Genworth Suspends Sales Of Traditional Life And Fixed Annuity Products

(RTTNews) - Genworth Financial, Inc. (GNW) announced, in 2016, the company plans to initiate a series of internal restructuring actions aimed at separating and isolating its Long Term Care Insurance, or LTC business. The company said these actions are focused on addressing LTC legacy block issues that continue to pressure ratings across the organization.

Genworth Financial announced it has decided to suspend all sales of traditional life insurance and fixed annuity products in the first quarter of 2016 given the continued impact of ratings and recent sales levels of these products.