business including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment manufacturing business. It discusses EchoStar's programming packages, sales and marketing strategies, satellite fleet, technology, competition, regulation, legal proceedings, and financial results.
EchoStar Communications Corporation experienced significant growth in 2003, crossing the 9 million subscriber milestone for its DISH Network satellite television service. The company launched its ninth satellite and released several new receiver products, including those supporting high-definition television and digital video recording. Financially, EchoStar achieved $5.7 billion in revenue and $225 million in earnings, while reducing debt through bond issuances and retirements. Going forward, the company plans to continue expanding its offerings in areas like international programming and high-definition television.
- DISH Network added 1.48 million subscribers in 2004, surpassing 10 million subscribers in June 2004 and finishing the year with 10.9 million subscribers.
- DISH Network generated $7.15 billion in revenue in 2004, with earnings of $215 million and $21 million in free cash flow.
- DISH Network continues to focus on growing its subscriber base and developing additional services, and expects to launch its 10th satellite in early 2006 to increase channel offerings and capacity.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
dish network 2007 Notice and Proxy Statementfinance24
- The document is a letter from the Chairman and CEO of EchoStar Communications Corporation inviting shareholders to attend EchoStar's 2007 Annual Meeting of Shareholders on May 8, 2007.
- It provides details on the location, time, and agenda items to be voted on at the meeting, including the election of 10 directors and the ratification of the appointment of KPMG LLP as the independent auditor.
- Shareholders are encouraged to vote by proxy whether attending the meeting or not to ensure their votes are counted, and they are thanked for their support and interest in EchoStar.
Danaher Corporation reported quarterly and annual sales and operating margin data for its Tools and Controls segments for an unaudited period. The Tools segment saw annual sales of $1.16 billion while the Controls segment generated $2.62 billion in annual sales. On an annual basis before restructuring, operating margins were 13.49% for Tools and 16.54% for Controls. After restructuring, the annual operating margin fell to 11.31% for Tools and 14.85% for Controls.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
Danaher Corporation announced its third quarter 2001 results, reporting a 5% increase in net income to $87.7 million compared to $83.6 million in third quarter 2000. Third quarter sales were down 8.6% to $901.6 million due to weakness in the industrial economy. For the first nine months of 2001, net earnings increased 12% to $264.6 million on 4% higher sales of $2.86 billion compared to the same period in 2000. The CEO stated that aggressive cost control allowed for earnings growth despite softness in the economy and that Danaher will maintain a strict cost focus while economic conditions remain uncertain.
Danaher Corporation announced its second quarter 2001 results, with record net earnings of $94.2 million, up 16% from the previous year. Revenue was also up 7% to $956.6 million. For the six month period, net earnings reached a record $176.8 million, up 16% and revenue was up 11.5% to $1.962 billion. While sales growth was strong, a slowing domestic economy negatively impacted some product lines, leading to a 4.5% decline in core sales volume. However, aggressive cost cutting measures helped boost earnings per share by 12.5% for the quarter.
Danaher Corporation announced record results for the first quarter of 2001 with net earnings of $82.6 million, a 15% increase over the same period in 2000. Diluted earnings per share were $0.56, up 14% from 2000. Sales increased 16% to $1,005.3 million due to acquisitions. While core volume declined in the tools and components segment due to a weak domestic economy, cost containment measures helped drive record operating profit. The company expects continued outperformance in 2001 despite economic uncertainty.
- Danaher Corporation reported record results for the fourth quarter and full year 2002, with net earnings of $161.7 million and $290.4 million respectively.
- Fourth quarter sales increased 39% to $1.275 billion compared to $918.9 million in 2001. Full year sales grew 21% to $4.577 billion.
- The strong results were driven by acquisitions and 3.5% core volume growth, although the tools and components segment declined slightly.
Danaher Corporation announced its third quarter 2002 results, reporting a 32% increase in net earnings to $116.0 million compared to third quarter 2001. Diluted earnings per share increased 25% year-over-year to $0.74. Total sales for the quarter grew 28% to $1,151.7 million, driven primarily by acquisitions completed in the first quarter of 2002. For the first nine months of 2002, net earnings were $128.7 million which included a $173.8 million one-time non-cash charge related to goodwill impairment. Excluding this charge, nine month net earnings were up 14% to $302.4 million compared to the same period in 2001.
Danaher Corporation announced its second quarter 2002 results, with net earnings of $103.7 million, a 10% increase over the second quarter of 2001. Earnings per share increased 5% to $0.66. Sales for the quarter increased 20% to $1.146 billion due primarily to recent acquisitions. For the first six months of 2002, net earnings were $12.7 million after a one-time $173.8 million goodwill impairment charge, but were up 5% excluding this charge at $186.4 million, with sales up 10% to $2.15 billion. The CEO stated they were pleased with the results and optimistic about continued improvement for the rest of the year.
Danaher Corporation announced its first quarter 2022 results. Net earnings were $82.7 million, comparable to the previous year's results. However, after adopting a new accounting standard that eliminated goodwill amortization, earnings per share fell 14% compared to the previous year. The company also recorded a $173.8 million charge related to goodwill impairment in some business units. Total sales were relatively flat at $1,004.2 million. The CEO commented that while core volumes declined 15% due to economic challenges, the company has seen signs of stability in revenues and gives a more positive outlook for the rest of the year.
Danaher Corporation provided a document summarizing its selling, general and administrative costs, operating profit, and free cash flow for the quarter and year ended December 31, 2003. Some key highlights include:
- Total company revenue for the quarter increased 16.7% to $1.49 billion compared to the same quarter last year.
- Operating profit before special credits for the total company was $239.6 million for the quarter, up 20.1% from the prior year.
- Free cash flow for the year was $781.2 million, up 21.1% from 2002.
This document from Danaher Corporation provides supplemental financial information including free cash flow and debt ratios for quarters ending in March, June, and September 2003 as well as year-to-date figures. Free cash flow is defined as operating cash flow minus capital expenditures and is a measure of available cash. Debt ratios including debt-to-total capital and net debt-to-total capital are also provided to show Danaher's leverage over time. Management believes these metrics provide useful information to investors and help determine borrowing capacity.
Danaher Corporation announced record third quarter results for 2003, with net earnings of $138.6 million, a 19% increase over the previous year. Diluted earnings per share were $0.87, an increase of 18% from 2002. Sales increased 14% to $1.309 billion. For the first nine months of 2003, net earnings were $366.9 million, a 21% increase over the previous year. The company's CEO stated that they achieved strong earnings growth despite a challenging economy, and that organic growth remains a priority along with cost reductions to fund growth opportunities.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
7. tomorrow’s
masterpieces
The things you keep and hold dear are
a good indication of what’s important –
what you want to protect and nurture,
and what inspires you to dream.
9. home, sweet home
Jason Macdonald, Tralee Neville and Kaine were enjoying
life in their first home. Then a tragic highway accident forced
Jason to go on disability. Fortunately, they were able to
keep their home, thanks in part to Genworth’s homeowner
assistance program. “After my accident, we were worried we
wouldn’t be able to pay our mortgage anymore. Thanks to
the help of our bank and Genworth, we were able to make
the payments more affordable. It was a big help for Tralee
and me, and Kaine.”
10. A first home – a joy, a celebration. And a dream for
so many people. We help make that dream a reality
around the world.
8
11. 3,772,000
Home loans insured by Genworth
(policies in force as of 12 /31 / 07)
333,600
Europe and Other Markets
982,300
1,390,000 United States of America
Australia
1,066,100
Canada
Making HoMeownersHip possible
Mortgage insurance – a safe, secure way to buy a home and begin
to achieve financial security. A global leader in mortgage insurance,
Genworth Financial has a track record of developing innovative
and affordable products that help people achieve the dream of
homeownership. And through our homeowner assistance program,
we help people keep their homes through tough times.
