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 5, 2020
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 5, 2020, Genworth Financial, Inc. (the “Company”) issued (1) a press release announcing its financial results for the quarter ended March 31, 2020, 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, 2020, 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 5, 2020.	
 	 	 	 	 	
 	99.2	 	 	Financial Supplement for the quarter ended March 31, 2020.	
 	 	 	 	 	
 	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 5, 2020	 		 	By:	 	/s/ Matthew D. Farney	
	 		 		 	Matthew D. Farney	
	 		 		 	Vice President and Controller	
	 		 		 	(Principal Accounting Officer)	

Exhibit 99.1

Genworth Financial Announces First Quarter 2020 Results
First Quarter Net Loss $66 Million And Adjusted Operating Income $33 Million
 
 	•	 	Reapprovals Received From New York Department Of Financial Services (NYDFS) And Virginia Bureau Of Insurance For Pending Merger With China Oceanwide Holdings Group Co., Ltd (Oceanwide)	
 
 	•	 	Merger Agreement Extended To Not Later Than June 30, 2020	
 
 	•	 	U.S. Mortgage Insurance (MI) Adjusted Operating Income Of $148 Million, 19 Percent Above Prior Year	
 
 	•	 	U.S. MI’s PMIERs1 Sufficiency Ratio At 142 Percent, In Excess Of $1.1 Billion Above Requirements	
 
 	•	 	No Observable Impact From COVID-19 Pandemic On Delinquencies In First Quarter	
 
 	•	 	Strong Capital Levels In Australia MI With Approximately AUD$270 Million Above Management Targets	
 
 	•	 	Continued Progress Toward LTC2 Multi-Year Rate Action Plan (MYRAP) With $45 Million Incremental Annual Rate Increases Approved In First Quarter	
 
 	•	 	U.S. Life Insurance Segment Adversely Impacted By Decline In Equity Markets And Interest Rates	
 
 	•	 	Holding Company Cash And Liquid Assets Of $575 Million With $411 Million Holding Company Public Debt Repaid During The Quarter, Including Early Redemption Of June 2020 Senior Notes	
 
 	•	 	Closely Monitoring COVID-19 Pandemic, Supporting Customers And Employees Amid Uncertainty	
Richmond, VA (May 5, 2020) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2020. The company reported a net loss3 of $66 million, or $0.134 per diluted share, in the first quarter of 2020, compared with net income of $174 million, or $0.34 per diluted share, in the first quarter of 2019. The company reported adjusted operating income5 of $33 million, or $0.07 per diluted share, in the first quarter of 2020, compared with adjusted operating income of $95 million, or $0.19 per diluted share, in the first quarter of 2019.

1 	Private Mortgage Insurer Eligibility Requirements	
2 	Long term care insurance	
3 	Unless otherwise stated, all references in this press release to net income (loss), net income (loss) per share, net income (loss) from discontinued operations, 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, net income (loss) from discontinued operations available to Genworth’s common stockholders, 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.	
4 	Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended March 31, 2020, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended March 31, 2020, as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 5.4 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended March 31, 2020, dilutive potential weighted-average common shares outstanding would have been 509.7 million.	
5 	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.	
 
1

COVID-19 Update
The COVID-19 pandemic has had a profound effect on the global economy, and Genworth has been proactive to support its employees, customers and communities around the world. The company has implemented business continuity procedures including a global work from home policy initiated on March 11th and has continued to serve its customers and policyholders effectively with minimal disruption. Genworth is providing additional financial, health and wellness resources to employees including additional paid leave to assist employees in caring for themselves and their family members. Genworth is also following regulatory guidelines to support loss mitigation efforts for mortgage borrowers and extend grace periods for life insurance, LTC and annuity policyholders. Genworth has extended these and other relief options to customers to ensure continuation of insurance coverage and mitigate financial hardship for customers and policyholders.
The COVID-19 pandemic and ensuing global economic slowdown impacted the company’s first quarter of 2020 financial results primarily as a result of the significant decline in equity markets and interest rates during the quarter, which led to unfavorable impacts in Genworth’s fixed and variable annuity products. The global MI businesses experienced limited impacts from the pandemic in the first quarter, as mortgage origination levels remained strong and delinquencies remained stable.
The company is closely monitoring the evolving macroeconomic environment and is focused on managing and mitigating its risks and effects. The extent of the economic impact remains uncertain and will depend on the severity of the pandemic and the shape of the economic recovery. In the U.S. and Australia MI businesses, the company is anticipating both a decline in purchase originations in the second half of 2020 due to lower economic activity and an increase in delinquencies as a result of higher unemployment. Higher delinquencies may be mitigated by higher cure rates as economic activity resumes. Given the expected increase in delinquency activity and resulting increase in capital requirements, the company may not receive further dividends from its MI businesses in 2020 in order to preserve capital in its insurance subsidiaries during this period of uncertainty. The amount and timing of dividends will be reevaluated later in the year and depend on the economic recovery from COVID-19.
In the U.S. Life Insurance segment, interest rate and equity market movements will continue to impact GAAP and statutory results. The company continues to manage the U.S. life insurance businesses on a standalone basis with no plans to infuse or extract capital other than as committed in connection with the completion of the Oceanwide transaction.
 
2

“I am very proud of our team’s response to these unprecedented challenges and the dedication of our employees as we continue to serve all of our customers and policyholders during this volatile period,” said Tom McInerney, President and CEO of Genworth. “Genworth had a strong start to the year, but headwinds from the COVID-19 pandemic have caused significant volatility and decline in our market environments. We expect those challenges to persist into the second quarter and potentially longer. As we navigate through this time of uncertainty, we are doing everything in our power to ensure the safety and wellbeing of our employees while continuing to deliver outstanding service to our customers and policyholders.”
Transaction Update
Genworth and Oceanwide made significant progress towards closing their transaction during the first quarter. Both parties remain fully committed to closing the transaction.
On March 24, Genworth announced that the NYDFS reapproved the proposed acquisition of control by Oceanwide of Genworth’s New York-domiciled insurance company, Genworth Life Insurance Company of New York (GLICNY). In connection with the NYDFS’ reapproval, Genworth committed, among other things, to contribute $100 million to GLICNY at the closing of the transaction.
On March 31, Genworth announced that the Virginia State Corporation Commission, Bureau of Insurance also reapproved the proposed acquisition of control by Oceanwide of Genworth’s insurance companies domiciled in Virginia.
Oceanwide is currently finalizing its funding plan for the transaction purchase price of $5.43 per share. As previously disclosed, Oceanwide has a financing commitment for debt funding of up to $1.8 billion through Hony Capital to partially finance the acquisition of Genworth, which was extended to June 30, 2020. After the funding plan is finalized, Oceanwide will then discuss the currency conversion and transfer of funds with China’s State Administration of Foreign Exchange (SAFE) in order to complete the transaction. Oceanwide will also seek confirmation from the Delaware Department of Insurance that the acquisition of Genworth’s Delaware domiciled insurer may proceed under the existing approval.
Given the unprecedented market disruptions due to the coronavirus pandemic, Oceanwide and Genworth extended the merger agreement deadline to not later than June 30, 2020 to provide the parties with additional time if needed to close the transaction. Genworth and Oceanwide are working to close the transaction as soon as possible. While the parties announced in March that they were targeting a closing by the end of May, they currently expect that the challenges caused by the pandemic will likely delay the closing until the end of June.
 
3

Oceanwide also remains committed to the capital investment plan under which Oceanwide and/or its affiliates will contribute an aggregate of $1.5 billion to Genworth over time following the consummation of the merger, subject to the receipt of the required regulatory approvals and clearances.
“The unprecedented market volatility and decline due to the coronavirus has presented challenges across the economy. Despite those challenges, Genworth was able to make significant progress towards closing the transaction with Oceanwide,” said Tom McInerney, President and CEO of Genworth. “Like Oceanwide, we remain fully committed to closing the transaction as soon as possible, which we believe is the best value for shareholders.”
“Oceanwide remains fully committed to the Genworth transaction,” said Lu Zhiqiang, chairman of Oceanwide. “I continue to believe the long-term value of Genworth to Oceanwide is very compelling. We are finalizing the transaction’s financing and look forward to welcoming Genworth to Oceanwide’s family of companies as soon as possible.”
Financial Performance

Consolidated Net Income (Loss) & Adjusted Operating Income	 		
 	  	Three months ended March 31	 	  	 	 		
 	  	2020	 	 	2019	 	  	 	 		
	(Amounts in millions, except per share)	  	Total	 	 	Per
diluted
share	 	 	Total	 	  	Per
diluted
share	 	  	Total
% change	 	
Net income (loss) available to Genworth’s common stockholders	  	$	(66	) 	 	$	(0.13	) 	 	$	174		  	$	0.34		  	 	(138	)% 		
Adjusted operating income	  	$	33		 	$	0.07		 	$	95		  	$	0.19		  	 	(65	)% 		
Weighted-average diluted shares4	  	 	504.3		 				 	 	508.6		  				  					
				
 	  	As of March 31	 	  	 	 		
 	  	2020	 	 	2019	 	  	 	 		
Book value per share	  				 	$	28.61		 				  	$	25.98		  					
Book value per share, excluding accumulated other comprehensive income (loss)	  				 	$	21.05		 				  	$	21.03		  					
The net loss in the quarter included investment losses of $89 million, net of taxes and other adjustments. The investment losses were driven by net losses on derivatives, including losses due to guaranteed minimum withdrawal benefits on variable annuities and foreign exchange hedges in Australia MI due to the decline in the Australian dollar, and mark-to-market losses on limited partnerships and equity securities. Net income in the first quarter of 2019 included $56 million from investment gains, net of taxes and other adjustments.
 
4

Net investment income was $793 million in the quarter, compared to $794 million in both the prior quarter and the prior year. Net investment income remained in line with the prior year with higher income from bond calls and prepays offset by lower income from limited partnerships. Net investment income remained in line with the prior quarter as lower income from bond calls and prepays and limited partnerships offset favorable prepayment speed adjustments on mortgage backed securities. The reported yield and the core yield5 for the quarter were 4.71 percent and 4.57 percent, respectively, compared to 4.74 percent and 4.62 percent, respectively, in the prior quarter.
Genworth’s effective tax rate was approximately 12 percent on its net loss for the quarter. The effective tax rate was reduced 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, which continue to be tax effected at 35 percent as they are amortized into net investment income.
Adjusted operating income (loss) results by business line are summarized in the table below:

Adjusted Operating Income (Loss)	  				 				 					
	(Amounts in millions)	  	Q1 20	 	 	Q4 19	 	 	Q1 19	 	
U.S. Mortgage Insurance	  	$	148	 	 	$	160	 	 	$	124			
Australia Mortgage Insurance	  	 	9	 	 	 	12	 	 	 	14			
U.S. Life Insurance	  	 	(70	) 	 	 	(115	) 	 	 	(5	) 		
Runoff	  	 	(13	) 	 	 	17	 	 	 	20			
Corporate and Other	  	 	(41	) 	 	 	(50	) 	 	 	(58	) 		
	  	 	 	 	 	 	 	 	 	 	 	 		
Total Adjusted Operating Income	  	$	33	 	 	$	24	 	 	$	95			
	  	 	 	 	 	 	 	 	 	 	 	 		
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), goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions, restructuring costs and other adjustments, net of taxes. A reconciliation of net income (loss) to adjusted operating income is included at the end of this press release.
Unless specifically noted in the discussion of results for the Australia MI business, references to percentage changes exclude the impact of translating foreign denominated activity into U.S. dollars (foreign exchange). Percentage changes that include the impact of foreign exchange are found in a table at the end of this press release.
 
5

U.S. Mortgage Insurance

Operating Metrics	  	 	 	 	 	 	 	 	 		
	(Dollar amounts in millions)	  	Q1 20	 	 	Q4 19	 	 	Q1 19	 	
Adjusted operating income	  	$	148	 	 	$	160	 	 	$	124	 		
New insurance written	  				 				 					
Primary Flow	  	$	17,900	 	 	$	18,100	 	 	$	9,600	 		
Loss ratio	  	 	8	% 	 	 	4	% 	 	 	8	% 		
U.S. MI reported adjusted operating income of $148 million, compared with $160 million in the prior quarter and $124 million in the prior year. Prior quarter results included $21 million of favorable after-tax impacts from assumption updates. U.S. MI’s flow insurance in force increased 17 percent versus the prior year from strong new insurance written (NIW), driving continued growth in earned premiums. U.S. MI achieved $17.9 billion in flow NIW in the quarter, up 86 percent versus the prior year primarily driven by higher refinance originations and strong estimated market share. Flow NIW decreased one percent from the prior quarter due to market seasonality. The growth in earned premiums versus the prior year was also driven by increased single premium policy cancellations from higher mortgage refinancing activity partially offset by lower average premium rates.
The company is not aware of any new delinquencies in the first quarter related to the COVID-19 pandemic and did not identify any deterioration in the performance of existing delinquencies that would warrant reserve strengthening, as delinquencies remained low with strong cure rates. The U.S. MI loss ratio was eight percent, flat to the prior year and up four points sequentially. The favorable assumption updates in the prior quarter reduced that period’s loss ratio by six points.
Australia Mortgage Insurance

Operating Metrics	  	 	 	 	 	 	 	 	 		
	(Dollar amounts in millions)	  	Q1 20	 	 	Q4 19	 	 	Q1 19	 	
Adjusted operating income	  	$	9	 	 	$	12	 	 	$	14	 		
New insurance written	  				 				 					
Flow	  	$	4,100	 	 	$	4,900	 	 	$	3,400	 		
Bulk	  	$	200	 	 	$	400	 	 	$	500	 		
Loss ratio	  	 	34	% 	 	 	30	% 	 	 	34	% 		
Australia MI reported adjusted operating income of $9 million, down from $12 million in the prior quarter and $14 million in the prior year. Australia MI flow NIW decreased 16 percent sequentially from normal seasonal patterns and increased 26 percent versus the prior year primarily due to higher mortgage origination volume from a key customer. The loss ratio in the quarter was 34 percent, up four points sequentially primarily due to seasonal increases in losses and lower premiums due to portfolio seasoning and flat to the prior year with lower premiums from portfolio seasoning and lower policy cancellations offset by lower losses primarily from favorable aging of existing delinquencies.
 
6

U.S. Life Insurance

Adjusted Operating Income (Loss)	  	 	 	 	 	 	 	 	 		
	(Amounts in millions)	  	Q1 20	 	 	Q4 19	 	 	Q1 19	 	
Long Term Care Insurance	  	$	1		 	$	19		 	$	(20	) 		
Life Insurance	  	 	(77	) 	 	 	(164	) 	 	 	(2	) 		
Fixed Annuities	  	 	6		 	 	30		 	 	17			
	  	 	 	 	 	 	 	 	 	 	 	 		
Total U.S. Life Insurance	  	$	(70	) 	 	$	(115	) 	 	$	(5	) 		
	  	 	 	 	 	 	 	 	 	 	 	 		
Long Term Care Insurance
LTC reported adjusted operating income of $1 million, compared with adjusted operating income of $19 million in the prior quarter and an adjusted operating loss of $20 million in the prior year. Earnings from in force rate actions were higher than the prior year but lower than the prior quarter. Losses on new claims increased compared to the prior quarter and prior year, partially offset by continued favorable development on prior period incurred but not reported claims. Existing claims performance improved, driven by seasonally higher terminations compared to the prior quarter and a slightly favorable impact from the quarterly benefit utilization rate update compared to an unfavorable update in the prior year.
Life Insurance
Life insurance reported an adjusted operating loss of $77 million, compared with $164 million in the prior quarter and $2 million in the prior year. During the prior quarter, the company completed its annual review of life insurance assumptions and recorded after-tax charges of $139 million primarily driven by the lower interest rate environment. Results reflected higher amortization of deferred acquisition costs (DAC) compared to the prior year and prior quarter, primarily associated with higher lapses from a large 20-year level-premium term life insurance block entering its post-level premium periods. Compared to the prior quarter and prior year, results also reflected reserve increases during the premium grace period in the 10-year term universal life insurance product associated with policies entering the post-level premium period, as well as higher mortality in universal and term life insurance products.
Fixed Annuities
Fixed annuities reported adjusted operating income of $6 million, compared with $30 million in the prior quarter and $17 million in the prior year. Results versus the prior quarter and prior year reflected unfavorable fixed indexed annuities reserve changes and DAC amortization due to the decline in equity markets and interest rates in the quarter, lower mortality in the single premium immediate annuity product and a decrease in net spreads due to block runoff. Results in the prior year included unfavorable after-tax charges of $13 million from loss recognition testing on the single premium immediate annuity block.
 
7

Runoff
Runoff reported an adjusted operating loss of $13 million, compared with adjusted operating income of $17 million in the prior quarter and adjusted operating income of $20 million in the prior year. Compared to the prior quarter and prior year, results reflected unfavorable impacts in the company’s variable annuity business from the decline in equity markets and interest rates during the quarter.
Corporate And Other
Corporate and Other reported an adjusted operating loss of $41 million, compared with $50 million in the prior quarter and $58 million in the prior year. Results in the current quarter reflected lower interest expense following the early redemption of the June 2020 senior notes and higher investment income.
Capital & Liquidity
Genworth maintains the following capital positions in its operating subsidiaries:

Key Capital & Liquidity Metrics	 	 	 	 		
	(Dollar amounts in millions)	  	Q1 20	 	 	Q4 19	 	 	Q1 19	 	
	  	 	 	 	 	 	 	 	 	 	 	 		
U.S. MI	  				 				 					
Consolidated Risk-To-Capital Ratio6 	  	 	12.2:1	 	 	 	12.2:1	 	 	 	11.9:1	 		
Genworth Mortgage Insurance Corporation Risk-To-Capital Ratio6 	  	 	12.4:1	 	 	 	12.5:1	 	 	 	12.1:1	 		
Private Mortgage Insurer Eligibility Requirements (PMIERs) Sufficiency Ratio6, 7	  	 	142	% 	 	 	138 	% 	 	 	123 	% 		
Australia MI	  				 				 					
Prescribed Capital Amount (PCA) Ratio6 	  	 	178	% 	 	 	191 	% 	 	 	201 	% 		
U.S. Life Insurance Companies	  				 				 					
Consolidated Risk-Based Capital (RBC) Ratio6 	  	 	195	% 	 	 	213 	% 	 	 	195 	% 		
Holding Company Cash and Liquid Assets8, 9	  	$	575		 	$	1,531		 	$	405			

6 	Company estimate for the first quarter of 2020 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 PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing for the U.S. mortgage insurance business. As of March 31, 2020, December 31, 2019 and March 31, 2019, the PMIERs sufficiency ratios were in excess of $1.1 billion, $1.0 billion and $600 million, respectively, of available assets above the applicable 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 $525 million, $1,461 million and $361 million of cash, cash equivalents and restricted cash as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively, which included approximately $16 million of restricted cash as of March 31, 2019. Genworth Holdings, Inc. also held $50 million, $70 million and $44 million in U.S. government securities as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively, which included $50MM, $48MM and $37 million, respectively, of restricted assets.	
 
8

Key Points
 
 	•	 	U.S. MI’s PMIERs sufficiency ratio is estimated to be 142 percent, in excess of $1.1 billion above requirements. The PMIERs sufficiency ratio benefited three points from a 30 percent multiplier applied to the risk based required asset factor for each non-performing loan backed by a property located in a FEMA Declared Major Disaster Area. PMIERs sufficiency is expected to decline in upcoming periods as a result of higher delinquencies related to the macroeconomic environment, taking into account the reduced PMIERs required asset factors;	
 
 	•	 	Australia MI’s PCA ratio is estimated to be 178 percent, above the company’s target operating range of 132 to 144 percent. The PCA ratio declined in the quarter following a write-off of DAC in local results due to higher expected future claims;	
 
 	•	 	U.S. life insurance companies’ consolidated statutory risk-based capital is estimated to be 195%, down from the previous quarter primarily due to statutory losses on variable annuities due to the decline in equity markets and interest rates during the quarter; and	
 
 	•	 	The holding company ended the quarter with $575 million of cash and restricted liquid assets. During the first quarter, the holding company redeemed its $397 million debt due in June 2020 and repurchased an additional $14 million of principal on its 2021 maturities. In addition, cash outflows in the quarter included $200 million to retire its intercompany note with Genworth Life Insurance Company, a previously disclosed £100 million interim payment (USD$134 million) to AXA related to an adverse court ruling on pending litigation, additional cash collateral posted on interest rate swaps related to the company’s hybrid debt and other expenses including interest payments on outstanding debt and employee benefit payments.	
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate 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 under the “Investors” section of genworth.com. From time to time, Genworth’s publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. This information can be found at http://www.genworth.com.au.
 
9

Conference Call And Financial Supplement Information
This press release and the first quarter 2020 financial supplement are now posted on the company’s website. Additional information regarding business results will be posted on the company’s website, http://investor.genworth.com, by 8:00 a.m. on May 6, 2020. Investors are encouraged to review these materials.
Genworth will conduct a conference call on May 6, 2020 at 9:00 a.m. (ET) to discuss business results and provide an update on the pending transaction with Oceanwide. Genworth’s conference call will be accessible via telephone and the Internet. The dial-in number for Genworth’s May 6th conference call is 888 208.1820 or 323 794.2110 (outside the U.S.); conference ID # 7621267. 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 # 7621267 through May 20, 2020. The webcast will also be archived on the company’s website for one year.
 
