XML 186 R168.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidating Income Statement (Detail) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:                      
Premiums                 $ 4,004 $ 4,160 $ 4,579
Net investment income                 3,200 3,159 3,138
Net investment gains (losses)                 265 72 (75)
Policy fees and other income                 826 978 906
Total revenues $ 1,686 [1] $ 2,215 [1] $ 2,223 [1] $ 2,171 [1] $ 2,198 [2] $ 2,150 [2] $ 2,236 [2] $ 1,785 [2] 8,295 8,369 8,548
Benefits and expenses:                      
Benefits and other changes in policy reserves                 5,179 5,245 5,149
Interest credited                 646 696 720
Acquisition and operating expenses, net of deferrals                 1,022 1,273 1,309
Amortization of deferred acquisition costs and intangibles                 435 498 966
Interest expense                 284 337 419
Total benefits and expenses 1,976 [3] 1,929 [3] 1,822 [3] 1,839 [3] 2,254 [4] 2,275 [4] 1,885 [4] 1,635 [4] 7,566 8,049 8,563
Income (loss) from continuing operations before income taxes                 729 320 (15)
Provision (benefit) for income taxes 456               (207) 358 (9)
Equity in income (loss) of subsidiaries                 0 0 0
Income (loss) from continuing operations 265 [5] 184 [5] 271 [5] 216 [5] (59) [6] (347) [6] 241 [6] 127 [6] 936 (38) (6)
Income (loss) from discontinued operations, net of taxes 0 (9) 0 0 (4) 15 (21) (19) (9) (29) (407)
Net income (loss) 265 [5] 175 [5] 271 [5] 216 [5] (63) [6] (332) [6] 220 [6] 108 [6] 927 (67) (413)
Less: net income attributable to noncontrolling interests (88) [7] 68 [7] 69 [7] 61 [7] 59 48 48 55 110 210 202
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ 353 [5] $ 107 [5] $ 202 [5] $ 155 [5] $ (122) $ (380) $ 172 $ 53 817 (277) (615)
Reportable Legal Entities | Parent Guarantor                      
Revenues:                      
Premiums                 0 0 0
Net investment income                 (3) (3) (3)
Net investment gains (losses)                 0 0 0
Policy fees and other income                 0 0 0
Total revenues                 (3) (3) (3)
Benefits and expenses:                      
Benefits and other changes in policy reserves                 0 0 0
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 57 153 32
Amortization of deferred acquisition costs and intangibles                 0 0 0
Interest expense                 1 1 0
Total benefits and expenses                 58 154 32
Income (loss) from continuing operations before income taxes                 (61) (157) (35)
Provision (benefit) for income taxes                 0 (47) (8)
Equity in income (loss) of subsidiaries                 878 (166) (579)
Income (loss) from continuing operations                 817 (276) (606)
Income (loss) from discontinued operations, net of taxes                 0 (1) (9)
Net income (loss)                 817 (277) (615)
Less: net income attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 817 (277) (615)
Reportable Legal Entities | Issuer                      
Revenues:                      
Premiums                 0 0 0
Net investment income                 8 2 1
Net investment gains (losses)                 (14) (1) 43
Policy fees and other income                 5 (8) (32)
Total revenues                 (1) (7) 12
Benefits and expenses:                      
Benefits and other changes in policy reserves                 0 0 0
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 (2) 38 2
Amortization of deferred acquisition costs and intangibles                 0 0 0
Interest expense                 254 278 307
Total benefits and expenses                 252 316 309
Income (loss) from continuing operations before income taxes                 (253) (323) (297)
Provision (benefit) for income taxes                 (67) 71 (103)
Equity in income (loss) of subsidiaries                 771 (53) (463)
Income (loss) from continuing operations                 585 (447) (657)
Income (loss) from discontinued operations, net of taxes                 4 (12) 0
Net income (loss)                 589 (459) (657)
Less: net income attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 589 (459) (657)
Reportable Legal Entities | All Other Subsidiaries                      
Revenues:                      
Premiums                 4,004 4,160 4,579
Net investment income                 3,210 3,175 3,154
Net investment gains (losses)                 279 73 (118)
Policy fees and other income                 823 986 940
Total revenues                 8,316 8,394 8,555
Benefits and expenses:                      
Benefits and other changes in policy reserves                 5,179 5,245 5,149
Interest credited                 646 696 720
Acquisition and operating expenses, net of deferrals                 967 1,082 1,275
Amortization of deferred acquisition costs and intangibles                 435 498 966
Interest expense                 46 73 128
Total benefits and expenses                 7,273 7,594 8,238
