RICHMOND, Va., Dec. 17, 2014 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that it is still in the process of completing its annual review of long term care insurance active life margins. The scope of this review includes GAAP loss recognition and statutory cash flow testing.
"We are focused on completing our active life margin review, and it is imperative that we are thoughtful and thorough in our analysis. While our original intent was to communicate results in December, the review is taking longer than previously anticipated," said Tom McInerney, President and CEO. "To that end, we continue our work and are receiving input from actuarial advisors in our evaluation of key margin assumptions and methodologies. We remain committed to providing transparent and timely communications once the review is complete."
Given progress to date, the company anticipates communicating results of the active life margin review after completion of a peer review by an independent third party in 2015, on or before the company's fourth quarter earnings conference call.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in long term care insurance and mortgage insurance and competitive offerings in life insurance and fixed annuities that assist consumers in solving their insurance, retirement and home ownership needs.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other Division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as "anticipates," and include statements regarding the anticipated timing of communicating results of the active life margins review. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genworth-financial-provides-update-on-timing-of-long-term-care-insurance-margin-review-300011489.html
SOURCE Genworth Financial, Inc.
