Genworth Financial Reinsures Turkish Payment Protection Providers

ISTANBUL, Turkey, February 14 /PRNewswire/ -- Genworth Financial, Inc., a leading global financial security company, today announced the launch of its first client in Turkey, offering a unique Payment Protection Insurance (PPI) product to the Turkish market giving long term accident, sickness and unemployment protection as a reinsurer.

Turkey is the fourth business to open as part of Genworth's Central Eastern Region operations, following launches in Poland (2005), Hungary (2006) and the Czech Republic (2006). Genworth works with some of the leading insurance companies in the region and intends to play a key role securing the growth of the mortgage sector in Turkey.

Genworth Financial is a leader in payment protection insurance with more than 35 years experience across some 20 European markets. This expertise is backed by considerable financial strength with over $114 billion in assets, $11 billion in revenues and strong financial ratings (Genworth's principal life insurance companies in the US are rated A+ (Superior) by A.M. Best; Aa3 (Excellent) by Moody's and AA- (Very Strong) by Standard & Poor's).

Genworth is also a major provider of mortgage insurance in Europe, North America and Australia and, with a growing presence in Asia, is helping to expand homeownership through low down payment lending. In the United States, the company is the leading provider of individual long-term care insurance, as well as a major provider of life insurance, annuities and other products that help people succeed financially.

David Nolan, Regional Manager, Central Eastern Europe said: "With recognised excellence in risk management, regulatory compliance and controllership, Genworth Financial is a strong growth partner in the Turkish insurance market. Payment protection insurance not only helps lenders protect their credit portfolio, it also allows consumers to borrow and make lifestyle changes, safe in the knowledge that their repayments will be maintained when faced with life changing events."

About Genworth Financial

Genworth is a leading financial security company meeting the retirement, lifestyle protection, investment and mortgage insurance needs of more than 15 million customers across 25 countries. In Europe, Genworth partners with banks, brokers, advisers and other financial institutions to develop innovative mortgage insurance, payment protection and other products to suit local markets. For more information, visit http://www.genworth.com

Notes for Editors

Payment protection insurance helps consumers meet their payment obligations on outstanding financial commitments, including mortgages, personal loans or credit cards, in the event of a misfortune such as illness, involuntary unemployment, temporary incapacity, permanent disability or death.

The product also helps lenders manage capital needs, by reducing the frequency and severity of delinquency on loan portfolios, and serves as an additional source of revenue as well as a marketing tool that broadens and differentiates core loan offerings. Payment protection products are distributed through financial institutions and their captives, who offer the products, either in connection with underlying loans or other credit products, or as an independent product.