Genworth Financial Inc.
) has come up with a new individual long term care insurance
product in California named Privileged Choice Flex. Genworth will
also temporarily suspend the sales of California Choice and
Choice Partnership, the existing individual long term care
insurance products in California, effective Mar 21, 2013.
California Choice and Choice Partnership products will be
substituted by the new product - Privileged Choice Flex - once it
is approved by the California Department of Insurance.
California Choice and Choice Partnership accounted for almost
12% of Genworth's long term care insurance sales in 2012. Thus
management decided to discard the old suite of products and bring
forward a new set of products compatible to its requirements in
California. Privileged Choice Flex will be priced in a manner to
maximize Genworth's returns and at the same time optimize
Additionally, Genworth will launch Privileged Choice Flex 2 on
Apr 15, 2013 across 31 states nationwide.
The suspension of California Choice and Choice Partnership,
and introduction of Privileged Choice Flex and Privileged Choice
Flex 2 is expected to enhance the sales portfolio of the company
In order to enhance customer service, Genworth Financial's
operating subsidiary Genworth Financial Wealth Management (GFWM)
also launched a range of advanced multi-strategist wealth and
investment solutions, called GPS solutions in Jan 2013.
Among other insurers,
Protective Life Insurance Company
) came up with three new universal life insurance products
namely, Protective Custom Choice Universal Life, Protective
Advantage Choice Universal Life and Protective Survivor Universal
Life in Jan 2013. Again, Allied World Bermuda, the Bermuda unit
Allied World Assurance Company Holdings, AG
), also launched an excess casualty coverage package called
Constellation the same month.
Genworth currently carries Zacks Rank #3 (Hold). Allied World
and another life insurer and reinsurer,
Reinsurance Group America Inc.
) carry a favorable Zacks Rank #2 (Buy) and are worth noting.
ALLIED WORLD AS (AWH): Free Stock Analysis
GENWORTH FINL (GNW): Free Stock Analysis
PROTECTIVE LIFE (PL): Free Stock Analysis
REINSURANCE GRP (RGA): Free Stock Analysis
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