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Genworth sees softness in the LTC market.(Companies)(GENWORTH FINANCIAL INC. )
- Article from:
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National Underwriter Life & Health-Financial ServicesEdition
- Article date:
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July 19, 2004
- Author:
- Bell, Allison
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Copyright informationCOPYRIGHT 2004 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GENWORTH FINANCIAL INC. has put long term care insurance on its list of products that are lagging behind expectations.
General Electric Company, Fairfield, Conn., spun off the Richmond, Va., financial services giant as a stand-alone company with a May stock offering.
Genworth argues that comparing its latest results with past results is tricky because of the many underwriting costs, accounting changes, business changes, and other changes and expenses resulting from the spin-off. The company prefers to talk about its pro forma net operating earnings, which attempt to iron out the distortions. The company's pro forma net operating earnings increased to $279 million for ...