10

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), goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. 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 resulting 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. Goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 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 for the company’s domestic segments and a 30 percent tax rate for its Australia Mortgage Insurance segment 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 January 2020, the company paid a pre-tax make-whole expense of $9 million related to the early redemption of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes originally scheduled to mature in June 2020 and Rivermont Life Insurance Company I, the company’s 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. The company also repurchased $14 million principal amount of Genworth Holdings’ senior notes with 2021 maturity dates for a pre-tax gain of $1 million in the first quarter of 2020. These transactions were excluded from adjusted operating income (loss) as they relate to gains (losses) on the early extinguishment of debt.
 
11

The company recorded a pre-tax expense of $1 million and $4 million in the first quarters of 2020 and 2019, respectively, related to restructuring costs as it continues 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 tables at the end of this press release provide a reconciliation of net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the three months ended March 31, 2020 and 2019, as well as for the three months ended December 31, 2019, 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 international businesses at their local jurisdictional tax rates and its domestic businesses at the U.S. corporate federal income tax rate of 21 percent. The company’s segment tax methodology applies the respective jurisdictional or domestic tax rate to the pre-tax income (loss) of each segment, which is then adjusted in each segment to reflect the tax attributes of items unique to that segment such as foreign withholding taxes and permanent differences between U.S. GAAP and local 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. The company considers new insurance written to be a measure of the company’s operating performance because it represents a measure of new sales of insurance policies during a specified period, rather than a measure of the company’s revenues or profitability during that period.
Management regularly monitors and reports insurance in force and risk in force. Insurance in force for the company’s mortgage insurance businesses is a measure of the aggregate original loan balance for outstanding insurance policies as of the respective reporting date. Risk in force for the company’s U.S. mortgage insurance business is based on the coverage percentage applied to the estimated current outstanding loan balance. Risk in force in the Australia mortgage insurance business is computed using an “effective” risk in force amount, which recognizes that the loss on any particular loan will be reduced by the net proceeds received upon sale of the property. Effective risk in force has been calculated by applying to insurance in force a factor of 35 percent that
 
12

represents the highest expected average per-claim payment for any one underwriting year over the life of the company’s mortgage insurance business in Australia. The company also has certain risk share arrangements in Australia where it provides pro-rata coverage of certain loans rather than 100 percent coverage. As a result, for loans with these risk share arrangements, the applicable pro-rata coverage amount provided is used when applying the factor. The company considers insurance in force and risk in force to be measures of its operating performance 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 mortgage insurance businesses, 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, 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.
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 the transaction with China Oceanwide Holdings Group Co., Ltd. (together with its affiliates, Oceanwide), the company’s discussions with regulators in connection therewith and any capital contribution resulting therefrom, as well as statements the company makes regarding the potential impacts of the COVID-19 pandemic. 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:
 
 	•	 	risks related to the proposed transaction with Oceanwide including: the company’s inability to complete the transaction in a timely manner or at all, which may adversely affect the company’s business and the price of its common stock; the parties’ inability to obtain regulatory approvals, clearances or extensions, or the possibility that such regulatory approvals or clearances may further delay the transaction or may not be received prior to June 30, 2020 (and either or both of the parties may not be willing to further waive their end date termination rights beyond June 30, 2020) or that materially burdensome or adverse regulatory conditions may be imposed or undesirable measures may be required in connection with any such regulatory approvals, clearances or extensions (including those conditions or measures that either or both of the parties may be unwilling to accept or undertake, as applicable) or that with continuing delays, circumstances may arise that make one or more previously obtained regulatory approvals or clearances no longer valid, one or both parties unwilling to proceed with the transaction or unable to comply with the conditions to existing regulatory approvals or one or both of the parties may be unwilling to accept any new condition under a regulatory approval; the risk that the parties will not be able to obtain other regulatory approvals, clearances or extensions, including in connection with a potential alternative funding structure or the current geo-political environment, or that one or more regulators may rescind or fail to extend existing approvals, or that the revocation by one regulator of approvals will lead to the revocation of approvals by other regulators; the parties’ inability to obtain any necessary regulatory approvals, clearances or extensions for the post-closing capital plan; the risk that a condition to	
 
13

 	the closing of the transaction may not be satisfied or that a condition to closing that is currently satisfied may not remain satisfied due to the delay in closing the transaction or that the parties will be unable to agree upon a closing date following receipt of all regulatory approvals and clearances; the risks regarding the ongoing availability of any required financing; the risk that existing and potential legal proceedings may be instituted in connection with the transaction that may delay the transaction, make it more costly or ultimately preclude it; the risk that the proposed transaction disrupts the company’s current plans and operations as a result of the announcement and consummation of the transaction; certain restrictions during the pendency of the transaction that may impact the company’s ability to pursue certain business opportunities or strategic transactions; continued availability of capital and financing to the company before, or in the absence of, the consummation of the transaction; further rating agency actions and downgrades in the company’s credit or financial strength ratings; changes in applicable laws or regulations; the company’s ability to recognize the anticipated benefits of the transaction; the amount of the costs, fees, expenses and other charges related to the transaction; the risks related to diverting management’s attention from the company’s ongoing business operations; the company’s ability to attract, recruit, retain and motivate current and prospective employees may be adversely affected; and potential adverse reactions or changes to the company’s business relationships with clients, employees, suppliers or other parties or other business uncertainties resulting from the announcement of the transaction or during the pendency of the transaction, including but not limited to such changes that could affect the company’s financial performance;	
 
 	•	 	strategic risks in the event the proposed transaction with Oceanwide is not consummated including: the company’s inability to successfully execute alternative strategic plans to effectively address its current business challenges (including with respect to stabilizing its U.S. life insurance businesses, debt obligations, cost savings, ratings and capital); the risk that the impacts of or uncertainty created by the COVID-19 pandemic delay or hinder alternative transactions or otherwise make alternative plans less attractive; the company’s inability to attract buyers for any businesses or other assets it may seek to sell, or securities it may seek to issue, in each case, in a timely manner and on anticipated terms; failure to obtain any required regulatory, stockholder and/or noteholder approvals or consents for such alternative strategic plans, or the company’s challenges changing or being more costly or difficult to successfully address than currently anticipated or the benefits achieved being less than anticipated; inability to achieve anticipated cost-savings in a timely manner; adverse tax or accounting charges; and the company’s ability to increase the capital needed in its mortgage insurance businesses in a timely manner and on anticipated terms, including through business performance, reinsurance or similar transactions, asset sales, securities offerings or otherwise, in each case as and when required;	
 
 	•	 	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; the inability to accurately estimate the impacts of the COVID-19 pandemic; inaccurate models; deviations from the company’s estimates and actuarial assumptions or other reasons in its long term care insurance, life insurance and/or annuity businesses; 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); adverse impact on the company’s results of operations, including the outcome of its reviews of the premium earnings pattern for its mortgage insurance businesses; and changes in valuation of fixed maturity and equity securities;	
 
14

 	•	 	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 prolonged unemployment, a sustained low interest rate environment and other displacements caused by the COVID-19 pandemic; interest rates and changes in rates have adversely impacted, and may continue to materially adversely impact, the company’s business and profitability; deterioration in economic conditions or a decline in home prices that adversely affect the company’s loss experience in mortgage insurance; political and economic instability or changes in government policies; and fluctuations in foreign currency exchange rates and 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; dependence on dividends and other distributions from the company’s subsidiaries (particularly its mortgage insurance subsidiaries) and the inability of any subsidiaries to pay dividends or make other distributions to the company, including as a result of the performance of its subsidiaries, regulatory restrictions resulting from the COVID-19 pandemic, 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 the COVID-19 pandemic; adverse change in regulatory requirements, including risk-based capital; changes in regulations adversely affecting the company’s Australian mortgage insurance business; inability to continue to maintain the private mortgage insurer eligibility requirements (PMIERs); the impact on capital levels of increased delinquencies caused by the COVID-19 pandemic; inability of the company’s 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 on 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 the company’s mortgage insurance businesses; inability to continue to implement actions to mitigate the impact of statutory reserve requirements; changes in tax laws; and changes in accounting and reporting standards;	
 
 	•	 	liquidity, financial strength ratings, credit and counterparty risks including: insufficient internal sources to meet liquidity needs and limited or no access to capital (including the ability to obtain further financing under an additional secured term loan or credit facility); the impact on holding company liquidity caused by the inability to receive dividends or other returns of capital from the company’s mortgage insurance businesses as a result of the COVID-19 pandemic; continued availability of capital and financing; future adverse rating agency actions, including with respect to rating downgrades or potential downgrades or being put on review for potential downgrade, all of which could have adverse implications for the company, 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; defaults or other events impacting the value of the company’s fixed maturity securities portfolio; and defaults on the company’s commercial mortgage loans or the mortgage loans underlying its investments in commercial mortgage-backed securities and volatility in performance;	
 
 	•	 	operational risks including: inability to retain, attract and motivate qualified employees or senior management; ineffective or inadequate risk management in identifying, controlling or mitigating risks; the impact on processes caused by shelter-in-place or other governmental restrictions imposed as a result of the COVID-19 pandemic; reliance on, and loss of, key customer or distribution relationships; competition, including in the company’s mortgage insurance businesses from government and government-owned and government-sponsored enterprises (GSEs) offering mortgage insurance; 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 and business continuity plans and failures to safeguard, or breaches of, its confidential information;	
 
15

 	•	 	insurance and product-related risks including: 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 the COVID-19 pandemic, 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 high loan-to-value 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 the company’s U.S. contract underwriting services; and medical advances, such as genetic research and diagnostic imaging, and related legislation that impact policyholder behavior in ways adverse to the company;	
 
 	•	 	other risks including: impairments of or valuation allowances against the company’s deferred tax assets and the occurrence of natural or man-made disasters or a pandemic, such as the COVID-19 pandemic, could materially adversely affect its 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.
# # #
Contact Information:
 
Investors:	investorinfo@genworth.com	
 
Media:	Julie Westermann, 804 662.2423	
 
  	julie.westermann@genworth.com	
 
16

Condensed Consolidated Statements of Income
(Amounts in millions, except per share amounts)
(Unaudited)

 	  	Three months ended
March 31,	 	  	Three months ended
December 31,
2019	 	
 	  	2020	 	 	2019	 				
Revenues:	  				 				  				
Premiums	  	$	1,015		 	$	988		  	$	1,033		
Net investment income	  	 	793		 	 	794		  	 	794		
Net investment gains (losses)	  	 	(152	) 	 	 	75		  	 	23		
Policy fees and other income	  	 	181		 	 	187		  	 	188		
	  	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	1,837		 	 	2,044		  	 	2,038		
	  	 	 	 	 	 	 	 	  	 	 	 	
Benefits and expenses:	  				 				  				
Benefits and other changes in policy reserves	  	 	1,361		 	 	1,282		  	 	1,346		
Interest credited	  	 	141		 	 	147		  	 	138		
Acquisition and operating expenses, net of deferrals	  	 	249		 	 	237		  	 	249		
Amortization of deferred acquisition costs and intangibles	  	 	116		 	 	81		  	 	164		
Interest expense	  	 	52		 	 	60		  	 	60		
	  	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	1,919		 	 	1,807		  	 	1,957		
	  	 	 	 	 	 	 	 	  	 	 	 	
Income (loss) from continuing operations before income taxes	  	 	(82	) 	 	 	237		  	 	81		
Provision (benefit) for income taxes	  	 	(10	) 	 	 	69		  	 	26		
	  	 	 	 	 	 	 	 	  	 	 	 	
Income (loss) from continuing operations	  	 	(72	) 	 	 	168		  	 	55		
Income (loss) from discontinued operations, net of taxes	  	 	—  		 	 	62		  	 	(31	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income (loss)	  	 	(72	) 	 	 	230		  	 	24		
Less: net income (loss) from continuing operations attributable to noncontrolling interests	  	 	(6	) 	 	 	20		  	 	19		
Less: net income from discontinued operations attributable to noncontrolling interests	  	 	—  		 	 	36		  	 	22		
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income (loss) available to Genworth Financial, Inc.’s common stockholders	  	$	(66	) 	 	$	174		  	$	(17	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income (loss) available to Genworth Financial, Inc.’s common stockholders:	  				 				  				
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	$	(66	) 	 	$	148		  	$	36		
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	  	 	—  		 	 	26		  	 	(53	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income (loss) available to Genworth Financial, Inc.’s common stockholders	  	$	(66	) 	 	$	174		  	$	(17	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:	  				 				  				
Basic	  	$	(0.13	) 	 	$	0.29		  	$	0.07		
	  	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	$	(0.13	) 	 	$	0.29		  	$	0.07		
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:	  				 				  				
Basic	  	$	(0.13	) 	 	$	0.35		  	$	(0.03	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	$	(0.13	) 	 	$	0.34		  	$	(0.03	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Weighted-average common shares outstanding:	  				 				  				
Basic	  	 	504.3		 	 	501.2		  	 	503.5		
	  	 	 	 	 	 	 	 	  	 	 	 	
Diluted4	  	 	504.3		 	 	508.6		  	 	510.4		

17

Reconciliation of Net Income (Loss) to Adjusted Operating Income
(Amounts in millions, except per share amounts)
(Unaudited)

 	  	Three
months ended
March 31,	 	 	Three
months ended
December 31,
2019	 	
 	  	2020	 	 	2019	 				
Net income (loss) available to Genworth Financial, Inc.’s common stockholders	  	$	(66	) 	 	$	174		 	$	(17	) 	
Add: net income (loss) from continuing operations attributable to noncontrolling interests	  	 	(6	) 	 	 	20		 	 	19		
Add: net income from discontinued operations attributable to noncontrolling interests	  	 	—  		 	 	36		 	 	22		
	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	 	(72	) 	 	 	230		 	 	24		
Less: income (loss) from discontinued operations, net of taxes	  	 	—  		 	 	62		 	 	(31	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations	  	 	(72	) 	 	 	168		 	 	55		
Less: net income (loss) from continuing operations attributable to noncontrolling interests	  	 	(6	) 	 	 	20		 	 	19		
	  	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	 	(66	) 	 	 	148		 	 	36		
Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders:	  				 				 				
Net investment (gains) losses, net10 	  	 	115		 	 	(71	) 	 	 	(17	) 	
Losses on early extinguishment of debt	  	 	12		 	 	—  		 	 	—  		
Expenses related to restructuring	  	 	1		 	 	4		 	 	—  		
Taxes on adjustments	  	 	(29	) 	 	 	14		 	 	5		
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	33		 	$	95		 	$	24		
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income (loss):	  				 				 				
U.S. Mortgage Insurance segment	  	$	148		 	$	124		 	$	160		
Australia Mortgage Insurance segment	  	 	9		 	 	14		 	 	12		
U.S. Life Insurance segment:	  				 				 				
Long Term Care Insurance	  	 	1		 	 	(20	) 	 	 	19		
Life Insurance	  	 	(77	) 	 	 	(2	) 	 	 	(164	) 	
Fixed Annuities	  	 	6		 	 	17		 	 	30		
	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Life Insurance segment	  	 	(70	) 	 	 	(5	) 	 	 	(115	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Runoff segment	  	 	(13	) 	 	 	20		 	 	17		
Corporate and Other	  	 	(41	) 	 	 	(58	) 	 	 	(50	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	33		 	$	95		 	$	24		
	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:	  				 				 				
Basic	  	$	(0.13	) 	 	$	0.35		 	$	(0.03	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	(0.13	) 	 	$	0.34		 	$	(0.03	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income per share:	  				 				 				
Basic	  	$	0.07		 	$	0.19		 	$	0.05		
	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.07		 	$	0.19		 	$	0.05		
	  	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding:	  				 				 				
Basic	  	 	504.3		 	 	501.2		 	 	503.5		
	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted4	  	 	504.3		 	 	508.6		 	 	510.4		

10 	For the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(11) million, $(2) million and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to non-controlling interests of $(26) million, $6 million and $9 million, respectively.	
 
18

Condensed Consolidated Balance Sheets
(Amounts in millions)

 	  	March 31,
2020	 	 	December 31,
2019	 	
 	  	(Unaudited)	 	 	 	 	
Assets	  				 				
Cash, cash equivalents, restricted cash and invested assets	  	$	73,861		 	$	75,226		
Deferred acquisition costs	  	 	1,898		 	 	1,836		
Intangible assets and goodwill	  	 	263		 	 	201		
Reinsurance recoverable, net	  	 	17,080		 	 	17,103		
Deferred tax and other assets	  	 	775		 	 	868		
Separate account assets	  	 	4,967		 	 	6,108		
	  	 	 	 	 	 	 	 	
Total assets	  	$	98,844		 	$	101,342		
	  	 	 	 	 	 	 	 	
Liabilities and equity	  				 				
Liabilities:	  				 				
Future policy benefits	  	$	39,339		 	$	40,384		
Policyholder account balances	  	 	22,313		 	 	22,217		
Liability for policy and contract claims	  	 	11,132		 	 	10,958		
Unearned premiums	  	 	1,722		 	 	1,893		
Other liabilities	  	 	1,686		 	 	1,562		
Non-recourse funding obligations	  	 	—  		 	 	311		
Long-term borrowings	  	 	2,851		 	 	3,277		
Separate account liabilities	  	 	4,967		 	 	6,108		
	  	 	 	 	 	 	 	 	
Total liabilities	  	 	84,010		 	 	86,710		
	  	 	 	 	 	 	 	 	
Equity:	  				 				
Common stock	  	 	1		 	 	1		
Additional paid-in capital	  	 	11,993		 	 	11,990		
Accumulated other comprehensive income (loss)	  	 	3,815		 	 	3,433		
Retained earnings	  	 	1,340		 	 	1,461		
Treasury stock, at cost	  	 	(2,700	) 	 	 	(2,700	) 	
	  	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	14,449		 	 	14,185		
Noncontrolling interests	  	 	385		 	 	447		
	  	 	 	 	 	 	 	 	
Total equity	  	 	14,834		 	 	14,632		
	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	98,844		 	$	101,342		

19

Reconciliation of Adjusted Operating Income Previously Reported to Adjusted Operating Income
Re-Presented to Exclude Discontinued Operations
(Amounts in millions)

 	  	Three months
ended	 	
 	  	March 31,
2019	 	
Adjusted operating income as previously reported	  	$	121	 	
Remove Canada Mortgage Insurance segment adjusted operating income reported as discontinued operations	  	 	(41	) 	
Adjustment for corporate overhead allocations, net of taxes11	  	 	(4	) 	
Adjustment for interest on debt that was required to be repaid as a result of the disposal transaction, net of taxes12	  	 	6	 	
Tax adjustments13	  	 	13	 	
	  	 	 	 	
Re-presented adjusted operating income	  	$	95	 	
	  	 	 	 	
Impact of Foreign Exchange on Adjusted Operating Income and Flow New Insurance Written14
Three months ended March 31, 2020

 	  	Percentages
Including Foreign
Exchange	 	 	Percentages
Excluding Foreign
Exchange15	 	
Australia MI:	  				 				
Adjusted operating income	  	 	(36	)% 	 	 	(29	)% 	
Flow new insurance written	  	 	21 	% 	 	 	26 	% 	
Flow new insurance written (1Q20 vs. 4Q19)	  	 	(16	)% 	 	 	(16	)% 	

11 	Expenses previously reported in the Canada MI segment and moved to Corporate and Other Activities.	
12 	Interest on a senior secured term loan facility owed by Genworth Holdings, Inc. previously reported in Corporate and Other Activities and moved to discontinued operations.	
13 	Tax impacts resulting from the classification of Genworth Canada as held-for-sale.	
14 	All percentages are comparing the first quarter of 2020 to the first quarter of 2019 unless otherwise stated.	
15 	The impact of foreign exchange was calculated using the comparable prior period exchange rates.	
 
