Is Genworth a good annuity company?
Not for new money, no. Genworth Life and Annuity Insurance Company (GLAIC) currently carries a B- (Fair) rating from AM Best, a level well under the A- and higher threshold most licensed strategists use as a floor for new business. GLAIC also is not actively marketing new annuities through the independent agent channel. This page exists because a lot of people already hold a Genworth contract and search for the company by name. If that is you, the picture is more nuanced than the rating alone suggests, and the sections below walk through what to actually check before deciding whether to stay or move your money.
Genworth at a glance
| Legal name | Genworth Life and Annuity Insurance Company (GLAIC) |
|---|---|
| Parent company | Genworth Financial, Inc. (NYSE: GNW) |
| Headquarters | Richmond, Virginia |
| Founded | 2004 as a spin-off from GE Capital; predecessor operations date to 1871 |
| AM Best rating | B- (Fair), stable outlook, affirmed September 2026 |
| Products | Fixed and variable annuities, mostly an in-force block |
| Selling new annuities? | Not actively, in the independent agent channel |
| Who it applies to | Mainly existing policyholders with in-force contracts |
Where Genworth sits on the AM Best scale
B- is grade 8 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+
- A
- A-
- B++
- B+
- B
- B-Genworth
- C++
- C+
- C
- C-
- D
Today's rates for Genworth
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Why Genworth's long-term care history matters to annuity owners
Genworth Financial built one of the largest long-term care insurance books in the country during the 1990s and early 2000s. Long-term care coverage pays for nursing homes, assisted living and home health aides, costs that routinely run past $100,000 a year. The premiums Genworth originally charged turned out to be far too light for what those policies would eventually cost to pay out.
The reckoning arrived in the mid-2010s. Claims ran ahead of projections, interest rates stayed lower than actuaries had assumed, and Genworth had to push through steep long-term care premium increases, in some cases well over 100% for existing policyholders, all while shopping the company to a buyer. China Oceanwide Holdings Group struck a deal to acquire Genworth in 2016 for roughly $2.7 billion. That deal dragged on for four years through regulatory review and eventually collapsed when Oceanwide walked away in 2021.
Since then, Genworth has reshaped itself. Its mortgage insurance unit, spun off as Enact Holdings, went public in 2021 and brought in fresh cash. What remains of Genworth Financial today operates mainly as a holding company over its long-term care and life insurance lines. None of this is really about annuities directly, but it explains why the rating on Genworth's annuity entity sits where it does.
How Genworth keeps annuities separate from long-term care
Genworth Life and Annuity Insurance Company, or GLAIC, is a distinct legal entity from Genworth Life Insurance Company, GLIC, which is the one carrying the long-term care exposure. Insurance subsidiaries are regulated state by state, and one cannot simply hand assets to another to cover a shortfall without going through regulators first.
Practically, that means your annuity contract belongs to GLAIC, and GLAIC's obligations run to its own annuity and life policyholders, not to long-term care claimants. Still, both companies report up to the same parent, and AM Best's rating of GLAIC accounts for the health of that parent as well as GLAIC on its own.
Consider a hypothetical: a 68-year-old who bought a $150,000 fixed annuity from Genworth back in 2011 is probably still collecting the guaranteed rate written into that original contract. For someone in that position, the more pressing question is usually what happens at the next renewal, not whether the underlying money is safe today.
Genworth's financial strength ratings
GLAIC has been downgraded more than once since the long-term care crisis began. AM Best's most recent affirmation, from September 2026, puts GLAIC at B- (Fair) with a stable outlook (revised from positive), a level far below the A- floor that most buyers use when shopping for a new contract. Genworth's separate life insurance subsidiary, the one holding long-term care exposure, carries an even lower grade.
A decade ago, Genworth's entities carried ratings in the A range. The slide since then traces directly to pressure from long-term care claims flowing through the wider Genworth Financial enterprise, even though the annuity block inside GLAIC has held up more steadily on its own.
AM Best's B- (Fair) grade means the company can generally meet its obligations but is more exposed to adverse swings in underwriting or the broader economy than higher-rated peers. It is not a distress signal, but it is a level most professionals would steer new clients away from. Verify the live rating at AM Best's own site before making any decision, since ratings move.
What annuities has Genworth sold
GLAIC today is mostly administering its existing book rather than writing new contracts. Here is what that book contains:
- Fixed annuities. These lock a rate in at issue, and many were sold during the 2000s and 2010s. When a term matures, Genworth declares a new renewal rate based on where the market sits at that time.
- Variable annuities. Account value here tracks investment subaccounts, and many contracts carry living or death benefit riders layered on top. Anyone holding one of these should study the current prospectus and rider terms closely before making changes.
- Multi-year guaranteed annuities. Genworth has issued MYGA-style contracts in the past, but it is not currently competing for that business the way carriers such as Athene, MassMutual Ascend or Oceanview are.
If your Genworth contract is approaching maturity or moving out of its surrender window, that is the moment to look seriously at what current MYGA rates from top-rated carriers look like compared to whatever renewal rate Genworth declares.
