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Genworth Financial Inc   (GNW)
Other Ticker:  
 
    Sector  Financial    Industry Life Insurance
   Industry Life Insurance
   Sector  Financial

Genworth Financial Inc 's

Competitiveness


 

GNW Sales vs. its Competitors Q3 2021



Comparing the results to its competitors, Genworth Financial Inc reported Total Revenue decrease in the 3 quarter 2021 year on year by -14.46 %, despite revenue increase by most of its competitors of 14.68 %, recorded in the same quarter.

List of GNW Competitors

With net margin of 15.36 % company reported lower profitability than its competitors.

More on GNW Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


Genworth Financial Inc Net Income in 3 quarter 2021 declined year on year by -27.06 %, faster than the decline experianced by the competitors of -5.44 %.

<<  More on GNW Income Comparisons


Genworth Financial Inc 's Comment on Competitors and Industry Peers


Competition in our life insurance business comes from many sources, including traditional insurance companies as well as non-traditional providers, such as banks and structured finance or private equity markets. The life insurance market is highly fragmented. Competitors have multiple access points to the market through BGAs, financial institutions, career sales agents, multi-line exclusive agents, e-retail and other life insurance distributors. We operate primarily in the BGA channel and have built additional capabilities in other channels. We believe our competitive advantage in the life insurance market comes from our long history serving this market and our reputation for service excellence.

Competition in the long-term care insurance industry is primarily from a limited segment of insurance companies. Our products compete by providing consumers with an array of long-term care coverage solutions, coupled with long-term care support services. We offer a diverse product portfolio with a wide range of price points and benefits designed to appeal to a broad spectrum of the population who are concerned about mitigating the costs of future long-term care needs. We believe our significant historical experience and risk disciplines provide us with a competitive advantage in the form of product features, benefits, support services and pricing.

We compete with a large number of life insurance companies in the fixed annuity marketplace. Overall sales of fixed annuities are linked to current interest rate yield curves, which affect the relative competitiveness of alternative products, such as certificates of deposit and money market funds. We have experienced fluctuations in sales levels for this product and we may experience fluctuations in the future based on changes in interest rates and other factors including our ability to achieve desired targeted returns.

Our primary mortgage insurance competitor in Canada is the Canada Mortgage and Housing Corporation (“CMHC”) which is owned by the Canadian government, although we have one other private competitor in the Canadian market. CMHC’s mortgage insurance provides lenders with 100% capital relief from bank regulatory requirements. We compete with CMHC primarily based upon our reputation for high quality customer service, quick decision making on insurance applications, strong underwriting expertise, and provision of support services. As a result of the turmoil in the financial markets and tightened underwriting guidelines in 2009, there had been an increased preference by lenders for CMHC insurance, which carries a lower capital charge and a 100% government guarantee, as compared to loans covered by our policy which benefits from a 90% government guarantee. However, since 2009, this increased preference for CMHC insurance has moderated as financial markets stabilized.

The Australian flow mortgage insurance market is primarily served by us and one other private mortgage insurance company, as well as various lender-affiliated captive mortgage insurance companies. In addition, some lenders may self-insure certain high loan-to-value mortgage risks. We compete primarily based upon our reputation for high quality customer service, quick decision making on insurance applications, strong underwriting expertise and flexibility in terms of product development and provision of support services.

Our competition in Europe includes both public and private entities, including traditional insurance companies, as well as providers of alternative credit enhancement products and public mortgage guarantee facilities. Competition from alternative credit enhancement products include personal guarantees on high loan-to-value loans, second mortgages and bank guarantees, captive insurance companies organized by lenders, and alternative forms of risk transfer including capital markets solutions. We believe that our global expertise and coverage flexibility differentiate us from competitors and alternative products.