20

Reconciliation of Reported Yield to Core Yield

 	  	Three months ended	 		
	(Assets—amounts in billions)	  	March 31,
2020	 	 	December 31,
2019	 	
Reported Total Invested Assets and Cash	  	$	73.2	 	 	$	74.6	 		
Subtract:	  				 					
Securities lending	  	 	0.1	 	 	 	0.1	 		
Unrealized gains (losses)	  	 	6.0	 	 	 	6.9	 		
	  	 	 	 	 	 	 	 		
Adjusted End of Period Invested Assets and Cash	  	$	67.1	 	 	$	67.6	 		
	  	 	 	 	 	 	 	 		
Average Invested Assets and Cash Used in Reported and Core Yield Calculation	  	$	67.3	 	 	$	66.9	 		
	  	 	 	 	 	 	 	 		
	(Income—amounts in millions)	  				 				
Reported Net Investment Income	  	$	793	 	 	$	794	 		
Subtract:	  				 					
Bond calls and commercial mortgage loan prepayments	  	 	16	 	 	 	23	 		
Other non-core items16	  	 	7	 	 	 	(2	) 		
	  	 	 	 	 	 	 	 		
Core Net Investment Income	  	$	770	 	 	$	773	 		
	  	 	 	 	 	 	 	 		
Reported Yield	  	 	4.71	% 	 	 	4.74	% 		
	  	 	 	 	 	 	 	 		
Core Yield	  	 	4.57	% 	 	 	4.62	% 		

16 	Includes cost basis adjustments on structured securities and various other immaterial items.	
 
21

Table of Contents

Exhibit 99.2

	

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020

	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 (Loss) by Quarter	  	 	8	 		
Reconciliation of Net Income (Loss) 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—U.S. Mortgage Insurance Segment	  	 	16-22	 		
Adjusted Operating Income and Sales—Australia Mortgage Insurance Segment	  	 	24-27	 		
Adjusted Operating Income (Loss)—U.S. Life Insurance Segment	  	 	29-32	 		
Adjusted Operating Income (Loss)—Runoff Segment	  	 	34	 		
Adjusted Operating Loss—Corporate and Other Activities	  	 	36	 		
			
Additional Financial Data	  					
Investments Summary	  	 	38	 		
Fixed Maturity Securities Summary	  	 	39	 		
General Account U.S. GAAP Net Investment Income Yields	  	 	40	 		
Net Investment Gains (Losses), Net—Detail	  	 	41	 		
			
Reconciliations of Non-GAAP Measures	  					
Reconciliation of Operating Return On Equity (ROE)	  	 	43	 		
Reconciliation of Reported Yield to Core Yield	  	 	44	 		
			
Corporate Information	  					
Financial Strength Ratings	  	 	46	 		
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

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Dear Investor,
Thank you for your continued interest in Genworth Financial, Inc.
Regards,
Investor Relations
InvestorInfo@genworth.com
 
3

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
 
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), goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. 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 resulting 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. Goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 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 for the company’s domestic segments and a 30% tax rate for its Australia Mortgage Insurance segment 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 41).
In January 2020, the company paid a pre-tax make-whole expense of $9 million related to the early redemption of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes originally scheduled to mature in June 2020 and Rivermont Life Insurance Company I, the company’s 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. The company also repurchased $14 million principal amount of Genworth Holdings’ senior notes with 2021 maturity dates for a pre-tax gain of $1 million in the first quarter of 2020. These transactions were excluded from adjusted operating income (loss) as they relate to gains (losses) on the early extinguishment of debt.
The company recorded a pre-tax expense of $1 million and $4 million in the first quarters of 2020 and 2019, respectively, related to restructuring costs as it continues 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 (loss) 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 43 and 44 of this financial supplement.
 
4

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
 
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 (loss) 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.
The company taxes its international businesses at their local jurisdictional tax rates and its domestic businesses at the U.S. corporate federal income tax rate of 21%. The company’s segment tax methodology applies the respective jurisdictional or domestic tax rate to the pre-tax income (loss) of each segment, which is then adjusted in each segment to reflect the tax attributes of items unique to that segment such as foreign withholding taxes and permanent differences between U.S. GAAP and local 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. The company considers new insurance written to be a measure of the company’s operating performance because it represents a measure of new sales of insurance policies during a specified period, rather than a measure of the company’s revenues or profitability during that period.
Management regularly monitors and reports insurance in-force and risk in-force. Insurance in-force for the company’s mortgage insurance businesses is a measure of the aggregate original loan balance for outstanding insurance policies as of the respective reporting date. Risk in-force for the company’s U.S. mortgage insurance business is based on the coverage percentage applied to the estimated current outstanding loan balance. Risk in-force in the Australia mortgage insurance business is computed using an “effective” risk in-force amount, which recognizes that the loss on any particular loan will be reduced by the net proceeds received upon sale of the property. Effective risk in-force has been calculated by applying to insurance in-force a factor of 35% that represents the highest expected average per-claim payment for any one underwriting year over the life of the company’s mortgage insurance business in Australia. The company also has certain risk share arrangements in Australia where it provides pro-rata coverage of certain loans rather than 100% coverage. As a result, for loans with these risk share arrangements, the applicable pro-rata coverage amount provided is used when applying the factor. The company considers insurance in-force and risk in-force to be measures of its operating performance 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 mortgage insurance businesses, 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, 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

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Financial Highlights
(amounts in millions, except per share data)

	Balance Sheet Data	  	March 31,
2020	 	 	December 31,
2019	 	 	September 30,
2019	 	 	June 30,
2019	 	 	March 31,
2019	 	
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income	  	$	10,634	 	 	$	10,752	 	 	$	10,765	 	 	$	10,744	 	 	$	10,582	 		
Total accumulated other comprehensive income	  	 	3,815	 	 	 	3,433	 	 	 	3,622	 	 	 	3,013	 	 	 	2,492	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total Genworth Financial, Inc.’s stockholders’ equity	  	$	14,449	 	 	$	14,185	 	 	$	14,387	 	 	$	13,757	 	 	$	13,074	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Book value per share	  	$	28.61	 	 	$	28.17	 	 	$	28.57	 	 	$	27.32	 	 	$	25.98	 		
Book value per share, excluding accumulated other comprehensive income	  	$	21.05	 	 	$	21.35	 	 	$	21.38	 	 	$	21.34	 	 	$	21.03	 		
Common shares outstanding as of the balance sheet date	  	 	505.1	 	 	 	503.5	 	 	 	503.5	 	 	 	503.5	 	 	 	503.3	 		
			
 	  	Twelve months ended	 		
	Twelve Month Rolling Average ROE	  	March 31,
2020	 	 	December 31,
2019	 	 	September 30,
2019	 	 	June 30,
2019	 	 	March 31,
2019	 	
U.S. GAAP Basis ROE	  	 	1.0	% 	 	 	3.2	% 	 	 	0.3	% 	 	 	1.5	% 	 	 	1.7	% 		
Operating ROE(1)	  	 	3.3	% 	 	 	3.9	% 	 	 	0.9	% 	 	 	0.6	% 	 	 	0.2	% 		
			
 	  	Three months ended	 		
	Quarterly Average ROE	  	March 31,
2020	 	 	December 31,
2019	 	 	September 30,
2019	 	 	June 30,
2019	 	 	March 31,
2019	 	
U.S. GAAP Basis ROE	  	 	(2.5	)% 	 	 	(0.6	)% 	 	 	0.7	% 	 	 	6.3	% 	 	 	6.6	% 		
Operating ROE(1)	  	 	1.2	% 	 	 	0.9	% 	 	 	4.6	% 	 	 	6.7	% 	 	 	3.6	% 		

	Basic and Diluted Shares	  	Three months ended
March 31, 2020	 	  	
                                         	
Weighted-average common shares used in basic earnings per share calculations	  	 	504.3	 				
Potentially dilutive securities:	  							
Stock options, restricted stock units and stock appreciation
rights	  	 	—  	 				
	  	 	 	 				
Weighted-average common shares used in diluted earnings per share calculations(2)	  	 	504.3	 				

(1) 	See page 43 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.    	
(2) 	Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended March 31, 2020, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended March 31, 2020, as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 5.4 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended March 31, 2020, dilutive potential weighted-average common shares outstanding would have been 509.7 million.	
 
6

Table of Contents
 
Consolidated Quarterly Results

 
7

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Consolidated Net Income (Loss) by Quarter
(amounts in millions, except per share amounts)

 	  	2020	 	 	2019	 	
 	  	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	 				 				 				 				 				
Premiums	  	$	1,015	 	 	$	1,033	 	 	$	1,015	 	 	$	1,001	 	 	$	988	 	 	$	4,037	 	
Net investment income	  	 	793	 	 	 	794	 	 	 	816	 	 	 	816	 	 	 	794	 	 	 	3,220	 	
Net investment gains (losses)	  	 	(152	) 	 	 	23	 	 	 	(2	) 	 	 	(46	) 	 	 	75	 	 	 	50	 	
Policy fees and other income	  	 	181	 	 	 	188	 	 	 	191	 	 	 	223	 	 	 	187	 	 	 	789	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,837	 	 	 	2,038	 	 	 	2,020	 	 	 	1,994	 	 	 	2,044	 	 	 	8,096	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	 				 				 				 				 				
Benefits and other changes in policy reserves	  	 	1,361	 	 	 	1,346	 	 	 	1,284	 	 	 	1,251	 	 	 	1,282	 	 	 	5,163	 	
Interest credited	  	 	141	 	 	 	138	 	 	 	146	 	 	 	146	 	 	 	147	 	 	 	577	 	
Acquisition and operating expenses, net of deferrals	  	 	249	 	 	 	249	 	 	 	247	 	 	 	229	 	 	 	237	 	 	 	962	 	
Amortization of deferred acquisition costs and intangibles	  	 	116	 	 	 	164	 	 	 	112	 	 	 	84	 	 	 	81	 	 	 	441	 	
Interest expense	  	 	52	 	 	 	60	 	 	 	59	 	 	 	60	 	 	 	60	 	 	 	239	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,919	 	 	 	1,957	 	 	 	1,848	 	 	 	1,770	 	 	 	1,807	 	 	 	7,382	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(82	) 	 	 	81	 	 	 	172	 	 	 	224	 	 	 	237	 	 	 	714	 	
Provision (benefit) for income taxes	  	 	(10	) 	 	 	26	 	 	 	34	 	 	 	66	 	 	 	69	 	 	 	195	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(72	) 	 	 	55	 	 	 	138	 	 	 	158	 	 	 	168	 	 	 	519	 	
Income (loss) from discontinued operations, net of taxes(1)	  	 	—  	 	 	 	(31	) 	 	 	(80	) 	 	 	60	 	 	 	62	 	 	 	11	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME (LOSS)	  	 	(72	) 	 	 	24	 	 	 	58	 	 	 	218	 	 	 	230	 	 	 	530	 	
Less: net income (loss) from continuing operations attributable to noncontrolling interests	  	 	(6	) 	 	 	19	 	 	 	10	 	 	 	15	 	 	 	20	 	 	 	64	 	
Less: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	 	 	22	 	 	 	30	 	 	 	35	 	 	 	36	 	 	 	123	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	$	(66	) 	 	$	(17	) 	 	$	18	 	 	$	168	 	 	$	174	 	 	$	343	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	 				 				 				 				 				
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	$	(66	) 	 	$	36	 	 	$	128	 	 	$	143	 	 	$	148	 	 	$	455	 	
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	  	 	—  	 	 	 	(53	) 	 	 	(110	) 	 	 	25	 	 	 	26	 	 	 	(112	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	$	(66	) 	 	$	(17	) 	 	$	18	 	 	$	168	 	 	$	174	 	 	$	343	 	

Earnings (Loss) Per Share Data:	  				 				 				 				 				 				
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share	  				 				 				 				 				 				
Basic	  	$	(0.13	) 	 	$	0.07	 	 	$	0.25	 	 	$	0.29	 	 	$	0.29	 	 	$	0.90	 	
Diluted	  	$	(0.13	) 	 	$	0.07	 	 	$	0.25	 	 	$	0.28	 	 	$	0.29	 	 	$	0.89	 	
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share	  				 				 				 				 				 				
Basic	  	$	(0.13	) 	 	$	(0.03	) 	 	$	0.04	 	 	$	0.33	 	 	$	0.35	 	 	$	0.68	 	
Diluted	  	$	(0.13	) 	 	$	(0.03	) 	 	$	0.04	 	 	$	0.33	 	 	$	0.34	 	 	$	0.67	 	
Weighted-average common shares outstanding	  				 				 				 				 				 				
Basic	  	 	504.3	 	 	 	503.5	 	 	 	503.5	 	 	 	503.4	 	 	 	501.2	 	 	 	502.9	 	
Diluted(2)	  	 	504.3	 	 	 	510.4	 	 	 	511.2	 	 	 	508.7	 	 	 	508.6	 	 	 	509.7	 	

(1) 	Income (loss) from discontinued operations related to the Canada mortgage insurance business that was sold on December 12, 2019 and the lifestyle protection insurance business that was sold on December 1, 2015. During the fourth quarter of 2019, the company recorded an after-tax loss of $110 million in connection with pending litigation involving two insurance companies that were part of the sale of the lifestyle protection insurance business.    	
(2) 	Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended March 31, 2020, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended March 31, 2020, as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 5.4 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended March 31, 2020, dilutive potential weighted-average common shares outstanding would have been 509.7 million.    	
 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Reconciliation of Net Income (Loss) to Adjusted Operating Income
(amounts in millions, except per share amounts)

 	 	2020	 	 	2019	 	
 	 	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	 	$	(66	) 	 	$	(17	) 	 	$	18	 	 	$	168	 	 	$	174	 	 	$	343	 	
Add: net income (loss) from continuing operations attributable to noncontrolling interests	 	 	(6	) 	 	 	19	 	 	 	10	 	 	 	15	 	 	 	20	 	 	 	64	 	
Add: net income from discontinued operations attributable to noncontrolling interests	 	 	—  	 	 	 	22	 	 	 	30	 	 	 	35	 	 	 	36	 	 	 	123	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME (LOSS)	 	 	(72	) 	 	 	24	 	 	 	58	 	 	 	218	 	 	 	230	 	 	 	530	 	
Less: income (loss) from discontinued operations, net of taxes	 	 	—  	 	 	 	(31	) 	 	 	(80	) 	 	 	60	 	 	 	62	 	 	 	11	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	 	 	(72	) 	 	 	55	 	 	 	138	 	 	 	158	 	 	 	168	 	 	 	519	 	
Less: net income (loss) from continuing operations attributable to noncontrolling interests	 	 	(6	) 	 	 	19	 	 	 	10	 	 	 	15	 	 	 	20	 	 	 	64	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	 	 	(66	) 	 	 	36	 	 	 	128	 	 	 	143	 	 	 	148	 	 	 	455	 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	 			 	 				 				 				 				 				
Net investment (gains) losses, net(1)	 	 	115	 	 	 	(17	) 	 	 	(5	) 	 	 	43	 	 	 	(71	) 	 	 	(50	) 	
Losses on early extinguishment of debt	 	 	12	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Expenses related to restructuring	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	4	 	
Taxes on adjustments	 	 	(29	) 	 	 	5	 	 	 	—  	 	 	 	(8	) 	 	 	14	 	 	 	11	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	 	$	33	 	 	$	24	 	 	$	123	 	 	$	178	 	 	$	95	 	 	$	420	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS):	 			 	 				 				 				 				 				
U.S. Mortgage Insurance segment	 	$	148	 	 	$	160	 	 	$	137	 	 	$	147	 	 	$	124	 	 	$	568	 	
Australia Mortgage Insurance segment	 	 	9	 	 	 	12	 	 	 	12	 	 	 	13	 	 	 	14	 	 	 	51	 	
U.S. Life Insurance segment:	 			 	 				 				 				 				 				
Long-Term Care Insurance	 	 	1	 	 	 	19	 	 	 	21	 	 	 	37	 	 	 	(20	) 	 	 	57	 	
Life Insurance	 	 	(77	) 	 	 	(164	) 	 	 	(25	) 	 	 	10	 	 	 	(2	) 	 	 	(181	) 	
Fixed Annuities	 	 	6	 	 	 	30	 	 	 	3	 	 	 	19	 	 	 	17	 	 	 	69	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Life Insurance segment	 	 	(70	) 	 	 	(115	) 	 	 	(1	) 	 	 	66	 	 	 	(5	) 	 	 	(55	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Runoff segment	 	 	(13	) 	 	 	17	 	 	 	10	 	 	 	9	 	 	 	20	 	 	 	56	 	
Corporate and Other	 	 	(41	) 	 	 	(50	) 	 	 	(35	) 	 	 	(57	) 	 	 	(58	) 	 	 	(200	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	 	$	33	 	 	$	24	 	 	$	123	 	 	$	178	 	 	$	95	 	 	$	420	 	

Earnings (Loss) Per Share Data:	 				 				 				 				 				 				
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share	 				 				 				 				 				 				
Basic	 	$	(0.13	) 	 	$	(0.03	) 	 	$	0.04	 	 	$	0.33	 	 	$	0.35	 	 	$	0.68	 	
Diluted	 	$	(0.13	) 	 	$	(0.03	) 	 	$	0.04	 	 	$	0.33	 	 	$	0.34	 	 	$	0.67	 	
Adjusted operating income per share	 				 				 				 				 				 				
Basic	 	$	0.07	 	 	$	0.05	 	 	$	0.25	 	 	$	0.35	 	 	$	0.19	 	 	$	0.84	 	
Diluted	 	$	0.07	 	 	$	0.05	 	 	$	0.24	 	 	$	0.35	 	 	$	0.19	 	 	$	0.82	 	
Weighted-average common shares outstanding	 				 				 				 				 				 				
Basic	 	 	504.3	 	 	 	503.5	 	 	 	503.5	 	 	 	503.4	 	 	 	501.2	 	 	 	502.9	 	
Diluted(2)	 	 	504.3	 	 	 	510.4	 	 	 	511.2	 	 	 	508.7	 	 	 	508.6	 	 	 	509.7	 	

(1) 	Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests and DAC and other intangible amortization and certain benefit reserves (see page 41 for reconciliation).    	
(2) 	Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended March 31, 2020, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended March 31, 2020, as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 5.4 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended March 31, 2020, dilutive potential weighted-average common shares outstanding would have been 509.7 million.    	
 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Consolidated Balance Sheets
(amounts in millions)

 	  	March 31,
2020	 	  	December 31,
2019	 	 	September 30,
2019	 	 	June 30,
2019	 	 	March 31,
2019	 	
ASSETS	  			 	  				 				 				 				
Investments:	  			 	  				 				 				 				
Fixed maturity securities available-for-sale, at fair value (amortized cost of $54,136 and allowance for credit losses of $— of March 31, 2020)	  	$	59,051	 	  	$	60,339	 	 	$	61,233	 	 	$	59,491	 	 	$	57,153	 	
Equity securities, at fair value	  	 	188	 	  	 	239	 	 	 	239	 	 	 	262	 	 	 	251	 	
Commercial mortgage loans(1)	  	 	6,944	 	  	 	6,976	 	 	 	7,045	 	 	 	7,030	 	 	 	6,998	 	
Less: Allowance for credit losses	  	 	(29	) 	  	 	(13	) 	 	 	(12	) 	 	 	(11	) 	 	 	(10	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial mortgage loans, net	  	 	6,915	 	  	 	6,963	 	 	 	7,033	 	 	 	7,019	 	 	 	6,988	 	
Policy loans	  	 	2,052	 	  	 	2,058	 	 	 	2,069	 	 	 	2,076	 	 	 	1,994	 	
Other invested assets	  	 	2,465	 	  	 	1,632	 	 	 	1,693	 	 	 	1,396	 	 	 	1,106	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	70,671	 	  	 	71,231	 	 	 	72,267	 	 	 	70,244	 	 	 	67,492	 	
Cash, cash equivalents and restricted cash	  	 	2,483	 	  	 	3,341	 	 	 	1,629	 	 	 	1,715	 	 	 	2,020	 	
Accrued investment income	  	 	707	 	  	 	654	 	 	 	643	 	 	 	595	 	 	 	685	 	
Deferred acquisition costs	  	 	1,898	 	  	 	1,836	 	 	 	1,881	 	 	 	1,980	 	 	 	2,097	 	
Intangible assets and goodwill	  	 	263	 	  	 	201	 	 	 	210	 	 	 	229	 	 	 	250	 	
Reinsurance recoverable	  	 	17,122	 	  	 	17,103	 	 	 	17,180	 	 	 	17,211	 	 	 	17,257	 	
Less: Allowance for credit losses	  	 	(42	) 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable, net	  	 	17,080	 	  	 	17,103	 	 	 	17,180	 	 	 	17,211	 	 	 	17,257	 	
Other assets	  	 	456	 	  	 	443	 	 	 	479	 	 	 	516	 	 	 	467	 	
Deferred tax asset	  	 	319	 	  	 	425	 	 	 	236	 	 	 	383	 	 	 	573	 	
Separate account assets	  	 	4,967	 	  	 	6,108	 	 	 	6,005	 	 	 	6,187	 	 	 	6,210	 	
Assets held for sale related to discontinued operations(2)	  	 	—  	 	  	 	—  	 	 	 	5,123	 	 	 	5,246	 	 	 	5,137	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	98,844	 	  	$	101,342	 	 	$	105,653	 	 	$	104,306	 	 	$	102,188	 	

 

(1) 	Net of unamortized balance of loan origination fees and costs of $4 million as of March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019.    	
(2) 	Prior to the sale on December 12, 2019, the assets for the Canada mortgage insurance business were held for sale related to discontinued operations and segregated in the consolidated balance sheets.    	
 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Consolidated Balance Sheets
(amounts in millions)

