Pg 1 - Cover Page
| Second Quarter Financial Supplement | |
| June 30, 2026 |
Pg 2 - Table of Contents
| Table of Contents | Page | |
| Investor Letter | 3 | |
| Use of Non-GAAP Measures | 4 | |
| Results of Operations and Selected Operating Performance Measures | 5 | |
| Financial Highlights | 6 | |
| Consolidated Quarterly Results | ||
| Consolidated Statements of Operations | 8 | |
| Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss), Excluding Closed Block | 9 | |
| Consolidated Balance Sheets | 10-11 | |
| Consolidated Balance Sheets by Segment | 12-13 | |
| Quarterly Results by Business | ||
| Adjusted Operating Income (Loss) and Selected Operating Metrics - Enact Segment | 15-16 | |
| Adjusted Operating Income (Loss) and Selected Operating Metrics - Closed Block Segment | 18-23 | |
| Adjusted Operating Income (Loss) - Corporate and Other | 25 | |
| Additional Financial Data | ||
| Investments Summary | 27 | |
| Fixed Maturity Securities Summary | 28 | |
| U.S. GAAP Net Investment Income Yields | 29 | |
| Net Investment Gains (Losses) - Detail | 30 | |
| Reconciliations of Non-GAAP Measures | ||
| Reconciliation of Operating Return On Equity (ROE) | 32 | |
| Reconciliation of Consolidated Expense Ratio | 33 | |
| Note: | ||
| Unless otherwise stated, all references in this financial supplement to income (loss) from continuing operations, income (loss) from continuing operations per share, net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss), excluding Closed Block, adjusted operating income (loss), excluding Closed Block per share, book value and book value per share should be read as income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders, income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders per share, net income (loss) available to Genworth Financial, Inc.'s common stockholders, net income (loss) available to Genworth Financial, Inc.'s common stockholders per share, non-U.S. Generally Accepted Accounting Principles (U.S. GAAP) adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders, non-U.S. GAAP (non-GAAP) adjusted operating income (loss), excluding Closed Block available to Genworth Financial, Inc.'s common stockholders, non-GAAP adjusted operating income (loss), excluding Closed Block available to Genworth Financial, Inc.'s common stockholders per share, book value available to Genworth Financial, Inc.'s common stockholders and book value available to Genworth Financial, Inc.'s common stockholders per share, respectively. |
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Pg 3 - Investor Letter
| Dear Investor, |
| Thank you for your continued interest in Genworth Financial, Inc. |
| Please see the accompanying press release and summary presentation posted to the company's website at https://investor.genworth.com for additional information regarding its second quarter 2026 earnings results. |
| Investors are encouraged to listen to the company's earnings call on the second quarter 2026 results at 10:00 a.m. (ET) on August 6, 2026. The company's conference call will be accessible via telephone and internet. The dial-in number for Genworth's August 6 conference call is 800-330-6710 or 213-279-1505 (outside the U.S.); conference ID #2307160. To participate in the call by webcast, register at least 15 minutes in advance at https://investor.genworth.com. |
| Regards, |
| Christine Jewell |
| Investor Relations |
| InvestorInfo@genworth.com |
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Pg 4- Basis of Financial Info
| Use of Non-GAAP Measures |
| The company uses non-GAAP financial measures entitled "adjusted operating income (loss)" and "adjusted operating income (loss), excluding Closed Block." These non-GAAP financial measures are evaluated by management and the company's Board of Directors to assess performance, manage capital allocation, and in the case of adjusted operating income (loss), excluding Closed Block, as a factor for determining annual incentive awards and compensation for senior management. These measures have been established to more accurately reflect overall operating performance, as they minimize the impact of macroeconomic volatility. Management believes using adjusted operating income (loss), excluding Closed Block as a consolidated measure of profit or loss better aligns with the company's strategy and capital allocation framework, as no capital is allocated to the Closed Block segment, which operates on a standalone basis, using existing capital and reserves, along with in-force management actions, to meet future obligations. The company also continues to report adjusted operating income (loss) for the Closed Block segment, as it believes it is the appropriate measure of profit or loss in accordance with segment reporting. Although adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are non-GAAP financial measures, the company believes these measures aid in understanding the underlying performance of its operations. |
| The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding: |
| •net income (loss) attributable to noncontrolling interests, •net investment gains (losses), •changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges, •gains (losses) on the sale of businesses, •gains (losses) on the early extinguishment of debt, •restructuring costs and •infrequent or unusual non-operating items. |
| A component of the company's net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company's discretion and are influenced by market opportunities, as well as asset-liability matching considerations. The company excludes the items listed above from adjusted operating income (loss) because, in the company's opinion, they are not indicative of overall operating performance. |
| Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% current tax rate, plus any associated deferred taxes, and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. |
| Adjusted operating income (loss), excluding Closed Block is derived from adjusted operating income (loss) and excludes adjusted operating income (loss) of the company's Closed Block segment. While some of the excluded items may be significant components of net income (loss) determined in accordance with U.S. GAAP, the company believes that adjusted operating income (loss), and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss), excluding Closed Block, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the company. Adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are not measures of complete profitability; therefore, they should not be considered in isolation or viewed as substitutes for U.S. GAAP net income (loss). In addition, the company's definition of adjusted operating income (loss) may differ from the definitions used by other companies. In reporting non-GAAP measures in the future, the company may make other adjustments to exclude items it does not consider reflective of its core operating performance. The company may also disclose other non-GAAP operating measures in the future if it believes that such measures would be helpful to investors in their evaluation of the company. |
| The table on page 9 of this financial supplement provides a reconciliation of net income (loss) to adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block for the periods presented and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting. This financial supplement includes other non-GAAP measures, including "operating return on equity" and "adjusted expense ratio." Management believes these non-GAAP measures enhance the understanding of the efficiency with which the company deploys its capital and its operating performance. See pages 32 and 33 of this financial supplement for additional details on these non-GAAP measures. |
| Management also reports revenues of its CareScout services business (CareScout Services) to monitor growth of the business. CareScout Services revenues, which are included in Corporate and Other, primarily consist of fees from the CareScout Quality Network and placement fees earned when placing a care seeker in a senior living community, along with service fees such as eligibility assessments and Care Plans. To arrive at CareScout Services revenues, Corporate and Other revenues are adjusted to exclude intercompany eliminations, revenues from other businesses not individually reportable, including the company's CareScout insurance business (CareScout Insurance) and international businesses, and other sources of revenue such as corporate net investment income and net investment gains (losses). See page 25 of this financial supplement for a reconciliation of total Corporate and Other revenues to CareScout Services revenues. |
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Pg 5- Basis of Financial In (2)
| Results of Operations and Selected Operating Performance Measures |
| The company allocates tax to its businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other. |
| The annually-determined tax rates and adjustments to each segment's provision for income taxes are estimates which are subject to review and could change from year to year. U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances, it is appropriate to record the actual effective tax rate for the period if a reliable estimate cannot be made for the full year. For the first and second quarters of 2026 and the first three quarters of 2025, the company utilized the actual effective tax rate for the interim period to record the provision (benefit) for income taxes for its Closed Block segment and the annualized projected effective tax rate for its Enact segment and Corporate and Other. |