9
13. olympic hopes
Eeva Kaartinen is an accomplished equestrienne in Finland,
living a childhood dream that looked out of reach just seven
years ago. That’s when her right leg was amputated below
the knee due to cancer. “I feared riding would be taken away
forever. Fortunately, I got my life back on track, thanks to
my Genworth critical illness policy. I was able to move from
a fifth floor apartment to a ground floor apartment, and get
a car equipped for my needs. And after a while, I was able
to start riding again, and to compete in equestrian events.
I even made the Finnish National Equestrian Team of
disabled riders!”
14. Life, despite all our planning, is unpredictable. A sudden
setback or illness is tough enough without some sense
of financial security. Our products provide security
at critical times to help people and their families cope
with the unexpected.
12
15. 13 million
Payment protection insurance and life insurance policyholders worldwide
(as of 12 /31 / 07)
providing security at critical tiMes
Payment protection insurance and life insurance from Genworth
help more than 13 million people deal with life’s uncertainties,
including illness, accidents, disability, loss of life or involuntary
unemployment. We are a leader in payment protection insurance,
serving 17 countries worldwide and we are expanding into new
regions. We work with nearly 200 financial institutions to offer this
important protection to their customers. In the United States, we
distribute a wide range of life insurance products through a diverse
network of more than 200 brokerage and marketing organizations.
13
16. Dr. and Mrs. Robert
Poole consulting with
their financial
advisor, Al Gibbons.
Newtown Square, Pennsylvania
17. working in harmony
Dr. and Mrs. Robert Poole love playing the piano, singing in
a choir and spending time with their four daughters and five
grandchildren. “The grandchildren are important reasons for
us to plan and manage our finances so that we can take care
of ourselves and help them get a head start,” says Dr. Poole,
who retired from his medical practice in 1995. “Al Gibbons,
our financial advisor, has been a huge help to us.”
Al adds, “After many years of saving, the Pooles are focused
on managing their money well in retirement and transferring
some of that wealth to charity and future generations.
They are the perfect client partners in so many ways. They
communicate their needs and dreams. They carefully consider
my advice and ideas. And we work together in harmony,
leveraging the Genworth investment approach to create a
successful financial strategy.”
18. Building a nest egg to fund your dreams can be challenging.
It requires smart investment decisions. And sound advice.
We help people – and their advisors – manage money
better with a proven investment process and effective tools.
16
19. $21.6bi llion
Assets Under Management – Wealth Management business
(as of 12 /31 / 07)
The Six-Step Investment Process
1 financial analysis
Accurate, in-depth review
2 asset allocation
Align with the market
3 portfolio strategist selection
Institutional vision
4 investMent Manager firM selection
Security selection
5 Monitoring and rebalancing
Staying on track
6 reporting
Keep informed
taking wealtH ManageMent to tHe next level
Investors too frequently buy and sell at the wrong times, which can
result in lower returns than the market. For example, from 1987
to 2006, the s&p 500 Index had an annualized return of 11.9
percent while the average equity fund investor had a return of 3.9
percent.* While no one can guarantee a specific rate of return,
Genworth Financial Wealth Management offers a disciplined
approach to investing, which features a proven six-step process that
supports financial advisors in their work with clients. A team of
industry-leading investment experts helps advisors and their clients
implement an effective investment plan.
*Source: Dalbar, Inc.
17
20. Tyone Savage and
her daughter, Kimora,
taking pleasure
in baking together.
Wilson, North Carolina
ClearCourse is a group variable annuity issued by Genworth Life and Annuity Insurance
Company, Richmond, VA and is subject to policy form numbers Mp7164 (2/06), p5329
(2/06) and p53411 (1/07). All product guarantees are based on the claims-paying ability
of Genworth Life & Annuity.
21. sweet dreams
Employees at Smithfield Foods, Inc., like Tyone Savage,
now have a simple way to lock in guaranteed income for life.
By signing up for Genworth’s ClearCourse® Group Variable
Annuity in their 401(k) plan, their guaranteed lifetime
income grows with each payroll contribution. And if they
change jobs, their ClearCourse benefits can move with them.
“I am not retiring anytime soon,” Tyone says. “But I am
glad I am starting to save with ClearCourse. My dream is
to open a restaurant when I retire, and I want to have the
financial freedom to do that. Meanwhile, I have a two-year-
old cook to teach.”
22. Retirements now span decades. So should retirement
planning and investing. Our products make it easier for
people to save for retirement and to start saving earlier.
20
23. Genworth annuities providing guaranteed benefits to policyholders
(as of 12 /31 / 07)
creating a new retireMent Model
Genworth wants to help people create streams of retirement income
they can’t outlive. This is particularly important as the responsibility for
saving for retirement shifts from corporations and the government to
individuals. We offer a range of products that help provide a financially
secure retirement with guaranteed income. In addition to offering
individual annuities, we work with employers to offer innovative products
such as ClearCourse® – a group variable annuity – which lets people create
guaranteed retirement income through their employers’ 401(k) plans.
21
25. ideas at work
Fifty-seven years ago, Eric Fromm’s Escape from Freedom
inspired Dr. William Clovis to become a psychiatrist and
help people live better lives. Now in his seventies, Dr. Clovis
plans to treat his patients for another five years. A health
screening program, offered to our long term care insurance
policyholders, identified a potentially serious stroke risk that
could have threatened his plans.
“Genworth steered me in the right direction. I went and got
the screening, which detected a health problem. I was able
to get preventive surgery that was very successful. I want to
be independent for as long as possible. Buying long term
care insurance was one step toward that goal. And getting
the screening offered through Genworth was life-saving.”
26. Independence – what people want, what seniors want.
To remain vital. Not to be a burden. Not to be worried.
We help provide peace of mind through innovative
solutions – insurance products, wellness programs and care
coordination – that can help make long term care more
affordable and manageable for seniors and their families.
24
27. 1 million +
Long term care insurance policyholders
150,000+ Health screenings
10,000+
Critical or significant health issues identified
$4bi llion
Long term care claims paid since 1974
(data as of 12 /31 / 07)
Helping seniors live better and longer
The need for long term care insurance is real and growing: healthcare
costs are rising, company benefits are declining, people are living
longer – and they are underestimating how much they’ll need to fund
their potential long term care costs. Our solutions go beyond the
financial safety net of long term care insurance. We offer programs to
help people stay healthy longer and prevent health problems before
they have a disabling and costly outcome. With education, wellness
and screening programs, Genworth has helped thousands of people
live better, healthier and longer lives.
25
28. painting the future
Mark Sheehan was a member of a Boys and Girls Club as a
child. As Executive Director of the Boys and Girls Club of
Greater Lynchburg, he’s now leading one into the future.
“The club helped me, and I’m really happy to be back here –
I know what a difference it can make. I had the opportunity
to attend the Executive Leadership Program at the University
of Virginia with financial support from the Genworth
Foundation, and that’s made a real difference. We have a better
plan. We’re driving results and action based on community
needs and a clear vision of what we want to be. The program
also gave me a network of community advisors and peers
from all around the world, and that’s been invaluable.”
29. Mark Sheehan, Executive Director
of the Boys and Girls Club of
Greater Lynchburg, with Cameron,
Daneke, Honesty, Anthony and Micah
– and tomorrow’s masterpieces.
Lynchburg, Virginia
30. One person can make a difference. One leader, one
role model, one child. We invest in leaders and role
models and children – financially through the Genworth
Foundation, and directly and personally through the
volunteer work of Genworth employees worldwide.
28
31. $6.5million
Charitable giving in 2007
17,000 +
Employee volunteer hours worldwide in 2007
serving tHe global coMMunity
Genworth’s philanthropic focus: to help children prepare for their
futures, to enrich seniors’ lives and to support access to basic needs.
In 2007, the Genworth Foundation directly supported more than 100
organizations around the world. Hundreds more received matching
gifts, thanks to the generosity of Genworth employees, who also gave
their time and talent to the community through more than 17,000
hours of volunteer time. To make an even greater difference, the
Genworth Foundation provided tuition support for not-for-profit
executives to attend an Executive Leadership Program at the University
of Virginia’s Darden School of Business. The program helps attendees
develop strategic and leadership skills that in turn help them foster
thriving organizations to make a deeper community impact.
