UPDATE 2-Genworth sees tougher path to recovery, shares plunge
* Says plans to stay in long-term care business
* CEO says open to all "strategic alternatives"
* Suspends dividend in life business until end of 2015
* Shares fall as much as 38 pct, top loser on NYSE (Updates to add CEO comment, details)
By Tanya Agrawal
Nov 6 (Reuters) - Genworth Financial Inc lost more than a third of its market value after the life and mortgage insurer said a turnaround in its long-term care business would take longer than expected and posted a surprise quarterly loss.
Shares of Genworth, the largest long-term care insurer in the United States, fell as much as 38 percent, wiping out about $2.7 billion of the company's market value.
A pre-tax charge of $531 million to cover losses in its long-term care insurance business pushed Genworth to a huge loss in the third quarter and raised questions on the future of the business.
The company said on a conference call on Thursday it was open to all "strategic alternatives" but did not provide further details. Continued...