of non-strategic products which have not been actively sold since 2011). In addition to our three operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are reported outside of our operating segments, including certain international mortgage insurance businesses and discontinued operations.

tax our businesses at the U.S. corporate federal income tax rate of

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.

We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income and assets. Our chief operating decision maker evaluates segment performance and allocates resources on the basis of “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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. We exclude net investment gains (losses) and infrequent or unusual

non-operating

items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our 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 our 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) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating trends. Infrequent or unusual

non-operating

items are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders if, in our 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, we believe that adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, 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) available to Genworth Financial, Inc.’s common stockholders 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) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our

definition of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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.

During 2022, we paid a

pre-tax

make-whole premium of $2 million and wrote off $1 million of bond consent fees and deferred borrowing costs related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in February 2024. Prior to the redemption, we repurchased $130 million principal amount of Genworth Holdings’ senior notes due in February 2024 for a

pre-tax

loss of $4 million. We also repurchased $13 million principal amount of Genworth Holdings’ senior notes due in 2034 for a

pre-tax

gain of $1 million during the fourth quarter of 2022. During 2021, we paid a

pre-tax

make-whole premium of $6 million and $20 million related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in September 2021 and August 2023, respectively. We also repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a

pre-tax

loss of $4 million and repurchased $91 million and $118 million principal amount of Genworth Holdings’ senior notes due in 2023 and 2024, respectively, for a

pre-tax

loss of $15 million. During 2020, we repurchased $84 million principal amount of Genworth Holdings’ senior notes with 2021 maturity dates for a

pre-tax

gain of $4 million. In January 2020, we paid a

pre-tax

make-whole expense of $9 million related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in June 2020 and Rivermont

Life Insurance Company

I, our indirect wholly-owned special purpose consolidated captive insurance subsidiary, early redeemed all of its $315 million outstanding

non-recourse

funding obligations originally due in 2050 resulting in a

pre-tax

loss of $4 million from the

write-off

of deferred borrowing costs. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In 2021, we 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.

In 2022, 2021 and 2020, we recorded a

pre-tax

expense of $2 million, $34 million and $3 million, respectively, related to restructuring costs as we continue to evaluate and appropriately size our organizational needs and expenses.

During 2022, we incurred $8 million of

pre-tax

pension plan termination costs related to one of our defined benefit pension plans. There were no other infrequent or unusual items excluded from adjusted operating income during the periods presented.

The following is a summary of our segments and Corporate and Other activities as of and for the years ended December 31:


				U.S. Life					Corporate
2022	Enact			Insurance		Runoff			and Other			Total
(Amounts in millions)

Premiums	$	940		$	2,773	$	—		$	6		$	3,719
Net investment income		155			2,769		214			8			3,146
Net investment gains (losses)		(2	)		16		(16	)		(15	)		(17	)
Policy fees and other income		2			543		114			—			659

Total revenues		1,095			6,101		312			(1	)		7,507

Benefits and other changes in policy reserves		(94	)		4,301		35			—			4,242
Interest credited		—			322		181			—			503
Acquisition and operating expenses, net of deferrals		227			1,078		42			24			1,371
Amortization of deferred acquisition costs and intangibles		12			272		23			—			307
Interest expense		52			—		—			54			106

Total benefits and expenses		197			5,973		281			78			6,529

Income (loss) from continuing operations before income taxes		898			128		31			(79	)		978
Provision (benefit) for income taxes		194			55		5			(15	)		239

Income (loss) from continuing operations		704			73		26			(64	)		739
Income from discontinued operations, net of taxes		—			—		—			—			—

Net income (loss)		704			73		26			(64	)		739
Less: net income from continuing operations attributable to noncontrolling interests		130			—		—			—			130
Less: net income from discontinued operations attributable to noncontrolling interests		—			—		—			—			—

Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$	574		$	73	$	26		$	(64	)	$	609

Net income (loss) available to Genworth Financial, Inc.’s common stockholders:
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	574		$	73	$	26		$	(64	)	$	609
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders		—			—		—			—			—

Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$	574		$	73	$	26		$	(64	)	$	609

Total assets	$	5,712		$	70,977	$	7,888		$	1,865		$	86,442


				U.S. Life				Corporate
2021	Enact			Insurance		Runoff		and Other			Total
(Amounts in millions)

Premiums	$	975		$	2,454	$	—	$	6		$	3,435
Net investment income		141			3,029		194		6			3,370
Net investment gains (losses)		(2	)		329		3		(7	)		323
Policy fees and other income		4			565		134		1			704

Total revenues		1,118			6,377		331		6			7,832

Benefits and other changes in policy reserves		125			4,230		27		1			4,383
Interest credited		—			346		162		—			508
Acquisition and operating expenses, net of deferrals		230			865		53		75			1,223
Amortization of deferred acquisition costs and intangibles		15			340		20		2			377
Interest expense		51			—		—		109			160

Total benefits and expenses		421			5,781		262		187			6,651

Income (loss) from continuing operations before income taxes		697			596		69		(181	)		1,181
Provision (benefit) for income taxes		148			155		13		(53	)		263

Income (loss) from continuing operations		549			441		56		(128	)		918
Income from discontinued operations, net of taxes		—			—		—		27			27

