Genworth Financial Awaits $750 Million Recovery Following Favorable AXA Ruling in UK PPI Mis-Selling Case

Reuters

2025/07/25

Genworth Financial Awaits $750 Million Recovery Following Favorable <a href="https://laohu8.com/S/AXAHF">AXA</a> Ruling in UK PPI Mis-Selling Case

Genworth Financial Inc. has issued a statement regarding a UK High Court ruling in favor of AXA in a case concerning the mis-selling of Payment Protection Insurance $(PPI)$ policies. The legal proceedings involved liabilities from PPI policies underwritten by companies AXA acquired from Genworth in 2015, which were originally sold by a company acquired by Santander in 2009. The court found Santander liable for AXA's losses, awarding AXA approximately £680 million, equivalent to $911 million. Genworth is set to benefit from this ruling through prior agreements with AXA, potentially recovering around $750 million, subject to exchange rate fluctuations. Genworth plans to allocate any recoveries according to its capital priorities, including investing in CareScout, returning cash to shareholders, and reducing debt.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Genworth Financial Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250725183377) on July 25, 2025, and is solely responsible for the information contained therein.

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While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Genworth Financial Inc. published the original content used to generate this news brief via Business Wire (Ref. 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