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Genworth Financial Completes Vero LMI Limited Acquisition

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