Exhibit 99.1

Genworth Financial Reports Third Quarter 2004 Earnings

Richmond, VA, October 21, 2004 – Genworth Financial, Inc. (NYSE: GNW) today reported net earnings from continuing operations for the third quarter of 2004 of $271 million, or $0.55 per diluted share, compared with $230 million or $0.47 per diluted share for the third quarter of 2003.

In connection with the company’s initial public offering (IPO) completed on May 28, 2004, the company effected a corporate reorganization that included a series of significant reinsurance, recapitalization and separation transactions. As more fully explained at the end of this release, the company is presenting pro forma financial information that reflects those transactions to enable a more meaningful comparison of its period-to-period results.

Pro forma net earnings from continuing operations in the third quarter of 2004 were $273 million, or $0.56 per diluted share, compared to $210 million or $0.43 per diluted share in the third quarter of 2003.

Pro forma net operating earnings for the third quarter of 2004 were $271 million, or $0.55 per diluted share, up 25 percent from $216 million or $0.44 per diluted share in the third quarter of 2003. Pro forma net operating earnings in the third quarter of 2004 consist of pro forma net earnings from continuing operations, excluding after-tax net realized investment gains of $2 million. Pro forma net operating earnings in the third quarter of 2003 consist of pro forma net earnings from continuing operations, excluding after-tax net realized investment losses of $6 million.

Management believes that the presentation of net operating earnings enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. However, net operating earnings should not be viewed as a substitute for net earnings prepared under accounting principles generally accepted in the U.S. (GAAP). (Please refer to the disclosure at the end of this release for a discussion of the basis on which financial information is presented in this release.)

“We continue to build on our three long-term growth platforms in protection, retirement and mortgage insurance – demonstrating strength in sales of fixed annuities, an upturn in term life sales, and continued robust growth in the international mortgage insurance arena, ” said Michael D. Fraizer, chairman and chief executive officer.

“We are on track to deliver pro forma net operating earnings for full-year 2004 of between $2.14 and $2.17 per share and we expect to end the year with pro forma net operating return on equity (ROE) in the 9.8 to 10 percent range,” Fraizer said. “Looking to 2005, we expect to achieve net operating earnings per share growth in the 10 to 12 percent range. This marks real progress toward our goal of a 12 percent ROE by 2008. We continue to optimize our business mix toward higher return products and markets and have focused expense discipline and capital management.”

Key Third Quarter Operating Highlights

“Looking across the progress we have demonstrated so far in 2004, we believe it is imperative that our industry help create awareness of the growing need for personal protection safety nets and dependable retirement income in the face of longer life spans and burgeoning health and long-term care costs,” Fraizer said. “At the same time, we are extending our global reach in helping more consumers achieve homeownership through the use of mortgage insurance. Genworth’s focused capabilities and execution continue to strengthen its foundation for future growth and improved returns to shareholders.”

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Pro Forma Consolidated Operating Results

The company operates in three primary business segments: Protection, Retirement Income & Investments, and Mortgage Insurance, in addition to a Corporate and Other Segment.

Consolidated third quarter pro forma net operating earnings growth of 25 percent was driven by increases in all business segments over the comparable quarter in the prior year and included $4 million of favorable FX. RI&I Segment pro forma net operating earnings grew to $42 million in the third quarter of 2004 from $15 million in the third quarter of 2003. Growth was primarily driven by higher sales and improved spreads in the fixed annuity product line and higher fee income due to new contracts in 2004 to manage GE’s municipal guaranteed investment contracts (GIC) business. Corporate and Other Segment pro forma net operating earnings improved to a loss of $8 million in the third quarter of 2004 as compared to a loss of $24 million in the third quarter of 2003 primarily due to the absence of litigation settlement costs which occurred in 2003. MI Segment pro forma net operating earnings increased 10 percent, from $93 million in the third quarter 2003 to $102 million in the third quarter of 2004, due primarily to continued strong growth internationally and $3 million of favorable FX. Protection Segment pro forma net operating earnings increased 2 percent to $135 million as compared to $132 million in the prior year quarter primarily due to business growth and lower legal expenses in life insurance, offset by declines in both PPI and group.

