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
February 6, 2023
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 February 6, 2023, Genworth Financial, Inc. (the “Company”) issued (1) a press release announcing its financial results for the quarter ended December 31, 2022, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (2) a financial supplement for the quarter ended December 31, 2022, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The information contained in this Current Report on Form 8-K (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
 
Item 9.01	Financial Statements and Exhibits.	
The following materials are furnished as exhibits to this Current Report on Form 8-K:

Exhibit
Number	  		Description of Exhibit	
			
99.1	  	Press Release dated February 6, 2023		
			
99.2	  	Financial Supplement for the quarter ended December 31, 2022		
			
104	  	Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)		

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

	 		 	GENWORTH FINANCIAL, INC.	
				
Date: February 6, 2023	 		 	By:	 	/s/ Jerome T. Upton	
	 		 		 	Jerome T. Upton	
	 		 		 	Senior Vice President and Controller	
	 		 		 	(Principal Accounting Officer)	

Exhibit 99.1

Genworth Financial Announces Fourth Quarter 2022 Results
Fourth Quarter Net Income of $175 Million and Adjusted Operating Income of $167 Million;
2022 Full Year Net Income of $609 Million and Adjusted Operating Income of $633 Million
 
 	•	 	Enact segment fourth quarter adjusted operating income of $120 million, with 10 percent annual growth in primary insurance in-force	
 
 	•	 	Received $168 million capital returns from Enact in the fourth quarter, including $148 million special dividend	
 
 	•	 	U.S. Life Insurance segment fourth quarter adjusted operating income of $38 million	
 
 	•	 	Continued progress against long-term care insurance (LTC) multi-year rate action plan, with approximately $23.5 billion net present value from achieved LTC rate actions since 2012	
 
 	•	 	Annual U.S. GAAP assumption review completed for U.S. Life Insurance segment:	
 
 	•	 	LTC U.S. GAAP active life margins remained positive and in the prior year range of $0.5 to $1.0 billion	
 
 	•	 	Favorable impact of $34 million after-tax in life insurance	
 
 	•	 	U.S. life insurance companies’ risk-based capital ratio1 estimated at 290 percent	
 
 	•	 	Genworth holding company cash and liquid assets of $307 million at year-end	
 
 	•	 	Executed $30 million in share repurchases in the quarter; $64 million in total executed through December 2022	
Richmond, VA (February 6, 2023) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended December 31, 2022. The company reported net income2 of $175 million, or $0.35 per diluted share, in the fourth quarter of 2022, compared with net income of $163 million, or $0.32 per diluted share, in the fourth quarter of 2021. The company reported adjusted operating income3 of $167 million, or $0.33 per diluted share, in the fourth quarter of 2022, compared with adjusted operating income of $164 million, or $0.32 per diluted share, in the fourth quarter of 2021.

1 	Risk-based capital ratio based on company action level.	
2 	Unless otherwise stated, all references in this press release to net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share and book value per share should be read as net income (loss) available to Genworth’s common stockholders, net income (loss) available to Genworth’s common stockholders per diluted share, adjusted operating income (loss) available to Genworth’s common stockholders, adjusted operating income (loss) available to Genworth’s common stockholders per diluted share and book value available to Genworth’s common stockholders per share, respectively.	
3 	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

The company reported full year net income of $609 million, or $1.19 per diluted share, in 2022, compared with net income of $904 million, or $1.76 per diluted share in 2021. The company reported adjusted operating income of $633 million, or $1.24 per diluted share, in 2022, compared with adjusted operating income of $765 million, or $1.48 per diluted share, in 2021.
“Genworth delivered strong earnings in the fourth quarter and for the full year,” said Tom McInerney, Genworth President and CEO. “I’m proud of the company’s accomplishments in 2022, including achieving our long-term holding company debt target, returning capital to shareholders for the first time in over 13 years and receiving multiple ratings upgrades. These accomplishments have improved Genworth’s financial strength and allowed us to enter 2023 with enhanced flexibility for investments in future growth and capital return to shareholders.”
Financial Performance

Consolidated Net Income & Adjusted Operating Income	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 		
 	  	Three months ended December 31	 	  	 	 	 	Twelve months ended December 31	 	  	 	 		
 	  	2022	 	  	2021	 	  	 	 	 	2022	 	  	2021	 	  	 	 		
	(Amounts in millions, except per share)	  	Total	 	  	Per
diluted
share	 	  	Total	 	  	Per
diluted
share	 	  	Total
% change	 	 	Total	 	  	Per
diluted
share	 	  	Total	 	  	Per
diluted
share	 	  	Total
% change	 	
Net income available to Genworth’s common stockholders	  	$	175	 	  	$	0.35	 	  	$	163	 	  	$	0.32	 	  	 	7	% 	 	$	609	 	  	$	1.19	 	  	$	904	 	  	$	1.76	 	  	 	(33	)% 		
Adjusted operating income	  	$	167	 	  	$	0.33	 	  	$	164	 	  	$	0.32	 	  	 	2	% 	 	$	633	 	  	$	1.24	 	  	$	765	 	  	$	1.48	 	  	 	(17	)% 		
Weighted-average diluted common shares	  	 	503.2	 	  				  	 	515.6	 	  				  				 	 	511.0	 	  				  	 	514.7	 	  				  					
									
 	  	As of December 31	 	  	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 		
 	  	2022	 	  	2021	 	  	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 		
Book value per share	  				  	$	20.15	 	  				  	$	30.57	 	  				 				  				  				  				  					
Book value per share, excluding accumulated other comprehensive income (loss)	  				  	$	24.63	 	  				  	$	22.96	 	  				 				  				  				  				  					
Net investment gains, net of taxes and other adjustments, increased net income by $12 million in the current quarter, compared with net investment losses in the prior quarter that decreased income by $53 million and net investment gains in the prior year that increased income by $106 million. The investment gains in the current quarter were primarily from mark-to-market adjustments on limited partnership and equity investments held in the LTC business, partially offset by net trading losses.
 
2

Net investment income was $787 million in the quarter, compared to $808 million in the prior quarter and $866 million in the prior year. Net investment income decreased versus the prior quarter as a result of lower income from limited partnerships and the inflation impact on Treasury Inflation-Protected Securities (TIPS), primarily in the LTC business. Net investment income decreased versus the prior year as a result of lower variable investment income, primarily driven by lower income from bond calls, commercial mortgage loan (CML) prepayments and limited partnerships. The reported yield and the core yield3 for the current quarter were 4.84 percent and 4.81 percent, respectively, compared to 4.97 percent and 4.93 percent, respectively, in the prior quarter.
Genworth’s effective tax rate on income from continuing operations for the current quarter was approximately 21.5 percent. As in past quarters, the effective tax rate was increased by the tax effect on certain forward starting swap gains that are taxed at 35 percent when amortized into net investment income, mostly offset by a prior year adjustment.
The table below shows adjusted operating income (loss) by segment and for Corporate and Other activities:

Adjusted Operating Income (Loss)	
(Amounts in millions)	  	Q4 22	 	  	Q3 22	 	  	Q4 21	 	
Enact4	  	$	120	 	  	$	156	 	  	$	125	 		
U.S. Life Insurance	  	 	38	 	  	 	11	 	  	 	41	 		
Runoff	  	 	17	 	  	 	9	 	  	 	16	 		
Corporate and Other	  	 	(8	) 	  	 	(17	) 	  	 	(18	) 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Total Adjusted Operating Income	  	$	167	 	  	$	159	 	  	$	164	 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Adjusted operating income (loss) represents income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and other adjustments. A reconciliation of net income to adjusted operating income is included at the end of this press release.

4 	Reflects Genworth’s ownership amount excluding noncontrolling interests of $27 million, $35 million and $29 million in the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively.	
 
