Deals
Genworth CEO Halts Sale of Life Insurer Unit; Shares Tumble
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Genworth Financial Inc., the insurer that has been selling units to rebuild capital, said it will probably not get rid of its entire life and annuity operation.
The insurer may instead seek buyers for blocks of life contracts, Chief Executive Officer Tom McInerney said Wednesday in a conference call discussing results at the Richmond, Virginia-based insurer. Genworth dropped 20 percent to $5.65 at 4:15 p.m. in New York trading, the biggest plunge in the Standard & Poor’s 500 Index. The company has declined about 34 percent this year, after a 45 percent fall in 2014.