Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Income Loss On Sale Recorded In Our Disposition Group

The following table provides a summary of the gain (loss) on sale associated with the disposition of Genworth Australia for the year ended December 31, 2021:

(Amounts in millions)
Net cash proceeds	$	370
Add: carrying value of noncontrolling interests(1)		657
Total adjusted consideration(2)		1,027
Carrying value of the disposal group before accumulated other comprehensive (income) loss		1,040
Add: total accumulated other comprehensive (income) loss of disposal group(3)		109
Total adjusted carrying value of the disposal group		1,149
Pre-tax loss on sale		(122	)
Tax benefit on sale		122
After-tax gain (loss) on sale	$	—

(1)  In accordance with accounting guidance on the deconsolidation of a subsidiary or group of assets, the carrying amount of any noncontrolling interests in the subsidiary sold (adjusted to reflect amounts in accumulated other comprehensive income (loss) recognized upon final disposition) is added to the total fair value of the consideration received.

(2)  Represents the aggregate of the net cash proceeds received upon sale closing plus the adjusted carrying amount of noncontrolling interests in the subsidiary sold.

(3) Amount consists of $160 million of cumulative losses on foreign currency translation adjustments, partially offset by cumulative unrealized investment gains of $29 million and deferred tax gains of $22 million.

Summary of Operating Results Related to Discontinued Operations

A summary of operating results related to Genworth Australia reported as discontinued operations was as follows for the years ended December 31:

(Amounts in millions)	2021			2020
Revenues:
Premiums	$	51		$	274
Net investment income		4			33
Net investment gains (losses)		(5	)		66
Policy fees and other income		—			1
Total revenues		50			374
Benefits and expenses:
Benefits and other changes in policy reserves		11			177
Acquisition and operating expenses, net of deferrals		7			53
Amortization of deferred acquisition costs and intangibles		6			29
Goodwill impairment		—			5
Interest expense		1			7
Total benefits and expenses		25			271
Income before income taxes and gain (loss) on sale (1)		25			103
Provision for income taxes		8			40
Income before gain (loss) on sale		17			63
Gain (loss) on sale, net of taxes		—			—
Income from discontinued operations, net of taxes		17			63
Less: net income from discontinued operations attributable to noncontrolling interests		8			34
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders	$	9		$	29

(1) The years ended December 31, 2021 and 2020 include pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million and $54 million, respectively.