Genworth's history Genworth's history

<strong>1871:</strong> The Life Insurance Company of Virginia, known as Life of Virginia, was started by two dozen investors in Petersburg and offered its first policies to local customers. The company later expanded and moved its headquarters to Richmond.

<strong>1955:</strong> First Colony Life Insurance Company founded by Edwin Horner in Lynchburg

<strong>1967:</strong> Richmond Corp. was created to serve as a holding company for Life of Virginia and Lawyers Title Insurance Corp.

<strong>1974:</strong> Life of Virginia starts offering long-term care insurance policies.

<strong>1981:</strong> First Colony is the third company to market a new type of insurance product called universal life insurance

<strong>1986:</strong> Combined Insurance, a holding company based in Chicago, bought Life of Virginia for $557 million and became AON Corp. the following year

<strong>1992:</strong> Ethyl offers initial public offering of 8.6 million shares of First Colony Corporation, holding company for First Colony Life Insurance Company

<strong>1996:</strong> GE Capital, the financial services unit of General Electric, buys most of AON Corp.'s life insurance business, including Life of Virginia and separately buys First Colony Life for $1.8 billion

<strong>1997:</strong> GE Financial Assurance moved its headquarters from Stamford, Conn., to the Brookfield office complex in western Henrico County

<strong>2003:</strong> Genworth Financial was formed by the joining of several GE Capital insurance companies

<strong>2004:</strong> Genworth goes public on the New York Stock Exchange in a $2.8 billion initial public offering at $19.50 per share

<strong>2008:</strong> Genworth reports $572 million in losses for the year as the housing market collapse forces it to make huge payouts in its mortgage insurance business. The company laid off about 1,000 employees.

<strong>2013:</strong> Genworth's U.S. mortgage insurance business posted its first annual profit since 2007, but losses start rising in its long-term care insurance business

<strong>2014:</strong> The company reported a loss of $1.2 billion for 2014 after setting aside hundreds of millions of dollars to cover long-term care insurance costs. Genworth raised $545 million by selling a stake in its Australian mortgage insurer.

<strong>2015:</strong> Genworth reported a material weakness in its accounting for long-term care coverage; CEO Tim McInerney said he would be open to taking Genworth private if a buyer would be willing and able to accept the risks.

<strong>2016:</strong> Genworth agreed to be acquired by China Oceanwide Holdings Group Ltd., a privately held, family-owned international financial holding company based in Beijing, for $5.43 per share or $2.7 billion. Genworth suspended sales of traditional life coverage and fixed annuity products after posting a fourth-quarter loss.

<strong>2018:</strong> The U.S. government's Committee on Foreign Investment the United States, or CFIUS, cleared the proposed deal with China Oceanwide.

<strong>2019:</strong> After being unable to get approval from Canadian regulators for the China Oceanwide deal, Genworth sells its Canadian mortgage insurance business.

<strong>2020:</strong> China's economic management agency <span>- </span>the National Development and Reform Commission, or NDRC <span>-</span> re-approves the deal. Genworth and China Oceanwide extend the deadline for the deal for a 17th time until Dec. 31 to give China Oceanwide more time to conclude financing.

<strong>2021:</strong> Genworth terminates its merger agreement with China Oceanwide