Genworth expands share repurchase program by $350M

Genworth’s board authorized the company to repurchase an additional $350M of shares of its Class A common stock under its existing share repurchase program. As of July 31, 2023, approximately 52 million shares of Class A common stock had been acquired at an aggregate purchase price of approximately $264M since the inception of the company’s share repurchase program in May 2022. After increasing the authorization, and as of July 31, 2023, an aggregate of approximately $436M will be available for purchase under the program. Repurchases under the authorized program will be funded from holding company capital, as well as future cash flow generation, including expected future capital returns from Genworth’s ownership in Enact Holdings.