XML 102 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Premiums $ 1,145 $ 1,210 $ 3,422 $ 3,486
Net investment income 783 778 2,357 2,345
Net investment gains (losses) (51) (27) (59) (11)
Insurance and investment product fees and other 223 229 672 680
Total revenues 2,100 2,190 6,392 6,500
Benefits and expenses:        
Benefits and other changes in policy reserves 1,290 1,934 3,714 4,282
Interest credited 179 185 540 552
Acquisition and operating expenses, net of deferrals 314 284 876 839
Amortization of deferred acquisition costs and intangibles 563 113 759 325
Goodwill impairment 0 550 0 550
Interest expense 105 104 315 327
Total benefits and expenses 2,451 3,170 6,204 6,875
Income (loss) from continuing operations before income taxes (351) (980) 188 (375)
Provision (benefit) for income taxes (134) (187) 27 (16)
Income (loss) from continuing operations (217) (793) 161 (359)
Income (loss) from discontinued operations, net of taxes (21) 6 (334) 19
Net loss (238) (787) (173) (340)
Less: net income attributable to noncontrolling interests 46 57 150 144
Net loss available to Genworth Financial, Inc.'s common stockholders $ (284) $ (844) $ (323) $ (484)
Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders per common share:        
Basic $ (0.53) $ (1.71) $ 0.02 $ (1.01)
Diluted (0.53) (1.71) 0.02 (1.01)
Net loss available to Genworth Financial, Inc.'s common stockholders per common share:        
Basic (0.57) (1.70) (0.65) (0.98)
Diluted $ (0.57) $ (1.70) $ (0.65) $ (0.98)
Weighted-average common shares outstanding:        
Basic 497.4 496.6 497.3 496.4
Diluted [1] 497.4 496.6 499.0 496.4
Supplemental disclosures:        
Total other-than-temporary impairments $ (10) $ (13) $ (13) $ (16)
Portion of other-than-temporary impairments included in other comprehensive income (loss) 1 7 1 7
Net other-than-temporary impairments (9) (6) (12) (9)
Other investments gains (losses) (42) (21) (47) (2)
Net investment gains (losses) $ (51) $ (27) $ (59) $ (11)
[1] 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 our loss from continuing operations available to Genworth Financial, Inc.'s common stockholders and net loss available to Genworth Financial, Inc.'s common stockholders for the three months ended September 30, 2015 and the three and nine months ended September 30, 2014, we were required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended September 30, 2015 and the three and nine months ended September 30, 2014, as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 1.3 million, 5.4 million and 6.4 million, respectively, would have been antidilutive to the calculation. If we had not incurred a loss from continuing operations available to Genworth Financial, Inc.'s common stockholders and net loss available to Genworth Financial, Inc.'s common stockholders for the three months ended September 30, 2015 and the three and nine months ended September 30, 2014, dilutive potential weighted-average common shares outstanding would have been 498.7 million, 502.0 million and 502.8 million, respectively.