All segment information below is presented on a pro forma basis. Segment pro forma net operating earnings presented are equivalent to pro forma net earnings for all segments except Corporate and Other. For a reconciliation of the Corporate and Other Segment pro forma net operating earnings to GAAP net earnings, see the disclosure at the end of this release.

Pro Forma Segment Net Operating Earnings

Protection Segment pro forma net operating earnings increased $3 million from the prior year quarter due primarily to business growth and lower legal expenses in life insurance, offset by a decline in earnings in PPI and group. Long term care insurance (LTC) pro forma net operating earnings were up slightly to $43 million, as compared to the third quarter of 2003, as business growth and claims favorability was offset by higher deferred acquisition cost amortization and by $3 million of lost investment income in the third quarter of 2004 from the reallocation to the Corporate and Other Segment of approximately $250 million of excess capital. PPI pro forma net operating earnings, $21 million in the third quarter of 2004 as compared with $25 million in the third quarter of 2003, were negatively impacted by $4 million due to a higher effective tax rate subsequent to our separation from GE and the continued runoff of low return books of business. Group pro forma net operating earnings were down from the prior year due to favorable claims experience in 2003 that did not recur in the current year.

Sales of term life were $26 million in the third quarter of 2004, compared with $24 million in the comparable prior year period; growth reflected recently implemented price reductions together with ongoing service and distribution support initiatives. Universal life sales were $10 million in the third

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quarter of 2004 as compared with $15 million in the third quarter of 2003. LTC sales decreased to $39 million in the third quarter of 2004 from $62 million in the prior year quarter. As planned, overall PPI sales declined from $648 million in the third quarter of 2003 to $397 million in the third quarter of 2004 reflecting our strategic decision to exit lower return distribution relationships. PPI sales, excluding runoff business, grew 18 percent from $330 million in the third quarter of 2003 to $390 million in the third quarter of 2004 due to growth in the southern European region. Group sales increased 22 percent in the current year quarter as compared to the prior year quarter, reflecting growth in non-medical products.

RI&I pro forma net operating earnings were $42 million for the third quarter of 2004 compared to $15 million in the prior year period. This growth reflects improved spreads on increased retail assets under management, strong business growth in fixed annuities, as well as an $8 million increase in fee retail products driven primarily by new contracts in 2004 to manage GE’s municipal GIC business. Spread institutional pro forma net operating earnings decreased $1 million to $4 million in the 2004 quarter as compared to $5 million in the 2003 quarter, primarily due to a 6 percent decline in average assets under management related to the planned reduction of participation in the floating-rate funding agreement market.

Third quarter 2004 sales of spread retail products were up $346 million as compared to the prior year quarter, driven primarily by a 126 percent increase in sales of fixed annuities. Fixed annuity sales increased due to expanded relationships in the bank channel and flexible product features. Sales of fee retail products declined $370 million from the prior year quarter as the market continued to shift to products with a variety of guarantees, many of which the company elected not to offer. Sales of Genworth’s income distribution series products were up 120 percent to $70 million in the quarter as compared to the prior year quarter. The increase in sales of spread institutional products from $334 million to $580 million relates primarily to uneven flows from large contracts.

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Mortgage insurance pro forma net operating earnings grew $9 million (including $3 million of favorable FX) to $102 million in the third quarter of 2004, from $93 million in the third quarter of 2003, due primarily to continued strong growth internationally, partially offset by a higher effective tax rate subsequent to our separation from GE. Growth in international pro forma net operating earnings reflected strong revenue growth while loss ratios remained low. U.S. pro forma net operating earnings were up $1 million over the prior year quarter as a result of lower underwriting expenses and higher net investment income resulting from investment portfolio repositioning, partially offset by lower insurance in-force levels.

