EXHIBIT 99.1

6620 West Broad Street

Richmond, Virginia 23230

Genworth Financial Reports First Quarter 2005 Earnings

Richmond, VA (April 28th, 2005) – Genworth Financial, Inc. (NYSE: GNW) today reported net earnings from continuing operations for the first quarter of 2005 of $322 million, or $0.65 per diluted share. Net earnings from continuing operations for the first quarter of 2004 were $260 million, or $0.53 per diluted share.

Net operating earnings for the first quarter of 2005 were $326 million, or $0.66 per diluted share, compared with pro forma net operating earnings of $244 million or $0.50 per diluted share in the first quarter of 2004.

Net operating earnings consist of net earnings from continuing operations, excluding after-tax net realized investment losses of $4 million in the first quarter of 2005. Pro forma net operating earnings consist of pro forma net earnings from continuing operations excluding after-tax net realized investment gains of $10 million in the first quarter of 2004.

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 U.S. generally accepted accounting principles (GAAP).

In connection with the company’s initial public offering (IPO) completed on May 28, 2004, a corporate reorganization was effected that included a series of significant reinsurance, recapitalization and separation transactions. The company is presenting pro forma financial information for 2004 that reflects those transactions to enable a more meaningful comparison of its period-to-period results. Except as specifically noted, all performance comparisons that follow in this earnings release represent 2005 results as compared with pro forma 2004 results. (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 are pleased with the first quarter results,” said Michael D. Fraizer, chairman and chief executive officer. “Genworth had double digit operating earnings growth across its three primary segments, including robust performance in international mortgage insurance, strong asset growth across the product lines and increasing momentum in term and universal life sales. Combined with execution on our capital re-deployment strategy through a $500 million share buy-back, we have made clear progress toward achieving our 2005 operating goals.”

Key First Quarter Highlights

“Last December, we set guidance in the $2.30 to $2.40 range for operating earnings per diluted share, along with 30 to 50 basis points of operating ROE progression,” said Fraizer. “Given strong first quarter fundamental performance, unusually low mortgage insurance delinquencies, our share repurchase and favorable investment items during the quarter, we see Genworth’s 2005 operating performance firmly at the top end of the earnings per share and ROE ranges before considering any further favorable investment items, impacts from foreign exchange, or sustained mortgage delinquency favorability.”

Consolidated Operating Results

Consolidated first quarter net operating earnings growth of 34 percent was driven by strong increases in all three primary segments over the prior year quarter, and included $5 million of favorable FX. Protection segment net operating earnings increased 13 percent to $139 million compared with $123 million in the prior year quarter primarily from growth in the life business. RI&I segment net operating earnings grew to $60 million in the current quarter from $30 million in the first quarter of 2004. Growth was primarily from higher assets under management and improved spreads. Mortgage Insurance segment net operating earnings increased to $141 million from $103 million in the first quarter of 2004 from continued strong international growth, lower reported delinquencies in the U.S., higher international earned premiums from the completion of a policy cancellation study, and $4 million of favorable FX. Corporate and Other segment net operating losses increased $2 million to $14 million in the first quarter of 2005.

2

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

Segment Net Operating Earnings (Unaudited)

Protection segment net operating earnings increased to $139 million in the current quarter from $123 million in the prior year, a 13 percent increase. This growth was mostly driven by strong results in life insurance products. Life net operating earnings increased 19 percent primarily from term growth and in-force performance compared with the prior year quarter. Additionally, spread improvement in UL was partially offset by unfavorable mortality during the quarter. Long-term care (LTC) net operating earnings were up $3 million to $42 million driven by favorable experience on blocks in which we have a reinsurance interest. PPI net operating earnings were up 10 percent to $22 million reflecting new business growth.

Sales of term life were $29 million in the first quarter of 2005 compared with $26 million in the comparable prior year period. This 12 percent growth reflects the ongoing ability to leverage competitive pricing structures, expanded distribution relationships and service initiatives. Universal life sales were up 18 percent compared with the prior year quarter resulting from expanded breadth in our product offerings. LTC sales were $41 million, flat to both the prior year and prior quarter. PPI sales increased 29 percent to $453 million in the first quarter of 2005 compared with the prior year. Excluding the impact of FX, PPI sales were up 21 percent, reflecting strong growth in new distribution relationships and increased penetration with current clients. Group sales increased 15 percent compared with the prior year .

3

RI&I net operating earnings were $60 million for the first quarter of 2005 compared with $30 million in the prior year period. Spread-based retail net operating earnings more than doubled to $34 million compared with $16 million in the first quarter of 2004. Strong performance was driven by growth in assets under management and improved spreads, which included $3 million higher bond calls, prepayments and recoveries. Net operating earnings for fee-based products increased to $17 million from $8 million in the prior year quarter primarily from growth in assets under management, as well as lower expenses. Spread-based institutional net operating earnings increased to $9 million in the current quarter compared with $6 million in the prior year quarter from improved spreads, which included $1 million higher bond calls and prepayments in the current quarter.