Our principal sources of competition comprised U.S. and state government agencies and other private mortgage insurers. Historically, we have also competed with mortgage lenders and other investors, the GSEs, the Federal Home Loan Banks (“FHLBs”), structured transactions in the capital markets and with other financial instruments designed to mitigate credit risk.
U.S. and state government agencies. We and other private mortgage insurers compete for flow business directly with U.S. federal and state governmental and quasi-governmental agencies, principally the Federal Housing Administration (“FHA”) and, to a lesser degree, the Veteran’s Administration (“VA”). In addition to competition from the FHA and the VA, we and other private mortgage insurers face competition from state-supported mortgage insurance funds in several states, including California, Illinois and New York.
Private mortgage insurers. Since the financial crisis, the competitive landscape of the U.S. private mortgage insurance industry has changed and continues to do so. Over that period, certain competitors ceased writing new business while other new entrants began writing business. While we cannot predict the level of impact, continued changes in the competitive landscape of the U.S. private mortgage insurance industry will likely impact our sales levels. The private mortgage insurance industry currently consists of seven active mortgage insurers, including us.

Mortgage lenders and other investors. We and other mortgage insurers have competed with transactions structured by mortgage lenders to avoid mortgage insurance on low-down-payment mortgage loans. These transactions include self-insuring and simultaneous second loans, which separate a mortgage with a loan-to-value ratio of more than 80%, which in the absence of such a structure would require mortgage insurance, into two loans: a first mortgage with a loan-to-value ratio of 80% and a simultaneous second mortgage for the excess portion of the loan.

The GSEs—Fannie Mae, Freddie Mac and FHLBs. As the predominant purchasers of conventional mortgage loans in the United States, Fannie Mae and Freddie Mac provide a direct link between mortgage origination and capital markets. As discussed above, most high loan-to-value mortgages purchased by Fannie Mae or Freddie Mac are insured with private mortgage insurance issued by an insurer deemed qualified by the GSEs. Private mortgage insurers may be subject to competition from Fannie Mae and Freddie Mac to the extent the GSEs are compensated for assuming default risk that would otherwise be insured by the private mortgage insurance industry. In February 2011, the Obama Administration issued a white paper setting forth various proposals to gradually eliminate Fannie Mae and Freddie Mac. Since that date, members of Congress, various housing experts and others within the industry have also published similar proposals. We cannot predict whether or when any proposals will be implemented, and if so, in what form, nor can we predict the effect such proposals, if so implemented, would have on our business, results of operations or financial condition.

We also compete with structured transactions in the capital markets and other financial instruments designed to mitigate the risk of mortgage defaults, such as credit default swaps and credit linked notes, with reinsurers of mortgage insurance risk and with lenders who forego mortgage insurance (self-insure) on loans held in their portfolios.

The MI Eligibility Standards include specified insurance coverage levels established by the GSEs. The GSEs have the authority to change the pricing arrangements for purchasing retained-participation mortgages, or mortgages with lender recourse, as compared to insured mortgages, increase or reduce required mortgage insurance coverage percentages, and alter or liberalize underwriting standards and pricing terms on low-down-payment mortgages they purchase. In addition to the GSEs, FHLBs purchase single-family conforming mortgage loans. Although not required to do so, the FHLBs currently use mortgage insurance on substantially all mortgage loans with a loan-to-value ratio above 80%.

The lifestyle protection insurance market has several large, international participants, including both captive insurers of large financial institutions and independent providers. We compete through our high service levels, depth of expertise in providing tailored product and service solutions and our ability to service clients at a local level and across multiple countries.





  

Overall company Market Share Q3 2021

Overall company, revenue fell by -14.46 % and company lost market share, to approximate 0.47 %.





<<  More on GNW Market Share.
 

*Market share calculated with total revenue.


