In April 2015, Genworth announced they were looking to sell their life and annuity business to another insurer in an effort to reduce debt. After this announcement, A.M. Best (a financial rating agency), assigned the outlook rating of “under review with developing implications” to Genworth. Following the news on August 5, 2015 that Genworth decided not to sell off their life and annuity business, A.M. Best removed the “under review with developing implications” rating and gave the carrier a financial rating of “A-” (Genworth previously had an A.M. Best rating of “A” in February 2015 before being downgraded to “A-“).
Genworth’s CEO, Tom McInerney, said the company may decide to sell some blocks of their life insurance business rather than sell the life and annuity business as a whole, but nothing has been decided yet.
Genworth acknowledges that they will face challenges on the road ahead to increase the profitability of their life and annuity operations and have started taking steps to increase business.
(Source article from InsuranceNewsNet)
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