First quarter 2005 sales of spread-based retail products declined 10 percent compared with the prior year driven primarily by continued pricing discipline in fixed annuities and uneven flows in both immediate and structured settlement annuity sales in the face of a low interest rate environment. Compared with Q4 2004, sales in spread-based retail are up 14 percent. Sales of fee-based products were relatively flat compared with the prior year quarter as growth in managed assets was offset by a decline in traditional variable annuity sales. Sales of Genworth’s income distribution series products more than doubled to $86 million in the current period quarter compared with the first quarter of 2004. Spread-based institutional product sales were $349 million, about even with the prior year. Underlying this performance is the positive mix shift we continue to see in this line of business from older, low margin fixed contracts being replaced with new agreements.

Mortgage Insurance net operating earnings increased substantially to $141 million in the first quarter of 2005 compared with $103 million in the prior year quarter, a 37 percent increase. International net operating earnings were $69 million compared with $44 million in the prior year quarter reflecting strong revenue growth, continued low loss experience, and favorable FX of $4 million. The current quarter

4

results included $6 million of earnings due to the completion of a policy cancellation study in Europe resulting in a release of unearned premiums to revenues. U.S. net operating earnings of $72 million were up 22 percent due to $9 million of lower losses, principally driven by a decline in reported delinquencies. Operating expenses in the U.S. business decreased by $4 million, reflecting primarily lower contract underwriting volume and administrative costs compared with the prior year quarter.

International new insurance written grew 30 percent to $14.2 billion, including $0.6 billion related to FX. Growth was primarily from continued increases of flow business sales in Australia and Canada, as well as increases in selected Australian prime bulk sales. U.S. new insurance written was $5.7 billion in the current year quarter down from $6.8 billion in the prior year quarter, a 16 percent decline. The decrease was driven by a smaller MI market size offset by ongoing progress in driving new sales through our customer segmentation strategy.

The Corporate and Other segment had a net operating loss of $14 million in the current quarter compared with a loss of $12 million in the prior year quarter. This decline was driven by lower earnings in our Bermuda reinsurer of $6 million and higher interest expense, partially offset by lower operating expenses compared with the prior year.

Shareholders’ equity at March 31, 2005 was $12.5 billion, or $26.62 per share. Shareholders’ equity, excluding accumulated other comprehensive income, at March 31, 2005 was $11.1 billion. Book value per share, excluding accumulated other comprehensive income, increased to $23.52 at March 31, 2005, compared with $22.99 at December 31, 2004.

Earnings Conference Call Information

The company will hold a conference call on April 29, 2005 from 10 a.m. to 11 a.m. (EDT) to discuss first quarter results and business outlook.

Genworth’s conference call will be accessible via telephone and the Internet. This detailed earnings release and the first quarter financial supplement are now available on the company’s website. The conference call materials will be available on the company’s website just prior to the conference call. 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 “Genworth” to register. A replay of the call will be available from 1 p.m. EDT on April 29 through May 6, 2005 by dialing 1-888-286-8010 in the U.S. or 1-617-801-6888 (outside the U.S.) and entering the access code 62549597. The call will also be replayed at the company’s website during this same time period.

Basis of 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.

5

The company has prepared its financial information as if the company had been in existence throughout all relevant periods. The 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 financial information for periods prior to the corporate reorganization is not comparable to 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 for 2004 contained in this press release reflects the company’s historical 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, 2004. The following transactions are reflected in the unaudited pro forma financial information:

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 net earnings from continuing operations, excluding 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 net operating earnings for the periods presented in this press release.

Management believes that analysis of net operating earnings enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. However, net

6

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 net earnings to net operating earnings (as defined above) for the three months ended March 31, 2005 and 2004 and to pro forma net operating earnings for the three months ended March 31, 2004.

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.

This press release also includes the non-GAAP financial measure entitled “operating ROE”. The company defines operating ROE as net operating earnings divided by average 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 operating ROE enhances understanding of the efficiency with which the company deploys its capital. However, operating 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 operating ROE to GAAP net earnings divided by average stockholders’ interest.

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 from continuing operations before accounting change 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 this press release is also a non-GAAP financial measure and has an analogous meaning to “net operating earnings.”

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, and group life and health insurance; (2) new premiums/deposits for universal life insurance, spread-based and variable products; (3) new deposits for managed assets; (4) written premiums gross of reinsurance and cancellations for PPI; and (5) new insurance written for mortgage insurance, which in each case reflects 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, 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:

7

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

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 22 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.

# # #

Contact Information:

8

STATEMENT OF EARNINGS INFORMATION

(Amounts in millions, except per share data)

9

PRO FORMA FINANCIAL INFORMATION

(Amounts in millions, except per share data)

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

10

RECONCILIATION TO NET OPERATING EARNINGS

(Amounts in millions, except per share data)

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

11

RECONCILIATION OF CORPORATE AND OTHER SEGMENT NET EARNINGS (LOSS) TO

NET OPERATING LOSS

(Amounts in millions)

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

12

Notes to Pro Forma Financial Information

13