GNW's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME MARKET CAP REVENUES INCOME EMPLOYEES
Genworth Financial Inc 8,359 2,026 1,019 5,300
Aflac Incorporated 22,583 37,339 4,237 9,235
Allstate Corp 49,595 34,294 3,399 38,800
Aetna Inc 60,705 70,069 3,503 48,800
American International Group Inc 47,646 48,428 5,801 65,000
Aon Plc 12,090 66,292 969 69,000
Mgic Investment Corp 1,194 5,177 585 800
Truist Financial Corporation 22,914 80,919 6,165 0
Cincinnati Financial Corporation 9,001 19,088 2,525 4,305
The Hartford Financial Services Group Inc 21,902 24,238 2,152 17,500
Lincoln National Corporation 18,761 12,900 1,328 9,627
Mbia Inc 233 602 -348 252
Metlife Inc 70,409 51,645 5,522 66,000
Principal Financial Group inc 13,482 19,334 1,488 14,873
Prudential Financial Inc 70,539 41,232 7,574 48,331
Safeco Corporation 0 0 0 0
Unum Group 13,308 5,021 800 9,500
Xl Fleet Corp 28 652 -15 4,663
Loews Corp 14,799 14,502 1,685 17,510
Countrywide Financial Corporation 0 0 0 0
Cigna Corporation 170,102 68,227 8,424 37,200
Berkshire Hathaway Inc 267,320 511,121 81,322 0
Bank Of America Corporation 87,152 388,631 30,435 224,000
The Bank Of New York Mellon Corporation 15,648 49,570 3,658 50,300
Bear Stearns Companies Inc. 0 0 0 0
Comerica Incorporated 3,327 11,443 1,155 8,876
Franklin Resources Inc 8,426 16,924 2,095 9,300
The Goldman Sachs Group Inc 55,205 138,623 20,195 34,000
Huntington Bancshares Incorporated 5,325 22,860 1,198 0
Janus Capital Group Inc 1,522 2,629 122 1,209
Lehman Brothers Holdings Inc. 0 0 0 0
Mellon Financial Corporation 0 0 0 0
NATIONAL CITY CORP. 0 0 0 0
NORTH FORK BANCORPORATION, INC. 0 0 0 0
Price T Rowe Group Inc 7,443 47,581 3,295 5,870
Us Bancorp De 23,508 85,330 7,832 66,750
Jpmorgan Chase and Co 131,414 486,616 48,275 241,359
Merrill Lynch & Co., Inc. 0 0 0 0
Energy Transfer Lp 58,794 23,647 6,289 0
Citigroup inc 70,454 132,716 22,847 241,000
Peoples United Financial Inc 1,939 7,585 600 4,856
Invesco Ltd 6,919 10,754 1,743 6,264
Legg Mason Inc 2,883 523 304 2,979
Pnc Financial Services Group Inc 18,111 85,243 5,875 0
Synovus Financial Corp 1,973 6,932 652 4,511
Fifth Third Bancorp 8,212 29,995 2,712 18,351
Suntrust Banks Inc 9,119 31,305 2,687 26,281
Wells Fargo and Company 78,974 198,098 18,467 264,900
Morgan Stanley 58,871 177,449 14,816 55,802
State Street Corp 11,889 33,419 2,137 29,970
Marsh and Mclennan Companies Inc 19,171 85,368 2,746 57,000
Regions Financial Corporation 7,162 22,578 4,149 23,723
Chubb Limited 40,328 0 8,816 0
Bok Financial Corp 2,010 7,204 654 4,789
Popular Inc 2,665 6,483 896 7,810
Community Choice Financial Inc. 454 0 -176 3,356
Citizens Financial Group Inc 6,896 20,776 2,132 17,000
Cyngn Inc 1,007 5 201 3,570
East West Bancorp inc 1,761 11,154 819 2,833
First Citizens Bancshares Inc 1,938 8,208 562 5,734
First Financial Bankshares Inc 520 7,283 231 1,270
First Interstate Bancsystem Inc 647 2,506 189 1,742
First Midwest Bancorp Inc 729 2,348 177 1,790
