Perhaps you own a Genworth Financial annuity or life insurance policy, or you have kept an eye on Genworth’s stock as it has risen to the Fortune 300 after spinning off from GE in 2004. Maybe you even saw Genworth featured on The Apprentice with Donald Trump and on NBC’s Treasure Hunters, or caught
a few of their ads featuring American centenarians — folks over 100 years old. Regardless of how it is recognized, Genworth has clearly established itself as a major player in the insurance and financial services sector and an increasingly visible household presence in homes around the world. At the close of last year, Genworth boasted $105 billion in assets and a net income of $1.2 billion for 2005. With offices in twenty-four countries, more than 7,000 employees, and upwards of 15 million customers, Genworth is making its mark.
What is lesser known about this burgeoning company is that, regardless of its focus on international growth and business prowess, Genworth spends considerable time and money giving back to its communities. Fortunately for the surrounding areas, Genworth’s headquarters, as well as its Long Term Care Insurance and Retirement Income and Investments businesses, reside in western Henrico County. Non-profit organizations around Richmond receive a sizeable amount of both financial and hands-on philanthropic investments from Genworth’s 1,500 Richmond-area employees and welcome its friendly corporate presence with open arms.
As reinforced in its 2005 Annual Review, the company holds steadfast to its four stated values: ingenuity, clarity, performance and heart. These values lend themselves nicely not only to building a successful business, but also to philanthropic involvement. Genworth employees have a role model in Chairman, President and CEO Michael D. Frazier, who leads the way in community contribution. According to Melissa Skottegaard, Genworth’s Community Relations Leader, “A lot of our associates see what he’s doing and say, ‘If he’s giving his time, I can too.’” In a recent letter to shareholders, Frazier says, “Genworth is all about the future — and the future is about serving key customer needs, delivering for shareholders, and being a responsible part of our communities.” Frazier emphasizes commitment to community as a top priority of his organization.
To further its efforts in supporting charitable causes, Genworth formed its very own team of two dedicated, community-minded individuals. Amy Robinson and Melissa Skottegaard work together to ensure that the company stays on track with its commitment to philanthropy. “We’re connected at the hip,” says Skottegaard of her partnership with Robinson. “We work together to tie volunteerism and grant-making to make a greater impact on the organizations we help.”
Shortly after the company’s founding, the Genworth Volunteers organization was started in 2005 to spur hands-on employee involvement. Robinson, Manager of Genworth Volunteers, works with each Genworth location to develop volunteerism strategies and determine the best use of associates’ volunteer time in the immediate area. “It’s important for each office to determine how they can best give back to their local community,” says Robinson. “Aside from various communities around the United States, some of our larger international volunteer efforts take place in Ireland, England, Mexico, Australia and Canada.” Whether it’s a Young Achievement business skills program for children in Australia or a Meals on Wheels delivery route here in Henrico, Robinson makes sure the effort aligns with one of Genworth’s three focus areas: supporting access to basic needs, enriching senior’s lives and providing educational opportunities for at-risk children.
Likewise, Skottegaard’s job as Community Relations Leader focuses upon charitable giving to support causes in these areas. She coordinates a variety of charitable events throughout the year and leads the Genworth Foundation. The foundation supports communities across the globe through charitable giving programs and events.
The Genworth Foundation Board of Directors currently has nine members, seven domestic and two European participants who rotate terms every two to three years. All board members hail from different parts of the organization, representing a cross section of the company as a whole. Last year, the foundation provided funds for 85 organizations around the world. The foundation also encourages personal giving by matching employees’ financial gifts to a myriad of organizations and educational institutions.
