Genworth Announces Life Insurance Product Changes Designed to Shift Portfolio
Mix, Adjust for Low Interest Rates
RICHMOND, Va., Oct. 22, 2012
RICHMOND, Va., Oct. 22, 2012 /PRNewswire/ -- Genworth Financial, Inc. (NYSE:
GNW) today announced changes to its life insurance portfolio designed to
update and expand its product offerings and further adjust pricing to reflect
the current low interest rate environment and recent regulatory changes.
Effective immediately, Genworth is launching a new traditional term life
insurance product –Colony Term 10, 15 and 20 – which will replace Colony(SM)
Term UL, a universal life insurance product. In addition, effective Nov. 12,
2012, it is streamlining its guaranteed universal life insurance portfolio by
expanding and repricing GenGuard® UL, which will combine the features of
Colony(SM) LifeLong UL and GenGuard UL in one product.
In 2013 Genworth will continue to broaden its life insurance product mix and
improve service delivery platforms. In particular, this will include the
introduction of new linked benefit offerings and new index universal life
"These actions support our continuing commitment to 'Main Street'* life
insurance consumers and our strong distribution partnerships in this market,"
said Pat Kelleher, CEO of Insurance and Wealth Management. "We remain focused
on serving the life insurance needs of this important and underserved
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance
holding company dedicated to helping people secure their financial lives,
families and futures. Genworth has leadership positions in offerings that
assist consumers in protecting themselves, investing for the future and
planning for retirement -- including life insurance, long term care insurance,
financial protection coverages, and independent advisor-based wealth
management -- and mortgage insurance that helps consumers achieve home
ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three
divisions: Insurance and Wealth Management, which includes U.S. Life
Insurance, Wealth Management and International Protection segments; Global
Mortgage Insurance, which includes U.S. and International Mortgage Insurance
segments; and the Corporate and Runoff division. Its products and services are
offered through financial intermediaries, advisors, independent distributors
and sales specialists. Genworth Financial, Inc., which traces its roots back
to 1871, became a public company in 2004 and is headquartered in Richmond,
Virginia. For more information, visit genworth.com. From time to time,
Genworth Financial, Inc. releases important information via postings on its
corporate website. Accordingly, investors and other interested parties are
encouraged to enroll to receive automatic email alerts and Really Simple
Syndication (RSS) feeds regarding new postings. Enrollment information is
found under the "Investors" section of genworth.com.
*Main Street market refers to U.S. households with incomes of $50,000-$250,000
The name Colony used with life insurance products is a Genworth service mark.
Life insurance underwritten by:
Genworth Life and Annuity Insurance Company, Richmond, VA
Genworth life Insurance Company, Richmond, VA
Genworth Life Insurance Company of New York, New York, NY
Only Genworth Life Insurance Company of New York is admitted in and conducts
business in New York.
Not all products are available in all states.
SOURCE Genworth Financial, Inc.
Contact: Julie Westermann, +1-804-662-2423, firstname.lastname@example.org,
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