Exhibit 99.1

Genworth Financial Announces Third Quarter 2011 Results

Retirement And Protection Earnings Up Eight Percent

U.S. Mortgage Insurance Benefits From Loss Mitigation And New Business

Announces Plans To Pursue Minority Share IPO Of Australia Mortgage Insurance

Richmond, VA (November 3, 2011) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the third quarter of 2011. The company reported net income¹ of $29 million, or $0.06 per diluted share, compared with net income of $83 million, or $0.17 per diluted share, in the third quarter of 2010. Net operating income² for the third quarter of 2011 was $104 million, or $0.21 per diluted share, compared with net operating income of $29 million, or $0.06 per diluted share, in the third quarter of 2010.

“Third quarter reported earnings reflected improvement in Retirement and Protection and consistent overall international performance, excluding tax items,” said Michael D. Fraizer, chairman and chief executive officer. “U.S. Mortgage Insurance losses declined due to good loss mitigation results, stability in the aging of loan delinquencies and higher levels of profitable new business. International capital generation remained strong while revenues slowed reflecting smaller origination markets. We continue to pursue and accelerate value-enhancing strategies to redeploy and optimize capital while maintaining appropriate risk buffers, including strategic management of new business levels and our plan to pursue a minority share IPO of our Australian mortgage insurance business.”

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Consolidated Net Income &

Net Operating Income

Investment losses, net of tax and other adjustments, were $60 million³ in the quarter compared to net investment gains of $54 million in the prior year.

Segment net operating income (loss) results are summarized in the table below:

Segment Net Operating Income (Loss)

Net operating income (loss) excludes net investment gains (losses) and other adjustments, net of taxes. 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.

Unless specifically noted, in the discussion of International results, 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 third quarter of 2011 was a favorable $14 million versus the prior year.

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Australia Mortgage Insurance IPO⁴

Genworth plans to pursue a minority initial public offering (IPO) of its Australian mortgage insurance business in the second quarter of 2012, subject to market conditions and regulatory review and approval. This move is part of a broader strategy to rebalance the business portfolio, support future growth opportunities for the Australian business with expanded access to the capital markets, maintain control positions of strategic mortgage insurance platforms in Australia and Canada, and together with other actions, free material capital for redeployment. The company anticipates selling up to 40 percent of its holdings, while maintaining a control position. In conjunction with this transaction, the company anticipates recording a tax charge in the fourth quarter of 2011 of up to $80 million related to the potential repatriation of earnings from this planned transaction.

Retirement and Protection

Highlights

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Retirement and Protection

Net Operating Income (Loss)

Sales

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Assets Under Management⁸

Retirement and Protection earnings increased eight percent to $120 million, compared with $111 million a year ago.

Life insurance earnings were $72 million, compared with $33 million in the prior year. Current quarter earnings reflect a $16 million after-tax gain related to selective repurchase of notes secured by non-recourse funding obligations and $14 million of improved in-force performance primarily driven by improved term life insurance persistency. Sales growth moderated and was flat sequentially as pricing was raised for some products given factors such as the low interest rates and the company chose not to follow certain competitors’ price reductions.

LTC earnings were $31 million, compared with $44 million in the prior year. Results in the current quarter reflect higher new claims and lower claim termination rates in older issued long term care insurance policies, partially offset by sound performance across the block of newer issued policies, as well as favorable valuation adjustments. The company is currently implementing a previously announced premium rate increase of approximately 18 percent on the majority of older issued policies. As of the end of this quarter, the company had received approvals for price increases in 38 states, which represent more than 60 percent of the targeted premiums. In August, the company introduced new individual long term care insurance offerings with prices 9 to 20 percent above the prices of previous offerings incorporating additional benefits which aid consumers while improving risk profiles. An acceleration of prior-generation product sales has been occurring as part of the transition to the new offering. Medicare Supplement earnings were $8 million in the quarter, up $4 million over the prior year. This is the last quarter that Medicare Supplement will be presented as part of the Retirement and Protection segment.

Wealth management earnings were $12 million, compared with $8 million in the prior year. The business continued to experience positive net flows of $446 million despite a challenging market as a result of fund offerings that are attractive in uncertain markets and investment in programs that support the advisor base. Assets under management (AUM) ended the quarter at $24.6 billion.

