GE MI Sub Files for IPO

Genworth Financial Inc., a subsidiary of GE that comprises virtually all its life and mortgage insurance businesses, has filed a registration statement with the Securities and Exchange Commission for an initial public offering of common stock.Fairfield, Conn.-based GE said it intends to divest its remaining interest in Genworth as soon as practicable, subject to market conditions. The parent company said it will use the proceeds of the IPO to invest in growth initiatives and to reduce "parent-support debt" at GE Capital. The joint lead managers and bookrunners for the IPO are Morgan Stanley and Goldman, Sachs & Co.