Genworth Terminates China Oceanwide Takeover Agreement (1)

Genworth Financial Inc. terminated a takeover agreement by China Oceanwide Holdings Group Co., ending the insurer’s more than four-year fight to win approval for the deal.

Genworth will consider a partial initial public offering of its U.S. mortgage-insurance business, the company said Tuesday in a statement. Shares fell on the announcement.

Genworth’s agreement with China Oceanwide, struck in 2016, was seen as a lifeline for the U.S. insurer that had been struggling with higher-than-expected costs from long-term care insurance policies. But the process of closing the deal dragged on, with the pair extending the deadline multiple times.

“Genworth’s ...