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Genworth Financial's effort to revive its long-term care insurance and support services business is starting to gain some momentum.
The company provides LTC advisory services and helps with finding care through the CareScout Services business.
The business increased the number of care matches made to 1,486 in the first quarter, from 576 in the first quarter of 2025.
CareScout made a total of 3,375 matches in 2025.
Revenue increased to $6 million, from $4 million in the year-earlier quarter, and Genworth is starting to report the revenue numbers in a line its quarterly financial presentation slidedecks.
The company is hoping to make 7,500 care matches this year and produce about $25 million in LTC support services and care-finding revenue, up from $16 million last year.
The company's CareScout Insurance business is not yet reporting sales or revenue, but Genworth said it now has the approvals necessary to start selling the policies in 41 states.
What it means: A company that warned everyone that many baby boomers would need long-term care, and that few boomers were preparing adequately for that possibility, is moving forward with its effort to get back in the LTC game.
If Genworth's CareScout effort succeeds, that could help expand Genworth's role as a source of LTC information and advocacy, in addition to creating a new supply of LTC support services and financing tools.
The backdrop: Genworth is a Richmond, Virginia-based company that helped invent the modern LTCI market back in the 1990s and early 2000s.
Many of its assumptions about how customers would use their coverage and how much it would earn on its investments were wrong. The company faced projections that benefits obligations would outstrip its resources.
Genworth replaced its management team, stopped sales of new LTCI policies, sold a large minority stake in a profitable mortgage insurance business to public investors, and worked on getting approvals for waves of LTCI premium increases.
CareScout: Now, members of Genworth's current management team are trying to use what they've learned about long-term care services and LTC insurance to start the CareScout business.
The support services business has built a network that includes 783 providers of home care services and assisted living facility services in all 50 states. CareScout says it has screened the services for quality, and many of the owners have agreed to offer CareScout customers rate discounts.
Genworth has also invested $85 million in the LTCI insurance business launch.
Genworth is emphasizing that the new CareScout LTCI policies are backed by "an A-plus-rated reinsurer." It's not naming the reinsurer, and it acknowledges in its disclaimers that one risk that could hurt its stock is the possibility that it will fail to make the new LTCI business a success.
Tom McInerney, Genworth's chief executive officer, said last week, during a conference call that the company held to go over earnings for the first quarter with investors, that Genworth thinks access to a care provider network and LTC planning services will help CareScout set its LTCI products apart.
"We believe this integrated approach provides a distinct advantage in a market that remains fragmented and very underserved relative to the growing demand for long-term care over time," McInerney said.
Genworth is now planning to add LTCI products that marketers can sell to workers through worksite marketing programs and through associations.
"We're also developing additional offerings, including hybrid LTC insurance products with innovative designs that pair a minimum LTC benefit with low-cost fixed-income and equity accounts designed for accumulation," McInerney said.
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