Exhibit 99.1

Genworth Financial Reports First Quarter 2006 Earnings

Richmond, VA (April 27, 2006) – Genworth Financial, Inc. (NYSE: GNW) today reported net earnings for the first quarter of 2006 of $334 million, or $0.70 per diluted share. Net earnings for the first quarter of 2005 were $322 million, or $0.65 per diluted share.

Net operating earnings for the first quarter of 2006 were $345 million, or $0.72 per diluted share, compared to net operating earnings of $326 million or $0.66 per diluted share in the first quarter of 2005.

“Our first quarter demonstrated solid business results, strong capital management, and excellent progress on new product launches, as we continue to expand and penetrate markets for retirement income, protection and mortgage insurance,” said Michael D. Fraizer, chairman and chief executive officer. “Our international operations continued to strengthen their position, with double digit earnings growth from both payment protection and international mortgage insurance.”

First Quarter Highlights

during the quarter. In U.S. MI, flow new insurance written (NIW) increased despite a smaller market, driven by continued penetration of a broadened set of distribution channels and increasing sales of our HomeOpeners^® products, which reached $910 million or 16 percent of flow NIW — a four-fold increase from a year ago.

2006 Outlook

Genworth confirms its current earnings outlook of $2.65 to $2.75 net operating earnings per diluted share.

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Segment Results

Segment net operating earnings presented exclude net realized investments gains (losses) and the cumulative effect of an accounting change related to stock-based compensation expense. For a reconciliation of segment net operating earnings to segment GAAP net earnings, see disclosure at the end of this release.

Protection segment net operating earnings increased 7 percent to $149 million, driven by strong growth in life insurance and payment protection results. Life insurance earnings increased 9 percent from solid growth, good in-force mortality and higher persistency. LTC earnings were $43 million as in-force growth and a lower loss ratio offset lower investment yields and higher renewal commission expenses. The LTC loss ratio declined as a result of higher terminations, a reserve release, and stable paid claims. Prior year quarter LTC results included $3 million of favorable experience on blocks in which Genworth has a reinsurance interest. Payment protection earnings increased 14 percent to $25 million reflecting new business growth, stronger underwriting margins related to a shift in business mix, and lower taxes. Earnings included $2 million unfavorable foreign exchange.

Term life sales grew 17 percent from ongoing competitive pricing, distribution expansion and focused customer service. Total universal life sales doubled to $28 million reflecting a three-fold increase in excess deposits and 29 percent growth in annualized first-year deposits. Individual long-term care sales increased $3 million to $41 million from strong performance in the independent sales channel. Sales of Medicare supplement products increased $4 million to $7 million from expansion into 16 new states over the past year and heightened product awareness associated with recent Medicare legislation. Payment protection sales declined 6 percent primarily associated with $36 million in unfavorable foreign exchange. Adjusted for foreign exchange, total sales were flat as strong growth in continental Europe was offset by a drop in sales in the U.K. Group sales were up 13 percent, with higher dental and disability sales more than offsetting lower medical product sales.

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RI&I segment net operating earnings increased to $61 million. Spread-based retail results increased 6 percent driven primarily by wider interest spreads, lower expenses and favorable reserve refinements. Bond calls and mortgage prepayments net of deferred acquisition cost amortization decreased in the quarter to $3 million in the first quarter of 2006 compared with $5 million in the first quarter of 2005. Fee-based earnings benefited from strong growth in assets under management, but were down $2 million, reflecting investment in growth platforms and $2 million of non-recurring expense favorability in the prior year quarter.

Fee-based sales grew 67 percent, driven by Lifetime Income Plus, a guaranteed minimum withdrawal benefit for life product that is part of the income distribution series². Fee-based third-party managed asset sales grew 80 percent, from wholesaling and producer expansion as well as strong equity market performance.

Spread-based retail sales declined 36 percent reflecting the challenging interest rate and yield curve environment. Spread-based institutional sales of $757 million in the quarter included two registered notes offerings that totaled $700 million.

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Mortgage Insurance segment net operating earnings were up 6 percent to $149 million. International MI earnings grew 12 percent, driven by revenue growth and lower taxes partially offset by higher losses, primarily in Australia, which were favorable in the prior year quarter and also reflect the seasoning of more recent in-force books. Results also included higher expenses related to investments in growth initiatives and $1 million of favorable foreign exchange. Earnings in the year ago quarter included a $6 million benefit related to a European cancellation study that resulted in higher earned premium in the period. International NIW increased 43 percent from strong account penetration in Europe and Canada. In addition, NIW included an approximate $4 billion catch-up in sales from delays in customer reporting of new business from several clients in Australia.

U.S. MI earnings were $72 million. U.S. MI earnings benefited from a reinsurance agreement with our international business. This was offset by $4 million of higher pretax losses, which included:

U.S. flow persistency increased to 72 percent in the first quarter of 2006 versus 68 percent in the fourth quarter of 2005, driven in part by slower refinancing activity as a result of higher interest rates. U.S. flow NIW increased 11 percent to $5.5 billion, reflecting continued progress in penetrating new customer segments as well as growing HomeOpeners^® product sales, which more than offset the reduction in originations associated with the rise in interest rates. U.S. bulk NIW increased more than 80 percent to $1.3 billion reflecting participation in selective prime bulk transactions.

The Corporate and Other segment net operating loss was unchanged compared to the prior year quarter at $14 million. On a sequential basis, segment after tax expenses were $20 million lower from timing of brand initiatives scheduled for rollout later in the year and higher costs charged to the operating segments. The fourth quarter of 2005 also included $4 million of higher tax expense compared to the current period.

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Other Items

After-tax net realized investment losses of $15 million in the first quarter of 2006 included an $11 million charge related to the deconsolidation of several securitization entities as a result of GE’s divestiture of Genworth during the quarter.

Stockholders’ equity as of March 31, 2006 was $12.5 billion, or $27.37 per share compared with $12.5 billion, or $26.62 per share at March 31, 2005. Stockholders’ equity, excluding accumulated other comprehensive income, as of March 31, 2006 was $11.7 billion or $25.74 per share compared with $11.1 billion, or $23.52 per share at March 31, 2005.

Conference Call Information

Genworth will conduct a conference call on April 28 from 9 a.m. to 10 a.m. (EDT).

The conference call will be accessible via telephone and the Internet. This 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 April 28 through May 5, 2006 at 1-888-286-8010 or 1-617-801-6888 (outside the U.S.), access code 57552239. 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 excluding after-tax net realized investment gains (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 tables at the end of this press release include reconciliations of net earnings to net operating 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.

During 2006, the company began allocating net realized investment gains (losses) to the operating segments in determining segment net income. We exclude the net realized investment gains (losses), net of taxes and other adjustments, from operating net income for each of the segments. Other adjustments represent amortization of deferred acquisition costs and other intangible assets associated with the net realized investment gains (losses). During 2005, all net

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realized investment gains (losses) were recorded in the Corporate and Other segment. For a reconciliation of segment net earnings to segment net operating earnings, see our first quarter 2006 financial supplement on our website at www.genworth.com or in our Current Report on Form 8-K furnished on April 27, 2006.

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’ equity, excluding accumulated other comprehensive income (AOCI) in average stockholders’ equity. 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’ equity. Due to the unpredictable nature of net earnings and average stockholders’ equity excluding AOCI, the company is unable to reconcile its outlook for operating ROE to GAAP net earnings divided by average stockholders’ equity.

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, Medicare supplement 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.

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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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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Net Earnings

(amounts in millions)

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Reconciliation of Net Earnings to Net Operating Earnings

(amounts in millions, except per share data)

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