8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

May 3, 2022

Date of Report

(Date of earliest event reported)

GENWORTH FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-32195	80-0873306
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6620 West Broad Street, Richmond, VA	23230
(Address of principal executive offices)	(Zip Code)

(804) 281-6000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, par value $.001 per share	GNW	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 3, 2022, Genworth Financial, Inc. (the “Company”) issued (1) a press release announcing its financial results for the quarter ended March 31, 2022, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (2) a financial supplement for the quarter ended March 31, 2022, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information contained in this Current Report on Form 8-K (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.

The following materials are furnished as exhibits to this Current Report on Form 8-K:

Exhibit Number	Description of Exhibit
99.1	Press Release dated May 3, 2022
99.2	Financial Supplement for the quarter ended March 31, 2022
104	Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GENWORTH FINANCIAL, INC.
Date: May 3, 2022	By:	/s/ Jerome T. Upton
		Jerome T. Upton
		Senior Vice President and Controller
		(Principal Accounting Officer)

EX-99.1

Exhibit 99.1

Genworth Financial Announces First Quarter 2022 Results

First Quarter Net Income of $149 Million and Adjusted Operating Income of $131 Million

Announced $350 Million Share Repurchase Authorization, The First Shareholder Return Program In Over 13 Years

• Enact segment adjusted operating income of $135 million, with 10 percent annual growth in insurance in-force and strong loss performance

• Enact’s Board initiated a quarterly dividend program and declared a $0.14 dividend per share payable in the second quarter

• U.S. Life Insurance segment adjusted operating loss of $4 million driven by unfavorable life insurance results, partially offset by strong long-term care insurance (LTC) performance

• $101 million in annual premium rate increases approved, increasing net present value from achieved LTC rate actions since 2012 by approximately $800 million, bringing the total to $20.4 billion

• Strong U.S. life insurance companies’ statutory income driving estimated risk-based capital ratio to 296%

• Retired $82 million of debt, bringing total debt to $1.1 billion; cash and liquid assets of $215 million

• S&P Global Ratings upgraded the credit ratings of Genworth Financial, Inc. and Genworth Holdings, Inc.

Richmond, VA (May 3, 2022) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2022. The company reported net income¹ of $149 million, or $0.29 per diluted share, in the first quarter of 2022, compared with net income of $187 million, or $0.37 per diluted share, in the first quarter of 2021. The company reported adjusted operating income² of $131 million, or $0.25 per diluted share, in the first quarter of 2022, compared with adjusted operating income of $168 million, or $0.33 per diluted share, in the first quarter of 2021.

“Genworth had a strong start to the year, with solid operating performance, an improved balance sheet and significant progress on our strategic plan that will drive value for shareholders,” said Tom McInerney, Genworth President and CEO. “Genworth’s financial position is stronger than it has been in over a decade, and as a result, we announced a share repurchase program of up to $350 million.”

¹  Unless otherwise stated, all references in this press release to net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share and book value per share should be read as net income (loss) available to Genworth’s common stockholders, net income (loss) available to Genworth’s common stockholders per diluted share, adjusted operating income (loss) available to Genworth’s common stockholders, adjusted operating income (loss) available to Genworth’s common stockholders per diluted share and book value available to Genworth’s common stockholders per share, respectively.

²  This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles (Non-GAAP). See the Use of Non-GAAP Measures section of this press release for additional information.

Financial Performance

Consolidated Net Income & Adjusted Operating Income
	Three months ended March 31
	2022				2021
(Amounts in millions, except per share)	Total		Per diluted share		Total		Per diluted share		Total % change
Net income available to Genworth’s common stockholders	$	149	$	0.29	$	187	$	0.37		(20	)%
Adjusted operating income	$	131	$	0.25	$	168	$	0.33		(22	)%
Weighted-average diluted shares		517.4				513.8

	As of March 31
	2022		2021
Book value per share	$	28.23	$	29.14
Book value per share, excluding accumulated other comprehensive income (loss)	$	23.12	$	21.88

Net investment gains, net of taxes and other adjustments, increased net income by $22 million in the current quarter, compared with $26 million in the first quarter of 2021. The investment gains in the current quarter were primarily from mark-to-market gains on limited partnership investments held in the LTC business.

Net investment income was $764 million in the quarter, compared to $866 million in the prior quarter and $801 million in the prior year. Net investment income was lower compared to both the prior quarter and the prior year as a result of lower variable investment income, primarily driven by lower income from limited partnerships in the LTC business. The reported yield and the core yield² for the current quarter were 4.67 percent and 4.61 percent, respectively, compared to 5.26 percent and 5.01 percent, respectively, in the prior quarter.

Genworth’s effective tax rate on income from continuing operations for the current quarter was approximately 24.3 percent. The effective tax rate was increased by the tax effect of forward starting swap gains settled prior to the change in the corporate tax rate under the 2017 Tax Cuts and Jobs Act.

The table below shows adjusted operating income (loss) by segment and for Corporate and Other activities:

Adjusted Operating Income (Loss) (Amounts in millions)	Q1 22			Q4 21			Q1 21
Enact3	$	135		$	125		$	126
U.S. Life Insurance		(4	)		41			62
Runoff		9			16			12
Corporate and Other		(9	)		(18	)		(32	)
Total Adjusted Operating Income	$	131		$	164		$	168

Adjusted operating income (loss) represents income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and other adjustments. A reconciliation of net income to adjusted operating income is included at the end of this press release.

³  Reflects Genworth’s ownership amount excluding noncontrolling interests of $30 million and $29 million in the first quarter of 2022 and fourth quarter of 2021, respectively.

Enact

Operating Metrics (Dollar amounts in millions)	Q1 22			Q4 21			Q1 21
Adjusted operating income3	$	135		$	125		$	126
Primary new insurance written	$	18,823		$	21,441		$	24,934
Loss ratio		(4	)%		3	%		22	%

Enact reported adjusted operating income of $135 million, compared with $125 million in the prior quarter and $126 million in the prior year. Enact’s primary insurance in-force increased ten percent versus the prior year, driven by strong new insurance written (NIW) and higher persistency given the rise in interest rates. Primary NIW decreased 12 percent from the prior quarter. It was also down 25 percent versus the prior year primarily from a smaller private mortgage insurance market. Earned premiums in the current quarter were lower compared to both the prior quarter and the prior year as higher insurance in-force growth was offset by the continued lapse of older, higher-priced policies and lower single premium policy cancellations, as well as higher ceded premiums versus the prior year. Enact’s expenses in the current quarter were $57 million, resulting in an expense ratio of 24 percent.

Enact’s current quarter results reflect a benefit of $10 million from incurred losses driven by a favorable $50 million pre-tax reserve release, primarily related to 2020 COVID-19 delinquencies, which reduced the loss ratio by 21 percentage points to negative four percent. Results in the prior quarter and prior year reflected losses of $6 million and $55 million, and a loss ratio of three percent and 22 percent, respectively. New delinquencies in the current quarter were 8,724, an increase of five percent from 8,282 in the prior quarter, driven by recent large books entering their expected loss development pattern. Current quarter new delinquencies decreased 13 percent from 10,053 in the prior year. Losses in the prior quarter included a $32 million pre-tax reserve release on pre-COVID-19 delinquencies, while losses in the prior year included a $10 million pre-tax reserve strengthening on pre-COVID-19 delinquencies. The current quarter new delinquency rate of 0.9 percent remained consistent with pre-pandemic levels. Approximately 27 percent of new primary delinquencies in the current quarter were reported in forbearance plans which may cure at elevated rates.

U.S. Life Insurance

Adjusted Operating Income (Loss) (Amounts in millions)	Q1 22			Q4 21			Q1 21
Long-Term Care Insurance	$	59		$	119		$	95
Life Insurance		(79	)		(98	)		(63	)
Fixed Annuities		16			20			30
Total U.S. Life Insurance	$	(4	)	$	41		$	62
Long-Term Care Insurance In-Force Rate Action Performance (Amounts in millions)	Q1 22			Q4 21			Q1 21
Adjusted Operating Income from In-Force Rate Actions4, 5	$	304		$	296		$	243

Long-Term Care Insurance

Long-term care insurance reported adjusted operating income of $59 million, compared with $119 million in the prior quarter and $95 million in the prior year. LTC results reflected lower net investment income of $67 million after-tax versus the prior quarter and $14 million after-tax versus the prior year primarily due to the impact of lower income from limited partnerships, bond calls and commercial mortgage loan prepayments.

Claim terminations in the current quarter remained elevated versus pre-pandemic levels and were higher compared to the prior quarter but lower compared to the prior year. The company released $9 million pre-tax of its COVID-19 mortality reserve in the current quarter, leaving a pre-tax balance of $125 million as of March 31, 2022. In the prior year, the company strengthened this reserve by $67 million pre-tax.

New claims increased versus the prior quarter and prior year driven by both higher severity and frequency as the blocks age. Development of incurred but not reported (IBNR) claims was less favorable as new claim incidence increased versus the prior year but remained lower than pre-pandemic levels. In the prior year, the company strengthened IBNR claim reserves by $29 million pre-tax as the decrease in incidence was assumed to be driven by the COVID-19 pandemic and temporary in nature. As incidence continues to trend back to historical levels, IBNR claim reserves were reduced by $29 million pre-tax in the current quarter, leaving a pre-tax balance of $46 million as of March 31, 2022.

Renewal premiums decreased versus the prior year driven by policy terminations and policies entering paid-up status because of higher non-forfeiture and reduced benefit elections by policyholders. Renewal premiums also decreased compared to the prior quarter, primarily reflecting the seasonality of the timing of policyholder anniversaries.

Adjusted operating income of $304 million⁴ from cumulative in-force rate actions was more favorable than the prior year and prior quarter, driven primarily by reserve releases from higher benefit reductions.

⁴  Excludes reserve updates resulting from profits followed by losses.

⁵  Adjusted operating income from in-force rate actions includes estimated impacts from a legal settlement, net of tax and litigation expenses, of $58 million, $57 million and $15 million in the first quarter of 2022, fourth quarter of 2021 and first quarter of 2021, respectively.

Life Insurance

Life insurance reported an adjusted operating loss of $79 million, compared with adjusted operating losses of $98 million in the prior quarter and $63 million in the prior year. Mortality, attributable in part to the COVID-19 pandemic, was lower than the prior year but higher compared to the prior quarter. During the current quarter, the company accrued $20 million after-tax related to a legal settlement.

Current quarter results also included a lower charge of $13 million after-tax related to deferred acquisition costs (DAC) recoverability testing versus the prior quarter. In the prior quarter, the company completed its annual review of life insurance assumptions and recorded an unfavorable charge of $70 million after-tax, driven by assumption changes primarily related to unfavorable pre-COVID-19 mortality experience.

Fixed Annuities

Fixed annuities reported adjusted operating income of $16 million, compared with $20 million in the prior quarter and $30 million in the prior year. Results in the current quarter reflected lower net investment spreads because of lower bond calls and commercial mortgage loan prepayments, as well as anticipated block runoff. Mortality in the single premium immediate annuity product was less favorable than the prior year.

Runoff

Runoff reported adjusted operating income of $9 million, compared with $16 million in the prior quarter and $12 million in the prior year. Current quarter results in the variable annuity products were impacted by unfavorable equity market performance compared to the prior quarter and prior year.

Corporate And Other

Corporate and Other reported an adjusted operating loss of $9 million, compared with adjusted operating losses of $18 million in the prior quarter and $32 million in the prior year. Current quarter results included lower interest expense from the reduction of Genworth holding company debt.

