Genworth Financial is planning a major expansion in the United Kingdom, where it has been selling mortgage insurance and lifestyle protection products since 1972. The Richmond insurance giant hopes to replicate there its United States success with retirement income and wealth management.

“We’re actively engaged in opportunities to allow us to enter that market,” Peter Barrett, vice president in charge of retirement income and wealth management in Europe, told London-based Citywire.

The firm has not yet settled upon a strategy, Barrett said, but it has not ruled out entering the market through an acquisition. “What we’re looking to do is leverage the capability of our successful business in the U.S. and looking at opportunities to expand that within the U.K. and Europe. Strategically, we’re focusing on areas where we think we can add value, and in that we’re focusing on retirement income and wealth management.”

The company also is considering entering the U.K market for variable annuities.