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
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