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).
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