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Retirement income spread-based earnings were $20 million, compared to $16 million in the prior year. Results in the current quarter reflected strong investment income and favorable mortality in the single premium immediate annuity product line. Current quarter results included a $5 million unfavorable unlocking of deferred acquisition costs (DAC) primarily related to declining spreads. Sales in the quarter totaled $495 million primarily from opportunistic sales of reduced commission offerings to support targeted margins. Subsequent changes to interest crediting rates to further enhance margins and optimize capital deployment in the current low rate environment are expected to substantially decrease fixed annuity volume. Total spread-based AUM increased slightly sequentially to $18.4 billion.

Retirement income fee-based operating losses were $15 million, compared with $10 million of earnings the prior year. Variable annuity results were significantly impacted by declines and volatility in the equity markets, which accelerated DAC amortization, reduced variable annuity income and increased reserves. The company discontinued sales of new individual and group variable annuities in January 2011.

International

Highlights

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International

Net Operating Income (Loss)

Sales

Reported international earnings, including tax items, decreased nineteen percent to $98 million, compared with $121 million a year ago. Excluding the unfavorable Australian tax charge of $16 million in the current quarter and the prior year lifestyle protection tax benefit of $7 million, reported

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international earnings were flat compared to prior year. International earnings, excluding foreign exchange, decreased 31 percent⁹ compared to a year ago or 14 percent⁹ adjusting for the two tax items, primarily driven by slowing revenues associated with smaller market sizes, increased losses in certain regions of Canada and Australia and higher interest expense.

Canadian operating earnings decreased 18 percent⁹ from the prior year primarily from lower revenues, as larger in-force vintages gradually run-off, and increased losses in Alberta. The loss ratio in the quarter was 36 percent, up from 33 percent in the second quarter and increased five points from the prior year, driven by certain Alberta submarkets. Flow NIW in Canada decreased four percent⁹ year over year despite increased account penetration reflecting a smaller mortgage origination market.

At quarter end, the Canada MI business had a regulatory capital ratio of 161 percent⁶ and GAAP book value of $2.5 billion, of which $1.4 billion represented Genworth’s 57.5 percent ownership interest.

Excluding the unfavorable tax charge, Australia operating earnings decreased four percent⁹ from the prior year due to increased delinquencies. The loss ratio in the quarter was 48 percent, flat with the prior quarter and up 10 points over the prior year, reflecting ongoing economic impacts from flooding in Queensland earlier in 2011 and continued pressure on certain consumers and small business owners from the combined impacts of higher interest rates, increased living costs, currency valuation and lower consumer spending. Flow NIW decreased three percent⁹ compared to the prior year primarily reflecting share shifts among bank distributors.

At quarter end, the Australia MI business had a regulatory capital ratio of 157 percent⁶ and GAAP book value of $2.0 billion.

Other international mortgage insurance operating results decreased $8 million from the prior year from lower revenue, higher taxes and increased losses primarily relating to Ireland.

Excluding the prior year tax benefit, lifestyle protection earnings were up five percent⁹ from the prior year and flat sequentially as improved operating margins² associated with reductions in new claim registrations offset decreased revenues from lower new sales in smaller origination markets. Sales continue to be pressured by overall lower consumer lending and spending levels.

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At quarter end, the lifestyle protection business had a regulatory capital ratio of approximately 297 percent⁶ and GAAP book value of $1.3 billion.

U.S. Mortgage Insurance

Highlights

U.S. Mortgage Insurance

Primary Sales

U.S. MI had a $79 million net operating loss reflecting relatively stable delinquency aging, a seasonal increase in new delinquency development and flat sequential cures.

Total flow delinquencies decreased 11 percent from prior year but increased one percent sequentially. New flow delinquencies were down 14 percent from the prior year but increased 10 percent sequentially from normal seasonal increases. The flow average reserve per delinquency remained

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relatively flat sequentially at $28,800, down slightly from $29,200 in the second quarter driven by modest mix changes in new and existing delinquencies. Paid claims increased four percent from the prior year driven by a 28 percent decline in claim counts partially offset by a decline in captive benefits of $156 million. Sequentially, paid claims increased 24 percent as the captive paid claim benefit declined by $43 million and claim counts increased nine percent.

