Genworth says it fixed weakness in accounting tied to reserves

March 1, 2016 by KATHERINE CHIGLINSKY

(LHP/Allison Bell)

(Bloomberg) — Genworth Financial Inc. (NYSE:GNW), an insurer that’s been hit with higher-than-expected losses on long-term care insurance (LTCI) policies, said it fixed a material weakness in its accounting.

The issue was remediated as of year-end, the Richmond, Va.-based company said Friday in a regulatory filing.

“Our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective,” Genworth said. Click HERE to read more…

Originally Posted at LifeHealthPro on February 29 ,2016 by KATHERINE CHIGLINSKY.