XML 160 R144.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]                      
Premiums                 $ 4,519 $ 4,004 $ 4,160
Net investment income                 3,262 3,200 3,159
Net investment gains (losses)                 (146) 265 72
Policy fees and other income                 795 826 978
Total revenues $ 2,013 [1] $ 2,143 [1] $ 2,159 [1] $ 2,115 [1] $ 1,686 [2] $ 2,215 [2] $ 2,223 [2] $ 2,171 [2] 8,430 8,295 8,369
Benefits and other changes in policy reserves                 5,684 5,179 5,245
Interest credited                 611 646 696
Acquisition and operating expenses, net of deferrals                 997 1,022 1,273
Amortization of deferred acquisition costs and intangibles                 391 435 498
Interest expense                 299 284 337
Total benefits and expenses 2,426 [3] 1,870 [3] 1,799 [3] 1,887 [3] 1,976 [4] 1,929 [4] 1,822 [4] 1,839 [4] 7,982 7,566 8,049
Income (loss) from continuing operations before income taxes                 448 729 320
Provision (benefit) for income taxes         456       151 (207) 358
Income (loss) from continuing operations (327) [5] 210 [5] 249 [5] 165 [5] 265 [6] 184 [6] 271 [6] 216 [6] 297 936 (38)
Loss from discontinued operations, net of taxes 0 0 0 0   (9)     0 (9) (29)
Net income (loss) (327) [5] 210 [5] 249 [5] 165 [5] 265 [6] 175 [6] 271 [6] 216 [6] 297 927 (67)
Less: net income (loss) attributable to noncontrolling interests                 178 110 210
Net income (loss) available to Genworth Financial, Inc.'s common stockholders (329) [5] $ 146 [5] $ 190 [5] $ 112 [5] 353 [6] $ 107 [6] $ 202 [6] $ 155 [6] 119 817 (277)
Total assets 100,923       105,297       100,923 105,297  
U.S. Mortgage Insurance | Segment, Continuing Operations                      
Segment Reporting Information [Line Items]                      
Premiums                 746 695 660
Net investment income                 93 73 63
Net investment gains (losses)                 0 0 (1)
Policy fees and other income                 2 4 4
Total revenues                 841 772 726
Benefits and other changes in policy reserves                 36 107 160
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 169 165 167
Amortization of deferred acquisition costs and intangibles                 14 14 12
Interest expense                 0 0 0
Total benefits and expenses                 219 286 339
Income (loss) from continuing operations before income taxes                 622 486 387
Provision (benefit) for income taxes                 132 175 138
Income (loss) from continuing operations                 490 311 249
Loss from discontinued operations, net of taxes                 0 0 0
Net income (loss)                 490 311 249
Less: net income (loss) attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 490 311 249
Total assets 3,583       3,273       3,583 3,273  
Canada Mortgage Insurance                      
Segment Reporting Information [Line Items]                      
Net investment gains (losses) (107)                    
Total revenues 114                    
Canada Mortgage Insurance | Segment, Continuing Operations                      
Segment Reporting Information [Line Items]                      
Premiums                 525 519 481
Net investment income                 138 132 126
Net investment gains (losses)                 (137) 128 37
Policy fees and other income                 0 1 1
Total revenues                 526 780 645
Benefits and other changes in policy reserves                 78 54 104
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 70 80 77
Amortization of deferred acquisition costs and intangibles                 43 43 39
Interest expense                 18 18 18
Total benefits and expenses                 209 195 238
Income (loss) from continuing operations before income taxes                 317 585 407
Provision (benefit) for income taxes                 84 191 113
Income (loss) from continuing operations                 233 394 294
Loss from discontinued operations, net of taxes                 0 0 0
Net income (loss)                 233 394 294
Less: net income (loss) attributable to noncontrolling interests                 108 190 135
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 125 204 159
Total assets 5,038       5,534       5,038 5,534  
Australia Mortgage Insurance | Segment, Continuing Operations                      
Segment Reporting Information [Line Items]                      
Premiums                 373 (140) 337
Net investment income                 67 75 94
Net investment gains (losses)                 (15) 25 9
Policy fees and other income                 2 0 0
Total revenues                 427 (40) 440
Benefits and other changes in policy reserves                 110 109 113
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 65 67 96
Amortization of deferred acquisition costs and intangibles                 43 24 14
Interest expense                 9 9 10
Total benefits and expenses                 227 209 233
Income (loss) from continuing operations before income taxes                 200 (249) 207
Provision (benefit) for income taxes                 60 (90) 67
Income (loss) from continuing operations                 140 (159) 140
Loss from discontinued operations, net of taxes                 0 0 0
Net income (loss)                 140 (159) 140
Less: net income (loss) attributable to noncontrolling interests                 70 (80) 75
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 70 (79) 65
Total assets 2,534       2,973       2,534 2,973  
U.S. Life Insurance | Segment, Continuing Operations                      
Segment Reporting Information [Line Items]                      
Premiums                 2,867 2,922 2,670
Net investment income                 2,781 2,755 2,726
Net investment gains (losses)                 29 134 128