29
32. Message from the Chairman
I’m pleased you’ve been introduced to Tralee
Neville and Jason Macdonald, Eeva Kaartinen,
Dr. and Mrs. Robert Poole, Al Gibbons, Tyone
and Kimora Savage, Dr. William Clovis and Mark
Sheehan in this Annual Report. Their stories are
unique, but they share one thing – they inspire us.
and strong revenue growth enabled us to
That’s why our 7,000 Genworth employees
outperform competitors substantially,
work hard with our distribution partners
achieving $167 million in operating
to help people like these, and more than
earnings and a full year mortgage insurance
15 million others, achieve financial security
loss ratio that stood at less than half of
at key stages of life.
what the rest of the industry on average
experienced in 2007. But there are things
You can read detailed information about
we would have done differently in selected
how that work translates into business
geographic and product exposures and we
results in the 10-k report that follows.
will learn from these.
Here, I’d like to share my thoughts on our
2007 performance, as well as our vision,
Looking at our other two segments, which
our strategy and our future.
represent the majority of our earnings, we
delivered strong core growth in several
our 2007 perforMance
key product lines in 2007, including our
During a year marked by turmoil in the
international lines – payment protection and
U.S. housing industry and disruption in
mortgage insurance – wealth management,
the global financial markets, we delivered
retirement income and universal life
2007 net operating income of $1.37 billion
insurance. This growth reflects the diversity
and net operating earnings per diluted
and strength of our business portfolio. We
share of $3.07 – up over the prior year but
have established positions across multiple
below our original target. While our overall
growth markets, with good momentum,
performance across our businesses was
and we continue to target the 13 to 14
positive, we were disappointed by the
percent operating return on equity goal we
year-over-year earnings decline in our U.S.
established for the 2010 to 2011 timeframe.
Mortgage Insurance segment. In this
segment, our disciplined risk management
30
33. Being distributor preferred – collaborating
our vision and strategy
with our distribution partners around
Moving forward, we will maintain our
the world to offer innovative products,
vision of being a leader in providing
specialized services, education and
solutions that help people achieve financial
technology that provide them with value at
security at key stages of life. We want
every part of the business relationship. We
to help people achieve homeownership
share our global expertise and local market
through the use of mortgage insurance;
knowledge to help our distributors grow.
create life security by providing life
To advance understanding of key issues
insurance, payment protection coverage
affecting our markets and customers, we
and wellness programs; build savings and
work in partnership with thought leaders
wealth through our wealth management
in business, government and academia.
offerings and financial advisory services;
Our studies on mortgage trends in
and establish retirement security through
Canada, Australia and other countries, as
retirement income products and long
well as forums such as our Retirement and
term care insurance.
Long Term Care symposia, bring together
opinion leaders to share ideas and develop
To fulfill this vision, we outlined four
common solutions in response to some of
strategic goals last year and have made
the most important issues we face today.
good progress toward them:
Leveraging capital markets leadership –
Becoming consumer wanted – working to
using a combination of traditional
meet consumers’ needs today while helping
insurance disciplines and sound capital
them protect against future risk. We’re
markets-based techniques to enhance
developing a deeper understanding of
risk management, capital efficiency
consumers’ needs through research and
and support new business models. For
market segmentation, while also creating
example, we issued the industry’s first
innovative financial security solutions.
securitization that efficiently financed
For example, our Cornerstone Advantage®
statutory term life insurance reserves.
product helps more people secure their
We also were the first to do the same
future independence by making long term
for universal life insurance reserves and
care insurance more simple and affordable.
have continued to innovate in this area
This, coupled with our wellness and care
during the past four years.
coordination services, helps create real
solutions for people’s long term care needs.
Being people driven – fostering an
Ultimately, we want to provide offerings
environment that welcomes different
that consumers seek out and want –
backgrounds, capitalizes on diverse
challenging the notion that insurance must
talents, invests in the capabilities of
be sold and not bought – and enabling our
our people and engages them in
distribution partners to meet the needs of
improving our business every day.
their customers.
31
34. Our Genworth Development Center offers are demonstrating a preference for the
thousands of online and in-person courses safety and security of fixed-rate mortgages
to support employees’ growth. We know with mortgage insurance and as loan
our people drive our success so we want standards become more conservative. In
to support their success. addition, our existing business portfolio
will benefit from substantial reinsurance
protection. As we move ahead, we’ll
Our progress toward these strategic
continue the important work we began in
initiatives positions us well for the future.
2007 to help ensure that the new business
In the United States, our Retirement
we originate performs well. And, we’ll
and Protection segment now represents
keep managing risk through key actions
half of our total operating earnings and
including tightening underwriting
is deepening its broad product and
standards, expanding geographic
service capabilities while sharpening its
constraints and increasing prices.
relationships with key distributors. Our
International segment reached 39 percent 2. Grow our Wealth Management and
of total operating earnings and remains Retirement Income businesses. We’ll
focused on payment protection and continue to focus on product innovation
mortgage insurance while selectively and enhanced service offerings with
exploring new opportunities. And our U.S. risk management disciplines. We’ll
Mortgage Insurance segment is operating also selectively pursue acquisitions
through a very difficult U.S. residential as we capitalize on emerging growth
real estate market while positioning itself opportunities in these areas.
to take advantage of a shifting market and
3. Maintain the responsible growth of our
create a better profile for the future.
International platforms. We’ll apply
our product expertise, consumer insights
our future
and local market knowledge to deepen
We’ve made good progress, but we have
mortgage insurance and payment
more work to do. We’re confident we
protection penetration in established
have the right vision and strategy, a solid
markets. We’ll selectively approach
financial foundation and sound risk
new markets and assess opportunities
disciplines to help us take on the challenges
to extend our retirement income and
in today’s markets, while seizing
wealth management solutions to
opportunities. As we execute our strategy,
targeted countries. For each, we will
we’ll focus on five key areas in 2008.
put a priority on growing prudently,
We’ll continue to:
with disciplined risk management and
strong controllership.
Navigate the storm in U.S. Mortgage
1.
4. Strengthen our Long Term Care and Life
Insurance. We see the potential for
Insurance businesses. In Long Term Care
significant profitable revenue growth
Insurance, we will grow our new block
in the segment, as people increasingly
32
35. “Think it possible”sM is the spirit of
of business profitably through additional
products and distribution expansion Genworth. We believe great things can
leveraging our independent distributors, happen when you think differently, and
career sales operations and partnership ask “what if?” and “why not?” We want
with aarp. At the same time, work is to turn opportunities into reality for
underway to improve the performance people like those you’ve read about in
of our old block of business. Within our this report. When I think about the
Life Insurance business, we will expand future, I’m optimistic and excited about
our position in universal life, while all that’s possible for Genworth – the
concentrating our term life business on consumers we serve, our business partners,
the most attractive consumer segments our shareholders, our employees and
and distribution channels. our communities. Thank you for being
a part of our journey.
5. Focus on strong capital management. We’ll
emphasize extracting underperforming
capital and redeploying it to higher return
areas or returning it to our shareholders.
And we’ll maintain our cost and
Sincerely,
productivity disciplines.
The foundation of our efforts is our clear
vision and our shared commitment with
our business partners to bring financial
security to more people.
Michael D. Fraizer
tHink it possible s M
Chairman, President and
Every day, our employees are driven by Chief Executive Officer
this vision, demonstrating our values of March 2008
ingenuity, clarity, performance, heart and
initiative. And their passion to make a
difference inspires us to get involved with
the communities in which we live and
work – from volunteering with local
children’s programs to finding ways to
improve the environment. Through their
ideas and inspiration, our employees are
helping people around the world achieve
their hopes and dreams, and bringing real
value to our business partners. Simply put,
our employees “think it possible” – and by
doing this, make possibilities become realities.
