RICHMOND, Va., Nov. 12 /PRNewswire-FirstCall/ -- Genworth Financial, Inc.
(NYSE: GNW) today disclosed that, based on recently enacted legislation, it
expects to recover approximately $85 million in Federal income tax refunds,
considering results through the third quarter of 2009. The exact amount of the
recovery will be determined by results for the remainder of this year, with
any statutory tax benefit being recorded in the fourth quarter of 2009. This
legislation expands the carryback period for certain net operating losses to
five years from two years. On a statutory basis, a significant portion of this
recovery will benefit the U.S. Mortgage Insurance business, and is expected to
increase the regulatory Risk To Capital ratio by 0.5 to 1.0 points by year end
2009.
These legislative changes are not expected to have any profit or loss impact
for U.S. Generally Accepted Accounting Principles purposes.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial
security company. Genworth has more than $100 billion in assets and employs
approximately 6,000 people with a presence in more than 25 countries. Its
products and services help meet the investment, protection, retirement and
lifestyle needs of more than 15 million customers. Genworth operates through
three segments: Retirement & Protection, U.S. Mortgage Insurance and
International. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, which traces its roots back to 1871, became a public
company in 2004 and is headquartered in Richmond, Virginia. 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 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 the company's
plans, objectives, expectations and intentions and other statements contained
in this release 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 the
company's current beliefs or expectations and are inherently subject to
significant uncertainties and changes in circumstances, many of which are
beyond its control. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. 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.
Investors, Lisa Turner, +1-804-662-2613, investorinfo@genworth.com; Media, Tom
Topinka, +1-804-662-2444, thomas.topinka@genworth.com
