China Oceanwide will acquire all outstanding shares of the company for approximately $2.7 billion, or $5.43 per share in cash.
The sell is subject to approval by Genworth's stockholders as well as other closing conditions, according to Sunday's announcement.
CEO Tom McInerney said in a press release, "We believe that this transaction creates greater and more certain stockholder value than our current business plan or other strategic alternatives, and is in the best interests of Genworth's stockholders. China Oceanwide is an ideal owner for Genworth going forward."
The deal is expected to close after mid-2017.
Five-day performance of Genworth: