Genworth Financial (GNW) said Tuesday that a UK Court of Appeal ruling found Santander (SAN) not liable for the vast majority of AXA's losses tied to the historic mis-selling of payment protection insurance policies.

The company said the court upheld Santander's appeal, overturning a trial court ruling that had favored AXA on most of its indemnity claim. The court also rejected AXA's appeal of the trial court's decision denying its contribution claim, it added.

Genworth said the case involves losses from PPI mis-selling complaints involving policies underwritten by two companies that AXA acquired from Genworth in 2015. The policies were sold by a company acquired by Santander in 2009.

Genworth said it is reviewing the ruling with AXA and considering next steps, including a possible further appeal. The company added that it had not included any potential recovery from the case in its capital allocation plans.