LYNCHBURG (WSLS 10) - Genworth plans to layoff about 200 employees in Lynchburg.
The layoffs follow a decision by the company to suspend life insurance and fixed annuity sales, said Julie Westermann, Senior Director of Public Relations. The impacted employees are employed through the company's U.S. Life Insurance division and headquarters.
Genworth started notifying workers on Friday, Westermann said.
Most employees will receive at least 60 days paid notice of layoff. Those impacted are also eligible to receive transition benefits, according to Westermann.
"Genworth is proud of its longstanding ties to Lynchburg. We have a deep and rich history of being a good neighbor. Our Lynchburg-based operation remains an integral part of our business," said Mike Shadler, Lynchburg's Senior Vice President of Operations and Technology, "Our employees are passionate about providing exceptional service to our policyholders and distributors. Our top priority now is ensuring that our affected employees are treated with dignity and respect."
Genworth will continue to have nearly 1,000 employees in Lynchburg, according to Westermann.