International new insurance written was $13 billion, nearly flat as compared to the year ago period, reflecting a smaller mortgage origination market in Australia. This was offset by increased account penetration in both Canada and Australia as well as growth in new insurance written in Europe. U.S. new insurance written was $6 billion in the current year quarter, down from $17 billion in the prior year, as a result of a significantly smaller mortgage origination market and actions taken since the third quarter in 2003 to restructure certain excess of loss risk sharing arrangements.

Corporate and Other Segment pro forma net operating earnings improved to a loss of $8 million in the third quarter of 2004 as compared to a loss of $24 million in the third quarter of 2003 primarily due to the absence of litigation settlement costs which occurred in 2003.

Shareholders equity at September 30, 2004 was $12.2 billion, or $24.89 per share. Shareholders’ equity, excluding accumulated other comprehensive income, at September 30, 2004 was $10.9 billion. Book value per share, excluding accumulated other comprehensive income, increased to $22.35 at September 30, 2004, compared to $21.84 at June 30, 2004.

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Earnings Conference Call Information

The company will hold a conference call on October 22 from 10 a.m. to 11 a.m. (EDT) to discuss third quarter results and business outlook.

The company’s conference call will be accessible via telephone and the Internet. A third-quarter financial supplement and conference call materials will be available on the company’s website when released. Investors are encouraged to review all of these materials. To access the web cast, go to www.genworth.com at least 15 minutes prior to the event to register and download and install any necessary software. To access the call by telephone, please dial 1-800-599-9795 (U.S.) or 1-617-786-2905 (outside the U.S.) and enter the access code 54592399 to register. A replay of the call will be available from 1 p.m. EDT on October 22 through October 29, 2004 by dialing 1-888-286-8010 in the U.S or 1-617-801-6888 (outside the U.S.) and entering the access code 97756063. The call will also be replayed at the company’s website during this same time period.

Strategic Update for Investors in December 2004

The company plans to hold a strategic update for investors on December 15, 2004 at its headquarters in Richmond, Virginia. This full-day meeting will be web cast and archived on the company’s website. Detailed information will be provided at a future date.

Basis of Historical and Pro Forma Financial Information

As part of a corporate reorganization effected in connection with the company’s IPO, the company acquired substantially all of the assets and liabilities of GE Financial Assurance Holdings, Inc. (GEFAHI), an indirect subsidiary of GE. The company also acquired certain other insurance businesses that were owned by other GE subsidiaries but managed by members of the company’s management team. In consideration for the assets that the company acquired and the liabilities that the company assumed, the company issued various equity and debt securities to GEFAHI.

The company has prepared its historical financial information as if the company had been in existence throughout all relevant periods. The historical financial information through the date of the corporate reorganization (May 24, 2004) includes all businesses that were owned by GEFAHI, including those that were not transferred to the company, as well as the other insurance businesses that the company acquired from other GE subsidiaries in connection with the corporate reorganization. As a result, the company’s historical financial information for periods prior to the corporate reorganization is not comparable to historical financial information for periods ending after that date.

Prior to the completion of the IPO, the company entered into several significant reinsurance transactions with Union Fidelity Life Insurance Company (UFLIC), an indirect subsidiary of GE. As part of these transactions, the company ceded to UFLIC, effective as of January 1, 2004, policy obligations under all of its in-force structured settlement contracts, which had reserves of $12.0 billion, and substantially all of its in-force variable annuity contracts, which had general account reserves of $2.8 billion and separate account reserves of $7.9 billion, each as of December 31, 2003. These contracts represent substantially all of the company’s contracts that were in force as of December 31, 2003 for these products. In addition, effective as of January 1, 2004, the company ceded to UFLIC policy obligations under a block of long-term care insurance policies, which had reserves of $1.5 billion as of December 31, 2003. As part of the reinsurance transactions, UFLIC ceded to the company in-force blocks of Medicare supplement insurance, which had reserves of $19 million.

