Genworth Financial was one of the top performers on the S&P 500, making it TheStreet’s Move of the Day. The insurer spiked on reports it is exploring the sale of its life and annuity insurance unit. The firm has reportedly hired Goldman Sachs to plot out its options, one of which includes selling the division in parts if one buyer cannot be found. The unit generated year-end capital and surplus of around $2.1 billion last year, though sources say Genworth would likely fetch a discount to that price. Any sale would free up capital after the company was hit hard by a series of losses on long-term medical care policies.
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