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GNW » Topics » Capital Redeployment

This excerpt taken from the GNW 8-K filed Jul 27, 2006.

Capital Redeployment

 

  •   Genworth signed an agreement to acquire AssetMark Investment Services Inc., a leading provider of open architecture asset management solutions to independent financial advisors, for approximately $230 million with additional performance-based payments. The transaction is expected to close by year-end. In addition the company completed the $145 million acquisition of Continental Life Insurance Company, a Medicare supplement provider, and the purchase in July of an Australian mortgage insurance block for $80 million net of a post closing dividend.

 

  •   Genworth repurchased approximately $74 million of stock during the second quarter bringing the total value of shares repurchased in 2006 through June to $553 million of an announced $750 million program.

During the quarter, Genworth launched a new brand advertising campaign celebrating the lives of centenarians, which is detailed at www.genworth.com/100. Additionally, Genworth is a lead sponsor of the NBC summer reality series, Treasure Hunters, and is the title sponsor of the Genworth Financial Treasure Challenge, an online companion game that can be played at www.NBC.com.

On July 20, Barrett A. Toan, recently retired chairman of Express Scripts, Inc., was elected to Genworth’s board of directors, bringing the total number of independent directors to seven of the nine board members.

 

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