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Genworth Financial Acquires Vero Lenders Mortgage Insurance Limited


RICHMOND, Va., May 31 /PRNewswire-FirstCall/ -- Genworth Financial today announced that its Australian mortgage insurance subsidiary has entered into an agreement to acquire Vero Lenders Mortgage Insurance Limited (Vero LMI), in Sydney, Australia, for approximately $165 million (USD) before a substantial post-closing dividend pending regulatory approval.

Genworth Financial's Australian subsidiary will acquire a portfolio of Vero LMI's insurance risks underwritten prior to Vero LMI entering into run- off status in April 2003. Genworth Financial is in a strong position to manage this run-off portfolio given its leading position in the mortgage insurance market globally and in Australia.

"The acquisition of Vero LMI is a natural addition to our existing portfolio in this region," said Brian Hurley, President of Genworth's International Mortgage Insurance. "We have ongoing business relationships with 11 of Vero's 12 former customers and a good knowledge of the market."

The proposed transaction has been approved by the Australian Prudential Regulation Authority ('APRA') and remains subject to approval by the Australian Competition & Consumer Commission ('ACCC'), as well as certain other conditions. The transaction is expected to close in early July 2006.

Vero LMI is a subsidiary of Vero Insurance Limited, which in turn is wholly owned by Promina Group Limited (Promina). Promina provides general insurance and financial services in Australia and New Zealand.

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. 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.

Genworth Financial, Inc.

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

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