Capital & Liquidity

Genworth maintains the following capital positions in its operating subsidiaries:

Key Capital & Liquidity Metrics (Dollar amounts in millions)	Q1 22			Q4 21			Q1 21
Enact
Consolidated Risk-To-Capital Ratio6		12.1:1			12.2:1			11.7:1
Enact Mortgage Insurance Corporation Risk-To-Capital Ratio6		12.2:1			12.3:1			11.9:1
Private Mortgage Insurer Eligibility Requirements Sufficiency Ratio (PMIERs)6, 7		176	%		165	%		159	%
U.S. Life Insurance Companies
Consolidated Risk-Based Capital Ratio6		296	%		289	%		254	%
Holding Company Cash and Liquid Assets8, 9	$	215		$	356		$	757

Key Points

• Enact’s PMIERs sufficiency ratio is estimated to be 176 percent, $2,261 million above published PMIERs requirements¹⁰. The PMIERs sufficiency ratio increased 11 points, or by $258 million, sequentially, driven by execution of reinsurance transactions, lapses, business cash flows and lower delinquencies, partially offset by NIW and amortization of existing reinsurance transactions;

• PMIERs sufficiency benefited from a 0.30 multiplier applied to the risk based required asset factor for certain non-performing loans, which resulted in a reduction of the published PMIERs required assets by an estimated $272 million at the end of the current quarter, compared to $390 million at the end of the prior quarter and $1,012 million at the end of the first quarter of 2021. These amounts are gross of incremental reinsurance benefits from the elimination of the 0.30 multiplier;

• Enact completed two excess of loss reinsurance transactions during the current quarter, which will provide approximately $325 million of reinsurance coverage on a portion of the 2021 book year and will provide up to $294 million of reinsurance coverage on expected new insurance written for the 2022 book year;

• U.S. life insurance companies’ consolidated statutory risk-based capital ratio is estimated to be 296 percent at the end of the current quarter, up from 289 percent in the prior quarter primarily from strong statutory earnings in the current quarter driven by LTC premium increases and benefit reductions from in-force rate actions;

⁶  Company estimate for the first quarter of 2022 due to timing of the preparation and filing of statutory statements.

⁷  The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within the published PMIERs. As of March 31, 2022, December 31, 2021 and March 31, 2021, the PMIERs sufficiency ratios were $2,261 million, $2,003 million and $1,764 million, respectively, of available assets above the published PMIERs requirements.

⁸  Holding company cash and liquid assets comprises assets held in Genworth Holdings, Inc. (the issuer of outstanding public debt) which is a wholly-owned subsidiary of Genworth Financial, Inc.

⁹  Genworth Holdings, Inc. had $140 million, $331 million and $757 million of cash, cash equivalents and restricted cash as of March 31, 2022, December 31, 2021 and March 31, 2021, respectively, which included $60 million of restricted cash and cash equivalents as of March 31, 2021. Genworth Holdings, Inc. also held $75 million and $25 million in U.S. government securities as of March 31, 2022 and December 31, 2021, respectively, which included $1 million and $3 million, respectively, of restricted assets.

¹⁰  The government-sponsored enterprises (GSEs) have imposed certain capital restrictions which remain in effect until certain conditions are met. These restrictions required Enact Mortgage Insurance Corporation, the company’s principal U.S. mortgage insurance subsidiary, to maintain 120 percent and 115 percent of PMIERs minimum required assets among other restrictions as of March 31, 2022 and December 31, 2021, respectively.

• Genworth’s holding company ended the quarter with $215 million of cash and liquid assets, including $1 million that is restricted. Cash sources in the quarter included $64 million from intercompany tax payments. During the current quarter, the company reduced its February 2024 debt obligation by $82 million through open market repurchases, leaving $200 million of principal remaining. Genworth’s parent holding company public debt outstanding was $1.1 billion as of March 31, 2022; and

• The company’s Board of Directors authorized a $350 million share repurchase program to be funded from holding company capital, as well as future cash flow generation, including expected future dividends from the company’s ownership in Enact. The company expects the majority of share repurchases to occur following the repayment of its remaining 2024 debt.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 provider of products, services and solutions that help families address the financial challenges of aging. Headquartered in Richmond, Virginia, we apply our nearly 150 years of experience each day to helping people navigate caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit genworth.com, for more information on Enact Holdings, Inc. visit enactmi.com.

From time to time, Genworth releases important information via postings on its website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found at http://investor.genworth.com.

Conference Call And Financial Supplement Information

This press release, summary presentation and financial supplement for the first quarter 2022 are now posted on the company’s website, http://investor.genworth.com. Investors are encouraged to review these materials.

Genworth will conduct a conference call on May 4, 2022 at 9:00 a.m. (ET) to discuss the quarter’s results. Genworth’s conference call will be accessible via telephone and Internet. The dial-in number for Genworth’s May 4^th conference call is 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID #8305163. To participate in the call by webcast, register at http://investor.genworth.com at least 15 minutes prior to the webcast to download and install any necessary software.

A replay of the call will be available at 888-203-1112 or 719-457-0820 (outside the U.S.); conference ID #8305163 through May 18, 2022. The webcast will also be archived on the company’s website for one year.

Prior to Genworth’s conference call, Enact will hold a conference call on May 4, 2022 at 8:00 a.m. (ET) to discuss its results from the first quarter. Enact’s conference call will be accessible via telephone and Internet. The dial-in number for Enact’s May 4^th conference call is 833-730-3978 or 720-405-2123 (outside the U.S.); conference ID #6293684. To participate in the call by webcast, register at http://ir.enactmi.com/news-and-events/events at least 15 minutes prior to the webcast to download and install any necessary software.

Use of Non-GAAP Measures

This press release includes the non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss) per share.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company’s segments and Corporate and Other activities. 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. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends.

While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders 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) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21 percent tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.

In the first quarter of 2022, the company repurchased $82 million principal amount of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes due in February 2024 for a pre-tax loss of $3 million. In the fourth quarter of 2021, the company paid a pre-tax make-whole premium of $20 million related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.

The company recorded a pre-tax expense of $5 million and $21 million in the fourth and first quarters of 2021, respectively, related to restructuring costs as it continued to evaluate and appropriately size its organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income during the periods presented.

The tables at the end of this press release provide a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the three months ended March 31, 2022 and 2021, as well as for the three months ended December 31, 2021, and reflect adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.

This press release includes the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP. In addition, the company’s definition of core yield may differ from the definitions used by other companies. A reconciliation of reported U.S. GAAP yield to core yield is included in a table at the end of this press release.

Definition of Selected Operating Performance Measures

The company taxes its businesses at the U.S. corporate federal income tax rate of 21 percent. 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 activities.

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.

The company reports selected operating performance measures including “sales” and “insurance in-force” or “risk in-force” which are commonly used in the insurance industry as measures of operating performance.

Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company’s Enact segment. 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 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. 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 also regularly monitors and reports a loss ratio for the company’s businesses. For the U.S. mortgage insurance business included in the company’s Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company’s U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.

Management also regularly monitors and reports adjusted operating income from in-force rate actions in the long-term care insurance business included in the company’s U.S. Life Insurance segment. Adjusted operating income from in-force rate actions includes premium rate increases and associated benefit reductions on its long-term care insurance products implemented since 2012, which are net of estimated premium tax, commissions, and other expenses on an after-tax basis. Estimates for in-force rate actions 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. In addition, estimates exclude reserve updates resulting from profits followed by losses. The company considers adjusted operating income from in-force rate actions to be a measure of its operating performance because it helps bring older generation long-term care insurance blocks closer to a break-even point over time and helps bring the loss ratios on newer long-term care insurance blocks back towards their original pricing.

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 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 U.S. GAAP or used in lieu of U.S. GAAP.

This supplemental statutory data includes risk-based capital ratios for GLIC and its consolidating life insurance subsidiaries as well as statutory earnings. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of among other things the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance businesses with internally generated capital.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company’s future business and financial performance. Examples of forward-looking statements include statements the company makes relating to future reductions of debt, potential dividends or share repurchases, future Enact Holdings, Inc. (Enact Holdings) dividends, the cumulative amount of rate action benefits required for the company’s long-term care insurance business to achieve break-even, future financial performance of the company’s businesses, liquidity and future strategic investments, including new products and services designed to assist individuals with navigating and financing long-term care, and potential third-party relationships or business arrangements relating thereto, as well as statements the company makes regarding the potential impacts of the coronavirus pandemic (COVID-19). Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, business, competitive, market, regulatory and other factors and risks, including, but not limited to, the following:

• the company may be unable to successfully execute its strategic plans: to strengthen the company’s financial position and create long-term shareholder value, including with respect to reducing debt of Genworth Holdings; maximizing the value of Enact Holdings; achieving economic breakeven on and stabilizing the legacy long-term care insurance in-force block; advancing the company’s long-term care growth initiatives, including launching either unilaterally or with a strategic partner new product and service offerings designed to assist individuals with navigating and financing long-term care; and returning capital to Genworth Financial shareholders, due to numerous risks and constraints, including but not limited to: Enact Holdings’ ability to pay dividends as a result of the GSEs amendments to PMIERs in response to COVID-19 as well as additional PMIERs requirements or other restrictions that the GSEs may place on the ability of Enact Holdings to pay dividends; an inability to increase the capital needed in the company’s businesses in a timely manner and on anticipated terms, including through improved business performance, reinsurance or similar transactions, asset sales, debt issuances, securities offerings or otherwise, in each case as and when required; the company’s strategic priorities change or become more costly or difficult to successfully achieve than currently anticipated or the benefits achieved being less than anticipated; an inability to identify and contract with a strategic partner regarding a new long-term care insurance business; an inability to establish a new long-term care insurance business or product offerings due to commercial and/or regulatory challenges; an inability to reduce costs proportionate with Genworth’s reduced business activity, including as forecasted and in a timely manner; and adverse tax or accounting charges, including new accounting guidance (that is effective for the company on January 1, 2023) related to long-duration insurance contracts;

• risks relating to estimates, assumptions and valuations including: inadequate reserves and the need to increase reserves (including as a result of any changes the company may make in the future to its assumptions, methodologies or otherwise in connection with periodic or other reviews); risks related to the impact of the company’s annual review of assumptions and methodologies related to its long-term care insurance claim reserves and margin reviews, including risks that additional information obtained in the future or other changes to assumptions or methodologies materially affect margins; or other changes to assumptions or methodologies materially affect margins; the inability to accurately estimate the impacts of COVID-19; inaccurate models; the need to increase the company’s reserves as a result of deviations from its estimates and actuarial assumptions or other reasons; accelerated amortization of deferred acquisition costs (DAC) and present value of future profits (PVFP) (including as a result of any future changes it may make to its assumptions, methodologies or otherwise in connection with periodic or other reviews); adverse impact on the company’s financial results as a result of projected profits followed by projected losses (as is currently the case with its long-term care insurance business); changes in valuation of fixed maturity and equity securities; and the benefits Enact Holdings realizes from its future loss mitigation actions or programs may be limited;

• liquidity, financial strength and credit ratings, and counterparty and credit risks including: the impact on Genworth Financial’s and Genworth Holdings’ liquidity caused by the inability to receive dividends or other returns of capital from Enact Holdings, including as a result of COVID-19; limited sources of capital and financing, including under certain conditions the company may seek additional capital on unfavorable terms; future adverse rating agency actions against the company or Enact Holdings, including with respect to rating downgrades or potential downgrades or being put on review for potential downgrade, all of which could have adverse implications, including with respect to key business relationships, product offerings, business results of operations, financial condition and capital needs, strategic plans, collateral obligations and availability and terms of hedging, reinsurance and borrowings; defaults by counterparties to reinsurance arrangements or derivative instruments; and defaults or other events impacting the value of the company’s invested assets, including but not limited to, its fixed maturity and equity securities, commercial mortgage loans, policy loans and limited partnership investments;

