Genworth Announces Life Insurance Product Changes Designed to Shift Portfolio Mix, Adjust for Low Interest Rates
RICHMOND, Va., Oct. 22, 2012 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced changes to its life insurance portfolio designed to update and expand its product offerings and further adjust pricing to reflect the current low interest rate environment and recent regulatory changes.
Effective immediately, Genworth is launching a new traditional term life insurance product –Colony Term 10, 15 and 20 – which will replace Colony(SM) Term UL, a universal life insurance product. In addition, effective Nov. 12, 2012, it is streamlining its guaranteed universal life insurance portfolio by expanding and repricing GenGuard® UL, which will combine the features of Colony(SM) LifeLong UL and GenGuard UL in one product.
In 2013 Genworth will continue to broaden its life insurance product mix and improve service delivery platforms. In particular, this will include the introduction of new linked benefit offerings and new index universal life products.
"These actions support our continuing commitment to 'Main Street'* life insurance consumers and our strong distribution partnerships in this market," said Pat Kelleher, CEO of Insurance and Wealth Management. "We remain focused on serving the life insurance needs of this important and underserved market."
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. 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.
*Main Street market refers to U.S. households with incomes of $50,000-$250,000
The name Colony used with life insurance products is a Genworth service mark.
Life insurance underwritten by:
Genworth Life and Annuity Insurance Company, Richmond, VA
Genworth life Insurance Company, Richmond, VA
Genworth Life Insurance Company of New York, New York, NY
Only Genworth Life Insurance Company of New York is admitted in and conducts business in New York.
Not all products are available in all states.
SOURCE Genworth Financial, Inc.