3

Enact

Operating Metrics	
(Dollar amounts in millions)	  	Q4 22	 	 	Q3 22	 	 	Q4 21	 	
Adjusted operating income4	  	$	120	 	 	$	156	 	 	$	125	 		
Primary new insurance written	  	$	15,145	 	 	$	15,069	 	 	$	21,441	 		
Loss ratio	  	 	8	% 	 	 	(17	)% 	 	 	3	% 		
Enact reported adjusted operating income of $120 million, compared with $156 million in the prior quarter and $125 million in the prior year. Enact’s primary insurance in-force increased 10 percent versus the prior year, driven by new insurance written (NIW) and higher persistency. Primary NIW was down 29 percent versus the prior year, primarily from a smaller estimated private mortgage insurance market driven by lower purchase and refinancing originations as a result of increased interest rates. Enact’s expenses in the current quarter were $62 million, resulting in an expense ratio of 27 percent.
Enact’s current quarter results reflected losses of $18 million, which included a net pre-tax reserve release of $42 million, primarily from favorable cure performance on COVID-19 delinquencies. The loss ratio in the current quarter was eight percent, compared to negative 17 percent and three percent in the prior quarter and prior year, respectively. Losses in the prior quarter included a favorable $80 million net pre-tax reserve release, primarily related to favorable cure performance on COVID-19 delinquencies. New delinquencies in the current quarter were 10,304, an increase of 13 percent from 9,121 in the prior quarter, driven by new delinquencies in FEMA5 impacted areas, seasonality and aging of large, new books. Current quarter new delinquencies increased 24 percent from 8,282 in the prior year, primarily from the aging of large, new books and new delinquencies in FEMA impacted areas. The current quarter new delinquency rate of 1.1 percent increased slightly from the prior quarter of 1.0 percent and remains in line with pre-pandemic levels.

5 	Federal emergency management agency.	
 
4

U.S. Life Insurance

Adjusted Operating Income (Loss)	
(Amounts in millions)	  	Q4 22	 	  	Q3 22	 	  	Q4 21	 	
Long-Term Care Insurance	  	$	24	 	  	$	25	 	  	$	119	 		
Life Insurance	  	 	(2	) 	  	 	(33	) 	  	 	(98	) 		
Fixed Annuities	  	 	16	 	  	 	19	 	  	 	20	 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Total U.S. Life Insurance	  	$	38	 	  	$	11	 	  	$	41	 		

Long-Term Care Insurance In-Force Rate Action Performance	
(Amounts in millions)	  	Q4 22	 	  	Q3 22	 	  	Q4 21	 	
Adjusted Operating Income from In-Force Rate Actions6,7	  	$	287	 	  	$	258	 	  	$	296	 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Long-Term Care Insurance
Long-term care insurance reported adjusted operating income of $24 million, compared with $25 million in the prior quarter and $119 million in the prior year. Terminations were lower versus the prior year, as the pandemic impacts subside. New claims increased versus the prior quarter and prior year driven by both higher severity and frequency as the blocks age.
LTC results reflected lower net investment income of $49 million after-tax versus the prior year, primarily from the impact of lower income from limited partnerships, bond calls and CML prepayments. Compared to the prior quarter, LTC had lower net investment income of $21 million after-tax, primarily from less favorable impacts of TIPS and limited partnerships.
Adjusted operating income impacts of $287 million6 from cumulative in-force rate actions were favorable compared to the prior quarter, driven by reserve releases related to a second legal settlement that began on August 1, 2022. However, these benefits were less favorable than the prior year, as the second settlement, on the company’s PCS I and PCS II policies, affects a smaller number of policies than the first LTC legal settlement on the company’s Choice I policies.
In the current quarter, the company completed its annual review of LTC claim, or disabled life, reserve assumptions and methodologies, and did not significantly change existing claim reserves, as experience in the aggregate was in line with expectations.

6 	Excludes reserve updates resulting from profits followed by losses and reserve changes for group products.	
7 	Adjusted operating income from in-force rate actions includes estimated impacts from legal settlements, net of tax and litigation expenses, of $21 million, $(1) million and $57 million in the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively.	
 
5

In the current quarter, the company also completed its annual review of U.S. GAAP LTC active life margins, referred to as loss recognition testing. All key margin testing assumptions were reviewed and updated where appropriate. As of December 31, 2022, the combined loss recognition testing margins for the separately tested LTC acquired and historic blocks remained positive and within the $0.5 to $1.0 billion range. As margins remained positive, there was no reserve strengthening required, and therefore no resulting charge to current quarter earnings.
Life Insurance
Life insurance reported an adjusted operating loss of $2 million, compared with adjusted operating losses of $33 million in the prior quarter and $98 million in the prior year. During the current quarter, the company completed its annual review of life insurance assumptions and recorded a benefit of $34 million after-tax, driven by assumption changes in universal life insurance products8 primarily related to higher interest rates. Results in the prior year included an unfavorable charge of $70 million after-tax related to the company’s annual review of life insurance assumptions.
Mortality results in the current quarter were favorable versus the prior year, as the pandemic impacts subside. Amortization of deferred acquisition costs (DAC) related to term lapses in the current quarter were higher than the prior year as the 20-year term block issued in 2002 entered the post-level premium period.
Prior quarter and prior year results included after-tax charges related to DAC recoverability testing in the company’s universal life insurance products of $10 million and $32 million, respectively.
Fixed Annuities
Fixed annuities reported adjusted operating income of $16 million, compared with $19 million in the prior quarter and $20 million in the prior year. Net investment spreads were lower versus the prior year, primarily from lower bond calls and CML prepayments, as well as anticipated block runoff. Fixed index annuity product reserves increased, with a smaller benefit from rising interest rates versus the prior quarter. Compared to the prior year, there was a favorable adjustment for state guaranty funds and lower DAC amortization with increasing interest rates.

8 	Includes universal life and term universal life insurance products.	
 
6

Runoff
Runoff reported adjusted operating income of $17 million, compared with $9 million in the prior quarter and $16 million in the prior year. Current quarter results in the closed variable annuity product line were impacted by positive equity market performance, which was favorable compared to the prior quarter and less favorable compared to the prior year.
Corporate And Other
Corporate and Other reported an adjusted operating loss of $8 million, compared with $17 million in the prior quarter and $18 million in the prior year. The current quarter loss was lower compared to both the prior quarter and prior year driven by favorable taxes and higher investment income, as well as lower interest expense versus the prior year.
Capital & Liquidity
Genworth maintains the following capital positions in its operating subsidiaries:

Key Capital & Liquidity Metrics	
(Dollar amounts in millions)	  	Q4 22	 	 	Q3 22	 	 	Q4 21	 	
Enact	  				 				 					
Combined Risk-To-Capital Ratio9	  	 	12.8:1	 	 	 	12.3:1	 	 	 	12.2:1	 		
Enact Mortgage Insurance Corporation Risk-To-Capital Ratio9	  	 	12.9:1	 	 	 	12.3:1	 	 	 	12.3:1	 		
Private Mortgage Insurer Eligibility Requirements (PMIERs) Sufficiency Ratio9,10	  	 	165	% 	 	 	174	% 	 	 	165	% 		
U.S. Life Insurance Companies	  				 				 					
Consolidated Risk-Based Capital (RBC) Ratio1,9	  	 	290	% 	 	 	286	% 	 	 	289	% 		
Holding Company Cash and Liquid Assets11,12	  	$	307	 	 	$	145	 	 	$	356	 		
Key Points
 
 	•	 	Enact’s PMIERs sufficiency ratio is estimated to be 165 percent, $2,050 million above published PMIERs requirements13. The PMIERs sufficiency ratio decreased nine points, or by $194 million, sequentially, primarily driven by Enact’s operating company distribution to its holding company, Enact Holdings, partially offset by business cash flows;	

9 	Company estimate for the fourth quarter of 2022 due to timing of the preparation and filing of statutory statements.	
10 	The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within the published PMIERs. As of December 31, 2022, September 30, 2022 and December 31, 2021, the PMIERs sufficiency ratios were $2,050 million, $2,249 million and $2,003 million, respectively, of available assets above the published PMIERs requirements.	
11 	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.	
12 	Genworth Holdings, Inc. had $307 million, $145 million and $331 million of cash, cash equivalents and restricted cash as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Genworth Holdings, Inc. also held $25 million in U.S. government securities as of December 31, 2021, which included $3 million of restricted assets.	
13 	The GSEs have imposed certain capital restrictions which remain in effect until certain conditions are met. These restrictions required Enact Mortgage Insurance Corporation, the company’s principal U.S. mortgage insurance subsidiary, to maintain 120 percent and 115 percent of PMIERs minimum required assets among other restrictions in 2022 and 2021, respectively.	
 
