Arthur Rudnick
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Genworth Halts Life, Annuity Sales After Loss; Shares Fall - Bloomberg Business
It doesn't get any better.............
It doesn't get any better.............
Genworth News - Update
- Thread starter Arthur Rudnick
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So are you suggested we might not want to use them?
Rick
Rick
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- #3
Arthur Rudnick
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originally posted by GreenSky
Didn't say that. They are still the largest LTCi carrier on the planet. But, a major part of their business was life & annuities. Not sure if closing up shop on those 2 entities and only focusing on LTCi is a smart move.
Their LTCi block has had MAJOR problems for the past few years. If the problems can't be solved, I'm not sure what the future holds. It appears the only way they address those problems is to continue raising rates on both new policy series and on existing policyholders.
I'm not sure how smart a business plan that is.
Didn't say that. They are still the largest LTCi carrier on the planet. But, a major part of their business was life & annuities. Not sure if closing up shop on those 2 entities and only focusing on LTCi is a smart move.
Their LTCi block has had MAJOR problems for the past few years. If the problems can't be solved, I'm not sure what the future holds. It appears the only way they address those problems is to continue raising rates on both new policy series and on existing policyholders.
I'm not sure how smart a business plan that is.
- 10,313
Lets stop doing what makes us money and keep doing what is losing us money.... it will either be a brilliant move or a disastrous move... Im leaning towards disaster.
And yes Scott, I know that you claim they are making money on the new blocks of biz. But have those new blocks really hit heavy claims yet? The old blocks made money until claims blew up. Hopefully they have the retention priced correctly now... but there are still a lot of unknowns when it comes to claims and life expectancy in the next 20 years.
And yes Scott, I know that you claim they are making money on the new blocks of biz. But have those new blocks really hit heavy claims yet? The old blocks made money until claims blew up. Hopefully they have the retention priced correctly now... but there are still a lot of unknowns when it comes to claims and life expectancy in the next 20 years.
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- #6
Life/Annuities was NEVER a major part of their business.
GNW was not even in the top 20 Life or Annuity sellers.
They have always been in the top 3 of LTCi.
It's a very sensible move.
They just need to come out with a better product.
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- #8
Arthur Rudnick
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originally posted by Mr_Ed
Considering their LTCi division has lost BILLIONS of dollars over the past 2-3 years, I'm wondering why being left with a sink hole is a very sensitive move?
Their stock closed at $1.77 today, down from a high of $9.20 this year.
Dominoes Fall for Genworth Financial
Unless they turn this around in a hurry...............
(Fill in the blanks)
Considering their LTCi division has lost BILLIONS of dollars over the past 2-3 years, I'm wondering why being left with a sink hole is a very sensitive move?
Their stock closed at $1.77 today, down from a high of $9.20 this year.
Dominoes Fall for Genworth Financial
Unless they turn this around in a hurry...............
(Fill in the blanks)
- Thread starter
- #9
Arthur Rudnick
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Genworth's Updated Financial Ratings
https://www.genworth.com/corporate/about-genworth/corp-company-ratings.html?
https://www.genworth.com/corporate/about-genworth/corp-company-ratings.html?
Their LTCi division did lose money in the 4th quarter of 2014 and in 2015.
What you fail to mention is that their LTCi division was very profitable for about 40 years before that. And their LTCi division made a small profit in 4th quarter 2015.
