We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (16,884)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (625)
  • Sheryl's Blogs (178)
  • Wink's Articles (242)
  • Wink's Blogs (225)
  • Wink's Press Releases (93)
  • Blog Archives

  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Genworth suspends life insurance sales, plans restructuring

    February 9, 2016 by Richmond Times-Dispatch and Bloomberg News

    Earlier: Genworth Financial Inc. said Thursday it is suspending sales of some products and planning a restructuring after the company posted a loss for the fourth quarter and full year of 2015.

    Genworth said it would suspend sales of its traditional life coverage and fixed-annuity products in the first quarter of this year, so the company can focus on fixing a business unit that provides long-term care coverage.

    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.”

    In August 2015, Henrico County-based Genworth employed more than 1,000 at its two sites in Lynchburg, one downtown and one on Albert Lankford Drive, off Odd Fellows Road. 

    Genworth’s fourth-quarter loss came as it took charges in its life insurance division and on the sale of a European mortgage insurance business.

    The company reported a loss of $292 million, or 59 cents per share, for the fourth quarter of 2015, compared with a loss of $760 million, or $1.53 per share, in the fourth quarter of 2014.

    Revenue was $2.16 billion for the fourth quarter, compared with revenue of $2.23 billion for the same period of 2014.

    The loss included after-tax charges of $184 million, or 37 cents per share, on assumption updates in its universal life insurance business, along with an after-tax loss of $134 million on the pending sale of the European mortgage insurance business and a loss of $73 million related to the completed lifestyle protection insurance business sale.

    The company reported an overall loss of $615 million, or $1.24 per share, for 2015, compared with a loss of $1.24 billion, or $2.51 per share, in 2014.

    Genworth CEO’s pay cut 78 percent to $2.7 million after record loss 

    Chief Executive Officer Tom McInerney has been selling assets and seeking to stabilize operations. He is also seeking to win regulators’ approvals to increase long-term care insurance rates and guard the company’s bond rating.

    “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,” he said in the statement.

    The company’s financial results were released after the end of regular trading on Thursday.

    In regular trading, its shares closed up 31 cents, or 12.5 percent, at $2.79 per share.

    In after-hours trading, shares were down 45 cents, or about 16 percent, to $2.34 at about 6 p.m.

     

    Originally Posted at Work It, Lynchburg on February 5, 2016 by Richmond Times-Dispatch and Bloomberg News.

    Categories: Industry Articles
    currency