Henrico County-based insurance company Genworth Financial Inc. is suspending sales of its traditional life coverage and fixed-annuity products after the company posted a loss for the fourth quarter and full year of 2015.
That business unit, which provides insurance for nursing home and at-home care, has struggled with losses as the cost of coverage exceeded what the company expected.
The company said in its earnings statement that it “plans to initiate a series of internal restructuring actions aimed at separating and isolating its (long-term care) business, subject to regulatory and other potential third-party approvals.”
Richmond