Genworth Issues Statement on Court of Appeal Ruling Against AXA in UK Payment Protection Insurance Case

Genworth Financial, the majority owner of filer Enact Holdings (ACT), said the UK Court of Appeal ruled against AXA in the payment protection insurance case, setting aside the trial judgment that had favored AXA and finding Santander not liable for the vast majority of AXA's losses. The disputed policies were underwritten by two companies AXA acquired from Genworth in 2015 and were sold by a company Santander bought in 2009. Genworth CEO Tom McInerney said the company is disappointed, is evaluating next steps including possible further appeals, and has not factored any recoveries from the case into its capital allocation plans.

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