 	  	March 31,
2020	 	  	December 31,
2019	 	 	September 30,
2019	 	 	June 30,
2019	 	 	March 31,
2019	 	
LIABILITIES AND EQUITY	  			 	  				 				 				 				
Liabilities:	  			 	  				 				 				 				
Future policy benefits	  	$	39,339	 	  	$	40,384	 	 	$	40,489	 	 	$	39,583	 	 	$	38,369	 	
Policyholder account balances	  	 	22,313	 	  	 	22,217	 	 	 	22,607	 	 	 	22,673	 	 	 	22,651	 	
Liability for policy and contract claims	  	 	11,132	 	  	 	10,958	 	 	 	10,780	 	 	 	10,586	 	 	 	10,448	 	
Unearned premiums	  	 	1,722	 	  	 	1,893	 	 	 	1,863	 	 	 	1,917	 	 	 	1,964	 	
Other liabilities	  	 	1,686	 	  	 	1,562	 	 	 	1,445	 	 	 	1,604	 	 	 	1,564	 	
Non-recourse funding obligations	  	 	—  	 	  	 	311	 	 	 	311	 	 	 	311	 	 	 	311	 	
Long-term borrowings	  	 	2,851	 	  	 	3,277	 	 	 	3,706	 	 	 	3,711	 	 	 	3,711	 	
Separate account liabilities	  	 	4,967	 	  	 	6,108	 	 	 	6,005	 	 	 	6,187	 	 	 	6,210	 	
Liabilities held for sale related to discontinued operations(1)	  	 	—  	 	  	 	—  	 	 	 	2,302	 	 	 	2,142	 	 	 	2,078	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	84,010	 	  	 	86,710	 	 	 	89,508	 	 	 	88,714	 	 	 	87,306	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  			 	  				 				 				 				
Common stock	  	 	1	 	  	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	
Additional paid-in capital	  	 	11,993	 	  	 	11,990	 	 	 	11,986	 	 	 	11,983	 	 	 	11,989	 	
Accumulated other comprehensive income (loss)	  	 	3,815	 	  	 	3,433	 	 	 	3,622	 	 	 	3,013	 	 	 	2,492	 	
Retained earnings	  	 	1,340	 	  	 	1,461	 	 	 	1,478	 	 	 	1,460	 	 	 	1,292	 	
Treasury stock, at cost	  	 	(2,700	) 	  	 	(2,700	) 	 	 	(2,700	) 	 	 	(2,700	) 	 	 	(2,700	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	14,449	 	  	 	14,185	 	 	 	14,387	 	 	 	13,757	 	 	 	13,074	 	
Noncontrolling interests	  	 	385	 	  	 	447	 	 	 	1,758	 	 	 	1,835	 	 	 	1,808	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	14,834	 	  	 	14,632	 	 	 	16,145	 	 	 	15,592	 	 	 	14,882	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	98,844	 	  	$	101,342	 	 	$	105,653	 	 	$	104,306	 	 	$	102,188	 	

 

(1) 	Prior to the sale on December 12, 2019, the liabilities for the Canada mortgage insurance business were held for sale related to discontinued operations and segregated in the consolidated balance sheets.    	
 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Consolidated Balance Sheet by Segment
(amounts in millions)

 	  	March 31, 2020	 	
 	  	U.S.
Mortgage
Insurance	 	 	Australia
Mortgage
Insurance	 	 	U.S. Life
Insurance	 	 	Runoff	 	 	Corporate and
Other(1)	 	 	Total	 	
ASSETS	  				 				 				 				 				 				
Cash and investments	  	$	4,385	 	 	$	1,915	 	 	$	62,482	 	 	$	3,634	 	 	$	1,445	 	 	$	73,861	 	
Deferred acquisition costs and intangible assets	  	 	48	 	 	 	81	 	 	 	1,855	 	 	 	166	 	 	 	11	 	 	 	2,161	 	
Reinsurance recoverable, net	  	 	—  	 	 	 	4	 	 	 	16,322	 	 	 	754	 	 	 	—  	 	 	 	17,080	 	
Deferred tax and other assets	  	 	109	 	 	 	146	 	 	 	(95	) 	 	 	(19	) 	 	 	634	 	 	 	775	 	
Separate account assets	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4,967	 	 	 	—  	 	 	 	4,967	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	4,542	 	 	$	2,146	 	 	$	80,564	 	 	$	9,502	 	 	$	2,090	 	 	$	98,844	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				 				 				 				 				
Liabilities:	  				 				 				 				 				 				
Future policy benefits	  	$	—  	 	 	$	—  	 	 	$	39,337	 	 	$	2	 	 	$	—  	 	 	$	39,339	 	
Policyholder account balances	  	 	—  	 	 	 	—  	 	 	 	18,684	 	 	 	3,629	 	 	 	—  	 	 	 	22,313	 	
Liability for policy and contract claims	  	 	230	 	 	 	184	 	 	 	10,702	 	 	 	10	 	 	 	6	 	 	 	11,132	 	
Unearned premiums	  	 	366	 	 	 	876	 	 	 	476	 	 	 	4	 	 	 	—  	 	 	 	1,722	 	
Other liabilities	  	 	71	 	 	 	203	 	 	 	733	 	 	 	43	 	 	 	636	 	 	 	1,686	 	
Borrowings	  	 	—  	 	 	 	122	 	 	 	—  	 	 	 	—  	 	 	 	2,729	 	 	 	2,851	 	
Separate account liabilities	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4,967	 	 	 	—  	 	 	 	4,967	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	667	 	 	 	1,385	 	 	 	69,932	 	 	 	8,655	 	 	 	3,371	 	 	 	84,010	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  				 				 				 				 				 				
Allocated equity, excluding accumulated other comprehensive income (loss)	  	 	3,891	 	 	 	395	 	 	 	6,643	 	 	 	850	 	 	 	(1,145	) 	 	 	10,634	 	
Allocated accumulated other comprehensive income (loss)	  	 	(16	) 	 	 	(19	) 	 	 	3,989	 	 	 	(3	) 	 	 	(136	) 	 	 	3,815	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	3,875	 	 	 	376	 	 	 	10,632	 	 	 	847	 	 	 	(1,281	) 	 	 	14,449	 	
Noncontrolling interests	  	 	—  	 	 	 	385	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	385	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	3,875	 	 	 	761	 	 	 	10,632	 	 	 	847	 	 	 	(1,281	) 	 	 	14,834	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	4,542	 	 	$	2,146	 	 	$	80,564	 	 	$	9,502	 	 	$	2,090	 	 	$	98,844	 	

(1) 	Includes inter-segment eliminations and other businesses that are managed outside the operating segments.    	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Consolidated Balance Sheet by Segment
(amounts in millions)

 	  	December 31, 2019	 	
 	  	U.S.
Mortgage
Insurance	 	  	Australia
Mortgage
Insurance	 	  	U.S. Life
Insurance	 	  	Runoff	 	  	Corporate and
Other(1)	 	 	Total	 	
ASSETS	  				  				  				  				  				 				
Cash and investments	  	$	4,373	 	  	$	2,212	 	  	$	63,453	 	  	$	2,927	 	  	$	2,261	 	 	$	75,226	 	
Deferred acquisition costs and intangible assets	  	 	49	 	  	 	53	 	  	 	1,757	 	  	 	168	 	  	 	10	 	 	 	2,037	 	
Reinsurance recoverable	  	 	—  	 	  	 	—  	 	  	 	16,386	 	  	 	717	 	  	 	—  	 	 	 	17,103	 	
Deferred tax and other assets	  	 	82	 	  	 	141	 	  	 	44	 	  	 	33	 	  	 	568	 	 	 	868	 	
Separate account assets	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	6,108	 	  	 	—  	 	 	 	6,108	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total assets	  	$	4,504	 	  	$	2,406	 	  	$	81,640	 	  	$	9,953	 	  	$	2,839	 	 	$	101,342	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				  				  				  				  				 				
Liabilities:	  				  				  				  				  				 				
Future policy benefits	  	$	—  	 	  	$	—  	 	  	$	40,382	 	  	$	2	 	  	$	—  	 	 	$	40,384	 	
Policyholder account balances	  	 	—  	 	  	 	—  	 	  	 	19,006	 	  	 	3,211	 	  	 	—  	 	 	 	22,217	 	
Liability for policy and contract claims	  	 	233	 	  	 	208	 	  	 	10,500	 	  	 	9	 	  	 	8	 	 	 	10,958	 	
Unearned premiums	  	 	384	 	  	 	1,008	 	  	 	498	 	  	 	3	 	  	 	—  	 	 	 	1,893	 	
Non-recourse funding obligations	  	 	—  	 	  	 	—  	 	  	 	311	 	  	 	—  	 	  	 	—  	 	 	 	311	 	
Other liabilities	  	 	90	 	  	 	161	 	  	 	520	 	  	 	46	 	  	 	745	 	 	 	1,562	 	
Borrowings	  	 	—  	 	  	 	140	 	  	 	—  	 	  	 	—  	 	  	 	3,137	 	 	 	3,277	 	
Separate account liabilities	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	6,108	 	  	 	—  	 	 	 	6,108	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	707	 	  	 	1,517	 	  	 	71,217	 	  	 	9,379	 	  	 	3,890	 	 	 	86,710	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Equity:	  				  				  				  				  				 				
Allocated equity, excluding accumulated other comprehensive income (loss)	  	 	3,702	 	  	 	409	 	  	 	7,111	 	  	 	559	 	  	 	(1,029	) 	 	 	10,752	 	
Allocated accumulated other comprehensive income (loss)	  	 	95	 	  	 	33	 	  	 	3,312	 	  	 	15	 	  	 	(22	) 	 	 	3,433	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	3,797	 	  	 	442	 	  	 	10,423	 	  	 	574	 	  	 	(1,051	) 	 	 	14,185	 	
Noncontrolling interests	  	 	—  	 	  	 	447	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	447	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity	  	 	3,797	 	  	 	889	 	  	 	10,423	 	  	 	574	 	  	 	(1,051	) 	 	 	14,632	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	4,504	 	  	$	2,406	 	  	$	81,640	 	  	$	9,953	 	  	$	2,839	 	 	$	101,342	 	

(1) 	Includes inter-segment eliminations and other businesses that are managed outside the operating segments.    	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Deferred Acquisition Costs Rollforward
(amounts in millions)

 	  	U.S.
Mortgage
Insurance	 	 	Australia
Mortgage
Insurance	 	 	U.S. Life
Insurance	 	 	Runoff	 	 	Total	 	
Unamortized balance as of December 31, 2019	  	$	30	 	 	$	37	 	 	$	3,039	 	 	$	174	 	 	$	3,280	 	
Costs deferred	  	 	3	 	 	 	3	 	 	 	(2	) 	 	 	—  	 	 	 	4	 	
Amortization, net of interest accretion	  	 	(3	) 	 	 	(3	) 	 	 	(83	) 	 	 	(16	) 	 	 	(105	) 	
Impact of foreign currency translation	  	 	—  	 	 	 	(5	) 	 	 	—  	 	 	 	—  	 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unamortized balance as of March 31, 2020	  	 	30	 	 	 	32	 	 	 	2,954	 	 	 	158	 	 	 	3,174	 	
Effect of accumulated net unrealized investment (gains) losses	  	 	—  	 	 	 	—  	 	 	 	(1,281	) 	 	 	5	 	 	 	(1,276	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of March 31, 2020	  	$	30	 	 	$	32	 	 	$	1,673	 	 	$	163	 	 	$	1,898	 	

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U.S. Mortgage Insurance Segment

 
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income and Sales—U.S. Mortgage Insurance Segment
(amounts in millions)

 	 	2020	 	 	2019	 	
 	 	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	 			 	 				 				 				 				 				
Premiums	 	$	226	 	 	$	237	 	 	$	219	 	 	$	206	 	 	$	194	 	 	$	856	 	
Net investment income	 	 	33	 	 	 	30	 	 	 	31	 	 	 	28	 	 	 	28	 	 	 	117	 	
Net investment gains (losses)	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
Policy fees and other income	 	 	2	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	4	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	261	 	 	 	269	 	 	 	251	 	 	 	235	 	 	 	223	 	 	 	978	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	 			 	 				 				 				 				 				
Benefits and other changes in policy reserves	 	 	19	 	 	 	11	 	 	 	23	 	 	 	—  	 	 	 	16	 	 	 	50	 	
Acquisition and operating expenses, net of deferrals	 	 	50	 	 	 	50	 	 	 	51	 	 	 	44	 	 	 	46	 	 	 	191	 	
Amortization of deferred acquisition costs and intangibles	 	 	4	 	 	 	4	 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	15	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	73	 	 	 	65	 	 	 	77	 	 	 	48	 	 	 	66	 	 	 	256	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	 	188	 	 	 	204	 	 	 	174	 	 	 	187	 	 	 	157	 	 	 	722	 	
Provision for income taxes	 	 	40	 	 	 	43	 	 	 	37	 	 	 	40	 	 	 	33	 	 	 	153	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	 	 	148	 	 	 	161	 	 	 	137	 	 	 	147	 	 	 	124	 	 	 	569	 	
	 						
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:	 			 	 				 				 				 				 				
Net investment (gains) losses	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	
Taxes on adjustments	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	 	$	148	 	 	$	160	 	 	$	137	 	 	$	147	 	 	$	124	 	 	$	568	 	

SALES:	 				 				 				 				 				 				
Flow New Insurance Written (NIW)	 	$	17,900	 	 	$	18,100	 	 	$	18,900	 	 	$	15,800	 	 	$	9,600	 	 	$	62,400	 	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Flow New Insurance Written Metrics—U.S. Mortgage Insurance Segment
(amounts in millions)

 	 	2020	 	 	2019	 	
 	 	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	
 	 	Flow
NIW	 	 	% of
Flow
NIW	 	 	Flow
NIW	 	 	% of
Flow
NIW	 	 	Flow
NIW	 	 	% of
Flow
NIW	 	 	Flow
NIW	 	 	% of
Flow
NIW	 	 	Flow
NIW	 	 	% of
Flow
NIW	 	
Product	 				 			 	 				 				 				 				 				 				 				 				
Monthly(1)	 	$	16,400	 	 	 	92	% 	 	$	16,300	 	 	 	90	% 	 	$	16,800	 	 	 	89	% 	 	$	13,900	 	 	 	88	% 	 	$	8,400	 	 	 	87	% 	
Single	 	 	1,500	 	 	 	8	 	 	 	1,800	 	 	 	10	 	 	 	2,100	 	 	 	11	 	 	 	1,900	 	 	 	12	 	 	 	1,200	 	 	 	13	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Flow	 	$	17,900	 	 	 	100	% 	 	$	18,100	 	 	 	100	% 	 	$	18,900	 	 	 	100	% 	 	$	15,800	 	 	 	100	% 	 	$	9,600	 	 	 	100	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FICO Scores	 				 			 	 				 				 				 				 				 				 				 				
Over 735	 	$	11,200	 	 	 	63	% 	 	$	11,200	 	 	 	62	% 	 	$	11,300	 	 	 	60	% 	 	$	9,200	 	 	 	58	% 	 	$	5,500	 	 	 	57	% 	
680-735	 	 	5,800	 	 	 	32	 	 	 	6,000	 	 	 	33	 	 	 	6,300	 	 	 	33	 	 	 	5,500	 	 	 	35	 	 	 	3,300	 	 	 	35	 	
660-679(2)	 	 	500	 	 	 	3	 	 	 	500	 	 	 	3	 	 	 	700	 	 	 	4	 	 	 	600	 	 	 	4	 	 	 	400	 	 	 	4	 	
620-659	 	 	400	 	 	 	2	 	 	 	400	 	 	 	2	 	 	 	600	 	 	 	3	 	 	 	500	 	 	 	3	 	 	 	400	 	 	 	4	 	
<620	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Flow	 	$	17,900	 	 	 	100	% 	 	$	18,100	 	 	 	100	% 	 	$	18,900	 	 	 	100	% 	 	$	15,800	 	 	 	100	% 	 	$	9,600	 	 	 	100	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loan-To-Value Ratio	 				 			 	 				 				 				 				 				 				 				 				
95.01% and above	 	$	1,800	 	 	 	10	% 	 	$	2,000	 	 	 	11	% 	 	$	2,900	 	 	 	16	% 	 	$	2,900	 	 	 	18	% 	 	$	1,800	 	 	 	19	% 	
90.01% to 95.00%	 	 	7,700	 	 	 	43	 	 	 	7,900	 	 	 	44	 	 	 	8,000	 	 	 	42	 	 	 	6,900	 	 	 	44	 	 	 	4,200	 	 	 	44	 	
85.01% to 90.00%	 	 	5,500	 	 	 	31	 	 	 	5,600	 	 	 	31	 	 	 	5,500	 	 	 	29	 	 	 	4,300	 	 	 	27	 	 	 	2,500	 	 	 	26	 	
85.00% and below	 	 	2,900	 	 	 	16	 	 	 	2,600	 	 	 	14	 	 	 	2,500	 	 	 	13	 	 	 	1,700	 	 	 	11	 	 	 	1,100	 	 	 	11	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Flow	 	$	17,900	 	 	 	100	% 	 	$	18,100	 	 	 	100	% 	 	$	18,900	 	 	 	100	% 	 	$	15,800	 	 	 	100	% 	 	$	9,600	 	 	 	100	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Origination	 				 			 	 				 				 				 				 				 				 				 				
Purchase	 	$	12,000	 	 	 	67	% 	 	$	12,900	 	 	 	71	% 	 	$	14,900	 	 	 	79	% 	 	$	13,900	 	 	 	88	% 	 	$	8,600	 	 	 	90	% 	
Refinance	 	 	5,900	 	 	 	33	 	 	 	5,200	 	 	 	29	 	 	 	4,000	 	 	 	21	 	 	 	1,900	 	 	 	12	 	 	 	1,000	 	 	 	10	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Flow	 	$	17,900	 	 	 	100	% 	 	$	18,100	 	 	 	100	% 	 	$	18,900	 	 	 	100	% 	 	$	15,800	 	 	 	100	% 	 	$	9,600	 	 	 	100	% 	

 

(1) 	Includes loans with annual and split payment types.    	
(2) 	Loans with unknown FICO scores are included in the 660-679 category.    	
 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Other Metrics—U.S. Mortgage Insurance Segment
(dollar amounts in millions)

 	  	2020	 	 	2019	 	
 	  	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Net Premiums Written	  	$	208	 	 	$	208	 	 	$	213	 	 	$	204	 	 	$	193	 	 	$	818	 	
	 						
Flow New Risk Written	  	$	4,405	 	 	$	4,465	 	 	$	4,647	 	 	$	3,931	 	 	$	2,403	 	 	$	15,446	 	
	 						
Primary Insurance In-Force(1)	  	$	198,500	 	 	$	192,100	 	 	$	186,300	 	 	$	178,500	 	 	$	170,400	 	 				
	 						
Risk In-Force	  			 	 				 				 				 				 				
Flow(2)	  	$	47,723	 	 	$	46,228	 	 	$	44,885	 	 	$	42,917	 	 	$	41,020	 	 				
Bulk(3)	  	 	143	 	 	 	150	 	 	 	160	 	 	 	167	 	 	 	173	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Primary	  	 	47,866	 	 	 	46,378	 	 	 	45,045	 	 	 	43,084	 	 	 	41,193	 	 				
Pool	  	 	53	 	 	 	56	 	 	 	59	 	 	 	62	 	 	 	66	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Risk In-Force	  	$	47,919	 	 	$	46,434	 	 	$	45,104	 	 	$	43,146	 	 	$	41,259	 	 				

Primary Risk In-Force That Is GSE Conforming	  	 	92	% 	 	 	93	% 	 	 	93	% 	 	 	93	% 	 	 	93	% 	 				
	 						
Expense Ratio (Net Earned Premiums)(4)	  	 	24	% 	 	 	23	% 	 	 	24	% 	 	 	24	% 	 	 	25	% 	 	 	24	% 	
	 						
Expense Ratio (Net Premiums Written)(5)	  	 	26	% 	 	 	27	% 	 	 	25	% 	 	 	24	% 	 	 	26	% 	 	 	25	% 	
	 						
Flow Persistency	  	 	76	% 	 	 	74	% 	 	 	75	% 	 	 	82	% 	 	 	86	% 	 				
	 						
Risk To Capital Ratio(6)	  	 	12.2:1	 	 	 	12.2:1	 	 	 	11.9:1	 	 	 	11.8:1	 	 	 	11.9:1	 	 				
	 						
PMIERs Sufficiency Ratio(7)	  	 	142	% 	 	 	138	% 	 	 	129	% 	 	 	123	% 	 	 	123	% 	 				
	 						
Average Primary Loan Size (in thousands)	  	$	226	 	 	$	223	 	 	$	221	 	 	$	218	 	 	$	215	 	 				
The expense ratios included above were calculated using whole dollars and may be different than the ratios calculated using the rounded numbers included herein.    

