RICHMOND, Va., May 31, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Genworth Financial, Inc.
(NYSE: GNW) said today that it had completed the previously announced sale of
its employee benefits group (EBG) business to Sun Life Financial, Inc.
Proceeds from the transaction will be used to fund core growth and other
capital priorities, including acquisitions, share repurchase, dividends or
"We are pleased to complete this transaction," said Michael D. Fraizer,
chairman and chief executive of Genworth. "It allows us to sharpen our focus
and allocate capital to opportunities which create future growth and improve
returns for our shareholders."
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 http://genworth.com.
Caution Concerning 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.
Investors, Cass English,
both of Genworth Financial, Inc.