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
SOURCE Genworth Financial, Inc.
Investors: Alicia Charity,
both of Genworth