genworth financial inc-cl a (GNW) Snapshot

Genworth Financial Inc. announced the expansion of its family of SecureLiving(R) Fixed Index Annuities to include a five-year, single premium, fixed deferred annuity with a 4% guaranteed minimum accumulation value. As a fixed annuity, the contract value is protected against downturns in the S&P 500(R) Index, meaning that all premium and interest credited can never be lost due to index decline. SecureLiving Index 5 goes one step further and guarantees 104% of the premium at the end of the surrender charge period, less adjustments for withdrawals, even if there is an extended down market. This important benefit is included in every contract at no additional cost. Beginning in the second year, contract owners may withdraw up to 10% of the contract value each year without incurring a surrender charge or market value adjustment. As an added measure of security, a bailout provision allows the annuity owner to withdraw the entire contract value of the annuity, without penalty, if the declared annual cap on the annual cap strategy falls below the contract's bailout cap. The bailout cap is declared at contract issue and will not change during the life of the contract. SecureLiving(R) Index 5 has six interest-crediting strategies: two fixed rate options and four index crediting rate options, including Genworth's patent-pending CapMax(SM) interest crediting methodology. Available exclusively on Genworth's SecureLiving(R) Index Annuities, the CapMax option provides the potential for the contract value to grow more quickly than with traditional index crediting methods in years of consecutive positive index growth. Each year, SecureLiving Index annuity contract owners can change their strategy allocations.

Genworth Financial Inc. announced an expense reduction plan as it continues to work on improving the operating performance of its businesses. This plan will eliminate approximately 400 positions, including 150 open positions that will not be filled, and will reduce related information technology and program spend. When fully implemented, the company expects to realize approximately $80 to $90 million in annual pre-tax expense savings primarily related to these actions. Overall expense levels may vary for a variety of reasons, including changes in sales volume or other strategic actions the company may take. A pre-tax non-operating charge of approximately $15 to $20 million will be recorded in the second quarter of 2013 reflecting severance, outplacement and other associated costs.

Genworth Financial Inc. announced the launch of its Index Universal Life (IUL) insurance product, which combines a death benefit with tax-deferred cash accumulation and an optional Accelerated Benefit Rider for Long Term Care Services. Genworth developed its new Asset Builder IUL in response to consumers' demand for life insurance that is flexible enough to meet multiple needs in a single product. It also addresses consumers' desire for more growth potential than is currently available with traditional fixed life insurance products and less risk than variable universal life insurance. The result was an index UL insurance product that combines a death benefit for beneficiaries with: The opportunity for greater policy value growth by linking the crediting strategy with the S&P 500(R) Index. Protection from market downside: Even if the percentage change in the S&P 500(R) Index is negative, the minimum crediting rate is 0%. Monthly charges and fees will continue regardless of the crediting rate and will reduce policy value. Optional Accelerated Benefit Rider for Long Term Care Services, available at an additional cost.