(1) 	Primary insurance in-force represents aggregate loan balances for outstanding insurance policies and is used to determine premiums. Original loan balances are presented for policies with level renewal premiums. Amortized loan balances are presented for policies with annual, amortizing renewal premiums.    	
(2) 	Flow risk in-force represents current loan balances as provided by servicers, lenders and investors and conforms to the presentation under the Private Mortgage Insurer Eligibility Requirements (PMIERs).    	
(3) 	As of March 31, 2020, 88% of the bulk risk in-force was related to loans financed by lenders who participated in the mortgage programs sponsored by the Federal Home Loan Banks.    	
(4) 	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.     	
(5) 	The ratio of an insurer’s general expenses to net premiums written. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles.    	
(6) 	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 U.S. mortgage insurance business.    	
(7) 	The 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 for the U.S. mortgage insurance business. As of March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, the PMIERs sufficiency ratios were in excess of $1.1 billion, $1.0 billion, $850 million, $650 million and $600 million, respectively, of available assets above the PMIERs requirements.    	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Loss Metrics—U.S. Mortgage Insurance Segment
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Paid claims	  			 	  				 				 				 				 				
Flow	  			 	  				 				 				 				 				
Direct	  	$	20	 	  	$	22	 	 	$	28	 	 	$	24	 	 	$	30	 	 	$	104	 	
Assumed(1)	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Ceded	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Loss adjustment expenses	  	 	2	 	  	 	2	 	 	 	1	 	 	 	2	 	 	 	2	 	 	 	7	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Flow	  	 	22	 	  	 	24	 	 	 	29	 	 	 	26	 	 	 	32	 	 	 	111	 	
Bulk	  	 	—  	 	  	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Primary	  	 	22	 	  	 	25	 	 	 	29	 	 	 	26	 	 	 	32	 	 	 	112	 	
Pool	  	 	—  	 	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Paid Claims	  	$	22	 	  	$	25	 	 	$	30	 	 	$	26	 	 	$	32	 	 	$	113	 	

Average Paid Claim (in thousands)	  	$	45.0	 	  	$	39.2	 	 	$	44.2	 	 	$	45.4	 	 	$	49.0	 	 				
	 						
Average Reserve Per Delinquency (in thousands)	  			 	  				 				 				 				 				
Flow	  	$	14.8	 	  	$	14.1	 	 	$	15.5	 	 	$	16.5	 	 	$	17.4	 	 				
Bulk loans with established reserve	  	$	12.4	 	  	$	13.4	 	 	$	13.3	 	 	$	14.1	 	 	$	13.8	 	 				
	 						
Reserves:	  			 	  				 				 				 				 				
Flow direct case	  	$	201	 	  	$	204	 	 	$	216	 	 	$	222	 	 	$	246	 	 				
Bulk direct case	  	 	4	 	  	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 	 				
Assumed(1)	  	 	1	 	  	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	 				
All other(2)	  	 	24	 	  	 	24	 	 	 	26	 	 	 	27	 	 	 	29	 	 				
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Reserves	  	$	230	 	  	$	233	 	 	$	247	 	 	$	254	 	 	$	280	 	 				

Beginning Reserves	  	$	233	 	  	$	247	 	 	$	254	 	 	$	280	 	 	$	296	 	 	$	296	 	
Paid claims	  	 	(22	) 	  	 	(25	) 	 	 	(30	) 	 	 	(26	) 	 	 	(32	) 	 	 	(113	) 	
Increase (decrease) in reserves	  	 	19	 	  	 	11	 	 	 	23	 	 	 	—  	 	 	 	16	 	 	 	50	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ending Reserves	  	$	230	 	  	$	233	 	 	$	247	 	 	$	254	 	 	$	280	 	 	$	233	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss Ratio(3)	  	 	8	% 	  	 	4	% 	 	 	11	% 	 	 	—  	% 	 	 	8	% 	 	 	6	% 	
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) 	Assumed is comprised of reinsurance arrangements with state governmental housing finance agencies.    	
(2) 	Other includes loss adjustment expenses, pool and incurred but not reported reserves.    	
(3) 	The ratio of benefits and other changes in policy reserves to net earned premiums. The company recorded a favorable reserve adjustment of $13 million and a favorable adjustment to net earned premiums of $14 million in the fourth quarter of 2019, which reduced the loss ratio by six percentage points for the three months ended December 31, 2019. The company also recorded a favorable reserve adjustment of $10 million in the second quarter of 2019, which reduced the loss ratio by five percentage points for the three months ended June 30, 2019. These adjustments reduced the loss ratio by three percentage points for the twelve months ended December 31, 2019.    	
 
19

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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Delinquency Metrics—U.S. Mortgage Insurance Segment
(dollar amounts in millions)

 	  	2020	 	  	2019	 		
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 		
Number of Primary Delinquencies	  			 	  				 				 				 				 					
Flow	  	 	15,246	 	  	 	16,209	 	 	 	15,575	 	 	 	15,070	 	 	 	15,764	 	 					
Bulk loans with an established reserve	  	 	345	 	  	 	348	 	 	 	375	 	 	 	347	 	 	 	360	 	 					
Bulk loans with no reserve(1)	  	 	57	 	  	 	50	 	 	 	55	 	 	 	65	 	 	 	82	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Total Number of Primary Delinquencies	  	 	15,648	 	  	 	16,607	 	 	 	16,005	 	 	 	15,482	 	 	 	16,206	 	 					

Beginning Number of Primary Delinquencies	  	 	16,607	 	  	 	16,005	 	 	 	15,482	 	 	 	16,206	 	 	 	17,159	 	 	 	17,159	 		
New delinquencies	  	 	8,214	 	  	 	8,738	 	 	 	8,650	 	 	 	7,705	 	 	 	8,539	 	 	 	33,632	 		
Delinquency cures	  	 	(8,699	) 	  	 	(7,526	) 	 	 	(7,451	) 	 	 	(7,872	) 	 	 	(8,835	) 	 	 	(31,684	) 		
Paid claims	  	 	(474	) 	  	 	(610	) 	 	 	(676	) 	 	 	(557	) 	 	 	(657	) 	 	 	(2,500	) 		
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Ending Number of Primary Delinquencies	  	 	15,648	 	  	 	16,607	 	 	 	16,005	 	 	 	15,482	 	 	 	16,206	 	 	 	16,607	 		
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Composition of Cures	  			 	  				 				 				 				 					
Reported delinquent and cured-intraquarter	  	 	2,228	 	  	 	1,681	 	 	 	1,803	 	 	 	1,621	 	 	 	2,342	 	 					
Number of missed payments delinquent prior to cure:	  			 	  				 				 				 				 					
3 payments or less	  	 	4,901	 	  	 	4,457	 	 	 	4,280	 	 	 	4,567	 	 	 	4,862	 	 					
4-11 payments	  	 	1,393	 	  	 	1,179	 	 	 	1,132	 	 	 	1,434	 	 	 	1,345	 	 					
12 payments or more	  	 	177	 	  	 	209	 	 	 	236	 	 	 	250	 	 	 	286	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Total	  	 	8,699	 	  	 	7,526	 	 	 	7,451	 	 	 	7,872	 	 	 	8,835	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Primary Delinquencies by Missed Payment Status	  			 	  				 				 				 				 					
3 payments or less	  	 	7,757	 	  	 	8,703	 	 	 	8,398	 	 	 	7,807	 	 	 	7,873	 	 					
4-11 payments	  	 	4,953	 	  	 	4,919	 	 	 	4,411	 	 	 	4,243	 	 	 	4,755	 	 					
12 payments or more	  	 	2,938	 	  	 	2,985	 	 	 	3,196	 	 	 	3,432	 	 	 	3,578	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Primary Delinquencies	  	 	15,648	 	  	 	16,607	 	 	 	16,005	 	 	 	15,482	 	 	 	16,206	 	 					

					
 	  	March 31, 2020	 	 	 	 	 	 	 		
Flow Delinquencies and Percentage	
Reserved by Payment Status	  	Delinquencies	 	  	Direct Case
Reserves(2)	 	 	Risk
In-Force	 	 	Reserves as % of
Risk In-Force	 	 	 	 	 	 	 	
3 payments or less in default	  	 	7,572	 	  	$	24	 	 	$	351	 	 	 	7	% 	 				 					
4-11 payments in default	  	 	4,872	 	  	 	82	 	 	 	230	 	 	 	36	% 	 				 					
12 payments or more in default	  	 	2,802	 	  	 	95	 	 	 	142	 	 	 	67	% 	 				 					
	  	 	 	 	  	 	 	 	 	 	 	 	 				 				 					
Total	  	 	15,246	 	  	$	201	 	 	$	723	 	 	 	28	% 	 				 					

 	  	December 31, 2019	 	 	 	 	 	 	 		
Flow Delinquencies and Percentage	
Reserved by Payment Status	  	Delinquencies	 	  	Direct Case
Reserves(2)	 	 	Risk
In-Force	 	 	Reserves as % of
Risk In-Force	 	 	 	 	 	 	 	
3 payments or less in default	  	 	8,524	 	  	$	27	 	 	$	386	 	 	 	7	% 	 				 					
4-11 payments in default	  	 	4,836	 	  	 	78	 	 	 	224	 	 	 	35	% 	 				 					
12 payments or more in default	  	 	2,849	 	  	 	99	 	 	 	145	 	 	 	68	% 	 				 					
	  	 	 	 	  	 	 	 	 	 	 	 	 				 				 					
Total	  	 	16,209	 	  	$	204	 	 	$	755	 	 	 	27	% 	 				 					

(1) 	Reserves were not established on loans where the company was in a secondary loss position due to an existing deductible and the company believes they currently have no risk for claim.	
(2) 	Direct flow case reserves exclude loss adjustment expenses, incurred but not reported and reinsurance reserves.	
 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Portfolio Quality Metrics—U.S. Mortgage Insurance Segment

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	
Primary Loans	  			 	  				 				 				 				
Primary loans in-force	  	 	876,912	 	  	 	860,214	 	 	 	842,692	 	 	 	818,358	 	 	 	792,800	 	
Primary delinquent loans	  	 	15,648	 	  	 	16,607	 	 	 	16,005	 	 	 	15,482	 	 	 	16,206	 	
Primary delinquency rate	  	 	1.78	% 	  	 	1.93	% 	 	 	1.90	% 	 	 	1.89	% 	 	 	2.04	% 	
	 					
Flow loans in-force	  	 	866,562	 	  	 	849,472	 	 	 	831,586	 	 	 	806,739	 	 	 	780,733	 	
Flow delinquent loans	  	 	15,246	 	  	 	16,209	 	 	 	15,575	 	 	 	15,070	 	 	 	15,764	 	
Flow delinquency rate	  	 	1.76	% 	  	 	1.91	% 	 	 	1.87	% 	 	 	1.87	% 	 	 	2.02	% 	
	 					
Bulk loans in-force	  	 	10,350	 	  	 	10,742	 	 	 	11,106	 	 	 	11,619	 	 	 	12,067	 	
Bulk delinquent loans	  	 	402	 	  	 	398	 	 	 	430	 	 	 	412	 	 	 	442	 	
Bulk delinquency rate	  	 	3.88	% 	  	 	3.71	% 	 	 	3.87	% 	 	 	3.55	% 	 	 	3.66	% 	
	 					
A minus and sub-prime loans in-force	  	 	12,243	 	  	 	12,792	 	 	 	13,450	 	 	 	14,180	 	 	 	14,712	 	
A minus and sub-prime delinquent loans	  	 	2,077	 	  	 	2,283	 	 	 	2,339	 	 	 	2,367	 	 	 	2,530	 	
A minus and sub-prime delinquency rate	  	 	16.96	% 	  	 	17.85	% 	 	 	17.39	% 	 	 	16.69	% 	 	 	17.20	% 	
	 					
Pool Loans	  			 	  				 				 				 				
Pool loans in-force	  	 	4,071	 	  	 	4,122	 	 	 	4,261	 	 	 	4,331	 	 	 	4,470	 	
Pool delinquent loans	  	 	132	 	  	 	167	 	 	 	168	 	 	 	177	 	 	 	187	 	
Pool delinquency rate	  	 	3.24	% 	  	 	4.05	% 	 	 	3.94	% 	 	 	4.09	% 	 	 	4.18	% 	
	 					
Primary Risk In-Force by Credit Quality	  			 	  				 				 				 				
Over 735	  	 	58	% 	  	 	57	% 	 	 	57	% 	 	 	57	% 	 	 	57	% 	
680-735	  	 	33	% 	  	 	33	% 	 	 	33	% 	 	 	32	% 	 	 	32	% 	
660-679(1)	  	 	4	% 	  	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	
620-659	  	 	4	% 	  	 	4	% 	 	 	4	% 	 	 	5	% 	 	 	5	% 	
<620	  	 	1	% 	  	 	1	% 	 	 	1	% 	 	 	1	% 	 	 	1	% 	

(1) 	Loans with unknown FICO scores are included in the 660-679 category.    	
 
21

Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Portfolio Quality Metrics—U.S. Mortgage Insurance Segment
(amounts in millions)

 	  	March 31, 2020	 		
	Policy Year	  	Average
Rate(1)	 	 	% of Total
Reserves(2)	 	 	Primary Insurance
In-Force	 	  	% of Total	 	 	Primary Risk
In-Force	 	  	% of Total	 	 	Delinquency
Rate	 	
2004 and prior	  	 	6.14	% 	 	 	7.2	% 	 	$	1,290	 	  	 	0.6	% 	 	$	242	 	  	 	0.5	% 	 	 	11.02	% 		
2005 to 2008	  	 	5.47	% 	 	 	48.2	 	 	 	14,870	 	  	 	7.5	 	 	 	3,400	 	  	 	7.1	 	 	 	7.96	% 		
2009 to 2013	  	 	4.22	% 	 	 	4.0	 	 	 	6,246	 	  	 	3.1	 	 	 	1,465	 	  	 	3.1	 	 	 	1.84	% 		
2014	  	 	4.46	% 	 	 	4.0	 	 	 	6,492	 	  	 	3.3	 	 	 	1,561	 	  	 	3.3	 	 	 	2.05	% 		
2015	  	 	4.16	% 	 	 	5.9	 	 	 	13,408	 	  	 	6.8	 	 	 	3,227	 	  	 	6.7	 	 	 	1.52	% 		
2016	  	 	3.89	% 	 	 	8.7	 	 	 	25,079	 	  	 	12.6	 	 	 	6,031	 	  	 	12.6	 	 	 	1.21	% 		
2017	  	 	4.25	% 	 	 	9.6	 	 	 	27,335	 	  	 	13.8	 	 	 	6,616	 	  	 	13.8	 	 	 	1.29	% 		
2018	  	 	4.76	% 	 	 	9.1	 	 	 	29,005	 	  	 	14.6	 	 	 	7,034	 	  	 	14.7	 	 	 	1.21	% 		
2019	  	 	4.26	% 	 	 	3.3	 	 	 	56,918	 	  	 	28.7	 	 	 	13,912	 	  	 	29.1	 	 	 	0.30	% 		
2020	  	 	3.82	% 	 	 	—  	 	 	 	17,824	 	  	 	9.0	 	 	 	4,378	 	  	 	9.1	 	 	 	0.01	% 		
	  				 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 					
Total	  	 	4.40	% 	 	 	100.0	% 	 	$	198,467	 	  	 	100.0	% 	 	$	47,866	 	  	 	100.0	% 	 	 	1.78	% 		

 	  	March 31, 2020	 	 	December 31, 2019	 	 	March 31, 2019	 	 	 	 		
 	  	Primary Risk
In-Force	 	 	Primary
Delinquency
Rate	 	 	Primary Risk
In-Force	 	  	Primary
Delinquency
Rate	 	 	Primary Risk
In-Force	 	  	Primary
Delinquency
Rate	 	 	 	 		
Lender concentration (by original applicant)	  	$	47,866	 	 	 	1.78	% 	 	$	46,378	 	  	 	1.93	% 	 	$	41,193	 	  	 	2.04	% 	 					
Top 10 lenders	  	$	15,099	 	 	 	1.82	% 	 	$	14,013	 	  	 	2.03	% 	 	$	11,617	 	  	 	2.38	% 	 					
Top 20 lenders	  	$	19,410	 	 	 	1.75	% 	 	$	18,264	 	  	 	1.91	% 	 	$	15,555	 	  	 	2.27	% 	 					
									
Loan-to-value ratio	  				 				 				  				 				  				 					
95.01% and above	  	$	8,482	 	 	 	2.00	% 	 	$	8,364	 	  	 	3.29	% 	 	$	7,401	 	  	 	3.46	% 	 					
90.01% to 95.00%	  	 	24,707	 	 	 	1.50	% 	 	 	23,958	 	  	 	1.59	% 	 	 	21,433	 	  	 	1.59	% 	 					
80.01% to 90.00%	  	 	14,540	 	 	 	1.37	% 	 	 	13,912	 	  	 	1.50	% 	 	 	12,195	 	  	 	1.73	% 	 					
80.00% and below	  	 	137	 	 	 	2.42	% 	 	 	144	 	  	 	2.21	% 	 	 	164	 	  	 	2.43	% 	 					
	  	 	 	 	 				 	 	 	 	  				 	 	 	 	  				 					
Total	  	$	47,866	 	 	 	1.78	% 	 	$	46,378	 	  	 	1.93	% 	 	$	41,193	 	  	 	2.04	% 	 					
	  	 	 	 	 				 	 	 	 	  				 	 	 	 	  				 					
Loan grade	  				 				 				  				 				  				 					
Prime	  	$	47,433	 	 	 	1.57	% 	 	$	45,929	 	  	 	1.69	% 	 	$	40,678	 	  	 	1.76	% 	 					
A minus and sub-prime	  	 	433	 	 	 	16.96	% 	 	 	449	 	  	 	17.85	% 	 	 	515	 	  	 	17.20	% 	 					
	  	 	 	 	 				 	 	 	 	  				 	 	 	 	  				 					
Total	  	$	47,866	 	 	 	1.78	% 	 	$	46,378	 	  	 	1.93	% 	 	$	41,193	 	  	 	2.04	% 	 					

(1) 	Average Annual Mortgage Interest Rate.    	
(2) 	Total reserves were $230 million as of March 31, 2020.         	
 
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Australia Mortgage Insurance Segment

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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income and Sales—Australia Mortgage Insurance Segment
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				
Premiums	  	$	69	 	  	$	72	 	 	$	77	 	 	$	80	 	 	$	83	 	 	$	312	 	
Net investment income	  	 	10	 	  	 	11	 	 	 	13	 	 	 	15	 	 	 	16	 	 	 	55	 	
Net investment gains (losses)	  	 	(53	) 	  	 	19	 	 	 	(9	) 	 	 	1	 	 	 	12	 	 	 	23	 	
Policy fees and other income	  	 	1	 	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	27	 	  	 	102	 	 	 	82	 	 	 	96	 	 	 	110	 	 	 	390	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				
Benefits and other changes in policy reserves	  	 	24	 	  	 	22	 	 	 	28	 	 	 	26	 	 	 	28	 	 	 	104	 	
Acquisition and operating expenses, net of deferrals	  	 	17	 	  	 	18	 	 	 	17	 	 	 	17	 	 	 	17	 	 	 	69	 	
Amortization of deferred acquisition costs and intangibles	  	 	8	 	  	 	6	 	 	 	9	 	 	 	9	 	 	 	9	 	 	 	33	 	
Interest expense	  	 	1	 	  	 	2	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	8	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	50	 	  	 	48	 	 	 	56	 	 	 	54	 	 	 	56	 	 	 	214	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(23	) 	  	 	54	 	 	 	26	 	 	 	42	 	 	 	54	 	 	 	176	 	
Provision (benefit) for income taxes	  	 	(7	) 	  	 	16	 	 	 	8	 	 	 	13	 	 	 	16	 	 	 	53	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(16	) 	  	 	38	 	 	 	18	 	 	 	29	 	 	 	38	 	 	 	123	 	
Less: net income (loss) from continuing operations attributable to noncontrolling interests	  	 	(6	) 	  	 	19	 	 	 	10	 	 	 	15	 	 	 	20	 	 	 	64	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	 	(10	) 	  	 	19	 	 	 	8	 	 	 	14	 	 	 	18	 	 	 	59	 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	  				 				 				 				 				
Net investment (gains) losses, net(1)	  	 	27	 	  	 	(10	) 	 	 	5	 	 	 	(1	) 	 	 	(6	) 	 	 	(12	) 	
Taxes on adjustments	  	 	(8	) 	  	 	3	 	 	 	(1	) 	 	 	—  	 	 	 	2	 	 	 	4	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME(2)	  	$	9	 	  	$	12	 	 	$	12	 	 	$	13	 	 	$	14	 	 	$	51	 	

SALES:	  				  				 				 				 				 				
New Insurance Written (NIW)	  				  				 				 				 				 				
Flow	  	$	4,100	 	  	$	4,900	 	 	$	4,600	 	 	$	3,700	 	 	$	3,400	 	 	$	16,600	 	
Bulk	  	 	200	 	  	 	400	 	 	 	—  	 	 	 	1,200	 	 	 	500	 	 	 	2,100	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Australia NIW(3),(4)	  	$	4,300	 	  	$	5,300	 	 	$	4,600	 	 	$	4,900	 	 	$	3,900	 	 	$	18,700	 	

 
(1)  Net investment (gains) losses were adjusted for the portion of net investment gains (losses) attributable to noncontrolling interests as reconciled below:	   	
							
Net investment (gains) losses, gross	  	$	53	 	  	$	(19	) 	 	$	9	 	 	$	(1	) 	 	$	(12	) 	 	$	(23	) 	
Adjustment for net investment gains (losses) attributable to noncontrolling interests	  	 	(26	) 	  	 	9	 	 	 	(4	) 	 	 	—  	 	 	 	6	 	 	 	11	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment (gains) losses, net	  	$	27	 	  	$	(10	) 	 	$	5	 	 	$	(1	) 	 	$	(6	) 	 	$	( 12	) 	

(2) 	Adjusted operating income for the Australian platform adjusted for foreign exchange as compared to the prior year period was $10 million for the three months ended March 31, 2020.    	
(3) 	New insurance written for the Australian platform adjusted for foreign exchange as compared to the prior year period was $4,500 million for the three months ended March 31, 2020.    	
(4) 	The business currently has structured insurance transactions with three lenders where it is in a secondary loss position. The new insurance written associated with these arrangements is excluded from these metrics.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Selected Key Performance Measures—Australia Mortgage Insurance Segment
(amounts in millions)

 	  	2020	 	  	2019	 	 	 	 		
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	 	 		
Net Premiums Written	  	$	62	 	  	$	92	 	 	$	70	 	 	$	58	 	 	$	52	 	 	$	272	 	 					
Loss Ratio(1)	  	 	34	% 	  	 	30	% 	 	 	36	% 	 	 	34	% 	 	 	34	% 	 	 	33	% 	 					
Expense Ratio (Net Earned Premiums)(2)	  	 	36	% 	  	 	34	% 	 	 	34	% 	 	 	33	% 	 	 	31	% 	 	 	33	% 	 					
Expense Ratio (Net Premiums Written)(3)	  	 	40	% 	  	 	26	% 	 	 	38	% 	 	 	44	% 	 	 	50	% 	 	 	38	% 	 					
	 								
Primary Insurance In-Force(4)	  	$	 188,400	 	  	$	215,700	 	 	$	206,400	 	 	$	215,600	 	 	$	 219,200	 	 				 					
Primary Risk In-Force(4),(5)	  			 	  				 				 				 				 				 					
Flow	  	$	60,700	 	  	$	69,400	 	 	$	66,400	 	 	$	69,100	 	 	$	70,600	 	 				 					
Bulk	  	 	5,000	 	  	 	5,700	 	 	 	5,500	 	 	 	6,000	 	 	 	5,700	 	 				 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 					
Total	  	$	65,700	 	  	$	75,100	 	 	$	71,900	 	 	$	75,100	 	 	$	76,300	 	 				 					

					
 	  	March 31, 2020	 	 	 	 	 	December 31, 2019	 		
	Risk In-Force by Loan-To-Value Ratio(4),(6)	  	Primary	 	  	Flow	 	 	Bulk	 	 	 	 	 	Primary	 	 	Flow	 	 	Bulk	 	
95.01% and above	  	$	8,669	 	  	$	8,669	 	 	$	—  	 	 				 	$	10,153	 	 	$	10,152	 	 	$	1	 		
90.01% to 95.00%	  	 	18,719	 	  	 	18,711	 	 	 	8	 	 				 	 	21,284	 	 	 	21,277	 	 	 	7	 		
80.01% to 90.00%	  	 	20,899	 	  	 	20,828	 	 	 	71	 	 				 	 	23,556	 	 	 	23,487	 	 	 	69	 		
80.00% and below	  	 	17,363	 	  	 	12,517	 	 	 	4,846	 	 				 	 	20,156	 	 	 	14,543	 	 	 	5,613	 		
	  	 	 	 	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 		
Total	  	$	65,650	 	  	$	60,725	 	 	$	4,925	 	 				 	$	75,149	 	 	$	69,459	 	 	$	5,690	 		
	  	 	 	 	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 		
The loss and expense ratios included above were calculated using whole dollars and may be different than the ratios calculated using the rounded numbers included herein.

