(Bloomberg) – Genworth Financial Inc., the insurer weighing a breakup after steep losses on policies covering long- term medical care, is seeking buyers for a life and annuity unit, according to people familiar with the matter.

The firm is working with Goldman Sachs Group Inc. on a sale of Genworth Life and Annuity Insurance Co., or GLAIC, said the people, who asked not to be identified because the matter isn't public.

Genworth will consider selling GLAIC in parts if it can't find a buyer for the entire unit, two of the people said.

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