A large financial services company says it has set aside more cash for investing in its own shares.

Genworth Financial Inc., Richmond, Va., says its board has approved spending up to $600 million in additional funds on buying back shares of Genworth common stock in 2007, increasing the total share repurchase authorization for 2007 to $1.1 billion.

One role of the increase is to mitigate the effects of stock purchase contracts associated with the company’s equity units, Genworth says.

The units are set to settle May 16, Genworth says.