Genworth Financial (NYSE:GNW) +3.3% after-hours on news it reached an agreement with AXA (OTCQX:AXAHY) to settle their dispute related to liability involving losses incurred from mis-selling complaints for payment protection insurance underwritten by two companies AXA acquired from Genworth in 2015.
Genworth says it will pay AXA $125M, which is in addition to a $125M interim cash payment Genworth made to AXA early this year.
The company also will issue a secured promissory note to AXA while agreeing to make £317M in deferred cash payments.
Genworth recently said it agreed with China Oceanwide Holdings to another waiver extending the deadline to Sept. 30 for Oceanwide's pending acquisition of Genworth.
