GENWORTH DIVESTS AUSTRALIAN MORTGAGE INSURANCE UNIT

Genworth Financial has sold its majority stake in its Australian mortgage insurance unit, Genworth Mortgage Insurance Australia (GMIA). On Monday, the group said it had sold some 214m shares in GMIA on the Australian stock exchange at A$2.28 per share, representing Genworth’s entire 52% holding in GMIA. GFI reduced its ownership in GMIA to 66% from 100% following the mortgage insurer’s initial IPO in 2014 and again to 52% in 2015. The sale will not have an impact on the A rating of GMIA's fully owned subsidiary, Genworth Financial Mortgage Insurance Pty Ltd, according to Fitch Ratings.