Genworth LTCI Sales “disappoint” in 2Q

[Brian Anderson]

A quote today from Tom McInerney, Genworth President and CEO: "Our second quarter 2014 results were strong in our mortgage insurance businesses, which benefitted from continued solid loss performance, but disappointing in our long term care insurance business, where we experienced adverse claims development. We continue to pursue state approvals for premium rate increases in long term care and recently launched a new long term care insurance product in 42 states that balances flexibility for customers with appropriate risk-adjusted returns for Genworth."

Don’t really have a question or comment here – just sharing info. You can read more here:
Genworth Financial announces 2Q 2014 results, LTCI business disappoints

 

[Mr_Ed]

A quote today from Tom McInerney, Genworth President and CEO: "Our second quarter 2014 results were strong in our mortgage insurance businesses, which benefitted from continued solid loss performance, but disappointing in our long term care insurance business, where we experienced adverse claims development. We continue to pursue state approvals for premium rate increases in long term care and recently launched a new long term care insurance product in 42 states that balances flexibility for customers with appropriate risk-adjusted returns for Genworth."

Don’t really have a question or comment here – just sharing info. You can read more here:
Genworth Financial announces 2Q 2014 results, LTCI business disappoints

Genworth is only losing money on their pre-2002 LTCi policies.
Their LTCi policies sold in 2002 and after are profitable.

 

[Arthur Rudnick]

previously posted by Mr_Ed

Their LTCi policies sold in 2002 and after are profitable.

Yup, things just seem to be dandy at Genworth.

 

[Mr_Ed]

previously posted by Mr_Ed



Yup, things just seem to be dandy at Genworth.

Please spare us the drama, Arthur.
Look at the facts.

The reduction in their profit this quarter was their pre-2002 policies. Just read the report.

Their post-2002 policies are very profitable.

 

[Arthur Rudnick]

previously posted by Mr_Ed

Please spare us the drama, Arthur.
Look at the facts.
The reduction in their profit this quarter was their pre-2002 policies. Just read the report.
Their post-2002 policies are very profitable.

"Our second quarter 2014 results were strong in our mortgage insurance businesses, which benefitted from continued solid loss performance, but disappointing in our long term care insurance business, where we experienced adverse claims development. We continue to pursue state approvals for premium rate increases in long term care"

"In September 2013, the company announced that it began filing for LTC premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. As of June 30, 2014, 18 states have approved these rate increases"

Yup, things just seem to be dandy at Genworth.

 

[bluemarlin08]

What do you guys tell clients to anticipate in future rate increases?

 

[Mr_Ed]

What do you guys tell clients to anticipate in future rate increases?

it depends upon what state they live in and if that state has enacted the Rate Stability Regulation.

 

[csalter]

it depends upon what state they live in and if that state has enacted the Rate Stability Regulation.

Can you tell me what is happening with California?

 

[ltcadviser]

Can you tell me what is happening with California?

California is approving a 164.2% rate increase on Genworth 10 Pay policies.

(Just kidding, Csalter-relax)

 

[csalter]

California is approving a 164.2% rate increase on Genworth 10 Pay policies.

(Just kidding, Csalter-relax)

You made my heart jump for that one second. I was looking and saw that requests had been made but there was no approval yet. So I am wondering if it will happen. I am sure there is a lot of politicking to get those increases.