33
36. Financial Highlights
(amounts in millions, except per share amounts)
total revenue operating earnings per sHare
$11,1 25
$3.07
$10,285
$2.80
$9,786
$2.45
2005 2006 2007 2005 2006 2007
assets under ManageMent book value per sHare*
$59,693 $29.25
$27.48
$53,506
$25.28
$39,511
2005 2006 2007 2005 2006 2007
*excluding accumulated other comprehensive income
34
37. (amounts in millions, except per share amounts)
Metrics 2005 2006 2007
Total Revenues $ 9,786 $ 10,285 $ 11,125
Total Assets 105,654 110,871 114,315
Assets Under Management 39,511 53,506 59,693
Total Stockholders’ Equity* 11,906 12,173 12,751
Book Value Per Share* 25.28 27.48 29.25
Net Income 1,221 1,328 1,220
Earnings Per Diluted Share 2.52 2.83 2.73
Operating Income 1,187 1,317 1,373
Operating Earnings Per Diluted Share 2.45 2.80 3.07
11.0 % 11.0 %
10.4 %
Operating ROE
*excluding accumulated other comprehensive income
operating incoMe (loss)
Retirement and Protection $ 694 $ 703 $ 762
International 359 468 585
U.S. Mortgage Insurance 238 259 167
Corporate and Other (104 ) (113 ) (141)
Total Genworth $ 1,187 $ 1,317 $ 1,373
operating incoMe percent
(excluding Corporate and Other)
Retirement and Protection 54% 49% 50%
International 28% 33% 39%
U.S. Mortgage Insurance 18% 18% 11%
Genworth Financial, Inc. (nyse: gnw) is a leading public Fortune 500 global
financial security company. Genworth has more than $114 billion in assets and
employs approximately 7,000 people in more than 25 countries. Its products
and services help meet the investment, protection, retirement and lifestyle needs
of more than 15 million customers. Genworth operates through three segments:
Retirement and Protection, International and U.S. Mortgage Insurance. Its
products and services are offered through financial intermediaries, advisors,
independent distributors and sales specialists. Genworth Financial, which traces
its roots back to 1871, became a public company in 2004 and is headquartered
in Richmond, Virginia. For more information, visit genworth.com.
35
38. Retirement and Protection Segment
2007 facts
(as of 12/31/07)
total revenues: $7,559 Million
operating incoMe: $762 Million
genwortH eMployees: 3,900
distribution: More tHan 2,000
– banks, brokers, dedicated sales specialists, independent producers
and advisors, affinity partners, otHer financial institutions
2007 business suMMary
retireMent and protection segMent Meets eMerging consuMer deMands
With traditional sources of financial security ways to help people enjoy financial
diminishing and people living longer and independence in their retirement years.
saving less, there is a critical and growing
need for new approaches to retirement and Our Retirement and Protection segment is
financial protection. Through its Wealth focused on understanding and responding
Management, Retirement Income, Long to the unique needs of specific consumer
Term Care, Life Insurance, and Institutional segments – such as women and people
business units, Genworth’s Retirement and approaching retirement. We are committed
Protection segment focuses on serving these to working with distribution partners and
important needs. We provide products and other organizations that share our passion
services that help create life security, wealth for helping people create financial security
management and retirement security. for the long term. That’s why we’ve built
an exclusive distribution relationship with
Life Security. We offer products and services aarp – to offer its 39 million members access
that help bring peace of mind to individuals to long term care insurance.
and their families, from term and universal
life insurance to wellness programs and We have a history of thought leadership –
comprehensive care support for seniors and such as introducing innovative products
their families. and services and hosting annual symposia
that bring together senior executives and
Wealth Management. With industry-leading experts to discuss consumer, distribution,
products and advisory services, we help public policy and regulatory issues facing
individuals accumulate and build wealth to our industry. We work to educate state and
fund their dreams. federal legislators about their constituents’
financial security needs, build industry-
Retirement Security. Our products cover the leading education partnerships with state
spectrum of guaranteed income offerings – governments and organizations such as the
including fixed and variable, immediate Alzheimer’s Association, and commission
and deferred, and individual and group and publish research to share knowledge
annuities. We also offer individual and across our industry and identify solutions
group long term care insurance and that create financial security.
Medicare supplement insurance – important
36
39. U.S. Mortgage Insurance Segment
2007 facts
(as of 12/31/07)
total revenues: $805 Million
operating incoMe: $167 Million
genwortH eMployees: 500
distribution: More tHan 1,300
– banks, Mortgage brokers, otHer financial institutions
2007 business suMMary
u.s. Mortgage insurance segMent serves volatile Housing Market
A volatile mortgage market created strong With foreclosures at record levels, we are
demand for our U.S. Mortgage Insurance providing even more value through our no
products in 2007, and the trend is continuing. cost Homeowner Assistance program to help
As loan standards become more conservative, keep people in their homes. In 2007, we
homebuyers making low down payments worked with nearly 8,000 homeowners and
increasingly are turning from “piggy back” their lenders to find ways to modify terms
mortgages with fast rising adjustable rates to and cure delinquent loans for those facing
the safety and security of fixed-rate loans with financial difficulties.
mortgage insurance.
Consistently seeking new ways to help
Our long-standing commitment to rigorous mortgage borrowers, Genworth has been
underwriting and strong risk management a strong advocate for mortgage insurance
provides a strong foundation on which tax deductibility. The legislation first passed
to manage through the current housing by Congress for only 2007 has now been
environment. Thanks to a predominantly extended through 2010, making our products
prime-based insured loan portfolio, our loss even more attractive. In addition, our ongoing
ratio was the best in the industry in 2007. conference series on diversity in the mortgage
While loss pressure will continue during industry continues to provide insights into
2008, our captive reinsurance agreements how to best serve minority and emerging
will provide important protection against market borrowers.
increasing losses in subsequent years as we
position Genworth for future income growth. The ability to manage risk effectively while
providing our lender partners with new
First-time and low- to middle-income products and technology to meet changing
homebuyers, our core market, appreciate the customer needs makes Genworth a leader in
added value we provide, like unemployment our industry. We look forward to maintaining
insurance and discounts on home-related that position as we continue to make the
products and services. We will continue to dream of home ownership a reality for even
help lenders serve these customers better, more people in the months and years ahead.
making low down payment loans possible
by insuring them against borrower default.
37
40. International Segment
2007 facts
(as of 12/31/07)
total revenues: $2,689 Million
operating incoMe: $585 Million
genwortH eMployees: 2,000
distribution: More tHan 600
– banks, otHer non-bank financial institutions
2007 business suMMary
international segMent builds upon leading positions
The world today – and tomorrow – offers Our International segment growth and profit
Genworth the enormous opportunity to opportunities are clear as consumer debt rises
leverage our strengths, expand our product as a percentage of income, and people with
reach and build a truly global financial security modest down payments desire less expensive,
company. With leading positions in mortgage earlier access to homeownership. In 2007, these
insurance and payment protection insurance opportunities translated into solid business
and more than 600 producing distribution results – strong payment protection sales in
relationships, our International segment is continental Europe and new markets, plus a
capitalizing on that opportunity. strong increase of new mortgage insurance
written in both Canada and Australia.
In our Payment Protection Insurance business,
we concentrate on expanding relationships with We will continue to focus our growth where
existing customers through marketing support, we know the markets and have established
service and technology and new product distribution channels – including the Americas,
offerings, while also adding to our distributor Europe and Asia Pacific. We’re also excited
base. We’re also selectively bringing our about the opportunity to create a broader global
product and risk expertise into new markets footprint with the introduction of retirement
such as Poland, Mexico and others with success. income solutions. Demographic shifts toward
aging populations and longer life spans mean a
In our Mortgage Insurance business, we are change in the way people think about planning
benefiting from government and lender first- for their retirement. As they seek to make their
time homeownership initiatives, capital relief life’s savings last a lifetime, we can leverage our
regulations and risk management strategies. Retirement and Protection segment expertise in
In addition, key structural differences from markets outside the U.S.
the U.S. mortgage market give us confidence
in international markets. For example, there By responding to these trends with prudent
are limited subprime, low documentation and growth, supported by deep market insight
second lien offerings outside the U.S. Another and risk management disciplines plus strong
important difference is that outside the U.S., distribution channels, Genworth is bringing
mortgage insurance is typically paid as a single greater financial security to more people
premium, offering Genworth a more attractive around the world.
financial model.
