{"id":536745,"date":"2021-09-09T17:10:05","date_gmt":"2021-09-09T21:10:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-revises-issuer-credit-rating-outlook-to-negative-for-genworth-life-and-annuity-insurance-company-affirms-credit-ratings-of-genworth-financial-inc-and-its-u-s-life-subsidiaries\/"},"modified":"2021-09-09T17:10:05","modified_gmt":"2021-09-09T21:10:05","slug":"am-best-revises-issuer-credit-rating-outlook-to-negative-for-genworth-life-and-annuity-insurance-company-affirms-credit-ratings-of-genworth-financial-inc-and-its-u-s-life-subsidiaries","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-revises-issuer-credit-rating-outlook-to-negative-for-genworth-life-and-annuity-insurance-company-affirms-credit-ratings-of-genworth-financial-inc-and-its-u-s-life-subsidiaries\/","title":{"rendered":"AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries"},"content":{"rendered":"

<\/p>\n

AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries <\/b><\/p>\n

OLDWICK, N.J.–(BUSINESS WIRE<\/a>)–AM Best <\/b>has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of \u201cbb+\u201d (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). The outlook of the FSR is stable. Concurrently, AM Best has affirmed the FSR of C++ (Marginal) and the Long-Term ICRs of \u201cb\u201d (Marginal) of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). Additionally, AM Best has affirmed the Long-Term ICRs of \u201cb\u201d (Marginal) of Genworth Financial, Inc. (Genworth) [NYSE: GNW] and Genworth Holdings, Inc. (both domiciled in Delaware), as well as their Long-Term Issue Credit Ratings (Long-Term IR). The outlook of these Credit Ratings (ratings) is stable.\n<\/p>\n

\nThe ratings of GLAIC reflect its balance sheet strength, which AM Best assesses as adequate, as well as its weak operating performance, limited business profile and appropriate enterprise risk management (ERM).\n<\/p>\n

\nThe ratings of GLAIC also reflect its adequate balance sheet strength, including the level and quality of capital, and the quality of its asset portfolio. The revision of the Long-Term ICR outlook to negative reflects pressure on the company\u2019s risk-adjusted capitalization in recent years, as well as increased losses over this period. Absolute and risk-adjusted capital, as measured by Best\u2019s Capital Adequacy Ratio (BCAR), decreased in 2020, mainly driven by revised interest rate assumptions within the universal life with secondary guarantee block. Results for 2020 were negative with a $182 million statutory loss driven by changes in reserves in the universal life with secondary guarantee block as well as higher mortality due to the COVID-19 pandemic. GLAIC calculated its risk-based capital (RBC) level at 424% at the end of 2020; it has been in the 400% – 450% range for the past four years.\n<\/p>\n

\nThe ratings of GLIC and GLICNY reflect the group\u2019s balance sheet strength, which AM Best categorizes as weak, as well as its weak operating performance, limited business profile and appropriate ERM.\n<\/p>\n

\nThe ratings of GLIC and GLICNY reflect AM Best\u2019s view of their balance sheet strength and operating performance. Risk-adjusted capitalization, as measured by BCAR and other capital metrics, is low, in line with 2019. A strong offsetting factor is management\u2019s focused strategy of garnering actuarially supported premium rate increases on in-force, long-term care policies. Management identified the need for these increases several years ago, took corrective action and has achieved meaningful results. GNW has demonstrated success at achieving premium rate increases in the past. The impact and timing of the approval and receipt of those rate increases remain uncertain. GLIC calculated its RBC level at 229% at the end of 2020, an increase from the prior-year RBC score of 213%, while GLICNY\u2019s RBC deteriorated to 200% from 291% in 2019.\n<\/p>\n

\nThe rating affirmations of the two holding companies, Genworth and Genworth Holdings, Inc., as well as their associated debt, reflect the ongoing challenges the operating companies face, their debt obligations and secured promissory note to settle a recent dispute. Genworth has shown financial flexibility navigating through those complications, including the sale of Genworth\u2019s stake in Genworth MI Canada, Inc. in 2019 and a potential 19.9% initial public offering of Enact, the U.S. mortgage insurance business. More recently, the company sold its interest in Genworth Mortgage Insurance Australia Limited for total proceeds of $370 million. This has alleviated pressure on a September 2021 maturity that was retired in early July, as well as AXA liabilities. Earlier this year, the company announced the termination of the merger agreement with China Oceanwide Holdings Group Co. Ltd.\n<\/p>\n

