Genworth Posts Capitalization Update
March 5, 2019 by Allison Bell
Genworth Financial Inc. says one key measure of its U.S. life insurance company capitalization levels improved in 2018, and that the risk-based capital (RBC) ratio for the U.S. life business fell.
The Richmond, Virginia-based company says that the “positive margin,” or capital cushion, at its Genworth Life Insurance Company (GLIC) unit increased to $1.5 billion at the end of 2018, from about $600 million a year earlier.
GLIC’s RBC level fell to 199%, according to a summary of new cash-flow testing results that was released Tuesday.
That compares with 282% at the end of 2017, Genworth says.
Earlier this month, Genworth predicted that the GLIC RBC ratio for the end of 2018 would be somewhere between 190% and 200%.
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