Genworth Monetary To Lay Off 21 At Virginia Workplaces

Richmond Instances-Dispatch (VA)

Genworth Monetary Inc. is shedding about 80 workers, together with 21 staff on the firm's company headquarters in Henrico County.

The insurance coverage big stated about 35 individuals additionally shall be laid off from the corporate's operation in Lynchburg. The remainder are distant staff.

Genworth is briefly suspending the gross sales of particular person long-term care insurance coverage and earnings Assurance Annuity merchandise by brokerage basic businesses.

As an alternative, the corporate shall be distributing these merchandise on to customers and thru affinity and affiliation packages together with different distribution channels.

The corporate will proceed to promote group long-term care insurance coverage by conventional channels, spokeswoman Julie Westermann stated.

Genworth continues to attempt fixing its long-term care insurance coverage enterprise, which supplies protection for nursing house and at-home care.

The corporate has offered long-term insurance policies for a few years, however the enterprise unit has struggled on and off with losses as a result of protection prices turned out to be greater than anticipated on older insurance policies and low rates of interest harm funding returns.

"Our dedication to serving to Individuals tackle the monetary challenges of growing older stays as sturdy as ever, and we sit up for bringing new services and products to market that may allow individuals who want care as they age dwell their lives as they want, how and the place they like to obtain that care," Westermann stated.

Genworth is being acquired by China Oceanwide Holdings Group Co. Ltd in a deal valued at $2.7 billion.

The corporate stated in late January that it and the China-based firm have agreed to increase the deadline for the merger to Friday. The acquisition was first introduced in October 2016.