The top executive at Genworth Financial Inc. assured analysts and investors Monday that the proposed sale to a China-based investment firm was “the best option” to preserve and create value for shareholders.
Genworth, a major seller of home mortgage insurance and long-term care insurance, announced Sunday evening that its board agreed for the Henrico County-based company to be bought for about $2.7 billion by Beijing-based China Oceanwide Holdings Group, a privately held international financial company that has been expanding its holdings in the U.S.
long term care
Genworth Finds Material Weakness – WSJ
Insurer Genworth Financial Inc. said it didn’t have adequate controls in place and failed to identify a $44 million calculation error as it implemented changes to its methodologies as part of a review of its long-term-care claim reserves.
via Genworth Finds Material Weakness – WSJ.
oops.
Update 03.04.15
Miscalculated Risk: The Old-Age Bill That s Crushing Genworth – Insurance Networking News.
This link provides more in depth analysis.
Genworth Charge Has Investors Seeing Red – WSJ
Shares of the Richmond, Va., insurer tanked on its announcement late Wednesday of a $345 million charge tied to under-pricing of many long-term-care insurance offerings years ago. The charge helped weigh the firm to an $844 million loss in the third quarter.
via Genworth Charge Has Investors Seeing Red – WSJ – WSJ.
Oops.
Here’s a link to another article on Genworth if you cannot get to the full WSJ article.
Genworth Financial Shares Crash, November 6 – Business Insider.
Prudential to Stop Selling Group Long-term Care Insurance – Insurance Networking News
The decision is based on the continuing effects of low-interest rates and the company’s desire to achieve appropriate returns, enhance its long-term risk profile and maintain sustainable profitable growth, in its core group life and disability lines of business, the company said.
via Prudential to Stop Selling Group Long-term Care Insurance – Insurance Networking News.
Attention All LTC Underwriters
Slide show: How to choose and use a cane – MayoClinic.com
At first you might find this funny. But in all honesty, I actually learned something.
lifeunderwriter.net 