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February 07, 2017 at 02:50 PM
Genworth Financial Inc. reported a significant loss for the fourth quarter of 2016, and a drop in long-term care insurance activity.
The Richmond, Virginia-based company is reporting a net loss of $63 million for the latest quarter on $2.2 billion in revenue, compared with a net loss of $240 million on $2.2 billion in revenue for the fourth quarter of 2015.
The loss from continuing operations before income taxes narrowed to $56 million, from $2.4 billion.
Related: Genworth’s would-be buyer helped build modern China
Sales of new individual long-term care insurance fell to $1 million, from $8 million, and sales of new group LTCI coverage fell to $1 million, from $8 million.
The LTCI unit is reporting a $15 million loss from continuing operations on $986 million in revenue, compared with $32 million in income from continuing operations on $983 million in revenue for the fourth quarter of 2015.
LTCI premium revenue increased to $650 million, from $633 million.
Most of the net loss for the quarter was related to changes in universal life insurance assumptions, Genworth said.
Beijing-based China Oceanwide Holdings Group Co. Ltd. announced plans in October to pay $2.7 billion for Genworth.
Genworth expects to have shareholders vote on the deal March 7.