Policy fees and other income                 641 660 726
Total revenues                 6,318 6,471 6,250
Benefits and other changes in policy reserves                 5,416 4,880 4,822
Interest credited                 461 506 565
Acquisition and operating expenses, net of deferrals                 584 572 648
Amortization of deferred acquisition costs and intangibles                 257 328 403
Interest expense                 16 13 38
Total benefits and expenses                 6,734 6,299 6,476
Income (loss) from continuing operations before income taxes                 (416) 172 (226)
Provision (benefit) for income taxes                 (68) 60 (80)
Income (loss) from continuing operations                 (348) 112 (146)
Loss from discontinued operations, net of taxes                 0 0 0
Net income (loss)                 (348) 112 (146)
Less: net income (loss) attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 (348) 112 (146)
Total assets 79,799       81,295       79,799 81,295  
Runoff | Segment, Continuing Operations                      
Segment Reporting Information [Line Items]                      
Premiums                 0 0 0
Net investment income                 174 160 147
Net investment gains (losses)                 (33) 16 (14)
Policy fees and other income                 153 163 169
Total revenues                 294 339 302
Benefits and other changes in policy reserves                 39 26 42
Interest credited                 150 140 131
Acquisition and operating expenses, net of deferrals                 57 61 68
Amortization of deferred acquisition costs and intangibles                 33 24 29
Interest expense                 0 2 1
Total benefits and expenses                 279 253 271
Income (loss) from continuing operations before income taxes                 15 86 31
Provision (benefit) for income taxes                 2 25 6
Income (loss) from continuing operations                 13 61 25
Loss from discontinued operations, net of taxes                 0 0 0
Net income (loss)                 13 61 25
Less: net income (loss) attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 13 61 25
Total assets 9,963       10,907       9,963 10,907  
Corporate and Other                      
Segment Reporting Information [Line Items]                      
Provision (benefit) for income taxes         11            
Corporate and Other | Segment, Continuing Operations                      
Segment Reporting Information [Line Items]                      
Premiums                 8 8 12
Net investment income                 9 5 3
Net investment gains (losses)                 10 (38) (87)
Policy fees and other income                 (3) (2) 78
Total revenues                 24 (27) 6
Benefits and other changes in policy reserves                 5 3 4
Interest credited                 0 0 0
Acquisition and operating expenses, net of deferrals                 52 77 217
Amortization of deferred acquisition costs and intangibles                 1 2 1
Interest expense                 256 242 270
Total benefits and expenses                 314 324 492
Income (loss) from continuing operations before income taxes                 (290) (351) (486)
Provision (benefit) for income taxes                 (59) (568) 114
Income (loss) from continuing operations                 (231) 217 (600)
Loss from discontinued operations, net of taxes                 0 (9) (29)
Net income (loss)                 (231) 208 (629)
Less: net income (loss) attributable to noncontrolling interests                 0 0 0
Net income (loss) available to Genworth Financial, Inc.'s common stockholders                 (231) 208 $ (629)
Total assets $ 6       $ 1,315       $ 6 $ 1,315  
[1] Includes net investment losses of $114 million in the fourth quarter of 2018 primarily from our Canada Mortgage Insurance segment. These losses were primarily related to derivative losses on foreign currency swaps and forwards, and losses on preferred equity securities primarily driven by a decrease in interest rates in Canada during the fourth quarter of 2018.
[2] 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.
[3] Our long-term care insurance business completed its annual review of claim reserves in the fourth quarter of 2018, which resulted in higher total benefits and expenses of $291 million driven mostly by updates to several assumptions and methodologies, including benefit utilization rates, claim termination rates and other assumptions. Also in our long-term care insurance business, we refined our estimate of unreported policy terminations, which resulted in an unfavorable reserve adjustment of $36 million in 2018. Our life insurance business completed its annual review of assumptions in the fourth quarter of 2018, which resulted in higher total benefits and expenses of $108 million in our universal and term universal life insurance products driven mostly by lower expected growth in interest rates and emerging mortality experience primarily in our term universal life insurance product.
[4] 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.
[5] In the fourth quarter of 2018, our long-term care insurance business recorded a $230 million unfavorable adjustment, net of taxes, related to its annual review of claim reserves, as described above. In addition, our long-term care insurance business recorded a $28 million unfavorable reserve adjustment, net of taxes, related to a refined estimate of unreported policy terminations. Our life insurance business recorded an unfavorable adjustment, net of taxes, of $91 million resulting from its annual review of assumptions, as described above. Our Canada mortgage insurance business recorded net investment losses, net of taxes, of $107 million, as described above.
[6] 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.