Genworth to Focus on Life, Long-Term Care Coverage

Genworth Financial Inc., the insurer spun off by General Electric Co. in 2004, plans to direct resources to life insurance and long-term care after losses on retirement products and mortgage guarantees.

“You focus where you win,” Chief Executive Officer Michael Fraizer said today in an interview. “We have a sound operating platform and you’ve seen us hone it around our strengths where we see the best profitability opportunities.”

Fraizer is scaling back unprofitable businesses and said he will consider “selective asset sales” after soured investments and claims on bad mortgages depleted capital. Genworth, based in Richmond, Virginia, is the second-biggest provider of long-term care insurance in the U.S., a market that expanded 70 percent to $15 billion in three years, according to 2007 data from the Insurance Information Institute...

Bloomberg: Genworth to Focus on Life, Long-Term Care Coverage