Exhibit 99.1

Genworth Financial Announces First Quarter 2011 Results

30 Percent¹ Increase In International Net Operating Income

Four Percent Increase In Retirement & Protection Net Operating Income

Seven Percent Sequential Quarter Decrease In U.S. Mortgage Insurance Delinquencies

Richmond, VA (May 3, 2011) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the first quarter of 2011. The company reported net income² of $82 million, or $0.17 per diluted share, compared with net income of $178 million, or $0.36 per diluted share, in the first quarter of 2010. Prior year net income included a $106 million, or $0.21 per diluted share, non-recurring tax benefit and a $26 million, or $0.05 per diluted share, higher level of investment losses, net of tax and other adjustments. Net operating income³ for the first quarter of 2011 was $98 million, or $0.20 per diluted share, compared with net operating income of $114 million, or $0.23 per diluted share, in the first quarter of 2010.

“In the first quarter, we continued to deliver strong international performance, demonstrated sales and earnings progress in Retirement and Protection, and are seeing improving credit trends in U.S. Mortgage Insurance,” said Michael D. Fraizer, chairman and chief executive officer. “International results reflected improvements in lifestyle protection and steady performance in Australia and Canada. Retirement and Protection continued its sales momentum across key lines, while life insurance profits improved. In U.S. Mortgage Insurance, we continued to execute our plan to return to profitability. Flow delinquencies declined on a sequential basis, loss mitigation benefits are on track to achieve full year targets, we added high margin new business and continued to implement actions to maintain capital flexibility. Overall, we remain focused on sustaining the

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performance of our leading platforms, continuing to improve performance in U.S. life insurance lines and U.S. Mortgage Insurance, and taking actions to optimize capital allocation.”

Net income in the prior year period included a $106 million non-recurring tax benefit related to the separation from the company’s former parent. Net investment losses, net of tax and other adjustments, decreased to $16 million in the quarter from $42 million in the prior year.

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Net operating income (loss) 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. Percentage changes, which include the impact of foreign exchange, are found in a table at the end of this press release. The impact of foreign exchange on net operating income in the first quarter of 2011 was a favorable $6 million versus the prior year.

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

Highlights

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Retirement and Protection earnings increased four percent to $127 million compared with $122 million a year ago. Results in the current quarter included a $7 million exit charge associated with the company’s previously announced plans to discontinue sales of individual variable and group annuities. Consolidated U.S. life companies ended the quarter with a RBC ratio of approximately 370 percent⁷.

Life insurance earnings were $52 million compared with $37 million in the prior year and included an $8 million favorable cumulative impact from a recent change in premium taxes in Virginia. Results in the quarter reflected sound new business performance and higher investment income from limited partnerships. Total life sales increased 60 percent from the prior year reflecting strong Colony^SM Term UL sales as well as growth in universal life excess

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deposits. Colony^SM Term UL sales grew 29 percent versus the traditional term and Colony^SM Term UL in the prior year, and average face amount on new business increased by nine percent to about $357,000, reflecting continued progress in executing strategies to increase sales in the middle and mass affluent markets.

Long term care earnings were $40 million and included a $4 million unfavorable adjustment related to the accounting for interest rate swaps. Results in the current quarter reflected sound new business performance and the LTC loss ratio was consistent with the prior year. Individual LTC insurance sales increased $15 million year over year, mainly from growth in the independent channel. During the quarter, the company launched a new wellness program, in collaboration with Mayo Clinic, to promote healthy aging and independent living.

Wealth management earnings were $10 million and included an unfavorable tax adjustment. On a pre-tax basis, income increased $3 million from the prior year to $17 million. Wealth management net flows were $355 million, the eighth consecutive quarter of positive net flows, and assets under management (AUM) grew to $25.6 billion.

Retirement income spread-based earnings were $14 million compared to $17 million in the prior year, and reflected a $3 million accrual related to guarantee funds. Total spread-based AUM decreased to $18.2 billion.

Retirement income fee-based earnings were $11 million compared with $17 million in the prior year. Results in the current quarter included a $7 million exit charge associated with discontinuing sales of individual variable and group annuities, which offset positive equity market performance. Results in the prior year quarter included an $8 million favorable deferred acquisition cost (DAC) amortization adjustment.

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International

Highlights

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International earnings increased 30 percent¹ to $124 million primarily driven by a $20 million increase in international mortgage insurance and a $13 million increase in lifestyle protection.

