Genworth Monetary is on the brink of open up CareScout, a brand new long-term care supplier community enterprise, within the fall.
The Richmond, Virginia-based firm has signed up sufficient residence care suppliers and different LTC suppliers to achieve about half of individuals in Texas who’re ages 65 or older, Tom McInerney, the corporate’s CEO, informed securities analysts Wednesday.
About 43,000 of Genworth’s 1 million long-term care insurance coverage insureds stay in Texas.
CareScout will most likely transfer into Arizona and Florida subsequent, McInerney stated.
However McInerney warned that the corporate’s struggling life insurance coverage and annuities enterprise, which wrote the corporate’s LTCI enterprise, has a price of zero. “We’re not placing capital in or taking it out,” he stated.
What It Means
Genworth would possibly find yourself doing nicely as an organization, however what that may imply for the folks coated by its LTCI insurance policies is unclear.
The Earnings
Genworth held a convention name with securities analysts to go over its earnings for the second quarter.
The corporate was as soon as a significant author of life insurance coverage and annuities in addition to long-term care insurance coverage. It has ended gross sales of life insurance coverage and annuities and now not sells important quantities of latest LTCI protection, nevertheless it owns an 81.6% stake in Enact Holdings, a big participant within the non-public U.S. mortgage insurance coverage market.
The corporate reported $168 million in internet revenue for the newest quarter on $1.9 billion in income, in contrast with $197 million in internet revenue on $1.9 billion in income for the second quarter of 2022.