| This financial supplement contains selected operating performance measures including "new insurance written," "insurance in-force" and "risk in-force," which are commonly used in the insurance industry as measures of operating performance. |
| Management regularly monitors and reports new insurance written for the company's Enact segment as a measure of volume of new business generated in a period. The company considers new insurance written to be a measure of the operating performance of its Enact segment because it represents a measure of new sales of mortgage insurance policies during a specified period, rather than a measure of revenues or profitability during that period. |
| Management regularly monitors and reports insurance in-force and risk in-force for the company's Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by the company's U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. These metrics are presented on a direct basis and exclude reinsurance. The company considers insurance in-force and risk in-force to be measures of the operating performance of its Enact segment because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period. |
| Management regularly monitors and reports a loss ratio for the company's Enact segment. The company considers the loss ratio, which is the ratio of benefits and other changes in policy reserves to net earned premiums, to be a measure of underwriting performance. The company believes the loss ratio helps to enhance the understanding of the operating performance of the Enact segment. |
| Management regularly monitors and reports insurance in-force for the life insurance products in its Closed Block segment. Insurance in-force for the company's life insurance products is a measure of the aggregate face value of outstanding insurance policies as of the respective reporting date. The company considers insurance in-force to be a measure of the operating performance of the life insurance products in its Closed Block segment because it represents a measure of the size of the business at a specific date, rather than a measure of revenues or profitability during that period. |
| These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources. |
| Statutory Accounting Data |
| The company presents certain supplemental statutory data for Genworth Life Insurance Company (GLIC) and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and U.S. GAAP, the values for assets, liabilities and equity, and the recognition of income and expenses, reflected in financial statements prepared in accordance with U.S. GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to, or used in lieu of, U.S. GAAP. |
| This supplemental statutory data includes the impact from in-force rate actions on pre-tax long-term care insurance statutory earnings. Statutory pre-tax earnings represent the net gain from operations, including the impact from in-force rate actions, before dividends to policyholders, refunds to members and federal income taxes and before realized capital gains or (losses). Management uses and provides this supplemental statutory data because it believes it provides a useful measure of, among other things, statutory pre-tax earnings and the adequacy of capital. Management uses this data to measure against its policy to manage its legacy insurance subsidiaries with internally generated capital. |
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Pg 6 - Fin Highlights
| Financial Highlights | ||||||||||
| (amounts in millions, except per share data) | ||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
| Balance Sheet Data | 2026 | 2026 | 2025 | 2025 | 2025 | |||||
| Total Genworth Financial, Inc.'s stockholders' equity, excluding accumulated other comprehensive income (loss) | $ 10,035 | $ 10,039 | $ 10,074 | $ 10,158 | $ 10,111 | |||||
| Total accumulated other comprehensive income (loss)(1) | (1,307) | (1,224) | (1,324) | (1,396) | (1,373) | |||||
| Total Genworth Financial, Inc.'s stockholders' equity | $ 8,728 | $ 8,815 | $ 8,750 | $ 8,762 | $ 8,738 | |||||
| Book value per share | $ 23.07 | $ 22.88 | $ 22.33 | $ 21.76 | $ 21.22 | |||||
| Book value per share, excluding accumulated other comprehensive income (loss) | $ 26.52 | $ 26.06 | $ 25.71 | $ 25.22 | $ 24.56 | |||||
| Common shares outstanding as of the balance sheet date | 378.4 | 385.2 | 391.8 | 402.7 | 411.7 | |||||
| Twelve months ended | ||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
| Twelve Month Rolling Average ROE | 2026 | 2026 | 2025 | 2025 | 2025 | |||||
| U.S. GAAP Basis ROE | 2.1 % | 2.1 % | 2.2 % | 2.2 % | 1.9 % | |||||
| Operating ROE(2) | 9.1 % | 9.1 % | 9.1 % | 9.0 % | 9.1 % | |||||
| Three months ended | ||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
| Quarterly Average ROE | 2026 | 2026 | 2025 | 2025 | 2025 | |||||
| U.S. GAAP Basis ROE | 1.9 % | 1.9 % | 0.1 % | 4.6 % | 2.0 % | |||||
| Operating ROE(2) | 9.1 % | 8.7 % | 9.7 % | 9.0 % | 8.9 % | |||||
| Three months ended | Six months ended | |||||||||
| Basic and Diluted Shares | June 30, 2026 | June 30, 2026 | ||||||||
| Weighted-average common shares used in basic earnings per share calculations | 381.3 | 384.7 | ||||||||
| Potentially dilutive securities: | ||||||||||
| Performance stock units, restricted stock units and other equity-based awards | 5.0 | 5.3 | ||||||||
| Weighted-average common shares used in diluted earnings per share calculations | 386.3 | 390.0 | ||||||||
| (1)As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, total accumulated other comprehensive income (loss) includes $945 million, $1,112 million, $463 million, $142 million and $769 million, net of taxes, respectively, related to changes in the discount rate used to remeasure the liability for future policy benefits and related reinsurance recoverables. | ||||||||||
| (2)See page 32 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE. |
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Pg 7 - Results
| Consolidated Quarterly Results |
Pg 8 - Consolidated NI by QTD
| Consolidated Statements of Operations | |||||||||||
| (amounts in millions, except per share amounts) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| REVENUES: | |||||||||||
| Premiums | $ 875 | $ 881 | $ 1,756 | $ 886 | $ 886 | $ 865 | $ 862 | $ 3,499 | |||
| Net investment income | 836 | 766 | 1,602 | 785 | 799 | 802 | 739 | 3,125 | |||
| Net investment gains (losses) | 37 | (26) | 11 | (39) | 99 | (28) | 27 | 59 | |||
| Policy fees and other income | 153 | 156 | 309 | 152 | 151 | 157 | 158 | 618 | |||
| Total revenues | 1,901 | 1,777 | 3,678 | 1,784 | 1,935 | 1,796 | 1,786 | 7,301 | |||
| BENEFITS AND EXPENSES: | |||||||||||
| Benefits and other changes in policy reserves | 1,233 | 1,224 | 2,457 | 1,182 | 1,227 | 1,195 | 1,217 | 4,821 | |||
| Liability remeasurement (gains) losses | 132 | 44 | 176 | 143 | 106 | 60 | 4 | 313 | |||
| Changes in fair value of market risk benefits and associated hedges | (17) | 10 | (7) | (4) | (1) | (10) | 18 | 3 | |||
| Interest credited | 96 | 95 | 191 | 97 | 96 | 94 | 99 | 386 | |||
| Acquisition and operating expenses, net of deferrals | 268 | 213 | 481 | 265 | 259 | 249 | 236 | 1,009 | |||
| Amortization of deferred acquisition costs and intangibles | 54 | 55 | 109 | 57 | 57 | 57 | 60 | 231 | |||
| Interest expense | 26 | 25 | 51 | 26 | 27 | 26 | 26 | 105 | |||
| Total benefits and expenses | 1,792 | 1,666 | 3,458 | 1,766 | 1,771 | 1,671 | 1,660 | 6,868 | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 109 | 111 | 220 | 18 | 164 | 125 | 126 | 433 | |||
| Provision (benefit) for income taxes | 26 | 31 | 57 | 4 | 9 | 35 | 36 | 84 | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 83 | 80 | 163 | 14 | 155 | 90 | 90 | 349 | |||
| Income (loss) from discontinued operations, net of taxes(1) | (2) | (1) | (3) | 21 | (8) | (7) | (5) | 1 | |||
| NET INCOME (LOSS) | 81 | 79 | 160 | 35 | 147 | 83 | 85 | 350 | |||
| Less: net income (loss) attributable to noncontrolling interests | 34 | 32 | 66 | 33 | 31 | 32 | 31 | 127 | |||
| NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS | $ 47 | $ 47 | $ 94 | $ 2 | $ 116 | $ 51 | $ 54 | $ 223 | |||
| Earnings (Loss) Per Share Data: | |||||||||||
| Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders per share | |||||||||||
| Basic | $ 0.13 | $ 0.12 | $ 0.25 | $ (0.05) | $ 0.30 | $ 0.14 | $ 0.14 | $ 0.54 | |||
| Diluted | $ 0.13 | $ 0.12 | $ 0.25 | $ (0.05) | $ 0.30 | $ 0.14 | $ 0.14 | $ 0.54 | |||
| Net income (loss) available to Genworth Financial, Inc.'s common stockholders per share | |||||||||||
| Basic | $ 0.12 | $ 0.12 | $ 0.24 | $ - | $ 0.29 | $ 0.12 | $ 0.13 | $ 0.54 | |||
| Diluted | $ 0.12 | $ 0.12 | $ 0.24 | $ - | $ 0.28 | $ 0.12 | $ 0.13 | $ 0.54 | |||
| Weighted-average common shares outstanding | |||||||||||
| Basic | 381.3 | 388.1 | 384.7 | 396.4 | 408.0 | 413.2 | 418.3 | 409.0 | |||
| Diluted(2) | 386.3 | 393.7 | 390.0 | 396.4 | 413.3 | 417.5 | 422.9 | 414.0 | |||
| (1)Income (loss) from discontinued operations primarily includes legal costs related to litigation involving the company's former lifestyle protection insurance business, and in the fourth quarter of 2025, loss recoveries of $16 million. | |||||||||||
