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.
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