Genworth Sees Opportunity in UK Retirement Market
September 7, 2008
Genworth Financial plans to enter the independent fee-based financial adviser (IFA) channel in the United Kingdom with a wrap account and a variable annuity contract.
The Richmond, Va.-based firm has been in the UK since 1972, focusing on mortgage and lifestyle protection insurance sales through banks. These policies provide income to people who can’t work because of a disability or downsizing.
But Genworth has now formed a retirement income and wealth management team in Europe, and sees opportunity in the wrap and annuity space. “We’re looking to leverage the capability of our successful business in the U.S. and to expand that within the UK and Europe,” said Peter Barrett, senior vice president for Genworth’s Retirement Income and Wealth Management business in Europe.
“I think the growth of the variable annuity market is starting to get some significant traction,” Barrett added. “Clearly there are a number of major UK names entering the market so we expect the market to grow significantly over the next few years.” Genworth may enter the market through acquisition.
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