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Genworth Financial Announces Stock Repurchase Program

Company Authorized to Purchase up to $750 Million of Its Common Stock

RICHMOND, Va., Dec. 21 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW) today announced that its Board of Directors has approved a stock repurchase program, authorizing Genworth to repurchase up to $750 million of its common stock over the next 18 months. The company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and will be funded from cash and/or the proceeds from the issuance of debt securities. Privately negotiated transactions could include repurchases from General Electric Company, currently the owner of approximately 18 percent of the company's common stock.

"The adoption of a stock repurchase program provides Genworth with yet another tool for effective capital management and redeployment," said Michael D. Fraizer, chairman and chief executive officer of Genworth. "We now have the flexibility to take advantage of potential block repurchase opportunities as well as to make open market share repurchases."

The timing of the share repurchases under the program will depend on a variety of factors, including market conditions, and may be suspended or discontinued at any time. Common stock acquired through the repurchase program will be held as treasury shares and may be used for general corporate purposes, including reissuances in connection with acquisitions, employee stock option exercises or other employee stock plans.

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 24 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.

Caution Concerning Forward-Looking Statements

This document 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 report 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.

SOURCE Genworth Financial, Inc.

CONTACT: Investors: Alicia Charity, +1-804-662-2248, Alicia.Charity@genworth.com, or Anthony Attard, +1-804-281-6148, Anthony.Attard@genworth.com; or Media: Philip Moeller, +1-804-662-2534, Philip.moeller@genworth.com, all of Genworth Financial, Inc.