Genworth Financial Announces $350 Million Expansion of Existing Share Repurchase Program
31 Julho 2023 - 7:09PM
Business Wire
Genworth Financial, Inc. (NYSE: GNW) today announced that its
Board of Directors authorized the company to repurchase an
additional $350 million of shares of its Class A common stock under
its existing share repurchase program. As of July 31, 2023,
approximately 52 million shares of Class A common stock had been
acquired at an aggregate purchase price of approximately $264
million since the inception of the company’s share repurchase
program in May 2022. After increasing the authorization, and as of
July 31, 2023, an aggregate of approximately $436 million will be
available for purchase under the program.
“We are pleased to announce the expansion of our existing share
repurchase program by another $350 million, the same level of our
previous authorization. The Board’s decision to expand our share
repurchase plan reflects the transformative progress we have made
in recent years and the Board’s confidence in our strategy and our
future,” said Tom McInerney, Genworth President and CEO. “The
position of our balance sheet and continued strong performance by
our mortgage insurance subsidiary, Enact, gives us confidence in
our ongoing ability to generate free cash flow and return capital
to shareholders.”
Repurchases under the authorized program will be funded from
holding company capital, as well as future cash flow generation,
including expected future capital returns from Genworth’s ownership
in Enact Holdings, Inc.
Under the program, share repurchases may be made at the
company’s discretion from time to time in open market transactions,
privately negotiated transactions, or other means, including
through Rule 10b5-1 trading plans. The timing and number of shares
repurchased under the program will depend on a variety of factors,
including stock price, trading volume, and general business and
market conditions. The authorization has no expiration date and may
be modified, suspended, or terminated at any time.
About Genworth Financial Genworth Financial, Inc. (NYSE:
GNW) is a Fortune 500 company focused on empowering families to
navigate the aging journey with confidence, now and in the future.
Headquartered in Richmond, Virginia, Genworth provides guidance,
products, and services that help people understand their caregiving
options and fund their long-term care needs. Genworth is also the
parent company of publicly traded Enact Holdings, Inc. (Nasdaq:
ACT), a leading U.S. mortgage insurance provider. For more
information on Genworth, visit genworth.com, and for more
information on Enact Holdings, Inc. visit enactmi.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," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will," or words of similar meaning and include, but
are not limited to, statements regarding the outlook for future
business and financial performance of Genworth Financial, Inc.
(Genworth) and its consolidated subsidiaries. Examples of
forward-looking statements include statements Genworth makes
relating to share repurchases; future return of capital by Enact
Holdings, Inc., including share repurchases, and quarterly and
special dividends. 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, as well as risks discussed in the risk factor section of
Genworth’s Annual Report on Form 10-K, filed with the United States
Securities and Exchange Commission on February 28, 2023. Genworth
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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version on businesswire.com: https://www.businesswire.com/news/home/20230731874744/en/
Investors: Sarah E. Crews InvestorInfo@genworth.com
Media: Amy Rein Amy.Rein@genworth.com
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