Genworth, the largest U.S. long-term care insurance seller, posted a record loss of $844 million in its third-quarter financial results, which it reported on November 5. The company incurred heavy costs from setting aside funds for long-term care policies.
CEO Tom McInerney has tried to turn the business around by increasing premiums on policies previously sold, as well as increasing costs and cutting benefits for new coverage.
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More than 15.7 million shares had changed hands as of 11:48 a.m., compared to the average volume of 8,247,080.
Separately, TheStreet Ratings team rates GENWORTH FINANCIAL INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENWORTH FINANCIAL INC (GNW) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself."