Exhibit 99.1

Genworth Financial Announces Second Quarter 2011 Results

$300 Million Reserve Strengthening In U.S. Mortgage Insurance

New U.S. Mortgage Insurance Flow Delinquencies Down 18 Percent

31 Percent Increase In Retirement And Protection Earnings

Strong Improvement In Lifestyle Protection Earnings

Richmond, VA (July 28, 2011) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the second quarter of 2011. The company reported a net loss¹ of $96 million, or $0.20 per diluted share, compared with net income of $42 million, or $0.08 per diluted share, in the second quarter of 2010. The net operating loss² for the second quarter of 2011 was $74 million, or $0.15 per diluted share, compared with net operating income of $118 million, or $0.24 per diluted share, in the second quarter of 2010. The net loss and net operating loss in the quarter reflect a reserve strengthening of approximately $300 million in U.S. Mortgage Insurance (U.S. MI).

“Disappointing results in U.S. Mortgage Insurance more than offset continued sound progress in our Retirement and Protection and International businesses this quarter,” said Michael D. Fraizer, chairman and chief executive officer. “In U.S. Mortgage Insurance, despite declines in total and new delinquencies this quarter and prior reserve actions, the troubled U.S. residential real estate environment and loan servicer processing challenges necessitated additional reserve strengthening.”

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“Life insurance earnings improved notably and we were pleased with our agreement to sell our Medicare supplement business. International performance, excluding tax items, remained stable with strong improvements in lifestyle protection profits. While we are focused on continuing to improve Retirement and Protection performance and to turn around U.S. Mortgage Insurance, we are also working to accelerate multiple strategies to free up capital for redeployment to enhance shareholder value.”

Net investment losses, net of tax and other adjustments, decreased to $22 million in the quarter from $76 million in the prior year.

Segment Net Operating Income (Loss)

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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 second quarter of 2011 was a favorable $14 million versus the prior year.

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.

Retirement and Protection

Highlights

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Retirement and Protection earnings increased 31 percent to $149 million, compared with $114 million a year ago. Consolidated U.S. life companies ended the quarter with an estimated RBC ratio of 385 percent⁴.

Life insurance earnings were $72 million, compared with $32 million in the prior year. Current quarter earnings reflected actions taken to improve margins, including the selective repurchase of notes secured by non-recourse funding obligations, generating an $11 million after-tax gain, $6 million of favorable mortality, $6 million of higher investment income from bond calls and limited partnerships as well as improved persistency. The improved persistency was a result of smaller blocks entering the post level term period and overall lower lapse rates. Colony^SM Term UL sales grew $8 million versus the traditional term and Colony^SM Term UL in the prior year, reflecting higher consumer demand and strong servicing support execution through our distributors.

Long term care earnings were $31 million, compared with $47 million in the prior year. Results in the current quarter reflected a higher incidence of new claims in older issued policies partially offset by sound new business performance. The company is currently implementing a previously announced premium rate increase of about 18 percent on the majority of these older long term care insurance blocks. As of the end of this quarter, the company has received approvals in 30 states, which represent more than 50 percent of the impacted premiums. The annual premium increase from these rate increases is estimated to be approximately $60 to $70 million and is expected to be fully realized by the end of 2012 with some benefit starting to emerge in the fourth quarter of 2011. Individual LTC sales increased $16 million year over year, mainly from growth in the independent channel. As

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previously announced, the company has reached an agreement to sell its Medicare supplement business and related blocks of in-force business to Aetna Inc. for $290 million. This transaction is expected to generate approximately $240 million of capital within the life companies with targeted levels of capital release expected to be moved to the holding company in a staged manner.

Wealth management earnings were $13 million, compared with $10 million in the prior year driven mainly by strong growth in assets under management (AUM). Wealth management net flows were $664 million, the ninth consecutive quarter of positive net flows, and AUM grew to $25.9 billion. Strong AUM growth was led by the launching of new fund offerings, which have raised approximately $140 million in two months and Altegris’ alternative investment solutions, which contributed approximately $700 million in total AUM year to date.

Retirement income spread-based earnings were $24 million, compared to $25 million in the prior year. Results in the prior year included a $6 million favorable unlocking of deferred acquisition costs (DAC) related to better-than-expected lapse experience. Results in the current quarter reflected improvements in investment income from limited partnerships and bond calls and higher mortality in the single premium immediate annuity product. Sales were $324 million versus $163 million in the prior year, driven by sales of reduced commission offerings to achieve targeted margins. Total spread-based AUM decreased slightly to $18.1 billion.

Retirement income fee-based earnings were $9 million, up from breakeven in the prior year. The increase is primarily attributable to improved equity market performance, which resulted in higher revenue and lower DAC amortization. Sales were $42 million versus $169 million in the prior year reflecting the decision in January of 2011 to discontinue sales of new individual and group variable annuities and only allow additions to existing contracts.

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International

Highlights

International

Net Operating Income (Loss)

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International earnings decreased 11 percent⁷ to $107 million primarily driven by the tax impacts of legislative changes in Australia and Canada. In the prior year quarter, Australia recorded lower taxes of $10 million and in the current quarter, Canada recorded higher taxes of $12 million as a result of these respective changes.

Canadian operating earnings decreased 38 percent⁷ from the prior year, primarily from a $12 million negative tax adjustment associated with an increase in the effective tax rate, resulting from legislation passed in June 2011 which will eliminate the Canadian government guarantee fund. The elimination of the guarantee fund is expected to increase the effective tax rate on the company’s GAAP earnings, as prior deductions for contributions to the fund lowered the effective tax rate on GAAP earnings. This new legislation will not change the current level of government guarantee provided on mortgages insured by MIC. The loss ratio in the quarter dropped to 33 percent, down from 38 percent in the first quarter. Flow NIW in Canada decreased 10 percent⁷ from the prior year reflecting a smaller mortgage origination market.

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The regulatory capital ratio in Canada at quarter end was 158 percent⁴. Genworth MI Canada, as part of its ongoing efforts to optimize its capital structure, repurchased CAD$160 million of its existing common shares. The company received net proceeds of $93 million and maintained its 57.5 percent ownership of Genworth MI Canada. GAAP book value for the Canada MI business was $2.6 billion at quarter end, of which $1.5 billion represented Genworth’s 57.5 percent ownership interest.

Australia operating earnings decreased 22 percent⁷ from the prior year due to higher taxes and increased delinquencies. The loss ratio increased six points to 48 percent reflecting continued economic impacts from flooding in Queensland earlier in 2011 together with the combined impacts of higher interest rates, increased living costs, and the strong Australian dollar pressuring certain consumers and small business owners. Flow NIW decreased three percent⁷ compared to the prior year primarily reflecting a smaller mortgage origination market and the slow return of some lenders to the high loan-to-value market.

The regulatory capital ratio in Australia at quarter end was 152 percent⁴. The ratio reflected the AUD$140 million Tier II debt issuance offset by a reduction in affiliate reinsurance. GAAP book value for Australia MI at quarter end was $2.1 billion.

Lifestyle protection earnings were $25 million, up $13 million from the prior year reflecting improved operating margins² associated with a 25 percent reduction in new claim registrations and continuing benefits from price and distribution contract changes implemented in 2009 and 2010, which together support achieving the total year target of a 300 basis point improvement in operating margin. Sales remained relatively stable reflecting overall consumer lending levels which remain below pre-recessionary levels and lower consumer spending.

The lifestyle protection regulatory capital ratio at quarter end was approximately 285 percent⁴.

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U.S. Mortgage Insurance

Highlights

U.S. MI had a $253 million net operating loss reflecting a reserve strengthening driven by continued aging of delinquent loans and a decline in cures.

The approximately $300 million reserve strengthening in the second quarter reflected approximately $100 million associated with worsening trends in recent experience and

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approximately $200 million in anticipated further deterioration in cure rates related to assumed continuation of market trends in an environment of ongoing weakness in the U.S. residential real estate market. U.S. MI results reflected a decline in cure rates during the quarter for delinquent loans and continued aging trends in the delinquent loan inventory. These trends were associated with a range of factors, including servicers’ slow-moving pipelines of mortgages in some stage of foreclosure and delinquent loans under consideration for loan modifications. Specifically, reduced cure rates were driven by lower borrower self-cures and lower levels of lender loan modifications outside of government-sponsored modification programs.

Total flow delinquencies declined two percent sequentially in the second quarter. New flow delinquencies continued to decline, down 18 percent from the prior year and 10 percent sequentially. The flow average reserve per delinquency increased sequentially to $29,200 from $25,400, with continued aging of existing delinquencies and the reserve strengthening. Net paid claims declined 14 percent from the prior year as the rate at which servicers are moving delinquent loans through the foreclosure to claim process slowed.

Loss mitigation activities resulted in $130 million of savings in the quarter, an increase from $122 million in the first quarter. Second quarter and year-to-date results are consistent with the company’s targeted full year loss mitigation benefit of $400 to $500 million.

