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Genworth

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Genworth Financial is a large publicly traded global financial security company with more than $100 billion in assets and a presence in more than 25 countries. Genworth is recognized in Standard & Poor's 500 Index of Leading U.S. companies and ranked in the Fortune 500. Working with distribution partners, Genworth helps people at key stages in their life through a wide-array of products and financial services. Offerings range from protecting and growing retirement income, to creating security through life, long term care and Medicare supplement insurance, to wealth management offerings and financial advisory services, to providing a safer, more secure path to homeownership.

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General Information
Websitewww.genworth.com
TypeInsurance Company
Founded1871
Ownership
CountryUSA
Contact Information
Address
Lynchburg, VA 24506-9939
Phone800-876-4582
Fax888-557-5526

Information & Articles about Genworth

Genworth is Exiting the Variable Annuity Market

Genworth Financial is discontinuing sales of its variable annuity products.  The company plans to stop the sale of any new variable annuity products by the end of the first quarter of 2011.

Genworth has had an active presence in the variable annuity market as a top 20 U.S. company with $2.3 billion in sales in 2008.

Analysts Continue to Question Genworth's Strategy

The shares of Genworth Financial were under pressure after a Citigroup analyst downgraded Genworth to sell from hold.

Genworth shares dropped 5.4% on Friday and are still down 47% over the past 12 months.

The Citigroup analyst, Colin Devine, believes that Genworth's business strategy is fundamentally flawed:

Standalone Living Benefits Provide Guaranteed Income without Annuities

The standalone living benefit (“SALB”) is a relatively new and innovative product in the retirement income arena.

A SALB is basically the same thing as the guaranteed lifetime withdrawal benefit (GLWB) that accompanies many variable annuities.  The GLWB feature allows the contract holder to withdraw a fixed percentage of the total annuity premiums each year regardless of market performance.

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