Genworth Financial Sucks Customer Reviews and Feedback

From Everything.Sucks

Genworth Financial is an S&P 400 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of the year.

According to reports, "Genworth Financial Inc. executives allowed the company's insurance units to upstream "hundreds of millions of dollars" in dividends during a time in which they supposedly knew their long-term care reserves were "woefully understated," three Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York policyholders allege in a recently filed lawsuit.The underlying allegations stem from circumstances that culminated with Genworth's Nov. 5, 2014, announcement of a $531 million increase to its long-term care claim reserves. The plaintiffs allege that the defendants engaged in a "massive fraud" that involved the "manipulation" of expected claims duration on long-term care policies through the "deliberate use of outdated" data. As a result, the amount of reserves carried by Genworth Life and Genworth Life of New York were allegedly "underfunded in relation to the true expected need" prior to the 2014 action."

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