Genworth hit by Loss Suspends some Products and Plans Restructuring
On Thursday, Richmond, Virginia, based life insurance company, Genworth Financial Inc. said it plans to suspend selling some of its products and also plan to restructure following a loss in the fourth quarter and also loss for full year 2015.
The financial results of the company were released after the regular trading ended on Thursday. The company reported $292 million loss or 59 cents a share, for 2015, Q4. In 2014, the company announced loss of $760 million, or $1.53 per share in the same quarter. The fourth quarter revenue amounted to $2.16 billion compared to $2.23 billion revenue for the same period in 2014.
After-tax charges of $184 million were also included in the loss on assumption updates in its universal life insurance business.
For entire 2015, the company reported overall loss of $615 million or $1.24 a share. In 2014, it reported loss of $1.24 billion or $2.51 a share. Chief Executive Officer Tom McInerney said, "In our U. S. life insurance businesses, we are actively pursuing multiple restructuring actions to separate and isolate our LTC business and narrow our commercial focus, including through the suspension of traditional life and fixed annuity sales."
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