Genworth Financial announces up to $350M stock buyback program

• Genworth Financial announced a new share repurchase program, allowing for the buyback of up to $350 million of its common stock.

• Following the announcement, the stock price slightly declined by 0.46% to $8.66 in after-hours trading.

• The company can execute the buybacks through various methods at its discretion, complementing an existing buyback program with $16 million left from a $700 million authorization.

• The new repurchase program will be funded using the company's cash reserves.

Recommended Rating: Strong Buyback Initiative

Genworth Financial (NYSE: GNW) revealed on Thursday its plans to initiate a new share repurchase program, with an allocation to repurchase up to $350 million of its outstanding common stock.

In after-hours trading, shares experienced a slight decline of 0.46%, settling at $8.66.

The company will have the flexibility to execute these buybacks at its discretion, utilizing various methods including open market transactions, privately negotiated deals, or other approaches.

This latest authorization from the board complements the existing stock buyback program valued at $700 million, which currently has $16 million remaining as of September 17.

The repurchases under this newly approved program will be financed through cash reserves held by the company.