| (2)Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended December 31, 2025, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended December 31, 2025, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.0 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended December 31, 2025, dilutive potential weighted-average common shares outstanding would have been 402.4 million. |
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Pg 9 - AOI by SEG by QTD
| Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss), Excluding Closed Block | |||||||||||
| (amounts in millions, except per share amounts) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS | $ 47 | $ 47 | $ 94 | $ 2 | $ 116 | $ 51 | $ 54 | $ 223 | |||
| Add: net income (loss) attributable to noncontrolling interests | 34 | 32 | 66 | 33 | 31 | 32 | 31 | 127 | |||
| NET INCOME (LOSS) | 81 | 79 | 160 | 35 | 147 | 83 | 85 | 350 | |||
| Less: income (loss) from discontinued operations, net of taxes | (2) | (1) | (3) | 21 | (8) | (7) | (5) | 1 | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 83 | 80 | 163 | 14 | 155 | 90 | 90 | 349 | |||
| Less: net income (loss) attributable to noncontrolling interests | 34 | 32 | 66 | 33 | 31 | 32 | 31 | 127 | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS | 49 | 48 | 97 | (19) | 124 | 58 | 59 | 222 | |||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS: | |||||||||||
| Net investment (gains) losses, net(1) | (37) | 25 | (12) | 38 | (99) | 27 | (28) | (62) | |||
| Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(2) | (23) | 9 | (14) | (6) | (3) | (15) | 19 | (5) | |||
| (Gains) losses on early extinguishment of debt | (1) | - | (1) | (1) | - | - | - | (1) | |||
| Expenses related to restructuring | 2 | 2 | 4 | - | 1 | - | (1) | - | |||
| Taxes on adjustments(3) | 12 | (7) | 5 | (4) | (6) | (2) | 2 | (10) | |||
| ADJUSTED OPERATING INCOME (LOSS) | 2 | 77 | 79 | 8 | 17 | 68 | 51 | 144 | |||
| Adjustment to exclude Closed Block segment adjusted operating (income) loss | 110 | 32 | 142 | 114 | 96 | 44 | 63 | 317 | |||
| ADJUSTED OPERATING INCOME (LOSS), EXCLUDING CLOSED BLOCK | $ 112 | $ 109 | $ 221 | $ 122 | $ 113 | $ 112 | $ 114 | $ 461 | |||
| ADJUSTED OPERATING INCOME (LOSS): | |||||||||||
| Enact segment | $ 143 | $ 140 | $ 283 | $ 146 | $ 134 | $ 141 | $ 137 | $ 558 | |||
| Corporate and Other | (31) | (31) | (62) | (24) | (21) | (29) | (23) | (97) | |||
| Closed Block segment | (110) | (32) | (142) | (114) | (96) | (44) | (63) | (317) | |||
| ADJUSTED OPERATING INCOME (LOSS) | $ 2 | $ 77 | $ 79 | $ 8 | $ 17 | $ 68 | $ 51 | $ 144 | |||
| Earnings (Loss) Per Share Data: | |||||||||||
| Net income (loss) available to Genworth Financial, Inc.'s common stockholders per share | |||||||||||
| Basic | $ 0.12 | $ 0.12 | $ 0.24 | $ - | $ 0.29 | $ 0.12 | $ 0.13 | $ 0.54 | |||
| Diluted | $ 0.12 | $ 0.12 | $ 0.24 | $ - | $ 0.28 | $ 0.12 | $ 0.13 | $ 0.54 | |||
| Adjusted operating income (loss), excluding Closed Block per share | |||||||||||
| Basic | $ 0.29 | $ 0.28 | $ 0.57 | $ 0.31 | $ 0.28 | $ 0.27 | $ 0.27 | $ 1.13 | |||
| Diluted | $ 0.29 | $ 0.28 | $ 0.57 | $ 0.31 | $ 0.28 | $ 0.27 | $ 0.27 | $ 1.11 | |||
| Weighted-average common shares outstanding | |||||||||||
| Basic | 381.3 | 388.1 | 384.7 | 396.4 | 408.0 | 413.2 | 418.3 | 409.0 | |||
| Diluted(4) | 386.3 | 393.7 | 390.0 | 396.4 | 413.3 | 417.5 | 422.9 | 414.0 | |||
| (1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests (see page 30 for reconciliation). | |||||||||||
| (2)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments (see page 23 for reconciliation). | |||||||||||
| (3)Taxes on adjustments include tax expense of $3 million in the fourth quarter of 2025 and a tax benefit of $27 million in the third quarter of 2025 related to a release of a portion of the valuation allowance on certain deferred tax assets. | |||||||||||
| (4)Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended December 31, 2025, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended December 31, 2025, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.0 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended December 31, 2025, dilutive potential weighted-average common shares outstanding would have been 402.4 million. |
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Pg 10 and 11 GNW Comparative BS
| Consolidated Balance Sheets | |||||||||
| (amounts in millions) | |||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||
| ASSETS | |||||||||
| Investments: | |||||||||
| Fixed maturity securities available-for-sale, at fair value(1) | $ 45,264 | $ 45,095 | $ 45,762 | $ 46,110 | $ 45,672 | ||||
| Equity securities, at fair value | 564 | 544 | 555 | 546 | 516 | ||||
| Commercial mortgage loans | 6,408 | 6,351 | 6,363 | 6,374 | 6,390 | ||||
| Less: Allowance for credit losses | (57) | (58) | (59) | (59) | (56) | ||||
| Commercial mortgage loans, net | 6,351 | 6,293 | 6,304 | 6,315 | 6,334 | ||||
| Policy loans | 2,385 | 2,301 | 2,297 | 2,311 | 2,366 | ||||
| Limited partnerships | 3,538 | 3,528 | 3,484 | 3,473 | 3,337 | ||||
| Other invested assets | 871 | 770 | 770 | 658 | 643 | ||||
| Total investments | 58,973 | 58,531 | 59,172 | 59,413 | 58,868 | ||||
| Cash, cash equivalents and restricted cash | 1,986 | 2,120 | 2,036 | 2,036 | 1,797 | ||||
| Accrued investment income | 555 | 633 | 603 | 589 | 556 | ||||
| Deferred acquisition costs | 1,497 | 1,540 | 1,586 | 1,632 | 1,680 | ||||
| Intangible assets and goodwill | 201 | 199 | 198 | 184 | 185 | ||||
| Reinsurance recoverable | 17,412 | 17,394 | 17,860 | 17,872 | 17,599 | ||||
| Less: Allowance for credit losses | (21) | (21) | (23) | (23) | (23) | ||||
| Reinsurance recoverable, net | 17,391 | 17,373 | 17,837 | 17,849 | 17,576 | ||||
| Other assets | 474 | 468 | 418 | 421 | 479 | ||||
| Deferred tax asset | 1,811 | 1,761 | 1,800 | 1,801 | 1,693 | ||||
| Market risk benefit assets | 79 | 55 | 64 | 62 | 58 | ||||
| Separate account assets | 4,396 | 4,093 | 4,369 | 4,449 | 4,394 | ||||
| Total assets | $ 87,363 | $ 86,773 | $ 88,083 | $ 88,436 | $ 87,286 | ||||
| (1)Amortized cost of $48,228 million, $48,192 million, $48,150 million, $48,379 million and $48,684 million as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and allowance for credit losses of $22 million, $23 million, $23 million, $28 million and $25 million as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively. | |||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities: | |||||||||
| Future policy benefits | $ 54,508 | $ 54,082 | $ 55,228 | $ 55,364 | $ 54,111 | ||||
| Policyholder account balances | 13,895 | 13,871 | 13,843 | 14,039 | 14,163 | ||||
| Market risk benefit liabilities | 366 | 423 | 413 | 429 | 453 | ||||
| Liability for policy and contract claims | 757 | 743 | 727 | 710 | 763 | ||||
| Unearned premiums | 81 | 85 | 92 | 96 | 101 | ||||
| Other liabilities | 2,095 | 2,126 | 2,131 | 2,056 | 2,052 | ||||
| Long-term borrowings | 1,500 | 1,509 | 1,513 | 1,520 | 1,520 | ||||
| Separate account liabilities | 4,396 | 4,093 | 4,369 | 4,449 | 4,394 | ||||
| Liabilities related to discontinued operations(1) | - | - | - | 2 | - | ||||
| Total liabilities | 77,598 | 76,932 | 78,316 | 78,665 | 77,557 | ||||
| Equity: | |||||||||
| Common stock | 1 | 1 | 1 | 1 | 1 | ||||
| Additional paid-in capital | 11,885 | 11,873 | 11,888 | 11,879 | 11,871 | ||||
| Accumulated other comprehensive income (loss): | |||||||||
| Change in the discount rate used to measure future policy benefits | 945 | 1,112 | 463 | 142 | 769 | ||||
| All other | (2,252) | (2,336) | (1,787) | (1,538) | (2,142) | ||||
| Total accumulated other comprehensive income (loss) | (1,307) | (1,224) | (1,324) | (1,396) | (1,373) | ||||
| Retained earnings | 1,777 | 1,731 | 1,684 | 1,682 | 1,566 | ||||
| Treasury stock, at cost | (3,628) | (3,566) | (3,499) | (3,404) | (3,327) | ||||
| Total Genworth Financial, Inc.'s stockholders' equity | 8,728 | 8,815 | 8,750 | 8,762 | 8,738 | ||||
| Noncontrolling interests | 1,037 | 1,026 | 1,017 | 1,009 | 991 | ||||
| Total equity | 9,765 | 9,841 | 9,767 | 9,771 | 9,729 | ||||
| Total liabilities and equity | $ 87,363 | $ 86,773 | $ 88,083 | $ 88,436 | $ 87,286 | ||||
| (1)Liabilities related to discontinued operations primarily include legal costs related to litigation involving the sale of the company's former lifestyle protection insurance business. |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
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Pg 12 - GNW Seg BS CQ
| Consolidated Balance Sheet by Segment | |||||||||||||
| (amounts in millions) | |||||||||||||
| June 30, 2026 | |||||||||||||
| Enact | Closed Block | Corporate and Other(1) | Total | ||||||||||
| ASSETS | |||||||||||||
| Cash and investments | $ 6,745 | $ 53,605 | $ 1,164 | $ 61,514 | |||||||||
| Deferred acquisition costs and intangible assets | 61 | 1,605 | 32 | 1,698 | |||||||||
| Reinsurance recoverable, net | 5 | 17,386 | - | 17,391 | |||||||||
| Deferred tax and other assets | 150 | 1,991 | 144 | 2,285 | |||||||||
| Market risk benefit assets | - | 79 | - | 79 | |||||||||
| Separate account assets | - | 4,396 | - | 4,396 | |||||||||
| Total assets | $ 6,961 | $ 79,062 | $ 1,340 | $ 87,363 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||
| Liabilities: | |||||||||||||
| Future policy benefits | - | 54,508 | - | 54,508 | |||||||||
| Policyholder account balances | - | 13,895 | - | 13,895 | |||||||||
