Genworth Financial shares rally after legal ruling

Genworth Financial

25/07/2025 16:39

** Shares in Genworth Financial GNW.N jumping ~7% on Friday, on track for biggest one-day pct gain since June 18 after a legal ruling in the financial services co's favor

** Genworth said it expects to receive ~$750 mln in proceeds after French insurer AXA AXAF.PA won a London court ruling on Friday worth nearly 675 million pounds ($908 million) against Santander SAN.MC over the mis-selling of payment protection insurance more than two decades ago

** AXA inherited liabilities in a 2015 acquisition of two Genworth units, but AXA will only be entitled to a minority of the award as Genworth had already reimbursed AXA for a substantial portion of mis-selling losses paid out

** Genworth said it plans to deploy any recoveries in line with priorities it listed as investing in growth through CareScout, returning cash to shareholders through buybacks, opportunistically paying down debt.

** GNW shares were last at $7.86, up 12.2% YTD

(Reporting by Sinead Carew, Sam Tobin )

((sinead.carew@thomsonreuters.com))