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Genworth Financial Acquires Continental Life, a Medicare Supplement Insurance Provider


RICHMOND, Va., Jan. 20 /PRNewswire-FirstCall/ -- Genworth Financial today announced that it has entered into an agreement to acquire Continental Life Insurance Company of Brentwood, TN, a provider of Medicare supplement insurance for the past 22 years. Genworth will combine its existing Medicare supplement business with Continental Life and the consolidated operations will report to Genworth's long term care insurance business.

"The acquisition of Continental Life is a natural addition for Genworth Financial, given our strategy of serving the fast-growing senior markets with multiple products," said George Zippel, president and CEO of the company's Protection Segment. "With its strong market position and extensive distribution network, Continental Life enhances our presence in the Medicare supplement insurance space, more than doubling our existing book of business," added Buck Stinson, president of Genworth's long term care insurance business.

"I see this as a win, win, win," says Randall Baskin, owner and CEO of Continental Life. "The financial strength of Genworth allows us to grow, while maintaining the great service and support our producers and policyholders have come to expect."

Continental Life was founded in 1983, and has statutory assets of more than $132 million (as of 06/2005) and 4,200 specialist agents nationwide. Medicare supplement insurance is sold on an individual or group basis and helps to fill the gaps in the coverage provided by the original Medicare program. While Medicare supplement insurance does not duplicate the benefits provided by Medicare, it does help to pay certain Medicare deductibles and co- payments, and may cover some services and expenses not covered by Medicare.

Under terms of the agreement, Genworth will pay approximately $145 million for Continental Life. The transaction is subject to regulatory approval and is expected to close in the second quarter of 2006.

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. Within the senior market, Genworth is the national leader in long term care and income annuities. For more information, visit

Caution Concerning Forward-Looking Statements

This release 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.

CONTACT: Investors: Alicia Charity, +1-804-662-2248,, or Media: Neal McGarity, +1-203-708-3460,, both of Genworth Financial, Inc.

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