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Genworth Financial Retires $330 Million of Debt

RICHMOND, Va., May 18 /PRNewswire-FirstCall/ -- Genworth Financial announced today that it has retired half of its remaining 2009 long-term debt obligations and has the balance scheduled for June.

The company has repaid in full the remaining outstanding balance, $330 million, on its 5.231% Senior Notes due May 16, 2009. Genworth has $331 million of outstanding 4.750% Notes due in June 2009. Following the June maturity, Genworth has no long-term debt maturities until 2011.

Genworth ended the most recent quarter with a total of $7.1 billion of cash and cash equivalents including $768 million at the holding company level and has scheduled retirement of the remaining 2009 maturities from currently available resources. In addition, Genworth expects to dividend an additional $200 million from non-U.S. subsidiaries to the holding company during 2009 and to end the year with holding company cash of approximately $150 million, in line with historic levels.

About Genworth Financial

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 enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.

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

SOURCE Genworth Financial
CONTACT: Investors, Alicia Charity, +1-804-662-2248,
alicia.charity@genworth.com, or Media, Al Orendorff, +1-804-662-2534,
al.orendorff@genworth.com,
both of Genworth Financial
/Web Site: http://www.genworth.com