International Segment
The world today – and tomorrow – offers Genworth the enormous opportunity to
leverage our strengths, expand our product reach and build a truly global financial security company. With leading positions in mortgage insurance and payment protection insurance and more than 600 producing distribution relationships, our International segment is capitalizing on that opportunity.
In our Payment Protection Insurance business, we concentrate on expanding relationships with existing customers through marketing support, service and technology and new product offerings, while also adding to our distributor base. We’re also selectively bringing our product and risk expertise into new markets such as Poland, Mexico and others with success.
In our Mortgage Insurance business, we are benefiting from government and lender first-time homeownership initiatives, capital relief regulations and risk management strategies. In addition, key structural differences from the U.S. mortgage market give us confidence in international markets. For example, there are limited subprime, low documentation and second lien offerings outside the U.S. Another important difference is that outside the U.S., mortgage insurance is typically paid as a single premium, offering Genworth a more attractive financial model.
In our Payment Protection Insurance business, we concentrate on expanding relationships with existing customers through marketing support, service and technology and new product offerings, while also adding to our distributor base. We’re also selectively bringing our product and risk expertise into new markets such as Poland, Mexico and others with success.
In our Mortgage Insurance business, we are benefiting from government and lender first-time homeownership initiatives, capital relief regulations and risk management strategies. In addition, key structural differences from the U.S. mortgage market give us confidence in international markets. For example, there are limited subprime, low documentation and second lien offerings outside the U.S. Another important difference is that outside the U.S., mortgage insurance is typically paid as a single premium, offering Genworth a more attractive financial model.
Our International segment growth and profit opportunities are clear as consumer debt rises
as a percentage of income, and people with modest down payments desire less expensive, earlier access to homeownership. In 2007, these opportunities translated into solid business results – strong payment protection sales in continental Europe and new markets, plus a strong increase of new mortgage insurance written in both Canada and Australia.
We will continue to focus our growth where we know the markets and have established distribution channels – including the Americas, Europe and Asia Pacific. We’re also excited about the opportunity to create a broader global footprint with the introduction of retirement income solutions. Demographic shifts toward aging populations and longer life spans mean a change in the way people think about planning for their retirement. As they seek to make their life’s savings last a lifetime, we can leverage our Retirement and Protection segment expertise in markets outside the U.S.
By responding to these trends with prudent growth, supported by deep market insight and risk management disciplines plus strong distribution channels, Genworth is bringing greater financial security to more people around the world.
We will continue to focus our growth where we know the markets and have established distribution channels – including the Americas, Europe and Asia Pacific. We’re also excited about the opportunity to create a broader global footprint with the introduction of retirement income solutions. Demographic shifts toward aging populations and longer life spans mean a change in the way people think about planning for their retirement. As they seek to make their life’s savings last a lifetime, we can leverage our Retirement and Protection segment expertise in markets outside the U.S.
By responding to these trends with prudent growth, supported by deep market insight and risk management disciplines plus strong distribution channels, Genworth is bringing greater financial security to more people around the world.
