Genworth      Print Page    Close Window

Press Release



Genworth Financial Increases Its Share Repurchase Authorization
RICHMOND, Va., March 20, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that its Board of Directors has approved an additional $600 million be added to its current repurchase program. Today's addition brings the company's current share repurchase authorization to $1.1 billion during 2007. The company expects the purchases to be made from time to time in the open market or in privately negotiated transactions. The authorization announced today provides flexibility to mitigate the dilutive impact of the stock purchase contracts associated with the company's equity units, which are expected to settle on May 16, 2007.

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 financial security company meeting the retirement, longevity and lifestyle protection, investment and mortgage insurance needs of more than 15 million customers, with a presence in more than 25 countries. For more information, visit 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 regulatory factors.

SOURCE Genworth Financial, Inc.

Investors: Alicia Charity,
+1-804-662-2248,
Alicia.Charity@genworth.com, or
Media: Phil Moeller,
+1-804-662-2534,
Philip.Moeller@genworth.com,
both of Genworth Financial, Inc.

http://www.genworth.com