Genworth responds to PPI court ruling

• Genworth Financial responded to a UK Court of Appeal ruling involving AXA and Santander’s PPI liability dispute.
• The ruling found Santander was not liable for the majority of AXA’s claimed losses.
• Genworth said it is reviewing the decision and evaluating possible next steps with AXA.

Genworth Financial (NYSE:GNW) responded to a UK Court of Appeal ruling involving AXA’s claim against Santander companies related to historic Payment Protection Insurance mis-selling liabilities.

The court decision set aside the trial court’s judgment that had previously favored AXA on most of the indemnity claim and rejected AXA’s separate contribution claim against Santander.

The dispute relates to losses from PPI mis-selling complaints involving policies underwritten by two companies AXA acquired from Genworth in 2015, with the policies originally sold by a company later acquired by Santander in 2009.

Genworth said it had not included any potential recoveries from the case in its capital allocation plans and remains focused on its strategic priorities, including Enact, CareScout, and its Closed Block operations.

Genworth Financial operates businesses focused on mortgage insurance, care solutions, and other financial protection products through its subsidiaries.

The company completed the sale of two AXA-acquired insurance businesses in 2015, which later became connected to the PPI liability dispute involving AXA and Santander.