Exhibit 99.1

Genworth Financial Announces Third Quarter 2010 Results

Richmond, VA (October 28, 2010) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the third quarter of 2010. Net income¹ was $83 million, or $0.17 per diluted share, compared with a net income of $19 million, or $0.04 per diluted share, in the third quarter of 2009. Net operating income² for the third quarter of 2010 was $29 million, or $0.06 per diluted share, compared with net operating income of $81 million, or $0.18 per diluted share, in the third quarter of 2009.

Genworth’s results in the quarter included net operating income of $121 million from the International segment and $111 million from the Retirement and Protection segment. This was partially offset by net operating losses of $152 million in the U.S. Mortgage Insurance (U.S. MI) segment and a loss of $51 million in Corporate and Other. The impact of foreign exchange on net operating income in the third quarter of 2010 was a favorable $1 million versus the prior year quarter.

“Genworth’s results in the quarter demonstrate continued earnings momentum in the international segment with mixed results in the U.S. reflecting the slow economy and struggling housing market, particularly in Florida,” said Michael D. Fraizer, chairman and chief executive officer. “We were pleased with our strong sales growth, continuing investment portfolio improvements, capital ratios and flexibility, and progress in residential loan modifications.”

Third Quarter Highlights

Sales and Earnings Growth

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Capital & In Force Management

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Segment Results

Net operating income (loss) presented in the tables below excludes net investment gains (losses) and other adjustments, net of taxes. In the discussion of International results, all references to percentage changes exclude the impact of foreign exchange. The percentage changes, including the impact of foreign exchange, are included in a table at the end of this press release.

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

Retirement and Protection

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Retirement and Protection earned $111 million compared with $134 million a year ago. Consolidated U.S. life companies ended the quarter with a RBC ratio of approximately 365 percent⁴.

Life insurance earnings were $33 million compared with $78 million in the prior year and $32 million in the prior quarter. Earnings in the prior year included an annual review of actuarial assumptions that resulted in a $16 million favorable deferred acquisition cost (DAC) unlocking as well as a favorable tax benefit of $6 million. Results in the current quarter reflected higher investment income that was more than offset by continued lower persistency on 10 year level term policies sold in the 1999 and 2000 timeframe coming out of the level premium period and sound but less favorable mortality experience than in the prior year. Total life sales increased 36 percent reflecting strong adoption of life insurance products with more capital efficient designs.

LTC earnings increased $5 million to $44 million reflecting higher investment income and new business growth, partially offset by higher claims. Individual LTC sales increased $10 million year over year, primarily from growth in the independent sales channel.

Wealth management earnings remained flat at $8 million as increased revenue associated with growth in average AUM was offset by planned expense increases associated with new business growth initiatives and higher taxes. Positive net flows of $461 million, combined with improved market performance, resulted in a sequential increase in AUM to $21.2 billion, representing the sixth consecutive quarter of positive net flows.

Retirement income fee-based earnings were $10 million, down from $11 million in the prior year quarter. Earnings in the current quarter included a $6 million unfavorable impact from refinement of DAC and reserve assumptions. Total variable annuity sales were $151 million compared with $217 million in the prior year quarter.

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Retirement income spread-based earnings increased to $16 million, compared with a $2 million loss in the prior year quarter, primarily from higher investment income. Total spread-based AUM increased modestly on a sequential basis to $18.9 billion reflecting low lapse experience and selective new sales given the low interest rate environment.

International

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International earnings increased 25 percent³ to $121 million driven by improved earnings in lifestyle protection and earnings growth across Canada, Australia and other international mortgage insurance.

In Canada, national home prices improved over 2009 levels while on a sequential basis home prices declined modestly. The unemployment rate remained stable at eight percent on a sequential basis.

In total, Canadian operating earnings increased 10 percent³ from the prior year primarily from lower losses. The loss ratio declined to 31 percent in the third quarter from 41 percent in the prior year reflecting improved economic conditions and ongoing loss mitigation benefits. The level of Canadian earnings allocable to Genworth decreased seven percent³ reflecting the timing of closing the minority share initial public offering (IPO) of Genworth MI Canada in the third quarter of 2009.

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Flow NIW in Canada increased 45 percent³ from the prior year quarter as a result of growth in the mortgage origination market as job growth and improved consumer confidence contributed to higher mortgage volumes.

The regulatory capital ratio in Canada decreased sequentially to 153 percent⁴ from 154 percent. Genworth MI Canada completed its share repurchase of CAD$325 million providing net proceeds to Genworth of $172 million with no change in its majority ownership position. GAAP book value for the Canada MI business was $2.5 billion at quarter end, of which $1.4 billion represented Genworth’s 57.5 percent ownership interest.

