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Genworth Financial underlines support for policyholders in The Netherlands


Amsterdam 14, October 2009 – Genworth Financial is very much open for business in the Netherlands and our support for local customers is stronger than ever during this challenging economic cycle.

Our lifestyle protection insurance helps consumers meet payment obligations on outstanding commitments such as mortgages in the event of a misfortune, for example: an illness, accident or involuntary unemployment.  Through this product, we are helping many consumers achieve financial security at a time when many face uncertainty.  Our expertise in providing this cover spans several decades, with business or operations in 25 countries.

Genworth’s main underwriting companies for its Lifestyle Protection products - Financial Insurance Company Limited and Financial Assurance Company Limited - are domiciled in the United Kingdom and regulated by the Financial Services Authority.  Genworth has always operated in the Netherlands through these companies and this continues to be the case.

Similar to most global organisations, with the benefit of technology we are able to provide consistent standards of service to our customers from a number of different locations. 

Earlier in 2009 our operations department in Arnhem was closed and Genworth customers in the Netherlands are now being supported by a team of native Dutch speaking specialists in our European Centre of Excellence in Shannon, Ireland, who are also managing all claims.

Our Dutch customers can continue to contact us using our existing telephone numbers and address in the Netherlands and we have put in place arrangements to transfer any calls and letters to our team in Ireland and - at no additional cost to our customers.  We have notified all relevant regulators of these arrangements.

Our commercial representatives continue to explore new opportunities for growth in this market from our Paris office.

Genworth is very much focused on keeping our promises to customers: so far in 2009, over EUR 2.2 million has been paid in claims to our customers helping them achieve financial security.  We are committed to treating all customers fairly and have been actively working with Kifid to address any open complaints. 

Of the 22 cases brought to our attention by Kifid at the end of August 2009, we can confirm that only 4 remain unresolved as we are currently obtaining further information on these.  We have informed the policyholders and Kifid of the status of these cases and hope to bring them to a conclusion as soon as possible. 

Notes to editors:
  • Financial Insurance Company Limited (“FICL”) and Financial Assurance Company Limited (“FACL”) have a financial strength rating of “A-“ from Standard and Poor’s. 
  • As at 31 December 2008, FICL solvency capital was 356% of the Financial Services Authority’s minimum requirements and FACL’s solvency capital was 204%.
  • Genworth has approximately 9000 live policies in the Netherlands and less than 1 per cent has ever had cause to complain.
  • Genworth Financial is not involved in the selling of insurance products to consumers in the Netherlands.  Our products are distributed through financial institutions and intermediaries.
  • Genworth Financial remains a member of the Dutch Association of Insurers.

About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company.  Genworth hasmore than $100 billion in assets and employs approximately 6,000 people with a presence 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, U.S. Mortgage Insurance and International. 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.  From time to time Genworth releases important information via postings on its corporate website.  Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings.  Enrollment information is found under the "Investors" section of Genworth.com.  

Media contact:

Guy Genney; guy.genney@genworth.com
+44 7968 350392