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Genworth Financial, Inc.

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Genworth has agreed to be acquired by China Oceanwide as the transaction will enhance value for its customers through better services than is currently provided on the basis of its existing business plan or other strategic alternatives. It will however remain committed toward its key financial priorities of strengthening the balance sheet and stabilizing and improving ratings over time, particularly in its U.S. MI business. Genworth remain focused on its key operational priorities, executing its multi-year LTC rate action plan essential to stabilize the financial position of its legacy LTC business. Genworth is intensifying focus on streamlining and rationalizing business to improve performance, enhance financial and strategic flexibility, strengthen mortgage insurance, and increase excess capital, earnings and ROE. However, Genworth estimates to increase LTC claim reserves by $400-450 million, lowering third quarter earnings by $260-300 million.

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