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Genworth Sets Share Buyback Goal

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A large financial services company says it may repurchase less stock in 2007 than it repurchased this year.

The board of Genworth Financial Inc., Richmond, Va., has approved a program that could buy back up to $500 million in 2007.

This year, Genworth completed a similar program and bought back a total of $1 billion of common stock, the company says.

Genworth can decide as the year goes along whether to use up all $500 million in stock repurchasing program capacity, and it could vote to increase the repurchase limits of market conditions warrant buying back more stock.