Genworth      Print Page    Close Window

Press Release



Genworth Financial Announces Accelerated Share Repurchase

RICHMOND, Va., May 18 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW) announced that it has repurchased approximately 16.5 million shares of its common stock from Merrill Lynch International using an accelerated stock repurchase agreement for an initial purchase price of $600 million. The repurchase allows Genworth to mitigate the dilutive impact of the common stock issued pursuant to the conversion of the company's equity units on May 16, 2007. The repurchase was effected pursuant to the company's previously announced $1.1 billion share repurchase program.

Under the terms of the agreement, Genworth may receive, or be required to pay, a price adjustment based on the volume weighted average price of Genworth common stock during the term of the agreement. Any price adjustment payable by Genworth can be settled, at Genworth's option, in cash or in shares of its common stock. Any price adjustment payable by Merrill Lynch International may only be settled in shares. Genworth expects the price adjustment to settle upon completion of the agreement in October 2007.

About Genworth Financial

Genworth is a leading financial security company meeting the retirement, longevity, lifestyle protection, investment and mortgage insurance needs of more than 15 million customers, with a presence in 25 countries. For more information, visit genworth.com.

Caution Concerning Forward-Looking Statements

This document 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 report 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: Media: Tom Topinka, +1-804-662-2444,
Thomas.Topinka@genworth.com, or
Investors: Cass English, +1-804-662-2614,
Cass.English@genworth.com,
both of Genworth Financial, Inc.