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|Genworth Financial Announces Stock Repurchase Program|
RICHMOND, Va., Nov. 30 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that its Board of Directors has approved a repurchase program authorizing the company to repurchase up to $1 billion of common stock through the end of 2009. Any repurchases would be funded from excess capital capacity or by the release of capital from selected blocks of business through potential reinsurance and capital markets transactions. The company currently expects to use about half of its authority by the end of 2008, subject to market conditions, and alternative capital opportunities.
"The adoption of this stock repurchase program provides continued capital management flexibility over the next two years, as we assess capital deployment opportunities through organic growth, acquisitions and returns to shareholders," said Michael D. Fraizer, chairman and chief executive officer.
The timing of the share repurchases under the program will depend on a variety of factors, including market conditions, and may be suspended or discontinued at any time. Common stock acquired through the repurchase program will be held as treasury shares, until such time as they may be re- issued for general corporate purposes or retired by the company.
About Genworth Financial
Genworth is a leading financial security company meeting the retirement, longevity and lifestyle protection, investment and mortgage insurance needs of more than 15 million customers. It has a presence in more than 25 countries. For more information, visit genworth.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts as well as statements identified by words such as "expects," "anticipates," "intends," plans," "believes," "seeks," "estimates," or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.SOURCE Genworth Financial, Inc.
CONTACT: Investors, Alicia Charity, +1-804-662-2248
Alicia.Charity@genworth.com, or Media, Al Orendorff, +1-804-662-2534
Alfred.Orendorff@genworth.com, both of Genworth Financial, Inc.
Web site: http://www.genworth.com