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Genworth Announces Filing of Preliminary Prospectus for Canadian Initial Public Offering

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 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. 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,
alicia.charity@genworth.com,
or Media (U.S.) - Al Orendorff, +1-804-662-2534,
al.orendorff@genworth.com,
or Media (Canada) - Anita DiPaolo-Booth, +1-905-287-5394,
Anita.dipaolobooth@genworth.com
/Web Site: http://www.genworth.com/presscenter
(GNW)
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