07/31/18 Net Income Of $190 Million And Adjusted Operating Income Of $200 Million RICHMOND, Va., July 31, 2018 /PRNewswire/ — As Announced On June 9, 2018, The Committee On Foreign Investment In The United States (CFIUS) Completed Its Review Of The Proposed Transaction Between Genworth And China Oceanwide Holdings Group Co., Ltd (Oceanwide) And Concluded That There Are No Unresolved National Security Concerns U.S. Mortgage Insurance (MI) Adjusted Operating Income Of $137 Million Which Included A Favorable $22 Million After-Tax Reserve Adjustment U.S. MI’s PMIERs1 Sufficiency Ratio At 129 Percent, In Excess Of $700 Million Above Requirements Following A $50
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Genworth is changing the timing of the end of year paydown. October 5, 2018 will be the payout for commission payments that have not previously met the minimum payment requirement. Genworth will process all commissions due on October 5, 2018. The $50 minimum payment requirement will resume after October 5, 2018 and will continue through the next commission pay down in 2019. Therefore, there will not be an “end of year” pay down as in previous years. All commission payments, for all products, will be distributed on October 8, 2018. Genworth will resume normal commission payments that have met the
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As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Connecticut has now allowed the following increases: Connecticut Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS I 48.2% phased 14%, 14%, 14% cumulative 48.2% phased 14%, 14%, 14% cumulative PCS II 30.6% phased 9.3%, 9.3%, 9.3% cumulative 30.6% phased 9.3%, 9.3%, 9.3% cumulative       This rate increase applies to Partnership and Non-AARP policies.
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As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Missouri has now allowed the following increases: Missouri Product Series Increase Percentage Privileged Choice 39.25% phased 25%, 11.4% cumulative Classic Select 39.25% phased 25%, 11.4% cumulative     This rate increase applies to Non-AARP policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin July 31,
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Beginning in July, LTC Customer Service is implementing a process of making an outbound call to new customers. The goals of this effort are the following: Welcome the new policyholder to Genworth — Help assist in answering any outstanding questions the customers may have about their policy. Set them up for processes such as Third Party Notifier (TPN), Electronic Funds Transfer (EFT), website registration, information them of HIPAA Authorizations, etc. — TPN and EFT setups can be done on Genworth.com. Registering on Genworth.com provides the customers with the opportunity to view policy values and other details right on the website
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