• risks relating to economic, market and political conditions including: downturns and volatility in global economies and equity and credit markets, including as a result of inflation and supply chain disruptions, continued labor shortages and other displacements caused by COVID-19; interest rates and changes in rates could adversely affect the company’s business and profitability; deterioration in economic conditions or a decline in home prices or home sales that adversely affect Enact Holdings’ loss experience and/or business levels; political and economic instability or changes in government policies; and fluctuations in international securities markets;

• regulatory and legal risks including: extensive regulation of the company’s businesses and changes in applicable laws and regulations (including changes to tax laws and regulations); litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties; heightened regulatory restrictions and other insurance, regulatory or corporate law restrictions; the inability to successfully seek in-force rate action increases (including increased premiums and associated benefit reductions) in the company’s long-term care insurance business, including as a result of COVID-19; adverse changes in regulatory requirements, including risk-based capital; inability of Enact Holdings to continue to meet the requirements mandated by PMIERs, including as a result of increased delinquencies caused by COVID-19; inability of Enact Holdings’ U.S. mortgage insurance subsidiaries to meet minimum statutory capital requirements; the influence of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and a small number of large mortgage lenders in the U.S. mortgage insurance market and adverse changes to the role or structure of Fannie Mae and Freddie Mac; adverse changes in regulations affecting Enact Holdings, including any additional restrictions placed on Enact Holdings by government and government-owned enterprises and the GSEs in connection with additional capital transactions; inability to continue to implement actions to mitigate the impact of statutory reserve requirements; changes in accounting and reporting standards, including new accounting guidance (that is effective for the company on January 1, 2023) related to long-duration insurance contracts;

• operational risks including: the inability to retain, attract and motivate qualified employees or senior management; Enact Holdings’ reliance on, and loss of, key customers or distribution relationships; competition with government-owned and government-sponsored enterprises may put Enact Holdings at a competitive disadvantage on pricing and other terms and conditions; the design and effectiveness of the company’s disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations; and failure or any compromise of the security of the company’s computer systems, disaster recovery systems, business continuity plans and failures to safeguard or breaches of confidential information;

• insurance and product-related risks including: Enact Holdings’ inability to maintain or increase capital in its mortgage insurance subsidiaries in a timely manner; the company’s inability to increase premiums and reduce benefits sufficiently, and in a timely manner, on its in-force long-term care insurance policies, in each case, as currently anticipated and as may be required from time to time in the future (including as a result of a delay or failure to obtain any necessary regulatory approvals, including as a result of COVID-19, or unwillingness or inability of policyholders to pay increased premiums and/or accept reduced benefits),

including to offset any negative impact on the company’s long-term care insurance margins; availability, affordability and adequacy of reinsurance to protect the company against losses; decreases in the volume of mortgage originations or increases in mortgage insurance cancellations; increases in the use of alternatives to private mortgage insurance and reductions in the level of coverage selected; potential liabilities in connection with Enact Holdings’ U.S. contract underwriting services; Enact Holdings’ delegated underwriting program may subject its mortgage insurance subsidiaries to unanticipated claims; and medical advances, such as genetic research and diagnostic imaging, and related legislation that impact policyholder behavior in ways adverse to the company; and

• other general risks including: the occurrence of natural or man-made disasters, including geopolitical tensions and war, or a public health emergency, including pandemics, could materially adversely affect the company’s financial condition and results of operations.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. This press release does not constitute an offering of any securities.

# # #

Contact Information:

Investors:	Sarah Crews
	InvestorInfo@genworth.com
Media:	Amy Rein
	Amy.Rein@genworth.com

Condensed Consolidated Statements of Income

(Amounts in millions, except per share amounts)

(Unaudited)

	Three months ended March 31,					Three months ended December 31,
	2022			2021		2021
Revenues:
Premiums	$	931		$	968	$	576
Net investment income		764			801		866
Net investment gains (losses)		28			33		132
Policy fees and other income		169			183		162
Total revenues		1,892			1,985		1,736
Benefits and expenses:
Benefits and other changes in policy reserves		1,139			1,218		861
Interest credited		125			131		127
Acquisition and operating expenses, net of deferrals		271			275		354
Amortization of deferred acquisition costs and intangibles		92			77		108
Interest expense		26			51		31
Total benefits and expenses		1,653			1,752		1,481
Income from continuing operations before income taxes		239			233		255
Provision for income taxes		58			59		62
Income from continuing operations		181			174		193
Income (loss) from discontinued operations, net of taxes		(2	)		21		(1	)
Net income		179			195		192
Less: net income from continuing operations attributable to noncontrolling interests		30			—		29
Less: net income from discontinued operations attributable to noncontrolling interests		—			8		—
Net income available to Genworth Financial, Inc.’s common stockholders	$	149		$	187	$	163
Net income available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	151		$	174	$	164
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		(2	)		13		(1	)
Net income available to Genworth Financial, Inc.’s common stockholders	$	149		$	187	$	163
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.30		$	0.35	$	0.32
Diluted	$	0.29		$	0.34	$	0.32
Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.29		$	0.37	$	0.32
Diluted	$	0.29		$	0.37	$	0.32
Weighted-average common shares outstanding:
Basic		508.3			506.0		507.4
Diluted		517.4			513.8		515.6

Reconciliation of Net Income to Adjusted Operating Income

(Amounts in millions, except per share amounts)

(Unaudited)

	Three months ended March 31,						Three months ended December 31,
	2022			2021			2021
Net income available to Genworth Financial, Inc.’s common stockholders	$	149		$	187		$	163
Add: net income from continuing operations attributable to noncontrolling interests		30			—			29
Add: net income from discontinued operations attributable to noncontrolling interests		—			8			—
Net income		179			195			192
Less: income (loss) from discontinued operations, net of taxes		(2	)		21			(1	)
Income from continuing operations		181			174			193
Less: net income from continuing operations attributable to noncontrolling interests		30			—			29
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders		151			174			164
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses, net11		(28	)		(33	)		(133	)
(Gains) losses on early extinguishment of debt		3			4			35
Initial loss from life block transaction		—			—			92
Expenses related to restructuring		—			21			5
Taxes on adjustments		5			2			1
Adjusted operating income	$	131		$	168		$	164
Adjusted operating income (loss):
Enact segment	$	135		$	126		$	125
U.S. Life Insurance segment:
Long-Term Care Insurance		59			95			119
Life Insurance		(79	)		(63	)		(98	)
Fixed Annuities		16			30			20
Total U.S. Life Insurance segment		(4	)		62			41
Runoff segment		9			12			16
Corporate and Other		(9	)		(32	)		(18	)
Adjusted operating income	$	131		$	168		$	164
Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.29		$	0.37		$	0.32
Diluted	$	0.29		$	0.37		$	0.32
Adjusted operating income per share:
Basic	$	0.26		$	0.33		$	0.32
Diluted	$	0.25		$	0.33		$	0.32
Weighted-average common shares outstanding:
Basic		508.3			506.0			507.4
Diluted		517.4			513.8			515.6

¹¹  For the three months ended December 31, 2021, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(1) million.

Condensed Consolidated Balance Sheets

(Amounts in millions)

	March 31,			December 31,
	2022			2021
	(Unaudited)
Assets
Cash, cash equivalents, restricted cash and invested assets	$	68,863		$	74,496
Deferred acquisition costs		1,310			1,146
Intangible assets		159			143
Reinsurance recoverable, net		16,764			16,813
Deferred tax and other assets		861			507
Separate account assets		5,530			6,066
Total assets	$	93,487		$	99,171
Liabilities and equity
Liabilities:
Future policy benefits	$	38,897		$	41,528
Policyholder account balances		18,197			19,354
Liability for policy and contract claims		11,833			11,841
Unearned premiums		639			672
Other liabilities		1,416			1,511
Long-term borrowings		1,819			1,899
Separate account liabilities		5,530			6,066
Liabilities related to discontinued operations		4			34
Total liabilities		78,335			82,905
Equity:
Common stock		1			1
Additional paid-in capital		11,857			11,858
Accumulated other comprehensive income (loss)		2,610			3,861
Retained earnings		2,639			2,490
Treasury stock, at cost		(2,700	)		(2,700	)
Total Genworth Financial, Inc.’s stockholders’ equity		14,407			15,510
Noncontrolling interests		745			756
Total equity		15,152			16,266
Total liabilities and equity	$	93,487		$	99,171

Reconciliation of Reported Yield to Core Yield

	Three
	months ended
	March 31,			December 31,
(Assets - amounts in billions)	2022			2021
Reported Total Invested Assets and Cash	$	68.2		$	73.8
Subtract:
Unrealized gains (losses)		3.0			8.2
Adjusted End of Period Invested Assets and Cash	$	65.2		$	65.6
Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	65.4		$	65.9
(Income - amounts in millions)
Reported Net Investment Income	$	764		$	866
Subtract:
Bond calls and commercial mortgage loan prepayments		10			38
Other non-core items12		—			2
Core Net Investment Income	$	754		$	826
Reported Yield		4.67	%		5.26	%
Core Yield		4.61	%		5.01	%

¹²  Includes cost basis adjustments on structured securities and various other immaterial items.

EX-99.2

	Exhibit 99.2

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

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 Net Income by Quarter		8
Reconciliation of Net Income to Adjusted Operating Income		9
Consolidated Balance Sheets.		10-11
Consolidated Balance Sheets by Segment.		12-13
Deferred Acquisition Costs (DAC) Rollforward		14
Quarterly Results by Business
Adjusted Operating Income and Sales - Enact Segment		16-21
Adjusted Operating Income (Loss) - U.S. Life Insurance Segment		23-26
Adjusted Operating Income - Runoff Segment		28
Adjusted Operating Income (Loss) - Corporate and Other Activities		30
Additional Financial Data
Investments Summary		32
Fixed Maturity Securities Summary		33
General Account U.S. GAAP Net Investment Income Yields		34
Net Investment Gains (Losses), Net—Detail		35
Reconciliations of Non-GAAP Measures
Reconciliation of Operating Return On Equity (ROE)		37
Reconciliation of Consolidated Expense Ratio		38
Reconciliation of Reported Yield to Core Yield		39
Corporate Information
Financial Strength Ratings.		41

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) 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-GAAP adjusted operating income (loss) 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.

2

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Dear Investor,

On March 11, 2022, S&P Global Ratings upgraded the credit rating of Genworth Financial, Inc. and Genworth Holdings, Inc. (Genworth Holdings) to “B+” (Speculative) from “B” (Speculative) and maintained a Positive outlook. The ratings upgrade is mostly due to the reduction in Genworth Holdings’ debt and other obligations over the past 12 months, resulting in the company’s improved financial flexibility and lower liquidity risk. For information related to the financial strength ratings of the company’s primary insurance subsidiaries, see page 41 of this financial supplement.

The company has added a new non-GAAP financial measure entitled “adjusted expense ratio” on page 38 of this financial supplement. Management believes that this expense ratio analysis enhances understanding of the operating performance of the company.

Thank you for your continued interest in Genworth Financial, Inc.

Regards,

Investor Relations

InvestorInfo@genworth.com

3

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Use of Non-GAAP Measures

This financial supplement includes the non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss) per share.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company’s segments and Corporate and Other activities. 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. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends.

While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders 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) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35).

In the first quarter of 2022, the company repurchased $82 million principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $3 million. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.

The company recorded a pre-tax expense of $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continued to evaluate and appropriately size its organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income (loss) during the periods presented.

