Genworth Financial Begins Filing For Premium Rate Increases On Certain Privileged Choice® & Classic Select® Policies

Genworth Financial, Inc. (NYSE: GNW) announced today that it has begun filing for long term care insurance in force premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. The premium rate increases requested will range between six and thirteen percent on more than $800 million in annualized in force premiums. Although these policies have generated positive operating earnings to date, the premium rate increase on these policies will help offset lower than priced-for returns, primarily due to improvements in life expectancy and lower-than-­anticipated lapse rates. These premium rate increase requests are being made in addition to the premium rate increase filings announced in 2012 on certain older blocks of in force long term care insurance policies. "The premium rate increases we have begun filing for represent another step toward improving the performance of our long term care insurance business," said Pat Kelleher, President and CEO of the U.S. Life Insurance Division. "We continue to proactively manage this business by closely monitoring emerging experience on in-force policies. Where appropriate, and subject to regulatory review, we will seek smaller rate increases beginning earlier in the product lifecycle with the See full press release