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
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
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.email@example.com, all of Genworth Financial, Inc.