The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income 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 management believes enhances the understanding and comparability of performance by highlighting underlying business activity and profitability drivers. These additional non-GAAP measures are on pages 37 to 39 of this financial supplement.

4

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Results of Operations and Selected Operating Performance Measures

The company’s chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the periods presented and reflects adjusted operating income as determined in accordance with accounting guidance related to segment reporting.

The company taxes 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 activities.

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.

This financial supplement contains selected operating performance measures including “sales” and “insurance in-force” or “risk in-force” which are commonly used in the insurance industry as measures of operating performance.

Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company’s Enact segment. 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 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. 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 also regularly monitors and reports a loss ratio for the company’s businesses. For the U.S. mortgage insurance business included in the company’s Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company’s U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.

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.

5

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Financial Highlights

(amounts in millions, except per share data)

Balance Sheet Data	March 31,         2022			December 31,         2021	September 30,         2021			June 30,         2021			March 31,         2021
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income	$	11,797		$ 11,649	$	11,476		$	11,330		$	11,083
Total accumulated other comprehensive income		2,610		3,861		3,800			3,834			3,675
Total Genworth Financial, Inc.’s stockholders’ equity	$	14,407		$ 15,510	$	15,276		$	15,164		$	14,758
Book value per share	$	28.23		$30.57	$	30.11		$	29.89		$	29.14
Book value per share, excluding accumulated other comprehensive income	$	23.12		$22.96	$	22.62		$	22.33		$	21.88
Common shares outstanding as of the balance sheet date		510.3		507.4		507.4			507.4			506.5
	Twelve months ended
Twelve Month Rolling Average ROE	March 31, 2022			December 31, 2021	September 30, 2021			June 30, 2021			March 31, 2021
U.S. GAAP Basis ROE		7.6	%	8.0%		9.1	%		10.3	%		4.0	%
Operating ROE(1)		6.3	%	6.8%		7.1	%		6.2	%		4.3	%
	Three months ended
Quarterly Average ROE	March 31, 2022			December 31, 2021	September 30, 2021			June 30, 2021			March 31, 2021
U.S. GAAP Basis ROE		5.1	%	5.6%		11.0	%		8.6	%		6.8	%
Operating ROE(1)		4.5	%	5.7%		8.4	%		6.9	%		6.1	%
Basic and Diluted Shares	Three months ended March 31, 2022
Weighted-average common shares used in basic earnings per share calculations		508.3
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based compensation		9.1
Weighted-average common shares used in diluted earnings per share calculations		517.4

⁽¹⁾  See page 37 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.

6

Consolidated Quarterly Results

7

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Net Income by Quarter

(amounts in millions, except per share amounts)

	2022			2021
	1Q			4Q			3Q		2Q			1Q		Total
REVENUES:
Premiums	$	931		$	576		$	944	$	947		$	968	$	3,435
Net investment income		764			866			859		844			801		3,370
Net investment gains (losses)		28			132			88		70			33		323
Policy fees and other income		169			162			179		180			183		704
Total revenues		1,892			1,736			2,070		2,041			1,985		7,832
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,139			861			1,143		1,161			1,218		4,383
Interest credited		125			127			123		127			131		508
Acquisition and operating expenses, net of deferrals		271			354			290		304			275		1,223
Amortization of deferred acquisition costs and intangibles		92			108			106		86			77		377
Interest expense		26			31			35		43			51		160
Total benefits and expenses		1,653			1,481			1,697		1,721			1,752		6,651
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		239			255			373		320			233		1,181
Provision for income taxes		58			62			67		75			59		263
INCOME FROM CONTINUING OPERATIONS		181			193			306		245			174		918
Income (loss) from discontinued operations, net of taxes(1)		(2	)		(1	)		12		(5	)		21		27
NET INCOME		179			192			318		240			195		945
Less: net income from continuing operations attributable to noncontrolling interests		30			29			4		—			—		33
Less: net income from discontinued operations attributable to noncontrolling interests		—			—			—		—			8		8
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	149		$	163		$	314	$	240		$	187	$	904
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	151		$	164		$	302	$	245		$	174	$	885
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		(2	)		(1	)		12		(5	)		13		19
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	149		$	163		$	314	$	240		$	187	$	904
Earnings Per Share Data:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.30		$	0.32		$	0.59	$	0.48		$	0.35	$	1.75
Diluted	$	0.29		$	0.32		$	0.59	$	0.47		$	0.34	$	1.72
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.29		$	0.32		$	0.62	$	0.47		$	0.37	$	1.78
Diluted	$	0.29		$	0.32		$	0.61	$	0.47		$	0.37	$	1.76
Weighted-average common shares outstanding
Basic		508.3			507.4			507.4		507.0			506.0		506.9
Diluted		517.4			515.6			514.2		515.0			513.8		514.7

⁽¹⁾  Income (loss) from discontinued operations relates the company’s former lifestyle protection insurance business that was sold on December 1, 2015 and its former Australia mortgage insurance business that was sold on March 3, 2021. The company recorded after-tax income (loss) of $(1) million in the first quarter of 2022 and $(1) million and $11 million in the fourth and first quarters of 2021, respectively, associated with refinements to its tax matters agreement liability. During the first quarter of 2022 and the third, second and first quarters of 2021, the company recorded after-tax income (loss) of $(1) million, $9 million, $(4) million and $(1) million, respectively, related to a secured promissory note with AXA S.A. (AXA) resulting from a settlement agreement regarding a dispute over payment protection insurance claims sold by the company’s former lifestyle protection insurance business. During the first quarter of 2021, based on an updated estimate, the company adjusted a liability associated with underwriting losses on a product sold by a distributor in the company’s former lifestyle protection insurance business which resulted in an after-tax loss of $4 million.

8

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Net Income to Adjusted Operating Income

(amounts in millions, except per share amounts)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	149		$	163		$	314		$	240		$	187		$	904
Add: net income from continuing operations attributable to noncontrolling interests		30			29			4			—			—			33
Add: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			8			8
NET INCOME		179			192			318			240			195			945
Less: income (loss) from discontinued operations, net of taxes		(2	)		(1	)		12			(5	)		21			27
INCOME FROM CONTINUING OPERATIONS		181			193			306			245			174			918
Less: net income from continuing operations attributable to noncontrolling interests		30			29			4			—			—			33
INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		151			164			302			245			174			885
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net(1)		(28	)		(133	)		(88	)		(70	)		(33	)		(324	)
(Gains) losses on early extinguishment of debt		3			35			6			—			4			45
Initial loss from life block transaction		—			92			—			—			—			92
Expenses related to restructuring		—			5			3			5			21			34
Taxes on adjustments		5			1			16			14			2			33
ADJUSTED OPERATING INCOME	$	131		$	164		$	239		$	194		$	168		$	765
ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	135		$	125		$	134		$	135		$	126		$	520
U.S. Life Insurance segment:
Long-Term Care Insurance		59			119			133			98			95			445
Life Insurance		(79	)		(98	)		(68	)		(40	)		(63	)		(269	)
Fixed Annuities		16			20			28			13			30			91
Total U.S. Life Insurance segment		(4	)		41			93			71			62			267
Runoff segment		9			16			11			15			12			54
Corporate and Other		(9	)		(18	)		1			(27	)		(32	)		(76	)
ADJUSTED OPERATING INCOME	$	131		$	164		$	239		$	194		$	168		$	765
Earnings Per Share Data:
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.29		$	0.32		$	0.62		$	0.47		$	0.37		$	1.78
Diluted	$	0.29		$	0.32		$	0.61		$	0.47		$	0.37		$	1.76
Adjusted operating income per share
Basic	$	0.26		$	0.32		$	0.47		$	0.38		$	0.33		$	1.51
Diluted	$	0.25		$	0.32		$	0.46		$	0.38		$	0.33		$	1.48
Weighted-average common shares outstanding
Basic		508.3			507.4			507.4			507.0			506.0			506.9
Diluted		517.4			515.6			514.2			515.0			513.8			514.7

⁽¹⁾  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35 for reconciliation).

9

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheets

(amounts in millions)

	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value(1)	$	55,027		$	60,480		$	61,274		$	61,649		$	60,231
Equity securities, at fair value		230			198			156			147			238
Commercial mortgage loans(2)		6,938			6,856			6,916			6,912			6,787
Less: Allowance for credit losses		(25	)		(26	)		(30	)		(33	)		(32	)
Commercial mortgage loans, net		6,913			6,830			6,886			6,879			6,755
Policy loans		2,028			2,050			2,067			2,083			1,976
Limited partnerships		2,007			1,900			1,617			1,354			1,160
Other invested assets		671			820			718			906			599
Total investments		66,876			72,278			72,718			73,018			70,959
Cash, cash equivalents and restricted cash		1,291			1,571			1,937			2,214			1,964
Accrued investment income		696			647			626			573			704
Deferred acquisition costs		1,310			1,146			1,193			1,212			1,247
Intangible assets		159			143			147			151			155
Reinsurance recoverable		16,821			16,868			16,722			16,716			16,788
Less: Allowance for credit losses		(57	)		(55	)		(51	)		(50	)		(44	)
Reinsurance recoverable, net		16,764			16,813			16,671			16,666			16,744
Other assets		440			388			396			403			439
Deferred tax asset		421			119			209			211			314
Separate account assets		5,530			6,066			5,978			6,202			6,032
Total assets	$	93,487		$	99,171		$	99,875		$	100,650		$	98,558

⁽¹⁾  Amortized cost of $52,280 million, $52,611 million, $53,181 million, $53,111 million and $53,470 million as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, and allowance for credit losses of $^___ as of March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 and $3 million as of March 31, 2021.

⁽²⁾  Net of unamortized balance of loan origination fees and costs of $4 million as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021.

10

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheets

(amounts in millions)

	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	38,897		$	41,528		$	41,794		$	42,165		$	40,634
Policyholder account balances		18,197			19,354			19,607			19,944			19,999
Liability for policy and contract claims		11,833			11,841			11,743			11,546			11,415
Unearned premiums		639			672			685			695			728
Other liabilities		1,416			1,511			1,568			1,664			1,710
Long-term borrowings		1,819			1,899			2,412			2,924			2,922
Separate account liabilities		5,530			6,066			5,978			6,202			6,032
Liabilities related to discontinued operations(1)		4			34			36			346			360
Total liabilities		78,335			82,905			83,823			85,486			83,800
Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,857			11,858			11,850			12,018			12,011
Accumulated other comprehensive income (loss)		2,610			3,861			3,800			3,834			3,675
Retained earnings		2,639			2,490			2,325			2,011			1,771
Treasury stock, at cost		(2,700	)		(2,700	)		(2,700	)		(2,700	)		(2,700	)
Total Genworth Financial, Inc.’s stockholders’ equity		14,407			15,510			15,276			15,164			14,758
Noncontrolling interests		745			756			776			—			—
Total equity		15,152			16,266			16,052			15,164			14,758
Total liabilities and equity	$	93,487		$	99,171		$	99,875		$	100,650		$	98,558

⁽¹⁾  Liabilities related to discontinued operations relates to a liability recorded in connection with a settlement agreement reached with AXA involving the sale of the company’s former lifestyle protection insurance business and includes an unrelated liability associated with underwriting losses on a product sold by a distributor in the company’s former lifestyle protection insurance business.

