Genworth Financial Names Former John Hancock President as President, CEO of US Life Insurance Business
February 4, 2014 by Fran Matso Lysiak
RICHMOND, Va. – Genworth Financial Inc. has named James Boyle, the former president of John Hancock Financial Services Inc., as president and chief executive officer of its U.S. life insurance division.
He also was named an executive vice president at the Richmond, Va.-based Genworth Financial (NYSE: GNW).
With more than 30 years in insurance and financial services, Boyle has held several leadership positions at Canada’s ManuLife Financial Corp. (TSX/NYSE/PSE: MFC).
As president of John Hancock Financial Services — Manulife’s U.S. division — he oversaw the life and long-term care insurance, mutual funds and retirement plans business, and its independent broker-dealer network. Before that, Boyle was president of John Hancock’s U.S. insurance company, and its U.S. wealth management company.
Boyle is bringing “important experience and expertise as we work to turn around our USLI Division and our life insurance, long-term care insurance, and annuities businesses,” said Tom McInerney, president and CEO of Genworth Financial, in a statement. He will work with Genworth’s U.S. life insurance division to continue to improve the profitability, financial strength, capital generation and “help accelerate the businesses’ return to growth.”
While at John Hancock, Boyle executed extensive capital, pricing, product line and portfolio restructurings to return the businesses’ earnings from economic crisis levels to near pre-recession highs, Genworth said.
Last October, Patrick B. Kelleher, CEO of Genworth Financial’s U.S. life insurance division and an executive vice president, said he was leaving the company, effective Dec. 31 (Best’s News Service, Oct. 22, 2013). That was the second recent departure of a Genworth Financial executive at that time. Patrick M. Foley was tapped by OneAmerica Financial Partners to be the president of individual life and financial services for OneAmerica companies (Best’s News Service, Oct. 16, 2013).
Genworth’s U.S. life insurance division includes life insurance, long-term care insurance and fixed annuities.
According to LIMRA, Genworth Financial is among the top five sellers of individual long-term care insurance by premium based on its 2012 data. For group long-term care insurance, Genworth and John Hancock are among the top five sellers by premium based on LIMRA’s 2012 data, in alphabetical order.
The individual long-term care market has experienced challenges over the past decade, according to a special report by A.M. Best Co. The LTC insurance market also has continued to battle the challenges of lower-than-expected lapse rates, an extended low interest rate environment, high unemployment and longer claim periods, which have prompted many LTC insurance writers to either exit the market or pare back their LTC product offerings over the years (Best’s News Service, Sept. 16, 2013).
Earlier this month, Genworth also tapped Lori M. Evangel, formerly a chief risk officer at Aflac Inc. (NYSE: AFL) as its new chief risk officer and executive vice president (Best’s News Service, Jan. 13, 2013).
Genworth Life Insurance Co. and Genworth Life and Annuity Insurance Co. each currently has a Best’s Financial Strength Rating of A (Excellent). John Hancock Life Insurance Co. (USA) currently has a Best’s Financial Strength Rating of A+ (Superior).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)