Genworth Financial Announces Departure of Jim Boyle

RICHMOND, Va., July 29, 2014 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that James R. Boyle, the company's executive vice president and chief executive officer of its U.S. Life Insurance Division, is leaving Genworth. He has accepted the position of Chairman at HealthFleet, Inc., a healthcare technology company.  Tom McInerney, Genworth president and chief executive officer (CEO), will also serve as CEO of the U.S. Life Insurance Division effective immediately.

"On behalf of the Board and the employees of Genworth, I'd like to thank Jim for his thoughtful and steadfast leadership since joining the company and wish him well," said Tom McInerney.  "Under his leadership, the U.S. Life Insurance Division made continued progress on its turnaround plan, including improving the focus on our distribution efforts and product development. The U.S. Life Insurance team remains focused on driving further improvement across its businesses." 

McInerney added, "I have been working closely with Jim and his team on developing the new Genworth LTC business model, as well as working with government leaders and regulators to change the regulatory framework for the LTC Insurance market. Therefore, the Board and I believe it makes sense for me to assume the additional role of CEO of the U.S. Life division at this time."

About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in long term care insurance and mortgage insurance and competitive offerings in life insurance and fixed annuities that assist consumers in solving their insurance, retirement and home ownership needs.

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. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. (TSX: MIC) and Genworth Mortgage Insurance Australia Limited (ASX: GMA), separately release financial and other information about their operations. This information can be found at http://www.genworth.com.au and http://genworth.ca.

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.  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.