7

 	•	 	PMIERs sufficiency benefited from a 0.30 multiplier applied to the risk based required asset factor for certain non-performing loans, which resulted in a reduction of the published PMIERs required assets by an estimated $132 million at the end of the current quarter, compared to $140 million at the end of the prior quarter and $390 million at the end of the prior year. These amounts are gross of any incremental reinsurance benefit from the elimination of the 0.30 multiplier;	
 
 	•	 	Enact returned $168 million to Genworth in the current quarter, which included $148 million of special dividend proceeds and $19 million from Enact’s quarterly dividend;	
 
 	•	 	U.S. life insurance companies’ statutory and cash flow testing results remain in process and will be made available with year-end statutory filings. The company estimates fourth quarter of 2022 RBC to be 290 percent, up slightly from 286 percent in the prior quarter due to favorable impacts from equity market performance related to the variable annuity products, as well as net positive impacts from assumption updates and cash flow testing, including a benefit from higher interest rates. The company’s estimate for RBC in the fourth quarter of 2022 is in line with the prior year RBC ratio of 289 percent;	
 
 	•	 	Genworth’s holding company ended the fourth quarter of 2022 with $307 million of cash and liquid assets, an increase from $145 million at the end of the prior quarter, primarily from capital returns of $168 million from Enact received late in the fourth quarter of 2022. Additionally, the holding company received $37 million of net intercompany tax payments in late December, repurchased $30 million of Genworth’s common stock and repurchased $13 million principal of its 2034 debt obligation;	
 
 	•	 	In the current quarter, the company believes it fully satisfied two consecutive quarters of financial metric conditions related to the GSEs’ restrictions on Enact13. The company expects to have the restrictions removed in the first quarter of 2023, subject to GSE review and confirmation; and	
 
 	•	 	The company repurchased $30 million of its common stock at an average price of $4.10 per share in the fourth quarter of 2022. In 2022, the company executed $64 million of its authorized $350 million share repurchase program, which was announced in May 2022, at an average price below $4.00 per share.	
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth provides guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit genworth.com, and for more information on Enact Holdings, Inc. visit enactmi.com.
 
8

Conference Call And Financial Supplement Information
Investors are encouraged to read this press release and financial supplement, which are now posted on the company’s website, http://investor.genworth.com. Additional information regarding business results will be posted on the company’s website by 8:00 a.m. (ET) on February 7, 2023.
Genworth will conduct a conference call on February 7, 2023 at 9:00 a.m. (ET) to discuss its fourth quarter results, which will be accessible via:
 
 	•	 	Telephone: 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID # 1572215; or	
 
 	•	 	Webcast: https://investor.genworth.com/investors/events-and-presentations	
Allow at least 15 minutes prior to the call time to register for the call. A replay of the webcast will be available on the company’s website for one year.
Prior to Genworth’s conference call, Enact will hold a conference call on February 7, 2023 at 8:00 a.m. (ET) to discuss its results from the fourth quarter, which will be accessible via:
 
 	•	 	Telephone: Click here to obtain a dial-in number and unique PIN for Enact’s live question and answer session; or	
 
 	•	 	Webcast: http://ir.enactmi.com/news-and-events/events	
Allow at least 15 minutes prior to the call time to register for the call.
 
9

Use of Non-GAAP Measures
This press release includes the non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss) per share.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company’s segments and Corporate and Other activities. A component of the company’s net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends.
While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, the company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21 percent tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.
In the fourth quarter of 2022, the company repurchased $13 million principal amount of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes due in June 2034 for a pre-tax gain of $1 million. In the third quarter of 2022, the company paid a pre-tax make-whole premium of $2 million and wrote off $1 million of bond consent fees and deferred borrowing costs related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in February 2024. In the second and first quarters of 2022, the company repurchased $48 million and $82 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $3 million, respectively. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of
 
10

$15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.
In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.
The company recorded a pre-tax expense of $1 million in both the fourth and second quarters of 2022, and $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continues to evaluate and appropriately size its organizational needs and expenses.
In the fourth and third quarters of 2022, the company incurred $2 million and $6 million, respectively, of pre-tax pension plan termination costs related to one of its defined benefit pension plans. There were no other infrequent or unusual items excluded from adjusted operating income during the periods presented.
The tables at the end of this press release provide a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the three and twelve months ended December 30, 2022 and 2021, as well as for the three months ended September 30, 2022, and reflect adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.
This press release includes the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP. In addition, the company’s definition of core yield may differ from the definitions used by other companies. A reconciliation of reported U.S. GAAP yield to core yield is included in a table at the end of this press release.
Definition of Selected Operating Performance Measures
The company taxes its businesses at the U.S. corporate federal income tax rate of 21 percent. Each segment is then adjusted to reflect the unique tax attributes of that segment such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities.
The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year.
The company reports selected operating performance measures including “sales” and “insurance in-force” or “risk in-force” which are commonly used in the insurance industry as measures of operating performance.
Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company’s Enact segment. The company considers new insurance written to be a measure of the operating performance of its Enact segment because it represents a measure of new sales of insurance policies during a specified period, rather than a measure of revenues or profitability during that period.
 
11

Management regularly monitors and reports insurance in-force and risk in-force for the company’s Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by the company’s U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. The company considers insurance in-force and risk in-force to be measures of the operating performance of its Enact segment because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period.
Management also regularly monitors and reports a loss ratio for the company’s businesses. For the mortgage insurance businesses included in the company’s Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company’s U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.
Management also regularly monitors and reports adjusted operating income from in-force rate actions in the long-term care insurance business included in the company’s U.S. Life Insurance segment. Adjusted operating income from in-force rate actions includes premium rate increases and associated benefit reductions on its long-term care insurance products implemented since 2012, which are net of estimated premium tax, commissions, and other expenses on an after-tax basis. Estimates for in-force rate actions reflect certain simplifying assumptions that may vary materially from actual historical results, including but not limited to a uniform rate of coinsurance and premium taxes in addition to consistent policyholder behavior over time. Actual behavior may differ significantly from these assumptions. In addition, estimates exclude reserve updates resulting from profits followed by losses and reserve changes for group products. The company considers adjusted operating income from in-force rate actions to be a measure of its operating performance because it helps bring older generation long-term care insurance blocks closer to a break-even point over time and helps bring the loss ratios on newer long-term care insurance blocks back towards their original pricing.
These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.
Statutory Accounting Data
The company presents certain supplemental statutory data for Genworth Life Insurance Company (GLIC) and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and U.S. GAAP, the values for assets, liabilities and equity reflected in financial statements prepared in accordance with U.S. GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to U.S. GAAP or used in lieu of U.S. GAAP.
This supplemental statutory data includes company action level risk-based capital ratios for GLIC and its consolidating life insurance subsidiaries as well as statutory earnings. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of among other things the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance businesses with internally generated capital.
 
