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Genworth Financial Brings Revolutionary Approach to 401(k) Industry

New Institutional Product Guarantees Income for Life With Upside Potential

RICHMOND, Va., April 13 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW) today announced a new product designed to revolutionize the defined contribution plan market by filling a void that has existed since the inception of the 401(k) in the 1970s. Defined contribution plan investment options typically offer either equity market growth potential or guaranteed rates of return. Now, U.S. employees can get both in a single investment designed specifically for the 401(k) market, allowing them to chart a "clear course" to their own retirement security.

Genworth's new ClearCourse(SM) group variable annuity distinguishes itself by providing guaranteed income for life with upside potential. Importantly, the investment option is designed for future portability. ClearCourse(SM) is issued by GE Life and Annuity Assurance Company, a Genworth subsidiary.

ClearCourse(SM) is available to any U.S. employee whose employer offers it as an investment option within their 401(k) plan.

"As more and more employers move away from offering pensions, the burden increasingly shifts to employees to manage their company-sponsored savings to generate sources of future income," says Pam Schutz, president and CEO of Genworth Retirement Income and Investments. "We designed ClearCourse(SM) to dramatically improve the retirement landscape for employers and employees alike. This investment option offers 401(k) participants a unique approach to securing guaranteed income for life with upside potential. For individuals and plan sponsors, ClearCourse(SM) offers the transparency, liquidity, daily valuation and institutional pricing they demand."

"We believe we are creating a new investment category with ClearCourse(SM)," continues Schutz. "The concept of an 'insured' defined contribution plan is the kind of innovative approach our country has been looking for to help solve the retirement security dilemma Americans are facing."

ClearCourse(SM) is designed to provide growth, guarantees and flexibility. Contributions are invested in an underlying portfolio of stocks and bonds to provide an opportunity for additional returns through asset growth. Contributions to this option guarantee participants a certain amount of lifetime retirement income, regardless of actual investment returns. While accumulating assets in a 401(k) plan, participants can contribute, withdraw or transfer funds at any time to ClearCourse.(SM)

Genworth Financial's Retirement Income and Investments segment, based in Richmond, Virginia, is dedicated to helping families provide for their futures and achieve a reliable stream of retirement income. Our companies offer fixed, variable and income annuities; variable life insurance; asset management; and specialized products like guaranteed investment contracts, funding agreements and structured settlements. Our product suite supports distributors' financial planning models and its strong distribution network reaches nationwide.

About Genworth Financial

Genworth (NYSE: GNW) is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 22 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information about Genworth, visit http://www.genworth.com.

SOURCE Genworth Financial

CONTACT: Anna Gauthier of Genworth Financial, +1-804-289-3740, or
Anna.Gauthier@genworth.com
Web site: http://www.genworth.com
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