Colloquially known as “Life of Virginia”, the company expanded its portfolio in the 20th century. Beginning with its first annuities business written in 1928, the company grew to include different mortgage insurance, lifestyle protection, and long-term care products and options. Over the following decades, the company has undergone several major acquisitions, beginning in 1986 when Life of Virginia was acquired by Combined Insurance for $557 million, which became AON Corporation the following year. In 1995, almost a decade after the acquisition, GE Capital, the financial services unit of General Electric, announced its plan to buy most of AON Corporation’s life insurance business, including Life of Virginia. Under GE Capital, Life of Virginia became a part of GE Financial Assurance Holdings, Inc., before becoming GE Capital Assurance Company. The company was incorporated as Genworth Financial, Inc. on October 23, 2003, formed out of several GE Capital insurance companies. On May 25, 2004, Genworth became a publicly traded company in the largest initial public offering (IPO) of 2004. GE sold its remaining stake in the company in 2006 for an estimated $2.8 billion. In 2007, another GE Capital insurance company, First Colony Life Insurance Company, merged with Genworth Life and Annuity Assurance Company, one of the entities within Genworth Financial, Inc, also in 2007, Sun Life Financial bought the Employee Benefits Group (EBG) of Genworth Financial, putting Sun Life Financial on the top market for Employee Benefits programs. As of December 31, 2011, Genworth Financial, Inc. had more than 15 million customers in more than 25 countries. In 2009, Genworth held an IPO for its Canadian subsidiary, Genworth MI Canada, on the Toronto Stock Exchange, raising $850 million. On April 1, 2013, Genworth announced the completion of a legal entity reorganization, with the result being the creation of a new ultimate holding company. This restructuring separated the U.S. mortgage insurance subsidiaries from the overall firm. On October 24, 2016, China Oceanwide Holdings Group agreed to buy Genworth Financial Inc. for $2.7 billion. In May 2020, National Australia Bank has terminated its deal to acquire insurance for homebuyers from Genworth Mortgage Insurance Australia. The industry is vulnerable specifically to the anticipated increase of mortgage borrowers that are unable to reimburse their loan because of work cuts, with Genworth taking a $181.8 million write-down this month of expectation of further mortgages going wrong. Life insurance was the company’s first product.