RICHMOND, Va., Dec. 8 /PRNewswire-FirstCall/ -- Genworth Financial today announced that its Board of Directors has approved a stock repurchase program, authorizing Genworth to repurchase up to $500 million of its common stock during 2007. The company expects the purchases to be made from time to time in the open market or in privately negotiated transactions. During 2006, Genworth completed a similar program and repurchased a total of $1 billion of common stock.
"The adoption of this stock repurchase program provides Genworth with continued flexibility to repurchase shares, an important aspect of our capital management initiatives," said Michael D. Fraizer, chairman and chief executive officer of Genworth.
The timing of the share repurchases under the program will depend on a variety of factors, including market conditions, and may be suspended or discontinued at any time. Common stock acquired through the repurchase program will be held as treasury shares and may be used for general corporate purposes, including reissuances in connection with acquisitions, employee stock option exercises or other employee stock plans.
About Genworth Financial
Genworth is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 24 countries. For more information, visit http://www.genworth.com/.
Caution Concerning Forward-Looking Statements
This document 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.
