Exhibit 99.1

Genworth Financial Reports Second Quarter Net Operating Income Of $0.49 Per Diluted Share — Loss From Continuing Operations of $0.25 Per Diluted Share

Richmond, VA (July 29, 2008) – Genworth Financial, Inc. (NYSE: GNW) today reported a loss from continuing operations for the second quarter of 2008 of $109 million, or $0.25 per diluted share, compared with income of $321 million, or $0.72 per diluted share, in the second quarter of 2007. Net operating income for the second quarter of 2008 was $212 million, or $0.49 per diluted share, compared to net operating income of $351 million, or $0.78 per diluted share, in the second quarter of 2007.

Second quarter net investment losses of $321 million, net of tax and amortization of deferred acquisition costs (DAC), included $144 million of credit and/or cash flow related impairments, net of tax, and $215 million of impairments related to a change of intent to hold securities to recovery. Of total impairments, $326 million related to sub-prime and Alt-A residential mortgage and asset-backed securities. The company also had $17 million of net realized gains from asset sales, mainly related to portfolio repositioning activities.

Accounting Principles Board (APB) Opinion No. 28, Interim Financial Reporting, requires that tax benefits be recorded during the year in proportion to pre-tax income. As a result, the higher level of investment losses during the quarter delayed tax benefits on operating income that would otherwise have been recognized in the second quarter. Absent this effect, operating income for the quarter would have increased $40 million, or $0.09 per diluted share. On a full year basis, Genworth’s effective tax rate on operating income is expected to be between 26 and 27 percent.

“We are affirming our outlook for full year 2008 operating earnings per diluted share in the $2.25-$2.65 range. We continue to manage through a difficult environment in the U.S. housing and financial markets,” said Michael D. Fraizer, Chairman and CEO. “We are actively mitigating risk in U.S. Mortgage Insurance as we build a strong 2008 book based on stringent guidelines and higher prices. We are prudently growing our high return international lines, and driving financial flexibility with several on-going capital efficiency projects. With these strategies in place, we remain comfortable with our capital position, including ending the year with strong risk-based capital ratios and risk-to-capital metrics, and have no current plans to raise equity capital.”

Segment Results

Net operating income (loss) presented in the tables below excludes net investment gains (losses) and other adjustments, net of taxes, as well as the results from discontinued operations. In the discussion of International results, all references to percentage changes exclude the impact of foreign exchange. The impact of foreign exchange on net operating income in the second quarter of 2008 was a favorable $19 million.

A reconciliation of net operating income (loss) of segments and Corporate and Other activities to net income (loss) is included at the end of this press release.

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Retirement and Protection

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Retirement and Protection earnings declined $30 million to $150 million, primarily from reduced investment income and increased life reserve funding costs. In addition, $15 million of net tax benefits from favorable examination developments were more than offset by $16 million related to a tax timing difference recorded under APB No. 28. Investment income declined, reflecting reduced bond calls and prepayments, negative limited partnership valuation marks and lower short-term yields. The full year effective tax rate on operating income for Retirement and Protection is anticipated to be between 30 and 34 percent.

Wealth management earnings were stable at $11 million despite equity market declines. AUM was down slightly to $20.3 billion as net flows of $361 million were more than offset by a $537 million decline from market performance.

Retirement income fee-based earnings decreased $11 million due to a $4 million decline in third party service fees, a $3 million decline related to tax timing differences under APB No. 28 and the balance attributed to a refinement of a prior period dividends received deduction estimate and a change in financial presentation to net living benefit fees to account for hedging related costs. Adjusting for these items, fee-based quarterly earnings growth was consistent with growth in separate account assets. Income distribution series product sales increased 24 percent from expanded distribution reach coupled with higher producer productivity.

Retirement income spread-based earnings declined to $7 million, as a result of $12 million related to tax timing differences under APB No. 28 and $7 million of lower investment income associated with shortened asset duration and lower short-term rates. Sales increased 27 percent to $448 million driven by growth in fixed deferred annuities from increased wholesaler productivity.

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Life insurance earnings increased 16 percent primarily from $16 million in more favorable taxes and strong mortality experience, partially offset by higher life reserve funding costs. Universal life sales grew seven percent as annualized first year premiums declined slightly and excess deposits grew 12 percent. Term life sales decreased 14 percent, reflecting intense pricing competition.

Long term care earnings were $34 million compared with $41 million a year ago. The prior year included $9 million of investment income from a bond call compared to none in the current quarter. Results in the quarter reflected a combination of new business growth, lower expenses, higher terminations and claims development in older blocks. Total long term care sales increased 22 percent from strong Medicare supplement and individual long term care sales, with growth in the career channel, offset partially by lower sales in the independent channel.

International

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Total International earnings increased 15 percent to $183 million. These results reflect growth in Canada and Australia mortgage insurance and in payment protection.

