Company profile

Future of Genworth Financial

#
Rank
551
| Quantumrun Global 1000

Genworth Financial was established in 1871 as The Life Insurance Company of Virginia. Life Insurance Company of Virginia was acquired by Combined Insurance in 1986, which became Aon plc in 1987. Life Insurance Company of Virginia was sold to GE Capital in 1996. Genworth Financial was established out of various insurance businesses of General Electric in the largest IPO in May 2004.

Home Country:
Sector:
Industry:
Insurance - Life, Health (stock)
Founded:
2003
Global employee count:
3400
Domestic employee count:
Number of domestic locations:
8

Financial Health

3y average revenue:
$4639500000 USD
3y average expenses:
$9295500000 USD
Funds in reserve:
$2784000000 USD
Market country
Revenue from country
0.87

Asset Performance

  1. Product/Service/Dept. name
    U.S. Life insurance
    Product/Service revenue
    6545000000
  2. Product/Service/Dept. name
    U.S. Mortgage insurance
    Product/Service revenue
    665000000
  3. Product/Service/Dept. name
    Canada mortgage insurance
    Product/Service revenue
    564000000

Innovation assets and Pipeline

Total patents held:
35

All company data collected from its 2015 annual report and other public sources. The accuracy of this data and the conclusions derived from them depend on this publicly accessible data. If a data point listed above is discovered to be inaccurate, Quantumrun will make the necessary corrections to this live page. 

DISRUPTION VULNERABILITY

Belonging to the financial sector means this company will be affected directly and indirectly by a number of disruptive opportunities and challenges over the coming decades. While described in detail within Quantumrun’s special reports, these disruptive trends can be summarized along the following broad points:

*First off, the shrinking cost and increasing computational capacity of artificial intelligence systems will lead to its greater use across a number of applications within the financial world—from AI trading, wealth management, accounting, financial forensics, and more. All regimented or codified tasks and professions will see greater automation, leading to dramatically reduced operating costs and sizeable layoffs of white-collar employees.

*Blockchain technology will be co-opted and integrated into the established banking system, significantly reducing transaction costs and automating complex contract agreements.

*Financial technology (FinTech) companies that operate entirely online and offer specialized and cost-effective services to consumer and business clients will continue to erode the client base of larger institutional banks.

*Physical currency will disappear in much of Asia and Africa first due to each region’s limited exposure to credit card systems and early adoption of internet and mobile payment technologies. Western countries will gradually follow suit. Select financial institutions will act as intermediaries for mobile transactions, but will see increasing competition from tech companies who operate mobile platforms—they will see an opportunity to offer payment and banking services to their mobile users, thereby cutting out traditional banks.

*Growing income inequality throughout the 2020s will lead to an increase in fringe political parties winning elections and encouraging stricter financial regulations.

COMPANY’S FUTURE PROSPECTS

Company Headlines