Genworth Financial Inc · NYSE:GNW
Genworth Financial — Q4 2025 Earnings Presentation
27 slides from Genworth Financial's earnings presentation, Feb 24, 2026
Slide 1: 4Q Investor Presentation
4Q Investor Presentation Earnings Summary February 23, 2026 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 4th Quarter
Financial Performance in 4th Quarter — Net income1 of $2M and adjusted operating income1,2 of $8M — Enact reported adjusted operating income of $146M1; distributed $127M in capital returns to Genworth, PMIERs sufficiency ratio3 remains strong at 162%4 — Completed Closed Block5 annual assumption upda
Slide 4: Genworth's Strategic Pillars
Genworth’s Strategic Pillars Maintain Create Value Drive Growth Self-Sustainability Create shareholder value Drive future growth through Maintain self-sustaining, through Enact’s growing CareScout with innovative, customer-centric legacy market value and consumer-focused aging care insurance compani
Slide 5: 4th Quarter Progress on Genworth's Strategic Pillars
4th Quarter Progress on Genworth’s Strategic Pillars Maintain Create Value Drive Growth Self-Sustainability Continued CQN1 growth, with 925 $127M capital returns received from ~$34.5B estimated NPV3 achieved matches with home care providers2 Enact in 4Q from LTC IFAs4 since 2012 in 4Q Closed acquisi
Slide 6: CareScout: Enabling Families to Understand, Find and Fund Quality Care
CareScout: Enabling Families to Understand, Find and Fund Quality Care Addressing an underserved need… …with a comprehensive set of solutions, leveraging the most extensive LTC claims data in the industry. 71M Americans will be age 65 or older by 20291 of Americans over 70% age 65 will need long- te
Slide 7: Scaling the CareScout Services Platform
Scaling the CareScout Services Platform Care Providers: Offering quality care solutions Care Seekers: Looking for quality care solutions Number of Home Care Providers in the CQN Continued Growth in Matches Between Care Seekers Continues to Grow and CQN Home Care Providers Network in all 50 states +6
Slide 8: Care Assurance: the Next Generation of LTC
Care Assurance: the Next Generation of LTC Leveraging more than 50 years of experience to deliver more sustainable care funding solutions through CareScout Insurance Company Care Assurance Increased Price Stability More conservative pricing assumptions help mitigate the need for future rate increase
Slide 9: 4Q25 Results Summary – Genworth Consolidated (GAAP)
4Q25 Results Summary – Genworth Consolidated (GAAP) Enact: $146M1 Adjusted Operating Income (Loss)1 ($M) — Cure performance remains strong, driving reserve releases — Higher income primarily driven by a larger reserve release 4Q25 3Q25 4Q24 Closed Block: $(114)M $8 $15 $17 LTC: $(159)M — Included $1
Slide 10: 2025 YTD Results Summary – Genworth Consolidated (GAAP)
2025 YTD Results Summary – Genworth Consolidated (GAAP) Enact: $558M1 Adjusted Operating Income (Loss)1 ($M) — Cure performance remains strong, driving reserve releases — Lower income than the prior year primarily driven by lower 2025 2024 reserve releases Closed Block: $(317)M $273 $144 LTC: $(326)
Slide 11: Enact Segment
Enact Segment Primary IIF1 ($B) Earned Premiums ($M) $273 $272 $269 $245 $245 $246 4Q25 3Q25 4Q24 4Q25 3Q25 4Q24 Primary NIW $14,386 $14,048 $13,266 Portfolio up 2% year-over-year driven by new insurance Earned premiums relatively flat to the prior quarter and prior written (NIW) and continued eleva
Slide 12: Enact Segment
Enact Segment Benefits & Changes in Sufficiency to PMIERs2 ($M) Policy Reserves ($M) 162% 162% 167% $36 $24 $18 $2,052 $1,919 $1,904 4Q25 3Q25 4Q24 Loss Ratio 7% 15% 10% Primary Delqs (#) 24,885 23,382 23,566 Primary New Delqs (#) 13,679 12,998 13,717 Primary Paid Claims (#) 287 253 191 12/31/25 9/3
Slide 13: Management Actions Strengthen Resiliency in the Closed Block
Management Actions Strengthen Resiliency in the Closed Block Benefit Reductions & Premium Value of In-Force $34.5B estimated NPV2 achieved3,4 Increases Management — Benefit reductions & premium increases Risk Mitigation Addressing premium shortfalls through • Actions ($B) remain most effective tool
