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Genworth Bets on Long-Term Care as Insurers Flee Market

Genworth Financial Inc., the biggest U.S. seller of long-term care coverage, is betting on a rise in interest rates to boost profits as other insurers flee the business.

Genworth, ranked by trade group Limra among the top five long-term care insurance providers since at least 2007, stayed focused on the market as the U.S. population ages and a hedging strategy guards against declines in bond yields. Long-term care was its biggest business last year, generating 29 percent, or $3 billion, of the Richmond, Virginia-based company’s $10.3 billion in revenue.