(Bloomberg) – Genworth Financial Inc. Chief Executive Officer Tom McInerney said he's moving with a "sense of urgency" to turn around the insurer after record losses and a stock plunge.
"I recognize there is much more work to do," McInerney said in his annual letter, which was posted on the company's website Friday. "We were very disappointed with the large decrease in our share price in 2015, and we continue to focus on improving our operating and financial performance."
McInerney is seeking to reassure investors after shares tumbled 27 percent in the first quarter following plunges of 56 percent last year and 45 percent in 2014. The Richmond, Virginia-based insurer was burned in 2014 by losses in its long-term care business, which pays for home health aides and nursing home stays. McInerney has sought to refocus the company by selling assets and working to isolate the LTC business from other operations, such as mortgage insurance.
