Filed Under:Health Insurance, Ltci

Genworth to drop AARP LTC product line

What will the end of Genworth's AARP LTCI distribution deal mean for long-term care planning? (AP photo/Genevieve Ross)
What will the end of Genworth's AARP LTCI distribution deal mean for long-term care planning? (AP photo/Genevieve Ross)

Genworth Financial Inc. (NYSE:GNW) said it will stop selling AARP-branded long-term care insurance (LTCI) June 1.

Genworth, a major writer of LTCI coverage, has been writing the AARP-branded products through its Genworth Life Insurance Company and Genworth Life Insurance Company of New York units since 2007.

The LTCI unit, a part of Genworth's U.S. life insurance division, is reporting $20 million in net operating income for the latest quarter on $775 million in revenue, compared with $35 million in net operating income on $775 million in revenue for the first quarter of 2012, according to a financial supplement.

Premium revenue fell to $513 million, from $521 million, and net investment gains increased to $264 million, from $255 million.

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Nichole Morford

Nichole Morford
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