Genworth

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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Products Offered


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

Information & Articles about Genworth

The Center for Retirement Research at Boston College published an article that discusses the comparative costs of long-term care.

The post includes a U.S. map (originally created by Genworth) that shows state by state data on the annual cost of a semi-private room in a nursing facility.

Annual costs range from $45,000 to $273,750 in Alaska.

Data is based on 15,300 U.S. nursing homes.

The median national price for a private room is $222 per day or $81,030 per year.

On average, women need more care (3.7 years) than men (2.2 years).

Prices are increasing at a rate of between 6 percent and 17 percent per year.

 

18,458 reads

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.

Genworth's exit leaves the U.S. variable annuity market increasingly concentrated with 5 insurance companies controlling 55 percent of the market.

Genworth's decisions comes at a difficult time for many variable annuity companies.  The combination of recent capital market volatility and the current low interest rate environment have been contributing factors.

Source: Wall Street Journal

Full Story

 

3,626 reads

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:

“Things will likely get worse before they get better,” Colin Devine, an analyst with Citigroup, said yesterday in a research note. “We believe management continues to pursue a fundamentally flawed strategy of trying to combine a mortgage insurance business with a traditional life and annuity writer.”

Source: Bloomberg

Full Story

1,980 reads

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