| Market risk benefit liabilities | - | 366 | - | 366 | |||||||||
| Liability for policy and contract claims | 599 | 151 | 7 | 757 | |||||||||
| Unearned premiums | 81 | - | - | 81 | |||||||||
| Other liabilities | 126 | 1,479 | 490 | 2,095 | |||||||||
| Borrowings | 745 | - | 755 | 1,500 | |||||||||
| Separate account liabilities | - | 4,396 | - | 4,396 | |||||||||
| Total liabilities | 1,551 | 74,795 | 1,252 | 77,598 | |||||||||
| Equity: | |||||||||||||
| Allocated equity, excluding accumulated other comprehensive income (loss) | 4,439 | 5,092 | 504 | 10,035 | |||||||||
| Allocated accumulated other comprehensive income (loss) | (66) | (825) | (416) | (1,307) | |||||||||
| Total Genworth Financial, Inc.'s stockholders' equity | 4,373 | 4,267 | 88 | 8,728 | |||||||||
| Noncontrolling interests | 1,037 | - | - | 1,037 | |||||||||
| Total equity | 5,410 | 4,267 | 88 | 9,765 | |||||||||
| Total liabilities and equity | $ 6,961 | $ 79,062 | $ 1,340 | $ 87,363 | |||||||||
| (1)Includes start-up businesses, not individually reportable, that offer aging care services through CareScout Services and long-term care insurance products through CareScout Insurance, along with certain international businesses, debt financing expenses, unallocated corporate income and expenses, and eliminations of inter-segment transactions. |
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Pg 13 - GNW Seg BS PQ
| Consolidated Balance Sheet by Segment | |||||||||||||
| (amounts in millions) | |||||||||||||
| March 31, 2026 | |||||||||||||
| Enact | Closed Block | Corporate and Other(1) | Total | ||||||||||
| ASSETS | |||||||||||||
| Cash and investments | $ 6,763 | $ 53,324 | $ 1,197 | $ 61,284 | |||||||||
| Deferred acquisition costs and intangible assets | 60 | 1,649 | 30 | 1,739 | |||||||||
| Reinsurance recoverable, net | 6 | 17,367 | - | 17,373 | |||||||||
| Deferred tax and other assets | 138 | 1,984 | 107 | 2,229 | |||||||||
| Market risk benefit assets | - | 55 | - | 55 | |||||||||
| Separate account assets | - | 4,093 | - | 4,093 | |||||||||
| Total assets | $ 6,967 | $ 78,472 | $ 1,334 | $ 86,773 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||
| Liabilities: | |||||||||||||
| Future policy benefits | - | 54,082 | - | 54,082 | |||||||||
| Policyholder account balances | - | 13,871 | - | 13,871 | |||||||||
| Market risk benefit liabilities | - | 423 | - | 423 | |||||||||
| Liability for policy and contract claims | 590 | 146 | 7 | 743 | |||||||||
| Unearned premiums | 85 | - | - | 85 | |||||||||
| Other liabilities | 193 | 1,497 | 436 | 2,126 | |||||||||
| Borrowings | 745 | - | 764 | 1,509 | |||||||||
| Separate account liabilities | - | 4,093 | - | 4,093 | |||||||||
| Total liabilities | 1,613 | 74,112 | 1,207 | 76,932 | |||||||||
| Equity: | |||||||||||||
| Allocated equity, excluding accumulated other comprehensive income (loss) | 4,394 | 5,092 | 553 | 10,039 | |||||||||
| Allocated accumulated other comprehensive income (loss) | (66) | (732) | (426) | (1,224) | |||||||||
| Total Genworth Financial, Inc.'s stockholders' equity | 4,328 | 4,360 | 127 | 8,815 | |||||||||
| Noncontrolling interests | 1,026 | - | - | 1,026 | |||||||||
| Total equity | 5,354 | 4,360 | 127 | 9,841 | |||||||||
| Total liabilities and equity | $ 6,967 | $ 78,472 | $ 1,334 | $ 86,773 | |||||||||
| (1)Includes other businesses not individually reportable, including CareScout Services, CareScout Insurance and certain international businesses, along with debt financing expenses, unallocated corporate income and expenses, and eliminations of inter-segment transactions. |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
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Pg 14 - Enact Cover
| Enact Segment |
Pg 15 - QTD AOI Enact
| Adjusted Operating Income (Loss) - Enact Segment | ||||||||||||
| (amounts in millions) | ||||||||||||
| 2026 | 2025 | |||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | |||||
| REVENUES: | ||||||||||||
| Premiums | $ 245 | $ 243 | $ 488 | $ 245 | $ 245 | $ 245 | $ 245 | $ 980 | ||||
| Net investment income | 73 | 72 | 145 | 69 | 68 | 66 | 63 | 266 | ||||
| Net investment gains (losses) | (2) | (6) | (8) | (3) | (2) | (8) | (3) | (16) | ||||
| Policy fees and other income | 1 | 3 | 4 | 1 | 1 | 1 | 2 | 5 | ||||
| Total revenues | 317 | 312 | 629 | 312 | 312 | 304 | 307 | 1,235 | ||||
| BENEFITS AND EXPENSES: | ||||||||||||
| Benefits and other changes in policy reserves | 33 | 37 | 70 | 18 | 36 | 25 | 31 | 110 | ||||
| Acquisition and operating expenses, net of deferrals | 50 | 47 | 97 | 57 | 51 | 50 | 50 | 208 | ||||
| Amortization of deferred acquisition costs and intangibles | 2 | 2 | 4 | 2 | 2 | 3 | 2 | 9 | ||||
| Interest expense | 13 | 12 | 25 | 13 | 13 | 12 | 12 | 50 | ||||
| Total benefits and expenses | 98 | 98 | 196 | 90 | 102 | 90 | 95 | 377 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 219 | 214 | 433 | 222 | 210 | 214 | 212 | 858 | ||||
| Provision (benefit) for income taxes | 44 | 46 | 90 | 45 | 47 | 46 | 46 | 184 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 175 | 168 | 343 | 177 | 163 | 168 | 166 | 674 | ||||
| Less: net income (loss) attributable to noncontrolling interests | 34 | 32 | 66 | 33 | 31 | 32 | 31 | 127 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS | 141 | 136 | 277 | 144 | 132 | 136 | 135 | 547 | ||||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS: | ||||||||||||
| Net investment (gains) losses, net(1) | 2 | 5 | 7 | 2 | 2 | 7 | 2 | 13 | ||||
| Expenses related to restructuring | 1 | - | 1 | - | 1 | (1) | 1 | 1 | ||||
| Taxes on adjustments | (1) | (1) | (2) | - | (1) | (1) | (1) | (3) | ||||
| ADJUSTED OPERATING INCOME (LOSS) | $ 143 | $ 140 | $ 283 | $ 146 | $ 134 | $ 141 | $ 137 | $ 558 | ||||
| (1)Net investment (gains) losses were adjusted for the portion of net investment gain (losses) attributable to noncontrolling interests as reconciled below: | ||||||||||||
| Net investment (gains) losses, gross | $ 2 | $ 6 | $ 8 | $ 3 | $ 2 | $ 8 | $ 3 | $ 16 | ||||
| Adjustment for net investment gains (losses) attributable to noncontrolling interests | - | (1) | (1) | (1) | - | (1) | (1) | (3) | ||||
| Net investment (gains) losses, net | $ 2 | $ 5 | $ 7 | $ 2 | $ 2 | $ 7 | $ 2 | $ 13 |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
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Pg 16 - Enact Key Metrics
| Selected Operating Metrics - Enact Segment | |||||||||||||
| (dollar amounts in millions) | |||||||||||||
| 2026 | 2025 | ||||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||||
| Direct Primary New Insurance Written | $ 15,199 | $ 12,786 | $ 27,985 | $ 14,386 | $ 14,048 | $ 13,254 | $ 9,818 | $ 51,506 | |||||
| Direct Primary Insurance In-Force | $ 273,953 | $ 272,475 | $ 273,147 | $ 272,349 | $ 269,754 | $ 268,366 | |||||||
| Direct Primary Risk In-Force | $ 71,616 | $ 71,245 | $ 71,363 | $ 71,144 | $ 70,401 | $ 69,937 | |||||||
| Primary Delinquencies | 24,330 | 24,670 | 24,330 | 24,885 | 23,382 | 22,118 | 22,349 | 24,885 | |||||
| New Delinquencies | 12,299 | 13,559 | 25,858 | 13,679 | 12,998 | 11,567 | 12,237 | 50,481 | |||||
| Paid Claims | 361 | 280 | 641 | 287 | 253 | 218 | 179 | 937 | |||||
| Primary Cures(1) | 12,278 | 13,494 | 25,772 | 11,889 | 11,481 | 11,580 | 13,275 | 48,225 | |||||
| Loss Ratio(2) | 14 % | 15 % | 14 % | 7 % | 15 % | 10 % | 12 % | 11 % | |||||
| Available Assets Above PMIERs Requirements(3) | $ 1,894 | $ 1,919 | $ 1,919 | $ 1,904 | $ 1,961 | $ 1,966 | |||||||
| PMIERs Sufficiency Ratio(3) | 161 % | 162 % | 162 % | 162 % | 165 % | 165 % | |||||||
| Reserves: | |||||||||||||
| Direct primary case(4) | $ 540 | $ 532 | $ 515 | $ 520 | $ 500 | $ 489 | |||||||
| All other(4) | 59 | 58 | 57 | 52 | 52 | 54 | |||||||
| Total Reserves | $ 599 | $ 590 | $ 572 | $ 572 | $ 552 | $ 543 | |||||||
| (1)Includes rescissions and claim denials. | |||||||||||||
| (2)The loss ratio is calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein. | |||||||||||||
| (3)The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing. | |||||||||||||
| (4)Direct primary case reserves exclude loss adjustment expenses (LAE), pool, incurred but not reported (IBNR) and reinsurance reserves. Other includes LAE, pool, IBNR and reinsurance reserves. | |||||||||||||
| For additional information related to the Enact segment, refer to the current quarter Quarterly Financial Supplement posted to the Enact Holdings, Inc. investor page: | |||||||||||||
| https://ir.enactmi.com/financials-and-filings/quarterly-results |
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Pg 17 - Closed Block Cover
| Closed Block Segment |
Pg 18 - QTD AOI - Closed Block
| Adjusted Operating Income (Loss) - Closed Block Segment | ||||||||||||
| (amounts in millions) | ||||||||||||
| 2026 | 2025 | |||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | |||||
| REVENUES: | ||||||||||||
| Premiums | $ 627 | $ 636 | $ 1,263 | $ 637 | $ 639 | $ 617 | $ 615 | $ 2,508 | ||||
| Net investment income | 758 | 691 | 1,449 | 711 | 726 | 732 | 671 | 2,840 | ||||
| Net investment gains (losses) | 46 | (27) | 19 | (28) | 93 | 8 | 30 | 103 | ||||
| Policy fees and other income | 150 | 150 | 300 | 150 | 150 | 156 | 156 | 612 | ||||
| Total revenues | 1,581 | 1,450 | 3,031 | 1,470 | 1,608 | 1,513 | 1,472 | 6,063 | ||||
| BENEFITS AND EXPENSES: | ||||||||||||
| Benefits and other changes in policy reserves | 1,202 | 1,189 | 2,391 | 1,166 | 1,194 | 1,171 | 1,188 | 4,719 | ||||
