What You Need to Know
Genworth says it's already talking to potential LTCI business partners.
The company still wants to work with China Oceanwide to develop long-term care solutions for China.
The goal would be for the new products to have lower and more predictable risk.
Executives at Genworth Financial Inc. want to work with other companies to get back into the U.S. long-term care insurance (LTCI) market.
The Richmond, Virginia-based insurer also wants to team up with China Oceanwide Holdings Group Co. Ltd. — a company that spent more than four years trying to acquire Genworth — to sell long-term care (LTC) products in China.