Genworth Financial sells lifestyle protection insurance business
Henrico County-based Genworth Financial announced Wednesday it has completed the sale of lifestyle protection insurance business to AXA.
The deal was announced in July. The final sale price was approximately $490 million.
Proceeds from the transaction — net of pension settlement costs, transaction related expenses and gains related to foreign exchange hedging — are expected to be approximately $415 million.
A majority of the net proceeds are expected to be applied to the company debt coming due in 2016.
The closing of the transaction is an “important step toward simplifying the business portfolio and increasing the financial flexibility and strength of Genworth,” the company said in a statement.
Genworth Financial is a Fortune 500 insurance holding company.