(1) 	The ratio of benefits and other changes in policy reserves to net earned premiums.	
(2) 	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.	
(3) 	The ratio of an insurer’s general expenses to net premiums written. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles.	
(4) 	The business currently has structured insurance transactions with three lenders where it is in a secondary loss position. The insurance in-force and risk in-force associated with these arrangements are excluded from these metrics. The risk in-force on these transactions was approximately $143 million, $162 million, $152 million, $157 million and $157 million as of March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.	
(5) 	The business currently provides 100% coverage on the majority of the loans the company insures. For the purpose of representing the risk in-force, Australia has computed an “effective risk in-force” amount which recognizes that the loss on any particular loan will be reduced by the net proceeds received upon sale of the property. Effective risk in-force has been calculated by applying to insurance in-force a factor that represents the highest expected average per-claim payment for any one underwriting year over the life of the business. This factor was 35% for all periods presented. Australia also has certain risk share arrangements where it provides pro-rata coverage of certain loans rather than 100% coverage. As a result, for loans with these risk share arrangements, the applicable pro-rata coverage amount provided is used when applying the factor.	
(6) 	Loan amount in loan-to-value ratio calculation includes capitalized premiums, where applicable.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Selected Key Performance Measures—Australia Mortgage Insurance Segment
(dollar amounts in millions)

	Primary Insurance(1)	  	March 31, 2020	 	 	December 31, 2019	 	 	September 30, 2019	 	 	June 30, 2019	 	 	March 31, 2019	 	 	 	 	
Insured loans in-force	  	 	1,284,120	 	 	 	1,290,216	 	 	 	1,293,961	 	 	 	1,308,811	 	 	 	1,323,172	 	 					
Insured delinquent loans	  	 	7,274	 	 	 	7,221	 	 	 	7,713	 	 	 	7,891	 	 	 	7,490	 	 					
Insured delinquency rate	  	 	0.57	% 	 	 	0.56	% 	 	 	0.60	% 	 	 	0.60	% 	 	 	0.57	% 	 					
								
Flow loans in-force	  	 	1,183,889	 	 	 	1,189,019	 	 	 	1,192,282	 	 	 	1,200,603	 	 	 	1,217,050	 	 					
Flow delinquent loans	  	 	7,055	 	 	 	7,003	 	 	 	7,469	 	 	 	7,642	 	 	 	7,265	 	 					
Flow delinquency rate	  	 	0.60	% 	 	 	0.59	% 	 	 	0.63	% 	 	 	0.64	% 	 	 	0.60	% 	 					
								
Bulk loans in-force	  	 	100,231	 	 	 	101,197	 	 	 	101,679	 	 	 	108,208	 	 	 	106,122	 	 					
Bulk delinquent loans	  	 	219	 	 	 	218	 	 	 	244	 	 	 	249	 	 	 	225	 	 					
Bulk delinquency rate	  	 	0.22	% 	 	 	0.22	% 	 	 	0.24	% 	 	 	0.23	% 	 	 	0.21	% 	 					
								
	Loss Metrics	  	March 31, 2020	 	 	December 31, 2019	 	 	September 30, 2019	 	 	June 30, 2019	 	 	March 31, 2019	 	 	 	 	
Beginning Reserves	  	$	208	 	 	$	204	 	 	$	209	 	 	$	204	 	 	$	196	 	 					
Paid claims(2)	  	 	(21	) 	 	 	(25	) 	 	 	(24	) 	 	 	(20	) 	 	 	(22	) 	 					
Increase in reserves	  	 	24	 	 	 	22	 	 	 	27	 	 	 	27	 	 	 	28	 	 					
Impact of changes in foreign exchange rates	  	 	(27	) 	 	 	7	 	 	 	(8	) 	 	 	(2	) 	 	 	2	 	 					
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Ending Reserves	  	$	184	 	 	$	208	 	 	$	204	 	 	$	209	 	 	$	204	 	 					

 	  	March 31, 2020	 	 	December 31, 2019	 	 	March 31, 2019	 		
	State and Territory(1)	  	% of Primary
Risk In-Force	 	 	Primary
Delinquency Rate	 	 	% of Primary
Risk In-Force	 	 	Primary
Delinquency Rate	 	 	% of Primary
Risk In-Force	 	 	Primary
Delinquency Rate	 	
New South Wales	  	 	27	% 	 	 	0.44	% 	 	 	27	% 	 	 	0.42	% 	 	 	28	% 	 	 	0.41	% 		
Queensland	  	 	23	 	 	 	0.75	% 	 	 	23	 	 	 	0.75	% 	 	 	23	 	 	 	0.74	% 		
Victoria	  	 	23	 	 	 	0.42	% 	 	 	23	 	 	 	0.41	% 	 	 	22	 	 	 	0.42	% 		
Western Australia	  	 	13	 	 	 	1.00	% 	 	 	13	 	 	 	1.00	% 	 	 	13	 	 	 	1.05	% 		
South Australia	  	 	6	 	 	 	0.67	% 	 	 	6	 	 	 	0.65	% 	 	 	6	 	 	 	0.69	% 		
Australian Capital Territory	  	 	3	 	 	 	0.25	% 	 	 	3	 	 	 	0.24	% 	 	 	3	 	 	 	0.19	% 		
Tasmania	  	 	2	 	 	 	0.30	% 	 	 	2	 	 	 	0.29	% 	 	 	2	 	 	 	0.28	% 		
New Zealand	  	 	2	 	 	 	0.02	% 	 	 	2	 	 	 	0.02	% 	 	 	2	 	 	 	0.04	% 		
Northern Territory	  	 	1	 	 	 	0.83	% 	 	 	1	 	 	 	0.71	% 	 	 	1	 	 	 	0.76	% 		
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 					
Total	  	 	100	% 	 	 	0.57	% 	 	 	100	% 	 	 	0.56	% 	 	 	100	% 	 	 	0.57	% 		

	By Policy Year(1)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2011 and prior	  	 	46	% 	 	 	0.50	% 	 	 	47	% 	 	 	0.50	% 	 	 	49	% 	 	 	            0.51	% 		
2012	  	 	5	 	 	 	0.93	% 	 	 	5	 	 	 	0.95	% 	 	 	6	 	 	 	1.05	% 		
2013	  	 	6	 	 	 	1.06	% 	 	 	6	 	 	 	1.04	% 	 	 	7	 	 	 	0.98	% 		
2014	  	 	7	 	 	 	1.05	% 	 	 	7	 	 	 	1.04	% 	 	 	8	 	 	 	0.90	% 		
2015	  	 	7	 	 	 	0.79	% 	 	 	7	 	 	 	0.77	% 	 	 	8	 	 	 	0.74	% 		
2016	  	 	6	 	 	 	0.64	% 	 	 	6	 	 	 	0.60	% 	 	 	7	 	 	 	0.54	% 		
2017	  	 	6	 	 	 	0.51	% 	 	 	7	 	 	 	0.45	% 	 	 	7	 	 	 	0.28	% 		
2018	  	 	7	 	 	 	0.35	% 	 	 	7	 	 	 	0.28	% 	 	 	7	 	 	 	0.07	% 		
2019	  	 	8	 	 	 	0.04	% 	 	 	8	 	 	 	0.02	% 	 	 	1	 	 	 	—  	% 		
2020	  	 	2	 	 	 	—  	% 	 	 	—  	 	 	 	—  	% 	 	 	—  	 	 	 	—  	% 		
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 					
Total	  	 	100	% 	 	 	0.57	% 	 	 	100	% 	 	 	0.56	% 	 	 	100	% 	 	 	0.57	% 		

(1) 	The business currently has structured insurance transactions with three lenders where it is in a secondary loss position. The loans in-force, including delinquent loans, and risk in-force associated with these arrangements are excluded from these metrics.	
(2) 	Paid claims exclude adjustments for expected recoveries related to loss reserves and prior paid claims.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Selected Key Performance Measures—Australia Mortgage Insurance Segment
(Australian dollar amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Paid Claims(1)	  			 	  				  				 				 				 				
Flow	  	$	31	 	  	$	37	 	  	$	35	 	 	$	28	 	 	$	30	 	 	$	130	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Paid Claims	  	$	31	 	  	$	37	 	  	$	35	 	 	$	28	 	 	$	30	 	 	$	130	 	

Average Paid Claim (in thousands)	  	$	92.7	 	  	$	99.4	 	  	$	97.9	 	 	$	94.1	 	 	$	94.2	 	 				
	 						
Average Reserve Per Delinquency (in thousands)	  	$	41.3	 	  	$	41.1	 	  	$	39.2	 	 	$	37.8	 	 	$	38.4	 	 				
	 						
Loss Metrics	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Beginning Reserves	  	$	297	 	  	$	302	 	  	$	298	 	 	$	288	 	 	$	279	 	 	$	279	 	
Paid claims(1)	  	 	(31	) 	  	 	(37	) 	  	 	(35	) 	 	 	(28	) 	 	 	(30	) 	 	 	(130	) 	
Increase in reserves	  	 	35	 	  	 	32	 	  	 	39	 	 	 	38	 	 	 	39	 	 	 	148	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ending Reserves	  	$	301	 	  	$	297	 	  	$	302	 	 	$	298	 	 	$	288	 	 	$	297	 	

Loan Amount(2),(3)	  			 	  				  				 				 				 				
Over $550K	  	 	20	% 	  	 	19	% 	  	 	19	% 	 	 	19	% 	 	 	18	% 	 				
$400K to $550K	  	 	22	 	  	 	22	 	  	 	22	 	 	 	21	 	 	 	21	 	 				
$250K to $400K	  	 	32	 	  	 	33	 	  	 	33	 	 	 	33	 	 	 	34	 	 				
$100K to $250K	  	 	21	 	  	 	21	 	  	 	21	 	 	 	22	 	 	 	22	 	 				
$100K or Less	  	 	5	 	  	 	5	 	  	 	5	 	 	 	5	 	 	 	5	 	 				
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				
Total	  	 	100	% 	  	 	100	% 	  	 	100	% 	 	 	100	% 	 	 	100	% 	 				

Average Primary Loan Size (in thousands)(3)	  	$	240	 	  	$	238	 	  	$	236	 	 	$	235	 	 	$	233	 	 				
All amounts presented in Australian dollars.

(1) 	Paid claims exclude adjustments for expected recoveries related to loss reserves and prior paid claims.	
(2) 	The percentages in this table are based on the amount of primary insurance in-force in each loan band as a percentage of total insurance in-force.    	
(3) 	The business currently has structured insurance transactions with three lenders where it is in a secondary loss position. The loans in-force associated with these arrangements are excluded from these metrics.    	
 
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U.S. Life Insurance Segment

 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income (Loss)—U.S. Life Insurance Segment
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				
Premiums	  	$	718	 	  	$	722	 	 	$	717	 	 	$	713	 	 	$	709	 	 	$	2,861	 	
Net investment income	  	 	695	 	  	 	705	 	 	 	722	 	 	 	724	 	 	 	701	 	 	 	2,852	 	
Net investment gains (losses)	  	 	(70	) 	  	 	23	 	 	 	11	 	 	 	(36	) 	 	 	84	 	 	 	82	 	
Policy fees and other income	  	 	144	 	  	 	153	 	 	 	152	 	 	 	187	 	 	 	151	 	 	 	643	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,487	 	  	 	1,603	 	 	 	1,602	 	 	 	1,588	 	 	 	1,645	 	 	 	6,438	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				
Benefits and other changes in policy reserves	  	 	1,297	 	  	 	1,307	 	 	 	1,225	 	 	 	1,211	 	 	 	1,236	 	 	 	4,979	 	
Interest credited	  	 	100	 	  	 	101	 	 	 	106	 	 	 	106	 	 	 	106	 	 	 	419	 	
Acquisition and operating expenses, net of deferrals	  	 	151	 	  	 	156	 	 	 	158	 	 	 	142	 	 	 	148	 	 	 	604	 	
Amortization of deferred acquisition costs and intangibles	  	 	87	 	  	 	150	 	 	 	89	 	 	 	67	 	 	 	66	 	 	 	372	 	
Interest expense	  	 	5	 	  	 	4	 	 	 	4	 	 	 	4	 	 	 	5	 	 	 	17	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,640	 	  	 	1,718	 	 	 	1,582	 	 	 	1,530	 	 	 	1,561	 	 	 	6,391	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(153	) 	  	 	(115	) 	 	 	20	 	 	 	58	 	 	 	84	 	 	 	47	 	
Provision (benefit) for income taxes	  	 	(27	) 	  	 	(19	) 	 	 	10	 	 	 	19	 	 	 	24	 	 	 	34	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(126	) 	  	 	(96	) 	 	 	10	 	 	 	39	 	 	 	60	 	 	 	13	 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	  			 	  				 				 				 				 				
Net investment (gains) losses, net(1)	  	 	67	 	  	 	(24	) 	 	 	(14	) 	 	 	35	 	 	 	(86	) 	 	 	(89	) 	
Losses from early extinguishment of debt	  	 	4	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	4	 	 	 	3	 	
Taxes on adjustments	  	 	(15	) 	  	 	5	 	 	 	3	 	 	 	(7	) 	 	 	17	 	 	 	18	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	  	$	(70	) 	  	$	(115	) 	 	$	(1	) 	 	$	66	 	 	$	(5	) 	 	$	(55	) 	

 
(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	  	$	70	 	  	$	(23	) 	 	$	(11	) 	 	$	36	 	 	$	(84	) 	 	$	(82	) 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	  	 	(3	) 	  	 	(1	) 	 	 	(3	) 	 	 	(1	) 	 	 	(2	) 	 	 	(7	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment (gains) losses, net	  	$	67	 	  	$	(24	) 	 	$	(14	) 	 	$	35	 	 	$	(86	) 	 	$	(89	) 	

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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income (Loss)—U.S. Life Insurance Segment—Long-Term Care Insurance
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				
Premiums	  	$	642	 	  	$	663	 	 	$	652	 	 	$	640	 	 	$	628	 	 	$	2,583	 	
Net investment income	  	 	419	 	  	 	424	 	 	 	432	 	 	 	428	 	 	 	406	 	 	 	1,690	 	
Net investment gains (losses)	  	 	(55	) 	  	 	19	 	 	 	28	 	 	 	(15	) 	 	 	80	 	 	 	112	 	
Policy fees and other income	  	 	—  	 	  	 	—  	 	 	 	(2	) 	 	 	2	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,006	 	  	 	1,106	 	 	 	1,110	 	 	 	1,055	 	 	 	1,114	 	 	 	4,385	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				
Benefits and other changes in policy reserves	  	 	928	 	  	 	925	 	 	 	916	 	 	 	896	 	 	 	927	 	 	 	3,664	 	
Interest credited	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Acquisition and operating expenses, net of deferrals	  	 	101	 	  	 	105	 	 	 	106	 	 	 	93	 	 	 	101	 	 	 	405	 	
Amortization of deferred acquisition costs and intangibles	  	 	24	 	  	 	25	 	 	 	25	 	 	 	26	 	 	 	25	 	 	 	101	 	
Interest expense	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,053	 	  	 	1,055	 	 	 	1,047	 	 	 	1,015	 	 	 	1,053	 	 	 	4,170	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(47	) 	  	 	51	 	 	 	63	 	 	 	40	 	 	 	61	 	 	 	215	 	
Provision (benefit) for income taxes	  	 	(4	) 	  	 	17	 	 	 	19	 	 	 	15	 	 	 	19	 	 	 	70	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(43	) 	  	 	34	 	 	 	44	 	 	 	25	 	 	 	42	 	 	 	145	 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	  			 	  				 				 				 				 				
Net investment (gains) losses	  	 	55	 	  	 	(19	) 	 	 	(28	) 	 	 	15	 	 	 	(80	) 	 	 	(112	) 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	2	 	 	 	1	 	
Taxes on adjustments	  	 	(11	) 	  	 	4	 	 	 	5	 	 	 	(2	) 	 	 	16	 	 	 	23	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	  	$	1	 	  	$	19	 	 	$	21	 	 	$	37	 	 	$	(20	) 	 	$	57	 	

RATIOS:	  				  				 				 				 				 				
Loss Ratio(1)	  	 	78	% 	  	 	76	% 	 	 	76	% 	 	 	74	% 	 	 	81	% 	 	 	77	% 	
Gross Benefits Ratio(2)	  	 	145	% 	  	 	140	% 	 	 	140	% 	 	 	140	% 	 	 	148	% 	 	 	142	% 	

(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.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income (Loss)—U.S. Life Insurance Segment—Life Insurance
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	  	3Q	 	  	2Q	 	  	1Q	 	  	Total	 	
REVENUES:	  			 	  				  				  				  				  				
Premiums	  	$	76	 	  	$	59	 	  	$	65	 	  	$	73	 	  	$	81	 	  	$	278	 	
Net investment income	  	 	130	 	  	 	128	 	  	 	133	 	  	 	130	 	  	 	133	 	  	 	524	 	
Net investment gains (losses)	  	 	1	 	  	 	6	 	  	 	(2	) 	  	 	(3	) 	  	 	10	 	  	 	11	 	
Policy fees and other income	  	 	141	 	  	 	150	 	  	 	151	 	  	 	182	 	  	 	148	 	  	 	631	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	348	 	  	 	343	 	  	 	347	 	  	 	382	 	  	 	372	 	  	 	1,444	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				  				  				  				  				
Benefits and other changes in policy reserves	  	 	302	 	  	 	335	 	  	 	228	 	  	 	244	 	  	 	242	 	  	 	1,049	 	
Interest credited	  	 	59	 	  	 	58	 	  	 	60	 	  	 	58	 	  	 	58	 	  	 	234	 	
Acquisition and operating expenses, net of deferrals	  	 	39	 	  	 	39	 	  	 	40	 	  	 	37	 	  	 	34	 	  	 	150	 	
Amortization of deferred acquisition costs and intangibles	  	 	44	 	  	 	109	 	  	 	50	 	  	 	28	 	  	 	27	 	  	 	214	 	
Interest expense	  	 	5	 	  	 	4	 	  	 	4	 	  	 	4	 	  	 	5	 	  	 	17	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	449	 	  	 	545	 	  	 	382	 	  	 	371	 	  	 	366	 	  	 	1,664	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(101	) 	  	 	(202	) 	  	 	(35	) 	  	 	11	 	  	 	6	 	  	 	(220	) 	
Provision (benefit) for income taxes	  	 	(22	) 	  	 	(43	) 	  	 	(8	) 	  	 	3	 	  	 	1	 	  	 	(47	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(79	) 	  	 	(159	) 	  	 	(27	) 	  	 	8	 	  	 	5	 	  	 	(173	) 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	  			 	  				  				  				  				  				
Net investment (gains) losses	  	 	(1	) 	  	 	(6	) 	  	 	2	 	  	 	3	 	  	 	(10	) 	  	 	(11	) 	
Losses from early extinguishment of debt	  	 	4	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1	 	  	 	1	 	
Taxes on adjustments	  	 	(1	) 	  	 	1	 	  	 	—  	 	  	 	(1	) 	  	 	2	 	  	 	2	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	  	$	(77	) 	  	$	(164	) 	  	$	(25	) 	  	$	10	 	  	$	(2	) 	  	$	(181	) 	