Slide 14: Closed Block Annual Assumption Review
Closed Block Annual Assumption Review LTC1 4Q25 FINANCIAL IMPACTS • ─ Unfavorable impact from higher assumed benefit utilization to better reflect near-term • experience related to cost of care inflation Impact to GAAP Adjusted ─ Net favorable impact from updates to reflect certain near-term trends,
Slide 15: Closed Block Statutory Results
Closed Block1 Statutory Results LTC Statutory Pre-Tax Income (Loss) ($M) Statutory Pre-Tax Income (Loss)2,3 ($M) 4Q25 3Q25 4Q24 (84) (75) (78) Long-Term Care Insurance (84) (75) (78) Total 355 Life Insurance 60 (2) 49 311 337 Annuities 27 65 (4) Income From IFAs4 261 256 245 Combined Statutory Pre-T
Slide 16: Investment Portfolio Holdings
Investment Portfolio Holdings1 Composition of Portfolio Fixed Maturities by Sector Fixed Maturity Securities Sector Fair Value ($B) % Of Total $61.2B Government & Municipal 7.0 16% Residential & Commercial MBS3 2.4 5% Other Asset-Backed Securities 2.1 5% Fixed Maturities Corporate Bond Holdings: - S
Slide 17: Holding Company Cash & Liquid Assets
Holding Company Cash & Liquid Assets1 ($M) 127 (96)3 2542 (22) (18) (6) (5) 2342 9/30/25 Enact capital Share Net tax Debt Debt Other 12/31/25 returns repurchases payments service retirement $127M in capital returns from Enact received in 4Q25, including $24M from quarterly dividend and $103M in shar
Slide 18: Capital Allocation & Shareholder Returns
Capital Allocation & Shareholder Returns Capital Allocation Priorities Share Repurchase Program 1 Invest in long-term growth — CareScout Services: Funding to continue to support expansion Inception of Share Repurchase Program to new care seekers and care providers, scale for tech-enabled platform an
Slide 19: Appendix
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Slide 20: Financial Reporting Update Effective 12/31/25
Financial Reporting Update Effective 12/31/25 Beginning in the fourth quarter of 2025, the company changed its reportable segments to better align with how it currently manages its business and strategic priorities. Under the new reporting structure, the company operates its business through two rep
Slide 21: Closed Block LTC In-Force Rate Action Progress
Closed Block LTC In-Force Rate Action Progress Approvals and Filings Cumulative Policyholder Responses1 58.7% 61.0% Approved Filings 2023 2024 2025 52.7% State Filings Approved 117 97 83 22.2% 26.0% 27.1% NFO2 Impacted In-Force Premium ($M) 697 870 549 Weighted Average % Rate Increase Approved RBO3
Slide 22: Closed Block LTC Claims Trends by Product – Statutory
Closed Block LTC Claims Trends by Product – Statutory LTC Direct Paid Claims by Product ($M) — Paid claims on newer products continue to increase as 2,887 policyholders approach peak claim Flex, MFMP, & 2,723 145 age, as claims on the older products Group 2,485 125 Avg Age 69 past peak claim age dec
Slide 23: Closed Block LTC In-Force Policy Information
Closed Block LTC In-Force1 Policy Information Total As of 12/31/25 Pre PCS PCS I PCS II Choice I2 Choice II PC Flex MFMP3 PC Flex II PC Flex III Individual Group Total Issue Years 1974-1994 1994-1997 1997-2001 2001-2007 2003-2011 2011-2014 2009-2013 2013-2017 2014+ 1999+ 4 Annual Premium ($M) 24 66
Slide 24: 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 25: Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss)
Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss) 2025 2024 ($M, except per share amounts) 4Q 3Q Full Year 4Q Full Year (unaudited) (unaudited) (unaudited) (unaudited) NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS $ 2 $ 116 $ 223 $ (1) $ 299 Add:
Slide 26: 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 27: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the inability to retain, attract and motivate qualified employees or senior management; • changes in the composition of Enact Holdings’ business or undue concentration by customer or geographic region; • the impact from deficiencies in the compa