Most notably, Genworth has a long-term partnership with the Alzheimer’s Association, committing to a five-year agreement involving $7.5 million in financial support to raise awareness of the disease and support research for finding a cure. “We selected this cause because seniors are a primary focus for us, and we wanted to get involved with the organization in a compelling way that had impact,” says Skottegaard. “I can’t think of anyone who hasn’t somehow been impacted by this disease.” In addition, Genworth sponsors more than 600 annual Memory Walks, the national signature event of the Alzheimer’s Association. At Memory Walks, droves of walkers sport blue Genworth T-shirts. A local Memory Walk was held on October 7, 2006, at the Innsbrook office complex in Glen Allen.
One of the most exciting local charity events last year was the Genworth Children’s Advantage Classic, which supports charities for at-risk youth in the Richmond area. The inaugural event in 2005 saw a sold-out crowd of six thousand people packing VCU’s Siegal Center. The excitement was palpable as tennis greats Andre Agassi and Steffi Graf — both celebrity endorsers for Genworth — Andy Roddick, and Anna Kournikova took to the court. They played a spirited mixed-doubles match, and then Roddick and Agassi duked it out in a singles match.
The real winners for the day, however, were two local charities: William Byrd Community House and Lobs and Lessons. According to one 2005 participant, 11-year-old Aaron, “We are learning a lot about tennis, and it was cool that the players came to Richmond to help raise money for our after-school programs. I hope that we get to keep playing tennis so if Andre comes back, I can show him what I have learned.” Genworth hopes that more children like Aaron will get a chance to experience the thrill of meeting tennis icons and learning to keep their eyes on the ball.
This year, the Children’s Advantage Classic returns, supporting a whopping nine charities: William Byrd Community House, Boys & Girls Clubs of Metro Richmond, Stop Child Abuse Now (SCAN), Big Brothers Big Sisters, the YMCA of Greater Richmond’s Bright Beginnings program, Comfort Zone Camp, the Richmond Ballet’s Minds in Motion, the Science Museum of Virginia’s Career Ladder, and FRIENDS Association for Children. On September 8, each charity found out about its participation in the event Publisher’s Clearing House-style when a Genworth van arrived with balloons, smiling faces, and good news. This year’s event, to be held on December 8 at VCU’s Siegal Center, will feature A-list players Andre Agassi, Steffi Graf, James Blake, and Lindsay Davenport. “Every dollar from ticket sales will go to these charities. That’s really special for us,” says Skottegaard. It will be special for the charities, too, when they evenly share 100 percent of the proceeds from the half-million-dollar event.
Aside from large-scale, flashy events, Genworth also helps in small, subtle ways. Genworth does not mandate participation in volunteer activities. All employees have to do is present an opportunity. To encourage participation, an intranet site informs Genworth employees of upcoming volunteer programs, and nearly all volunteer programs occur during regular business hours. According to Robinson, “By summer 2006, our associates had already devoted ten thousand hours of volunteer time. That’s how many hours we totaled for the entire year in 2005.”
Sandy Creed, a Database Administrator with Genworth, is a great example of an associate devoting her time to volunteerism. She coordinates and participates in Genworth Volunteers’ Meals on Wheels program, which dispatches teams of associates to deliver meals to the elderly in the Greater Richmond area. Creed explains, “Genworth has at least one team delivering [meals] each work day, and many days we have two or three teams. My role as coordinator has allowed me to see the best in a large number of associates here at Genworth. My network is ever-growing.” Volunteer managers constantly encourage participation as a means of team-building and personal development.
So what does the future hold for community-conscious Genworth? Skottegaard and Robinson share excitement about an upcoming program tentatively referred to as “Dollars for Doers.” This program will involve Genworth donating money for volunteer hours its employees spend at non-profit organizations of their choice. They hope the company’s financial support will encourage employees to volunteer and stay involved with philanthropies.
As Genworth forges ahead with building its business, we can expect to see even more philanthropic involvement. “We’ve only just begun. In the last year alone, we made tremendous progress,” says Skottegaard with an enthusiastic smile. “Who knows what kind of impact we’ll have in the future?” With all Genworth has accomplished within a mere two years of being a publicly traded company, it is certain that the best is yet to come.