 
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Table of Contents
GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income—U.S. Life Insurance Segment—Fixed Annuities
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	  	3Q	 	  	2Q	 	  	1Q	 	  	Total	 	
REVENUES:	  			 	  				  				  				  				  				
Premiums	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Net investment income	  	 	146	 	  	 	153	 	  	 	157	 	  	 	166	 	  	 	162	 	  	 	638	 	
Net investment gains (losses)	  	 	(16	) 	  	 	(2	) 	  	 	(15	) 	  	 	(18	) 	  	 	(6	) 	  	 	(41	) 	
Policy fees and other income	  	 	3	 	  	 	3	 	  	 	3	 	  	 	3	 	  	 	3	 	  	 	12	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	133	 	  	 	154	 	  	 	145	 	  	 	151	 	  	 	159	 	  	 	609	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				  				  				  				  				
Benefits and other changes in policy reserves	  	 	67	 	  	 	47	 	  	 	81	 	  	 	71	 	  	 	67	 	  	 	266	 	
Interest credited	  	 	41	 	  	 	43	 	  	 	46	 	  	 	48	 	  	 	48	 	  	 	185	 	
Acquisition and operating expenses, net of deferrals	  	 	11	 	  	 	12	 	  	 	12	 	  	 	12	 	  	 	13	 	  	 	49	 	
Amortization of deferred acquisition costs and intangibles	  	 	19	 	  	 	16	 	  	 	14	 	  	 	13	 	  	 	14	 	  	 	57	 	
Interest expense	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	138	 	  	 	118	 	  	 	153	 	  	 	144	 	  	 	142	 	  	 	557	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(5	) 	  	 	36	 	  	 	(8	) 	  	 	7	 	  	 	17	 	  	 	52	 	
Provision (benefit) for income taxes	  	 	(1	) 	  	 	7	 	  	 	(1	) 	  	 	1	 	  	 	4	 	  	 	11	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(4	) 	  	 	29	 	  	 	(7	) 	  	 	6	 	  	 	13	 	  	 	41	 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	  			 	  				  				  				  				  				
Net investment (gains) losses, net(1)	  	 	13	 	  	 	1	 	  	 	12	 	  	 	17	 	  	 	4	 	  	 	34	 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1	 	  	 	1	 	
Taxes on adjustments	  	 	(3	) 	  	 	—  	 	  	 	(2	) 	  	 	(4	) 	  	 	(1	) 	  	 	(7	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ADJUSTED OPERATING INCOME	  	$	6	 	  	$	30	 	  	$	3	 	  	$	19	 	  	$	17	 	  	$	69	 	

 
(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	  	$	16	 	  	$	2	 	  	$	15	 	  	$	18	 	  	$	6	 	  	$	41	 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	  	 	(3	) 	  	 	(1	) 	  	 	(3	) 	  	 	(1	) 	  	 	(2	) 	  	 	(7	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net investment (gains) losses, net	  	$	13	 	  	$	1	 	  	$	12	 	  	$	17	 	  	$	4	 	  	$	34	 	

 
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Runoff Segment

 
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Income (Loss)—Runoff Segment
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	  	3Q	 	  	2Q	 	  	1Q	 	  	Total	 	
REVENUES:	  			 	  				  				  				  				  				
Net investment income	  	$	49	 	  	$	45	 	  	$	48	 	  	$	47	 	  	$	47	 	  	$	187	 	
Net investment gains (losses)	  	 	(75	) 	  	 	(12	) 	  	 	(9	) 	  	 	(4	) 	  	 	—  	 	  	 	(25	) 	
Policy fees and other income	  	 	33	 	  	 	35	 	  	 	35	 	  	 	35	 	  	 	35	 	  	 	140	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	7	 	  	 	68	 	  	 	74	 	  	 	78	 	  	 	82	 	  	 	302	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				  				  				  				  				
Benefits and other changes in policy reserves	  	 	20	 	  	 	5	 	  	 	8	 	  	 	13	 	  	 	1	 	  	 	27	 	
Interest credited	  	 	41	 	  	 	37	 	  	 	40	 	  	 	40	 	  	 	41	 	  	 	158	 	
Acquisition and operating expenses, net of deferrals	  	 	13	 	  	 	13	 	  	 	13	 	  	 	13	 	  	 	13	 	  	 	52	 	
Amortization of deferred acquisition costs and intangibles	  	 	17	 	  	 	2	 	  	 	10	 	  	 	4	 	  	 	2	 	  	 	18	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	91	 	  	 	57	 	  	 	71	 	  	 	70	 	  	 	57	 	  	 	255	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(84	) 	  	 	11	 	  	 	3	 	  	 	8	 	  	 	25	 	  	 	47	 	
Provision (benefit) for income taxes	  	 	(18	) 	  	 	2	 	  	 	—  	 	  	 	1	 	  	 	5	 	  	 	8	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	  	 	(66	) 	  	 	9	 	  	 	3	 	  	 	7	 	  	 	20	 	  	 	39	 	
	 						
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	  			 	  				  				  				  				  				
Net investment (gains) losses, net(1)	  	 	67	 	  	 	10	 	  	 	9	 	  	 	2	 	  	 	—  	 	  	 	21	 	
Taxes on adjustments	  	 	(14	) 	  	 	(2	) 	  	 	(2	) 	  	 	—  	 	  	 	—  	 	  	 	(4	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	  	$	(13	) 	  	$	17	 	  	$	10	 	  	$	9	 	  	$	20	 	  	$	56	 	

 
(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	  	$	75	 	  	$	12	 	  	$	9	 	  	$	4	 	  	$	—  	 	  	$	25	 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	  	 	(8	) 	  	 	(2	) 	  	 	—  	 	  	 	(2	) 	  	 	—  	 	  	 	(4	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net investment (gains) losses, net	  	$	67	 	  	$	10	 	  	$	9	 	  	$	2	 	  	$	—  	 	  	$	21	 	

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Corporate and Other

 
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Adjusted Operating Loss—Corporate and Other(1)
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	  	3Q	 	  	2Q	 	  	1Q	 	  	Total	 	
REVENUES:	  			 	  				  				  				  				  				
Premiums	  	$	2	 	  	$	2	 	  	$	2	 	  	$	2	 	  	$	2	 	  	$	8	 	
Net investment income	  	 	6	 	  	 	3	 	  	 	2	 	  	 	2	 	  	 	2	 	  	 	9	 	
Net investment gains (losses)	  	 	46	 	  	 	(8	) 	  	 	5	 	  	 	(7	) 	  	 	(21	) 	  	 	(31	) 	
Policy fees and other income	  	 	1	 	  	 	(1	) 	  	 	2	 	  	 	—  	 	  	 	1	 	  	 	2	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	55	 	  	 	(4	) 	  	 	11	 	  	 	(3	) 	  	 	(16	) 	  	 	(12	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				  				  				  				  				
Benefits and other changes in policy reserves	  	 	1	 	  	 	1	 	  	 	—  	 	  	 	1	 	  	 	1	 	  	 	3	 	
Acquisition and operating expenses, net of deferrals	  	 	18	 	  	 	12	 	  	 	8	 	  	 	13	 	  	 	13	 	  	 	46	 	
Amortization of deferred acquisition costs and intangibles	  	 	—  	 	  	 	2	 	  	 	1	 	  	 	—  	 	  	 	—  	 	  	 	3	 	
Interest expense	  	 	46	 	  	 	54	 	  	 	53	 	  	 	54	 	  	 	53	 	  	 	214	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	65	 	  	 	69	 	  	 	62	 	  	 	68	 	  	 	67	 	  	 	266	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(10	) 	  	 	(73	) 	  	 	(51	) 	  	 	(71	) 	  	 	(83	) 	  	 	(278	) 	
Provision (benefit) for income taxes	  	 	2	 	  	 	(16	) 	  	 	(21	) 	  	 	(7	) 	  	 	(9	) 	  	 	(53	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
LOSS FROM CONTINUING OPERATIONS	  	 	(12	) 	  	 	(57	) 	  	 	(30	) 	  	 	(64	) 	  	 	(74	) 	  	 	(225	) 	
	 						
ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:	  			 	  				  				  				  				  				
Net investment (gains) losses	  	 	(46	) 	  	 	8	 	  	 	(5	) 	  	 	7	 	  	 	21	 	  	 	31	 	
Losses on early extinguishment of debt	  	 	8	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Expenses related to restructuring	  	 	1	 	  	 	—  	 	  	 	—  	 	  	 	1	 	  	 	—  	 	  	 	1	 	
Taxes on adjustments	  	 	8	 	  	 	(1	) 	  	 	—  	 	  	 	(1	) 	  	 	(5	) 	  	 	(7	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ADJUSTED OPERATING LOSS	  	$	(41	) 	  	$	(50	) 	  	$	(35	) 	  	$	(57	) 	  	$	(58	) 	  	$	(200	) 	

 

(1) 	Includes inter-segment eliminations and the results of other businesses that are managed outside the operating segments, including certain smaller international mortgage insurance businesses.	
 
36

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Additional Financial Data

 
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Investments Summary
(amounts in millions)

 	  	March 31, 2020	 	  	December 31, 2019	 	 	September 30, 2019	 	 	June 30, 2019	 	 	March 31, 2019	 		
 	  	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(1)	  	$	33,056	 	  	 	46	% 	  	$	33,684	 	  	 	45	% 	 	$	34,280	 	 	 	46	% 	 	$	32,958	 	  	 	46	% 	 	$	31,497	 	  	 	46	% 		
Private fixed maturity securities	  	 	12,736	 	  	 	17	 	  	 	13,384	 	  	 	18	 	 	 	13,411	 	 	 	18	 	 	 	13,091	 	  	 	18	 	 	 	12,566	 	  	 	18	 		
Residential mortgage-backed securities(2)	  	 	2,243	 	  	 	3	 	  	 	2,232	 	  	 	3	 	 	 	2,335	 	 	 	3	 	 	 	2,395	 	  	 	3	 	 	 	2,498	 	  	 	4	 		
Commercial mortgage-backed securities	  	 	2,963	 	  	 	4	 	  	 	3,006	 	  	 	4	 	 	 	3,051	 	 	 	4	 	 	 	2,970	 	  	 	4	 	 	 	2,943	 	  	 	4	 		
Other asset-backed securities	  	 	3,061	 	  	 	4	 	  	 	3,257	 	  	 	4	 	 	 	3,337	 	 	 	5	 	 	 	3,287	 	  	 	5	 	 	 	3,021	 	  	 	4	 		
State and political subdivisions(1)	  	 	2,864	 	  	 	4	 	  	 	2,747	 	  	 	4	 	 	 	2,729	 	 	 	4	 	 	 	2,636	 	  	 	4	 	 	 	2,546	 	  	 	4	 		
Non-investment grade fixed maturity securities	  	 	2,128	 	  	 	3	 	  	 	2,029	 	  	 	3	 	 	 	2,090	 	 	 	3	 	 	 	2,154	 	  	 	3	 	 	 	2,082	 	  	 	3	 		
Equity securities:	  				  			 	  				  				 				 				 				  				 				  					
Common stocks and mutual funds	  	 	91	 	  	 	—  	 	  	 	105	 	  	 	—  	 	 	 	107	 	 	 	—  	 	 	 	111	 	  	 	—  	 	 	 	103	 	  	 	—  	 		
Preferred stocks	  	 	97	 	  	 	—  	 	  	 	134	 	  	 	—  	 	 	 	132	 	 	 	—  	 	 	 	151	 	  	 	—  	 	 	 	148	 	  	 	—  	 		
Commercial mortgage loans, net	  	 	6,915	 	  	 	10	 	  	 	6,963	 	  	 	9	 	 	 	7,033	 	 	 	10	 	 	 	7,019	 	  	 	10	 	 	 	6,988	 	  	 	10	 		
Policy loans	  	 	2,052	 	  	 	3	 	  	 	2,058	 	  	 	3	 	 	 	2,069	 	 	 	3	 	 	 	2,076	 	  	 	3	 	 	 	1,994	 	  	 	3	 		
Cash, cash equivalents, restricted cash and short-term investments	  	 	2,696	 	  	 	3	 	  	 	3,601	 	  	 	5	 	 	 	1,839	 	 	 	2	 	 	 	1,907	 	  	 	3	 	 	 	2,117	 	  	 	3	 		
Securities lending	  	 	58	 	  	 	—  	 	  	 	51	 	  	 	—  	 	 	 	62	 	 	 	—  	 	 	 	113	 	  	 	—  	 	 	 	106	 	  	 	—  	 		
Other invested assets:	 	Limited partnerships	  	 	671	 	  	 	1	 	  	 	634	 	  	 	1	 	 	 	565	 	 	 	1	 	 	 	512	 	  	 	1	 	 	 	462	 	  	 	1	 		
	 	Derivatives:	  				  			 	  				  				 				 				 				  				 				  					
	 	Interest rate swaps	  	 	1,002	 	  	 	1	 	  	 	197	 	  	 	—  	 	 	 	402	 	 	 	1	 	 	 	144	 	  	 	—  	 	 	 	59	 	  	 	—  	 		
	 	Foreign currency swaps	  	 	21	 	  	 	—  	 	  	 	4	 	  	 	—  	 	 	 	10	 	 	 	—  	 	 	 	5	 	  	 	—  	 	 	 	3	 	  	 	—  	 		
	 	Equity index options	  	 	62	 	  	 	—  	 	  	 	81	 	  	 	—  	 	 	 	62	 	 	 	—  	 	 	 	65	 	  	 	—  	 	 	 	60	 	  	 	—  	 		
	 	Other foreign currency contracts	  	 	16	 	  	 	—  	 	  	 	8	 	  	 	—  	 	 	 	13	 	 	 	—  	 	 	 	8	 	  	 	—  	 	 	 	5	 	  	 	—  	 		
	 	Other	  	 	422	 	  	 	1	 	  	 	397	 	  	 	1	 	 	 	369	 	 	 	—  	 	 	 	357	 	  	 	—  	 	 	 	314	 	  	 	—  	 		
	 		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total invested assets and cash	  	$	73,154	 	  	 	100	% 	  	$	74,572	 	  	 	100	% 	 	$	73,896	 	 	 	100	% 	 	$	71,959	 	  	 	100	% 	 	$	69,512	 	  	 	100	% 		
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
	Public Fixed Maturity Securities—Credit Quality:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
	NRSRO(3) Designation	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
AAA	 		  	$	11,025	 	  	 	27	% 	  	$	10,160	 	  	 	24	% 	 	$	10,561	 	 	 	25	% 	 	$	10,195	 	  	 	24	% 	 	$	9,995	 	  	 	25	% 		
AA	 		  	 	3,554	 	  	 	8	 	  	 	3,536	 	  	 	8	 	 	 	3,758	 	 	 	9	 	 	 	3,674	 	  	 	9	 	 	 	3,558	 	  	 	9	 		
A	 		  	 	11,268	 	  	 	27	 	  	 	12,315	 	  	 	29	 	 	 	12,040	 	 	 	28	 	 	 	11,690	 	  	 	28	 	 	 	11,431	 	  	 	28	 		
BBB	 		  	 	14,807	 	  	 	35	 	  	 	15,041	 	  	 	36	 	 	 	15,418	 	 	 	35	 	 	 	14,768	 	  	 	36	 	 	 	13,872	 	  	 	35	 		
BB	 		  	 	1,139	 	  	 	3	 	  	 	1,040	 	  	 	3	 	 	 	1,093	 	 	 	3	 	 	 	1,128	 	  	 	3	 	 	 	1,081	 	  	 	3	 		
B	 		  	 	50	 	  	 	—  	 	  	 	44	 	  	 	—  	 	 	 	53	 	 	 	—  	 	 	 	76	 	  	 	—  	 	 	 	76	 	  	 	—  	 		
CCC and lower	 		  	 	21	 	  	 	—  	 	  	 	26	 	  	 	—  	 	 	 	25	 	 	 	—  	 	 	 	25	 	  	 	—  	 	 	 	25	 	  	 	—  	 		
	 		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total public fixed maturity securities	  	$	41,864	 	  	 	100	% 	  	$	42,162	 	  	 	100	% 	 	$	42,948	 	 	 	100	% 	 	$	41,556	 	  	 	100	% 	 	$	40,038	 	  	 	100	% 		
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
	Private Fixed Maturity Securities—Credit Quality:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
	NRSRO(3) Designation	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
AAA	 		  	$	1,382	 	  	 	8	% 	  	$	1,536	 	  	 	8	% 	 	$	1,594	 	 	 	9	% 	 	$	1,504	 	  	 	8	% 	 	$	1,480	 	  	 	9	% 		
AA	 		  	 	2,090	 	  	 	12	 	  	 	2,235	 	  	 	12	 	 	 	2,254	 	 	 	12	 	 	 	2,315	 	  	 	13	 	 	 	2,165	 	  	 	13	 		
A	 		  	 	4,914	 	  	 	28	 	  	 	5,182	 	  	 	29	 	 	 	5,296	 	 	 	29	 	 	 	5,286	 	  	 	30	 	 	 	5,032	 	  	 	29	 		
BBB	 		  	 	7,883	 	  	 	46	 	  	 	8,305	 	  	 	46	 	 	 	8,222	 	 	 	45	 	 	 	7,905	 	  	 	44	 	 	 	7,538	 	  	 	44	 		
BB	 		  	 	819	 	  	 	5	 	  	 	844	 	  	 	5	 	 	 	851	 	 	 	5	 	 	 	865	 	  	 	5	 	 	 	839	 	  	 	5	 		
B	 		  	 	98	 	  	 	1	 	  	 	73	 	  	 	—  	 	 	 	66	 	 	 	—  	 	 	 	58	 	  	 	—  	 	 	 	59	 	  	 	—  	 		
CCC and lower	 		  	 	1	 	  	 	—  	 	  	 	2	 	  	 	—  	 	 	 	2	 	 	 	—  	 	 	 	2	 	  	 	—  	 	 	 	2	 	  	 	—  	 		
	 		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total private fixed maturity securities	  	$	17,187	 	  	 	100	% 	  	$	18,177	 	  	 	100	% 	 	$	18,285	 	 	 	100	% 	 	$	17,935	 	  	 	100	% 	 	$	17,115	 	  	 	100	% 		

(1) 	Certain fixed maturity securities balances have been reclassified as of December 31, 2019 to conform to the current period presentation.	
(2) 	The company does not have any material exposure to residential mortgage-backed securities collateralized debt obligations (CDOs).	
(3) 	Nationally Recognized Statistical Rating Organizations.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Fixed Maturity Securities Summary
(amounts in millions)

 	  	March 31, 2020	 	 	December 31, 2019	 	 	September 30, 2019	 	 	June 30, 2019	 	 	March 31, 2019	 	
 	  	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	  	$	5,771	 	 	 	10	%   	 	$	5,025	 	 	 	8	% 	 	$	5,254	 	 	 	9	% 	 	$	4,987	 	 	 	8	% 	 	$	4,731	 	 	 	8	% 	
State and political subdivisions(1)	  	 	2,864	 	 	 	5	 	 	 	2,747	 	 	 	5	 	 	 	2,729	 	 	 	4	 	 	 	2,636	 	 	 	4	 	 	 	2,546	 	 	 	4	 	
Foreign government	  	 	1,201	 	 	 	2	 	 	 	1,350	 	 	 	2	 	 	 	1,359	 	 	 	2	 	 	 	1,336	 	 	 	2	 	 	 	1,311	 	 	 	2	 	
U.S. corporate(1)	  	 	31,077	 	 	 	52	 	 	 	32,111	 	 	 	54	 	 	 	32,424	 	 	 	54	 	 	 	31,329	 	 	 	53	 	 	 	29,872	 	 	 	53	 	
Foreign corporate	  	 	9,799	 	 	 	17	 	 	 	10,525	 	 	 	17	 	 	 	10,656	 	 	 	17	 	 	 	10,462	 	 	 	18	 	 	 	10,149	 	 	 	19	 	
Residential mortgage-backed securities	  	 	2,273	 	 	 	4	 	 	 	2,270	 	 	 	4	 	 	 	2,375	 	 	 	4	 	 	 	2,436	 	 	 	4	 	 	 	2,540	 	 	 	4	 	
Commercial mortgage-backed securities	  	 	2,981	 	 	 	5	 	 	 	3,026	 	 	 	5	 	 	 	3,071	 	 	 	5	 	 	 	2,989	 	 	 	5	 	 	 	2,962	 	 	 	5	 	
Other asset-backed securities	  	 	3,085	 	 	 	5	 	 	 	3,285	 	 	 	5	 	 	 	3,365	 	 	 	5	 	 	 	3,316	 	 	 	6	 	 	 	3,042	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	59,051	 	 	 	100	% 	 	$	60,339	 	 	 	100	% 	 	$	61,233	 	 	 	100	% 	 	$	59,491	 	 	 	100	% 	 	$	57,153	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate Bond Holdings—Industry Sector:	  				 			 	 				 				 				 				 				 				 				 				
	 	 									