12

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 potential dividends or share repurchases; future return of capital by Enact Holdings, Inc. (Enact Holdings), including share repurchases, and quarterly and special dividends; the cumulative amount of rate action benefits required for the company’s long-term care insurance business to achieve break-even; future financial performance and condition of the company’s businesses, including confirmation from the GSEs that Genworth has achieved two consecutive quarters of financial metrics to satisfy certain conditions and remove the GSEs’ restrictions placed on Enact Holdings and the impact to Genworth’s equity upon adopting new accounting guidance related to long-duration insurance contracts; liquidity and future strategic investments, including new senior care services and products; future business and financial performance of CareScout LLC; as well as statements the company makes regarding the potential impacts of the coronavirus pandemic (COVID-19).
Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, inflation, business, competitive, market, regulatory and other factors and risks, including but not limited to, the following:
 
 	•	 	the company’s inability to successfully execute its strategic plans;	
 
 	•	 	failure by the company to achieve economic break-even on or stabilize its legacy long-term care insurance in-force block, including as a result of the inability to achieve desired levels of in-force rate actions; other regulatory actions negatively impacting the company’s life insurance businesses and/or the inability to establish new long-term care insurance business;	
 
 	•	 	inaccuracies or changes in estimates, assumptions, methodologies, valuations, projections and/or models, which result in inadequate reserves or other adverse results (including as a result of any changes in connection with periodic or other reviews, including the annual reviews of claim reserves and margin reviews in the fourth quarter of 2022);	
 
 	•	 	the impact on holding company liquidity caused by any inability to receive dividends or other returns of capital from Enact Holdings, and limited sources of capital and financing;	
 
 	•	 	adverse changes to the structure, or requirements of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or the U.S. mortgage insurance market; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by PMIERs (or any adverse changes thereto), inability to meet minimum statutory capital requirements of applicable regulators or the mortgage insurer eligibility requirements of Fannie Mae or Freddie Mac;	
 
 	•	 	changes in economic, market and political conditions including as a result of inflation and supply chain disruptions, a potential recession, continued labor shortages; changes in interest rates; deterioration in economic conditions or a decline in home prices or home sales that adversely affect Enact Holdings’ loss experience and/or business levels; political and economic instability or changes in government policies, and fluctuations in international securities markets;	
 
 	•	 	rating downgrades or potential downgrades in liquidity, financial strength and credit ratings; counterparty credit risks; defaults by counterparties to reinsurance arrangements or derivative instruments; defaults or other events impacting the value of invested assets;	
 
 	•	 	changes in tax rates or tax laws, or changes in accounting and reporting standards (including new accounting guidance effective for the company on January 1, 2023 related to long-duration insurance contracts);	
 
 	•	 	litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties;	
 
13

 	•	 	the company’s inability to achieve anticipated business performance and financial results from CareScout LLC and its senior care growth initiatives through fee-based services, advice, consulting and products;	
 
 	•	 	the inability to retain, attract and motivate qualified employees or senior management;	
 
 	•	 	the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine), COVID-19 or another public health emergency, including pandemics, climate change or cybersecurity breaches; and	
 
 	•	 	other factors described in the risk factors contained in the company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.	
Due to the foregoing risks and other factors, which could materially adversely affect the company’s financial condition and results of operations, the company cautions you against relying on any forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.
# # #
Contact Information:
Investors:                Sarah E. Crews
                                 InvestorInfo@genworth.com
Media:                     Amy Rein
                                 Amy.Rein@genworth.com
 
14

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

 	  	Three months ended
December 31,	 	 	Twelve months ended
December 31,	 	  	Three months
ended
September 30,
2022	 	
 	  	2022	 	 	2021	 	 	2022	 	 	2021	 				
 	  	(Unaudited)	 	 	(Unaudited)	 	 	(Unaudited)	 	 	 	 	  	(Unaudited)	 	
Revenues:	  				 				 				 				  				
Premiums	  	$	927	 	 	$	576	 	 	$	3,719	 	 	$	3,435	 	  	$	934	 	
Net investment income	  	 	787	 	 	 	866	 	 	 	3,146	 	 	 	3,370	 	  	 	808	 	
Net investment gains (losses)	  	 	16	 	 	 	132	 	 	 	(17	) 	 	 	323	 	  	 	(69	) 	
Policy fees and other income	  	 	165	 	 	 	162	 	 	 	659	 	 	 	704	 	  	 	166	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	1,895	 	 	 	1,736	 	 	 	7,507	 	 	 	7,832	 	  	 	1,839	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and expenses:	  				 				 				 				  				
Benefits and other changes in policy reserves	  	 	1,159	 	 	 	861	 	 	 	4,242	 	 	 	4,383	 	  	 	1,180	 	
Interest credited	  	 	125	 	 	 	127	 	 	 	503	 	 	 	508	 	  	 	128	 	
Acquisition and operating expenses, net of deferrals	  	 	271	 	 	 	354	 	 	 	1,371	 	 	 	1,223	 	  	 	240	 	
Amortization of deferred acquisition costs and intangibles	  	 	52	 	 	 	108	 	 	 	307	 	 	 	377	 	  	 	79	 	
Interest expense	  	 	28	 	 	 	31	 	 	 	106	 	 	 	160	 	  	 	26	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	1,635	 	 	 	1,481	 	 	 	6,529	 	 	 	6,651	 	  	 	1,653	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Income from continuing operations before income taxes	  	 	260	 	 	 	255	 	 	 	978	 	 	 	1,181	 	  	 	186	 	
Provision for income taxes	  	 	56	 	 	 	62	 	 	 	239	 	 	 	263	 	  	 	52	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Income from continuing operations	  	 	204	 	 	 	193	 	 	 	739	 	 	 	918	 	  	 	134	 	
Income (loss) from discontinued operations, net of taxes	  	 	(2	) 	 	 	(1	) 	 	 	—  	 	 	 	27	 	  	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income	  	 	202	 	 	 	192	 	 	 	739	 	 	 	945	 	  	 	139	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	 	 	29	 	 	 	130	 	 	 	33	 	  	 	35	 	
Less: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	  	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders	  	$	175	 	 	$	163	 	 	$	609	 	 	$	904	 	  	$	104	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders:	  				 				 				 				  				
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	$	177	 	 	$	164	 	 	$	609	 	 	$	885	 	  	$	99	 	
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	  	 	(2	) 	 	 	(1	) 	 	 	—  	 	 	 	19	 	  	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders	  	$	175	 	 	$	163	 	 	$	609	 	 	$	904	 	  	$	104	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:	  				 				 				 				  				
Basic	  	$	0.36	 	 	$	0.32	 	 	$	1.21	 	 	$	1.75	 	  	$	0.20	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	$	0.35	 	 	$	0.32	 	 	$	1.19	 	 	$	1.72	 	  	$	0.19	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders per share:	  				 				 				 				  				
Basic	  	$	0.35	 	 	$	0.32	 	 	$	1.21	 	 	$	1.78	 	  	$	0.21	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	$	0.35	 	 	$	0.32	 	 	$	1.19	 	 	$	1.76	 	  	$	0.20	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Weighted-average common shares outstanding:	  				 				 				 				  				
Basic	  	 	496.7	 	 	 	507.4	 	 	 	504.5	 	 	 	506.9	 	  	 	504.0	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	 	503.2	 	 	 	515.6	 	 	 	511.0	 	 	 	514.7	 	  	 	509.4	 	