In Canada, earnings grew 29 percent from strong earned premium growth related to in-force book seasoning, offset by a modest increase in losses. The loss ratio declined sequentially from the first quarter from 26 percent to 21 percent and remains below long-term pricing expectations.

In Australia, earnings were $50 million, reflecting earned premium growth related to in-force book seasoning and a modest decline in losses, partially offset by slightly higher expenses. Earnings in the prior year included $5 million from a combination of accelerated premiums from higher policy cancellations and additional tax favorability that did not recur. The loss ratio declined six points to 41 percent, compared to a year ago, and was flat sequentially.

Other international mortgage insurance earnings were $1 million, $3 million below the prior year primarily due to higher losses in Spain.

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Slowing global mortgage originations, coupled with selective risk management actions, resulted in a decline in flow new insurance written in most international markets. In Canada and Australia, flow new insurance written decreased 28 percent and 24 percent, respectively. In addition, the decrease in global mortgage securitizations resulted in limited bulk sales in both Canada and Australia. Other international sales dropped to $2.6 billion, reflecting a prudent approach to new markets and curtailing new business in Spain.

Payment protection earnings increased 26 percent to $49 million, primarily from business growth and a lower effective tax rate, partially offset by investments in new markets. Total payment protection sales declined to $721 million, primarily from lower sales of structured products. Sales in established regions, outside of the U.K. and Ireland, grew seven percent. In the U.K. and Ireland, sales declined reflecting declining levels of consumer lending.

U.S. Mortgage Insurance

U.S. Mortgage Insurance had a $59 million net operating loss in the quarter as 28 percent earned premium growth was more than offset by higher incurred losses.

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The gross increase in U.S. mortgage insurance reserves was $312 million before taxes, and was offset by $110 million of benefit from captive reinsurance. Net reserves increased $202 million primarily from increased delinquency counts and reserve strengthening concentrated in Florida, California, Arizona and Nevada and in the 2006 and 2007 book years. More than 80 percent of the reserve increase was related to mortgages in these four states.

Paid claims were $92 million, before taxes, an increase of $51 million versus the second quarter of 2007 and $8 million, sequentially. The average paid claim was $42,900, up from $32,500 a year ago, reflecting higher loan balances in recent book years and a shift in claims to higher loan balance states.

Loss mitigation activities have increased significantly driven by the corresponding increase in delinquencies. The company completed nearly 3,000 workouts, modifications and pre-claim sales during the quarter. Additionally, investigations and audits of emerging delinquencies in the second quarter resulted in an increase in rescissions due to misrepresentation, ineligibility and policy exclusions.

Flow new insurance written increased 30 percent to $14.0 billion from an increase in market share, partially offset by a decline in the overall size of the mortgage insurance market. Underwriting and guideline changes for risk management effectively limited sales of alternative products such as Alt-A and A minus loans, which represented only one percent of new insurance written during the quarter.

The price increase announced in April was successfully implemented in July, raising prices by more than 20 percent. Based on revised Government Sponsored Entity (GSE) requirements effective in June, excess of loss captive reinsurance limits have been reduced to a maximum 25 percent cede on new business, which will increase earned premiums going forward. Flow persistency remained strong, rising to 85 percent.

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Corporate and Other

The Corporate and Other net operating loss of $62 million was $25 million higher primarily due to higher current period tax expense timing impacts.

Investments

Second quarter net investment losses of $321 million, net of tax and amortization of DAC, included $144 million of credit and/or cash flow related impairments, net of tax, and $215 million of impairments related to a change of intent to hold securities to recovery. Of total impairments, $326 million related to sub-prime and Alt-A residential mortgage and asset-backed securities, with the majority currently rated below Single-A. The company also had $17 million of net realized gains from asset sales, mainly related to portfolio repositioning activities.

Bond calls and mortgage loan prepayments were $7 million, net of tax and DAC, in the quarter, compared with $13 million a year ago. Limited partnership income (loss) was $(7) million compared with $3 million a year ago.

Stockholders’ Equity

Stockholders’ equity as of June 30, 2008 was $12.3 billion, or $28.52 per share, compared with $13.0 billion, or $29.30 per share, as of June 30, 2007. Stockholders’ equity, excluding accumulated other comprehensive income (loss), as of June 30, 2008 was $12.6 billion, or $29.14 per share, compared with $12.4 billion, or $28.05 per share, as of June 30, 2007.

About Genworth Financial

Genworth Financial, Inc. (NYSE:GNW) is a leading public Fortune 500 global financial security company. Genworth has $114 billion in assets and employs approximately 7,000 people in 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent

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distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com.

