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 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 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 [...]
Beyond referrals in the Wade Dokken Section
Jack Keeter is a terrific advisor, highly recognized in the industry, and recipient of multiple industry awards. Jack’s commitment to his clients is second to none and this is the secret of his success–complete and total attention to the people who have given him their trust. This is when referrals work–and work well. This [...]