Canadian operating earnings increased 20 percent¹ from the prior year, primarily from $9 million acceleration of full year tax benefits. The loss ratio remained at 38 percent. Flow NIW in Canada increased five percent¹ from the prior year but declined sequentially, as is typical in the winter months.

The regulatory capital ratio in Canada at quarter end was 155 percent⁷, remaining well in excess of requirements. GAAP book value for the Canada MI business was $2.7 billion at quarter end, of which $1.5 billion represented Genworth’s 57.5 percent ownership interest. Genworth MI Canada, as part of its ongoing capital planning to create a more efficient capital structure while maintaining flexibility to support growth, plans to repurchase approximately CAD $160 million of its existing common shares, with the amount and timing subject to market conditions and customary approvals. Genworth expects to receive approximately CAD $82 million after-tax in net proceeds, with no percentage change in ownership.

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Australia operating earnings increased nine percent¹ from the prior year, but were down $3 million sequentially, including a $5 million impact from economic disruption in areas impacted by January’s flooding, primarily in Queensland. The loss ratio increased to 45 percent, up one point compared to a year ago and eight points sequentially, reflecting reserve strengthening associated with the flooding. Flow NIW decreased 27 percent¹ compared to the prior year primarily reflecting a smaller origination market.

The regulatory capital ratio in Australia at quarter end was 162 percent⁷, well in excess of requirements. The ratio increased sequentially, reflecting in force profitability and portfolio seasoning. GAAP book value for Australia mortgage insurance at quarter end was $2.0 billion.

Lifestyle protection earnings were $25 million, up $13 million from the prior year reflecting improved operating margins³ and a reduction in the loss ratio to 15 percent as a result of lower claims levels and 2010 pricing and contract restructuring actions. Overall, lifestyle protection is on track to achieve its operating margin improvement target of approximately 300 basis points in 2011. Sales remained relatively stable as lending remained below pre-recessionary levels.

The lifestyle protection regulatory capital ratio at quarter end was approximately 280 percent⁷, well in excess of requirements.

U.S. Mortgage Insurance

Highlights

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U.S. MI had an $81 million net operating loss reflecting lower loss mitigation benefits and continued aging of delinquent loans, partially offset by declining new delinquencies primarily from the 2005 to 2007 book years.

Total flow delinquencies declined seven percent sequentially in the first quarter, reflecting lower new delinquencies, improved cures and higher flow paid claims. New flow delinquencies decreased eight percent sequentially, reflecting both a normal seasonal decline and lower delinquencies from the 2005 to 2007 book years, with seasonal improvement during the course of the quarter. Favorable seasonal patterns began developing later in the quarter, in particular with improving cure ratios⁸ and lower new delinquencies. The flow average reserve per delinquency increased sequentially to $25,400 from $24,300, with continued aging of remaining delinquencies.

Loss mitigation activities, including workouts, presales, policy rescissions and targeted settlements, net of reinstatements, resulted in $122 million of savings in the quarter, a decline from the fourth quarter as certain loan modifications slowed and modifications continued to shift from the Home Affordable Modification Program (HAMP) to alternative programs. First quarter results are consistent with the company’s estimated full year loss mitigation benefit of $400 million to $500 million.

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Flow NIW increased 33 percent over the prior year and decreased 23 percent sequentially reflecting the combined effects of industry share recapture and a smaller origination market. Mortgage insurance penetration was up slightly on a sequential basis. The company’s market share is estimated to have remained stable. In addition, the Home Affordable Refinance Program (HARP) accounted for about $840 million of insurance that is treated as a modification of the coverage on existing insurance in force rather than NIW.

Genworth continued to execute strategies to support capital flexibility. Genworth Mortgage Insurance Corporation (GEMICO), Genworth’s primary mortgage insurance company, was granted waivers or other communications from 45 states that permit the company to continue writing new business while its risk-to-capital ratio exceeds 25:1. In the remaining states, new business will be written out of other legal entities unless waivers or other communications are obtained. At the end of the first quarter, the combined U.S. MI statutory risk-to-capital ratio was 25.0:1⁷. The quarter end ratio for GEMICO was 27.7:1⁷.

Corporate and Other

Corporate and Other’s net operating loss was $72 million compared with $63 million in the prior year quarter. Results in the current year reflected higher taxes partially offset by higher investment income from improved limited partnership performance. On a pre-tax basis, the loss improved by $33 million year over year.