\nThe following Long-Term IRs have been affirmed with a stable outlook:\n<\/p>\n

\nGenworth Holdings, Inc. (guaranteed by Genworth Financial, Inc.)\u2014\n<\/p>\n

\n\u2014 \u201cb\u201d (Marginal) on $750 million 7.625% senior unsecured notes, due 2021\n<\/p>\n

\n\u2014 \u201cb\u201d (Marginal) on $400 million 4.9% senior unsecured notes, due 2023\n<\/p>\n

\n\u2014 \u201cb\u201d (Marginal) on $400 million 4.8% senior unsecured notes, due 2024\n<\/p>\n

\n\u2014 \u201cb\u201d (Marginal) on $300 million 6.50% senior unsecured notes, due 2034\n<\/p>\n

\n\u2014 \u201cccc+\u201d (Weak) on $600 million fixed\/floating rate junior subordinated notes, due 2066\n<\/p>\n

\nThe following indicative Long-Term IRs on securities available under the universal shelf registration have been affirmed with a stable outlook:\n<\/p>\n

\nGenworth Financial, Inc.\u2014\n<\/p>\n

\n\u2014\u201cb\u201d (Marginal) on senior unsecured debt\n<\/p>\n

\n\u2014\u201cb-\u201d (Marginal) on subordinated debt\n<\/p>\n

\n\u2014\u201cccc+\u201d (Weak) on preferred stock\n<\/p>\n

\nGenworth Holdings, Inc.\u2014\n<\/p>\n

\n\u2014 \u201cb\u201d (Marginal) on senior unsecured debt\n<\/p>\n

\n\u2014 \u201cb-\u201d (Marginal) on subordinated debt\n<\/p>\n

\n\u2014 \u201cccc+\u201d (Weak) on preferred stock\n<\/p>\n

This press release relates to Credit Ratings that have been published on AM Best\u2019s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best\u2019s Recent Rating Activity<\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\u2019s Credit Ratings<\/a>. For information on the proper use of Best\u2019s Credit Ratings, Best\u2019s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best\u2019s Ratings & Assessments<\/a>.<\/b><\/p>\n

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com<\/a>.<\/b><\/p>\n

Copyright \u00a9 2021 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.<\/b><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210909006128\/en\/<\/a><\/span><\/p>\n

Bruno Caron
\n<\/b>
Associate Director
\n<\/b>
+1 908 439 2200, ext. 5144
\n<\/b>
bruno.caron@ambest.com<\/a><\/p>\n

Michael Porcelli
\n<\/b>
Director
\n<\/b>
+1 908 439 2200, ext. 5548
\n<\/b>
michael.porcelli@ambest.com<\/a><\/p>\n

Christopher Sharkey
\n<\/b>
Manager, Public Relations
\n<\/b>
+1 908 439 2200, ext. 5159
\n<\/b>
christopher.sharkey@ambest.com<\/a><\/p>\n

Jim Peavy
\n<\/b>
Director, Communications
\n<\/b>
+1 908 439 2200, ext. 5644
\n<\/b>
james.peavy@ambest.com<\/span><\/a><\/p>\n

KEYWORDS:<\/b> Europe United States North America New Jersey<\/p>\n

INDUSTRY KEYWORDS:<\/b> Insurance Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of \u201cbb+\u201d (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). The outlook of the FSR is stable. Concurrently, AM Best has affirmed the FSR of C++ (Marginal) and the Long-Term ICRs of \u201cb\u201d (Marginal) of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). Additionally, … <\/p>\n

Continue reading “AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-536745","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-revises-issuer-credit-rating-outlook-to-negative-for-genworth-life-and-annuity-insurance-company-affirms-credit-ratings-of-genworth-financial-inc-and-its-u-s-life-subsidiaries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of \u201cbb+\u201d (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). The outlook of the FSR is stable. Concurrently, AM Best has affirmed the FSR of C++ (Marginal) and the Long-Term ICRs of \u201cb\u201d (Marginal) of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). 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