RICHMOND, Va., Oct. 21, 2013 /PRNewswire/ -- Genworth Financial, Inc. (NYSE:GNW) today announced that Patrick B. Kelleher, the company's executive vice president and chief executive officer of the U.S. Life Insurance division, is leaving Genworth effective December 31, 2013. Tom McInerney, Genworth president and chief executive officer, will work closely with Pat to transition responsibilities and will serve as CEO for the U.S. Life Insurance division in the interim, until a search is conducted and a replacement named to fill the role.

"On behalf of the Board and the employees at Genworth, I'd like to thank Pat for his dedication to Genworth and valuable contributions over the years and wish him well for the future," said Tom McInerney, president and chief executive officer. "Under Pat's leadership as CFO during the financial crisis and more recently as chief executive officer of the U.S. Life Insurance division, Genworth has made progress building financial flexibility, improving capital ratios, and repositioning the long term care insurance business--through important steps such as implementing appropriate levels of rate actions on our in-force business. We remain on track to achieve the 2013 goals and milestones for the U.S. Life Insurance division set out earlier this year and feel good about the strategic progress, financial position, and performance of the business, enabling a transition to a more significant business development and distribution focus."

About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company 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, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.

Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. 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.

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, but not limited to, the following:


    --  Risks relating to the company's businesses, including downturns and
        volatility in global economies and equity and credit markets; downgrades
        or potential downgrades in the company's financial strength or credit
        ratings; interest rate fluctuations and levels; adverse capital and
        credit market conditions; the valuation of fixed maturity, equity and
        trading securities; defaults, downgrades or other events impacting the
        value of the company's fixed maturity securities portfolio; defaults on
        the company's commercial mortgage loans or the mortgage loans underlying
        our investments in commercial mortgage-backed securities and volatility
        in performance; goodwill impairments; defaults by counterparties to
        reinsurance arrangements or derivative instruments; an adverse change in
        risk-based capital and other regulatory requirements; insufficiency of
        reserves and required increases to reserve liabilities; legal
        constraints on dividend distributions by the company's subsidiaries;
        competition; availability, affordability and adequacy of reinsurance;
        loss of key distribution partners; regulatory restrictions on the
        company's operations and changes in applicable laws and regulations;
        legal or regulatory investigations or actions; the failure of or any
        compromise of the security of our computer systems and confidential
        information contained therein; the occurrence of natural or man-made
        disasters or a pandemic; the effect of the enactment of the Dodd-Frank
        Wall Street Reform and Consumer Protection Act; changes in accounting
        and reporting standards issued by the Financial Accounting Standards
        Board or other standard-setting bodies and insurance regulators;
        impairments of or valuation allowances against the company's deferred
        tax assets; changes in expected morbidity or mortality rates;
        accelerated amortization of deferred acquisition costs and present value
        of future profits; ability to increase premiums on certain in-force and
        future long-term care insurance products by enough or quickly enough,
        including the current rate actions and any future rate actions; medical
        advances, such as genetic research and diagnostic imaging, and related
        legislation; unexpected changes in persistency rates; ability to
        continue to implement actions to mitigate the impact of statutory
        reserve requirements; the failure of demand for long-term care insurance
        to increase; political and economic instability or changes in government
        policies; fluctuations in foreign exchange rates and international
        securities markets; unexpected changes in unemployment rates; unexpected
        increases in international mortgage insurance default rates or severity
        of defaults; the significant portion of high loan-to-value insured
        international mortgage loans which generally result in more and larger
        claims than lower loan-to-value ratios; competition with
        government-owned and government-sponsored enterprises (GSEs) offering
        mortgage insurance; changes in international regulations reducing demand
        for mortgage insurance; increases in U.S. mortgage insurance default
        rates; failure to meet, or have waived to the extent needed, the minimum
        statutory capital requirements and hazardous financial condition
        standards; uncertain results of continued investigations of insured U.S.
        mortgage loans; possible rescissions of coverage and the results of
        objections to the company's rescissions; the extent to which loan
        modifications and other similar programs may provide benefits to the
        company; unexpected changes in unemployment and underemployment rates in
        the United States; further deterioration in economic conditions or a
        further decline in home prices in the United States; problems associated
        with foreclosure process defects in the United States that may defer
        claim payments; changes to the role or structure of Federal National
        Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage
        Corporation (Freddie Mac); competition with government-owned and
        government-sponsored enterprises offering U.S. mortgage insurance;
        changes in regulations that affect the company's U.S. mortgage insurance
        business; the influence of Fannie Mae, Freddie Mac and a small number of
        large mortgage lenders and investors; decreases in the volume of high
        loan-to-value mortgage originations or increases in mortgage insurance
        cancellations in the United States; increases in the use of alternatives
        to private mortgage insurance in the United States and reductions by
        lenders in the level of coverage they select; the impact of the use of
        reinsurance with reinsurance companies affiliated with the company's
        U.S. mortgage lending customers; legal actions under the Real Estate
        Settlement Procedures Act of 1974 (RESPA); potential liabilities in
        connection with the company's U.S. contract underwriting services; and
        the impact on the statutory capital and risk-to-capital ratios of the
        U.S. mortgage insurance business from variations in the valuation of
        affiliate investments;
    --  Other risks, including the risk that the company's strategy may not be
        successfully implemented; the company's Capital Plan may not achieve its
        anticipated benefits; adverse market or other conditions might delay or
        impede the minority sale of the company's mortgage insurance business in
        Australia; the possibility that in certain circumstances we will be
        obligated to make payments to General Electric Company (GE) under the
        tax matters agreement with GE even if the company's corresponding tax
        savings are never realized and payments could be accelerated in the
        event of certain changes in control; provisions of our certificate of
        incorporation and bylaws and the tax matters agreement with GE may
        discourage takeover attempts and business combinations that stockholders
        might consider in their best interests; and the impact of the expense
        reduction announced on June 6, 2013 is not as anticipated and the
        company may lose key personnel related to actions like this as well as
        general uncertainty in the timing of the company's turnaround; and
    --  Risks relating to the company's common stock, including the suspension
        of dividends and stock price fluctuations.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

SOURCE Genworth Financial, Inc.