Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Revenues for Segments and Corporate and Growth

The following is a summary of revenues for our segments and Corporate and Other for the periods indicated:

	Three months ended March 31,
(Amounts in millions)	2023			2022
Revenues:
Enact segment	$	281		$	270
Long-Term Care Insurance segment		1,098			1,095
Life and Annuities segment:
Life insurance		358			381
Fixed annuities		85			115
Variable annuities		36			40
Life and Annuities segment		479			536
Corporate and Other		(4	)		(8	)
Total revenues	$	1,854		$	1,893

Summary of Net Operating Income (Loss) for Segments and Corporate and Growth

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 for the periods indicated:

	Three months ended March 31,
(Amounts in millions)	2023			2022
Net income available to Genworth Financial, Inc.’s common stockholders	$	62		$	191
Add: net income from continuing operations attributable to noncontrolling interests		32			30
Add: net income from discontinued operations attributable to noncontrolling interests		—			—
Net income		94			221
Less: loss from discontinued operations, net of taxes		—			(2	)
Income from continuing operations		94			223
Less: net income from continuing operations attributable to noncontrolling interests		32			30
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders		62			193
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses		11			(42	)
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (1)		14			(54	)
(Gains) losses on early extinguishment of debt		(1	)		3
Expenses related to restructuring		3			—
Taxes on adjustments		(5	)		20
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders	$	84		$	120

(1) For the three months ended March 31, 2023 and 2022, changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges were adjusted for changes in reserves, attributed fees and benefit payments of $(3) million and $(13) million, respectively.

	Three months ended March 31,
(Amounts in millions)	2023			2022
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
Enact segment	$	143		$	135
Long-Term Care Insurance segment		(37	)		27
Life and Annuities segment:
Life insurance		(27	)		(47	)
Fixed annuities		14			13
Variable annuities		9			4
Life and Annuities segment		(4	)		(30	)
Corporate and Other		(18	)		(12	)
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders	$	84		$	120

Summary of Assets for Segments and Corporate and Growth

The following is a summary of total assets for our segments and Corporate and Other as of the dates indicated:

(Amounts in millions)	March 31, 2023		December 31, 2022
Assets:
Enact segment	$	5,841	$	5,712
Long-Term Care Insurance segment		45,522		44,141
Life and Annuities segment		38,131		37,975
Corporate and Other		1,684		1,871
Total assets	$	91,178	$	89,699