Press Release

RICHMOND, Va., Nov. 13 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW) today announced it has borrowed $930 million of the $1.7 billion available to the Company, under its two revolving credit facilities that mature in 2012. The Company intends to use the borrowings along with other sources of liquidity for the repayment of outstanding holding company debt (including the Company's senior notes maturing in 2009) at maturity and/or the purchase and retirement of outstanding debt prior to maturity or for other general corporate purposes.

After the maturity of the 2009 notes, Genworth Financial has no additional long term debt maturing until 2011 when notes and preferred stock totaling $694 million are due.

"Accessing the credit facility to position us in retiring our 2009 debt maturities is an important step to navigate today's difficult capital market conditions," said Michael D. Fraizer, Chairman and CEO. "Genworth remains focused on enhancing capital flexibility through reinsurance and other strategic actions and positioning the company effectively while we serve our policyholders and distributors every day."

Of the $930 million borrowed, $465 million was borrowed under the Company's Amended and Restated Five-Year Credit Agreement, dated as of August 13, 2007 (the "2007 Credit Agreement") and $465 million was borrowed under the Company's Amended and Restated Five-Year Credit Agreement, dated as of May 25, 2006 (the "2006 Credit Agreement" and together with the 2007 Credit Agreement, the "Credit Agreements"). All amounts under the 2007 Credit Agreement are due on August 13, 2012 and all amounts under the 2006 Credit Agreement are due on May 25, 2012 (as extended pursuant to the terms of the 2006 Credit Agreement), unless, in either case, the commitments are terminated earlier either at the request of the Company or upon the occurrence of an event of default.

The principal amounts borrowed under each Credit Agreement will initially bear interest at the prime rate, as announced from time to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in New York City, which will be due and payable on the last day of each calendar quarter and on the date the principal amount under such Credit Agreement is due and payable. In accordance with the terms of the Credit Agreements, the Company intends to convert the interest rate on the borrowings to a LIBOR-based rate shortly.

In its third quarter earnings release the company stated that at the insurance company operating level the company maintained approximately $6.2 billion in cash and cash equivalents. The company also stated that its life insurance risk based capital levels were estimated to be approximately 360 percent as of September 30, 2008, following the contribution of $500 million from the holding company effective as of that date. Reinsurance and capital efficiency projects providing capital benefits of approximately $750 million were completed in the third quarter, with an additional $115 million completed since the end of the quarter. There is an additional $500 million of reinsurance and other capital projects targeted for completion by year end. In its quarterly release the company also announced other strategies aimed at providing additional capital flexibility.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 7,000 people in 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. 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 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 and risks, including the following:

-- Risks relating to the company's businesses, including adverse capital and credit market conditions, downturns and volatility in equity and credit markets, downgrades in the company's financial strength or credit ratings, the impact of government actions on the financial markets, the company's ability to access current and future government support programs, interest rate fluctuations, the valuation of fixed maturity, equity and trading securities, defaults, downgrades or impairments of portfolio investments, goodwill impairments, the soundness of other financial institutions, the company's ability to access sources of liquidity, declines in risk-based capital, insufficiency of reserves, legal constraints on dividend distributions by subsidiaries, intense competition, availability and adequacy of reinsurance, defaults by counterparties, loss of key distribution partners, regulatory restrictions on the company's operations and changes in applicable laws and regulations, legal or regulatory investigations or actions, the failure or any compromise of the security of the company's computer systems, and the occurrence of natural or man-made disasters or a pandemic;

-- Risks relating to the company's Retirement and Protection segment, including changes in morbidity and mortality, accelerated amortization of deferred acquisition costs and present value of future profits, reputational risks as a result of rate increases on certain in-force long-term care insurance products, medical advances such as genetic mapping research, unexpected changes in persistency rates, increases in statutory reserve requirements, and the failure of demand for long-term care insurance to increase as expected;

-- Risks relating to the company's International segment, including political and economic instability, foreign exchange rate fluctuations, unexpected changes in unemployment rates, unexpected increases in mortgage insurance delinquency rates or severity of defaults, decreases in the volume of high loan-to-value international mortgage originations, increased competition with government-owned and government-sponsored enterprises offering mortgage insurance, changes in regulations, and growth in the global mortgage insurance market that is slower than the company expects;

-- Risks relating to the company's U.S. Mortgage Insurance segment, including the outcome of the company's review of strategic alternatives for the segment, increases in mortgage insurance delinquency rates or severity of defaults, deterioration in economic conditions or a decline in home price appreciation, the effect of the conservatorship of Fannie Mae and Freddie Mac on mortgage originations, the influence of Fannie Mae, Freddie Mac and a small number of large mortgage lenders and investors, decreases in the volume of high loan-to-value mortgage originations or increases in mortgage insurance cancellations, increases in the use of alternatives to private mortgage insurance (such as simultaneous second mortgages) and reductions by lenders in the level of coverage they select, increases in the use of reinsurance with reinsurance companies affiliated with the company's mortgage lending customers, increased competition with government-owned and government-sponsored enterprises offering mortgage insurance, changes in regulations, legal actions under the Real Estate Settlement Practices Act of 1974 , and potential liabilities in connection with the company's U.S. contract underwriting services;

-- Other risks, including the possibility that in certain circumstances we will be obligated to make payments to General Electric Company (GE) under the company's tax matters agreement with GE even if the company's corresponding tax savings are never realized and the company's payments could be accelerated in the event of certain changes in control, and provisions of the company's certificate of incorporation and bylaws and the company's tax matters agreement with GE may discourage takeover attempts and business combinations that stockholders might consider in their best interests; and

-- Risks relating to the company's common stock, including the suspension of dividends and share price fluctuation.

The company undertakes no obligation to publicly update any forward- looking statement, whether as a result of new information, future developments or otherwise.