| Liability remeasurement (gains) losses | 132 | 44 | 176 | 143 | 106 | 60 | 4 | 313 | ||||
| Changes in fair value of market risk benefits and associated hedges | (17) | 10 | (7) | (4) | (1) | (10) | 18 | 3 | ||||
| Interest credited | 96 | 95 | 191 | 97 | 96 | 94 | 99 | 386 | ||||
| Acquisition and operating expenses, net of deferrals | 185 | 132 | 317 | 173 | 178 | 170 | 167 | 688 | ||||
| Amortization of deferred acquisition costs and intangibles | 49 | 51 | 100 | 53 | 54 | 53 | 57 | 217 | ||||
| Total benefits and expenses | 1,647 | 1,521 | 3,168 | 1,628 | 1,627 | 1,538 | 1,533 | 6,326 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (66) | (71) | (137) | (158) | (19) | (25) | (61) | (263) | ||||
| Provision (benefit) for income taxes | (10) | (10) | (20) | (27) | 2 | 1 | (7) | (31) | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (56) | (61) | (117) | (131) | (21) | (26) | (54) | (232) | ||||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: | ||||||||||||
| Net investment (gains) losses | (46) | 27 | (19) | 28 | (93) | (8) | (30) | (103) | ||||
| Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(1) | (23) | 9 | (14) | (6) | (3) | (15) | 19 | (5) | ||||
| Expenses related to restructuring | 1 | - | 1 | - | - | - | - | - | ||||
| Taxes on adjustments | 14 | (7) | 7 | (5) | 21 | 5 | 2 | 23 | ||||
| ADJUSTED OPERATING INCOME (LOSS) | $ (110) | $ (32) | $ (142) | $ (114) | $ (96) | $ (44) | $ (63) | $ (317) | ||||
| Liability remeasurement (gains) losses:(2) | ||||||||||||
| Cash flow assumption updates | $ 5 | $ 8 | $ 13 | $ 10 | $ 6 | $ 8 | $ (1) | $ 23 | ||||
| Actual variances from expected experience | 127 | 36 | 163 | 133 | 100 | 52 | 5 | 290 | ||||
| Total | $ 132 | $ 44 | $ 176 | $ 143 | $ 106 | $ 60 | $ 4 | $ 313 | ||||
| (1)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments (see page 23 for reconciliation). | ||||||||||||
| (2)See pages 19, 21 and 23 for additional product-level details. |
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Pg 19 - QTD AOI - LTC
| Adjusted Operating Income (Loss) - Closed Block Segment - Long-Term Care Insurance | ||||||||||||
| (amounts in millions) | ||||||||||||
| 2026 | 2025 | |||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | |||||
| REVENUES: | ||||||||||||
| Premiums | $ 583 | $ 579 | $ 1,162 | $ 598 | $ 597 | $ 578 | $ 571 | $ 2,344 | ||||
| Net investment income | 542 | 477 | 1,019 | 496 | 505 | 516 | 451 | 1,968 | ||||
| Net investment gains (losses) | 45 | (19) | 26 | (22) | 104 | 25 | 29 | 136 | ||||
| Policy fees and other income | - | - | - | 1 | - | - | - | 1 | ||||
| Total revenues | 1,170 | 1,037 | 2,207 | 1,073 | 1,206 | 1,119 | 1,051 | 4,449 | ||||
| BENEFITS AND EXPENSES: | ||||||||||||
| Benefits and other changes in policy reserves | 975 | 965 | 1,940 | 981 | 972 | 951 | 944 | 3,848 | ||||
| Liability remeasurement (gains) losses | 122 | 37 | 159 | 171 | 113 | 50 | (18) | 316 | ||||
| Acquisition and operating expenses, net of deferrals | 121 | 74 | 195 | 120 | 118 | 115 | 109 | 462 | ||||
| Amortization of deferred acquisition costs and intangibles | 16 | 16 | 32 | 16 | 17 | 16 | 17 | 66 | ||||
| Total benefits and expenses | 1,234 | 1,092 | 2,326 | 1,288 | 1,220 | 1,132 | 1,052 | 4,692 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (64) | (55) | (119) | (215) | (14) | (13) | (1) | (243) | ||||
| Provision (benefit) for income taxes | (9) | (6) | (15) | (39) | 4 | 4 | 6 | (25) | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (55) | (49) | (104) | (176) | (18) | (17) | (7) | (218) | ||||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: | ||||||||||||
| Net investment (gains) losses | (45) | 19 | (26) | 22 | (104) | (25) | (29) | (136) | ||||
| Expenses related to restructuring | 1 | - | 1 | - | - | - | - | - | ||||
| Taxes on adjustments | 9 | (4) | 5 | (5) | 22 | 5 | 6 | 28 | ||||
| ADJUSTED OPERATING INCOME (LOSS) | $ (90) | $ (34) | $ (124) | $ (159) | $ (100) | $ (37) | $ (30) | $ (326) | ||||
| Liability remeasurement (gains) losses:(1) | ||||||||||||
| Cash flow assumption updates | $ 5 | $ 8 | $ 13 | $ 47 | $ 6 | $ 8 | $ (1) | $ 60 | ||||
| Actual variances from expected experience(2) | 117 | 29 | 146 | 124 | 107 | 42 | (17) | 256 | ||||
| Total | $ 122 | $ 37 | $ 159 | $ 171 | $ 113 | $ 50 | $ (18) | $ 316 | ||||
| Ratio of the liability remeasurement (gains) losses to beginning reserves(3) | 0.27 % | 0.09 % | 0.36 % | 0.40 % | 0.27 % | 0.11 % | (0.04)% | 0.74 % | ||||
| (1)In the fourth quarter of 2025, the liability remeasurement loss of $171 million in the company's long-term care insurance products included an unfavorable impact from annual cash flow assumption updates of $47 million. Unfavorable benefit utilization and healthy life assumption updates were largely offset by favorable assumption updates reflecting in-force rate action approval experience and benefit reductions as well as favorable claim termination assumption updates. Also included in the liability remeasurement loss of $171 million were unfavorable actual variances from expected experience of $124 million associated with higher claims and lower terminations. | ||||||||||||
| (2)In the first quarter of 2026, actual variances from expected experience included net insurance recoveries of $23 million related to cash payments made to policyholders in connection with a prior legal settlement. | ||||||||||||
| (3)The ratio of the liability remeasurement (gains) losses to beginning reserves is calculated by dividing the liability remeasurement (gains) losses by the beginning liability for future policy benefits at the locked-in discount rate as of each applicable quarter. |
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Pg 20 - IFA - LTC
| Statutory Impact of In-Force Rate Actions - Closed Block Segment - Long-Term Care Insurance | |||||||||||
| (amounts in millions) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| Impact of in-force rate actions on pre-tax statutory earnings(1) | |||||||||||
| Premiums, premium tax, commissions and other expenses, net(2) | $ 261 | $ 253 | $ 514 | $ 261 | $ 256 | $ 247 | $ 240 | $ 1,004 | |||
| Reserve changes, net(2),(3) | 83 | 34 | 117 | 50 | 81 | 95 | 100 | 326 | |||
| Statutory earnings from in-force rate actions | $ 344 | $ 287 | $ 631 | $ 311 | $ 337 | $ 342 | $ 340 | $ 1,330 | |||
| (1)Includes all implemented in-force rate actions since 2012. | |||||||||||
| (2)Earned premium and reserve change estimates for statutory earnings reflect certain simplifying assumptions that may vary materially from actual historical results, including but not limited to, a uniform rate of coinsurance and premium taxes in addition to consistent policyholder behavior over time. Actual behavior may differ significantly from these assumptions, and these impacts exclude reserve updates. | |||||||||||
| (3)The first quarter of 2025 included a $3 million net favorable legal settlement impact. |
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Pg 21 - QTD AOI - Life
| Adjusted Operating Income (Loss) - Closed Block Segment - Life Insurance | |||||||||||
| (amounts in millions) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| REVENUES: | |||||||||||
| Premiums | $ 44 | $ 57 | $ 101 | $ 39 | $ 42 | $ 39 | $ 44 | $ 164 | |||
| Net investment income | 146 | 145 | 291 | 144 | 148 | 139 | 144 | 575 | |||
| Net investment gains (losses) | 2 | (3) | (1) | (1) | (3) | (9) | - | (13) | |||
| Policy fees and other income | 124 | 124 | 248 | 123 | 123 | 130 | 129 | 505 | |||
| Total revenues | 316 | 323 | 639 | 305 | 310 | 299 | 317 | 1,231 | |||
| BENEFITS AND EXPENSES: | |||||||||||
| Benefits and other changes in policy reserves | 194 | 189 | 383 | 151 | 186 | 183 | 201 | 721 | |||
| Liability remeasurement (gains) losses | 9 | 9 | 18 | (6) | - | 9 | 25 | 28 | |||
| Interest credited | 77 | 76 | 153 | 77 | 75 | 73 | 77 | 302 | |||
| Acquisition and operating expenses, net of deferrals | 47 | 40 | 87 | 36 | 39 | 36 | 36 | 147 | |||
| Amortization of deferred acquisition costs and intangibles | 29 | 30 | 59 | 32 | 32 | 33 | 34 | 131 | |||
| Total benefits and expenses | 356 | 344 | 700 | 290 | 332 | 334 | 373 | 1,329 | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (40) | (21) | (61) | 15 | (22) | (35) | (56) | (98) | |||
| Provision (benefit) for income taxes | (9) | (4) | (13) | 3 | (4) | (8) | (12) | (21) | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (31) | (17) | (48) | 12 | (18) | (27) | (44) | (77) | |||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: | |||||||||||
| Net investment (gains) losses | (2) | 3 | 1 | 1 | 3 | 9 | - | 13 | |||
| Taxes on adjustments | - | - | - | - | - | (2) | - | (2) | |||
| ADJUSTED OPERATING INCOME (LOSS) | $ (33) | $ (14) | $ (47) | $ 13 | $ (15) | $ (20) | $ (44) | $ (66) | |||
| Liability remeasurement (gains) losses: | |||||||||||
| Cash flow assumption updates(1) | $ - | $ - | $ - | $ (15) | $ - | $ - | $ - | $ (15) | |||
| Actual variances from expected experience | 9 | 9 | 18 | 9 | - | 9 | 25 | 43 | |||
| Total | $ 9 | $ 9 | $ 18 | $ (6) | $ - | $ 9 | $ 25 | $ 28 | |||
| (1)In the fourth quarter of 2025, the company had a favorable pre-tax impact of $15 million from cash flow assumption updates in its universal and term universal life insurance products reflecting favorable updates to interest rate assumptions given the recent rate environment. |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
&"Times New Roman,Regular"&P