11

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheet by Segment

(amounts in millions)

	March 31, 2022
	Enact			U.S. Life Insurance			Runoff		Corporate and Other(1)			Total
ASSETS
Cash and investments	$	5,579		$	59,149		$	2,595	$	1,540		$	68,863
Deferred acquisition costs and intangible assets		36			1,298			127		8			1,469
Reinsurance recoverable, net		—			16,118			646		—			16,764
Deferred tax and other assets		175			(83	)		62		707			861
Separate account assets		—			—			5,530		—			5,530
Total assets	$	5,790		$	76,482		$	8,960	$	2,255		$	93,487
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	38,895		$	2	$	—		$	38,897
Policyholder account balances		—			15,190			3,007		—			18,197
Liability for policy and contract claims		625			11,186			14		8			11,833
Unearned premiums		236			400			3		—			639
Other liabilities		123			705			43		545			1,416
Borrowings		741			—			—		1,078			1,819
Separate account liabilities		—			—			5,530		—			5,530
Liabilities related to discontinued operations		—			—			—		4			4
Total liabilities		1,725			66,376			8,599		1,635			78,335
Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,436			7,238			361		762			11,797
Allocated accumulated other comprehensive income (loss)		(116	)		2,868			—		(142	)		2,610
Total Genworth Financial, Inc.’s stockholders’ equity		3,320			10,106			361		620			14,407
Noncontrolling interests		745			—			—		—			745
Total equity		4,065			10,106			361		620			15,152
Total liabilities and equity	$	5,790		$	76,482		$	8,960	$	2,255		$	93,487

⁽¹⁾  Includes inter-segment eliminations and other businesses that are managed outside the operating segments.

12

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheet by Segment

(amounts in millions)

	December 31, 2021
	Enact		U.S. Life Insurance			Runoff		Corporate and Other(1)			Total
ASSETS
Cash and investments	$	5,723	$	64,084		$	2,574	$	2,115		$	74,496
Deferred acquisition costs and intangible assets		37		1,129			113		10			1,289
Reinsurance recoverable, net		—		16,168			645		—			16,813
Deferred tax and other assets		90		(171	)		62		526			507
Separate account assets		—		—			6,066		—			6,066
Total assets	$	5,850	$	81,210		$	9,460	$	2,651		$	99,171
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—	$	41,526		$	2	$	—		$	41,528
Policyholder account balances		—		16,343			3,011		—			19,354
Liability for policy and contract claims		641		11,183			8		9			11,841
Unearned premiums		246		423			3		—			672
Other liabilities		123		765			40		583			1,511
Borrowings		740		—			—		1,159			1,899
Separate account liabilities		—		—			6,066		—			6,066
Liabilities related to discontinued operations		—		—			—		34			34
Total liabilities		1,750		70,240			9,130		1,785			82,905
Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,276		7,159			324		890			11,649
Allocated accumulated other comprehensive income (loss)		68		3,811			6		(24	)		3,861
Total Genworth Financial, Inc.’s stockholders’ equity		3,344		10,970			330		866			15,510
Noncontrolling interests		756		—			—		—			756
Total equity		4,100		10,970			330		866			16,266
Total liabilities and equity	$	5,850	$	81,210		$	9,460	$	2,651		$	99,171

⁽¹⁾  Includes inter-segment eliminations and other businesses that are managed outside the operating segments.

13

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Deferred Acquisition Costs Rollforward

(amounts in millions)

	Enact			U.S. Life Insurance			Runoff			Total
Unamortized balance as of December 31, 2021	$	27		$	2,279		$	132		$	2,438
Costs deferred		2			—			—			2
Amortization, net of interest accretion		(2	)		(67	)		(6	)		(75	)
Unamortized balance as of March 31, 2022		27			2,212			126			2,365
Effect of accumulated net unrealized investment (gains) losses		—			(1,054	)		(1	)		(1,055	)
Balance as of March 31, 2022	$	27		$	1,158		$	125		$	1,310

14

Enact Segment

15

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income and Sales—Enact Segment

(amounts in millions)

	2022			2021
	1Q			4Q		3Q			2Q			1Q			Total
REVENUES:
Premiums	$	234		$	237	$	243		$	243		$	252		$	975
Net investment income		35			35		36			35			35			141
Net investment gains (losses)		—			—		1			(2	)		(1	)		(2	)
Policy fees and other income		1			1		1			—			2			4
Total revenues		270			273		281			276			288			1,118
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(10	)		6		34			30			55			125
Acquisition and operating expenses, net of deferrals		54			55		55			63			57			230
Amortization of deferred acquisition costs and intangibles		3			4		3			4			4			15
Interest expense		13			13		13			12			13			51
Total benefits and expenses		60			78		105			109			129			421
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		210			195		176			167			159			697
Provision for income taxes		45			41		38			35			34			148
INCOME FROM CONTINUING OPERATIONS		165			154		138			132			125			549
Less: net income from continuing operations attributable to noncontrolling interests		30			29		4			—			—			33
INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		135			125		134			132			125			516
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses		—			—		(1	)		2			1			2
Expenses related to restructuring		—			—		1			2			—			3
Taxes on adjustments		—			—		—			(1	)		—			(1	)
ADJUSTED OPERATING INCOME	$	135		$	125	$	134		$	135		$	126		$	520
SALES:
Primary New Insurance Written (NIW)	$	18,823		$	21,441	$	23,972		$	26,657		$	24,934		$	97,004

16

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Primary New Insurance Written Metrics—Enact Segment

(amounts in millions)

	2022					2021
	1Q					4Q					3Q					2Q					1Q
	Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW
Payment Type
Monthly	$	17,071		91	%	$	19,395		91	%	$	21,475		90	%	$	24,887		93	%	$	23,358		94	%
Single		1,690		9			1,991		9			2,431		10			1,686		7			1,446		6
Other(1)		62		—			55		—			66		—			84		—			130		—
Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%
Origination
Purchase	$	17,326		92	%	$	19,284		90	%	$	20,988		88	%	$	21,143		79	%	$	15,500		62	%
Refinance		1,497		8			2,157		10			2,984		12			5,514		21			9,434		38
Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%
FICO Scores
Over 760	$	8,359		45	%	$	9,401		44	%	$	10,708		45	%	$	11,762		44	%	$	10,520		42	%
740 - 759		3,085		16			3,406		16			3,830		16			3,995		15			3,836		15
720 - 739		2,515		13			2,844		13			3,177		13			3,467		13			3,423		14
700 - 719		1,952		10			2,257		11			2,702		11			3,131		12			2,979		12
680 - 699		1,316		7			1,589		7			1,875		8			2,513		9			2,480		10
660 - 679(2)		931		5			1,106		5			1,010		4			1,068		4			983		4
640 - 659		486		3			611		3			504		2			547		2			511		2
620 - 639		173		1			223		1			166		1			174		1			202		1
<620		6		—			4		—			—		—			—		—			—		—
Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%
Loan-To-Value Ratio
95.01% and above	$	3,146		17	%	$	3,660		17	%	$	3,396		14	%	$	2,767		11	%	$	2,241		9	%
90.01% to 95.00%		6,682		35			7,548		35			8,838		37			10,758		40			9,453		38
85.01% to 90.00%		5,620		30			6,253		29			7,454		31			8,618		32			8,392		34
85.00% and below		3,375		18			3,980		19			4,284		18			4,514		17			4,848		19
Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%
Debt-To-Income Ratio
45.01% and above	$	4,452		24	%	$	4,977		23	%	$	4,167		17	%	$	3,269		12	%	$	2,566		10	%
38.01% to 45.00%		6,361		34			7,047		33			7,949		33			9,204		35			8,746		35
38.00% and below		8,010		42			9,417		44			11,856		50			14,184		53			13,622		55
Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

⁽¹⁾  Includes loans with annual and split payment types.

⁽²⁾  Loans with unknown FICO scores are included in the 660-679 category.

17

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Other Metrics—Enact Segment

(dollar amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Primary Insurance In-Force(1)	$	231,853		$	226,514		$	222,464		$	217,477		$	210,187
Risk In-Force
Primary(2)	$	58,295		$	56,881		$	55,866		$	54,643		$	52,866
Pool		97			105			117			123			134
Total Risk In-Force	$	58,392		$	56,986		$	55,983		$	54,766		$	53,000
Expense Ratio(3)		24	%		25	%		24	%		27	%		24	%		25	%
Primary Persistency		76	%		69	%		65	%		63	%		56	%		62	%
Combined Risk To Capital Ratio(4)		12.1:1			12.2:1			11.8:1			11.8:1			11.7:1
EMICO Risk To Capital Ratio(4),(5)		12.2:1			12.3:1			11.9:1			12.0:1			11.9:1
PMIERs Available Assets(6)	$	5,222		$	5,077		$	5,126		$	4,926		$	4,769
PMIERs Required Assets(6)	$	2,961		$	3,074		$	2,839		$	2,985		$	3,005
Available Assets Above PMIERs Requirements(6)	$	2,261		$	2,003		$	2,287		$	1,941		$	1,764
PMIERs Sufficiency Ratio(6)		176	%		165	%		181	%		165	%		159	%
Average Primary Loan Size (in thousands)	$	246		$	242		$	237		$	233		$	228

The expense ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

⁽¹⁾  Primary insurance in-force represents aggregate unpaid balance for loans the company’s U.S. mortgage insurance subsidiaries insure. Original loan balances are primarily used to determine premiums.

⁽²⁾  Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors.

⁽³⁾  The ratio of an insurer’s general expenses to net earned premiums. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by two percentage points for the three months ended June 30, 2021.

⁽⁴⁾  Certain states limit a private mortgage insurer’s risk in-force to 25 times the total of the insurer’s policyholders’ surplus plus the statutory contingency reserve, commonly known as the “risk to capital” requirement. The current period risk to capital ratio is an estimate due to the timing of the filing of statutory statements and is prepared consistent with the presentation of the statutory financial statements in the combined annual statement of the company’s U.S. mortgage insurance subsidiaries.

⁽⁵⁾  Enact Mortgage Insurance Corporation (EMICO), the company’s principal U.S. mortgage insurance subsidiary.

⁽⁶⁾  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 and does not take into consideration the impact of restrictions recently imposed by the government-sponsored enterprises (GSEs). The GSEs have imposed certain capital restrictions on the company’s U.S. mortgage insurance subsidiaries which remain in effect until certain conditions are met. These restrictions required EMICO to maintain 115% of published PMIERs minimum required assets among other restrictions as of December 31, 2021. Effective January 1, 2022, these requirements increased to 120%.

18

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Loss Metrics—Enact Segment

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Average Paid Claim (in thousands)(1)	$	51.6		$	27.2		$	26.7		$	63.1		$	54.7
Average Reserve Per Primary Delinquency (in thousands)(2)	$	26.2		$	24.4		$	21.2		$	17.5		$	13.7
Reserves:
Primary direct case	$	591		$	606		$	613		$	589		$	564
All other(3)		34			35			35			35			39
Total Reserves	$	625		$	641		$	648		$	624		$	603
Beginning Reserves	$	641		$	648		$	624		$	603		$	555		$	555
Paid claims		(6	)		(13	)		(10	)		(9	)		(7	)		(39	)
Increase (decrease) in reserves		(10	)		6			34			30			55			125
Ending Reserves	$	625		$	641		$	648		$	624		$	603		$	641
Loss Ratio(4)		(4	)%		3	%		14	%		12	%		22	%		13	%

The loss ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

⁽¹⁾  Average paid claim in the fourth and third quarters of 2021 includes payments in relation to agreements on non-performing loans.

⁽²⁾  Primary direct case reserves divided by primary delinquency count.

⁽³⁾  Other includes loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

⁽⁴⁾  The ratio of benefits and other changes in policy reserves to net earned premiums. The company recorded a favorable reserve adjustment of $50 million in the first quarter of 2022, which reduced the loss ratio by 21 percentage points for the three months ended March 31, 2022.

