Genworth Announces Strategic Review of MI

Genworth Financial Inc., Richmond, Va., has announced that it is examining strategic options regarding its U.S. mortgage insurance business, including a possible spinoff. The company also declared that its financial foundation is sound and its liquidity more than adequate. "We have demonstrated that, in the current stressed U.S. housing environment, our U.S. mortgage insurance business continues to operate from a more sound financial position and lower risk profile than any other U.S. mortgage insurer," said Michael D. Fraizer, chairman and chief executive officer. "At the same time, progress in our international, wealth management, retirement, life, and long-term care insurance businesses has been overshadowed by concerns about the future of U.S. mortgage insurance." Mr. Fraizer said Genworth's U.S. MI business is the only double-A rated mortgage insurer in the nation. Genworth can be found online at http://www.genworth.com.