Net income (loss)		549			441		56		(101	)		945
Less: net income from continuing operations attributable to noncontrolling interests		33			—		—		—			33
Less: net income from discontinued operations attributable to noncontrolling interests		—			—		—		8			8

Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$	516		$	441	$	56	$	(109	)	$	904

Net income (loss) available to Genworth Financial, Inc.’s common stockholders:
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	516		$	441	$	56	$	(128	)	$	885
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders		—			—		—		19			19

Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$	516		$	441	$	56	$	(109	)	$	904

Total assets	$	5,850		$	81,210	$	9,460	$	2,651		$	99,171


				U.S. Life					Corporate
2020	Enact			Insurance		Runoff			and Other			Total
(Amounts in millions)

Premiums	$	971		$	2,858	$	—		$	7		$	3,836
Net investment income		133			2,878		210			6			3,227
Net investment gains (losses)		(4	)		517		(26	)		5			492
Policy fees and other income		6			595		130			(2	)		729

Total revenues		1,106			6,848		314			16			8,284

Benefits and other changes in policy reserves		381			4,781		48			4			5,214
Interest credited		—			383		166			—			549
Acquisition and operating expenses, net of deferrals		206			620		48			61			935
Amortization of deferred acquisition costs and intangibles		21			418		23			1			463
Interest expense		18			5		—			172			195

Total benefits and expenses		626			6,207		285			238			7,356

Income (loss) from continuing operations before income taxes		480			641		29			(222	)		928
Provision (benefit) for income taxes		102			163		4			(39	)		230

Income (loss) from continuing operations		378			478		25			(183	)		698
Loss from discontinued operations, net of taxes		—			—		—			(486	)		(486	)

Net income (loss)		378			478		25			(669	)		212
Less: net income from continuing operations attributable to noncontrolling interests		—			—		—			—			—
Less: net income from discontinued operations attributable to noncontrolling interests		—			—		—			34			34

Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$	378		$	478	$	25		$	(703	)	$	178

Net income (loss) available to Genworth Financial, Inc.’s common stockholders:
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	378		$	478	$	25		$	(183	)	$	698
Loss from discontinued operations available to Genworth Financial, Inc.’s common stockholders		—			—		—			(520	)		(520	)

Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$	378		$	478	$	25		$	(703	)	$	178

(b) Revenues of Major Product Groups

The following is a summary of revenues of major product groups for our segments and Corporate and Other activities for the years ended December 31:


(Amounts in millions)	2022			2021		2020
Revenues:
Enact segment	$	1,095		$	1,118	$	1,106
U.S. Life Insurance segment:
Long-term care insurance		4,459			4,875		4,960
Life insurance		1,253			996		1,357
Fixed annuities		389			506		531

U.S. Life Insurance segment		6,101			6,377		6,848

Runoff segment		312			331		314
Corporate and Other activities		(1	)		6		16

Total revenues	$	7,507		$	7,832	$	8,284

The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other activities for the years ended December 31:


(Amounts in millions)	2022			2021			2020


Net income available to Genworth Financial, Inc.’s common stockholders	$	609		$	904		$	178
Add: net income from continuing operations attributable to noncontrolling interests		130			33			—
Add: net income from discontinued operations attributable to noncontrolling interests		—			8			34

Net income		739			945			212
Less: income (loss) from discontinued operations, net of taxes		—			27			(486	)

Income from continuing operations		739			918			698
Less: net income from continuing operations attributable to noncontrolling interests		130			33			—

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders		609			885			698
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses, net (1)		14			(324	)		(503	)
Losses on early extinguishment of debt		6			45			9
Initial loss from life block transaction		—			92			—
Expenses related to restructuring		2			34			3
Pension plan termination costs		8			—			—
Taxes on adjustments		(6	)		33			103

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders	$	633		$	765		$	310

(1)	For the years ended December 31, 2022, 2021 and 2020, net investment (gains) losses were adjusted f or DAC and other intangible amortization and certain benefit reserves of $ (3) million, $(1) million and $ (11) million, respectively.


(Amounts in millions)	2022			2021			2020
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
Enact segment	$	578		$	520		$	381
U.S. Life Insurance segment:
Long-term care insurance		142			445			237
Life insurance		(148	)		(269	)		(247	)
Fixed annuities		72			91			78

U.S. Life Insurance segment		66			267			68

Runoff segment		37			54			43
Corporate and Other activities		(48	)		(76	)		(182	)

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders	$	633		$	765		$	310

(d) Geographic Segment Information

The following is a summary of geographic region activity as of and for the years ended December 31:


2022
(Amounts in millions)	United States		International (1)		Total

Total revenues	$	7,499	$	8	$	7,507

Income (loss) from continuing operations	$	739	$	—	$	739

Net income (loss)	$	739	$	—	$	739

Total assets	$	86,400	$	42	$	86,442


2021
(Amounts in millions)	United States		International (1)			Total

Total revenues	$	7,825	$	7		$	7,832

Income (loss) from continuing operations	$	921	$	(3	)	$	918

Net income (loss)	$	948	$	(3	)	$	945

Total assets	$	99,117	$	54		$	99,171


2020
(Amounts in millions)	United States		International (1)			Total
Total revenues	$	8,275	$	9		$	8,284

Income (loss) from continuing operations	$	700	$	(2	)	$	698

Net income	$	214	$	(2	)	$	212

(1)	Predominantly comprised of operations in Mexico.