In Australia, national home prices improved over 2009 levels, while on a sequential basis home price growth moderated. The unemployment rate remained flat sequentially at 5.1 percent.

Australia operating earnings increased seven percent³ from the prior year as improved loss experience and lower taxes were partially offset by increased use of reinsurance which reduced net premiums. The loss ratio decreased to 38 percent, a reduction of seven points compared to a year ago and four points sequentially, reflecting improved economic conditions and ongoing loss mitigation benefits. Flow NIW decreased 36 percent³ compared to the prior year reflecting a smaller mortgage origination market stemming from higher rates, the reduction in government first time homebuyer program benefits and lenders taking a disciplined approach to the high loan to value market.

The regulatory capital ratio in Australia was 157 percent⁴, well in excess of minimum requirements. GAAP book value for Australia mortgage insurance at quarter end was $1.8 billion.

Other international mortgage insurance had $1 million of net operating income compared to a $9 million loss in the prior year quarter reflecting favorable loss development in Europe and the cumulative effect of reduced in force exposures. Europe risk in force (RIF) declined by $1.6 billion to $4.3 billion.

Lifestyle protection earnings improved to $28 million from $18 million in the prior year driven by improved loss experience, benefits from product re-pricing and distributor contract restructuring, as well as a $7 million tax benefit. Loss experience improved sequentially with

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a 19 percent decline in new claim registrations. Premiums declined as a result of the continued low level of consumer lending in Europe. Sales increased by one percent, excluding the impact of foreign exchange. In lifestyle protection, the regulatory capital ratio ended the quarter at 253 percent⁴, well in excess of the regulatory requirement.

U.S. Mortgage Insurance

U.S. MI had a $152 million net operating loss, compared to a $116 million loss in the prior year quarter. Earnings in the current quarter included an increase in reserves to reflect recent trends in rescission and loan modification activity that on a net basis negatively impacted loss experience in Florida. Earnings in the prior year included a $62 million charge from a settlement of an arbitration proceeding with a lender and a reduction in reserves due to loss mitigation experience. The loss ratio increased to 263 percent from 223 percent in the prior year quarter. The risk to capital ratio increased to 17.8:1⁴ from 15.1:1 in the second quarter.

Total flow delinquencies declined three percent in the third quarter compared to a historic seasonal increase of eight percent primarily from paid claims. New flow delinquencies increased four percent sequentially, lower than expected levels from normal seasonal patterns in consumer behavior which have historically resulted in a higher increase in new delinquencies in the third quarter. At the same time, the inventory of delinquent loans continued to shift to later stage delinquencies. This reflected two dynamics. First, loan modification programs have been effective at curing loans that are earlier in the delinquency process. Second, loans that are later in the delinquency process are aging and more loans are entering the foreclosure

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process. For Genworth, foreclosure starts increased 35 percent during the quarter, with a disproportionate percentage of these foreclosure starts coming in Florida. As a result, the flow average reserve per delinquency increased to $20,400 from $19,500 on a sequential basis.

Loss mitigation activities, including workouts, presales, policy rescissions and targeted settlements, net of reinstatements, resulted in $158 million of savings in the quarter, driven by various loan modification programs. As anticipated, benefits from loss mitigation activities continued to shift from policy rescissions to loan modifications and, within the loan modification area, from government programs to lender or servicer based programs. Based upon reporting from the government sponsored enterprises (GSEs) and certain servicers, 3,312 loans with Genworth mortgage insurance coverage were modified through the Home Affordable Modification Program (HAMP) and 6,035 were modified through other programs, compared to 5,308 and 4,341, respectively, in the second quarter of 2010. Loss mitigation total year savings are expected to be approximately $750 million.

As a result of the recent trends in loss mitigation activity, Genworth adjusted its reserving to account for the lower incidence of policy rescissions and higher incidence of loan modifications. This decreased reserves for earlier stage delinquent loans and increased reserves for later stage delinquent loans. Overall in the flow portfolio, excluding Florida, these adjustments largely offset each other. However, in Florida these adjustments resulted in an $85 million pre-tax reserve build based on characteristics of the delinquent loan inventory in this state. Specifically, 65 percent of flow delinquent loans in Florida are later stage compared with 47 percent for the remainder of the flow portfolio. In addition, Florida has twice as large a percentage of investor properties than the remainder of the portfolio which are less likely to be modified successfully.

Flow NIW increased sequentially by $300 million as the mortgage insurance market size increased modestly. The company’s estimated market share remained flat sequentially at 16 percent. In addition, the Home Affordable Refinance Program (HARP) accounted for about $700 million of insurance that is treated as a modification of the coverage on existing insurance in force rather than NIW.