15

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

 	  	Three months ended
December 31,	 	 	Twelve months ended
December 31,	 	 	Three months
ended
September 30,
2022	 	
 	  	2022	 	 	2021	 	 	2022	 	 	2021	 				
 	  	(Unaudited)	 	 	(Unaudited)	 	 	(Unaudited)	 	 	 	 	 	(Unaudited)	 	
Net income available to Genworth Financial, Inc.’s common stockholders	  	$	175	 	 	$	163	 	 	$	609	 	 	$	904	 	 	$	104	 	
Add: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	 	 	29	 	 	 	130	 	 	 	33	 	 	 	35	 	
Add: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	202	 	 	 	192	 	 	 	739	 	 	 	945	 	 	 	139	 	
Less: income (loss) from discontinued operations, net of taxes	  	 	(2	) 	 	 	(1	) 	 	 	—  	 	 	 	27	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	  	 	204	 	 	 	193	 	 	 	739	 	 	 	918	 	 	 	134	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	 	 	29	 	 	 	130	 	 	 	33	 	 	 	35	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	 	177	 	 	 	164	 	 	 	609	 	 	 	885	 	 	 	99	 	
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:	  				 				 				 				 				
Net investment (gains) losses, net14	  	 	(15	) 	 	 	(133	) 	 	 	14	 	 	 	(324	) 	 	 	67	 	
(Gains) losses on early extinguishment of debt	  	 	(1	) 	 	 	35	 	 	 	6	 	 	 	45	 	 	 	3	 	
Initial loss from life block transaction	  	 	—  	 	 	 	92	 	 	 	—  	 	 	 	92	 	 	 	—  	 	
Expenses related to restructuring	  	 	1	 	 	 	5	 	 	 	2	 	 	 	34	 	 	 	—  	 	
Pension plan termination costs	  	 	2	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	6	 	
Taxes on adjustments	  	 	3	 	 	 	1	 	 	 	(6	) 	 	 	33	 	 	 	(16	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	167	 	 	$	164	 	 	$	633	 	 	$	765	 	 	$	159	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income (loss):	  				 				 				 				 				
Enact segment	  	$	120	 	 	$	125	 	 	$	578	 	 	$	520	 	 	$	156	 	
U.S. Life Insurance segment:	  				 				 				 				 				
Long-Term Care Insurance	  	 	24	 	 	 	119	 	 	 	142	 	 	 	445	 	 	 	25	 	
Life Insurance	  	 	(2	) 	 	 	(98	) 	 	 	(148	) 	 	 	(269	) 	 	 	(33	) 	
Fixed Annuities	  	 	16	 	 	 	20	 	 	 	72	 	 	 	91	 	 	 	19	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Life Insurance segment	  	 	38	 	 	 	41	 	 	 	66	 	 	 	267	 	 	 	11	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Runoff segment	  	 	17	 	 	 	16	 	 	 	37	 	 	 	54	 	 	 	9	 	
Corporate and Other	  	 	(8	) 	 	 	(18	) 	 	 	(48	) 	 	 	(76	) 	 	 	(17	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	167	 	 	$	164	 	 	$	633	 	 	$	765	 	 	$	159	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders per share:	  				 				 				 				 				
Basic	  	$	0.35	 	 	$	0.32	 	 	$	1.21	 	 	$	1.78	 	 	$	0.21	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.35	 	 	$	0.32	 	 	$	1.19	 	 	$	1.76	 	 	$	0.20	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income per share:	  				 				 				 				 				
Basic	  	$	0.34	 	 	$	0.32	 	 	$	1.26	 	 	$	1.51	 	 	$	0.32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.33	 	 	$	0.32	 	 	$	1.24	 	 	$	1.48	 	 	$	0.31	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding:	  				 				 				 				 				
Basic	  	 	496.7	 	 	 	507.4	 	 	 	504.5	 	 	 	506.9	 	 	 	504.0	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	503.2	 	 	 	515.6	 	 	 	511.0	 	 	 	514.7	 	 	 	509.4	 	

14 	For the three months ended December 31, 2022 and 2021, the twelve months ended December 31, 2022 and 2021 and the three months ended September 30, 2022, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $1 million, $(1) million, $(3) million, $(1) million and $(2) million, respectively.	
 
16

Condensed Consolidated Balance Sheets
(Amounts in millions)

 	  	December 31,
2022	 	 	December 31,
2021	 	
 	  	(Unaudited)	 	 	 	 	
Assets	  				 				
Cash, cash equivalents, restricted cash and invested assets	  	$	61,390	 	 	$	74,496	 	
Deferred acquisition costs	  	 	2,200	 	 	 	1,146	 	
Intangible assets	  	 	241	 	 	 	143	 	
Reinsurance recoverable, net	  	 	16,435	 	 	 	16,813	 	
Deferred tax and other assets	  	 	1,759	 	 	 	507	 	
Separate account assets	  	 	4,417	 	 	 	6,066	 	
	  	 	 	 	 	 	 	 	
Total assets	  	$	86,442	 	 	$	99,171	 	
	  	 	 	 	 	 	 	 	
Liabilities and equity	  				 				
Liabilities:	  				 				
Future policy benefits	  	$	38,064	 	 	$	41,528	 	
Policyholder account balances	  	 	17,113	 	 	 	19,354	 	
Liability for policy and contract claims	  	 	12,234	 	 	 	11,841	 	
Unearned premiums	  	 	584	 	 	 	672	 	
Other liabilities	  	 	1,672	 	 	 	1,511	 	
Long-term borrowings	  	 	1,611	 	 	 	1,899	 	
Separate account liabilities	  	 	4,417	 	 	 	6,066	 	
Liabilities related to discontinued operations	  	 	8	 	 	 	34	 	
	  	 	 	 	 	 	 	 	
Total liabilities	  	 	75,703	 	 	 	82,905	 	
	  	 	 	 	 	 	 	 	
Equity:	  				 				
Common stock	  	 	1	 	 	 	1	 	
Additional paid-in capital	  	 	11,869	 	 	 	11,858	 	
Accumulated other comprehensive income (loss)	  	 	(2,220	) 	 	 	3,861	 	
Retained earnings	  	 	3,098	 	 	 	2,490	 	
Treasury stock, at cost	  	 	(2,764	) 	 	 	(2,700	) 	
	  	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	9,984	 	 	 	15,510	 	
Noncontrolling interests	  	 	755	 	 	 	756	 	
	  	 	 	 	 	 	 	 	
Total equity	  	 	10,739	 	 	 	16,266	 	
	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	86,442	 	 	$	99,171	 	

17

Reconciliation of Reported Yield to Core Yield

 	  	Three months ended	 		
	(Assets - amounts in billions)	  	December 31,
2022	 	 	September 30,
2022	 	
Reported Total Invested Assets and Cash	  	$	60.7	 	 	$	60.1	 		
Subtract:	  				 					
Unrealized gains (losses)	  	 	(4.2	) 	 	 	(4.9	) 		
	  	 	 	 	 	 	 	 		
Adjusted End of Period Invested Assets and Cash	  	$	64.9	 	 	$	65.0	 		
	  	 	 	 	 	 	 	 		
Average Invested Assets and Cash Used in Reported and Core Yield Calculation	  	$	65.0	 	 	$	65.0	 		

	(Income - amounts in millions)	  	 	 	 	 	 	
Reported Net Investment Income	  	$	787	 	 	$	808	 		
Subtract:	  				 					
Bond calls and commercial mortgage loan prepayments	  	 	6	 	 	 	6	 		
Other non-core items15	  	 	(1	) 	 	 	—  	 		
	  	 	 	 	 	 	 	 		
Core Net Investment Income	  	$	782	 	 	$	802	 		
	  	 	 	 	 	 	 	 		
Reported Yield	  	 	4.84	% 	 	 	4.97	% 		
	  	 	 	 	 	 	 	 		
Core Yield	  	 	4.81	% 	 	 	4.93	% 		

 

