Genworth Financial Announces Increase to Share Buyback Plan

Genworth Financial, a leading financial corporation, has announced that its board of directors has approved a substantial increase to their existing share buyback plan. The board's decision will result in a $350 million expansion, bringing the total value of the program to approximately $436 million.

Since the implementation of the share repurchase program in May 2022 until July 31st, Genworth Financial has successfully repurchased approximately 52 million shares, with a total purchase price of around $264 million.

Tom McInerney, President and Chief Executive Officer of Genworth Financial, expressed his enthusiasm regarding the expansion of the share repurchase plan. He stated, "The board's decision to expand our share repurchase plan reflects the transformative progress we have made in recent years and the board's confidence in our strategy and our future."

Genworth Financial currently holds a market capitalization of $2.72 billion, with approximately 477.95 million shares outstanding and a public float of 470.61 million shares.

Following this announcement, Genworth Financial's stock experienced a 2.8% gain during Monday's regular trading session, closing at $5.86 per share. After trading hours, the stock remained relatively stable.