RICHMOND, Va., Sept. 14, 2017 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today announced that the Virginia State
Corporation Commission, Bureau of Insurance, approved the proposed acquisition of control by Oceanwide of Genworth's Virginia-domiciled insurance companies, Genworth Life and Annuity Insurance Company and Jamestown Life
Insurance Company, as contemplated under the merger agreement entered into by Genworth and Oceanwide on Oct. 21, 2016.
The Virginia Bureau of Insurance's approval is conditioned on (i) the completion of the merger transaction on the terms and
conditions as set forth in the merger agreement; (ii) receipt of all other required regulatory approvals; and (iii) the continued
protection of, and limited access to, certain personally identifiable information held by Genworth. In addition to approval
by the Virginia Bureau of Insurance, the closing of the proposed merger transaction also remains subject to other conditions,
including clearance by the Committee on Foreign Investment in the United States (CFIUS) and
receipt of other required regulatory approvals in the U.S., China and other international jurisdictions.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve
the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance
and long term care insurance. Headquartered in Richmond, Virginia, Genworth 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. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their
operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
About Oceanwide
Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang.
Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include
operations in financial services, energy, culture and media, and real estate assets globally, including in the United States.
Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd.
and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China
Oceanwide International Financial Ltd, (formerly known as Quam Limited); the privately-held Minsheng Securities, Minsheng Trust,
and Asia Pacific Property & Casualty Insurance; and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong
Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments
in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally.
Cautionary Note Regarding Forward-Looking Statements
This communication includes certain statements that may constitute "forward-looking statements" within the meaning of
the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. 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 from those in the forward-looking
statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i)
the risk that the proposed merger with Oceanwide may not be completed in a timely manner or at all, which may adversely affect
Genworth's business and the price of Genworth's common stock; (ii) the ability of the parties to obtain regulatory approvals, or
the possibility that regulatory approvals may further delay the transaction or will not be received prior to November 30, 2017 (and either or both of the parties may not be willing to further waive their end date
termination rights beyond November 30, 2017) or that materially burdensome or adverse regulatory
conditions may be imposed in connection with any such regulatory approvals (including those conditions that either or both of the
parties may be unwilling to accept); (iii) the risk that a condition to closing of the transaction may not be satisfied; (iv)
potential legal proceedings that may be instituted against Genworth in connection with the transaction; (v) the risk that the
proposed transaction disrupts Genworth's current plans and operations as a result of the consummation of the transaction; (vi)
potential adverse reactions or changes to Genworth's business relationships with clients, employees, suppliers or other parties
or other business uncertainties during the pendency of the transaction, including but not limited to such changes that could
affect Genworth's financial performance; (vii) certain restrictions during the pendency of the transaction that may impact
Genworth's ability to pursue certain business opportunities or strategic transactions; (viii) continued availability of capital
and financing to Genworth before the consummation of the transaction; (ix) further rating agency actions and downgrades in
Genworth's financial strength ratings; (x) changes in applicable laws or regulations; (xi) Genworth's ability to recognize the
anticipated benefits of the transaction; (xii) the amount of the costs, fees, expenses and other charges related to the
transaction; (xiii) the risks related to diverting management's attention from Genworth's ongoing business operations; (xiv) the
impact of changes in interest rates and political instability; and (xv) other risks and uncertainties described in the Definitive
Proxy Statement, filed with the SEC on January 25, 2017, and Genworth's Annual Report on Form 10-K,
filed with the SEC on February 27, 2017. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with
those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on
Genworth's consolidated financial condition, results of operations, credit rating or liquidity. Accordingly, forward-looking
statements should not be relied upon as representing Genworth's views as of any subsequent date, and Genworth does not undertake
any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as
a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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SOURCE Genworth Financial, Inc.