Filed Under:Health Insurance, Ltci

Genworth conducting 'deep review' of LTCI business

Thomas McInerney (File photo)
Thomas McInerney (File photo)

Genworth Financial Inc. needs to improve the way it manages its long-term care insurance (LTCI) business, according to Thomas McInerney, the company's president.

"We're conducting an intense, very broad and deep review of all aspects of our [long-term care] insurance business," McInerney said during the company's second-quarter earnings call.

Results for the quarter included $8 million in extra revenue resulting from LTCI price increases, the company said.

Policy lapse rates were higher than before, which helped reduce claims, but yields on investments were lower, and that hurt earnings on invested assets, the company said.

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Nichole Morford

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