Insurer Genworth Financial Inc said on Monday it would sell its tax and accounting adviser unit to Cetera Financial Group for an undisclosed sum to focus on its key asset management businesses and improve its financials.The Richmond, Virginia-based Genworth said proceeds from the sale of Genworth Financial Investment Services, expected to close in about 90 days, will be used for general corporate purposes.Once a part of the industrial conglomerate General Electric , Genworth has been weighed down by seemingly unending losses from underwriting troubled U.S. mortgages.In November, Genworth Financial said it was taking steps to free up capital from its businesses, including listing its Australian mortgage unit by the second quarter of 2012 and exploring external funding for a new underwriting entity.
Genworth Financial, Inc. is a financial security company engaged in providing insurance, wealth management, investment and financial solutions to more than 15 million customers, with a presence in more than 25 countries. Shares of GNW traded higher by 0.3% or $0.02/share to $6.79. In the past year, the shares have traded as low as $4.80 and as high as $14.77. On average, 10031000 shares of GNW exchange hands on a given day and today's volume is recorded at 3206059.
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