38
41. Board of Directors
From left to right: James S. Riepe, Thomas B. Wheeler, Nancy J. Karch, Frank J. Borelli, Michael D. Fraizer, Saiyid T. Naqvi,
J. Robert “Bob” Kerrey, James A. Parke, Risa J. Lavizzo-Mourey, Barrett A. Toan
JaMes s. riepe J. robert “bob” kerrey
Independent Director; former Vice Independent Director; President of
Chairman of T. Rowe Price Group, Inc. The New School University and former
U.S. Senator from Nebraska
tHoMas b. wHeeler
JaMes a. parke
Independent Director;
former Chairman and Chief Executive Former Vice Chairman and
Officer of MassMutual Financial Group Chief Financial Officer of GE Capital
Services and former Senior Vice
President of General Electric Company
nancy J. karcH
Independent Director; former Senior
risa J. lavizzo-Mourey
Partner of McKinsey & Company
Independent Director; President
and Chief Executive Officer of the
frank J. borelli
Robert Wood Johnson Foundation
Independent Director;
former Chief Financial Officer of
Marsh & McLennan Companies, Inc. barrett a. toan
Independent Director;
MicHael d. fraizer former Chairman and Chief Executive
Chairman of the Board, President and Chief Officer of Express Scripts, Inc.
Executive Officer of Genworth Financial, Inc.
saiyid t. naqvi
Independent Director; President of
Harley-Davidson Financial Services, Inc.
39
42. Officers
Michael D. Fraizer Leon E. Roday retireMent and
protection segMent
Chairman of the Board, Senior Vice President,
President and Chief General Counsel and Secretary Pamela S. Schutz
Executive Officer Executive Vice President –
Ward E. Bobitz
Genworth
Senior Vice President
corporate
& Deputy General Counsel Ronald D. Cordes
Barbara S. Faurot
President – Managed Money
Cheryl C. Whaley
Senior Vice President –
Senior Vice President – Gurinder S. Ahluwalia
Communications
Capital Markets Vice Chairman –
Mark W. Griffin
& Growth Ventures Managed Money
Senior Vice President –
Cecil L. Fain Elena K. Edwards
Chief Investment Officer
Managing Director – Senior Vice President –
Patrick B. Kelleher
Capital Markets Operations & Quality
Senior Vice President –
& Growth Ventures
William C. Goings
Chief Financial Officer
President – Life Insurance
international and
Kelly L. Groh
u.s. Mortgage Christopher J. Grady
Senior Vice President –
insurance segMents President – Retirement Income
Finance
Thomas H. Mann
Matthew P. Sharpe
Michael S. Laming
Executive Vice President –
Senior Vice President –
Senior Vice President –
Genworth
Retirement Income,
Human Resources
Robert J. Brannock Product Development
Scott J. McKay
President – European
Paul A. Haley
Senior Vice President –
& Canadian Operations
Senior Vice President –
Operations & Quality and
Angel G. Mas Actuarial & Risk
Chief Information Officer
President – Mortgage
Marycatherine Savage
Victor C. Moses
Insurance, Europe
Senior Vice President –
Senior Vice President –
Ralf Meurer Human Resources
Actuarial & Risk
President – Payment
Geoffrey S. Stiff
Samuel D. Marsico
Protection Insurance
Senior Vice President –
Senior Vice President –
Peter M. Vukanovich Strategic Product Development
Chief Risk Officer
President – Mortgage
Thomas M. Stinson
Joseph J. Pehota
Insurance, Canada
President – Long Term
Senior Vice President –
Brian L. Hurley Care Insurance
Mergers & Acquisitions
President – International
Dennis R. Vigneau
Jean S. Peters
Development & Australian
Senior Vice President – Finance
Senior Vice President –
Operations
Strategic Analysis & Planning
Jo Ann B. Rabitz
Laurence M. Richmond
Senior Vice President –
Senior Vice President –
Human Resources
Public Relations & Brand
Kevin D. Schneider
President – U.S.
Mortgage Insurance
40
45. united states
securities and exchange commission
washington, d.c. 20549
form 10-K
annual report pursuant to section 13 or 15(d) of the securities exchange act of
x 1934
For the fiscal year ended December 31, 2007
or
transition report pursuant to section or of the securities exchange act of
13 15(d) 1934
For the transition period from to
Commission file number 001-32195
Genworth Financial, Inc.
(Exact Name of Registrant as Specified in Its Charter)
delaware 33-1073076
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
6620 West Broad Street
Richmond, Virginia 23230
(804) 281-6000
(Address and Telephone Number of Principal Executive Offices)
Securities registered pursuant to Section 12(b) of the Act
Title of Each Class Name of Each Exchange On Which Registered
Class A Common Stock, par value $.001 per share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
5.25% Series A Cumulative Preferred Stock, Liquidation Preference $50 per share
Indicate by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act.
Yes x No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange
Act. Yes No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by
reference in Part iii of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See
definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer x Accelerated filer Non-accelerated filer
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x
As of February 15, 2008, 432,642,833 shares of Class A Common Stock, par value $0.001 per share were outstanding.
The aggregate market value of the common equity (based on the closing price of the Class A Common Stock on The New
York Stock Exchange) held by non-affiliates of the registrant on June 29, 2007, the last business day of the registrant’s most
recently completed second fiscal quarter, was approximately $15.2 billion. All 10% and greater stockholders, executive
officers and directors of the registrant have been deemed, solely for the purpose of the foregoing calculation, to be “affiliates” of
the registrant.
documents incorporated by reference
Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of
1934 in connection with the 2008 annual meeting of the registrant’s stockholders are incorporated by reference into Part iii
of this Annual Report on Form 10-K.
46. Table of Contents
part i
item 1. Business 1
item 1a Risk Factors 42
item 1b. Unresolved Staff Comments 61
item 2. Properties 61
item 3. Legal Proceedings 61
item 4. Submission of Matters to a Vote of Security Holders 63
part ii
item 5. Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities 64
item 6. Selected Financial Data 66
item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations 69
item 7a. Quantitative and Qualitative Disclosures About Market Risk 139
item 8. Financial Statements and Supplementary Data 142
item 9. Changes in and Disagreements With Accountants
on Accounting and Financial Disclosure 223
item 9a. Controls and Procedures 223
item 9b. Other Information 225
part iii
item Directors, Executive Officers and Corporate Governance 226
10.
item Executive Compensation 231
11.
item Security Ownership of Certain Beneficial Owners and
12.
Management and Related Stockholder Matters 231
item Certain Relationships and Related Transactions, and Director Independence 231
13.
item Principal Accountant Fees and Services 231
14.
part iv
item Exhibits and Financial Statement Schedules 232
15. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
47. Cautionary Note Regarding Forward-looking Statements
This Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial Condition and Results of
Operations, 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,” “intends,” “anticipates,” “plans,”
“believes,” “seeks,” “estimates,” “will,” or words of similar meaning and include, but are not limited to, statements regarding
the outlook for our future business and financial performance. 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, including the items identified under “Item 1A—Risk Factors.”
We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future
developments or otherwise.
48.
