Exhibit 99.1

Genworth Financial Reports Third Quarter 2005 Earnings

Richmond, VA (October 25, 2005) – Genworth Financial, Inc. (NYSE: GNW) reported net earnings for the third quarter of 2005 of $307 million, or $0.64 per diluted share as compared with net earnings for the third quarter of 2004 of $271 million, or $0.55 per diluted share. The current quarter included earnings of $24 million, or $0.05 per diluted share related to bond calls, mortgage loan prepayments and partnership earnings.

Net operating earnings for the third quarter of 2005 were $311 million, or $0.65 per diluted share, as compared with net operating earnings of $269 million or $0.55 per diluted share in the third quarter of 2004.

“Genworth’s earnings and sales results in the quarter demonstrate the success of our growth initiatives and continued disciplined execution,” said Michael D. Fraizer, chairman and chief executive officer. “We are growing our life insurance franchise at a strong pace, increasing assets under management in our retirement income business and building a significant international mortgage insurance revenue pipeline.”

Third Quarter Highlights

2005 Outlook

“We are increasing our outlook for 2005 operating earnings per share to $2.40 to $2.50,” said Fraizer. “This outlook incorporates the positive investment items we saw this quarter along with anticipated seasonal increases in mortgage insurance delinquencies in the fourth quarter.”

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Segment Results

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 net operating earnings increased 7 percent to $145 million in the third quarter primarily from growth in the life insurance business. Life operating earnings reflected double-digit new business growth and sound in-force performance including mortality that was favorable to pricing. Long term care net operating earnings declined $2 million to $41 million mainly from lower experience gains on reinsured blocks. Payment protection operating earnings grew 10 percent from new business growth and a lower effective tax rate, partially offset by additional expense for investments in new growth platforms.

Sales of term life increased 46 percent to $38 million over the prior year quarter from ongoing competitive pricing, expanded distribution reach and service initiatives. During the quarter, Genworth completed its fifth capital markets securitization, funding an additional $300 million of reserves. Total universal life sales increased 90 percent to $19 million reflecting a 15 percent growth in annual premiums and a three-fold increase in excess premiums. LTC sales were flat as compared with both the prior year and previous quarters as the market continued to transition. Payment protection sales increased 14 percent over third quarter of 2004 from increased penetration of existing customers and activation of new clients.

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Retirement Income and Investments net operating earnings grew $19 million to $59 million for the third quarter of 2005 with growth across all product lines. Results included $10 million related to bond calls and mortgage loan prepayments. Spread-based retail net operating earnings increased $15 million as a result of 8 percent growth in assets under management, improved spreads and higher bond calls and mortgage loan prepayments versus the third quarter of 2004.

Net operating earnings for fee-based products increased 17 percent over the prior year quarter to $14 million from a 48 percent increase in assets under management. Spread-based institutional earnings grew to $6 million as a result of improved spreads.

Fee-based product sales increased 29 percent over the third quarter of 2004 to $673 million through broadened distribution and product offerings. Sales of income distribution series products increased considerably compared to the prior year quarter, up 41 percent to $99 million. Spread-based retail sales in the current quarter declined 33 percent associated primarily with a drop in fixed annuity sales as a flattening yield curve made alternative short-term investment products more attractive and the business maintained pricing discipline. Spread-based institutional product sales increased to $1.1 billion.

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International mortgage insurance net operating earnings increased 36 percent over the third quarter of 2004 to $68 million from solid revenue growth partially offset by investment in new markets. In the quarter a $3 million after tax favorable loss reserve development and a $3 million after tax adjustment to paid claims reduced the reported loss ratio to 8 percent from an underlying loss ratio of 17 percent. Net operating earnings included $5 million of favorable FX. International NIW grew 59 percent over the prior year period to $21 billion from ongoing account penetration and favorable market conditions in Australia and Europe. NIW included $1.3 billion of foreign exchange benefit.

U.S. mortgage insurance net operating earnings increased to $58 million for the third quarter of 2005 and included $9 million of tax benefits and a $3 million favorable reserve adjustment in our prime bulk business. Total paid claims declined $3 million from the prior year quarter. On a sequential basis, delinquencies increased in line with seasonal patterns, but this impact was offset by a reduction in loss reserves from a mix shift in reported delinquencies. Expenses increased in the quarter primarily from higher contract underwriting volumes and $3 million after-tax from unusual items. Persistency dropped to 59 percent in the quarter from ongoing low interest rates and home price appreciation; consequently, we lowered our persistency estimate for the full year and accelerated DAC amortization of $4 million after-tax. U.S. NIW increased $1 billion from a 22 percent increase in flow NIW. This improvement marks progress in penetrating additional distribution channels and it includes approximately $800 million of sales for our recently introduced HomeOpeners^SM products.

The Corporate and Other segment net operating loss was $19 million in the current quarter as compared with a net operating loss of $8 million in the third quarter of 2004. This decline was largely the result of higher public company expenses and taxes versus the prior year period. Partially offsetting these items was $10 million higher net earnings in the current period from bond calls, mortgage loan prepayments and partnership income.

Stockholders’ interest as of September 30, 2005 was $13.3 billion, or $28.31 per share. Stockholders’ interest, excluding accumulated non-owner changes, as of September 30, 2005 was $11.6 billion. Book value per share, excluding accumulated other comprehensive income, increased to $24.67 as of September 30, 2005, compared with $24.10 as of June 30, 2005.

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Conference Call Information

Genworth will conduct a conference call on October 26 from 10 a.m. to 11 a.m. (EDT) to discuss third quarter results and business outlook.

The conference call will be accessible via telephone and the Internet. The earnings release and financial supplement are now posted on the company’s website. Investors are encouraged to review all of these materials. The web cast will be available at www.genworth.com. To access the call by telephone, dial 1-800-599-9795 (U.S.) or 1-617-786-2905 (outside the U.S.), access code “Genworth”. A replay of the call will be available from 1 p.m. EDT on October 26 through November 9, 2005 at 1-888-286-8010 or 1-617-801-6888 (outside the U.S.), access code 56584034. The call will also be replayed at the company’s website during this same time period.

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 infrequent or unusual non-operating items. There were no infrequent or unusual non-operating 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 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 September 30, 2005 and 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.

From time to time the company also references the non-GAAP financial measure entitled “operating return on equity” or “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

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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 financial supplement means (1) all anticipated premiums and deposit receipts during the first twelve contract months from all contracts sold during the quarter for term life insurance, long-term care insurance, and group life and health insurance; (2) new and additional 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 payment protection insurance; 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, new 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.

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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 and risks, including the following:

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company we would have insufficient funds to meet accelerated obligations under the tax matters agreement, GE’s control over certain tax matters that could have an impact on us, potential conflicts of interest with GE and GE’s engaging in the same type of business as we do in the future.

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 24 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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STATEMENT OF EARNINGS INFORMATION

(Amounts in millions, except per share data)

(Unaudited)

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RECONCILIATION OF NET EARNINGS TO NET OPERATING EARNINGS

(Amounts in millions, except per share data)

(Unaudited)

RECONCILIATION OF CORPORATE AND OTHER SEGMENT NET LOSS TO

NET OPERATING LOSS

(Amounts in millions)

(Unaudited)

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