Genworth Financial and Alzheimer's Association Form Alliance to Increase Education and Awareness About Alzheimer's Disease
Richmond, Virginia — Genworth Financial, (GNW: NYSE) today announced a 5-year, $7.5 million strategic relationship with the Alzheimer's Association to help sponsor public awareness and eliminate Alzheimer's disease through education and the advancement of research.
Genworth, a leading provider of long term care insurance for 30 years, and the Alzheimer's Association, celebrating its 25th anniversary, will engage in a variety of co-branded initiatives to provide individuals, their families and caregivers with beneficial information about prevention, care and support options.
Genworth will be the exclusive presenting sponsor for the Association's "Memory Walk," which raises funds for Alzheimer's support services across the nation. The co-branded education initiatives will include advertising, policyholder and consumer information materials and web support.
"Alzheimer's disease is the single greatest threat to 77 million baby boomers and is also one of their greatest fears about aging," said Larry Varnes, chair of the Alzheimer's Association's National Board of Directors. "Joining forces with Genworth strengthens our ability to increase awareness of Alzheimer's and the importance of legal and financial planning when faced with the disease."
"We are thrilled to sponsor and support the Alzheimer's Association as a way to maximize attention nationwide about prevention, treatment and care options for this emotionally and financially devastating disease, and help play a role together in someday conquering the disease," said Buck Stinson, president of Genworth's long term care insurance business. "We have long been deeply committed to furthering education about Alzheimer's and this agreement will enable both organizations to enhance their efforts."
The cost of care for cognitive diseases such as Alzheimer's is staggering for both patients and caregivers. According to the Alzheimer's Association, an estimated 4.5 million Americans have the disease and the number affected will increase to 11 million to 16 million by 2050 unless prevention and/or a cure are found. As the population continues to age and approach retirement, demand for long-term care is driving up costs for nursing homes, assisted living and home care. The average cost of long-term care in the United States now exceeds $69,000 a year, according to Genworth's 2005 annual "Cost of Care Survey". (Available at www.genworth.com)
Genworth has been a consistent supporter of Alzheimer's prevention and cure initiatives. Over the past five years, Genworth agents have raised more than $3 million for the Alzheimer's cause.
Additionally, Genworth recently issued a report entitled "Genworth Long Term Care and Alzheimer's Disease in America—A Retrospective," on the devastating effects of Alzheimer's disease and its long term care implications. The report was cited as important research by legislators in Washington, DC, in support of new legislation aimed at helping eradicate the disease. (The report is also available at www.genworth.com)
As the nation's largest and oldest provider of long term care insurance coverage to individuals, Genworth's Long Term Care Insurance business has paid out more than $1 billion in long term care claims to cover policyholders with cognitive disorders, primarily Alzheimer's. Claims for cognitive impairments make up close to 40 percent of total long term care claims for the company.
"With our care coordination and support activities, we are acutely aware of the drain that this illness has on both an individual's well-being as well as that of their family and support network," Stinson said. "It is our objective to play a role in helping find the cure."
In 2004, the Alzheimer's Association launched its Maintain Your Brain® public awareness campaign to make baby boomers aware that they can take steps to maintain a healthy brain by paying attention to lifestyle choices, and thereby reduce their risk for Alzheimer's.
About Genworth Financial
Genworth Financial is a leading public insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers in 22 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen European countries. Long term care insurance is underwritten by General Electric Capital Assurance Company, and in New York, by GE Capital Life Assurance Company of New York. For more information, visit www.genworth.com.
About The Alzheimer's Association
The Alzheimer's Association, the world leader in Alzheimer research and support, is the first and largest voluntary health organization dedicated to finding prevention methods, treatments and an eventual cure for Alzheimer's. For 25 years, the donor-supported, not-for-profit Alzheimer's Association has provided reliable information and care consultation; created supportive services for families; increased funding for dementia research; and influenced public policy changes. For more information, visit www.alz.org.
Alzheimer's Association media line 1.312.335.4078