Genworth announces settlement with axa

Genworth announces settlement with axa.genworth financial inc - agreed to pay axa £100 million, or approximately $125 million, by july 23.genworth - agreed to issue a secured promissory note to axa, co agreed to make deferred cash payments totaling about £317 million in two installments.genworth - expects to incur an additional expense of $516 million after-tax as a part of discontinued operations in q2 of 2020.genworth - co agreed to pay a significant portion of all future mis-selling losses incurred by axa, to be invoiced quarterly by axa.genworth - if axa recovers amounts from third parties related to mis-selling losses, co has certain rights to share in recoveries to recoup payments.genworth - to pursue alternatives to raise capital including a potential debt offering.genworth - alternatives include ability to prepare for 19.9% ipo of u.s. mortgage insurance business, should deal with china oceanwide not close.
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