Insurer Genworth Financial Inc. said it didn't have adequate controls in place and failed to identify a $44 million calculation error as it implemented changes to its methodologies as part of a review of its long-term-care claim reserves.

The company said the deficiency didn't result in a material misstatement of its financials, but it concluded a material weakness exists in its controls.

Shares dropped more than 8% and have lost more than half their value over the past 12 months.

Write to Tess Stynes at tess.stynes@wsj.com

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