Company Authorized to Purchase Up to $500 Million of Its Common Stock
RICHMOND, Va., Dec. 8 /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 $500 million of
its common stock during 2007. The company expects the purchases to be made
from time to time in the open market or in privately negotiated transactions.
During 2006, Genworth completed a similar program and repurchased a total of
$1 billion of common stock.
"The adoption of this stock repurchase program provides Genworth with
continued flexibility to repurchase shares, an important aspect of our capital
management initiatives," said Michael D. Fraizer, chairman and chief executive
officer of Genworth.
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 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. 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
SOURCE Genworth Financial, Inc.
CONTACT: Investors: Alicia Charity, +1-804-662-2248,
Media: Philip Moeller, +1-804-662-2534,
both of Genworth Financial, Inc.