RICHMOND, Va., May 29 /PRNewswire-FirstCall/ -- Genworth announced that a
preliminary prospectus was filed today with the Canadian securities
administrators for an initial public offering of a minority stake in
Genworth's Canadian mortgage insurance operations. The offering is subject
to customary regulatory reviews and market conditions and is expected to be
completed in the third quarter of 2009.
Genworth previously announced that it expects to sell up to 49 percent of
its ownership interest in the Canadian mortgage insurance business and plans
to hold the majority position for the foreseeable future.
"We believe this IPO, when completed, reinforces our already sound
financial foundation, provides us with additional financial flexibility and
enables Genworth to continue to benefit from the earnings associated with our
majority ownership position in the Canadian mortgage insurance business," said
Michael D. Fraizer, chairman and chief executive officer.
This press release is not an offer to sell, or a solicitation of an offer
to buy, any securities. The securities referred to in this press release have
not been and will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. In addition, this press release
is not intended for public distribution in Canada.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global
financial security company. Genworth has more than $100 billion in assets and
employs approximately 6,000 people with a presence in more than 25 countries.
Its products and services help meet the investment, protection, retirement and
lifestyle needs of more than 15 million customers. Genworth operates through
three segments: Retirement and Protection, U.S. Mortgage Insurance and
International. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, which traces its roots back to 1871, became a public
company in 2004 and is headquartered in Richmond, Virginia. For more
information, visit Genworth.com. From time to time Genworth releases
important information via postings on its corporate website. Accordingly,
investors and other interested parties are encouraged to enroll to receive
automatic email alerts and Really Simple Syndication (RSS) feeds regarding new
postings. Enrollment information is found under the "Investors" section of
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. The company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new information, future
developments or otherwise.
SOURCE Genworth Financial, Inc.
CONTACT: Investors - Alicia Charity, +1-804-662-2248,
or Media (U.S.) - Al Orendorff, +1-804-662-2534,
or Media (Canada) - Anita DiPaolo-Booth,
/Web Site: http://www.genworth.com/presscenter