Genworth Life and Annuity Insurance Company Review (2026)

Genworth Life and Annuity Insurance Company holds fixed and variable annuity contracts for hundreds of thousands of Americans — but its parent, Genworth Financial (NYSE: GNW), has been one of the most turbulent stories in the insurance industry over the past decade. If you own a Genworth annuity or are researching the company, this review explains exactly where Genworth stands today, what it means for existing policyholders, and how Genworth compares to carriers actively competing for new business in 2026.

This is not a typical carrier review. Genworth Life and Annuity Insurance Company is not actively soliciting new annuity business through the independent agent channel. We cover it here because it is one of the most searched annuity companies in the country — and because existing policyholders deserve a clear-eyed look at their situation.

Genworth Life and Annuity at a Glance

Here are the key facts about Genworth before we go deeper:

What Is Genworth Financial — And Why Does the LTC Problem Matter?

Genworth Financial became one of the largest LTC insurance sellers in the United States during the 1990s and 2000s. LTC insurance pays for nursing home, assisted living, and home health care — expenses that can easily exceed $100,000 per year. Genworth sold these policies at premiums that, in hindsight, were far too low relative to the claims they would ultimately pay.

By the mid-2010s, Genworth was facing a financial crisis driven by LTC losses. Claims were higher than projected. Interest rates were lower than assumed. The company began a multi-year effort to raise LTC premiums dramatically — in some cases by 60% to 130% for existing policyholders — while simultaneously seeking a buyer.

China Oceanwide Holdings Group agreed to acquire Genworth Financial in 2016 for approximately $2.7 billion. The deal was extended repeatedly over four years due to regulatory hurdles and never closed. Oceanwide formally withdrew in April 2021.

Genworth has since restructured: its mortgage insurance subsidiary (now called Enact Holdings) completed an IPO in 2021, providing Genworth with a significant cash infusion. Genworth Financial now operates primarily as a holding company for its LTC and life insurance businesses.

The key question for annuity holders: how does the LTC crisis at the parent level affect Genworth Life and Annuity Insurance Company (GLAIC)?

How Genworth Separates Its Annuity and LTC Businesses

Genworth Life and Annuity Insurance Company (GLAIC) is a legally separate insurance entity from Genworth Life Insurance Company (GLIC), which is the entity that holds the LTC block. In insurance, each subsidiary is regulated at the state level — they cannot simply transfer assets between entities to cover losses elsewhere without regulatory approval.

This separation matters: your annuity contract is held by GLAIC, not GLIC. GLAIC’s obligations are primarily to annuity and life insurance policyholders. State regulators oversee the ring-fencing of each entity’s assets.

That said, both entities share the same parent — Genworth Financial, Inc. If the parent were to enter restructuring proceedings, the downstream effects on subsidiaries could be complex. This is why AM Best’s ratings on GLAIC reflect not just the subsidiary in isolation but also the parent holding company’s financial condition.

For context: David, age 68, has a $150,000 fixed annuity he purchased from Genworth in 2011. His policy is still paying its guaranteed rate. His state guaranty association covers up to $250,000 per covered contract — meaning his entire balance is within the protection limit even under a worst-case scenario. David’s primary concern is whether his rate at renewal will remain competitive, not whether the money is protected.

Genworth’s Financial Strength Ratings

Genworth entities have been downgraded multiple times since the LTC crisis began. As of early 2026, Genworth Life and Annuity Insurance Company holds a B+ (Good) rating from AM Best — below the A-rated threshold that most financial advisors recommend as a minimum for new annuity purchases.

This is a significant departure from where Genworth was a decade ago, when it held A-range ratings. The downgrades reflect the pressure of LTC liabilities on the broader Genworth Financial enterprise, even though GLAIC’s annuity block itself is more stable.

AM Best’s B+ (Good) rating means the insurer has a good ability to meet its insurance obligations, but is more susceptible to adverse changes in underwriting, economic, or market conditions than higher-rated peers. It is not a distressed rating — but it is not a rating that most independent advisors would recommend for new money placement.

Our recommendation: Verify the current rating at www.ambest.com before making any decisions. Ratings can and do change.

