Genworth Financial is planning to suspended sale of its individual long term care insurance products, California Choice and Choice Partnership, in California, US, effective from 21 March 2013.
The temporary suspension follows the company's plans to launch a new individual long term care insurance product, dubbed Privileged Choice Flex in the state.
Genworth Life Insurance Company president and CEO Pat Kelleher said the suspension of the individual long term care products in California is appropriate keeping in view the return profiles on both the products.
''It is important that the products we offer are priced to balance the needs of our consumers with our desire to achieve long-term profitability," Kelleher added.
"We are working closely with the California Department of Insurance to approve Privileged Choice Flex with the goal of resuming sales in the near future."
Both the California Choice and Choice Partnership represented approximately 12% of the company's long term care insurance sales in 2012.
The new Privileged Choice Flex 2 product is expected to be launched in 31 states on 15 April 2013.
Genworth Financial is a provider of life insurance, long-term care insurance, financial protection coverages, independent advisor-based wealth management and mortgage insurance.
