Genworth Financial Announces Full Execution Of Comprehensive U.S. Mortgage Insurance Capital Plan

  Genworth Financial Announces Full Execution Of Comprehensive U.S. Mortgage
                            Insurance Capital Plan

PR Newswire

RICHMOND, Va., April 1, 2013

RICHMOND, Va., April 1, 2013 /PRNewswire/ --Genworth Financial, Inc. (NYSE:
GNW) announces the comprehensive U.S. Mortgage Insurance capital plan has
received all necessary approvals and been fully implemented as of April 1,
2013. The capital plan, announced on January 16, 2013, consisted of several
actions including transferring ownership of the European mortgage insurance
subsidiaries to Genworth Mortgage Insurance Corporation (GMICO) that was
completed on January 31, 2013 and implementing an internal legal entity
reorganization which created a new public holding company structure that
removes the U.S. mortgage insurance subsidiaries from the companies covered by
the indenture governing Genworth's senior notes that was completed on April 1,
2013.

Cash and highly liquid securities held by the holding company[1] are estimated
to be approximately $950 million as of March 31, 2013. Subsequently, as part
of the comprehensive capital plan, Genworth contributed $100 million to GMICO
on April 1, 2013. The company continues to expect to maintain holding company
cash and highly liquid securities balances of two times its annual debt
service expense plus a $350 million buffer.

Also, as part of the plan, Genworth continues to have the future option, under
certain adverse conditions, should they occur, to implement a "NewCo" type
structure, for the continued writing of new business in all 50 states. The
company anticipates the risk-to-capital ratio of our flagship writer, GMICO,
will be reduced by approximately 15 points and the combined risk-to-capital
ratio of the U.S. mortgage insurance subsidiaries will be reduced by
approximately 10 points from this plan.

"We are very pleased to have received all the necessary regulatory approvals
and fully implement the comprehensive capital plan for the U.S. mortgage
insurance business announced in January 2013," said Martin P. Klein, executive
vice president and chief financial officer. "U.S. mortgage insurance is a key
component of our Global Mortgage Insurance Division, and the plan increases
our financial flexibility while bolstering capital in the business to continue
writing profitable new business and returning the business to profitability
over time."

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance
holding company dedicated to helping people secure their financial lives,
families and futures. Genworth has leadership positions in offerings that
assist consumers in protecting themselves, investing for the future and
planning for retirement -- including life insurance, long term care insurance,
financial protection coverages, and independent advisor-based wealth
management -- and mortgage insurance that helps consumers achieve home
ownership while assisting lenders in managing their risk and capital.

Genworth has approximately 6,300 employees and operates through three
divisions: U.S. Life Insurance, which includes life insurance, long term care
insurance and fixed annuities; Global Mortgage Insurance, containing U.S.
Mortgage Insurance and International Mortgage Insurance segments; and the
Corporate and Other division, which includes the International Protection,
Wealth Management and Runoff segments. Products and services are offered
through financial intermediaries, advisors, independent distributors and sales
specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia,
traces its roots back to 1871 and became a public company in 2004. For more
information, visitgenworth.com. From time to time, Genworth Financial, Inc.
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 ofgenworth.com.

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.

[1] Holding company cash and highly liquid securities is comprised of assets
held in Genworth Holdings, Inc. ("Old Parent") which is now a subsidiary of
Genworth Financial, Inc. ("New Genworth").

SOURCE Genworth Financial, Inc.

Website: http://www.genworth.com
Contact: Investors - Georgette Nicholas, +1-804-662-2248,
georgette.nicholas@genworth.com, or Media - Al Orendorff, +1-804-662-2534,
al.orendorff@genworth.com, www.genworth.com/presscenter
 
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