Income (loss) from continuing operations before income taxes                 1,043 800 317
Provision (benefit) for income taxes                 (140) 334 102
Equity in income (loss) of subsidiaries                 0 0 0
Income (loss) from continuing operations                 1,183 466 215
Income (loss) from discontinued operations, net of taxes                 (13) (16) (398)
Net income (loss)                 1,170 450 (183)
Less: net income attributable to noncontrolling interests                 110 210 202
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 1,060 240 (385)
Eliminations                      
Revenues:                      
Premiums                 0 0 0
Net investment income                 (15) (15) (14)
Net investment gains (losses)                 0 0 0
Policy fees and other income                 (2) 0 (2)
Total revenues                 (17) (15) (16)
Benefits and expenses:                      
Benefits and other changes in policy reserves                 0 0 0
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 0 0 0
Amortization of deferred acquisition costs and intangibles                 0 0 0
Interest expense                 (17) (15) (16)
Total benefits and expenses                 (17) (15) (16)
Income (loss) from continuing operations before income taxes                 0 0 0
Provision (benefit) for income taxes                 0 0 0
Equity in income (loss) of subsidiaries                 (1,649) 219 1,042
Income (loss) from continuing operations                 (1,649) 219 1,042
Income (loss) from discontinued operations, net of taxes                 0 0 0
Net income (loss)                 (1,649) 219 1,042
Less: net income attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 $ (1,649) $ 219 $ 1,042
[1] Our Australian mortgage insurance business completed a review of its premium earnings pattern in the fourth quarter of 2017 and recorded $468 million of lower earned premiums. The review indicated an observed and expected continuation of a longer duration between policy inception and first loss event.
[2] Our life insurance business completed its annual review of assumptions in the fourth quarter of 2016, which resulted in higher revenues of $6 million in our universal life insurance products. The updated assumptions reflected changes primarily to mortality experience in older age populations and modest updates related to long-term interest rates, lapses and other refinements.
[3] Our life insurance business completed its annual review of assumptions in the fourth quarter of 2017, which resulted in higher total benefits and expenses of $117 million in our universal and term universal life insurance products driven mostly by emerging mortality experience and from prolonged low interest rates. In addition, we recorded lower total benefits and expenses of $18 million in our Australian mortgage insurance business associated with changes to their premium earnings pattern, as described above.
[4] Our life insurance business completed its annual review of assumptions in the fourth quarter of 2016 as described above, which resulted in higher total benefits and expenses of $307 million in our universal and term universal life insurance products.
[5] In the fourth quarter of 2017, we recorded $456 million of net tax benefits primarily from changes in U.S. tax legislation under the TCJA and other items. These tax benefits were mostly related to a $258 million release of a valuation allowance recorded in 2016, the impact from changes in the federal tax rate and the release of shareholder liability taxes, partially offset by higher transition taxes. Our valuation allowance was reduced by $258 million principally related to the TCJA and from improvements in business performance, mostly in our U.S. mortgage insurance business, as well as lower operating earnings volatility in our U.S. life insurance businesses. Our Australian mortgage insurance business completed a review of the premium earnings pattern, as described above, which resulted in an unfavorable adjustment of $152 million, net of taxes and noncontrolling interests. A portion of this loss, $11 million, was recorded in Corporate and Other activities in connection with our allocation methodology for income taxes. We also completed our annual review of assumptions in our life insurance business in the fourth quarter of 2017, as described above, which resulted in a $74 million unfavorable adjustment, net of taxes, in our universal and term universal life insurance products.
[6] Our life insurance business completed its annual review of assumptions in the fourth quarter of 2016 as described above, which resulted in $196 million, net of taxes, of charges in our universal and term universal life insurance products.
[7] We completed a review of the premium earnings pattern in our Australian mortgage insurance business, as described above, which resulted in an unfavorable adjustment to net income (loss) attributable to noncontrolling interests of $151 million.