Life Insurance

Genworth Financial Books Quarterly Loss on Universal-Life Insurance Charges

Genworth Financial Inc. booked another quarterly loss and a third consecutive annual loss as it continued to revise assumed mortality rates, which resulted in a $196 million charge in its universal-life insurance policies.

The Richmond, Va.-based insurer, which has agreed to sell itself to Chinese investment firm China Oceanwide Holdings, has scheduled a special shareholders meeting on March 7 to vote on the deal, which still needs…

Source link