15 	Includes cost basis adjustments on structured securities and various other immaterial items.	
 
18

Exhibit 99.2                

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022

	Table of Contents	  	Page	 	
Investor Letter	  	 	3	 		
Use of Non-GAAP Measures	  	 	4	 		
Results of Operations and Selected Operating Performance Measures	  	 	5	 		
Financial Highlights	  	 	6	 		
			
Consolidated Quarterly Results	  					
Consolidated Net Income by Quarter	  	 	8	 		
Reconciliation of Net Income to Adjusted Operating Income	  	 	9	 		
Consolidated Balance Sheets	  	 	10-11	 		
Consolidated Balance Sheets by Segment	  	 	12-13	 		
Deferred Acquisition Costs (DAC) Rollforward	  	 	14	 		
			
Quarterly Results by Business	  					
Adjusted Operating Income and Sales—Enact Segment	  	 	16-21	 		
Adjusted Operating Income (Loss)—U.S. Life Insurance Segment	  	 	23-26	 		
Adjusted Operating Income—Runoff Segment	  	 	28	 		
Adjusted Operating Income (Loss)—Corporate and Other Activities	  	 	30	 		
			
Additional Financial Data	  					
Investments Summary	  	 	32	 		
Fixed Maturity Securities Summary	  	 	33	 		
General Account U.S. GAAP Net Investment Income Yields	  	 	34	 		
Net Investment Gains (Losses), Net—Detail	  	 	35	 		
			
Reconciliations of Non-GAAP Measures	  					
Reconciliation of Operating Return On Equity (ROE)	  	 	37	 		
Reconciliation of Consolidated Expense Ratio	  	 	38	 		
Reconciliation of Reported Yield to Core Yield	  	 	39	 		
Note:
Unless otherwise stated, all references in this financial supplement to income (loss) from continuing operations, income (loss) from continuing operations per share, net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share, book value and book value per share should be read as income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders, income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share, net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, non-U.S. Generally Accepted Accounting Principles (U.S. GAAP) adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, non-GAAP adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share, book value available to Genworth Financial, Inc.’s common stockholders and book value available to Genworth Financial, Inc.’s common stockholders per share, respectively.
 
2

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Dear Investor,
Thank you for your continued interest in Genworth Financial, Inc.
Please see the accompanying press release and summary presentation posted to the company’s website at http://investor.genworth.com for additional information regarding its fourth quarter 2022 earnings results.
Investors are encouraged to listen to the company’s earnings call on fourth quarter 2022 results at 9:00 a.m. (ET) on February 7, 2023.
Regards,
Sarah E. Crews, Investor Relations
InvestorInfo@genworth.com
 
3

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Use of Non-GAAP Measures
This financial supplement includes the non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss) per share.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company’s segments and Corporate and Other activities. A component of the company’s net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends.
While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, the company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35).
In the fourth quarter of 2022, the company repurchased $13 million principal amount of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes due in June 2034 for a pre-tax gain of $1 million. In the third quarter of 2022, the company paid a pre-tax make-whole premium of $2 million and wrote off $1 million of bond consent fees and deferred borrowing costs related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in February 2024. In the second and first quarters of 2022, the company repurchased $48 million and $82 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $3 million, respectively. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.
In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.
The company recorded a pre-tax expense of $1 million in both the fourth and second quarters of 2022, and $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continues to evaluate and appropriately size its organizational needs and expenses.
In the fourth and third quarters of 2022, the company incurred $2 million and $6 million, respectively, of pre-tax pension plan termination costs related to one of its defined benefit pension plans. There were no other infrequent or unusual items excluded from adjusted operating income (loss) during the periods presented.
The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the periods presented and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting. This financial supplement includes other non-GAAP measures management believes enhances the understanding and comparability of performance by highlighting underlying business activity and profitability drivers. These additional non-GAAP measures are on pages 37 to 39 of this financial supplement.
 
4

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Results of Operations and Selected Operating Performance Measures
The company’s chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the periods presented and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.
The company taxes its businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities.
The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year.
This financial supplement contains selected operating performance measures including “sales” and “insurance in-force” or “risk in-force” which are commonly used in the insurance industry as measures of operating performance.
Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company’s Enact segment. The company considers new insurance written to be a measure of the operating performance of its Enact segment because it represents a measure of new sales of insurance policies during a specified period, rather than a measure of revenues or profitability during that period.
Management regularly monitors and reports insurance in-force and risk in-force for the company’s Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by the company’s U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. The company considers insurance in-force and risk in-force to be measures of the operating performance of its Enact segment because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period.
Management also regularly monitors and reports a loss ratio for the company’s businesses. For the mortgage insurance businesses included in the company’s Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company’s U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.
These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.
 
5

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Financial Highlights
(amounts in millions, except per share data)

	Balance Sheet Data	 	December 31,
        2022        	 	 	September 30,
        2022        	 	 	June 30,
        2022        	 	 	March 31,
        2022        	 	 	December 31,
        2021        	 	
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)	 	$	12,204	 	 	$	12,056	 	 	$	11,965	 	 	$	11,797	 	 	$	11,649	 		
Total accumulated other comprehensive income (loss)	 	 	(2,220	) 	 	 	(2,765	) 	 	 	(145	) 	 	 	2,610	 	 	 	3,861	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total Genworth Financial, Inc.’s stockholders’ equity	 	$	9,984	 	 	$	9,291	 	 	$	11,820	 	 	$	14,407	 	 	$	15,510	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Book value per share	 	$	20.15	 	 	$	18.49	 	 	$	23.28	 	 	$	28.23	 	 	$	30.57	 		
Book value per share, excluding accumulated other comprehensive income (loss)	 	$	24.63	 	 	$	23.99	 	 	$	23.56	 	 	$	23.12	 	 	$	22.96	 		
Common shares outstanding as of the balance sheet date	 	 	495.4	 	 	 	502.6	 	 	 	507.8	 	 	 	510.3	 	 	 	507.4	 		
			
 	 	Twelve months ended	 		
	Twelve Month Rolling Average ROE	 	December 31,
2022	 	 	September 30,
2022	 	 	June 30,
2022	 	 	March 31,
2022	 	 	December 31,
2021	 	
U.S. GAAP Basis ROE	 	 	5.1	% 	 	 	5.1	% 	 	 	6.9	% 	 	 	7.6	% 	 	 	8.0	% 		
Operating ROE(1)	 	 	5.3	% 	 	 	5.3	% 	 	 	6.1	% 	 	 	6.3	% 	 	 	6.8	% 		
			
 	 	Three months ended	 		
	Quarterly Average ROE	 	December 31,
2022	 	 	September 30,
2022	 	 	June 30,
2022	 	 	March 31,
2022	 	 	December 31,
2021	 	
U.S. GAAP Basis ROE	 	 	5.8	% 	 	 	3.5	% 	 	 	6.1	% 	 	 	5.1	% 	 	 	5.6	% 		
Operating ROE(1)	 	 	5.5	% 	 	 	5.3	% 	 	 	5.9	% 	 	 	4.5	% 	 	 	5.7	% 		

	Basic and Diluted Shares	 	Three months ended
December 31, 2022	 	 	Twelve months ended
December 31, 2022	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares used in basic earnings per share calculations	 	 	496.7	 	 	 	504.5	 	 				 				 					
Potentially dilutive securities:	 				 				 				 				 					
Stock options, restricted stock units and other equity-based awards	 	 	6.5	 	 	 	6.5	 	 				 				 					
	 	 	 	 	 	 	 	 	 				 				 					
Weighted-average common shares used in diluted earnings per share calculations	 	 	503.2	 	 	 	511.0	 	 				 				 					

(1) 	See page 37 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.	
 