19

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Delinquency Metrics—Enact Segment

(dollar amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		941,689			937,350			936,934			933,616			922,186
Primary delinquent loans		22,571			24,820			28,904			33,568			41,332
Primary delinquency rate		2.40	%		2.65	%		3.08	%		3.60	%		4.48	%
Beginning Number of Primary Delinquencies		24,820			28,904			33,568			41,332			44,904			44,904
New delinquencies		8,724			8,282			7,427			6,862			10,053			32,624
Delinquency cures		(10,860	)		(11,929	)		(11,746	)		(14,473	)		(13,478	)		(51,626	)
Paid claims		(107	)		(430	)		(343	)		(143	)		(134	)		(1,050	)
Rescissions and claim denials		(6	)		(7	)		(2	)		(10	)		(13	)		(32	)
Ending Number of Primary Delinquencies		22,571			24,820			28,904			33,568			41,332			24,820
Composition of Cures
Reported delinquent and cured-intraquarter		1,581			1,274			1,143			1,149			1,549
Number of missed payments delinquent prior to cure:
3 payments or less		3,902			3,563			3,080			4,179			4,812
4 - 11 payments		2,315			2,691			3,492			6,055			6,849
12 payments or more		3,062			4,401			4,031			3,090			268
Total		10,860			11,929			11,746			14,473			13,478
Primary Delinquencies by Missed Payment Status
3 payments or less		6,837			6,586			6,192			6,030			8,296
4 - 11 payments		6,875			7,360			9,021			12,378			21,011
12 payments or more		8,859			10,874			13,691			15,160			12,025
Primary Delinquencies		22,571			24,820			28,904			33,568			41,332
	March 31, 2022
Primary Direct Case Reserves(1) and Percentage Reserved by Payment Status	Direct Case Reserves			Risk In-Force			Reserves as % of Risk In-Force
3 payments or less in default	$	38		$	359			11	%
4 - 11 payments in default		115			392			29	%
12 payments or more in default		438			515			85	%
Total	$	591		$	1,266			47	%
	December 31, 2021
Primary Direct Case Reserves(1) and Percentage Reserved by Payment Status	Direct Case Reserves			Risk In-Force			Reserves as % of Risk In-Force
3 payments or less in default	$	35		$	340			10	%
4 - 11 payments in default		111			426			26	%
12 payments or more in default		460			643			72	%
Total	$	606		$	1,409			43	%

⁽¹⁾  Primary direct case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

20

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Portfolio Quality Metrics—Enact Segment

(amounts in millions)

	March 31, 2022
Policy Year	% of Direct Case Reserves(1)			Primary Insurance In-Force			% of Total			Primary Risk In-Force			% of Total			Delinquency Rate
2008 and prior		25	%	$	7,723			3	%	$	1,991			3	%		10.41	%
2009-2014		5			2,946			1			788			1			5.34	%
2015		5			3,960			2			1,058			2			4.06	%
2016		7			8,076			4			2,147			4			3.48	%
2017		10			8,023			4			2,094			4			4.43	%
2018		12			8,306			4			2,092			4			5.48	%
2019		17			19,609			8			4,935			8			3.44	%
2020		15			65,807			28			16,606			28			1.49	%
2021		4			88,757			38			21,959			38			0.58	%
2022		—			18,646			8			4,625			8			0.04	%
Total		100	%	$	231,853			100	%	$	58,295			100	%		2.40	%
	March 31, 2022						December 31, 2021						March 31, 2021
	Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force
Loan-to-value ratio
95.01% and above	$	10,379			18	%	$	9,907			17	%	$	9,151			17	%
90.01% to 95.00%		27,987			48			27,608			49			26,637			51
85.01% to 90.00%		16,082			27			15,644			27			13,997			26
85.00% and below		3,847			7			3,722			7			3,081			6
Total	$	58,295			100	%	$	56,881			100	%	$	52,866			100	%
	March 31, 2022						December 31, 2021						March 31, 2021
	Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force
Credit Quality
Over 760	$	23,326			40	%	$	22,489			40	%	$	19,829			37	%
740 - 759		9,267			16			9,009			16			8,442			16
720 - 739		8,224			14			8,055			14			7,715			15
700 - 719		6,974			12			6,907			12			6,678			13
680 - 699		5,334			9			5,334			9			5,231			10
660 - 679(2)		2,715			5			2,638			5			2,484			5
640 - 659		1,550			3			1,530			3			1,485			3
620 - 639		699			1			702			1			734			1
<620		206			—			217			—			268			—
Total	$	58,295			100	%	$	56,881			100	%	$	52,866			100	%

⁽¹⁾  Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

⁽²⁾  Loans with unknown FICO scores are included in the 660-679 category.

21

U.S. Life Insurance Segment

22

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income (Loss)—U.S. Life Insurance Segment

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	695		$	338		$	699		$	703		$	714		$	2,454
Net investment income		676			777			773			763			716			3,029
Net investment gains (losses)		56			134			87			66			42			329
Policy fees and other income		137			128			144			145			148			565
Total revenues		1,564			1,377			1,703			1,677			1,620			6,377
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,141			849			1,097			1,129			1,155			4,230
Interest credited		82			84			85			87			90			346
Acquisition and operating expenses, net of deferrals		199			243			211			219			192			865
Amortization of deferred acquisition costs and intangibles		83			99			96			77			68			340
Total benefits and expenses		1,505			1,275			1,489			1,512			1,505			5,781
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		59			102			214			165			115			596
Provision for income taxes		20			28			53			42			32			155
INCOME FROM CONTINUING OPERATIONS		39			74			161			123			83			441
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net(1)		(55	)		(135	)		(87	)		(67	)		(41	)		(330	)
Initial loss from life block transaction		—			92			—			—			—			92
Expenses related to restructuring		—			—			1			2			14			17
Taxes on adjustments		12			10			18			13			6			47
ADJUSTED OPERATING INCOME (LOSS)	$	(4	)	$	41		$	93		$	71		$	62		$	267
(1)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:
Net investment (gains) losses, gross	$	(56	)	$	(134	)	$	(87	)	$	(66	)	$	(42	)	$	(329	)
Adjustment for DAC and other intangible amortization and certain benefit reserves		1			(1	)		—			(1	)		1			(1	)
Net investment (gains) losses, net	$	(55	)	$	(135	)	$	(87	)	$	(67	)	$	(41	)	$	(330	)

23

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income—U.S. Life Insurance Segment—Long-Term Care Insurance

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	621		$	644		$	652		$	648		$	646		$	2,590
Net investment income		447			532			521			509			465			2,027
Net investment gains (losses)		41			83			80			67			27			257
Policy fees and other income		—			(6	)		3			2			2			1
Total revenues		1,109			1,253			1,256			1,226			1,140			4,875
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		812			817			802			822			829			3,270
Interest credited		—			—			—			—			—			—
Acquisition and operating expenses, net of deferrals		143			163			165			176			141			645
Amortization of deferred acquisition costs and intangibles		29			30			31			27			24			112
Total benefits and expenses		984			1,010			998			1,025			994			4,027
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		125			243			258			201			146			848
Provision for income taxes		34			59			63			50			38			210
INCOME FROM CONTINUING OPERATIONS		91			184			195			151			108			638
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(41	)		(83	)		(80	)		(67	)		(27	)		(257	)
Expenses related to restructuring		—			—			1			1			10			12
Taxes on adjustments		9			18			17			13			4			52
ADJUSTED OPERATING INCOME	$	59		$	119		$	133		$	98		$	95		$	445
RATIOS:
Loss Ratio(1)		64	%		62	%		58	%		62	%		62	%		61	%
Gross Benefits Ratio(2)		131	%		127	%		123	%		127	%		128	%		126	%

⁽¹⁾  The loss ratio was calculated by dividing benefits and other changes in policy reserves less tabular interest on reserves less loss adjustment expenses by net earned premiums.

⁽²⁾  The gross benefits ratio was calculated by dividing benefits and other changes in policy reserves by net earned premiums.

24

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Loss—U.S. Life Insurance Segment—Life Insurance

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums(1)	$	74		$	(306	)	$	47		$	55		$	68		$	(136	)
Net investment income		121			124			128			126			125			503
Net investment gains (losses)		9			50			6			6			12			74
Policy fees and other income		135			131			139			142			143			555
Total revenues		339			(1	)		320			329			348			996
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves(1)		282			(14	)		252			245			282			765
Interest credited		52			53			53			53			56			215
Acquisition and operating expenses, net of deferrals		47			66			36			34			40			176
Amortization of deferred acquisition costs and intangibles		50			62			59			43			41			205
Total benefits and expenses		431			167			400			375			419			1,361
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(92	)		(168	)		(80	)		(46	)		(71	)		(365	)
Benefit for income taxes		(20	)		(37	)		(17	)		(10	)		(15	)		(79	)
LOSS FROM CONTINUING OPERATIONS		(72	)		(131	)		(63	)		(36	)		(56	)		(286	)
ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(9	)		(50	)		(6	)		(6	)		(12	)		(74	)
Initial loss from life block transaction		—			92			—			—			—			92
Expenses related to restructuring		—			—			—			1			3			4
Taxes on adjustments		2			(9	)		1			1			2			(5	)
ADJUSTED OPERATING LOSS	$	(79	)	$	(98	)	$	(68	)	$	(40	)	$	(63	)	$	(269	)

⁽¹⁾  In the fourth quarter of 2021, as part of a life block transaction, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies. This new reinsurance agreement primarily reduced premiums by $360 million and reduced benefits and other changes in policy reserves by $268 million for the amounts initially ceded.

25

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income—U.S. Life Insurance Segment—Fixed Annuities

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	—		$	—		$	—		$	—		$	—		$	—
Net investment income		108			121			124			128			126			499
Net investment gains (losses)		6			1			1			(7	)		3			(2	)
Policy fees and other income		2			3			2			1			3			9
Total revenues		116			125			127			122			132			506
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		47			46			43			62			44			195
Interest credited		30			31			32			34			34			131
Acquisition and operating expenses, net of deferrals		9			14			10			9			11			44
Amortization of deferred acquisition costs and intangibles		4			7			6			7			3			23
Total benefits and expenses		90			98			91			112			92			393
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		26			27			36			10			40			113
Provision for income taxes		6			6			7			2			9			24
INCOME FROM CONTINUING OPERATIONS		20			21			29			8			31			89
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net(1)		(5	)		(2	)		(1	)		6			(2	)		1
Expenses related to restructuring		—			—			—			—			1			1
Taxes on adjustments		1			1			—			(1	)		—			—
ADJUSTED OPERATING INCOME	$	16		$	20		$	28		$	13		$	30		$	91
(1)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:
Net investment (gains) losses, gross	$	(6	)	$	(1	)	$	(1	)	$	7		$	(3	)	$	2
Adjustment for DAC and other intangible amortization and certain benefit reserves		1			(1	)		—			(1	)		1			(1	)
Net investment (gains) losses, net	$	(5	)	$	(2	)	$	(1	)	$	6		$	(2	)	$	1

26

Runoff Segment

27

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income—Runoff Segment

(amounts in millions)

