Genworth Financial Announces $350 Million Share Repurchase Authorization
03 May 2022 - 6:15AM
Business Wire
Genworth Financial, Inc. (NYSE: GNW) today announced that its
Board of Directors has authorized a share repurchase program under
which Genworth may repurchase up to $350 million of its outstanding
Class A common stock.
“The Board’s decision to authorize a share repurchase program
reflects the company’s improved financial position and commitment
to our strategic priorities including delivering shareholder
returns,” said Tom McInerney, Genworth’s President and Chief
Executive Officer. “We have entered a new chapter, and this
announcement marks the first authorization to return capital to
shareholders in over 13 years. We delivered outstanding financial
performance over the last several quarters and are confident in our
ability to return capital to shareholders over time while pursuing
our growth initiatives.”
Repurchases under the authorized program would be funded from
holding company capital, as well as future cash flow generation,
including expected future dividends from Genworth’s ownership in
Enact Holdings, Inc. Genworth expects the majority of share
repurchases to occur following the repayment of its remaining 2024
debt.
Under the program, share repurchases may be made at the
company’s discretion from time to time in open market transactions,
privately negotiated transactions, or other means, including
through Rule 10b5-1 trading plans. The timing and number of shares
repurchased under the program will depend on a variety of factors,
including stock price, trading volume, and general business and
market conditions. The authorization has no expiration date and may
be modified, suspended or terminated at any time.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 provider
of products, services and solutions that help families address the
financial challenges of aging. Headquartered in Richmond, Virginia,
we apply our nearly 150 years of experience each day to helping
people navigate caregiving options and fund their long-term care
needs. Genworth is also the parent company of publicly traded Enact
Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance
provider. For more information on Genworth, visit genworth.com, and
for more information on Enact visit enactmi.com.
Cautionary Note Regarding Forward-Looking Statements
This communication contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements
regarding the outlook for future business and financial performance
of Genworth Financial, Inc. (Genworth) and its consolidated
subsidiaries. Examples of forward-looking statements include
statements Genworth makes relating to future reductions of debt,
potential dividends or share repurchases. 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, as well as risks discussed in the risk factor
section of Genworth's Annual Report on Form 10-K, filed with the
United States Securities and Exchange Commission (SEC) on February
28, 2022. Genworth undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220502005626/en/
Contact Information: Investors: Sarah Crews
InvestorInfo@genworth.com Media: Amy Rein Amy.Rein@genworth.com
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