Firstmerit Corp 956 0 185 4,112
Fnb Corp 1,215 3,853 378 2,747
First Niagara Financial Group Inc 1,326 0 255 5,428
Fulton Financial Corp 928 2,629 275 3,460
Glacier Bancorp Inc 792 5,317 312 2,245
Great Western Bancorp Inc 503 1,859 203 1,475
Hilltop Holdings inc 2,043 2,806 442 5,300
Iberiabank Corp 1,182 2,266 384 3,084
International Bancshares Corporation 575 2,722 246 2,822
Independence Bancshares, Inc. 3 3 -2 30
Mb Financial Inc 955 3,598 331 2,980
Nbt Bancorp Inc 476 1,576 153 1,721
National Penn Bancshares Inc 0 0 0 1,606
Old National Bancorp 860 3,040 295 2,652
Ofg Bancorp 524 1,278 136 1,466
Bank Of The Ozarks Inc 253 1,556 87 1,642
Park National Corporation 457 2,202 148 1,793
Privatebancorp, Inc 505 5,031 123 1,219
Renasant Corp 664 2,082 170 1,996
Simmons First National Corp 818 3,176 613 1,946
Svb Financial Group 5,469 41,776 2,139 2,089
Santander Holdings Usa Inc 10,617 0 3,404 15,150
Southstate Corp 1,539 5,508 455 2,058
S and t Bancorp Inc 315 1,202 105 1,067
Triumph Bancorp Inc 430 3,217 127 500
Starco Brands Inc 1,085 0 264 0
Tidelands Bancshares Inc 0 0 0 79
Trustmark Corp 687 1,969 172 2,941
Union Bankshares Inc 49 143 18 0
United Bankshares Inc 1,104 4,671 398 1,701
United Community Banks Inc 753 3,025 269 1,883
Umb Financial Corp 1,223 4,973 348 3,830
Valley National Bancorp 1,307 5,688 464 2,929
Westamerica Bancorporation 218 1,468 89 813
Western Alliance Bancorporation 1,799 11,652 847 1,446
Webster Financial Corporation 1,242 5,040 358 2,946
Wesbanco Inc 653 2,147 241 1,633
Federal Agricultural Mortgage Corporation 235 699 130 0
Alliancebernstein L p 3,172 14,939 722 3,600
Associated Capital Group Inc 180 888 106 72
Arlington Asset Investment Corp 2 118 -2 0
Artisan Partners Asset Management Inc 1,175 2,838 445 370
Apollo Global Management Inc 6,053 17,178 4,731 945
Ares Management Corporation 4,103 15,327 895 870
Blackrock Inc 19,926 139,162 6,313 13,000
Blackstone Inc 20,443 103,893 11,249 2,060
Credit Suisse Group Ag 22,389 24,348 2,666 48,200
Carlyle Group Inc 8,298 19,970 2,939 1,700
Calamos Asset Management, Inc. 0 0 0 348
Cowen Inc 2,128 1,203 347 769
Diamond Hill Investment Group Inc 195 635 73 126
Eaton Vance Corp 1,730 9,130 133 1,473
Evercore Inc 3,119 6,119 774 1,400
Fortress Investment Group Llc 1,438 3,960 638 3,325
Financial Engines, Inc. 520 2,900 52 527
Fifth Street Asset Management Inc. 49 0 -29 70
Wedbush ETFMG Video Game Tech 0 0 0 217
Gamco Investors Inc Et Al 280 680 79 168
Argentum 47 Inc 0 4 -1 10
Credit Suisse Ag 22,686 0 3,095 0
U s Global Investors Inc 48 86 29 40
Stonex Group Inc 45,343 1,324 207 0
Jmp Group Llc 216 539 36 0
Kkr and co inc 14,188 47,392 15,880 1,196
Lazard Ltd 3,159 4,981 526 2,610
Ladenburg Thalmann Financial Services Inc 1,469 501 23 1,307
Medley Management Inc 33 37 -18 80
Manning and Napier Inc 143 193 25 474
Noah Holdings Ltd 1,032 1,180 -114 2,688
Brightsphere Investment Group Plc 886 1,501 137 1,163
Prime Global Capital Group Inc 2 34 0 13
