Genworth Halts Life, Annuity Sales After Loss; Shares Fall
- Insurer reports $292 million loss for fourth quarter
- CEO McInerney seeks to narrow focus, isolate long-term care
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Genworth Financial Inc. suspended sales of traditional life insurance and fixed annuity products so the company can focus on stabilizing the unit that provides long-term care coverage.
The insurer posted a fourth-quarter loss of $292 million, or 59 cents a share, Richmond, Virginia-based Genworth said Thursday in a statement. The company declined 16 percent to $2.33 in extended trading at 5:15 p.m. in New York.