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Genworth completes sale of its Medicare supplement business

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Genworth Financial Inc. has completed the sale of its Medicare supplement business to Aetna Inc. for $276 million,

The company expects to record an after-tax gain of approximately $35 million from the sale, which was final on Oct. 1. 

The deal included the sale of Continental Life Insurance Company of Brentwood, Tenn., and its subsidiary, American Continental Insurance Co.

The transaction also includes reinsurance agreements between some Genworth life insurance subsidiaries and Aetna to transfer the Medicare supplement in-force business sold by these entities. 

Genworth said existing Medicare supplement policies will remain in effect after the transaction, and policyholders will continue to have access to the full benefits of their policies.

J.P. Morgan Securities LLC advised Genworth on the deal.

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