Investment Grade:	  				 			 	 				 				 				 				 				 				 				 				
Finance and insurance	  	$	9,523	 	 	 	23	% 	 	$	9,881	 	 	 	23	% 	 	$	9,995	 	 	 	22	% 	 	$	9,669	 	 	 	23	% 	 	$	9,255	 	 	 	24	% 	
Utilities	  	 	5,555	 	 	 	14	 	 	 	5,743	 	 	 	14	 	 	 	5,868	 	 	 	14	 	 	 	5,697	 	 	 	14	 	 	 	5,491	 	 	 	14	 	
Energy	  	 	2,799	 	 	 	7	 	 	 	3,699	 	 	 	9	 	 	 	3,801	 	 	 	9	 	 	 	3,732	 	 	 	9	 	 	 	3,596	 	 	 	9	 	
Consumer—non-cyclical	  	 	6,163	 	 	 	15	 	 	 	6,247	 	 	 	15	 	 	 	6,293	 	 	 	15	 	 	 	6,043	 	 	 	14	 	 	 	5,735	 	 	 	14	 	
Consumer—cyclical	  	 	1,856	 	 	 	4	 	 	 	1,937	 	 	 	5	 	 	 	2,003	 	 	 	5	 	 	 	1,836	 	 	 	4	 	 	 	1,731	 	 	 	4	 	
Capital goods	  	 	3,076	 	 	 	8	 	 	 	3,161	 	 	 	7	 	 	 	3,243	 	 	 	8	 	 	 	3,108	 	 	 	7	 	 	 	2,956	 	 	 	7	 	
Industrial	  	 	2,063	 	 	 	5	 	 	 	2,201	 	 	 	5	 	 	 	2,188	 	 	 	5	 	 	 	2,093	 	 	 	5	 	 	 	1,981	 	 	 	5	 	
Technology and communications	  	 	3,966	 	 	 	10	 	 	 	3,966	 	 	 	9	 	 	 	3,919	 	 	 	9	 	 	 	3,821	 	 	 	10	 	 	 	3,580	 	 	 	9	 	
Transportation	  	 	2,047	 	 	 	5	 	 	 	2,127	 	 	 	5	 	 	 	2,189	 	 	 	5	 	 	 	2,121	 	 	 	5	 	 	 	2,051	 	 	 	5	 	
Other(1)	  	 	1,855	 	 	 	4	 	 	 	1,839	 	 	 	4	 	 	 	1,691	 	 	 	4	 	 	 	1,719	 	 	 	4	 	 	 	1,770	 	 	 	4	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	38,903	 	 	 	95	 	 	 	40,801	 	 	 	96	 	 	 	41,190	 	 	 	96	 	 	 	39,839	 	 	 	95	 	 	 	38,146	 	 	 	95	 	

Non-Investment Grade:	  				 			 	 				 				 				 				 				 				 				 				
Finance and insurance	  	 	211	 	 	 	1	 	 	 	212	 	 	 	1	 	 	 	208	 	 	 	—  	 	 	 	216	 	 	 	1	 	 	 	200	 	 	 	1	 	
Utilities	  	 	77	 	 	 	—  	 	 	 	83	 	 	 	—  	 	 	 	85	 	 	 	—  	 	 	 	100	 	 	 	—  	 	 	 	94	 	 	 	—  	 	
Energy	  	 	391	 	 	 	1	 	 	 	319	 	 	 	1	 	 	 	346	 	 	 	1	 	 	 	331	 	 	 	1	 	 	 	308	 	 	 	1	 	
Consumer—non-cyclical	  	 	196	 	 	 	1	 	 	 	138	 	 	 	—  	 	 	 	138	 	 	 	—  	 	 	 	155	 	 	 	—  	 	 	 	168	 	 	 	—  	 	
Consumer—cyclical	  	 	225	 	 	 	1	 	 	 	220	 	 	 	1	 	 	 	233	 	 	 	1	 	 	 	243	 	 	 	1	 	 	 	237	 	 	 	1	 	
Capital goods	  	 	149	 	 	 	—  	 	 	 	155	 	 	 	—  	 	 	 	137	 	 	 	—  	 	 	 	157	 	 	 	—  	 	 	 	146	 	 	 	—  	 	
Industrial	  	 	193	 	 	 	—  	 	 	 	183	 	 	 	—  	 	 	 	224	 	 	 	1	 	 	 	207	 	 	 	—  	 	 	 	189	 	 	 	—  	 	
Technology and communications	  	 	418	 	 	 	1	 	 	 	417	 	 	 	1	 	 	 	425	 	 	 	1	 	 	 	465	 	 	 	2	 	 	 	452	 	 	 	2	 	
Transportation	  	 	29	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	13	 	 	 	—  	 	
Other	  	 	84	 	 	 	—  	 	 	 	100	 	 	 	—  	 	 	 	86	 	 	 	—  	 	 	 	70	 	 	 	—  	 	 	 	68	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	1,973	 	 	 	5	 	 	 	1,835	 	 	 	4	 	 	 	1,890	 	 	 	4	 	 	 	1,952	 	 	 	5	 	 	 	1,875	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	40,876	 	 	 	100	% 	 	$	42,636	 	 	 	100	% 	 	$	43,080	 	 	 	100	% 	 	$	41,791	 	 	 	100	% 	 	$	40,021	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Maturity Securities—Contractual Maturity Dates:	  				 			 	 				 				 				 				 				 				 				 				
	 	 									
Due in one year or less	  	$	1,421	 	 	 	2	% 	 	$	1,434	 	 	 	2	% 	 	$	1,587	 	 	 	3	% 	 	$	1,684	 	 	 	3	% 	 	$	1,777	 	 	 	3	% 	
Due after one year through five years	  	 	8,949	 	 	 	15	 	 	 	9,381	 	 	 	16	 	 	 	9,655	 	 	 	16	 	 	 	9,689	 	 	 	16	 	 	 	9,380	 	 	 	16	 	
Due after five years through ten years	  	 	12,642	 	 	 	21	 	 	 	12,296	 	 	 	20	 	 	 	12,387	 	 	 	20	 	 	 	11,985	 	 	 	20	 	 	 	11,554	 	 	 	20	 	
Due after ten years	  	 	27,700	 	 	 	48	 	 	 	28,647	 	 	 	48	 	 	 	28,793	 	 	 	47	 	 	 	27,392	 	 	 	46	 	 	 	25,898	 	 	 	46	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	50,712	 	 	 	86	 	 	 	51,758	 	 	 	86	 	 	 	52,422	 	 	 	86	 	 	 	50,750	 	 	 	85	 	 	 	48,609	 	 	 	85	 	
Mortgage and asset-backed securities	  	 	8,339	 	 	 	14	 	 	 	8,581	 	 	 	14	 	 	 	8,811	 	 	 	14	 	 	 	8,741	 	 	 	15	 	 	 	8,544	 	 	 	15	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	59,051	 	 	 	100	% 	 	$	60,339	 	 	 	100	% 	 	$	61,233	 	 	 	100	% 	 	$	59,491	 	 	 	100	% 	 	$	57,153	 	 	 	100	% 	

 

(1) 	Certain fixed maturity securities balances have been reclassified as of December 31, 2019 to conform to the current period presentation.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
General Account U.S. GAAP Net Investment Income Yields    
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
U.S. GAAP Net Investment Income	  			 	  				 				 				 				 				
Fixed maturity securities—taxable	  	$	622	 	  	$	616	 	 	$	631	 	 	$	634	 	 	$	613	 	 	$	2,494	 	
Fixed maturity securities—non-taxable	  	 	2	 	  	 	2	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	8	 	
Commercial mortgage loans	  	 	85	 	  	 	94	 	 	 	87	 	 	 	85	 	 	 	82	 	 	 	348	 	
Equity securities	  	 	2	 	  	 	3	 	 	 	4	 	 	 	5	 	 	 	4	 	 	 	16	 	
Other invested assets	  	 	49	 	  	 	50	 	 	 	49	 	 	 	47	 	 	 	44	 	 	 	190	 	
Limited partnerships	  	 	(2	) 	  	 	4	 	 	 	13	 	 	 	12	 	 	 	15	 	 	 	44	 	
Policy loans	  	 	49	 	  	 	42	 	 	 	47	 	 	 	45	 	 	 	46	 	 	 	180	 	
Cash, cash equivalents, restricted cash and short-term investments	  	 	11	 	  	 	9	 	 	 	8	 	 	 	11	 	 	 	11	 	 	 	39	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income before expenses and fees	  	 	818	 	  	 	820	 	 	 	841	 	 	 	841	 	 	 	817	 	 	 	3,319	 	
Expenses and fees	  	 	(25	) 	  	 	(26	) 	 	 	(25	) 	 	 	(25	) 	 	 	(23	) 	 	 	(99	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	$	793	 	  	$	794	 	 	$	816	 	 	$	816	 	 	$	794	 	 	$	3,220	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized Yields	  			 	  				 				 				 				 				
Fixed maturity securities—taxable	  	 	4.6	% 	  	 	4.6	% 	 	 	4.7	% 	 	 	4.7	% 	 	 	4.6	% 	 	 	4.6	% 	
Fixed maturity securities—non-taxable	  	 	5.2	% 	  	 	6.0	% 	 	 	6.1	% 	 	 	6.1	% 	 	 	6.1	% 	 	 	6.1	% 	
Commercial mortgage loans	  	 	4.9	% 	  	 	5.4	% 	 	 	5.0	% 	 	 	4.9	% 	 	 	4.8	% 	 	 	5.0	% 	
Equity securities	  	 	3.8	% 	  	 	5.0	% 	 	 	6.4	% 	 	 	7.8	% 	 	 	6.1	% 	 	 	6.3	% 	
Other invested assets(1)	  	 	47.8	% 	  	 	52.2	% 	 	 	54.0	% 	 	 	56.1	% 	 	 	65.7	% 	 	 	57.2	% 	
Limited partnerships(2)	  	 	(1.2	)% 	  	 	2.7	% 	 	 	9.7	% 	 	 	9.9	% 	 	 	13.8	% 	 	 	8.5	% 	
Policy loans	  	 	9.5	% 	  	 	8.1	% 	 	 	9.1	% 	 	 	8.8	% 	 	 	9.5	% 	 	 	8.9	% 	
Cash, cash equivalents, restricted cash and short-term investments	  	 	1.4	% 	  	 	1.3	% 	 	 	1.7	% 	 	 	2.2	% 	 	 	2.1	% 	 	 	1.7	% 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income before expenses and fees	  	 	4.9	% 	  	 	4.9	% 	 	 	5.1	% 	 	 	5.1	% 	 	 	5.0	% 	 	 	5.0	% 	
Expenses and fees	  	 	(0.2	)% 	  	 	(0.2	)% 	 	 	(0.2	)% 	 	 	(0.1	)% 	 	 	(0.2	)% 	 	 	(0.1	)% 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	 	4.7	% 	  	 	4.7	% 	 	 	4.9	% 	 	 	5.0	% 	 	 	4.8	% 	 	 	4.9	% 	

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 44 herein for average invested assets and cash used in the yield calculation.

(1) 	Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation.	
(2) 	Limited partnership investments are primarily equity-based and do not have fixed returns by period.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Net Investment Gains (Losses), Net—Detail
(amounts in millions)

 	  	2020	 	  	2019	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Net realized gains (losses) on available-for-sale securities:	  			 	  				 				 				 				 				
Fixed maturity securities:	  			 	  				 				 				 				 				
U.S. corporate	  	$	2	 	  	$	(2	) 	 	$	11	 	 	$	(16	) 	 	$	30	 	 	$	23	 	
U.S. government, agencies and government-sponsored enterprises	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	2	 	 	 	33	 	 	 	35	 	
Foreign corporate	  	 	—  	 	  	 	1	 	 	 	1	 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	
Foreign government	  	 	5	 	  	 	4	 	 	 	2	 	 	 	2	 	 	 	—  	 	 	 	8	 	
State and political subdivisions	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Mortgage-backed securities	  	 	—  	 	  	 	—  	 	 	 	1	 	 	 	1	 	 	 	(2	) 	 	 	—  	 	
Asset-backed securities	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	
Foreign exchange	  	 	6	 	  	 	2	 	 	 	1	 	 	 	1	 	 	 	(1	) 	 	 	3	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net realized gains (losses) on available-for-sale securities	  	 	13	 	  	 	5	 	 	 	16	 	 	 	(11	) 	 	 	58	 	 	 	68	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Impairments:	  			 	  				 				 				 				 				
Bank loans	  	 	—  	 	  	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total impairments	  	 	—  	 	  	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net change in allowance for credit losses on available-for-sale fixed maturity securities	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net realized gains (losses) on equity securities sold	  	 	—  	 	  	 	—  	 	 	 	6	 	 	 	—  	 	 	 	3	 	 	 	9	 	
Net unrealized gains (losses) on equity securities still held	  	 	(19	) 	  	 	1	 	 	 	(4	) 	 	 	5	 	 	 	12	 	 	 	14	 	
Limited partnerships	  	 	(40	) 	  	 	19	 	 	 	6	 	 	 	(11	) 	 	 	15	 	 	 	29	 	
Commercial mortgage loans	  	 	—  	 	  	 	(1	) 	 	 	(1	) 	 	 	1	 	 	 	(1	) 	 	 	(2	) 	
Derivative instruments	  	 	(105	) 	  	 	(1	) 	 	 	(29	) 	 	 	(30	) 	 	 	(12	) 	 	 	(72	) 	
Other	  	 	(1	) 	  	 	1	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	5	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses), gross	  	 	(152	) 	  	 	23	 	 	 	(2	) 	 	 	(46	) 	 	 	75	 	 	 	50	 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	  	 	11	 	  	 	3	 	 	 	3	 	 	 	3	 	 	 	2	 	 	 	11	 	
Adjustment for net investment (gains) losses attributable to noncontrolling interests	  	 	26	 	  	 	(9	) 	 	 	4	 	 	 	—  	 	 	 	(6	) 	 	 	(11	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses), net	  	$	(115	) 	  	$	17	 	 	$	5	 	 	$	(43	) 	 	$	71	 	 	$	50	 	

 
 
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Reconciliations of Non-GAAP Measures

 
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Reconciliation of Operating ROE
(amounts in millions)

	Twelve Month Rolling Average ROE	  	Twelve months ended	 	
 	  	March 31,
2020	 	 	December 31,
2019	 	 	September 30,
2019	 	  	June 30,
2019	 	  	March 31,
2019	 		
U.S. GAAP Basis ROE	  				 				 				  				  					
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended(1)	  	$	103	 	 	$	343	 	 	$	31	 	  	$	159	 	  	$	181	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income(2)	  	$	10,695	 	 	$	10,650	 	 	$	10,646	 	  	$	10,609	 	  	$	10,539	 		
U.S. GAAP Basis ROE(1)/(2)	  	 	1.0	% 	 	 	3.2	% 	 	 	0.3	% 	  	 	1.5	% 	  	 	1.7	% 		
							
Operating ROE	  				 				 				  				  					
Adjusted operating income for the twelve months ended(1)	  	$	358	 	 	$	420	 	 	$	91	 	  	$	67	 	  	$	19	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income(2)	  	$	10,695	 	 	$	10,650	 	 	$	10,646	 	  	$	10,609	 	  	$	10,539	 		
Operating ROE(1)/(2)	  	 	3.3	% 	 	 	3.9	% 	 	 	0.9	% 	  	 	0.6	% 	  	 	0.2	% 		
			
	Quarterly Average ROE	  	Three months ended	 	
 	  	March 31,
2020	 	 	December 31,
2019	 	 	September 30,
2019	 	  	June 30,
2019	 	  	March 31,
2019	 		
U.S. GAAP Basis ROE	  				 				 				  				  					
Net income (loss) available to Genworth Financial, Inc.’s common stockholders for the period ended(3)	  	$	(66	) 	 	$	(17	) 	 	$	18	 	  	$	168	 	  	$	174	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income(4)	  	$	10,693	 	 	$	10,759	 	 	$	10,755	 	  	$	10,663	 	  	$	10,494	 		
Annualized U.S. GAAP Quarterly Basis ROE(3)/(4)	  	 	(2.5	)% 	 	 	(0.6	)% 	 	 	0.7	% 	  	 	6.3	% 	  	 	6.6	% 		
							
Operating ROE	  				 				 				  				  					
Adjusted operating income for the period ended(3)	  	$	33	 	 	$	24	 	 	$	123	 	  	$	178	 	  	$	95	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income(4)	  	$	10,693	 	 	$	10,759	 	 	$	10,755	 	  	$	10,663	 	  	$	10,494	 		
Annualized Operating Quarterly Basis ROE(3)/(4)	  	 	1.2	% 	 	 	0.9	% 	 	 	4.6	% 	  	 	6.7	% 	  	 	3.6	% 		
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 (loss) 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 (loss) 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.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
 
Reconciliation of Reported Yield to Core Yield

 	  	 	  	2020	 	  	2019	 	
	  	(Assets—amounts in billions)	  	 	1Q	 	  	 	4Q	 	 	 	3Q	 	 	 	2Q	 	 	 	1Q	 	 	 	Total	 	
	  	Reported—Total Invested Assets and Cash	  	$	73.2	 	  	$	74.6	 	 	$	73.9	 	 	$	72.0	 	 	$	69.5	 	 	$	74.6	 	
	  	Subtract:	  			 	  				 				 				 				 				
	  	Securities lending	  	 	0.1	 	  	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	 	 	0.1	 	
	  	Unrealized gains (losses)	  	 	6.0	 	  	 	6.9	 	 	 	7.5	 	 	 	5.7	 	 	 	3.7	 	 	 	6.9	 	
	  		  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Adjusted end of period invested assets and cash	  	$	67.1	 	  	$	67.6	 	 	$	66.3	 	 	$	66.2	 	 	$	65.7	 	 	$	67.6	 	
	  		  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(A)	  	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	  	$	67.3	 	  	$	66.9	 	 	$	66.2	 	 	$	66.0	 	 	$	65.7	 	 	$	66.3	 	
		 						
	  	(Income—amounts in millions)	  			 	  				 				 				 				 				
		 						
(B)	  	Reported—Net Investment Income	  	$	793	 	  	$	794	 	 	$	816	 	 	$	816	 	 	$	794	 	 	$	3,220	 	
	  	Subtract:	  			 	  				 				 				 				 				
	  	Bond calls and commercial mortgage loan prepayments	  	 	16	 	  	 	23	 	 	 	13	 	 	 	7	 	 	 	6	 	 	 	49	 	
	  	Other non-core items(1)	  	 	7	 	  	 	(2	) 	 	 	8	 	 	 	7	 	 	 	2	 	 	 	15	 	
	  		  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(C)	  	Core Net Investment Income	  	$	770	 	  	$	773	 	 	$	795	 	 	$	802	 	 	$	786	 	 	$	3,156	 	

(B) / (A)	  	Reported Yield	  	 	4.71	% 	  	 	4.74	% 	 	 	4.93	% 	 	 	4.95	% 	 	 	4.83	% 	 	 	4.86	% 	
(C) / (A)	  	Core Yield	  	 	4.57	% 	  	 	4.62	% 	 	 	4.80	% 	 	 	4.86	% 	 	 	4.79	% 	 	 	4.76	% 	
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.	
 
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Corporate Information

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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2020
Financial Strength Ratings As Of May 4, 2020

	Company	  	Standard & Poor’s Financial
Services LLC (S&P)	  	Moody’s Investors Service,
Inc. (Moody’s)	  	A.M. Best Company, Inc.
(A.M. Best)	
Genworth Mortgage Insurance Corporation	  	BB+ (Marginal)	  	Baa3 (Adequate)	  	N/A		
Genworth Financial Mortgage Insurance Pty Limited (Australia)(1)	  	A (Strong)	  	N/A	  	N/A		
Genworth Life Insurance Company(2)	  	N/A	  	N/A	  	C++ (Marginal)		
Genworth Life and Annuity Insurance Company(2)	  	N/A	  	N/A	  	B (Fair)		
Genworth Life Insurance Company of New York(2)	  	N/A	  	N/A	  	C++ (Marginal)		
The S&P, Moody’s, A.M. Best, HR Ratings and Fitch Rating Service (Fitch) 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 “A” (Strong) has strong financial security characteristics that outweigh any vulnerabilities and is highly likely to have the ability to meet financial commitments. Insurers rated “A” (Strong) or “BB” (Marginal) have strong or marginal financial security characteristics, respectively. The “A” and “BB” ranges are the third- and fifth-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 “A” and “BB+” ratings are the sixth- and eleventh-highest of S&P’s 21 ratings categories.
Moody’s states that insurance companies rated “Baa” (Adequate) offer adequate financial security. The “Baa” (Adequate) range 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 “Baa3” rating is the tenth-highest of Moody’s 21 ratings categories.
A.M. Best states that its “B” (Fair) rating is assigned to companies that have, in its opinion, a fair ability to meet their ongoing insurance obligations while “C++” (Marginal) is assigned to those companies that have, in its opinion, a marginal ability to meet their ongoing insurance obligations. The “B” (Fair) and “C++” (Marginal) ratings are the seventh- and ninth-highest of 15 ratings assigned by A.M. Best, which range from “A++” to “F.”
The Australian mortgage insurance subsidiary also solicits a rating from Fitch. Fitch states that “A” (Strong) rated insurance companies are viewed as possessing strong capacity to meet policyholder and contract obligations. The “A” rating category is the third-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 of a credit within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “B” category. Accordingly, the “A+” rating is the fifth-highest of Fitch’s 21 ratings categories.
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 Rating’s eight long-term rating categories, which range from “HR AAA” to “HR D.”
S&P, Moody’s, A.M. Best, Fitch 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 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.

(1) 	Genworth Financial Mortgage Insurance Pty Limited (Australia) is also rated “A+” by Fitch.	
(2) 	In April 2020, the company notified S&P and Moody’s of its decision to discontinue the solicitation of financial strength ratings of its principal life insurance subsidiaries. While the company does not provide non-public information to rating agencies issuing unsolicited ratings, it cannot ensure that rating agencies will discontinue their ratings of the company or its insurance subsidiaries on an unsolicited basis going forward.	
 
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