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Genworth Financial's Class A Common Stock Priced at $26.50 in GE's Secondary Public Offering


RICHMOND, Va., March 24 /PRNewswire-FirstCall/ -- Genworth Financial today announced the pricing of GE's secondary public offering of Genworth Class A common stock. A total of 80,500,000 shares will be sold in the offering at a price to the public of $26.50 per share. The underwriters do not have an over-allotment option.

Concurrently with the closing of the offering, Genworth will repurchase directly from GE approximately 19.4 million shares of Genworth's Class B Common Stock for $500 million.

GE, as the selling stockholder in the secondary offering, will receive net proceeds from the offering and the repurchase of approximately $2.6 billion and, after these transactions, will own approximately 52 percent of Genworth's common stock. Genworth will not receive any of the proceeds of the offering.

GE expects, subject to market conditions, to further reduce its ownership over the next two years as Genworth transitions to full independence.

A registration statement relating to the public offering was filed with and declared effective by the Securities and Exchange Commission. This release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made solely by means of a prospectus. The global coordinator and bookrunner for the secondary offering is Morgan Stanley. JPMorgan and Merrill Lynch & Co. are joint lead managers and bookrunners. Copies of the final prospectus may be obtained from Morgan Stanley, Attn: Prospectus Department, 1585 Broadway, New York, New York 10036, tel. (212) 761-4000. About Genworth Financial

Genworth (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, and has operations in 22 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit .

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

CONTACT: Investors: Jean Peters, +1-804-662-2693 or, or Media: Mike Kachel, +1-804-662-2534 or, both of Genworth Financial
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