Deutsche Bank Comments On Genworth Sale

According to Deutsche Bank, Genworth Financial GNW announced that it will sell its Medicare supplement business to Aetna Inc. for $290 mm. Deutsche Bank said that the transaction is expected to close in 4Q'11. “This business produced $13 mm of operating income in 2010 and had book value of $200 mm. On its 1Q'11 conference call, Genworth's management noted that it was in the final stages of its strategic review of this business.” Genworth Financial closed yesterday at $10.10.