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Genworth CFO: Strong Balance Sheet Underpinning Stock Surge

Genworth Financial has improved its financial strength and flexibility over the past year by taking its Australian unit public and selling its wealth management business, says the company's chief financial officer Martin Klein. Klein says the market is recognizing Genworth's decision to simplify its business and is rewarding shareholders as a result. He says the housing market will slowly recover despite some recent unease and this will also help Genworth's mortgage business going forward. Finally, he says Genworth is taking advantage of opportunities in the long-term care insurance market, catering to the needs of retiring Baby Boomers.