Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd.  today announced that Oceanwide has submitted supplemental materials to the New York State Department of Financial Services (NYDFS) and other U.S. insurance regulators to document the conditions that are expected to facilitate a reapproval by the NYDFS of the proposed acquisition of control by Oceanwide of Genworth's New York-domiciled insurance company, Genworth Life Insurance Company of New York (GLICNY).

The filings reflect, among other items, Genworth's agreement with the NYDFS to make the previously disclosed $100 million capital contribution to GLICNY at closing of the proposed acquisition through the issuance by GLICNY of a surplus note to a Genworth holding company. Genworth believes that the use of a surplus note to make the capital contribution to GLICNY at closing and the other conditions to facilitate the reapproval by the NYDFS of the proposed acquisition are acceptable to the NYDFS and other U.S. insurance regulators. The reapproval by the NYDFS remains subject to their review of the final submitted documentation.

In addition, the parties are providing supplemental information to certain U.S. insurance regulators to reflect the passage of time since their prior approval of the Oceanwide transaction. These regulators will need to review the supplemental information to determine whether it has any impact on their existing approvals. If the parties are able to obtain the NYDFS reapproval and confirm the other U.S. regulatory approvals, Oceanwide will also need to receive clearance in China for the currency conversion and transfer of funds in order to complete the transaction.

Genworth and Oceanwide are targeting closing the transaction on or about March 31, 2020. However, both parties acknowledge that they may need to be flexible with the specific closing date given potential uncertainties or timing delays that may arise because of the impact of the coronavirus outbreak in the United States and China and the resulting remote work policies in effect.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. 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. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. This information can be found at http://www.genworth.com.au.

About Oceanwide

Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States.

Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.? the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited)? the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance? and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally.