China Oceanwide Holdings Group Co. Ltd. is now hoping to complete the acquisition of Genworth Financial Inc. sometime between Sept. 30 and Dec. 31, according to Thomas McInerney.
McInerney, Genworth’s chief executive officer, talked about the China Oceanwide-Genworth deal Wednesday, during a conference call with securities analysts.
Genworth held the conference call to go after its earnings for the second quarter.
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China Oceanwide announced plans to acquire Genworth in October 2016.
The companies have already announced several deal completion deadline extensions. The current deadline is Aug. 15.
“Given our timelines for certain review periods, we expect the regulatory review process to extend beyond this date,” McInerney said.
Genworth is still a major issuer of mortgage insurance.
In the past, the Richmond, Virginia-based company was a major issuer of long-term care insurance, life insurance and annuities. The company continues to have large blocks of LTCI, life insurance and annuity business on its books, but it has had to suspend most new sales of life, annuity and LTCI products because of concerns about LTCI rate adequacy and reserving levels.
China Oceanwide is a large, Beijing-based real estate developer that has branched out into the insurance and banking industries.
Originally, the companies had planned for China Oceanwide to help Genworth make debt payments that came due in May, and also to provide capital for Genworth’s existing life, annuity and LTCI operations.
The companies had also hoped that Genworth could separate the LTCI operations from the life and annuity operations.