Dublin, 29 April 2009 – As unemployment in Ireland reaches 11.4%, specialist insurer Genworth Financial is already helping many households achieve financial security by maintaining regular repayments on their mortgages, loans and other regular outgoings.
Genworth’s Lifestyle Protection business in Ireland paid €7.7 million to policyholders in the first quarter of 2009, compared to €3.6 million in the same period last year. Through these payments, Genworth is providing vital support to households and shouldering some of the burden placed on the government and the state benefit system.
Commenting on the latest increase in the Live Register from the Central Statistics Office,
Redmond McDonnell, General Manager for Genworth Financial says: “The increase in unemployment is reflected in the numbers of policyholders that are turning to us for help. With an average drop in income of 75% whilst on state benefits, insurance is making a real difference from a financial point of view.”
“In the first three months of 2008, we received 10,000 calls from our policyholders in Ireland seeking assistance. In the same period this year that number has risen to 30,000 and, contrary to the perception of the market as a whole, at Genworth 89.5% of our claims are accepted and paid”.
“As a specialist provider of Lifestyle Protection products in Ireland, with experience across several economic cycles in over 20 markets, we are managing risk for today’s realities. We also maintain a very strong capital position to enable us to fulfil our commitment to policyholders.”
Genworth continues to hire talented individuals in Ireland, ensuring that high levels of service are maintained: “Since the beginning of the year, we have created over 30 new roles – a mixture of full-time and fixed term contracts – in our Operations teams at our Centre of Excellence in Shannon” adds McDonnell.
Lifestyle Protection Insurance is a family of products that help borrowers and consumers maintain their lifestyle by allowing them to make regular repayments on loans, mortgages and other financial commitments in the event of unemployment, disability or an accident, and clear outstanding balances in the event of death. Genworth’s Lifestyle Protection products are offered through distribution relationships with financial institutions, brokers and advisers in the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.
Genworth’s Lifestyle Protection entities were recently rated “A-“, with a stable outlook by Standard and Poor’s – the first independent rating sought by Genworth for the business.
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Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth hasmore 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 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. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enrol to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrolment information is found under the "Investors" section of Genworth.com.
In Ireland, Genworth offers both lifestyle protection products and mortgage insurance through distribution partnerships with major banks, finance houses and other financial institutions. Genworth established operations in Ireland in 1985 and employees approximately 400 people at locations in Dublin and Shannon, County Clare – making it one of the largest employers in the mid-west of Ireland.
Contacts:
MediaGuy Genney, +353 1 542 8412;
guy.genney@genworth.com