Pzena Investment Management Inc 201 859 103 88
B Riley Financial inc 1,729 2,242 555 217
Silvercrest Asset Management Group Inc 127 157 20 109
Stifel Financial Corp 4,546 8,643 752 7,100
Safeguard Scientifics Inc 9 154 28 30
Virtus Investment Partners Inc 918 2,431 242 426
Waddell and Reed Financial Inc 1,081 1,561 54 1,691
Wisdomtree Investments Inc 278 1,027 19 177
Westwood Holdings Group Inc 69 133 -3 168
Wright Investors Service Holdings Inc 0 9 -1 0
Cifc Llc 0 0 0 82
Kkr Financial Holdings Llc 546 0 293 1
Leaf Group Ltd 231 304 -4 0
Investors Heritage Capital Corp 63 49 1 1
Security National Financial Corporation 496 187 38 1,271
Mr Cooper Group Inc 3,654 3,425 1,490 0
American Independence Corp. 0 0 0 268
Cno Financial Group Inc 4,124 3,016 437 3,500
Triple s Management Corporation 4,115 829 81 3,257
Partnerre Ltd 7,876 0 254 1,035
Atlantic American Corp 210 80 13 147
American National Group Inc 4,376 5,089 756 4,736
Citizens Inc 246 273 0 620
Fbl Financial Group Inc 788 1,494 103 1,637
Fidelity & Guaranty Life 1,585 1,532 243 220
First Trinity Financial Corp 56 0 3 9
Gwg Holdings Inc 31 200 -316 50
Kansas City Life Insurance Co 484 457 30 436
National Security Group Inc 66 27 -3 1
National Western Life Group Inc 831 758 187 261
Protective Life Corporation 5,799 0 457 2,541
Phoenix Companies Inc 0 0 0 630
Reinsurance Group Of America Incorporated 16,442 6,678 593 2,201
Sundance Strategies Inc 0 268 -1 3
Symetra Financial Corporation 2,111 0 210 1,400
Utg Inc 44 86 15 42
Voya Financial Inc 4,626 7,669 2,167 7,000
Amerinst Insurance Group Ltd 10 0 -4 22
Arch Capital Group Ltd 9,323 16,668 2,215 2,030
China United Insurance Service inc 128 56 9 2,239
Enstar Group Ltd 1,428 4,189 1,050 1,327
Essent Group Ltd 1,019 4,774 624 366
Horace Mann Educators Corporation 1,351 1,605 150 1,350
Nmi Holdings Inc 470 1,780 219 243
Outbrain Inc 1,097 718 -6 1,150
Radian Group Inc 1,361 3,913 555 1,881
United Fire Group Inc 1,105 538 14 1,057
White Mountains Insurance Group ltd 1,116 0 112 2,973
Aspen Insurance Holdings Limited 2,836 0 -40 0
Aspira Women s Health Inc -1,277 225 -186 1,433
Axis Capital Holdings Ltd 5,206 4,351 416 1,225
Blue Capital Reinsurance Holdings Ltd. 35 62 -29 1
Emc Insurance Group Inc. 722 780 32 1
Endurance Specialty Holdings Ltd. 2,539 0 283 1,154
Global Indemnity Group Llc 647 377 5 460
Greenlight Capital Re Ltd 594 229 32 30
Maiden Holdings Ltd 114 262 198 204
Markel Corporation 12,444 15,521 2,420 10,600
Oxbridge Re Holdings Limited 9 26 7 2
Everest Reinsurance Holdings Inc 8,230 10,489 628 1,207
Renaissancere Holdings Ltd 5,279 7,210 -200 376
Rli Corp 1,160 4,967 268 902
Siriuspoint Ltd 2,132 1,251 290 0
Validus Holdings Ltd 2,817 5,393 -478 876
Alleghany Corp 10,769 9,391 970 3,135
Midwest Holding Inc 13 58 -22 0
Blucora Inc 862 840 -197 487
Wintrust Financial Corp 1,766 5,259 469 0
SUBTOTAL 2,018,597 3,984,696 442,059 2,151,587


       
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