Genworth Financial Announces $350 Million Expansion of Existing Share Repurchase Program
- Genworth Financial has expanded its share repurchase program by $350 million, reflecting confidence in the company's strategy and future. The strong performance of its mortgage insurance subsidiary, Enact, and the position of its balance sheet contribute to the ability to generate free cash flow and return capital to shareholders.
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“We are pleased to announce the expansion of our existing share repurchase program by another
Repurchases under the authorized program will be funded from holding company capital, as well as future cash flow generation, including expected future capital returns from Genworth’s ownership in Enact Holdings, Inc.
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 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in
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," "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 share repurchases; future return of capital by Enact Holdings, Inc., including share repurchases, and quarterly and special dividends. 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 on February 28, 2023. 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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Investors: Sarah E. Crews
InvestorInfo@genworth.com
Media: Amy Rein
Amy.Rein@genworth.com
Source: Genworth Financial, Inc.
FAQ
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