US-based insurer Genworth Financial has reportedly halted the proposed disposal of its entire life and annuity operation.

Genworth Financial CEO Tom McInerney was quoted by Bloomberg as saying that the insurer may instead seek buyers for blocks of life contracts instead of selling the whole business.

"When you’re competing against other life and annuity insurers, they use that uncertainty against us," McInerney reportedly said.

"Now that we’ve decided to keep the life and annuity business, that aspect, and that part of the drag on sales, will be alleviated."

The latest twist comes after AXA recently announced that it entered into exclusive negotiation with Genworth Financial for potentially acquiring 100% of Genworth Lifestyle Protection Insurance (Genworth LPI) for €475m ($521.8m).


How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.