What to do if you already own a Genworth annuity
- Check your surrender schedule. Genworth annuities commonly carry surrender periods of 5 to 10 years. Once that window closes, you can move funds without a penalty.
- Know your state's guaranty association limit. Every state backs in-force annuity contracts up to a set dollar amount if a carrier fails. If your balance with Genworth exceeds that limit, treat it as a real factor in your decision.
- Compare the renewal rate. When a Genworth fixed annuity comes up for renewal, weigh the declared rate against what current A-rated MYGAs are paying. A meaningful gap is worth exploring further.
- Look at a 1035 exchange. This lets you move funds into a different annuity without triggering taxes, preserving tax deferral. Running the numbers side by side is the only real way to know whether a switch pays off.
Before acting on any of this, read your full contract, including surrender charges and any optional riders in force. Some Genworth contracts carry embedded guaranteed income or withdrawal benefits that can be genuinely valuable and would disappear the moment you surrender the policy, so do not walk away from one without careful review.
How Genworth compares with carriers actively writing business today
| Carrier | AM Best rating | Writing new annuities | Best known for |
|---|---|---|---|
| Athene | A+ (Superior) | Yes | Competitive nationwide MYGA pricing |
| MassMutual Ascend | A++ (Superior) | Yes | Top-tier financial strength |
| Oceanview | A (Excellent) | Yes | Strong rates among A-rated carriers |
| Midland National | A+ (Superior) | Yes | Broad FIA and MYGA lineup |
| Genworth (GLAIC) | B- (Fair) | Limited | Servicing existing policyholders |
If you are placing new money, this table is really the whole story: the market has plenty of stronger, actively competing options.
Who does a Genworth review actually help?
Two groups get real value from this page. The first is people who already hold a Genworth fixed or variable annuity and want to understand where things stand, what happens at renewal, and whether an exchange makes sense. The second is anyone researching Genworth on behalf of a client or family member who already owns one of these contracts and needs an honest read on the company's current strength.
New buyers with fresh capital to place are not a good match here. Between the B- rating and the pullback from new sales, there are simply stronger, more competitive options available today.
Reaching Genworth directly
| Contact method | Details |
|---|---|
| Website | www.genworth.com |
| Annuity customer service | 1-800-854-7070 |
| Mailing address | Genworth Life and Annuity Insurance Company, 6620 West Broad Street, Richmond, VA 23230 |
| Hours | Monday through Friday, 8:30 a.m. to 6:00 p.m. Eastern |
Other annuity companies to consider
- New York Life: a long-established mutual carrier still active in new sales
- Mountain Life: a MYGA-focused carrier competing on rate
- USAA: a long-standing insurer serving military families
Pros and cons
Pros
- GLAIC is a legally separate entity from Genworth's long-term care subsidiary
- State guaranty association coverage applies to in-force contracts, generally up to $250,000
- A large existing book, hundreds of thousands of active fixed and variable contracts
- Corporate roots trace back to 1871 through predecessor companies
Cons
- B- (Fair) rating, below the threshold most professionals use for new purchases
- Not competing for new MYGA or annuity business through independent agents
- Parent company still carries a heavy long-term care liability load
- A proposed 2016 sale to China Oceanwide fell apart in 2021 after years of delay
Frequently asked questions
Is my Genworth annuity contract exposed to the parent company's long-term care losses?
Your contract sits inside GLAIC, a separate legal entity from Genworth Life Insurance Company, which is the one holding the long-term care block. State insurance regulators require that separation, and an insurer cannot freely move assets between subsidiaries to plug a hole elsewhere without approval. That said, both companies answer to the same parent, Genworth Financial, and AM Best factors the parent's overall condition into its rating of GLAIC, which is part of why the rating sits at B- rather than higher.
Can I still buy a new annuity from Genworth in 2026?
Realistically, no. GLAIC has stepped back from competing for new business through independent agents, and it is now focused on managing the contracts already on its books. If you are placing new money, dozens of carriers rated A or higher are actively pricing MYGAs and fixed index annuities right now, and comparing them costs you nothing.
What should I do if my Genworth annuity is coming up for renewal?
Start by pulling your surrender schedule to see whether you are still inside a penalty window. Once you are clear of surrender charges, compare the renewal rate Genworth declares against what A-rated carriers are currently offering. If the gap is meaningful, a 1035 exchange lets you move the funds to a new contract without triggering a taxable event, but check first whether your Genworth contract has an income or death benefit rider that you would give up by leaving.
Is my money protected if Genworth were to become insolvent?
Your state's life and health guaranty association provides a backstop for in-force annuity contracts if an insurer fails, typically up to $250,000 in present value, though the exact limit depends on your state. That protection exists for every carrier, not just Genworth, and it is a reason to know your state's specific cap rather than assuming any one number applies everywhere.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
- AM Best rating search
- National Organization of Life and Health Insurance Guaranty Associations
- SEC filings, Genworth Financial, Inc.
- AM Best Revises Outlooks to Stable for Genworth Financial Group's Members; Affirms Credit Ratings of Genworth Financial, Inc. and Genworth Life and Annuity Insurance Company (September 17, 2026)
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
