Genworth Financial, Inc. (NYSE: GNW) today announced that its wholly owned subsidiaries Genworth Financial International Holdings, LLC and Genworth Holdings, Inc. (as partners) have sold, through an underwritten agreement, approximately 214.3 million shares in Genworth Mortgage Insurance Australia Limited ("Genworth Australia") at A$2.28 per share. This represents Genworth's entire ownership position in Genworth Australia. Settlement of the sale will occur on March 3 (Sydney time).

"We're pleased to take this additional step in our revised strategic plan. This transaction will help enhance our holding company liquidity ahead of our near-term obligations, including our debt due in September 2021 and upcoming AXA liabilities due in 2022," said Tom McInerney, Genworth President and CEO.

Completion of this transaction will result in a payment of approximately USD$247 million under our outstanding AXA promissory note, pursuant to its terms as amended by the parties in connection with this transaction. Following this payment, the net proceeds available to Genworth will be approximately USD$123 million.

As previously announced, Genworth will continue to prepare for a potential partial IPO of Genworth's U.S. Mortgage Insurance (U.S. MI) business, subject to market conditions as well as the satisfaction of various conditions and approvals.

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, releases financial and other information about its operations. This information can be found at http://www.genworth.com.au.