Genworth Financial Inc · NYSE:GNW
Genworth Financial — Q2 2025 Earnings Presentation
22 slides from Genworth Financial's earnings presentation, Jul 31, 2025
Slide 1: 2Q Investor Presentation
2Q Investor Presentation Earnings Summary July 30, 2025 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation 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 3: Financial Performance in 2nd Quarter
Financial Performance in 2nd Quarter — Net income1 of $51M, or $0.12 per diluted share, and adjusted operating income1,2 of $68M, or $0.162 per diluted share — Enact reported adjusted operating income of $141M1; distributed $94M in capital returns to Genworth — U.S. life insurance companies’ RBC3 ra
Slide 4: Genworth’s Strategic Pillars
Genworth’s Strategic Pillars Maintain Create Value Drive Growth Self-Sustainability Create shareholder value Maintain self-sustaining, Drive future growth through through Enact’s growing customer-centric legacy CareScout with innovative, market value and insurance companies, including consumer-focus
Slide 5: 2nd Quarter Progress on Genworth’s Strategic Pillars
2nd Quarter Progress on Genworth’s Strategic Pillars Favorable ruling for AXA in the UK Payment Protection Insurance Case; Genworth to share in funds that AXA recovers Maintain Drive Growth Create Value Self-Sustainability $94M capital returns received from Continued CareScout Quality ~$31.6B estima
Slide 6: 2Q25 CareScout Update
2Q25 CareScout Update CareScout Services: Growing Products and Customers Growth in CareScout Matches Strong progress in 2Q ‒ 40% increase in matches versus the prior quarter Achieved 55% of 2025 ‒ 18% increase in nationwide home care providers since 3/31/25 Match Target of 2,500 804 576 Revised Full
Slide 7: 2Q25 Results Summary – Genworth Consolidated (GAAP)
2Q25 Results Summary – Genworth Consolidated (GAAP) Enact: $141M1 Adjusted Operating Income (Loss)1 ($M) — Cure performance remains strong, driving reserve releases — Lower income than the prior year primarily driven by lower 2Q25 1Q25 2Q24 reserve release 125 Long-Term Care Insurance: $(37)M 68 51
Slide 8: Enact Segment
Enact Segment Primary IIF1 ($B) Earned Premiums ($M) $270 $268 $266 $245 $245 $244 2Q25 1Q25 2Q24 2Q25 1Q25 2Q24 Primary NIW $13,254 $9,818 $13,619 Portfolio up 1% year-over-year driven by new insurance Earned premiums remain relatively flat versus the prior year as written (NIW) and continued eleva
Slide 9: Enact Segment
Enact Segment Benefits & Changes in Sufficiency to PMIERs2 ($M) Policy Reserves ($M) (Benefit) / Loss 165% 165% 169% $25 $31 $1,961 $1,966 $2,057 $(17) 2Q25 1Q25 2Q24 Loss Ratio 10% 12% (7)% Primary Delqs (#) 22,118 22,349 19,051 Primary New Delqs (#) 11,567 12,237 10,461 Primary Paid Claims (#) 218
Slide 10: Proactively Managing LTC Risk
Proactively Managing LTC Risk Effective in-force management proactively addresses risk in the legacy LTC block by building • resiliency, with focus on 3 key areas: 1 MYRAP1 Progress — The MYRAP continues to be the most effective tool for maintaining ~$31.6B Estimated NPV of IFAs Achieved since 2012
Slide 11: U.S. Life Statutory Results
U.S. Life1 Statutory Results Statutory Pre-Tax Income (Loss)2,3 ($M) 2Q25 1Q25 2Q24 LTC Statutory Pre-Tax Income (Loss) ($M) Long-Term Care Insurance (26) 50 106 (26) 50 106 Life Insurance 18 (34) 9 Total 445 Annuities 89 (17) 56 Income From IFAs4 342 340 Combined Statutory Pre-Tax Income (Loss) 81
Slide 12: Investment Portfolio Holdings
Investment Portfolio Holdings1 Composition of Portfolio Fixed Maturities by Sector Fixed Maturity Securities Sector Fair Value ($B) % Of Total $60.7B Government & Municipal 6.8 15% Residential & Commercial MBS3 2.4 5% Other Asset-Backed Securities 2.0 5% Corporate Bond Holdings: Fixed Maturities Fix
Slide 13: Holding Company Cash & Liquid Assets
Holding Company Cash & Liquid Assets1 ($M) 94 (30) (18) (9) 2482 2112 3/31/25 Enact capital returns Share Debt service Other items 6/30/25 repurchases $94M in capital returns from Enact received in 2Q25 — $26M from quarterly dividend and $68M in share repurchase proceeds $30M in share repurchases wi
Slide 14: Capital Allocation & Shareholder Returns
Capital Allocation & Shareholder Returns Capital Allocation Priorities Share Repurchase Program 1 Invest in long-term growth — CareScout Services: Funding to continue through 2025 to Inception of Share support expansion to other LTC carriers, scale for tech-enabled Repurchase Program platform, and i
Slide 15: Appendix
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Slide 16: LTC In-Force Rate Action Progress
LTC In-Force Rate Action Progress Approvals and Filings Cumulative Policyholder Responses1 2Q24 2Q25 52.7% 58.7% 60.0% Approved Filings 2023 2024 YTD YTD State Filings Approved 117 97 48 30 NFO2 30.5% 32.7% 33.3% Impacted In-Force Premium ($M) 697 870 460 199 Weighted Average % Rate Increase Approve
Slide 17: LTC Claims Trends by Product – Statutory
LTC Claims Trends by Product – Statutory — Paid claims on newer products LTC Direct Paid Claims by Product ($M) continue to increase as 2,723 policyholders approach peak claim 2,485 125 age, as claims on the older products Flex, MFMP, & 105 472 2,245 past peak claim age decline Group 86 380 Avg Age
Slide 18: LTC In-Force Policy Information
LTC In-Force1 Policy Information Total As of 6/30/25 Pre PCS PCS I PCS II Choice I2 Choice II PC Flex MFMP3 PC Flex II PC Flex III Individual Group Total Issue Years 1974-1994 1994-1997 1997-2001 2001-2007 2003-2011 2011-2014 2009-2013 2013-2017 2014+ 1999+ Annual Premium ($M)4 26 69 247 638 986 272
Slide 19: Use of Non-GAAP Measures
Use of Non-GAAP Measures Management evaluates performance and allocates resources based on a non-GAAP financial measure entitled "adjusted operating income (loss)." Management evaluates adjusted operating income (loss) as a key • measure to assess performance and support new business initiatives bec
Slide 20: Reconciliation of Net Income to Adjusted Operating Income
Reconciliation of Net Income to Adjusted Operating Income (Unaudited) 2025 2024 ($M, except per share amounts) NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S 2Q 1Q 2Q COMMON STOCKHOLDERS $ 51 $ 54 $ 76 Add: net income attributable to noncontrolling interests 32 31 34 NET INCOME 83 85 110
Slide 21: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation 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 22: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • changes in the composition of Enact Holdings’ business or undue concentration by customer or geographic region; • • the impact from deficiencies in the company’s disclosure controls and procedures or internal control over financial reporting; •