The U.S. securities regulator has asked life insurers to disclose the potential cost of forcibly winding down in-house insurance units known as 'captives,' whose business model has come under regulatory radar, the Wall Street Journal reported.State insurance regulators, which approve these captive units, have previously raised concerns that some companies may be covering up their financial health by moving business to such related entities, the daily reported. ()Insurers that have been in touch with the Securities and Exchange Commission (SEC) on this matter include MetLife Inc , Genworth Financial Inc, Hartford Financial Services group Inc, Protective Life Corp and Reinsurance Group of America, the Journal reported, citing regulatory filings and people familiar with the matter.The newspaper quoted some insurers responding that discontinuation of captives could hurt their financial condition and force them to raise prices on certain products.
Genworth Financial, Inc. (Genworth) is a financial security company. Shares of GNW fell by 0.39% or $-0.06/share to $15.51. In the past year, the shares have traded as low as $7.15 and as high as $15.78. On average, 7717330 shares of GNW exchange hands on a given day and today's volume is recorded at 2624064.
Hartford Financial Services Group Inc., formerly The Hartford Financial Services Group, Inc. Shares of HIG fell by 0.66% or $-0.24/share to $36.33. In the past year, the shares have traded as low as $22.00 and as high as $36.76. On average, 3912560 shares of HIG exchange hands on a given day and today's volume is recorded at 2021956.
MetLife, Inc. (MetLife) is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET fell by 0.11% or $-0.06/share to $53.96. In the past year, the shares have traded as low as $32.00 and as high as $54.32. On average, 5829200 shares of MET exchange hands on a given day and today's volume is recorded at 4051835.
Protective Life Corporation is a holding company. Shares of PL fell by 0.55% or $-0.28/share to $50.81. In the past year, the shares have traded as low as $28.06 and as high as $51.74. On average, 331925 shares of PL exchange hands on a given day and today's volume is recorded at 314360.
Reinsurance Group of America, Incorporated (RGA) is an insurance holding company. Shares of RGA traded higher by 0.18% or $0.14/share to $77.04. In the past year, the shares have traded as low as $52.67 and as high as $77.22. On average, 366379 shares of RGA exchange hands on a given day and today's volume is recorded at 152179.
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