Genworth Financial's CareScout Insurance unit now has the state approvals it needs to sell new long-term care insurance policies in 23 states.
CareScout obtained the approvals through the Insurance Compact, an organization that helps many states review insurance company filings, according to Tom McInerney, Genworth's CEO.
Eight other jurisdictions have started moving the CareScout product application through their review pipelines.
Genworth plans to launch the new LTCI products after it gets approvals from at least 30 states, McInerney said.
McInerney talked about the CareScout LTCI product Thursday during a conference call the company held to go over results for the first quarter.
What it means: A revival in stand-alone LTCI products could give clients who are worried about catastrophic long-term care risk another option for maximizing the amount of LTC benefits per premium dollar.
The backdrop: Genworth helped create the modern LTCI market. Problems with assumptions, product design and regulatory restrictions on price increases caused Genworth and most competitors to stop writing new policies.
The list of insurers still writing stand-alone LTCI coverage includes Mutual of Omaha, National Guardian Life, New York Life, Northwestern Mutual and Thrivent.
Since Genworth suspended new LTCI sales, the company has worked to stabilize the existing products by implementing large premium increases.
For CareScout, the company has designed a leaner product, in the hope that keeping a product with more modest benefits will be easier.
The CareScout LTC network: Genworth has also been working to create a CareScout LTC provider network, to help families get care at reasonable prices.
The company started by offering the program to its own LTCI insureds.
Family-provider match volume increased to 576 in the first quarter, from 52 in the year-earlier quarter, McInerney said.
Two other insurers are now experimenting with using the network, and other insurers are talking about doing so, McInerney said.
The earnings: Genworth reported $85 million in net income for the quarter on $1.8 billion in revenue, compared with $169 million in net income on $1.9 billion in revenue for the first quarter of 2024.
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