Genworth Financial to drop from S&P 500 index

November 13, 2015 by IFAWebNews Staff

Because shares of Richmond, Va.-based insurance company Genworth Financial have seen considerable pressure lately, the carrier will drop out of the S&P 500 index, according to Bloomberg.

Genworth’s shares are down 44% this year following a 45% drop in 2014.

When it drops out of the S&P 500 at the closing bell on Nov. 17, it will be replaced by Synchrony Financial, Bloomberg reports.

Through subsidiaries, Genworth sells long-term care insurance, life insurance and annuities

Before the financial crisis Genworth had a market worth of $17 billion, now it is $2.6 billion. The company will be listed on the Mid Cap 400 Index.

Originally Posted at Insurance & Financial Advisor on November 10, 2015 by IFAWebNews Staff.