6

Consolidated Quarterly Results

 

7

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Consolidated Net Income by Quarter
(amounts in millions, except per share amounts)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	  	2Q	 	 	1Q	 	  	Total	 	
REVENUES:	  			 	  				 				 				 				 				 				  				 				  				
Premiums	  	$	927	 	  	$	934	 	 	$	927	 	 	$	931	 	 	$	3,719	 	 	$	576	 	 	$	944	 	  	$	947	 	 	$	968	 	  	$	3,435	 	
Net investment income	  	 	787	 	  	 	808	 	 	 	787	 	 	 	764	 	 	 	3,146	 	 	 	866	 	 	 	859	 	  	 	844	 	 	 	801	 	  	 	3,370	 	
Net investment gains (losses)	  	 	16	 	  	 	(69	) 	 	 	8	 	 	 	28	 	 	 	(17	) 	 	 	132	 	 	 	88	 	  	 	70	 	 	 	33	 	  	 	323	 	
Policy fees and other income	  	 	165	 	  	 	166	 	 	 	159	 	 	 	169	 	 	 	659	 	 	 	162	 	 	 	179	 	  	 	180	 	 	 	183	 	  	 	704	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	1,895	 	  	 	1,839	 	 	 	1,881	 	 	 	1,892	 	 	 	7,507	 	 	 	1,736	 	 	 	2,070	 	  	 	2,041	 	 	 	1,985	 	  	 	7,832	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				 				  				 				  				
Benefits and other changes in policy reserves	  	 	1,159	 	  	 	1,180	 	 	 	764	 	 	 	1,139	 	 	 	4,242	 	 	 	861	 	 	 	1,143	 	  	 	1,161	 	 	 	1,218	 	  	 	4,383	 	
Interest credited	  	 	125	 	  	 	128	 	 	 	125	 	 	 	125	 	 	 	503	 	 	 	127	 	 	 	123	 	  	 	127	 	 	 	131	 	  	 	508	 	
Acquisition and operating expenses, net of deferrals	  	 	271	 	  	 	240	 	 	 	589	 	 	 	271	 	 	 	1,371	 	 	 	354	 	 	 	290	 	  	 	304	 	 	 	275	 	  	 	1,223	 	
Amortization of deferred acquisition costs and intangibles	  	 	52	 	  	 	79	 	 	 	84	 	 	 	92	 	 	 	307	 	 	 	108	 	 	 	106	 	  	 	86	 	 	 	77	 	  	 	377	 	
Interest expense	  	 	28	 	  	 	26	 	 	 	26	 	 	 	26	 	 	 	106	 	 	 	31	 	 	 	35	 	  	 	43	 	 	 	51	 	  	 	160	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	1,635	 	  	 	1,653	 	 	 	1,588	 	 	 	1,653	 	 	 	6,529	 	 	 	1,481	 	 	 	1,697	 	  	 	1,721	 	 	 	1,752	 	  	 	6,651	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	260	 	  	 	186	 	 	 	293	 	 	 	239	 	 	 	978	 	 	 	255	 	 	 	373	 	  	 	320	 	 	 	233	 	  	 	1,181	 	
Provision for income taxes	  	 	56	 	  	 	52	 	 	 	73	 	 	 	58	 	 	 	239	 	 	 	62	 	 	 	67	 	  	 	75	 	 	 	59	 	  	 	263	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	204	 	  	 	134	 	 	 	220	 	 	 	181	 	 	 	739	 	 	 	193	 	 	 	306	 	  	 	245	 	 	 	174	 	  	 	918	 	
Income (loss) from discontinued operations, net of taxes(1)	  	 	(2	) 	  	 	5	 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	(1	) 	 	 	12	 	  	 	(5	) 	 	 	21	 	  	 	27	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME	  	 	202	 	  	 	139	 	 	 	219	 	 	 	179	 	 	 	739	 	 	 	192	 	 	 	318	 	  	 	240	 	 	 	195	 	  	 	945	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	  	 	35	 	 	 	38	 	 	 	30	 	 	 	130	 	 	 	29	 	 	 	4	 	  	 	—  	 	 	 	—  	 	  	 	33	 	
Less: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	8	 	  	 	8	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	$	175	 	  	$	104	 	 	$	181	 	 	$	149	 	 	$	609	 	 	$	163	 	 	$	314	 	  	$	240	 	 	$	187	 	  	$	904	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	  				 				 				 				 				 				  				 				  				
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	$	177	 	  	$	99	 	 	$	182	 	 	$	151	 	 	$	609	 	 	$	164	 	 	$	302	 	  	$	245	 	 	$	174	 	  	$	885	 	
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	  	 	(2	) 	  	 	5	 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	(1	) 	 	 	12	 	  	 	(5	) 	 	 	13	 	  	 	19	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	$	175	 	  	$	104	 	 	$	181	 	 	$	149	 	 	$	609	 	 	$	163	 	 	$	314	 	  	$	240	 	 	$	187	 	  	$	904	 	

Earnings Per Share Data:	  				  				 				 				 				 				 				  				 				  				
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share	  				  				 				 				 				 				 				  				 				  				
Basic	  	$	0.36	 	  	$	0.20	 	 	$	0.36	 	 	$	0.30	 	 	$	1.21	 	 	$	0.32	 	 	$	0.59	 	  	$	0.48	 	 	$	0.35	 	  	$	1.75	 	
Diluted	  	$	0.35	 	  	$	0.19	 	 	$	0.36	 	 	$	0.29	 	 	$	1.19	 	 	$	0.32	 	 	$	0.59	 	  	$	0.47	 	 	$	0.34	 	  	$	1.72	 	
Net income available to Genworth Financial, Inc.’s common stockholders per share	  				  				 				 				 				 				 				  				 				  				
Basic	  	$	0.35	 	  	$	0.21	 	 	$	0.36	 	 	$	0.29	 	 	$	1.21	 	 	$	0.32	 	 	$	0.62	 	  	$	0.47	 	 	$	0.37	 	  	$	1.78	 	
Diluted	  	$	0.35	 	  	$	0.20	 	 	$	0.35	 	 	$	0.29	 	 	$	1.19	 	 	$	0.32	 	 	$	0.61	 	  	$	0.47	 	 	$	0.37	 	  	$	1.76	 	
Weighted-average common shares outstanding	  				  				 				 				 				 				 				  				 				  				
Basic	  	 	496.7	 	  	 	504.0	 	 	 	509.0	 	 	 	508.3	 	 	 	504.5	 	 	 	507.4	 	 	 	507.4	 	  	 	507.0	 	 	 	506.0	 	  	 	506.9	 	
Diluted	  	 	503.2	 	  	 	509.4	 	 	 	514.2	 	 	 	517.4	 	 	 	511.0	 	 	 	515.6	 	 	 	514.2	 	  	 	515.0	 	 	 	513.8	 	  	 	514.7	 	

(1) 	Income (loss) from discontinued operations primarily relates to a settlement agreement involving the company’s former lifestyle protection insurance business that was sold on December 1, 2015 and operating results of its former Australia mortgage insurance business prior to its sale on March 3, 2021.	
 
