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July 28, 2007 at 09:28 PM
A large insurer plans to apply to increase the price of most of its old long term care insurance policies about 8% to 12%.
Executives at Genworth, Richmond, Va., discussed the repricing today during the company’s second quarter earnings conference.
Profits at the long term care insurance unit increased to $41 million, from $37 million for the second quarter of 2006, but much of the increase was due to investment income, and the performance of the older blocks of LTC insurance policies was “unfavorable,” Genworth said.
Genworth has been trying to increase the profitability of the LTC block by managing expenses, improving investment hedging, and improving claim processing and case management, according to Genworth Chairman Michael Fraizer.
