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Smithfield Foods Enhances 401(k) Plan With Innovative Genworth Investment Option

ClearCourse(SM) Offers Participants Guaranteed Income for Life With Upside Potential

RICHMOND, Va., May 10 /PRNewswire-FirstCall/ -- Genworth Financial today announced that it has been selected by Smithfield Foods to provide Smithfield's 401(k) plan participants with a unique investment option that enables them to build over time a retirement paycheck for life. ClearCourse(SM), the new investment option introduced to the defined contribution market by Genworth last fall, is a group variable annuity that distinguishes itself by offering participants of all ages guaranteed income for life with upside potential. Smithfield Foods, headquartered in Smithfield, VA, has more than 51,000 employees and current 401(k) plan assets of over $300 million.

"For some time, our workers have been asking for a way to build guaranteed retirement income inside our 401(k) plans," said Mary Fisher, Smithfield benefits manager. "So we held focus groups with employees throughout our company discussing the features and benefits of ClearCourse to see if it would meet their needs. Based on very positive feedback, the Pension Committee decided to add ClearCourse to our investment lineup."

"People are now focusing on ways to get guaranteed income -- and ClearCourse provides just that," said Fred Conley, president of Genworth Financial's Institutional Retirement Income Group. "It's not just what you save, it's what you do with those savings. Risks like living longer, inflation and market volatility can wipe out your savings. Employers like Smithfield are leading the way in helping employees understand the risks and realities and giving them a way to chart a clear course to their own retirement security."

ClearCourse, a patent pending 401(k) investment option, is a group variable annuity issued by Genworth Life and Annuity Insurance Company.

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 24 countries, including the United States, Australia, Canada, Japan, Mexico, New Zealand, the United Kingdom and 17 other European countries. For more information about Genworth Financial, visit http://www.genworth.com.

For background on ClearCourse, please visit the ClearCourse Media Room at http://genworth.mediaroom.com.

SOURCE Genworth Financial

CONTACT: Anna Gauthier, APR of Genworth Financial, +1-804-289-3740,
anna.gauthier@genworth.com