Genworth OKs $1 Billion Stock Buyback

Genworth Financial Inc.'s board approved a plan to buy back $1 billion in stock by the end of 2009, the insurer said Friday.

The company expects to buy back about half of the stock by the end of 2008.
Genworth said the timing of the purchases will depend on market conditions. After buying the stock, the company will either use it for corporate purposes or retire it.

Shares of Genworth rose $1.66, or 6.8 percent, to $26.24 Friday. The stock has traded in a 52-week range of $23.26 to $37.16.

Source: Associated Press