Pg 22 - Life Metrics
| Insurance In-Force - Closed Block Segment - Life Insurance | |||||||||
| (amounts in millions) | |||||||||
| 2026 | 2025 | ||||||||
| 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | ||||
| Term and whole life insurance | |||||||||
| Life insurance in-force, net of reinsurance | $ 42,188 | $ 41,303 | $ 38,550 | $ 39,299 | $ 40,066 | $ 40,970 | |||
| Life insurance in-force, before reinsurance | $ 187,346 | $ 195,609 | $ 204,019 | $ 212,145 | $ 221,136 | $ 230,338 | |||
| Term universal life insurance | |||||||||
| Life insurance in-force, net of reinsurance | $ 81,636 | $ 83,070 | $ 84,373 | $ 85,722 | $ 87,101 | $ 88,113 | |||
| Life insurance in-force, before reinsurance | $ 82,165 | $ 83,605 | $ 84,912 | $ 86,276 | $ 87,654 | $ 88,684 | |||
| Universal life insurance | |||||||||
| Life insurance in-force, net of reinsurance | $ 25,447 | $ 25,755 | $ 26,063 | $ 26,334 | $ 26,622 | $ 26,918 | |||
| Life insurance in-force, before reinsurance | $ 28,541 | $ 28,892 | $ 29,223 | $ 29,582 | $ 29,906 | $ 30,257 |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
&"Times New Roman,Regular"&P
Pg 23 - QTD AOI - Annuities
| Adjusted Operating Income (Loss) - Closed Block Segment - Annuities | ||||||||||||
| (amounts in millions) | ||||||||||||
| 2026 | 2025 | |||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | |||||
| REVENUES: | ||||||||||||
| Net investment income | $ 70 | $ 69 | $ 139 | $ 71 | $ 73 | $ 77 | $ 76 | $ 297 | ||||
| Net investment gains (losses) | (1) | (5) | (6) | (5) | (8) | (8) | 1 | (20) | ||||
| Policy fees and other income | 26 | 26 | 52 | 26 | 27 | 26 | 27 | 106 | ||||
| Total revenues | 95 | 90 | 185 | 92 | 92 | 95 | 104 | 383 | ||||
| BENEFITS AND EXPENSES: | ||||||||||||
| Benefits and other changes in policy reserves | 33 | 35 | 68 | 34 | 36 | 37 | 43 | 150 | ||||
| Liability remeasurement (gains) losses | 1 | (2) | (1) | (22) | (7) | 1 | (3) | (31) | ||||
| Changes in fair value of market risk benefits and associated hedges | (17) | 10 | (7) | (4) | (1) | (10) | 18 | 3 | ||||
| Interest credited | 19 | 19 | 38 | 20 | 21 | 21 | 22 | 84 | ||||
| Acquisition and operating expenses, net of deferrals | 17 | 18 | 35 | 17 | 21 | 19 | 22 | 79 | ||||
| Amortization of deferred acquisition costs and intangibles | 4 | 5 | 9 | 5 | 5 | 4 | 6 | 20 | ||||
| Total benefits and expenses | 57 | 85 | 142 | 50 | 75 | 72 | 108 | 305 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 38 | 5 | 43 | 42 | 17 | 23 | (4) | 78 | ||||
| Provision (benefit) for income taxes | 8 | - | 8 | 9 | 2 | 5 | (1) | 15 | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 30 | 5 | 35 | 33 | 15 | 18 | (3) | 63 | ||||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: | ||||||||||||
| Net investment (gains) losses | 1 | 5 | 6 | 5 | 8 | 8 | (1) | 20 | ||||
| Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(1) | (23) | 9 | (14) | (6) | (3) | (15) | 19 | (5) | ||||
| Taxes on adjustments | 5 | (3) | 2 | - | (1) | 2 | (4) | (3) | ||||
| ADJUSTED OPERATING INCOME (LOSS) | $ 13 | $ 16 | $ 29 | $ 32 | $ 19 | $ 13 | $ 11 | $ 75 | ||||
| Liability remeasurement (gains) losses: | ||||||||||||
| Cash flow assumption updates(2) | $ - | $ - | $ - | $ (22) | $ - | $ - | $ - | $ (22) | ||||
| Actual variances from expected experience | 1 | (2) | (1) | - | (7) | 1 | (3) | (9) | ||||
| Total | $ 1 | $ (2) | $ (1) | $ (22) | $ (7) | $ 1 | $ (3) | $ (31) | ||||
| (1)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below: | ||||||||||||
| Changes in fair value of market risk benefits and associated hedges | $ (17) | $ 10 | $ (7) | $ (4) | $ (1) | $ (10) | $ 18 | $ 3 | ||||
| Adjustment for changes in reserves, attributed fees and benefit payments | (6) | (1) | (7) | (2) | (2) | (5) | 1 | (8) | ||||
| Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges | $ (23) | $ 9 | $ (14) | $ (6) | $ (3) | $ (15) | $ 19 | $ (5) | ||||
| (2)In the fourth quarter of 2025, the company's annuity products had a favorable pre-tax impact of $22 million primarily from favorable updates to its fixed annuity mortality assumptions. |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
&"Times New Roman,Regular"&P
Pg 24 - Corp & Other Cover
| Corporate and Other |
Pg 25 - QTD AOI- Corp & Other
| Adjusted Operating Income (Loss) - Corporate and Other(1) | |||||||||||
| (amounts in millions) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| REVENUES: | |||||||||||
| Premiums | $ 3 | $ 2 | $ 5 | $ 4 | $ 2 | $ 3 | $ 2 | $ 11 | |||
| Net investment income | 5 | 3 | 8 | 5 | 5 | 4 | 5 | 19 | |||
| Net investment gains (losses) | (7) | 7 | - | (8) | 8 | (28) | - | (28) | |||
| Policy fees and other income | 2 | 3 | 5 | 1 | - | - | - | 1 | |||
| Total revenues(2) | 3 | 15 | 18 | 2 | 15 | (21) | 7 | 3 | |||
| BENEFITS AND EXPENSES: | |||||||||||
| Benefits and other changes in policy reserves | (2) | (2) | (4) | (2) | (3) | (1) | (2) | (8) | |||
| Acquisition and operating expenses, net of deferrals | 33 | 34 | 67 | 35 | 30 | 29 | 19 | 113 | |||
| Amortization of deferred acquisition costs and intangibles | 3 | 2 | 5 | 2 | 1 | 1 | 1 | 5 | |||
| Interest expense | 13 | 13 | 26 | 13 | 14 | 14 | 14 | 55 | |||
| Total benefits and expenses | 47 | 47 | 94 | 48 | 42 | 43 | 32 | 165 | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (44) | (32) | (76) | (46) | (27) | (64) | (25) | (162) | |||
| Provision (benefit) for income taxes | (8) | (5) | (13) | (14) | (40) | (12) | (3) | (69) | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (36) | (27) | (63) | (32) | 13 | (52) | (22) | (93) | |||
| ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: | |||||||||||
| Net investment (gains) losses | 7 | (7) | - | 8 | (8) | 28 | - | 28 | |||
| (Gains) losses on early extinguishment of debt | (1) | - | (1) | (1) | - | - | - | (1) | |||
| Expenses related to restructuring | - | 2 | 2 | - | - | 1 | (2) | (1) | |||
| Taxes on adjustments(3) | (1) | 1 | - | 1 | (26) | (6) | 1 | (30) | |||
| ADJUSTED OPERATING INCOME (LOSS) | $ (31) | $ (31) | $ (62) | $ (24) | $ (21) | $ (29) | $ (23) | $ (97) | |||
| (1)Includes other businesses not individually reportable, including CareScout Services, CareScout Insurance and certain international businesses, along with debt financing expenses, unallocated corporate income and expenses, and eliminations of inter-segment transactions. | |||||||||||
| (2)The following table provides a reconciliation of total Corporate and Other revenues to CareScout Services revenues: | |||||||||||
| Total Corporate and Other revenues | $ 3 | $ 15 | $ 18 | $ 2 | $ 15 | $ (21) | $ 7 | $ 3 | |||
| Less: intercompany eliminations | (3) | (4) | (7) | (4) | (3) | (4) | (4) | (15) | |||
| Less: other revenues | - | 13 | 13 | 1 | 15 | (21) | 7 | 2 | |||
| CareScout Services revenues | $ 6 | $ 6 | $ 12 | $ 5 | $ 3 | $ 4 | $ 4 | $ 16 | |||
| (3)Taxes on adjustments include tax expense of $3 million in the fourth quarter of 2025 and a tax benefit of $27 million in the third quarter of 2025 related to a release of a portion of the valuation allowance on certain deferred tax assets. |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
&"Times New Roman,Regular"&P
Pg 26 - Stats Tab
| Additional Financial Data |
Pg 27 - Investments
| Investments Summary | |||||||||||||||||||||||||
| (amounts in millions) | |||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||
| Carrying Amount | % of Total | Carrying Amount | % of Total | Carrying Amount | % of Total | Carrying Amount | % of Total | Carrying Amount | % of Total | ||||||||||||||||
| Composition of Investment Portfolio | |||||||||||||||||||||||||
| Fixed maturity securities: | |||||||||||||||||||||||||
| Investment grade: | |||||||||||||||||||||||||
| Public fixed maturity securities | $ 25,551 | 42 | % | $ 25,941 | 43 | % | $ 26,493 | 44 | % | $ 26,839 | 45 | % | $ 26,326 | 43 | % | ||||||||||
| Private fixed maturity securities | 11,492 | 19 | 11,181 | 19 | 11,333 | 19 | 11,305 | 18 | 11,341 | 19 | |||||||||||||||
| Residential mortgage-backed securities(1) | 1,069 | 2 | 1,063 | 2 | 1,099 | 2 | 1,059 | 2 | 1,044 | 2 | |||||||||||||||
| Commercial mortgage-backed securities | 1,346 | 2 | 1,344 | 2 | 1,295 | 2 | 1,346 | 2 | 1,331 | 2 | |||||||||||||||
| Other asset-backed securities | 2,483 | 4 | 2,202 | 4 | 2,060 | 3 | 2,035 | 3 | 2,026 | 3 | |||||||||||||||
| State and political subdivisions | 1,999 | 3 | 2,086 | 3 | 2,114 | 3 | 2,145 | 3 | 2,135 | 4 | |||||||||||||||
| Non-investment grade fixed maturity securities | 1,324 | 2 | 1,278 | 2 | 1,368 | 2 | 1,381 | 2 | 1,469 | 2 | |||||||||||||||
| Equity securities: | |||||||||||||||||||||||||
| Common stocks and mutual funds | 495 | 1 | 475 | 1 | 485 | 1 | 477 | 1 | 447 | 1 | |||||||||||||||
| Preferred stocks | 69 | - | 69 | - | 70 | - | 69 | - | 69 | - | |||||||||||||||
| Commercial mortgage loans, net | 6,351 | 11 | 6,293 | 10 | 6,304 | 10 | 6,315 | 10 | 6,334 | 10 | |||||||||||||||
| Policy loans | 2,385 | 4 | 2,301 | 4 | 2,297 | 4 | 2,311 | 4 | 2,366 | 4 | |||||||||||||||
| Limited partnerships | 3,538 | 6 | 3,528 | 6 | 3,484 | 6 | 3,473 | 6 | 3,337 | 6 | |||||||||||||||
| Cash, cash equivalents, restricted cash and short-term investments | 2,065 | 3 | 2,149 | 3 | 2,073 | 3 | 2,062 | 3 | 1,808 | 3 | |||||||||||||||
| Other invested assets: | Derivatives: | ||||||||||||||||||||||||
| Interest rate swaps | 8 | - | 8 | - | 11 | - | 17 | - | 16 | - | |||||||||||||||
| Foreign currency swaps | 6 | - | 8 | - | 4 | - | 5 | - | 3 | - | |||||||||||||||
