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UPDATE 1-Genworth announces $1 bln stock repurchase plan

Fri Nov 30, 2007 4:49pm EST

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(Adds description of Genworth, use of shares)

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NEW YORK, Nov 30 (Reuters) - Genworth Financial (GNW.N), a U.S. life and mortgage insurer, on Friday approved a $1 billion common stock repurchase plan that will run through the end of 2009.

Genworth said any repurchases would be funded from excess capital or by the release of capital from selected blocks of business through potential reinsurance and capital markets transactions.

Genworth said in a statement it currently expects to use about half of its repurchase authority by the end of 2008, subject to market conditions and other opportunities.

The Richmond, Virginia-based insurer said the shares acquired would be held in its treasury until such time as they might be reissued or retired.

Genworth shares closed at $26.24 on Friday on the New York Stock Exchange, up $1.66 on the day but down 27 percent in the last six months. (Reporting by Ed Leefeldt; Editing by Gary Hill and Braden Reddall)

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