The Federal Home Loan Bank (FHLBank) of Pittsburgh announced that Genworth Life Insurance Company (Genworth Life) has been added as its newest member.
Rated 'A' (Excellent) by A.M. Best Co., Genworth Life becomes one of the more than 200 insurance companies within the FHLBank System. Genworth Life, with $32.97 billion in assets as of December 31, 2009, is a wholly owned subsidiary of Genworth Financial, Inc.
Membership in FHLBank Pittsburgh provides Genworth Life with access to FHLBank's line of products and financial services to enhance liquidity and provide a low-cost source of funds for asset/liability management through funding agreement issuance and other general banking services.
"We are pleased to welcome one of America's premier life insurance companies to the FHLBank Pittsburgh family," said John R. Price, president and chief executive officer. "For 78 years, and through all economic cycles, the Home Loan Banks have served as a reliable provider of low-cost liquidity for a variety of business purposes. We look forward to meeting Genworth Life's needs in service to their management, customers and investors." About Genworth Financial Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth Financial has more 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 Financial 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.
Genworth Life Insurance Company is a Delaware-domiciled life insurance company licensed to do business in all states except New York.
