Filed Under:Health Insurance, Ltci

Rate Hike Helps Genworth LTCI Sales

(AP Photo/PGR-HO)
(AP Photo/PGR-HO)

The long-term care insurance (LTCI) business performed well at Genworth Financial Inc. (NYSE:GNW) during the fourth quarter of 2011.

Genworth, Richmond, Va., is reporting $140 million in total net income for the quarter on $2.6 billion in revenue, compared with a net loss of $126 million on $2.6 billion in revenue for the fourth quarter of 2010.

annuities, and it is holding LTCI capital demands down by reinsuring 40% of the new LTCI coverage that it writes, executives said.

Genworth is using forward-starting interest rate swaps to protect itself against the possibility that interest rates could fall still further, Fraizer said.

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Nichole Morford

Nichole Morford
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