Genworth Financial (NYSE:GNW) says its long-term care insurance (LTCI) unit did well in the third quarter.
The Genworth Long Term Care unit is reporting $45 million in net operating income for the latest quarter on $809 million in revenue, up from compared with $17 million in net operating income on $785 in revenue for the third quarter of 2011.
In spite of the continuing low interest rate environment, net investment income increased to $266 million, from $244 million.
Individual LTCI sales increased to $63 million, from $54 million.
Group LTCI sales rose to $6 million, from none.
LTCI sales were up because consumers were responding to pricing and portfolio actions that were announced in July. “Sales levels are expected to moderate in the fourth quarter,” the company said in a discussion of its earnings.