	2022			2021
	1Q			4Q		3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	50		$	53	$	49		$	43		$	49		$	194
Net investment gains (losses)		(15	)		—		(1	)		10			(6	)		3
Policy fees and other income		31			33		33			35			33			134
Total revenues		66			86		81			88			76			331
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		8			5		12			2			8			27
Interest credited		43			43		38			40			41			162
Acquisition and operating expenses, net of deferrals		12			14		12			14			13			53
Amortization of deferred acquisition costs and intangibles		6			4		7			4			5			20
Total benefits and expenses		69			66		69			60			67			262
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(3	)		20		12			28			9			69
Provision (benefit) for income taxes		(1	)		4		2			6			1			13
INCOME (LOSS) FROM CONTINUING OPERATIONS		(2	)		16		10			22			8			56
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net(1)		14			—		1			(9	)		5			(3	)
Taxes on adjustments		(3	)		—		—			2			(1	)		1
ADJUSTED OPERATING INCOME	$	9		$	16	$	11		$	15		$	12		$	54
(1)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:
Net investment (gains) losses, gross	$	15		$	—	$	1		$	(10	)	$	6		$	(3	)
Adjustment for DAC and other intangible amortization and certain benefit reserves		(1	)		—		—			1			(1	)		—
Net investment (gains) losses, net	$	14		$	—	$	1		$	(9	)	$	5		$	(3	)

28

Corporate and Other

29

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income (Loss)—Corporate and Other⁽¹⁾

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	2		$	1		$	2		$	1		$	2		$	6
Net investment income		3			1			1			3			1			6
Net investment gains (losses)		(13	)		(2	)		1			(4	)		(2	)		(7	)
Policy fees and other income		—			—			1			—			—			1
Total revenues		(8	)		—			5			—			1			6
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		—			1			—			—			—			1
Acquisition and operating expenses, net of deferrals		6			42			12			8			13			75
Amortization of deferred acquisition costs and intangibles		—			1			—			1			—			2
Interest expense		13			18			22			31			38			109
Total benefits and expenses		19			62			34			40			51			187
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(27	)		(62	)		(29	)		(40	)		(50	)		(181	)
Benefit for income taxes		(6	)		(11	)		(26	)		(8	)		(8	)		(53	)
LOSS FROM CONTINUING OPERATIONS		(21	)		(51	)		(3	)		(32	)		(42	)		(128	)
ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		13			2			(1	)		4			2			7
(Gains) losses on early extinguishment of debt		3			35			6			—			4			45
Expenses related to restructuring		—			5			1			1			7			14
Taxes on adjustments		(4	)		(9	)		(2	)		—			(3	)		(14	)
ADJUSTED OPERATING INCOME (LOSS)	$	(9	)	$	(18	)	$	1		$	(27	)	$	(32	)	$	(76	)

⁽¹⁾  Includes inter-segment eliminations and the results of other businesses that are managed outside the operating segments, including certain international mortgage insurance businesses.

30

Additional Financial Data

31

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Investments Summary

(amounts in millions)

		March 31, 2022					December 31, 2021					September 30, 2021					June 30, 2021					March 31, 2021
		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		$	30,897		45	%	$	34,181		46	%	$	34,382		46	%	$	34,610		47	%	$	33,376		47	%
Private fixed maturity securities			12,873		19			13,872		19			13,742		18			13,722		18			13,402		18
Residential mortgage-backed securities(1)			1,320		2			1,440		2			1,572		2			1,683		2			1,766		2
Commercial mortgage-backed securities			2,349		3			2,570		3			2,656		4			2,714		4			2,770		4
Other asset-backed securities			2,016		3			2,127		3			2,374		3			2,500		3			2,806		4
State and political subdivisions			3,134		5			3,450		5			3,418		5			3,371		4			3,135		4
Non-investment grade fixed maturity securities			2,438		4			2,840		4			3,130		4			3,049		4			2,976		4
Equity securities:
Common stocks and mutual funds			151		—			115		—			72		—			63		—			155		—
Preferred stocks			79		—			83		—			84		—			84		—			83		—
Commercial mortgage loans, net			6,913		10			6,830		9			6,886		9			6,879		9			6,755		9
Policy loans			2,028		3			2,050		3			2,067		3			2,083		3			1,976		3
Limited partnerships			2,007		3			1,900		3			1,617		2			1,354		2			1,160		2
Cash, cash equivalents, restricted cash and short-term investments			1,367		2			1,597		2			2,006		3			2,335		3			1,981		3
Securities lending			—		—			—		—			—		—			105		—			68		—
Other invested assets:	Derivatives:
	Interest rate swaps		162		—			364		—			298		—			280		—			84		—
	Foreign currency swaps		5		—			6		—			5		—			2		—			—		—
	Equity index options		30		—			42		—			33		—			47		—			53		—
	Other foreign currency contracts		—		—			2		—			2		—			24		—			27		—
	Other		398		1			380		1			311		1			327		1			350		—
Total invested assets and cash		$	68,167		100	%	$	73,849		100	%	$	74,655		100	%	$	75,232		100	%	$	72,923		100	%
Public Fixed Maturity Securities—Credit Quality:
NRSRO(2) Designation
AAA		$	7,484		20	%	$	8,316		20	%	$	8,393		19	%	$	8,505		20	%	$	8,308		20	%
AA			3,538		9			3,872		9			3,907		9			3,872		9			3,500		8
A			9,880		26			11,039		26			11,134		26			11,158		26			10,986		26
BBB			16,177		42			17,789		42			17,980		42			18,208		41			17,581		42
BB			1,079		3			1,443		3			1,658		4			1,637		4			1,579		4
B			61		—			42		—			53		—			45		—			69		—
CCC and lower			—		—			—		—			—		—			6		—			6		—
Total public fixed maturity securities		$	38,219		100	%	$	42,501		100	%	$	43,125		100	%	$	43,431		100	%	$	42,029		100	%
Private Fixed Maturity Securities—Credit Quality:
NRSRO(2) Designation
AAA		$	775		5	%	$	821		5	%	$	856		5	%	$	862		5	%	$	973		5	%
AA			1,554		9			1,718		9			1,831		10			1,850		10			1,882		10
A			4,773		28			5,224		29			5,240		29			5,183		28			5,188		29
BBB			8,408		50			8,861		49			8,803		48			8,962		49			8,837		49
BB			1,159		7			1,186		7			1,252		7			1,190		7			1,117		6
B			131		1			161		1			158		1			162		1			197		1
CCC and lower			8		—			8		—			9		—			9		—			8		—
Total private fixed maturity securities		$	16,808		100	%	$	17,979		100	%	$	18,149		100	%	$	18,218		100	%	$	18,202		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

32

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Fixed Maturity Securities Summary

(amounts in millions)

	March 31, 2022					December 31, 2021					September 30, 2021					June 30, 2021					March 31, 2021
	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	$	4,097		8	%	$	4,552		8	%	$	4,500		7	%	$	4,484		7	%	$	4,273		7	%
State and political subdivisions		3,134		6			3,450		6			3,418		6			3,371		6			3,135		5
Foreign government		784		1			835		1			835		1			802		1			820		1
U.S. corporate		31,823		58			34,924		58			35,132		57			35,289		57			34,107		57
Foreign corporate		9,453		17			10,535		17			10,740		18			10,744		18			10,485		17
Residential mortgage-backed securities		1,320		2			1,440		2			1,572		3			1,691		3			1,774		3
Commercial mortgage-backed securities		2,361		4			2,584		4			2,670		4			2,734		4			2,794		5
Other asset-backed securities		2,055		4			2,160		4			2,407		4			2,534		4			2,843		5
Total fixed maturity securities	$	55,027		100	%	$	60,480		100	%	$	61,274		100	%	$	61,649		100	%	$	60,231		100	%
Corporate Bond Holdings—Industry Sector:
Investment Grade:
Finance and insurance	$	10,235		25	%	$	11,204		25	%	$	11,231		25	%	$	11,155		24	%	$	10,807		25	%
Utilities		5,450		14			5,963		13			5,953		13			5,948		13			5,736		13
Energy		3,372		8			3,622		8			3,645		8			3,592		8			3,417		8
Consumer - non-cyclical		5,967		15			6,635		15			6,703		15			6,726		15			6,545		15
Consumer - cyclical		1,758		4			1,877		4			1,891		4			1,979		4			1,922		4
Capital goods		2,972		7			3,291		7			3,349		7			3,371		7			3,275		7
Industrial		2,092		5			2,278		5			2,251		5			2,344		5			2,299		5
Technology and communications		4,224		10			4,612		10			4,547		10			4,518		10			4,376		10
Transportation		1,642		4			1,832		4			1,836		4			1,924		4			1,877		4
Other		1,298		3			1,473		3			1,510		3			1,596		4			1,516		3
Subtotal		39,010		95			42,787		94			42,916		94			43,153		94			41,770		94
Non-Investment Grade:
Finance and insurance		185		—			219		—			226		—			234		1			243		1
Utilities		62		—			69		—			95		—			88		—			94		—
Energy		568		1			695		2			782		2			759		1			712		1
Consumer - non-cyclical		192		1			267		1			270		1			243		1			243		1
Consumer - cyclical		321		1			363		1			369		1			368		1			389		1
Capital goods		159		—			159		—			163		—			141		—			152		—
Industrial		209		1			263		1			366		1			368		1			356		1
Technology and communications		372		1			446		1			490		1			520		1			488		1
Transportation		29		—			28		—			26		—			26		—			18		—
Other		169		—			163		—			169		—			133		—			127		—
Subtotal		2,266		5			2,672		6			2,956		6			2,880		6			2,822		6
Total	$	41,276		100	%	$	45,459		100	%	$	45,872		100	%	$	46,033		100	%	$	44,592		100	%
Fixed Maturity Securities—Contractual Maturity Dates:
Due in one year or less	$	1,420		3	%	$	1,499		2	%	$	1,449		2	%	$	1,291		2	%	$	1,291		2	%
Due after one year through five years		8,501		15			8,807		15			9,039		15			9,030		15			8,926		15
Due after five years through ten years		13,943		25			15,053		25			14,956		24			15,158		25			14,904		24
Due after ten years		25,427		47			28,937		48			29,181		48			29,211		47			27,699		46
Subtotal		49,291		90			54,296		90			54,625		89			54,690		89			52,820		87
Mortgage and asset-backed securities		5,736		10			6,184		10			6,649		11			6,959		11			7,411		13
Total fixed maturity securities	$	55,027		100	%	$	60,480		100	%	$	61,274		100	%	$	61,649		100	%	$	60,231		100	%

33

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

General Account U.S. GAAP Net Investment Income Yields

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	580		$	590		$	614		$	608		$	599		$	2,411
Fixed maturity securities - non-taxable		1			2			2			1			2			7
Equity securities		2			2			2			2			3			9
Commercial mortgage loans		81			102			93			103			78			376
Policy loans		50			52			47			40			50			189
Limited partnerships		7			79			59			54			31			223
Other invested assets		63			62			63			58			58			241
Cash, cash equivalents, restricted cash and short-term investments		—			—			1			—			—			1
Gross investment income before expenses and fees		784			889			881			866			821			3,457
Expenses and fees		(20	)		(23	)		(22	)		(22	)		(20	)		(87	)
Net investment income	$	764		$	866		$	859		$	844		$	801		$	3,370
Annualized Yields
Fixed maturity securities - taxable		4.4	%		4.5	%		4.6	%		4.6	%		4.5	%		4.5	%
Fixed maturity securities - non-taxable		3.6	%		6.7	%		6.3	%		3.1	%		6.3	%		5.6	%
Equity securities		3.7	%		4.5	%		5.3	%		4.1	%		3.8	%		4.0	%
Commercial mortgage loans		4.7	%		5.9	%		5.4	%		6.0	%		4.6	%		5.5	%
Policy loans		9.8	%		10.1	%		9.1	%		7.9	%		10.1	%		9.3	%
Limited partnerships(1)		1.4	%		18.0	%		15.9	%		17.2	%		11.2	%		15.7	%
Other invested assets(2)		64.8	%		71.9	%		79.5	%		68.6	%		65.0	%		69.7	%
Cash, cash equivalents, restricted cash and short-term investments		—	%		—	%		0.2	%		—	%		—	%		—	%
Gross investment income before expenses and fees		4.8	%		5.4	%		5.3	%		5.2	%		5.0	%		5.2	%
Expenses and fees		(0.1	)%		(0.1	)%		(0.1	)%		(0.1	)%		(0.2	)%		(0.1	)%
Net investment income		4.7	%		5.3	%		5.2	%		5.1	%		4.8	%		5.1	%

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 and securities lending activity, which is included in other invested assets and is calculated net of the corresponding securities lending liability. See page 39 herein for average invested assets and cash used in the yield calculation.

