RICHMOND, Va., July 3 /PRNewswire-FirstCall/ -- Genworth Financial's
Australian mortgage insurance subsidiary has completed its acquisition of Vero
Lenders Mortgage Insurance Limited (Vero LMI), in Sydney, Australia. The
transaction closed today.
Genworth announced on May 31, 2006 the agreement to acquire Vero Lenders
Mortgage Insurance Limited (Vero LMI), in Sydney, Australia, for approximately
$165 million (USD) before a substantial post-closing dividend. The Australian
Prudential Regulation Authority ('APRA') today approved a post-closing
dividend of approximately $85 million to Genworth. The post closing dividend
reduces the total cost of the acquisition to Genworth to approximately $80
million.
The transaction has been approved by APRA and by the Australian
Competition & Consumer Commission (ACCC).
About Genworth Financial
Genworth Financial, Inc. (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.
SOURCE Genworth Financial, Inc.
CONTACT: Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com,
Media: Phil Moeller, +1-804-662-2534,
Philip.Moeller@genworth.com,
both of Genworth Financial