The unaudited pro forma financial information contained in this press release reflects the company’s historical combined financial information as adjusted to give effect to the transactions described below and certain other transactions as if each had occurred as of January 1, 2003:

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The unaudited pro forma financial information is based upon available information and assumptions that the company believes are reasonable. The unaudited pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what the company’s financial condition or results of operations would have been had the transactions described above occurred on the dates indicated, nor what they may be in the future.

Use of Non-GAAP Measures

This press release includes the non-GAAP financial measure entitled “net operating earnings.” The company defines net operating earnings as pro forma net earnings from continuing operations, excluding pro forma after-tax net realized investment gains and losses (which can fluctuate significantly from period to period), changes in accounting principles and non-recurring, infrequent or unusual items. There were no non-recurring, infrequent or unusual items excluded from pro forma net operating earnings for the periods presented in this press release, other than a $22 million tax charge arising from the company’s separation from GE in the nine months ended September 30, 2004. Management believes that analysis of net operating earnings enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. However, net operating earnings should not be viewed as a substitute for GAAP net earnings. In addition, the company’s definition of net operating earnings may differ from the definitions used by other companies. The table at the end of this press release provides a reconciliation of historical and pro forma net operating earnings to historical and pro forma net earnings.

Due to the unpredictable nature of the items excluded from the company’s definition of net operating earnings, the company is unable to reconcile its outlook for net operating earnings to net earnings from continuing operations presented in accordance with GAAP. The company’s outlook for pro forma net operating earnings is presented on a basis consistent with the other pro forma financial information presented elsewhere in this press release.

This press release also includes outlook regarding a non-GAAP financial measure entitled “net operating earnings return on equity,” or ROE. The company defines ROE as net operating earnings divided by average pro forma stockholders’ interest, excluding accumulated non-owner changes in average stockholders’ interest (commonly referred to as accumulated other comprehensive income (AOCI)). Management believes that analysis of ROE enhances understanding of the efficiency with which the company deploys its capital. However, ROE as defined by the company should not be viewed as a substitute for GAAP net earnings divided by average stockholders’ interest. Due to the unpredictable nature of net operating earnings and average stockholders’ interest excluding AOCI, the company is unable to reconcile its outlook for ROE to GAAP net earnings divided by average stockholders’ interest. The company’s outlook for pro forma ROE is presented on a basis consistent with the other pro forma financial information presented elsewhere in this press release.

All net realized investment gains (losses) are reflected in the Corporate and Other Segment and are not reflected in the results of any of the company’s other segments. As a result, the segment results contained in this press release are presented on a net operating earnings basis, which is the same as net earnings under GAAP for all segments, except Corporate and Other Segment. For a reconciliation of net operating earnings for Corporate and Other Segment to net earnings presented in accordance with GAAP, see the table at the end of this press release. The term “net operating loss” as used in the this press release is also a non-GAAP financial measure and has an analogous meaning to “net operating earnings.”

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Definition of Sales

The term “sales” as used in this press release means (1) annualized first-year premiums for term life insurance, long-term care insurance, group life and health insurance and life-contingent annuities; (2) deposits for universal life insurance, spread-based non-life contingent products and fee-based products; (3) written premiums gross of reinsurance and cancellations for PPI; and (4) new insurance written for mortgage insurance, which in each case reflect the amount of business the company generated during each period presented. Sales do not include renewal premiums on policies or contracts written during prior periods. The company considers annualized first-year premiums, deposits, gross written premiums and new insurance written to be a measure of the company’s operating performance because they represent a measure of new sales of insurance policies or contracts during a specified period, rather than a measure of the company’s revenues or profitability during that period. This operating measure enables the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company’s future business and financial performance. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors, including the following:

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

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About Genworth Financial

Genworth is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 20 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit www.genworth.com.

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Contact Information:

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COMBINED STATEMENT OF EARNINGS INFORMATION

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COMBINED STATEMENT OF EARNINGS INFORMATION

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PRO FORMA FINANCIAL INFORMATION

Note: For a discussion of notes (a), (b), and (c) to these tables see Notes to Pro Forma Financial Information and Reconciliation Tables.

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PRO FORMA FINANCIAL INFORMATION