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Genworth May Exit Long-Term Care Without Rate Boost, Forbes Says

Aug. 8 (Bloomberg) -- Genworth Financial Inc. could stop selling long-term-care coverage if it doesn’t win approval from regulators for rate increases on existing policies, Forbes reported.

Genworth could withdraw from the market if it can’t raise the rates on 650,000 policies, Forbes reported, citing people it didn’t identify.

Chief Executive Officer Tom McInerney has said the Richmond, Virginia-based insurer is working to win as much as $300 million in rate increases, Forbes reported.

To contact the reporter on this story: Dan Reichl in San Francisco at dreichl@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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