Richmond, Va.-based insurer Genworth Financial said today it has laid off 1,000 of its 7,300 employees and will cut or reduce executive bonuses.
The firm, which provides mortgage, retirement income, life and long-term care, Medicare and supplement insurance products as well as related financial and wellness advisory services revealed the step in a letter to customers, distributors and partners.
Genworth said it has also made refinements to its strategic market focus aimed at concentrating on segments it views as the best fit with its strengths, profitability targets and risk appetite.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