| Equity index options | 15 | - | 12 | - | 18 | - | 19 | - | 17 | - | |||||||||||||||
| Forward bond purchase commitments | 7 | - | 4 | - | 6 | - | 11 | - | 6 | - | |||||||||||||||
| Other | 756 | 1 | 709 | 1 | 694 | 1 | 580 | 1 | 590 | 1 | |||||||||||||||
| Total invested assets and cash | $ 60,959 | 100 | % | $ 60,651 | 100 | % | $ 61,208 | 100 | % | $ 61,449 | 100 | % | $ 60,665 | 100 | % | ||||||||||
| Public Fixed Maturity Securities - Credit Quality: | |||||||||||||||||||||||||
| NRSRO(2) Designation | |||||||||||||||||||||||||
| AAA | $ 1,357 | 4 | % | $ 1,446 | 5 | % | $ 1,466 | 5 | % | $ 1,496 | 5 | % | $ 1,498 | 5 | % | ||||||||||
| AA | 7,256 | 24 | 7,127 | 23 | 7,250 | 23 | 7,166 | 23 | 7,063 | 23 | |||||||||||||||
| A | 9,226 | 31 | 9,407 | 31 | 9,373 | 30 | 9,440 | 30 | 9,031 | 29 | |||||||||||||||
| BBB | 11,876 | 39 | 12,208 | 39 | 12,642 | 40 | 12,993 | 40 | 12,951 | 41 | |||||||||||||||
| BB | 486 | 2 | 471 | 2 | 504 | 2 | 476 | 2 | 488 | 2 | |||||||||||||||
| B | 27 | - | 16 | - | 16 | - | 34 | - | 46 | - | |||||||||||||||
| CCC and lower | - | - | - | - | - | - | - | - | - | - | |||||||||||||||
| Not rated | - | - | 1 | - | - | - | - | - | - | - | |||||||||||||||
| Total public fixed maturity securities | $ 30,228 | 100 | % | $ 30,676 | 100 | % | $ 31,251 | 100 | % | $ 31,605 | 100 | % | $ 31,077 | 100 | % | ||||||||||
| Private Fixed Maturity Securities - Credit Quality: | |||||||||||||||||||||||||
| NRSRO(2) Designation | |||||||||||||||||||||||||
| AAA | $ 713 | 5 | % | $ 570 | 4 | % | $ 540 | 4 | % | $ 599 | 4 | % | $ 652 | 4 | % | ||||||||||
| AA | 1,701 | 11 | 1,717 | 12 | 1,690 | 12 | 1,600 | 11 | 1,580 | 11 | |||||||||||||||
| A | 4,921 | 33 | 4,619 | 32 | 4,484 | 31 | 4,410 | 31 | 4,310 | 30 | |||||||||||||||
| BBB | 6,890 | 46 | 6,723 | 47 | 6,949 | 48 | 7,025 | 49 | 7,118 | 49 | |||||||||||||||
| BB | 747 | 5 | 718 | 5 | 747 | 5 | 773 | 5 | 828 | 6 | |||||||||||||||
| B | 26 | - | 35 | - | 71 | - | 66 | - | 71 | - | |||||||||||||||
| CCC and lower | 23 | - | 22 | - | 15 | - | 17 | - | 21 | - | |||||||||||||||
| Not rated | 15 | - | 15 | - | 15 | - | 15 | - | 15 | - | |||||||||||||||
| Total private fixed maturity securities | $ 15,036 | 100 | % | $ 14,419 | 100 | % | $ 14,511 | 100 | % | $ 14,505 | 100 | % | $ 14,595 | 100 | % | ||||||||||
| (1)The company does not have any material exposure to residential mortgage-backed securities collateralized debt obligations (CDOs). | |||||||||||||||||||||||||
| (2)Nationally Recognized Statistical Rating Organizations. |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
&"Times New Roman,Regular"&P
Pg 28 - Fixed Maturities
| Fixed Maturity Securities Summary | ||||||||||||||||||||||||||
| (amounts in millions) | ||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||||||||
| Fair Value | % of Total | Fair Value | % of Total | Fair Value | % of Total | Fair Value | % of Total | Fair Value | % of Total | |||||||||||||||||
| Fixed Maturity Securities - Security Sector: | ||||||||||||||||||||||||||
| U.S. government, agencies and government-sponsored enterprises | $ 3,624 | 8 | % | $ 3,616 | 8 | % | $ 3,701 | 8 | % | $ 3,593 | 8 | % | $ 3,527 | 8 | % | |||||||||||
| State and political subdivisions | 1,999 | 4 | 2,086 | 5 | 2,114 | 5 | 2,145 | 5 | 2,135 | 5 | ||||||||||||||||
| Foreign government | 1,333 | 3 | 1,191 | 3 | 1,215 | 3 | 1,203 | 3 | 1,121 | 2 | ||||||||||||||||
| U.S. corporate | 26,355 | 58 | 26,509 | 58 | 27,046 | 58 | 27,391 | 59 | 27,154 | 59 | ||||||||||||||||
| Foreign corporate | 7,018 | 16 | 7,045 | 16 | 7,191 | 16 | 7,301 | 16 | 7,302 | 16 | ||||||||||||||||
| Residential mortgage-backed securities | 1,069 | 2 | 1,064 | 2 | 1,100 | 2 | 1,059 | 2 | 1,044 | 2 | ||||||||||||||||
| Commercial mortgage-backed securities | 1,361 | 3 | 1,358 | 3 | 1,309 | 3 | 1,360 | 3 | 1,340 | 3 | ||||||||||||||||
| Other asset-backed securities | 2,505 | 6 | 2,226 | 5 | 2,086 | 5 | 2,058 | 4 | 2,049 | 5 | ||||||||||||||||
| Total fixed maturity securities | $ 45,264 | 100 | % | $ 45,095 | 100 | % | $ 45,762 | 100 | % | $ 46,110 | 100 | % | $ 45,672 | 100 | % | |||||||||||
| Corporate Bond Holdings - Industry Sector: | ||||||||||||||||||||||||||
| Investment Grade: | ||||||||||||||||||||||||||
| Finance and insurance | $ 8,410 | 25 | % | $ 8,513 | 25 | % | $ 8,666 | 26 | % | $ 8,675 | 25 | % | $ 8,587 | 25 | % | |||||||||||
| Utilities | 5,100 | 15 | 5,045 | 15 | 5,107 | 15 | 5,149 | 15 | 5,043 | 15 | ||||||||||||||||
| Energy | 3,206 | 10 | 3,209 | 10 | 3,252 | 10 | 3,292 | 10 | 3,265 | 10 | ||||||||||||||||
| Consumer - non-cyclical | 4,798 | 15 | 4,778 | 14 | 4,839 | 14 | 4,928 | 15 | 4,871 | 14 | ||||||||||||||||
| Consumer - cyclical | 1,213 | 3 | 1,239 | 3 | 1,298 | 3 | 1,375 | 4 | 1,403 | 4 | ||||||||||||||||
| Capital goods | 2,849 | 9 | 2,844 | 9 | 2,894 | 9 | 2,876 | 8 | 2,818 | 8 | ||||||||||||||||
| Industrial | 1,488 | 4 | 1,505 | 5 | 1,536 | 4 | 1,653 | 5 | 1,641 | 5 | ||||||||||||||||
| Technology and communications | 3,029 | 9 | 3,141 | 9 | 3,250 | 9 | 3,365 | 9 | 3,345 | 9 | ||||||||||||||||
| Transportation | 1,542 | 5 | 1,547 | 5 | 1,560 | 5 | 1,508 | 4 | 1,495 | 4 | ||||||||||||||||
| Other | 642 | 2 | 652 | 2 | 667 | 2 | 688 | 2 | 697 | 2 | ||||||||||||||||
| Subtotal | 32,277 | 97 | 32,473 | 97 | 33,069 | 97 | 33,509 | 97 | 33,165 | 96 | ||||||||||||||||
| Non-Investment Grade: | ||||||||||||||||||||||||||
| Finance and insurance | 150 | 1 | 109 | 1 | 110 | - | 128 | - | 135 | - | ||||||||||||||||
| Utilities | 36 | - | 37 | - | 45 | - | 49 | - | 69 | - | ||||||||||||||||
| Energy | 133 | - | 131 | - | 144 | - | 126 | - | 129 | - | ||||||||||||||||
| Consumer - non-cyclical | 123 | - | 126 | - | 124 | - | 127 | - | 137 | 1 | ||||||||||||||||
| Consumer - cyclical | 211 | 1 | 201 | 1 | 201 | 1 | 228 | 1 | 249 | 1 | ||||||||||||||||
| Capital goods | 130 | - | 115 | - | 117 | - | 136 | 1 | 143 | 1 | ||||||||||||||||
| Industrial | 114 | - | 131 | - | 179 | 1 | 144 | - | 166 | - | ||||||||||||||||
| Technology and communications | 172 | 1 | 185 | 1 | 188 | 1 | 184 | 1 | 206 | 1 | ||||||||||||||||
| Transportation | - | - | 1 | - | - | - | - | - | - | - | ||||||||||||||||
| Other | 27 | - | 45 | - | 60 | - | 61 | - | 57 | - | ||||||||||||||||
| Subtotal | 1,096 | 3 | 1,081 | 3 | 1,168 | 3 | 1,183 | 3 | 1,291 | 4 | ||||||||||||||||
| Total | $ 33,373 | 100 | % | $ 33,554 | 100 | % | $ 34,237 | 100 | % | $ 34,692 | 100 | % | $ 34,456 | 100 | % | |||||||||||
| Fixed Maturity Securities - Contractual Maturity Dates: | ||||||||||||||||||||||||||
| Due in one year or less | $ 1,619 | 4 | % | $ 1,711 | 4 | % | $ 1,543 | 3 | % | $ 1,648 | 4 | % | $ 1,481 | 3 | % | |||||||||||
| Due after one year through five years | 8,454 | 19 | 8,429 | 19 | 8,306 | 18 | 8,309 | 18 | 8,573 | 19 | ||||||||||||||||
| Due after five years through ten years | 10,598 | 23 | 10,675 | 24 | 11,221 | 25 | 11,230 | 24 | 11,040 | 24 | ||||||||||||||||
| Due after ten years | 19,658 | 43 | 19,632 | 43 | 20,197 | 44 | 20,446 | 45 | 20,145 | 44 | ||||||||||||||||
| Subtotal | 40,329 | 89 | 40,447 | 90 | 41,267 | 90 | 41,633 | 91 | 41,239 | 90 | ||||||||||||||||
| Mortgage and asset-backed securities | 4,935 | 11 | 4,648 | 10 | 4,495 | 10 | 4,477 | 9 | 4,433 | 10 | ||||||||||||||||
| Total fixed maturity securities | $ 45,264 | 100 | % | $ 45,095 | 100 | % | $ 45,762 | 100 | % | $ 46,110 | 100 | % | $ 45,672 | 100 | % |
&"Times New Roman,Bold"&12GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2026
&"Times New Roman,Regular"&P
Pg 29 - Inv. Yield
| U.S. GAAP Net Investment Income Yields | |||||||||||
| (amounts in millions) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| U.S. GAAP Net Investment Income | |||||||||||
| Fixed maturity securities | $ 592 | $ 556 | $ 1,148 | $ 561 | $ 566 | $ 570 | $ 559 | $ 2,256 | |||
| Equity securities | 3 | 2 | 5 | 4 | 3 | 3 | 3 | 13 | |||
| Commercial mortgage loans | 75 | 76 | 151 | 75 | 74 | 72 | 73 | 294 | |||
| Policy loans | 36 | 38 | 74 | 37 | 39 | 32 | 36 | 144 | |||
| Limited partnerships | 74 | 38 | 112 | 56 | 62 | 69 | 8 | 195 | |||
| Other invested assets | 63 | 60 | 123 | 61 | 64 | 62 | 61 | 248 | |||
| Cash, cash equivalents, restricted cash and short-term investments | 19 | 19 | 38 | 21 | 18 | 19 | 22 | 80 | |||
| Gross investment income before expenses and fees | 862 | 789 | 1,651 | 815 | 826 | 827 | 762 | 3,230 | |||
| Expenses and fees | (26) | (23) | (49) | (30) | (27) | (25) | (23) | (105) | |||
| Net investment income | $ 836 | $ 766 | $ 1,602 | $ 785 | $ 799 | $ 802 | $ 739 | $ 3,125 | |||
| Annualized Yields | |||||||||||
| Fixed maturity securities | 4.9% | 4.6% | 4.8% | 4.7% | 4.7% | 4.7% | 4.6% | 4.6% | |||
| Equity securities | 2.2% | 1.5% | 1.8% | 2.9% | 2.3% | 2.4% | 2.4% | 2.5% | |||
| Commercial mortgage loans | 4.7% | 4.8% | 4.8% | 4.8% | 4.7% | 4.6% | 4.6% | 4.6% | |||
| Policy loans | 6.1% | 6.6% | 6.4% | 6.4% | 6.7% | 5.5% | 6.2% | 6.2% | |||
| Limited partnerships(1) | 8.4% | 4.3 % | 6.4 % | 6.4% | 7.3% | 8.4% | 1.0 % | 5.8% | |||
| Other invested assets(2) | 46.2% | 34.2% | 41.4% | 38.3% | 45.1% | 42.3% | 41.7% | 40.9% | |||
| Cash, cash equivalents, restricted cash and short-term investments | 3.6% | 3.6% | 3.6% | 4.1% | 3.7% | 4.1% | 4.5% | 4.0% | |||
| Gross investment income before expenses and fees | 5.4% | 5.0% | 5.2% | 5.1% | 5.2% | 5.2% | 4.8% | 5.1% | |||
| Expenses and fees | (0.1)% | (0.2)% | (0.2)% | (0.2)% | (0.2)% | (0.2)% | (0.2)% | (0.2)% | |||
