By Allison Bell

August 1, 2012

Executives at Genworth Financial Inc. (NYSE:GNW) said the company plans to ask for for another round of premium rate increases on in-force long-term care insurance (LTCI) policies.
The increases would bring the average total premium increase to more than 50% on “older generation” policies over the next 5 years.

The company also is seeking increases that would increase the average premium on an early series of “new generation” policies by more than about 25% over the next 5 years.

The company also wants to charge different rates for men and women, to reflect gender-related differences in use of Long Term Care Services; to eliminate lifetime benefits options; and to incorporate new assumptions about the returns on the investments backing LTC policies.