NU Online News Service, Jan. 20, 2004, 6:09 p.m. EST – Underwriters have filed a thick registration statement for the insurance operations of General Electric Company with the U.S. Securities and Exchange Commission.[@@]
General Electric, a Fairfield, Conn., conglomerate, hopes to spin the operations off as a separate, publicly traded company, Genworth Financial Inc., through an initial public offering.
If the IPO is successful, Genworth will have 5,640 employees, $28.6 billion in assets, headquarters in Richmond, Va., and offices in 19 countries outside the United States. It will sell mortgage insurance and investment products as well as individual life insurance, long term care insurance, retirement savings products, and group life and health products.
Genworth will be trying to profit from the effects of the aging of the population in developed countries and growth of home ownership in the United States, Asia and Europe, according to the registration statement.
Most of the operations that GE plans to put in Genworth are now part of General Electric’s GE Financial Assurance Holdings Inc. unit.