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Genworth Financial to Partner In Life Settlement Platform

RICHMOND, Va., Dec. 20 /PRNewswire-FirstCall/ -- Senior Financial, Inc. ("Senior Financial"), a wholly owned venture investment subsidiary of Genworth Financial, Inc. ("Genworth") (NYSE: GNW), announced today that it has entered into an agreement to become a minority shareholder in Institutional Life Services, LLC ("ILS"), a joint venture of The Goldman Sachs Group, Inc. ("Goldman Sachs") and National Financial Partners Corp. ("NFP") (NYSE: NFP).

Previously announced by NFP and the Longevity Markets Group at Goldman Sachs in September 2007, ILS is being formed to create the leading institutional marketplace for the settlement of life insurance policies. The new company will bring together high quality recognized institutional investors and seller representatives to engage in life settlements transactions adhering to uniform high standards of practice, including transparency in the bidding process, disclosure of all intermediary compensation and protection of personal identifying information.

Under the terms of the agreement, Genworth Institutional Life Settlements, Inc., a subsidiary of Senior Financial, will have a 10% ownership interest in ILS and will hold one seat on the Board of Directors of ILS. GS Re Holdings, Inc., a subsidiary of Goldman Sachs, and NFP Life Services, LLC, a subsidiary of NFP, will each have a 45% ownership interest in ILS.

"This opportunity is an extension of our strategy to provide senior market consumers new products that provide liquidity, retirement income and enable their retirement safety net," said Cheryl Whaley, chief executive officer of Senior Financial. "Our involvement with ILS will allow Genworth to help set the market standard for compliant, transparent, consumer friendly life settlement transactions."

"This unique combination of partners will allow ILS the opportunity to create the leading institutional marketplace for the settlement and servicing of life insurance policies," said Jessica Bibliowicz, president and chief executive officer of NFP. "Genworth has long been an important partner of NFP in life insurance and other financial products and we look forward to building a successful company that sets high standards in this marketplace."

ILS is expected to launch at the end of the first quarter of 2008.

About Genworth Financial, Inc.

Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500 global financial security company. Genworth has more than $110 billion in assets and employs approximately 7,000 people worldwide. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers in more than 25 countries. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. 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

About National Financial Partners Corp.

Founded in 1998, NFP is a leading independent distributor of financial services products to high net worth individuals and entrepreneurial companies. NFP is headquartered in New York and operates a distribution network of over 180 firms. For more information, please visit

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.

SOURCE Genworth Financial, Inc.

Alicia Charity
Tom Topinka
both of Genworth Financial, Inc.