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Genworth Financial to layoff 80 employees in Virginia

Genworth Financial to layoff 80 employees in Virginia
Posted at 2:22 PM, Mar 12, 2019
and last updated 2019-03-12 14:22:50-04

HENRICO COUNTY, Va. -- Henrico County-based Genworth Financial has announced 80 employees in Virginia will lose their jobs after a round of layoffs.

The layoffs include 21 workers at their corporate headquarters in Henrico County.

The layoffs come after the insurance company decided to suspend the sales of individual long-term care insurance and income assurance annuity products through brokerage general agencies.

The products will now be distributed directly to the consumer and through affinity and association programs and other distribution channels.

The layoffs affect employees of the U.S. Life Insurance division of Genworth.

“We regret the impact this will have on our colleagues and their families. Our top priority will be to ensure that they will be treated with the utmost dignity and respect,” said a Genworth spokesperson.

Genworth, which has thousands of employees in Virginia, says employees affected by the layoffs will be given a 60-day notice.

Officials say that those employees are eligible to receive transition benefits that include outplacement services and compensation based on years of service. In addition, employees in good standing can apply for any open position at the company.