LONDON, April 23, 2009 /PRNewswire-FirstCall via COMTEX/ -- Standard and Poor's Ratings
Services ("S&P") has rated Genworth Financial's main Lifestyle Protection
Insurance entities "A-" following the completion of a financial strength
rating assessment. The ratings given to the two UK-registered entities,
Financial Insurance Company Limited and Financial Assurance Company Limited,
indicates that both have strong financial security characteristics. The
outlook on both companies is stable.
The announcement by S&P, which is the first independent rating sought by
Genworth for the two entities, was awarded following a comprehensive review
of the competitive position, strategy, capital strength, financial
flexibility and risk management processes of the Lifestyle Protection
Bob Brannock, President - Europe at Genworth Financial comments: "We
welcome the decision by S&P to rate our main Lifestyle Protection Insurance
entities "A-". In particular, we are pleased that, in their announcement, S&P
have recognised our very strong capitalization, geographic diversification
and competitive advantage through our IT systems and locally-focussed teams."
"The fact that this rating has been achieved during one of the harshest
economic downturns is testament of our ability to manage risk and maintain
"As a specialist underwriter of life, health and unemployment risk and
other covers, our products play a vital role in helping consumers achieve
financial security through the economic cycle and shouldering the burden
placed on government welfare systems. The new rating from S&P demonstrates
that Genworth is the partner of choice for these products."
The press release by Standard and Poor's can be accessed via their
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global
financial security company. Genworth has more than $100 billion in assets and
employs approximately 6,000 people with a presence in more than 25 countries.
Its products and services help meet the investment, protection, retirement
and lifestyle needs of more than 15 million customers. Genworth operates
through three segments: Retirement and Protection, U.S. Mortgage Insurance
and International. 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. From time to time Genworth releases
important information via postings on its corporate website. Accordingly,
investors and other interested parties are encouraged to enrol to receive
automatic email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrolment information is found under the "Investors" section of
Lifestyle Protection Insurance is a family of products that help
borrowers and consumers maintain their lifestyle by allowing them to make
regular repayments on loans, mortgages and other financial commitments in the
event of unemployment, disability or an accident, and clear outstanding
balances in the event of death.
Alicia Charity, +1-804-662-2248; email@example.com
Guy Genney, +44-208-380-3786; firstname.lastname@example.org
SOURCE Genworth Financial