Flow NIW declined 10 percent over the prior year and five percent sequentially reflecting a smaller mortgage origination market and continued strong market presence of the FHA. Flow persistency was flat at 86 percent 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 $500 million of insurance that is treated as a modification of the coverage on existing insurance in force rather than NIW.

As previously announced, the company is executing a non-cash intercompany transaction to provide capital support to the U.S. MI segment, which is targeted at new business. The company will transfer to U.S. MI a portion of its common shares of MIC with an estimated value of $375 million, currently held in a non-U.S. subsidiary in the International segment. This transfer does not reduce the company’s current 57.5 percent ownership of Genworth MI Canada.

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Additionally, Genworth Mortgage Insurance Corporation (GEMICO), the company’s primary mortgage insurance company, was granted waivers or other communications from 46 states that permit the company to continue writing new business while its risk-to-capital ratio exceeds 25.0:1. In the remaining states, new business continues to be written out of other legal entities unless waivers or other communications are obtained.

Including the capital transaction, which is subject to customary regulatory approval and will be effective in the second quarter on a statutory basis, the combined U.S. MI statutory risk-to-capital ratio is estimated to be 25.0:1⁴ at the end of the second quarter.

Investments

Investment performance continued to improve, with net investment income of $881 million, compared to $830 million in the first quarter. The core yield² was up sequentially to 4.7 percent.

Net income in the quarter included $22 million of net investment losses, net of tax and other adjustments. After-tax net investment losses were $26 million, which included $16 million of net other-than-temporary impairments.

Net unrealized investment gains were $236 million, net of tax and other items, as of June 30, 2011, compared with $29 million as of June 30, 2010 and unrealized losses of $37 million as of March 31, 2011. The fixed maturity securities portfolio had gross unrealized investment gains of $2.5 billion compared with $2.6 billion as of June 30, 2010 and gross unrealized investment losses of $1.3 billion compared with $2.3 billion as of June 30, 2010.

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Corporate and Other

Corporate and Other’s net operating loss was $77 million compared with $61 million in the prior year quarter driven primarily from higher taxes. On a pre-tax operating basis, the loss improved by $10 million year over year.

Holding Company

Genworth’s holding company ended the quarter with $667 million of cash and highly liquid securities, down $673 million sequentially, reflecting $548 million of debt maturities, including preferred stock. The company continues to expect $350 million in dividends from the International segment in 2011. The holding company targets to maintain cash balances equal to two times its annual debt service expense. The company has $222 million of debt maturities in 2012 and no debt maturities in 2013.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company with more than $100 billion in assets that is dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement — including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management — and mortgage insurance that helps consumers achieve homeownership while assisting lenders in managing their risk and capital.

Genworth has approximately 6,500 employees and 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 second 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 July 29, 2011 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 July 29 conference call is 888 318.7459 or 719 325.2342 (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 6361532, through August 12, 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) available to Genworth Financial, Inc.’s common stockholders. The company defines net operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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 net investment gains (losses) and infrequent or unusual non-operating 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 the company’s 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 the company’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) available to Genworth Financial, Inc.’s common stockholders if, in

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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) available to Genworth Financial, Inc.’s common stockholders in accordance with GAAP, the company believes that net operating income (loss) available to Genworth Financial, Inc.’s common stockholders and measures that are derived from or incorporate net operating income (loss) available to Genworth Financial, Inc.’s common stockholders, including net operating income (loss) available to Genworth Financial, Inc.’s common stockholders per common share on a basic and diluted basis, 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) available to Genworth Financial, Inc.’s common stockholders and net operating income (loss) available to Genworth Financial, Inc.’s common stockholders per common share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per common share on a basic and diluted basis determined in accordance with GAAP. In addition, the company’s definition of net operating income (loss) available to Genworth Financial, Inc.’s common stockholders may differ from the definitions used by other companies. There were no infrequent or unusual non-operating items excluded from net operating income (loss) available to Genworth Financial, Inc.’s common stockholders during the periods presented. 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) available to Genworth Financial, Inc.’s common stockholders for the three months ended June 30, 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.

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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 and term universal life insurance, linked-benefits, spread-based and variable products; (3) gross flows 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 the lifestyle protection insurance business; (5) new insurance written for mortgage insurance; and (6)

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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 company’s 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 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 a measure of the size of the business at a specific date which will generate revenues and profits in a future period, rather than a measure of the company’s revenues or profitability during that period.

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, claims curtailment and other loan workouts and claim mitigation actions. Estimated

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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:

kelly.groh@genworth.com

alfred.orendorff@genworth.com

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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 (Loss) to Net Income (Loss)

(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 Results⁸

Three months ended June 30, 2011

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Reconciliation of Core Yield to Reported Yield

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