Exhibit 99.1
| [Logo of Genworth Financial appears here] | N E W S R E L E A S E
6620 West Broad Street |
Genworth Corrects Table Calculation
Richmond, VA (July 9, 2004) – A press release from Genworth Financial, Inc. (NYSE: GNW) issued earlier today should have said that the pro forma net operating earnings per share for the six months ended June 30, 2004 were $1.07 for Basic and Diluted shares rather than $1.03. This change has no impact on any other reported number contained in the release.
A copy of the corrected table is attached below. The complete release, as corrected, is posted on the company’s website, www.genworth.com.
RECONCILIATION OF COMPANY NET EARNINGS TO PRO FORMA NET OPERATING EARNINGS
| Three months ended June 30, |
Six months ended June 30, |
Year ended December 31, |
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| (Amounts in millions, except per share amounts) | 2004 |
2003 |
2004 |
2003 |
2003 |
|||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Net earnings |
$ | 268 | $ | 364 | $ | 540 | $ | 695 | $ | 1,081 | ||||||||||
| Net earnings from discontinued operations, net of taxes |
— | (99 | ) | — | (176 | ) | (186 | ) | ||||||||||||
| (Gain) loss on sale of discontinued operations, net of taxes |
— | — | (7 | ) | — | 74 | ||||||||||||||
| Cumulative effect of accounting change, net of taxes |
— | — | (5 | ) | — | — | ||||||||||||||
| Net earnings from continuing operations |
268 | 265 | 528 | 519 | 969 | |||||||||||||||
| Excluded assets and liabilities (a) |
6 | (10 | ) | 7 | (10 | ) | (15 | ) | ||||||||||||
| Reinsurance transactions (b) |
(4 | ) | (2 | ) | — | (17 | ) | (20 | ) | |||||||||||
| Capital structure and other (c) |
(9 | ) | (11 | ) | (18 | ) | (21 | ) | (42 | ) | ||||||||||
| Pro forma net earnings from continuing operations |
261 | 242 | 517 | 471 | 892 | |||||||||||||||
| Net realized investment (gains) losses on investments, net of taxes |
(4 | ) | 14 | (14 | ) | 1 | (25 | ) | ||||||||||||
| One-time taxes charge relating to initial public offering |
22 | — | 22 | — | — | |||||||||||||||
| Pro forma net operating earnings |
$ | 279 | $ | 256 | $ | 525 | $ | 472 | $ | 867 | ||||||||||
| Net earnings per share |
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| Basic |
$ | 0.55 | $ | 0.74 | $ | 1.10 | $ | 1.42 | $ | 2.21 | ||||||||||
| Diluted |
$ | 0.55 | $ | 0.74 | $ | 1.10 | $ | 1.42 | $ | 2.20 | ||||||||||
| Net earnings from continuing operations per share |
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| Basic |
$ | 0.55 | $ | 0.54 | $ | 1.08 | $ | 1.06 | $ | 1.98 | ||||||||||
| Diluted |
$ | 0.55 | $ | 0.54 | $ | 1.08 | $ | 1.06 | $ | 1.97 | ||||||||||
| Pro forma net earnings from continuing operations per share |
||||||||||||||||||||
| Basic |
$ | 0.53 | $ | 0.49 | $ | 1.06 | $ | 0.96 | $ | 1.82 | ||||||||||
| Diluted |
$ | 0.53 | $ | 0.49 | $ | 1.05 | $ | 0.96 | $ | 1.82 | ||||||||||
| Pro forma net operating earnings per share |
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| Basic |
$ | 0.57 | $ | 0.52 | $ | 1.07 | $ | 0.96 | $ | 1.77 | ||||||||||
| Diluted |
$ | 0.57 | $ | 0.52 | $ | 1.07 | $ | 0.96 | $ | 1.77 | ||||||||||
| Pro forma shares outstanding: |
||||||||||||||||||||
| Basic |
489.5 | 489.5 | 489.5 | 489.5 | 489.5 | |||||||||||||||
| Diluted |
490.9 | 490.9 | 490.9 | 490.9 | 490.9 | |||||||||||||||
# # #
Contact Information:
| Media: | Mike Kachel, 804.662.2534 |
mike.kachel@genworth.com
| Investors: | Jean Peters, 804.662.2693 |
jean.peters@genworth.com