49. Part I
In this Annual Report on Form 10-K, unless the context otherwise requires, “Genworth,” “we,” “us,” and “our” refer to
Genworth Financial, Inc. and its subsidiaries.
item 1. business
Overview
Genworth Financial, Inc. is a leading financial security company dedicated to providing insurance, investment and financial
solutions that help meet the homeownership, life security, wealth management and retirement security needs of more
than 15 million customers, with a presence in more than 25 countries. We are a leading provider of key products and
related services whose growth we believe is benefiting from significant demographic, legislative and market trends that are
increasingly shifting responsibility for building financial security to the individual. We distribute our products and services
through extensive and diversified channels that include: financial intermediaries, advisors, independent distributors, affinity
groups and dedicated sales specialists. We are headquartered in Richmond, Virginia and had approximately 7,000 employees
as of December 31, 2007.
We enable homeownership in the U.S. and internationally, helping people purchase homes with low down payments, coupled
with the use of mortgage insurance that protects lenders against the risk of default. Through our homeownership education
programs, we also help people keep their homes when they experience financial difficulties. We help individuals accumulate
and build wealth for financial security in the U.S. Our wealth management products include financial planning services
and managed accounts. Life security offerings include our payment protection coverages in Europe, Canada and Mexico;
and in the U.S., term and universal life insurance, as well as care coordination and wellness services. We help people achieve
financial goals and independence by providing retirement security offerings. In the U.S., retirement security products include
various types of annuity and guaranteed retirement income products, as well as individual and group long-term care and
Medicare supplement insurance. Across all of our businesses, we differentiate through product innovation and by providing
valued services such as education and training, wellness programs, support services and technology linked to our insurance,
investment and financial products that address both consumer and distributor needs. In doing so, we strive to be easy to do
business with and help our business partners grow more effectively.
As of December 31, 2007, we had the following operating segments:
– retirement and protection. We offer a variety of protection, wealth accumulation, retirement income and institutional
products. Protection products include: life insurance, long-term care insurance and a linked-benefits product that combines
long-term care insurance with universal life insurance. Additionally, we offer Medicare supplement insurance and wellness and
care coordination services for our long-term care policyholders. Our wealth accumulation and retirement income products
principally include: fixed and variable deferred and immediate individual annuities, group variable annuities offered through
retirement plans, and a variety of managed account programs, financial planning services and mutual funds. Institutional
products include: funding agreements, funding agreements backing notes (“FABNs”) and guaranteed investment contracts
(“GICs”). For the year ended December 31, 2007, our Retirement and Protection segment’s net income and net operating
income were $565 million and $762 million, respectively.
– international. In Canada, Australia, New Zealand, Mexico, Japan and multiple European countries, we are a leading
provider of mortgage insurance products. We are the largest private mortgage insurer in most of our international markets. We
also provide mortgage insurance on a structured, or bulk, basis which aids in the sale of mortgages to the capital markets and
helps lenders manage capital and risks. Additionally, we offer services, analytical tools and technology that enable lenders to
operate efficiently and manage risk. We also offer payment protection coverages in multiple European countries, Canada and
Mexico. Our payment protection insurance products help consumers meet specified payment obligations should they become
unable to pay due to accident, illness, involuntary unemployment, disability or death. For the year ended December 31,
2007, our International segment’s net income and net operating income were $580 million and $585 million, respectively.
1
50. – u.s. mortgage insurance. In the U.S., we offer mortgage insurance products predominantly insuring prime-based,
individually underwritten residential mortgage loans, also known as “flow” mortgage insurance. We selectively provide
mortgage insurance on a structured, or bulk, basis with essentially all of our bulk writings prime-based. Additionally, we
offer services, analytical tools and technology that enable lenders to operate efficiently and manage risk. For the year ended
December 31, 2007, our U.S. Mortgage Insurance segment’s net income and net operating income were $171 million and
$167 million, respectively.
We also have Corporate and Other activities which include debt financing expenses that are incurred at our holding company
level, unallocated corporate income and expenses, eliminations of inter-segment transactions, the results of non-core businesses
that are managed outside of our operating segments and our group life and health insurance business, which we sold on
May 31, 2007. We acquired Liberty Reverse Mortgage, Incorporated (“Liberty”), an originator of reverse mortgage loans, on
October 31, 2007, as part of our focus on retirement needs and enabling consumers to have liquidity to meet certain financial
obligations. The results of Liberty are included in our Corporate and Other activities. For the year ended December 31, 2007,
Corporate and Other activities had a loss from continuing operations and a net operating loss of $162 million and $141
million, respectively.
On a consolidated basis, we had $13.5 billion of total stockholders’ equity and $114.3 billion of total assets as of December 31,
2007. For the year ended December 31, 2007, our revenues were $11.1 billion and net income was $1.2 billion.
Our principal U.S. life insurance companies have financial strength ratings of “AA–” (Very Strong) from S&P, “Aa3”
(Excellent) from Moody’s, “A+” (Superior) from A.M. Best and “AA–” (Very Strong) from Fitch, and our rated mortgage
insurance companies have financial strength ratings of “AA” (Very Strong) from Standard and Poor’s (“S&P”), “Aa2” (Excellent)
from Moody’s, “AA” (Very Strong) from Fitch and/or “AA” (Superior) from Dominion Bond Rating Service (“DBRS”).
Genworth was incorporated in Delaware in 2003 in preparation for the corporate formation of certain insurance and related
subsidiaries of the General Electric Company (“GE”) and an initial public offering of Genworth common stock, which was
completed on May 28, 2004 (“IPO”). In 2006, GE completed its final offering of our shares and no longer owns any of our
outstanding common stock. See note 1 in our consolidated financial statements under “Item 8—Financial Statements and
Supplementary Data” for additional information.
Market Environment and Opportunities
As a leading financial security company, we believe we are well positioned to benefit from significant demographic,
governmental and market trends, including the following:
– aging global population with growing retirement income needs. More than half of the world’s oldest citizens,
aged 85 or above, live in six countries. In 2007, 500 million people worldwide were aged 65 and older; by 2030 that number
will increase to one billion (one out of every eight of the world’s inhabitants). In the U.S., the percentage of the population
aged 55 or older is expected to increase from approximately 22%, or 65 million, in 2004 to more than 29%, or 97 million,
by 2020, according to the U.S. Census Bureau. Life expectancy has risen to 75.0 years for men and 79.7 years for women,
according to the U.S. Social Security Administration, and further increases are projected. For a married couple, each aged 65,
there is a 50% likelihood that one will survive to age 91 and a 25% chance that one will survive to 95, according to Society of
Actuaries tables. Meanwhile, fewer companies are offering defined benefit plans than in the past, and the U.S. Social Security
Administration in 2006 projected that its reserves could be exhausted by 2040, potentially creating the need for individuals
to identify alternate sources of retirement income. Additionally, U.S. savings rates overall are at historic lows. We believe these
trends will increase demand for wealth accumulation offerings, income distribution, long-term care insurance and liquidity
solutions as part of a responsible financial plan. Similar trends are occurring globally, as populations age, and we see selective
opportunities to expand our retirement income and wealth accumulation offerings to countries outside the U.S.
– growing lifestyle protection gap. The aging U.S. and world population, coupled with other factors such as the
decline in defined benefit plans in the U.S., is creating a significant life and retirement security gap for many individuals. A
growing number of individuals have insufficient resources, including insurance coverage, to ensure that assets and income
will be adequate to support desired lifestyles now and in the future. Declining savings rates, rising healthcare and nursing care
costs, and shifting burdens for funding protection needs from governments and employers to individuals, are contributing to
this gap. Many individuals are facing increased personal debt levels, with limited or no resources to manage against unforeseen
events. We expect these trends to drive increased demand for life and long-term care insurance and a linked-benefits product
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51. and payment protection coverage we offer, as well as for our asset accumulation and managed money products and services,
income distribution and liquidity offerings.
