RICHMOND, Va., July 13, 2005 /PRNewswire-FirstCall via COMTEX/ -- Genworth Financial today
announced the appointments of William C. Goings as president of its U.S.-based
Life Insurance business and Robert Brannock as president of its Payment
Protection business based in London. Life and Payment Protection are part of
Genworth's Protection Segment.
In the past year, George Zippel, served in the dual roles of president and
chief executive officer of Genworth's Protection Segment and leader of its
life insurance business. Goings' appointment enables Zippel to focus solely
on his role as Protection Segment leader. Genworth's Protection Segment
offers a diverse line of insurance protection products, including life, long
term care and small group benefits that provide a "financial safety net" to
consumers, families and businesses.
"These changes underscore our commitment to growth and expanding market
share by capitalizing on the proven strengths of our leadership team,"
said Michael D. Fraizer, chairman and chief executive officer of
Genworth. "Further, they enable George Zippel to focus his full
attention on growing the Protection Segment through new product
development, distribution expansion and technology-enabled service."
In his new role, Goings brings exceptional leadership skills following
four years heading the European Payment Protection business. In this role,
Goings was instrumental in meeting the needs of the European consumer lending
market and delivering steady growth for Genworth. Under his leadership,
Goings succeeded in expanding Genworth investment in our people, processes and
technology to strengthen the business, and grow distribution relationships
across many new countries in Europe. This experience ideally positions Goings
to drive core growth and build new markets for our Life business.
Goings holds a bachelor's degree from Morehouse College and a master's
degree in business from the Kellogg Graduate School of Management at
Northwestern University.
Genworth is a leading provider of term life insurance, and also offers a
diverse portfolio of universal life products. The Lynchburg, Virginia-based
life insurance operations generated 23 percent of the company's $1.04 billion
in operating earnings in 2004.
Brannock will succeed Goings as president of the Payment Protection
business, which helps consumers meet their payment obligations on outstanding
financial commitments, such as mortgages and personal loans. Prior to his new
role, Brannock was head of sales and marketing for Payment Protection, and
delivered significant sales growth across Europe.
Payment Protection now has more than 200 distribution relationships with
leading European financial institutions. Brannock has 25 years of financial
services experience in the areas of sales, operations, information technology,
quality and acquisition integration.
Brannock studied business administration (ACIS) at Rathmines College of
Commerce in Dublin, earning membership in 1984.
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, including the following:
* Risks relating to the company's businesses, including interest rate
fluctuations, downturns and volatility in equity markets, defaults in
portfolio securities, downgrades in the company's financial strength and
credit ratings, unexpected changes in mortality and morbidity rates,
accelerated amortization of deferred acquisition costs and present value of
future profits, impairment of the value of goodwill, failure of demand for
long-term care insurance to increase as expected, decreases in the volume of
mortgage originations, increases in mortgage insurance cancellations,
increases in the use of captive reinsurance in the mortgage insurance market,
the influence of large mortgage lenders and investors, foreign exchange rate
fluctuations, insufficiency of reserves, legal constraints on dividend
distributions by subsidiaries, illiquid investments, competition, inability to
attract or retain independent sales intermediaries and dedicated sales
specialists, defaults by counterparties, regulatory restrictions on the
company's operations, changes in applicable laws and regulations, legal or
regulatory actions or investigations and increased regulatory scrutiny into
some aspects of the company's operations, political or economic instability
and the threat of terrorism; and
* Risks relating to the company's separation from GE, including the loss
of benefits associated with GE's brand and reputation, the company's need to
establish the new Genworth brand identity quickly and effectively, the
company's inability to present financial information in SEC filings that
accurately represents the results the company would have achieved as a stand-
alone company, the possibility that the company will not be able to replace
services previously provided by GE on comparable terms, uncertainty of amounts
and timing of payments that the company has agreed to make to GE under the
company's Tax Matters Agreement and other matters relating to that agreement,
potential conflicts of interest with GE and GE's engaging in the same type of
business as the company does in the future.
The company undertakes no obligation to publicly update any forward-
looking statement, whether as a result of new information, future developments
or otherwise.
About Genworth Financial
Genworth Financial (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, with operations in 22
countries, including the U.S., Canada, Australia, the U.K. and more than a
dozen other European countries. For more information, visit
http://www.genworth.com.
SOURCE Genworth Financial
Neal McGarity of Genworth Financial, +1-804-662-2534, or
Neal.McGarity@genworth.com