Holding Company

Genworth’s holding company ended the quarter with $1.3 billion of cash and highly liquid securities, up $0.3 billion sequentially. During the quarter, the holding company issued $400 million of senior notes, completing its 2011 planned debt issuance and expects to receive approximately $350 million in operating company dividends from international subsidiaries in 2011. Cash levels and dividend plans position the company effectively to execute 2011 and 2012 debt retirements and planned capital structure optimization.

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Investments

The core yield³ remained stable sequentially at 4.6 percent despite declining interest rates. In addition, during the quarter, the company entered into $1.0 billion of interest rate hedging transactions for the benefit of its LTC business.

Net income in the quarter included $16 million of net investment losses, net of tax and other adjustments. Excluding $6 million of mark to market valuation gains from securitization entities, after-tax net investment losses were $22 million, which included $23 million of net other-than-temporary impairments.

Net unrealized investment losses were $37 million, net of tax and other items, as of March 31, 2011, compared with $860 million as of March 31, 2010. The fixed maturity securities portfolio had gross unrealized investment gains of $2.0 billion compared with $1.5 billion as of March 31, 2010 and gross unrealized investment losses of $1.5 billion compared with $2.7 billion as of March 31, 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 6,500 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.

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Conference Call and Financial Supplement Information

This press release and the first quarter 2011 financial supplement are now posted on the company’s website. Investors are encouraged to review all of these materials.

Genworth will conduct a conference call on May 4, 2011 at 10 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 May 4, 2011 conference call is 877 852.6583 or 719 325.4849 (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.

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 7928272, through May 18, 2011.

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 the company’s segments and Corporate and Other activities. A component of 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) can be 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 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

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they identify the income (loss) attributable to the ongoing operations of the business. However, net operating income (loss) is not a substitute for net income (loss) determined in accordance with GAAP. 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 other than a $106 million tax benefit related to separation from the company’s former parent recorded in the first quarter of 2010. 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 for the three months ended March 31, 2011 and 2010.

This press release includes the non-GAAP financial measure entitled “operating revenue.” The company defines operating revenue as revenue excluding net investment gains (losses). The company believes that operating revenue, and measures that are derived from or incorporate operating revenue, is an appropriate measure that is useful to investors because it identifies the revenue attributable to the ongoing operations of the business. However, operating revenue is not a substitute for revenue determined in accordance with GAAP. In addition, the company’s definition of operating revenue may differ from the definitions used by other companies.

This press release also includes the non-GAAP measure entitled “operating margin” related to the lifestyle protection business. The company defines operating margin as income (loss) from continuing operations before income taxes excluding net investment gains (losses) divided by total revenues excluding net investment gains (losses). Management believes that this analysis of operating margin enhances the understanding of the lifestyle protection business. However, operating margin as defined by the company should not be viewed as a substitute for GAAP margin. In addition, the company’s definition of operating margin may differ from the definitions used by other companies.

This press release includes the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for those items that are not recurring in nature. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield as defined by the company should not be viewed as a substitute for GAAP investment yield. In addition, the company’s definition of core yield may differ from the definitions used by other companies. A reconciliation of core yield to reported GAAP yield is included in a table at the end of this press release.

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 sales metrics 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, term 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

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equivalents, where the company earns a fee for administrative services only business, for the lifestyle protection insurance business; (5) new insurance written for mortgage insurance; and (6) written premiums, net of cancellations, for the Mexican insurance operations, 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, 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 a measure 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. For the risk in force in the international mortgage insurance business, the company has computed an “effective” risk in force amount, which recognizes that the loss on any particular loan will be reduced by the net proceeds received upon sale of the property. Effective risk in force has been calculated by applying to insurance in force a factor of 35 percent that represents the company’s highest expected average per-claim payment for any one underwriting year over the life of the company’s businesses in Canada, Australia and New Zealand. Risk in force for the U.S. mortgage insurance business is the obligation that is limited under contractual terms to the amounts less than 100 percent of the mortgage loan value. The company considers assets under management for the 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 which will generate revenues and profits in a future period, rather than measures of the company’s revenues or profitability during that period.

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This press release also includes information 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 information helps to enhance the understanding of the operating performance of the U.S. mortgage insurance business as they specifically impact current and future loss reserves and level of claim payments.

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 Results⁹

Three months ended March 31, 2011

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Reconciliation of Core Yield to Reported Yield

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