Genworth Financial Inc · NYSE:GNW
Genworth Financial — Shareholder Meeting (May 2022)
28 slides from Genworth Financial's shareholder meeting presentation, May 2022
Slide 1: 2022 Annual Meeting of Stockholders
2022 Annual Meeting of Stockholders May 2022 1
Slide 2: Today's speakers
Today’s speakers Melina E. Higgins Karen E. Dyson Thomas J. McInerney Director and Non-Executive Director and Chair of the Management President & Chair of the Board Development and Compensation Chief Executive Officer Committee Michael McCullough Amy Rein Corporate Secretary VP, Integrated Communica
Slide 3: Director nominees
Director nominees G. Kent Conrad Karen E. Dyson Jill R. Goodman Melina E. Higgins Thomas J. McInerney Howard D. Mills, III Robert P. Restrepo Jr. Elaine A. Sarsynski Ramsey D. Smith 3
Slide 4: Agenda
AGENDA Call the meeting to order Management presentation Proposals & discussion a. Proposal No. 1 – Election of Directors b. Proposal No. 2 – Advisory vote to approve Named Executive Officer compensation c. Proposal No. 3 – Ratification of the selection of KPMG LLP as the independent registered publ
Slide 5: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements This communication contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "int
Slide 6: Annual meeting duly called & quorum present
Annual meeting duly called & quorum present ✓ Notice requirements satisfied ✓ March 21, 2022 record date ✓ Affidavit of mailing attesting to distribution of the 2022 meeting notice, the proxy statement and the 2021 annual report to stockholders ✓ Quorum of shares of Genworth’s Class A common stock o
Slide 7: 2022 Annual Meeting of Stockholders
2022 Annual Meeting of Stockholders May 2022 7
Slide 8: Significant progress on strategic priorities
Significant progress on strategic priorities Achieve economic breakeven/ Reduce parent holding company stabilize legacy long-term care debt to ~$1 billion insurance (LTC) block Maximize the value of Enact to Advance Global Care Solutions Genworth shareholders initiatives Return capital to shareholde
Slide 9: Board of Directors / Director nominees
Board of Directors / Director nominees G. Kent Conrad Karen E. Dyson Jill R. Goodman Melina E. Higgins Thomas J. McInerney December 2020 March 2021 Howard D. Mills, III Robert P. Restrepo Jr. Elaine A. Sarsynski Ramsey D. Smith March 2021 March 2022 March 2021 9
Slide 10: Thanks & appreciation
Thanks & appreciation Director since December 2016 Member of Risk Committee since January 2017; chair since May 2021 Member of Audit Committee since March 2017 Debra has provided extraordinary Debra J. Perry service to Genworth during her tenure, bringing to bear her corporate governance, financial,
Slide 11: 2022 Annual Meeting of Stockholders
2022 Annual Meeting of Stockholders May 2022 11
Slide 12: Delivered strong financial performance in 2021
Delivered strong financial performance in 2021 Net income $(M) Adjusted operating income1 $(M) 904 765 ~400% ~150% CAGR CAGR 355 343 310 178 149 131 2019 2 2020 2 2021 1Q22 2019 2 20202 2021 1Q22 1 Non-GAAP measure, see Appendix for additional information 2 Re-presented for sale of Genworth Mortgage
Slide 13: 74% reduction in parent holding company debt since 2013
74% reduction in parent holding company1 debt since 2013, as of March 31, 2022 Debt reduction since 2013 ($Billion) 4.2 (3.1)2 Debt maturities 2066 hybrid 0.6 2034 notes 1.1 0.3 0.2 2024 notes 1/1/2013 Debt retirement 3/31/2022 Debt outstanding Debt outstanding 1 Debt at Genworth Holdings, Inc. (the
Slide 14: LTC Multi-Year Rate Action Progress
LTC Multi-Year Rate Action Progress Estimated impact to adjusted operating income (loss)3,4 ($Million) Net present value (NPV) achieved 1,153 $20.4B cumulative NPV1 943 941 $403M premium $2.3B NPV of approved2 in 2021 approvals in 2021 304 $101M premium $800M NPV of approved2 in 1Q22 approvals in 1Q
Slide 15: Returning capital to shareholders
Returning capital to shareholders — Announced $350 million share repurchase program on May 2, 2022 — As of May 13, 2022, have deployed $15 million to buy back shares 15
Slide 16: Advancing Global Care Solutions initiatives
Advancing Global Care Solutions initiatives Solutions that help families: — navigate caregiving options, — protect and grow their retirement income to cover care expenses, and — prepare for the challenges that come with aging 16
Slide 17: 2022 Annual Meeting of Stockholders
2022 Annual Meeting of Stockholders May 2022 17
Slide 18: Proposals to be voted on
Proposals to be voted on To elect the nine nominees named in the Proxy Statement as Directors Proposal 1 for the ensuing year Proposal 2 To approve, on an advisory basis, the compensation of our Named Executive Officers Proposal 3 To ratify the selection of KPMG LLP as our independent registered pub
Slide 19: Opening of the polls & proposal-related questions
Opening of the polls & proposal-related questions Opening of the polls/voting — Stockholders as of March 21, 2022, or their duly authorized proxies can vote electronically on virtual site until the polls are closed — If you have already voted, you do not need to vote today unless you would like to c
Slide 20: Questions & answers related to the proposals
Questions & answers related to the proposals Melina E. Higgins Karen E. Dyson Thomas J. McInerney Director and Non-Executive Director and Chair of the Management President & Chief Executive Chair of the Board Development and Compensation Officer Committee Moderator Amy Rein VP, Integrated Communicat
Slide 21: Closing of the polls, voting results & adjournment
Closing of the polls, voting results & adjournment Closing of the polls — Votes or proxies, or any changes or revocations, submitted after the closing of the polls will not be accepted Preliminary results of voting Adjournment of the formal portion of the 2022 Annual Meeting of Stockholders General
Slide 22: General questions & answers
General questions & answers Melina E. Higgins Karen E. Dyson Thomas J. McInerney Director and Non-Executive Director and Chair of the Management President & Chief Executive Chair of the Board Development and Compensation Officer Committee Following the meeting, additional questions may be submitted
Slide 23: 2022 Annual Meeting of Stockholders
2022 Annual Meeting of Stockholders May 2022 23
Slide 24: Appendix
Appendix o Genworth 7, ¢.
Slide 25: Use of non-GAAP measures
Use of non-GAAP measures This communication includes the non-GAAP financial measures entitled "adjusted operating income (loss)" and "adjusted operating income (loss) per share." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision
Slide 26: Reconciliation of net income to adjusted operating income
Reconciliation of net income to adjusted operating income 2019 2020 2021 2022 ($Million) Full Year Full Year Full Year 1Q NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS $ 343 $ 178 $ 904 $ 149 Add: net income from continuing operations attributable to noncontrolling interests
Slide 27: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans,
Slide 28: Cautionary note regarding forward-looking statements (continued)
Cautionary note regarding forward-looking statements (continued) • regulatory and legal risks including: extensive regulation of the company's businesses and changes in applicable laws and regulations (including changes to tax laws and regulations); litigation and regulatory investigations or other