– increasing opportunities for mortgage insurance internationally and in the u.s. We expect that
increasing homeownership trends and initiatives, capital regulation and risk management activities in the U.S., Canada,
Australia and Europe will contribute to the growing use of mortgage insurance and related services. Globally, government
housing policies and demographic factors are driving demand for housing, particularly among underserved minority and
immigrant populations. These needs are being met through the expansion of low-down-payment mortgage loan offerings and
legislative and regulatory policies that provide capital incentives for lenders to transfer risk to mortgage insurers. A number
of these factors also are emerging in some European, Latin American and Asian markets, where lenders increasingly are
using mortgage insurance to manage the risks of loan portfolios and to expand low-down-payment lending. In the U.S., the
demand for mortgage insurance increased during 2007 as a result of market conditions including increased regulatory and
market focus on credit risk, ongoing tightening of underwriting standards, an increase in the volume of mortgages purchased
by the government-sponsored enterprises (“GSEs”), a return to traditional fixed rate mortgages, a decline in simultaneous
second mortgages and mortgage insurance tax deductibility.
Competitive Strengths
We believe the following competitive strengths will enable us to capitalize on opportunities in our targeted markets:
– leading positions in diversified targeted marKets. We believe our leading positions in long-term care insurance,
managed money services, income distribution offerings, payment protection insurance in Europe and international mortgage
insurance, as well as certain products within our life insurance and retirement income businesses, provide us with a strong and
differentiated base of business that enables us to compete effectively in these markets as they grow. We also believe our strong
presence in multiple markets provides a diversified and balanced base of business, reduces our exposure to adverse economic
trends affecting any one market and provides stable cash flow to fund growth.
– product innovation and breadth, plus service offerings. We continue to innovate and offer a breadth of
products that meet the needs of consumers at various stages of their lives. We believe these products are positioned to
benefit from current trends among distributors to limit the number of insurers with which they maintain relationships
to those with the highest value-added product and services. Our services include consumer programs such as wellness
information, medical screenings, care coordination and other services that complement our insurance offerings.
We strive to maintain appropriate return and risk thresholds when we expand the scope of our product offerings.
– extensive, multi-channel distribution networK. We have extensive distribution reach across a broad network of
financial intermediaries, independent producers and dedicated sales specialists. We maintain strong relationships with leading
distributors by providing a high level of specialized and differentiated support, technology and service solutions to enhance
their sales efforts and targeted educational and support offerings, including certified courses. During 2007, we expanded our
distribution reach to provide long-term care insurance products to the approximately 39 million members of AARP.
– innovative capital marKets solutions. We believe we are an industry leader in developing capital markets
solutions and investment products that allow us to use capital more efficiently and increase our returns, manage
risk and support new business models. We were the first company to securitize statutory term life insurance reserves
(“XXX securitizations”), and we were again the first company to create a similar solution for statutory universal life insurance
reserves (“AXXX securitization”).
– technology-enhanced, service-oriented, scalable, low-cost operating platform. We actively manage costs
and drive continuous customer service improvement. We use technology to enhance performance by automating key processes
to reduce response times and process variations. In addition, we have centralized operations and established scalable, low-cost
operating centers in Virginia, North Carolina and Ireland. We also outsource selected back office support services to a small
group of professional service providers in India.
– disciplined risK management with strong compliance practices. Risk management and regulatory compliance
are critical to our business. We employ comprehensive risk management processes in virtually every aspect of our operations,
including product development, underwriting, investment management, asset-liability management and technology
development programs.
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52. – strong balance sheet and high quality investment portfolio. We believe our size, ratings and capital strength
provide us with a competitive advantage. We have a diversified, high quality portfolio with $73.9 billion of cash, cash
equivalents and invested assets as of December 31, 2007. Approximately 95% of our fixed maturity securities had ratings
equivalent to investment grade and approximately 1% of our total investment portfolio consisted of equity securities as of
December 31, 2007. We conduct active asset-liability management, and we pursue selected portfolio, hedging and capital
markets strategies to enhance portfolio returns.
– experienced management team. We have an established track record of successfully developing managerial talent at all
levels and have instilled a performance- and execution-oriented corporate culture.
Growth Strategies
Our objective is to increase targeted revenues, grow and protect margins, expand operating income and enhance returns on
equity. We do this by focusing on the following strategies:
– capitalize on attractive growth prospects in Key marKets. We have positioned our product portfolio and
distribution relationships to capitalize on attractive growth prospects in our key markets:
Retirement and Protection. We believe growth in managed money and retirement income will be driven by favorable demographic
trends and products designed to help customers accumulate assets and convert them into reliable income throughout their
retirement years or other desired periods. In life insurance, we believe growth will be driven by the significant protection gaps
among individuals and families. In long-term care insurance, we believe growth will be driven by the increasing needs of an
expanding, aging population and the lack of funding for these needs from government programs or corporate benefits. We
also believe consumers will increasingly seek linked-benefits products and liquidity solutions to help them fund retirement
and health care needs.
International. We continue to see attractive growth opportunities in international mortgage insurance as homeownership
and the use of low-down-payment lending expand globally. Our international mortgage and payment protection insurance
businesses have established business relationships or licenses in multiple countries in North America, Australia, Europe and
Asia. We also believe global markets will present increasing opportunities for other product expansion beyond mortgage and
payment protection insurance particularly in the areas of managed money and retirement income, as populations age and
consumers seek products that help them achieve financial security. In payment protection insurance, we believe growth will
result from increasing consumer borrowing in Europe, expansion of the European Union, reduced unemployment benefits in
key European markets and our expansion beyond Europe.
U.S. Mortgage Insurance. Even with the current downturn in the U.S. housing market, we believe that long-term demographic
trends supporting the U.S. housing market remain strong, with continued strength in the first-time homebuyers’ market,
which includes ongoing growth in emerging market household formation and homeownership. We believe this long-term
demographic trend will drive demand for high loan-to-value debt. We also believe that various market forces, including recently
issued guidance from U.S. federal financial regulators to financial institutions on risks related to non-traditional mortgages,
ongoing tightening of underwriting standards, an increase in the volume of mortgages purchased by GSEs, the return to
traditional fixed rate mortgages, a decline in simultaneous second mortgages and mortgage insurance tax deductibility, may
help increase the use of fixed rate mortgages and the use of our mortgage insurance products.
– further strengthen and extend our distribution channels. We intend to grow distribution by continuing to
differentiate in areas where we believe we have distinct competitive advantages. These areas include:
Product and service innovations. Examples include the introduction of a number of products, including a group variable annuity
with guaranteed income features and guaranteed withdrawal benefit features to the qualified plan markets (401(k) plans), our
registered FABN product for retail investors, new features to our Income Distribution Series of variable annuity products,
return of premium term life insurance products, our linked-benefits product for customers who traditionally self-funded
long-term care expenses, our CornerStone AdvantageSM product which offers lower cost individual long-term care insurance,
our HomeOpeners® mortgage insurance products designed to attract first-time home buyers and private mortgage insurance
products in the European market. Additional service innovations include programs such as automated underwriting in
our life, long-term care and mortgage insurance businesses, dedicated customer service teams and customer care programs
supporting wellness and homeownership.
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53. Collaborative approach to key distributors. Our collaborative approach to key distributors includes our strong support and
educational offerings of consultative selling practices, joint business improvement programs and tailored approach to sales
intermediaries addressing their unique service needs. Additionally, we are expanding product and service offerings broadly in
the financial advisor and managed money arena as we coordinate our asset accumulation businesses under the leadership of
AssetMark Investment Services, Inc. (“AssetMark”).
Technology initiatives. These initiatives include proprietary underwriting systems, making it easier for distributors to do
business with us, improving our term life, long-term care and mortgage insurance underwriting speed and accuracy while
lowering our operating costs.
–enhance returns on capital and increase margins. We employ five levers to drive higher returns on capital and
increase margins. These levers include:
Adding new business at targeted returns and optimizing our business mix. We have introduced new products, revised pricing and
targeted higher return distribution channels in multiple business lines to increase returns. For example, in our Retirement and
Protection segment, we have shifted capital to higher return, fee-based products. In our International segment, we leverage
our international platforms for faster growth in markets in which we are generating our highest returns. In our U.S. Mortgage
Insurance segment, we are increasing our focus on distribution channels that have higher returns, and also benefit from our
service-oriented marketing approach.
