Genworth to Launch Senior Care Provider Network Business

Long-term care insurance premium revenue increased to $648 million, from $644 million, but net investment income fell, and gains from investments sold during the quarter fell.

The company filed rate increase requests, for increases on $1.2 billion of in-force long-term care insurance premium revenue, in 37 states in 2022.

For Genworth, a decrease in the percentage of long-term care insurance policyholders who keep their policies can improve profits.

In the fourth quarter, the percentage of Genworth policyholders keeping their full long-term care insurance policies in place fell to 54.5%, from 68.5%, during the last quarter before COVID-19 surfaced in the United States.

Regulators approved $549 million in annual premium rate increase approvals in 2022, Genworth said.

Genworth has cut its debt and strengthened its finances, and its board authorized a new share repurchase program of up to $350 million, McInerney said. The company has actually spent $64 million on buying back stock.

CareScout

McInerney said Genworth's CareScout unit already vetting and recruiting long-term care provider network partners.

Genworth will start by having CareScout provide fee-based services for new and existing policyholders through a pilot program to be offered in the Southwest in the first half of this year, McInerney said.

Genworth hopes to add a CareScout clinical assessment service.

"The third area of focus in our growth strategy is transforming the insurance and other product options available to fund long-term care," McIerney said.

Tom McInerney (Photo: Victor J. Blue/Bloomberg)