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Genworth Financial Postpones Proposed IPO Of Enact Holdings - Quick Facts

Genworth Financial, Inc. (GNW) announced Thursday that it has postponed the previously announced initial public offering (IPO) of its subsidiary, Enact Holdings, Inc. in light of the recent significant trading volatility in the mortgage insurance sector.

Genworth's Board of Directors determined that current market pricing for the planned offering does not accurately reflect Enact's value.

Genworth noted that its liquidity position to meet its near-term obligations is not dependent on the IPO, with the holding company having approximately $757 million in cash and liquid assets as of March 31, 2021.

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.

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