Conference Calls and Financial Supplement Information

This press release with expanded tables and the abbreviated statistical supplement are now posted on the company’s website. The timing of the finalization of investment items impacted the production of the second quarter 2008 financial supplement, which will be available on the company’s website on August 1. Investors are encouraged to review all of these materials.

Genworth will conduct a conference call on July 30 from 9 a.m. to 10 a.m. (ET) to discuss the quarter’s results and outlook. The conference call will be accessible via telephone and the Internet. The dial-in number for Genworth’s July 30 conference call is 877 545.1491 or 719 325.4943 (outside the U.S.), passcode 1536784. To participate in the call by webcast, register at http://investor.genworth.com at least 15 minutes prior to the webcast to download and install any necessary software.

The webcast will be archived on the company’s website and a replay of the call will be available at 888 203.1112 or 719 457.0820 (outside the U.S.) passcode 1536784. The replay will be available through August 13, 2008.

Use of Non-GAAP Measures

This press release includes the non-GAAP financial measure entitled “net operating income (loss).” The chief operating decision maker evaluates segment performance and allocates resources on the basis of net operating income (loss). The company defines net operating income (loss) as income (loss) from continuing operations excluding after-tax net investment gains (losses) and other adjustments and infrequent or unusual non-operating items. This metric excludes these items because the company does not consider them to be related to the operating performance of its segments and Corporate and Other activities. A significant component of the net investment gains (losses) is the result of impairments, changes in intent to hold securities to recovery and credit-related gains and losses, the timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) are often subject to Genworth’s discretion and are influenced by market opportunities, as well as

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asset-liability matching considerations. Infrequent or unusual non-operating items are also excluded from net operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends. While some of these items may be significant components of net income (loss) in accordance with GAAP, the company believes that net operating income (loss), and measures that are derived from or incorporate net operating income (loss), are appropriate measures that are useful to investors because they identify the income attributable to the ongoing operations of the business. However, net operating income (loss) should not be viewed as a substitute for GAAP net income (loss). In addition, the company’s definition of net operating income (loss) may differ from the definitions used by other companies. There were no infrequent or unusual non-operating items excluded from net operating income (loss) for the periods presented in this press release. The tables at the end of this press release reflect net operating income (loss) as determined in accordance with Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information, and a reconciliation of net operating income (loss) of the company’s segments and Corporate and Other activities to net income (loss) for the three months ended June 30, 2008 and 2007.

Due to the unpredictable nature of the items excluded from the company’s definition of net operating income (loss), the company is unable to reconcile its outlook for net operating income (loss) to net income (loss) presented in accordance with GAAP.

Definition of Selected Operating Performance Measures

Management regularly monitors and reports a production volume metric referred to as “sales,” which is a measure commonly used in the insurance industry as a measure of volume of new and renewal business generated in a period. “Sales” refers to (1) annualized first-year premiums for term life insurance, long term care insurance and Medicare supplement insurance; (2) new and additional premiums/deposits for universal life insurance, linked-benefits, spread-based and variable annuity products; (3) gross and net flows for the wealth management business which represent gross flows net of redemptions; (4) written premiums and deposits, gross of ceded reinsurance and cancellations, and premium equivalents, where we can earn a fee for administrative services only business, for payment protection insurance; (5) new insurance written for mortgage insurance, which in each case reflects the amount of business the company generated during each period presented; and (6) written premiums, net of cancellations, for the Mexican insurance

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operations. Sales do not include renewal premiums on policies or contracts written during prior periods. The company considers annualized first-year premiums, new premiums/deposits, gross and net flows, written premiums, premium equivalents and new insurance written to be measures of the company’s operating performance because they represent measures of new sales of insurance policies or contracts during a specified period, rather than measures of the company’s revenues or profitability during that period.

Management regularly monitors and reports assets under management for the wealth management business. Assets under management for the wealth management business represent third-party assets under management that are not consolidated in the financial statements. Insurance in-force for the life insurance, international mortgage insurance and U.S. mortgage insurance businesses is a measure of the aggregate face value of outstanding insurance policies as of the respective reporting date. Risk in-force for the international and U.S. mortgage insurance businesses is a measure that recognizes that the loss on any particular mortgage loan will be reduced by the net proceeds received upon sale of the underlying property. The company considers assets under management for its wealth management business to be measures of the company’s operating performance because they represent measures of the size of the business at a specific date, rather than measures of the company’s revenues or profitability during that period.

These operating measures enable 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.

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Contact Information:

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Consolidated Statements of Income

(Amounts in millions, except per share amounts)

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Reconciliation of Net Operating Income to Net Income (Loss)

(Amounts in millions, except per share amounts)

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Net Operating Income by Segment – Retirement and Protection

(Amounts in millions)

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Net Operating Income by Segment – International

(Amounts in millions)

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Net Operating Income by Segment – U.S. Mortgage Insurance and Corporate and Other

(Amounts in millions)