Genworth Financial today announced the appointments of William C. Goings as president of its U.S.-based Life Insurance business and Robert Brannock as president of its Payment Protection business based in London. Life and Payment Protection are part of Genworth's Protection Segment.
In the past year, George Zippel, served in the dual roles of president and chief executive officer of Genworth's Protection Segment and leader of its life insurance business. Goings' appointment enables Zippel to focus solely on his role as Protection Segment leader. Genworth's Protection Segment offers a diverse line of insurance protection products, including life, long term care and small group benefits that provide a "financial safety net" to consumers, families and businesses.
"These changes underscore our commitment to growth and expanding market share by capitalizing on the proven strengths our leadership team," said Michael D. Fraizer, chairman and chief executive officer of Genworth. "Further, they enable George Zippel to focus his full attention on growing the Protection Segment through new product development, distribution expansion and technology-enabled service."
In his new role, Goings brings exceptional leadership skills following four years heading the European Payment Protection business. In this role, Goings was instrumental in meeting the needs of the European consumer lending market and delivering steady growth for Genworth. Under his leadership, Goings succeeded in expanding Genworth investment in our people, processes and technology to strengthen the business, and grow distribution relationships across many new countries in Europe. This experience ideally positions Goings to drive core growth and build new markets for our Life business.
Goings holds a bachelor's degree from Morehouse College and a master's degree in business from the Kellogg Graduate School of Management at Northwestern University.
Genworth is a leading provider of term life insurance, and also offers a diverse portfolio of universal life products. The Lynchburg, Virginia-based life insurance operations generated 23 percent of the company's $1.04 billion in operating earnings in 2004.
Brannock will succeed Goings as president of the Payment Protection business, which helps consumers meet their payment obligations on outstanding financial commitments, such as mortgages and personal loans. Prior to his new role, Brannock was head of sales and marketing for Payment Protection, and delivered significant sales growth across Europe.
Payment Protection now has more than 200 distribution relationships with leading European financial institutions. Brannock has 25 years of financial services experience in the areas of sales, operations, information technology, quality and acquisition integration.
Brannock studied business administration (ACIS) at Rathmines College of Commerce in Dublin, earning membership in 1984.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 due to global political, economic, business, competitive, market, regulatory and other factors, including the following:
* Risks relating to the company's businesses, including interest rate fluctuations, downturns and volatility in equity markets, defaults in portfolio securities, downgrades in the company's financial strength and credit ratings, unexpected changes in mortality and morbidity rates, accelerated amortization of deferred acquisition costs and present value of future profits, impairment of the value of goodwill, failure of demand for long-term care insurance to increase as expected, decreases in the volume of mortgage originations, increases in mortgage insurance cancellations, increases in the use of captive reinsurance in the mortgage insurance market, the influence of large mortgage lenders and investors, foreign exchange rate fluctuations, insufficiency of reserves, legal constraints on dividend distributions by subsidiaries, illiquid investments, competition, inability to attract or retain independent sales intermediaries and dedicated sales specialists, defaults by counterparties, regulatory restrictions on the company's operations, changes in applicable laws and regulations, legal or regulatory actions or investigations and increased regulatory scrutiny into some aspects of the company's operations, political or economic instability and the threat of terrorism; and
* Risks relating to the company's separation from GE, including the loss of benefits associated with GE's brand and reputation, the company's need to establish the new Genworth brand identity quickly and effectively, the company's inability to present financial information in SEC filings that accurately represents the results the company would have achieved as a stand- alone company, the possibility that the company will not be able to replace services previously provided by GE on comparable terms, uncertainty of amounts and timing of payments that the company has agreed to make to GE under the company's Tax Matters Agreement and other matters relating to that agreement, potential conflicts of interest with GE and GE's engaging in the same type of business as the company does in the future.
The company undertakes no obligation to publicly update any forward- looking statement, whether as a result of new information, future developments or otherwise.
About Genworth Financial
SOURCE: Genworth Financial
CONTACT: Neal McGarity of Genworth Financial, +1-804-662-2534, or
Web site: http://www.genworth.com/