⁽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.

34

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Net Investment Gains (Losses), Net—Detail

(amounts in millions)

	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(12	)	$	28		$	8		$	2		$	4		$	42
U.S. government, agencies and government-sponsored enterprises		6			—			—			—			—			—
Foreign corporate		(2	)		10			1			(2	)		1			10
Foreign government		—			—			(1	)		1			—			—
Mortgage-backed securities		—			3			3			—			(1	)		5
Total net realized gains (losses) on available-for-sale securities		(8	)		41			11			1			4			57
Net realized gains (losses) on equity securities sold		—			—			—			(2	)		(5	)		(7	)
Net realized gains (losses) on limited partnerships		—			—			—			—			3			3
Total net realized investment gains (losses)		(8	)		41			11			(1	)		2			53
Net change in allowance for credit losses on available-for-sale fixed maturity securities		—			—			—			(4	)		(2	)		(6	)
Write-down of available-for-sale fixed maturity securities		(2	)		—			—			—			(1	)		(1	)
Net unrealized gains (losses) on equity securities still held		(6	)		4			(1	)		6			(8	)		1
Net unrealized gains (losses) on limited partnerships		35			90			75			65			34			264
Commercial mortgage loans		1			(4	)		3			(1	)		(1	)		(3	)
Derivative instruments		4			5			(3	)		4			8			14
Other		4			(4	)		3			1			1			1
Net investment gains (losses), gross		28			132			88			70			33			323
Adjustment for DAC and other intangible amortization and certain benefit reserves		—			1			—			—			—			1
Net investment gains (losses), net	$	28		$	133		$	88		$	70		$	33		$	324

35

Reconciliations of Non-GAAP Measures

36

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Operating ROE

(amounts in millions)

Twelve Month Rolling Average ROE	Twelve months ended
U.S. GAAP Basis ROE	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended(1)	$	866		$	904		$	1,008		$	1,112		$	431
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income(2)	$	11,467		$	11,286		$	11,079		$	10,823		$	10,684
U.S. GAAP Basis ROE (1)/(2)		7.6	%		8.0	%		9.1	%		10.3	%		4.0	%
Operating ROE
Adjusted operating income for the twelve months ended(1)	$	728		$	765		$	789		$	675		$	458
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income(2)	$	11,467		$	11,286		$	11,079		$	10,823		$	10,684
Operating ROE (1)/(2)		6.3	%		6.8	%		7.1	%		6.2	%		4.3	%
Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended(3)	$	149		$	163		$	314		$	240		$	187
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income(4)	$	11,723		$	11,563		$	11,403		$	11,207		$	10,988
Annualized U.S. GAAP Quarterly Basis ROE (3)/(4)		5.1	%		5.6	%		11.0	%		8.6	%		6.8	%
Operating ROE
Adjusted operating income for the period ended(3)	$	131		$	164		$	239		$	194		$	168
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income(4)	$	11,723		$	11,563		$	11,403		$	11,207		$	10,988
Annualized Operating Quarterly Basis ROE (3)/(4)		4.5	%		5.7	%		8.4	%		6.9	%		6.1	%

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) divided by average ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss) in average ending Genworth Financial, Inc.’s stockholders’ equity. 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 available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein.

⁽²⁾  Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income, is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income, for the most recent five quarters.

⁽³⁾  Net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein.

⁽⁴⁾  Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income, is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income.

37

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Consolidated Expense Ratio

(amounts in millions)

		2022			2021
	GAAP Basis Expense Ratio	1Q			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	271		$	354		$	290		$	304		$	275		$	1,223
(B)	Premiums	$	931		$	576		$	944		$	947		$	968		$	3,435
(A) / (B)	GAAP Basis Expense Ratio		29	%		61	%		31	%		32	%		28	%		36	%
	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	271		$	354		$	290		$	304		$	275		$	1,223
	Less: Legal settlement expenses(1)		43			59			57			70			23			209
(C)	Adjusted acquisition and operating expenses, net of deferrals	$	228		$	295		$	233		$	234		$	252		$	1,014
	Premiums	$	931		$	576		$	944		$	947		$	968		$	3,435
	Add: Policy fees and other income		169			162			179			180			183			704
	Add: Initial ceded premiums from a life block transaction(2)		—			360			—			—			—			360
(D)	Adjusted revenues	$	1,100		$	1,098		$	1,123		$	1,127		$	1,151		$	4,499
(C) / (D)	Adjusted expense ratio(3)		21	%		27	%		21	%		21	%		22	%		23	%

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 legal settlement expenses incurred in the company’s long-term care insurance business divided by the sum of premiums, policy fees and other income and premiums initially ceded under life block transactions. 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 GAAP basis expense ratio.

⁽¹⁾  Estimated pre-tax impact of expenses related to policyholder benefit reduction elections made as part of a legal settlement in the company’s long-term care insurance business, which includes cash damages of $43 million, $54 million, $50 million, $61 million and $20 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

⁽²⁾  In the fourth quarter of 2021, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies as part of a life block transaction. Under this new reinsurance agreement, the company initially ceded $360 million of certain term life insurance premiums.

⁽³⁾  In the first quarter of 2022, the company recorded a legal settlement accrual of $25 million in its life insurance business, which increased the adjusted expense ratio by three percentage points for the three months ended March 31, 2022.

38

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Reported Yield to Core Yield

		2022			2021
	(Assets - amounts in billions)	1Q			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	68.2		$	73.8		$	74.7		$	75.2		$	72.9		$	73.8
	Subtract:
	Securities lending		—			—			—			0.1			0.1			—
	Unrealized gains (losses)		3.0			8.2			8.5			8.9			6.9			8.2
	Adjusted end of period invested assets and cash	$	65.2		$	65.6		$	66.2		$	66.2		$	65.9		$	65.6
(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	65.4		$	65.9		$	66.2		$	66.1		$	66.2		$	66.1
	(Income - amounts in millions)
(B)	Reported - Net Investment Income	$	764		$	866		$	859		$	844		$	801		$	3,370
	Subtract:
	Bond calls and commercial mortgage loan prepayments		10			38			43			39			15			135
	Other non-core items(1)		—			2			(4	)		3			2			3
(C)	Core Net Investment Income	$	754		$	826		$	820		$	802		$	784		$	3,232
(B) / (A)	Reported Yield		4.67	%		5.26	%		5.19	%		5.11	%		4.84	%		5.10	%
(C) / (A)	Core Yield		4.61	%		5.01	%		4.95	%		4.85	%		4.73	%		4.89	%

Note:    Yields have been annualized.

Non-GAAP Definition for Core Yield

The company references the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP.

⁽¹⁾  Includes cost basis adjustments on structured securities and various other immaterial items.

39

Corporate Information

40

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Financial Strength Ratings As Of May 2, 2022

Company	S&P Global Ratings (S&P)	Moody’s Investors Service, Inc. (Moody’s)	Fitch Ratings, Inc. (Fitch)	A.M. Best Company, Inc. (A.M. Best)
Enact Mortgage Insurance Corporation	BBB (Good)	Baa2 (Adequate)	BBB+ (Good)	N/A
Genworth Life Insurance Company	N/A	N/A	N/A	C++ (Marginal)
Genworth Life and Annuity Insurance Company	N/A	N/A	N/A	B (Fair)
Genworth Life Insurance Company of New York	N/A	N/A	N/A	C++ (Marginal)

The ratings included herewith represent those solicited by the company and are not designed to be, and do not serve as, measures of protection or valuation offered to investors. These financial strength ratings should not be relied on with respect to making an investment in the company’s securities.

S&P states that an insurer rated “BBB” (Good) has good financial security characteristics. The “BBB” rating is the fourth-highest of nine financial strength rating ranges assigned by S&P, which range from “AAA” to “R.” A plus (+) or minus (-) shows relative standing within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “CCC” category. Accordingly, the “BBB” rating is the ninth-highest of S&P’s 21 ratings categories.

Moody’s states that insurance companies rated “Baa” (Adequate) offer adequate financial security. The “Baa” rating is the fourth-highest of nine financial strength rating ranges assigned by Moody’s, which range from “Aaa” to “C.” Numeric modifiers are used to refer to the ranking within the groups, with 1 being the highest and 3 being the lowest. These modifiers are not added to ratings in the “Aaa” category or to ratings below the “Caa” category. Accordingly, the “Baa2” rating is the ninth-highest of Moody’s 21 ratings categories.

Fitch states that “BBB” (Good) rated insurance companies are viewed as possessing good capacity to meet policyholder and contract obligations. The “BBB” rating category is the fourth-highest of nine financial strength rating categories, which range from “AAA” to “C.” The symbol (+) or (-) may be appended to a rating to indicate the relative position within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “B” category. Accordingly, the “BBB+” rating is the eighth-highest of Fitch’s 19 ratings categories.

A.M. Best states that its “B” (Fair) rating is assigned to companies that have a fair ability to meet their ongoing insurance obligations while “C++” (Marginal) is assigned to those companies that have a marginal ability to meet their ongoing insurance obligations. The “B” and “C++” ratings are the seventh- and ninth-highest of 15 ratings assigned by A.M. Best, which range from “A++” to “F.”

The company also solicits a rating from HR Ratings on a local scale for Genworth Seguros de Credito a la Vivienda S.A. de C.V., its Mexican mortgage insurance subsidiary, with a short-term rating of “HR1” and long-term rating of “HR AA.” For short-term ratings, HR Ratings states that “HR1” rated companies are viewed as exhibiting high capacity for timely payment of debt obligations in the short-term and maintain low credit risk. The “HR1” short-term rating category is the highest of six short-term rating categories, which range from “HR1” to “HR D.” For long-term ratings, HR Ratings states that “HR AA” rated companies are viewed as having high credit quality and offer high safety for timely payment of debt obligations and maintain low credit risk under adverse economic scenarios. The “HR AA” long-term rating is the second-highest of HR Ratings’ eight long-term rating categories, which range from “HR AAA” to “HR D.”

S&P, Moody’s, Fitch, A.M. Best and HR Ratings review their ratings periodically and the company cannot assure you that it will maintain the current ratings in the future. These and other agencies may also rate the company or its insurance subsidiaries on a solicited or an unsolicited basis. The company does not provide non-public information to agencies issuing unsolicited ratings and cannot ensure that any agencies that rate the company or its insurance subsidiaries on an unsolicited basis will continue to do so.

41

XML

Document and Entity Information	May 03, 2022
Cover [Abstract]
Entity Registrant Name	GENWORTH FINANCIAL INC
Amendment Flag	false
Entity Central Index Key	0001276520
Document Type	8-K
Document Period End Date	May 03, 2022
Entity Incorporation State Country Code	DE
Entity File Number	001-32195
Entity Tax Identification Number	80-0873306
Entity Address, Address Line One	6620 West Broad Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23230
City Area Code	(804)
Local Phone Number	281-6000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Class A Common Stock, par value $.001 per share
Trading Symbol	GNW
Security Exchange Name	NYSE
Entity Emerging Growth Company	false