Genworth Financial Announces Patrick B. Kelleher Leaving

           Genworth Financial Announces Patrick B. Kelleher Leaving

PR Newswire

RICHMOND, Va., Oct. 21, 2013

RICHMOND, Va., Oct. 21, 2013 /PRNewswire/ --Genworth Financial, Inc.
(NYSE:GNW) today announced that Patrick B. Kelleher, the company's executive
vice president and chief executive officer of the U.S. Life Insurance
division, is leaving Genworth effective December 31, 2013. Tom McInerney,
Genworth president and chief executive officer, will work closely with Pat to
transition responsibilities and will serve as CEO for the U.S. Life Insurance
division in the interim, until a search is conducted and a replacement named
to fill the role.

"On behalf of the Board and the employees at Genworth, I'd like to thank Pat
for his dedication to Genworth and valuable contributions over the years and
wish him well for the future," said Tom McInerney, president and chief
executive officer. "Under Pat's leadership as CFO during the financial crisis
and more recently as chief executive officer of the U.S. Life Insurance
division, Genworth has made progress building financial flexibility, improving
capital ratios, and repositioning the long term care insurance
business--through important steps such as implementing appropriate levels of
rate actions on our in-force business. We remain on track to achieve the 2013
goals and milestones for the U.S. Life Insurance division set out earlier this
year and feel good about the strategic progress, financial position, and
performance of the business, enabling a transition to a more significant
business development and distribution focus."

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,
and financial protection coverages -- and mortgage insurance that helps
consumers achieve home ownership while assisting lenders in managing their
risk and capital.

Genworth 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 and Runoff segments. Products and services are
offered through financial intermediaries, advisors, independent distributors
and sales specialists. Genworth, headquartered in Richmond, Virginia, traces
its roots back to 1871 and became a public company in 2004. For more
information, visit genworth.com. 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
genworth.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words such as "expects,"
"intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or
words of similar meaning and include, but are not limited to, statements
regarding the outlook for the company's future business and financial
performance. Forward-looking statements are based on management's current
expectations and assumptions, which are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict. Actual
outcomes and results may differ materially due to global political, economic,
business, competitive, market, regulatory and other factors and risks,
including, but not limited to, the following:

  oRisks relating to the company's businesses, including downturns and
    volatility in global economies and equity and credit markets; downgrades
    or potential downgrades in the company's financial strength or credit
    ratings; interest rate fluctuations and levels; adverse capital and credit
    market conditions; the valuation of fixed maturity, equity and trading
    securities; defaults, downgrades or other events impacting the value of
    the company's fixed maturity securities portfolio; defaults on the
    company's commercial mortgage loans or the mortgage loans underlying our
    investments in commercial mortgage-backed securities and volatility in
    performance; goodwill impairments; defaults by counterparties to
    reinsurance arrangements or derivative instruments; an adverse change in
    risk-based capital and other regulatory requirements; insufficiency of
    reserves and required increases to reserve liabilities; legal constraints
    on dividend distributions by the company's subsidiaries; competition;
    availability, affordability and adequacy of reinsurance; loss of key
    distribution partners; regulatory restrictions on the company's operations
    and changes in applicable laws and regulations; legal or regulatory
    investigations or actions; the failure of or any compromise of the
    security of our computer systems and confidential information contained
    therein; the occurrence of natural or man-made disasters or a pandemic;
    the effect of the enactment of the Dodd-Frank Wall Street Reform and
    Consumer Protection Act; changes in accounting and reporting standards
    issued by the Financial Accounting Standards Board or other
    standard-setting bodies and insurance regulators; impairments of or
    valuation allowances against the company's deferred tax assets; changes in
    expected morbidity or mortality rates; accelerated amortization of
    deferred acquisition costs and present value of future profits; ability to
    increase premiums on certain in-force and future long-term care insurance
    products by enough or quickly enough, including the current rate actions
    and any future rate actions; medical advances, such as genetic research
    and diagnostic imaging, and related legislation; unexpected changes in
    persistency rates; ability to continue to implement actions to mitigate
    the impact of statutory reserve requirements; the failure of demand for
    long-term care insurance to increase; political and economic instability
    or changes in government policies; fluctuations in foreign exchange rates
    and international securities markets; unexpected changes in unemployment
    rates; unexpected increases in international mortgage insurance default
    rates or severity of defaults; the significant portion of high
    loan-to-value insured international mortgage loans which generally result
    in more and larger claims than lower loan-to-value ratios; competition
    with government-owned and government-sponsored enterprises (GSEs) offering
    mortgage insurance; changes in international regulations reducing demand
    for mortgage insurance; increases in U.S. mortgage insurance default
    rates; failure to meet, or have waived to the extent needed, the minimum
    statutory capital requirements and hazardous financial condition
    standards; uncertain results of continued investigations of insured U.S.
    mortgage loans; possible rescissions of coverage and the results of
    objections to the company's rescissions; the extent to which loan
    modifications and other similar programs may provide benefits to the
    company; unexpected changes in unemployment and underemployment rates in
    the United States; further deterioration in economic conditions or a
    further decline in home prices in the United States; problems associated
    with foreclosure process defects in the United States that may defer claim
    payments; changes to the role or structure of Federal National Mortgage
    Association (Fannie Mae) and Federal Home Loan Mortgage Corporation
    (Freddie Mac); competition with government-owned and government-sponsored
    enterprises offering U.S. mortgage insurance; changes in regulations that
    affect the company's U.S. mortgage insurance business; the influence of
    Fannie Mae, Freddie Mac and a small number of large mortgage lenders and
    investors; decreases in the volume of high loan-to-value mortgage
    originations or increases in mortgage insurance cancellations in the
    United States; increases in the use of alternatives to private mortgage
    insurance in the United States and reductions by lenders in the level of
    coverage they select; the impact of the use of reinsurance with
    reinsurance companies affiliated with the company's U.S. mortgage lending
    customers; legal actions under the Real Estate Settlement Procedures Act
    of 1974 (RESPA); potential liabilities in connection with the company's
    U.S. contract underwriting services; and the impact on the statutory
    capital and risk-to-capital ratios of the U.S. mortgage insurance business
    from variations in the valuation of affiliate investments;
  oOther risks, including the risk that the company's strategy may not be
    successfully implemented; the company's Capital Plan may not achieve its
    anticipated benefits; adverse market or other conditions might delay or
    impede the minority sale of the company's mortgage insurance business in
    Australia; the possibility that in certain circumstances we will be
    obligated to make payments to General Electric Company (GE) under the tax
    matters agreement with GE even if the company's corresponding tax savings
    are never realized and payments could be accelerated in the event of
    certain changes in control; provisions of our certificate of incorporation
    and bylaws and the tax matters agreement with GE may discourage takeover
    attempts and business combinations that stockholders might consider in
    their best interests; and the impact of the expense reduction announced on
    June 6, 2013 is not as anticipated and the company may lose key personnel
    related to actions like this as well as general uncertainty in the timing
    of the company's turnaround; and
  oRisks relating to the company's common stock, including the suspension of
    dividends and stock price fluctuations.

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.

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