Loss mitigation activities associated primarily with loan modifications resulted in $168 million of savings in the quarter, an increase from $130 million in the second quarter.

Flow NIW increased 13 percent over the prior year and 42 percent sequentially reflecting the continued shift of the market presence of the FHA and fewer competitors. Flow persistency was flat at 86 percent on a sequential basis. The company’s market share is estimated to have increased on average from approximately 15 percent to 16 percent. In addition, the Home Affordable Refinance Program (HARP) accounted for about $571 million of insurance that is treated as a modification of the coverage on existing insurance in force rather than NIW.

The combined U.S. MI statutory risk-to-capital ratio is estimated to be 27.5:1⁶ at the end of the third quarter and 30.7:1⁶ for Genworth Mortgage Insurance Corporation (GEMICO), the company’s primary mortgage insurance company. GEMICO currently maintains waivers or other authorizations from 46 states that permit the company to continue writing new business while its risk-to-capital ratio exceeds 25.0:1. Additionally, the company has separately capitalized and licensed legal entities to write new business for states where waivers are not in place. Currently, three states are being written out of Genworth Residential Mortgage Assurance Corporation (GRMAC), a subsidiary of GEMICO.

Investments

Investment income declined, with net investment income of $842 million, compared to $881 million in the second quarter. The core yield² was unchanged sequentially at 4.7 percent.

Net income in the quarter included $60 million of net investment losses, which were net of tax and DAC amortization of $29 million, and also included a $15 million related change in the contingent purchase price valuation associated with an earnout payment related to the acquisition of Altegris in 2010. After-tax net investment losses were $88 million and primarily included:

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Net unrealized investment gains were $1.5 billion, net of tax and other items, as of September 30, 2011, compared with $587 million as of September 30, 2010 and $236 million as of June 30, 2011. The fixed maturity securities portfolio had gross unrealized investment gains of $4.9 billion compared with $3.7 billion as of September 30, 2010 and gross unrealized investment losses of $1.4 billion compared with $1.6 billion as of September 30, 2010.

Corporate and Other

Corporate and Other’s net operating loss was $35 million, compared with $51 million in the prior year quarter driven primarily from higher tax benefits. On a pre-tax operating basis, the loss increased by $18 million year over year.

Holding Company

Genworth’s holding company ended the quarter with $699 million of cash and highly liquid securities, up $32 million sequentially. The company continues to expect at least $350 million in dividends from the International segment on a full year basis. The holding company targets maintaining cash balances of at least two times its annual debt service expense. The company has $222 million of debt maturities in 2012 and no debt maturities in 2013.

Adoption of New Accounting Pronouncement

In October 2010, the FASB issued new accounting guidance related to accounting for costs associated with acquiring or renewing insurance contracts. This new accounting guidance will be effective on January 1, 2012. The company expects that this new guidance, when implemented, will reduce GAAP retained earnings and stockholders’ equity by approximately $1.3 billion to $1.6 billion, subject to other adjustments. When adopted in 2012, the company expects to defer fewer costs and record lower amortization resulting in decreased earnings, and the company plans to provide an update on the estimated impact on the earnings call for the fourth quarter. The implementation will have no impact on statutory surplus.

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About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company 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.

Conference Call and Financial Supplement Information

This press release and the third quarter 2011 financial supplement are now posted on the company’s website. Additional information regarding U.S. mortgage insurance and investments is also posted on the company’s website, http://investor.genworth.com. Investors are encouraged to review all of these materials.

Genworth will conduct a conference call on November 4, 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 November 4 conference call is 888 427.9376 or 719 325.2302 (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 4736400, through November 18, 2011.

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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 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

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net operating income (loss) of the company’s segments and Corporate and Other activities to net income available to Genworth Financial, Inc.’s common stockholders for the three months ended September 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.

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.

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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; and (5) new insurance written for mortgage insurance. 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,

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borrower loan modifications, repayment plans, lender- and borrower-titled presales, claims administration and other loan workouts. 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 loss mitigation activities 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 (Loss) 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 Results¹⁰

Three months ended September 30, 2011

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Reconciliation of Core Yield to Reported Yield

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