Due to higher loss at the U.S. Mortgage Insurance segment as well as weak results at Retirement and Protection and at International, we are downgrading Genworth Financial (GNW – Analyst Report) to Underperform. Genworth’s mortgage insurance business is experiencing losses as a result of the stressed economic conditions combined with elevated unemployment rates. Though the [...]
Genworth bows out of variable annuity business
The insurer said on Wednesday it will cease sales of retail and group variable annuities, and will also suspend sales of its linked benefit product — a combination annuity product with long-term care features. Current contract holders won’t be affected by the change. “With this decision, we have taken an additional step in advancing our [...]
Genworth Drops Variable Annuities
Genworth Financial Inc. says it is discontinuing new sales of retail variable annuities and group variable annuities. Genworth, Richmond, Va. (NYSE: GNW), also is suspending sales of combination annuities linked to long term care insurance “until that market develops further,” the company says. Genworth will continue to sell linked benefit products that combine life insurance [...]
Genworth Ends Variable-Annuity Sales
Genworth Financial Inc., the mortgage guarantor and life insurer, is ending sales of new retail and group variable annuities. Genworth, based in Richmond, Virginia, will also discontinue a product that combines annuities and long-term-care insurance, according to a statement posted today on the company’s website. The insurer said it will take a pretax charge of [...]
Genworth Ends Sales of All Variable Annuities
EW YORK—Genworth Financial Inc. is pulling out of the business of selling variable annuities to consumers, a retirement-income product that caused losses to many insurers during the 2008-09 stock-market meltdown and whose profitability now is hurt by low interest rates. On Thursday, Genworth alerted stock brokerages, financial advisers and other distributors that it would discontinue [...]
Genworth Financial Ends Variable Annuity Sales
Not many weeks ago ING pulled out of the variable annuity business, simultaneously announcing a total write-down of 2-2.3 billion Euros. The lessons of the past decade are more complicated than this article, and I’ll attempt to both aggregate a series of variable annuity articles and comment upon the financials. In my opinion, the core [...]
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American Equity Lifetime Income Rate Changes — Effective June 3rd, 2013
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10 Keys To Becoming A Successful Financial Advisor
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Great American Revised Fixed-Indexed Annuity Rates
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Genworth Update: NAIC Suitability Model Regulation Requirements of Producers
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Great American Revised Fixed-Indexed Annuity Rates
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10 Keys To Becoming A Successful Financial Advisor
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American Equity Lifetime Income Rate Changes — Effective June 3rd, 2013