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Genworth Announces Closing of Canadian Initial Public Offering


RICHMOND, Va., July 7 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW) today announced the closing of the previously announced initial public offering of 44.7 million common shares of Genworth MI Canada Inc., priced at Cdn$19.00 per share. The offering will generate net proceeds to Genworth Financial of approximately US$635-730 million (net of underwriting commissions, taxes and other items), depending on whether an over-allotment option granted by Genworth to the underwriters is exercised.

Through the over-allotment option, exercisable by August 6, 2009, the underwriters may purchase up to 6.7 million additional common shares from Genworth Financial at a price of Cdn$19.00 per share. If the option is exercised in full, Genworth Financial would have a 56 percent ownership interest in Genworth MI Canada.

"The IPO is an important component of our ongoing strategy to enhance our capital flexibility and strengthen our already sound financial foundation," said Michael D. Fraizer , chairman and chief executive officer of Genworth Financial. "We'll receive a meaningful level of capital through the transaction and continue to benefit from the earnings associated with our majority ownership position in Genworth MI Canada."

This press release is not an offer to sell, or a solicitation of an offer to buy, any securities. The securities referred to in this press release have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. In addition, this press release is not intended for public distribution in Canada.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of

    Cautionary Note Regarding Forward-Looking Statements

This press 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 release 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. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

SOURCE Genworth Financial, Inc.
CONTACT: Investors - Alicia Charity , +1-804-662-2248,, or Media (U.S.) - Tom Topinka , +1-804-662-2444,,
both of Genworth Financial, Inc.
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