| Net investment income | 5.3% | 4.8% | 5.0% | 4.9% | 5.0% | 5.0% | 4.6% | 4.9% | |||
| Yields are based on net investment income as reported under U.S. GAAP and are consistent with how the company measures its investment performance for management purposes. Yields are annualized, for interim periods, and are calculated as net investment income as a percentage of average quarterly asset carrying values except for fixed maturity securities, derivatives and derivative counterparty collateral, which exclude unrealized fair value adjustments. | |||||||||||
| (1)Limited partnership investments are primarily equity-based and do not have fixed returns by period. | |||||||||||
| (2)Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation. |
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Pg 30 - Net Inv Gains (Loss)
| Net Investment Gains (Losses) - Detail | |||||||||||
| (amounts in millions) | |||||||||||
| 2026 | 2025 | ||||||||||
| 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||||
| Realized investment gains (losses): | |||||||||||
| Net realized gains (losses) on available-for-sale securities: | |||||||||||
| Fixed maturity securities: | |||||||||||
| U.S. corporate | $ (3) | $ (4) | $ (7) | $ (3) | $ (4) | $ (15) | $ - | $ (22) | |||
| U.S. government, agencies and government-sponsored enterprises | (3) | - | (3) | - | - | 1 | - | 1 | |||
| Foreign corporate | (3) | (17) | (20) | (7) | (4) | (1) | (2) | (14) | |||
| Foreign government | 4 | - | 4 | - | - | (3) | (2) | (5) | |||
| Mortgage-backed securities | - | - | - | (8) | (2) | - | - | (10) | |||
| Total net realized gains (losses) on available-for-sale securities | (5) | (21) | (26) | (18) | (10) | (18) | (4) | (50) | |||
| Net realized gains (losses) on equity securities sold | - | - | - | - | - | 4 | 1 | 5 | |||
| Total net realized investment gains (losses) | (5) | (21) | (26) | (18) | (10) | (14) | (3) | (45) | |||
| Net change in allowance for credit losses on available-for-sale fixed maturity securities | 1 | - | 1 | 5 | (3) | (11) | (4) | (13) | |||
| Write-down of available-for-sale fixed maturity securities | - | - | - | - | - | (4) | - | (4) | |||
| Net unrealized gains (losses) on equity securities still held | 59 | (19) | 40 | 8 | 30 | 32 | (14) | 56 | |||
| Net unrealized gains (losses) on limited partnerships | (21) | 3 | (18) | (17) | 66 | 25 | 38 | 112 | |||
| Commercial mortgage loans | 1 | 1 | 2 | (3) | (3) | (20) | 3 | (23) | |||
| Derivative instruments | 3 | 11 | 14 | (4) | 17 | (36) | 6 | (17) | |||
| Other | (1) | (1) | (2) | (10) | 2 | - | 1 | (7) | |||
| Net investment gains (losses), gross | 37 | (26) | 11 | (39) | 99 | (28) | 27 | 59 | |||
| Adjustment for net investment (gains) losses attributable to noncontrolling interests | - | 1 | 1 | 1 | - | 1 | 1 | 3 | |||
| Net investment gains (losses), net | $ 37 | $ (25) | $ 12 | $ (38) | $ 99 | $ (27) | $ 28 | $ 62 |
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Pg 31 - Non-GAAP Reconciliation
| Reconciliations of Non-GAAP Measures |
Pg 32 - ROE
| Reconciliation of Operating ROE | ||||||||||||||
| (amounts in millions) | ||||||||||||||
| Twelve months ended | ||||||||||||||
| Twelve Month Rolling Average ROE | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||
| U.S. GAAP Basis ROE | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||
| Net income (loss) available to Genworth Financial, Inc.'s common stockholders for the twelve months ended(1) | $ 212 | $ 216 | $ 223 | $ 220 | $ 189 | |||||||||
| Quarterly average Genworth Financial, Inc.'s stockholders' equity, excluding accumulated other comprehensive income (loss)(2) | $ 10,083 | $ 10,093 | $ 10,102 | $ 10,114 | $ 10,102 | |||||||||
| U.S. GAAP Basis ROE(1)/(2) | 2.1 % | 2.1 % | 2.2 % | 2.2 % | 1.9 % | |||||||||
| Operating ROE | ||||||||||||||
| Adjusted operating income (loss), excluding Closed Block for the twelve months ended(1) | $ 456 | $ 456 | $ 461 | $ 453 | $ 461 | |||||||||
| Quarterly average Genworth Financial, Inc.'s stockholders' equity, excluding segment equity for Closed Block and accumulated other comprehensive income (loss)(2) | $ 5,005 | $ 5,022 | $ 5,055 | $ 5,060 | $ 5,057 | |||||||||
| Operating ROE(1)/(2) | 9.1 % | 9.1 % | 9.1 % | 9.0 % | 9.1 % | |||||||||
| Three months ended | ||||||||||||||
| Quarterly Average ROE | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||
| U.S. GAAP Basis ROE | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||
| Net income (loss) available to Genworth Financial, Inc.'s common stockholders for the period ended(3) | $ 47 | $ 47 | $ 2 | $ 116 | $ 51 | |||||||||
| Quarterly average Genworth Financial, Inc.'s stockholders' equity for the period, excluding accumulated other comprehensive income (loss)(4) | $ 10,037 | $ 10,057 | $ 10,116 | $ 10,135 | $ 10,097 | |||||||||
| Annualized U.S. GAAP Quarterly Basis ROE(3)/(4) | 1.9 % | 1.9 % | 0.1 % | 4.6 % | 2.0 % | |||||||||
| Operating ROE | ||||||||||||||
| Adjusted operating income (loss), excluding Closed Block for the period ended(3) | $ 112 | $ 109 | $ 122 | $ 113 | $ 112 | |||||||||
| Quarterly average Genworth Financial, Inc.'s stockholders' equity for the period, excluding segment equity for Closed Block and accumulated other comprehensive income (loss)(4) | $ 4,945 | $ 5,000 | $ 5,041 | $ 5,041 | $ 5,041 | |||||||||
| Annualized Operating Quarterly Basis ROE(3)/(4) | 9.1 % | 8.7 % | 9.7 % | 9.0 % | 8.9 % | |||||||||
| Non-GAAP Definition for Operating ROE | ||||||||||||||
| The company references the non-GAAP financial measure entitled "operating return on equity" or "operating ROE." The company defines operating ROE as adjusted operating income (loss), excluding Closed Block divided by average ending Genworth Financial, Inc.'s stockholders' equity, excluding segment equity for Closed Block and accumulated other comprehensive income (loss). Management believes that analysis of operating ROE enhances understanding of the efficiency with which the company deploys its capital. However, operating ROE is not a substitute for net income (loss) available to Genworth Financial, Inc.'s common stockholders divided by average ending Genworth Financial, Inc.'s stockholders' equity determined in accordance with U.S. GAAP. | ||||||||||||||
| (1)The twelve months ended information is derived by adding the four quarters of net income (loss) available to Genworth Financial, Inc.'s common stockholders and adjusted operating income (loss), excluding Closed Block from page 9 herein. | ||||||||||||||
| (2)Quarterly average for the most recent five quarters. | ||||||||||||||
| (3)Net income (loss) available to Genworth Financial, Inc.'s common stockholders and adjusted operating income (loss), excluding Closed Block from page 9 herein. | ||||||||||||||
| (4)Quarterly average over two consecutive quarters. |
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Pg 33 - Expense Ratio
| Reconciliation of Consolidated Expense Ratio | ||||||||||
| (amounts in millions) | ||||||||||
| 2026 | 2025 | |||||||||
| U.S. GAAP Basis Expense Ratio | 2Q | 1Q | Total | 4Q | 3Q | 2Q | 1Q | Total | ||
| (A) | Acquisition and operating expenses, net of deferrals | $ 268 | $ 213 | $ 481 | $ 265 | $ 259 | $ 249 | $ 236 | $ 1,009 | |
| (B) | Premiums | $ 875 | $ 881 | $ 1,756 | $ 886 | $ 886 | $ 865 | $ 862 | $ 3,499 | |
| (A) / (B) | U.S. GAAP basis expense ratio | 31% | 24% | 27% | 30% | 29% | 29% | 27% | 29% | |
| Adjusted Expense Ratio | ||||||||||
| Acquisition and operating expenses, net of deferrals | $ 268 | $ 213 | $ 481 | $ 265 | $ 259 | $ 249 | $ 236 | $ 1,009 | ||
| Less: Legal settlement (recoveries) expenses(1) | - | (42) | (42) | - | - | - | - | - | ||
| Less: (Gains) losses on early extinguishment of debt | (1) | - | (1) | (1) | - | - | - | (1) | ||
| (C) | Adjusted acquisition and operating expenses, net of deferrals | $ 269 | $ 255 | $ 524 | $ 266 | $ 259 | $ 249 | $ 236 | $ 1,010 | |
| Premiums | $ 875 | $ 881 | $ 1,756 | $ 886 | $ 886 | $ 865 | $ 862 | $ 3,499 | ||
| Add: Policy fees and other income | 153 | 156 | 309 | 152 | 151 | 157 | 158 | 618 | ||
| (D) | Adjusted revenues | $ 1,028 | $ 1,037 | $ 2,065 | $ 1,038 | $ 1,037 | $ 1,022 | $ 1,020 | $ 4,117 | |
| (C) / (D) | Adjusted expense ratio | 26% | 25% | 25% | 26% | 25% | 24% | 23% | 25% | |
| Non-GAAP Definition for Adjusted Expense Ratio | ||||||||||
| The company references the non-GAAP financial measure entitled "adjusted expense ratio" as a measure of its operating performance. The company defines adjusted expense ratio as acquisition and operating expenses, net of deferrals, less certain reinsurance expenses, less legal settlement (recoveries) expenses incurred in the company's long-term care insurance products in its Closed Block segment, less (gains) losses on early extinguishment of debt divided by the sum of premiums, policy fees and other income. Management believes that the expense ratio analysis enhances understanding of the operating performance of the company. However, the adjusted expense ratio as defined by the company should not be viewed as a substitute for the U.S. GAAP basis expense ratio. | ||||||||||
| (1)Amounts in the first quarter of 2026 represent net insurance recoveries on legal costs previously incurred in connection with legal settlements in the company's long-term care insurance products in its Closed Block segment. |
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