Genworth has the most individual long term care insurance policies in the U.S. As noted, Genworth along with every other U.S. insurance company with LTC policies has had issues due to initial under-pricing of policies, the prolonged low-interest rate environment, offering of lifetime benefit periods with minimal actuarial experience and lower than expected lapse ratios (people terminating policies). This has meant that basically every older LTC policy issued before the NAIC’s Model LTC Rate Stabilization Act has had premium increases with most policies having multiple increases. Because of their LTC market share, it’s important to note that China Oceanside’s Acquisition of Genworth Again Delayed by U.S. Review which will have a significant impact on Genworth’s financial health.
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