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|Genworth Financial to Cooperate With SEC Loss Mitigation Insurance Product Investigation|
RICHMOND, Va., May 12 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. today said that it received a subpoena from the United States Securities and Exchange Commission on May 11, 2005 seeking documents relating to "certain loss mitigation insurance products." Genworth intends to fully cooperate with the SEC's request. Genworth understands that a number of other insurance and reinsurance companies have received similar subpoenas from the SEC.
Genworth conducted an initial review of its reinsurance arrangements early in the fourth quarter of 2004 and did not identify issues of concern. In light of recent market events, the evolving nature of insurance industry examinations, as well as the receipt of the subpoena, Genworth will continue its review as it cooperates with the SEC.
About Genworth Financial
Genworth (NYSE: GNW) is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 22 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit http://www.genworth.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward- looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors, including the following:
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: Jean Peters, +1-804-662-2693, firstname.lastname@example.org, or Alicia Charity, +1-804-662-2248, email@example.com; or Media: Mike Kachel, +1-804-662-2534, firstname.lastname@example.org, all of Genworth Financial, Inc.