Genworth Financial, the life and mortgage insurance group that is being spun out of General Electric, is set to raise $3.2bn (€2.7bn) when it floats in three weeks time. It will be the largest US new listing for nearly two years.

Goldman Sachs and Morgan Stanley are leading the deal, assisted by 19 other investment banks. Genworth will be the eighth largest flotation from a US issuer, according to Renaissance Capital, the brokerage firm which specialises in IPO research.