Capital generation and redeployment. We generate significant statutory capital from in-force business and capital efficiency
initiatives, which we then actively redeploy to new business and acquisitions. We also consider share repurchases or dividend
increases as alternative capital uses when we do not see additional opportunities to fund growth. We have certain blocks of
business with low returns including older blocks of long-term care insurance and certain blocks of spread-based annuities, life
insurance and institutional products. In 2007, we released a significant amount of capital supporting spread-based annuities
and institutional products, including capital released from the maturity of older issued fixed annuities and GICs. We also
released $511 million of statutory contingency reserves supporting our U.S. mortgage insurance business. Additionally, we
received gross cash proceeds of approximately $660 million in May 2007 upon completing the sale of our group life and
health insurance business.
Targeted use of capital markets. We continue to make progress in using the capital markets to optimize capital efficiency,
manage risk and support new business growth models. During 2007, we completed approximately $790 million of statutory
term life insurance reserve securitizations. In addition, we continue to evaluate capital market opportunities to redeploy
capital from lower returning blocks of business.
Operating cost reductions and efficiencies. We focus on reducing our cost base while maintaining strong service levels. We
continue to evaluate and identify significant opportunities for improved efficiency and functional consolidation to enhance
growth and improve margins.
Investment income enhancements. We seek to enhance investment yields by evaluating and gradually repositioning our asset
class mix, pursuing additional investment classes, using active management strategies, implementing best in class technology
and hiring experienced portfolio management and risk professionals to significantly enhance our flexibility and overall
capabilities. We expect our investment portfolios to make a gradual contribution to Genworth’s return on equity progression
over the next several years.
Retirement and Protection
Through our Retirement and Protection segment, we market various forms of managed money, retirement income,
institutional, life insurance and long-term care insurance products and services. In connection with our strategy to expand
our managed money business, we acquired AssetMark, a leading provider of open architecture asset management solutions to
independent financial advisors, in 2006. Retirement income focused products include variable annuities, fixed annuities and
single premium immediate annuities. We also offer specialized institutional products, including FABNs, funding agreements
and GICs. Overall, we look to improve spreads on our spread-based products, including our retirement income spread-based
and institutional businesses, and expand our presence in fee-based products and services offered by our managed money
and retirement income businesses. Protection products include term life insurance, universal life insurance, long-term care
insurance for individual and group markets, and Medicare supplement insurance and other senior services.
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54. The following table sets forth financial information regarding our Retirement and Protection segment as of or for the periods
indicated. For additional selected financial information and operating performance measures regarding our Retirement and
Protection segment as of or for these periods, see “Item 7—Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Retirement and Protection.”
As of or for the years
ended December 31,
(Amounts in millions) 2006 2005
2007
Revenues:
Managed money $ 199 $ 132
$ 336
Retirement income 2,161 2,338
1,912
Institutional 572 442
516
Life insurance 1,807 1,623
1,959
Long-term care insurance 2,626 2,347
2,836
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total revenues $ 7,365 $ 6,882
$ 7,559
–––––––––––––––––––––––––––––––––
Net operating income:
Managed money $ 20 $ 10
$ 44
Retirement income 175 200
212
Institutional 42 37
43
Life insurance 313 275
310
Long-term care insurance 153 172
153
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total net operating income 703 694
762
Net investment gains (losses), net of taxes and other adjustments (30) —
(197)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Total net income $ 673 $ 694
$ 565
–––––––––––––––––––––––––––––––––
Total segment assets $ 92,820 $ 87,243
$ 94,360
–––––––––––––––––––––––––––––––––
managed money
We offer asset management products and services to affluent individual investors. We provide and tailor client advice, asset
allocation, products and prepackaged support, services and technology to the independent advisor channel. We achieved
double-digit sales growth over the last three years in this business and expanded our presence in the managed account service
provider market, also known as the turnkey asset management platform market, through the acquisition of AssetMark.
The combined resources of Genworth Financial Asset Management, Inc. (“GFAM”) and AssetMark provide us with the
opportunity to become a leading provider in this market. As of December 31, 2007, we were ranked fourth based on the
fourth quarter 2007 Managed Account Research published by Cerulli Associates (“Cerulli Research”) with more than 100,000
accounts and $21.6 billion of assets under management.
products
GFAM’s asset management clients are referred to us through financial advisers, and we work with these financial advisers to
develop portfolios consisting of individual securities, mutual funds, exchange traded funds and variable annuities designed
to meet each client’s particular investment objectives. Most of our clients for these products and services have accumulated
significant capital, and our principal asset management strategy is to help protect their assets while taking advantage of
opportunities for capital appreciation. Advisory clients are offered the custodial services of our trust company, Genworth
Financial Trust Company.
Through its open-architecture platform, AssetMark offers to financial advisors one of the most comprehensive fee-based
investment management platforms in the industry, access to custodians, client relationship management tools and business
development programs, to enable these retail financial advisors to offer institutional caliber services to their clients. AssetMark
also serves as investment advisor to the AssetMark Funds which are mutual funds offered to clients of financial advisors.
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55. Additionally, through our affiliated retail broker/dealers, we offer annuity and insurance products, including our proprietary
products, as well as third-party mutual funds and other investment products.
distribution
We distribute these products and services through approximately 5,500 independent investment advisory professionals and
more than 2,400 financial professionals affiliated with our retail broker/dealers.
competition
We compete primarily in the managed account service provider market. The market is highly competitive, and is differentiated
by service, convenience, product offerings and price. The ten largest companies in the managed money market comprise
approximately 95% of assets under management based on Cerulli Research.
retirement income
We are focused on helping individuals create dependable income streams for life or for a specified period of time and helping
them save and invest to achieve financial goals. We believe our innovative product design reduces some of the risks to insurers
that generally accompany traditional products with guaranteed minimum income benefits. We are targeting people who are
focused on building a personal portable retirement plan or are moving from the accumulation to the distribution phase of
their retirement planning.
fee-based retail products
Variable annuities and variable life insurance. We offer variable annuities that offer customers a variety of separate account
subaccount investment options, as well as the option to make allocations to a guaranteed interest account managed within
our general account. Generally, the contractholder bears the entire risk associated with the performance of investments in the
separate account, other than for certain contractual guarantees such as the guaranteed minimum death benefit (“GMDB”),
or guaranteed minimum income stream, described below.
Variable annuities generally provide us fees including mortality and expense risk charges and, in some cases, administrative
charges. The fees equal a percentage of the contractholder’s policy account value and typically range from 0.75% to 3.30% per
annum depending on the features and options within a contract.
Our variable annuity contracts generally provide a basic GMDB which provides a minimum account value to be paid upon
the annuitant’s death. Contractholders may also have the option to purchase riders that provide enhanced death benefits.
Assuming every annuitant died on December 31, 2007, as of that date, contracts with death benefit features not covered by
reinsurance had an account value of $6,872 million and a related death benefit exposure of $37 million net amount at risk.
Our Income Distribution Series of variable annuity products provides the contractholder with a guaranteed minimum income
stream that they cannot outlive, along with an opportunity to participate in market appreciation.
As a solution to the trend of employers moving away from traditional defined benefit retirement plans to defined contribution
plans such as 401(k) plans, we have introduced to the qualified plan market a group variable annuity with guaranteed retirement
income and guaranteed minimum withdrawal benefit features. This product is designed to offer participants the ability
to secure guaranteed retirement income with growth potential during the accumulation phase while maintaining liquidity;
and during the distribution phase, to provide guaranteed annual income with upside growth potential with varying degrees
of liquidity with respect to underlying assets.
In addition to variable annuities, we offer variable life insurance products on a limited basis.
Institutional Asset Management Services. Until December 31, 2006, we managed a pool of municipal GICs issued by affiliates
of GE. As of January 1, 2007, we now provide transition and consulting services to the GE affiliates for their municipal GICs
through December 15, 2008.
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