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Gross bulk losses were $25 million. Genworth’s bulk RIF declined to $519 million compared with $776 million in the year ago quarter.

Corporate and Other

Corporate and Other net operating loss was $51 million compared with $33 million in the prior year quarter. Results in the prior year included a $22 million tax benefit. Results in the current year reflect higher interest expense related to the debt issued in the second quarter of 2010.

Holding company cash and cash equivalents totaled $1.1 billion and highly liquid treasury securities totaled $0.2 billion at the end of the third quarter.

Investments

Net income in the quarter included net investment gains, net of tax and other adjustments, of $54 million. Excluding $20 million of mark to market valuation gains from securitization entities, after tax net investment gains were $34 million, which reflected $61 million of gains on derivatives used for risk management purposes and $14 million of net unrealized gains on trading securities, partially offset by $25 million of net other-than-temporary impairments and $4 million of unfavorable valuation allowances on commercial mortgage loans.

Credit related impairments totaled $25 million comprised of

Net unrealized investment gains were $587 million, net of tax and other items, as of September 30, 2010, compared with $29 million as of June 30, 2010. The fixed maturity securities portfolio had gross unrealized investment gains of $3.7 billion compared with $2.6 billion as of June 30, 2010 and gross unrealized investment losses of $1.6 billion compared with $2.3 billion as of June 30, 2010.

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Stockholders’ Equity

Stockholders’ equity as of September 30, 2010 increased to $15.0 billion, or $30.64 per share, compared with $13.9 billion, or $28.48 per share, as of June 30, 2010. Stockholders’ equity, excluding accumulated other comprehensive income (loss), as of September 30, 2010 decreased to $12.5 billion, or $25.57 per share, compared with $12.6 billion, or $25.76 per share, as of June 30, 2010.

About Genworth Financial

Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent 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. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the “Investors” section of Genworth.com.

Conference Call and Financial Supplement Information

This press release, the third quarter 2010 financial supplement and supplemental U.S. Mortgage Insurance materials are now posted on the company’s website. Investors are encouraged to review all of these materials.

Genworth will conduct a conference call on October 29, 2010 at 9 a.m. (ET) to discuss the quarter’s results. The conference call will be accessible via telephone and the Internet. The dial-in number for Genworth’s October 29 conference call is 877 723.9518 or 719 325.4809 (outside the U.S.). 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.

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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 1943264. The replay will be available through November 12, 2010.

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 net income attributable to noncontrolling interests, 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, the size and 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 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 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 (loss) attributable to the ongoing operations of the business. However, net operating income (loss) is not 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) during 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 accounting guidance related to segment reporting, 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 September 30, 2010 and 2009.

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Definition of Selected Operating Performance Measures

The company reports selected operating performance measures including “sales,” “assets under management” and “insurance in force” or “risk in force” which are commonly used in the insurance and investment industries as measures of operating performance. Management regularly monitors and reports the sales metric as a measure of volume of new and renewal business generated in a period. “Sales” refer to: (1) annualized first-year premiums for term life, long term care and Medicare supplement insurance; (2) new and additional premiums/deposits for universal life insurance, linked-benefits, spread-based and variable products; (3) gross and net flows, which represent gross flows less redemptions, for the wealth management business; (4) written premiums and deposits, gross of ceded reinsurance and cancellations, and premium equivalents, where the company earns a fee for administrative services only business, for lifestyle 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 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 a measure 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, insurance in force and risk in force. 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, international mortgage 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, insurance in force and risk in force 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.

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This press release also includes a metric related to loss mitigation activities for the U.S. mortgage insurance business. The company defines loss mitigation activities as rescissions, cancellations, borrower loan modifications, repayment plans, lender- and borrower-titled presales and other loan workouts and claim mitigation actions. Estimated savings related to rescissions are the reduction in carried loss reserves, net of premium refunds and reinstatement of prior rescissions. Estimated savings related to loan modifications and other cure related loss mitigation actions represent the reduction in carried loss reserves. For non-cure related actions, including presales, the estimated savings represent the difference between the full claim obligation and the actual amount paid. The company believes that this metric helps to enhance the understanding of the operating performance of the U.S. mortgage insurance business.

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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Condensed Consolidated Statements of Income

(Amounts in millions, except per share amounts)

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Reconciliation of Net Operating Income to Net Income

(Amounts in millions, except per share amounts)

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Condensed Consolidated Balance Sheets

(Amounts in millions)

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Impact of Foreign Exchange on Operating Results⁶

Three months ended September 30, 2010

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