What Types of Annuities Does Genworth Offer?

Genworth Life and Annuity Insurance Company is primarily managing its existing in-force block rather than competing for new business in the independent agent marketplace. The products below are those Genworth has historically offered and which are still in force for existing policyholders:

• Fixed Annuities — Guaranteed fixed-rate products where the interest rate is set at contract issue. Many Genworth fixed annuity holders purchased in the 2000s and 2010s. Renewal rates at contract maturity are declared by Genworth based on current market conditions.
• Variable Annuities — Annuities where the account value is invested in subaccounts tied to market performance. Genworth’s variable annuity block includes products with various living and death benefit riders. Existing policyholders should review their prospectus and current benefit provisions carefully.
• Multi-Year Guaranteed Annuities (MYGAs) — Genworth has offered MYGA-style products, though they are not currently competing in the independent agent MYGA marketplace where carriers like Athene, MassMutual, and Oceanview dominate.

If you currently own a Genworth fixed or variable annuity and your contract is maturing or approaching a surrender-free window, this is an important time to evaluate your options — including whether to compare current MYGA rates from A-rated carriers before renewing with Genworth at their declared renewal rate.

What Should Existing Genworth Annuity Holders Do?

If you own a Genworth annuity, here are the practical steps to evaluate your situation:

• Review your surrender charge schedule. Genworth annuities typically carry surrender charges for 5–10 years. Once you’re past the surrender period, you have flexibility to move funds without penalty.
• Know your state guaranty association limits. Every state provides coverage for in-force annuity contracts if an insurer becomes insolvent — typically $250,000 per covered person per insurer. If your Genworth balance exceeds this limit, that’s a risk factor to consider. Check your state’s coverage limits here.
• Compare your renewal rate. If your Genworth fixed annuity is renewing, Genworth will declare a renewal rate. Compare that rate to current A-rated MYGA offerings. If the difference is substantial, a 1035 exchange to a higher-rated carrier at a better rate may be worth exploring.
• Consider a 1035 exchange. A 1035 exchange allows you to move funds from one annuity to another without a taxable event, preserving your tax-deferred status. An independent advisor can run the numbers to see if the economics work in your favor.

Important: Do not make any moves without reviewing your full contract terms, including surrender charges, optional benefits in force, and any guaranteed minimum values. Some Genworth products have embedded guaranteed benefits (GMIBs, GMWBs, or death benefit riders) that would be forfeited upon surrender — these can be extremely valuable and should not be abandoned without careful analysis.

How Does Genworth Compare to Active MYGA Carriers?

If you are a new buyer looking to place fresh money, Genworth is not your best option in 2026. The independent agent marketplace offers dozens of A-rated carriers — including Athene (A+), MassMutual Ascend (A++), Oceanview (A), and Midland National (A+) — at competitive guaranteed rates with superior financial strength ratings.

The table below shows how Genworth compares at a high level:

Use our live MYGA rate comparison to see current rates from all competing carriers side by side.

Who Is Genworth Best For?

Genworth Life and Annuity Insurance Company is relevant to two groups of people in 2026:

• Existing policyholders who purchased a Genworth fixed or variable annuity and need to understand their current position, renewal options, and whether it makes sense to stay or explore a 1035 exchange. This review is written primarily for you.
• Researchers and advisors who are evaluating Genworth on behalf of clients who already own Genworth products and need an objective assessment of the company’s financial strength and current status.

Genworth is not a fit for new buyers placing fresh capital. The combination of a B+ AM Best rating and limited new product availability in the independent channel means there are simply better options. My Annuity Store works with 20+ A-rated and A-minus rated carriers who offer competitive guaranteed rates and superior financial strength for new money.

Contact Genworth Life and Annuity

If you are an existing Genworth annuity policyholder and need to reach the company directly:

Need help reviewing your options? If your Genworth annuity is coming out of surrender or you want a second opinion on whether to stay or exchange to a higher-rated carrier, My Annuity Store can help. We’re independent — no carrier loyalty, just objective comparisons. Request a free rate comparison or call us at 855-583-1104.