8

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Reconciliation of Net Income to Adjusted Operating Income
(amounts in millions, except per share amounts)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S
COMMON STOCKHOLDERS	  	$	175	 	  	$	104	 	 	$	181	 	 	$	149	 	 	$	609	 	 	$	163	 	 	$	314	 	 	$	240	 	 	$	187	 	 	$	904	 	
Add: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	  	 	35	 	 	 	38	 	 	 	30	 	 	 	130	 	 	 	29	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	33	 	
Add: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	8	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME	  	 	202	 	  	 	139	 	 	 	219	 	 	 	179	 	 	 	739	 	 	 	192	 	 	 	318	 	 	 	240	 	 	 	195	 	 	 	945	 	
Less: income (loss) from discontinued operations, net of taxes	  	 	(2	) 	  	 	5	 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	(1	) 	 	 	12	 	 	 	(5	) 	 	 	21	 	 	 	27	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	204	 	  	 	134	 	 	 	220	 	 	 	181	 	 	 	739	 	 	 	193	 	 	 	306	 	 	 	245	 	 	 	174	 	 	 	918	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	  	 	35	 	 	 	38	 	 	 	30	 	 	 	130	 	 	 	29	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	33	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH
FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	 	177	 	  	 	99	 	 	 	182	 	 	 	151	 	 	 	609	 	 	 	164	 	 	 	302	 	 	 	245	 	 	 	174	 	 	 	885	 	
	 										
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	  				 				 				 				 				 				 				 				 				
Net investment (gains) losses, net(1)	  	 	(15	) 	  	 	67	 	 	 	(10	) 	 	 	(28	) 	 	 	14	 	 	 	(133	) 	 	 	(88	) 	 	 	(70	) 	 	 	(33	) 	 	 	(324	) 	
(Gains) losses on early extinguishment of debt	  	 	(1	) 	  	 	3	 	 	 	1	 	 	 	3	 	 	 	6	 	 	 	35	 	 	 	6	 	 	 	—  	 	 	 	4	 	 	 	45	 	
Initial loss from life block transaction	  	 	—    	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	
Expenses related to restructuring	  	 	1	 	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	5	 	 	 	3	 	 	 	5	 	 	 	21	 	 	 	34	 	
Pension plan termination costs	  	 	2	 	  	 	6	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Taxes on adjustments	  	 	3	 	  	 	(16	) 	 	 	2	 	 	 	5	 	 	 	(6	) 	 	 	1	 	 	 	16	 	 	 	14	 	 	 	2	 	 	 	33	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	  	$	167	 	  	$	159	 	 	$	176	 	 	$	131	 	 	$	633	 	 	$	164	 	 	$	239	 	 	$	194	 	 	$	168	 	 	$	765	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS):	  			 	  				 				 				 				 				 				 				 				 				
Enact segment	  	$	120	 	  	$	156	 	 	$	167	 	 	$	135	 	 	$	578	 	 	$	125	 	 	$	134	 	 	$	135	 	 	$	126	 	 	$	520	 	
U.S. Life Insurance segment:	  			 	  				 				 				 				 				 				 				 				 				
Long-Term Care Insurance	  	 	24	 	  	 	25	 	 	 	34	 	 	 	59	 	 	 	142	 	 	 	119	 	 	 	133	 	 	 	98	 	 	 	95	 	 	 	445	 	
Life Insurance	  	 	(2	) 	  	 	(33	) 	 	 	(34	) 	 	 	(79	) 	 	 	(148	) 	 	 	(98	) 	 	 	(68	) 	 	 	(40	) 	 	 	(63	) 	 	 	(269	) 	
Fixed Annuities	  	 	16	 	  	 	19	 	 	 	21	 	 	 	16	 	 	 	72	 	 	 	20	 	 	 	28	 	 	 	13	 	 	 	30	 	 	 	91	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Life Insurance segment	  	 	38	 	  	 	11	 	 	 	21	 	 	 	(4	) 	 	 	66	 	 	 	41	 	 	 	93	 	 	 	71	 	 	 	62	 	 	 	267	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Runoff segment	  	 	17	 	  	 	9	 	 	 	2	 	 	 	9	 	 	 	37	 	 	 	16	 	 	 	11	 	 	 	15	 	 	 	12	 	 	 	54	 	
Corporate and Other	  	 	(8	) 	  	 	(17	) 	 	 	(14	) 	 	 	(9	) 	 	 	(48	) 	 	 	(18	) 	 	 	1	 	 	 	(27	) 	 	 	(32	) 	 	 	(76	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	  	$	167	 	  	$	159	 	 	$	176	 	 	$	131	 	 	$	633	 	 	$	164	 	 	$	239	 	 	$	194	 	 	$	168	 	 	$	765	 	

Earnings Per Share Data:	  				  				 				 				 				 				 				 				 				 				
Net income available to Genworth Financial, Inc.’s common stockholders per share	  				  				 				 				 				 				 				 				 				 				
Basic	  	$	0.35	 	  	$	0.21	 	 	$	0.36	 	 	$	0.29	 	 	$	1.21	 	 	$	0.32	 	 	$	0.62	 	 	$	0.47	 	 	$	0.37	 	 	$	1.78	 	
Diluted	  	$	0.35	 	  	$	0.20	 	 	$	0.35	 	 	$	0.29	 	 	$	1.19	 	 	$	0.32	 	 	$	0.61	 	 	$	0.47	 	 	$	0.37	 	 	$	1.76	 	
Adjusted operating income per share	  				  				 				 				 				 				 				 				 				 				
Basic	  	$	0.34	 	  	$	0.32	 	 	$	0.35	 	 	$	0.26	 	 	$	1.26	 	 	$	0.32	 	 	$	0.47	 	 	$	0.38	 	 	$	0.33	 	 	$	1.51	 	
Diluted	  	$	0.33	 	  	$	0.31	 	 	$	0.34	 	 	$	0.25	 	 	$	1.24	 	 	$	0.32	 	 	$	0.46	 	 	$	0.38	 	 	$	0.33	 	 	$	1.48	 	
Weighted-average common shares outstanding	  				  				 				 				 				 				 				 				 				 				
Basic	  	 	496.7	 	  	 	504.0	 	 	 	509.0	 	 	 	508.3	 	 	 	504.5	 	 	 	507.4	 	 	 	507.4	 	 	 	507.0	 	 	 	506.0	 	 	 	506.9	 	
Diluted	  	 	503.2	 	  	 	509.4	 	 	 	514.2	 	 	 	517.4	 	 	 	511.0	 	 	 	515.6	 	 	 	514.2	 	 	 	515.0	 	 	 	513.8	 	 	 	514.7	 	

(1) 	Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35 for reconciliation).	
 
9

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Consolidated Balance Sheets
(amounts in millions)

 	  	December 31,
2022	 	  	September 30,
2022	 	 	June 30,
2022	 	 	March 31,
2022	 	 	December 31,
2021	 	
ASSETS	  			 	  				 				 				 				
Investments:	  			 	  				 				 				 				
Fixed maturity securities available-for-sale, at fair value(1)	  	$	46,583	 	  	$	46,215	 	 	$	49,286	 	 	$	55,027	 	 	$	60,480	 	
Equity securities, at fair value	  	 	319	 	  	 	274	 	 	 	243	 	 	 	230	 	 	 	198	 	
Commercial mortgage loans(2)	  	 	7,032	 	  	 	7,086	 	 	 	7,088	 	 	 	6,938	 	 	 	6,856	 	
Less: Allowance for credit losses	  	 	(22	) 	  	 	(23	) 	 	 	(23	) 	 	 	(25	) 	 	 	(26	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial mortgage loans, net	  	 	7,010	 	  	 	7,063	 	 	 	7,065	 	 	 	6,913	 	 	 	6,830	 	
Policy loans	  	 	2,139	 	  	 	2,153	 	 	 	2,178	 	 	 	2,028	 	 	 	2,050	 	
Limited partnerships	  	 	2,331	 	  	 	2,195	 	 	 	2,123	 	 	 	2,007	 	 	 	1,900	 	
Other invested assets	  	 	566	 	  	 	590	 	 	 	573	 	 	 	671	 	 	 	820	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	58,948	 	  	 	58,490	 	 	 	61,468	 	 	 	66,876	 	 	 	72,278	 	
Cash, cash equivalents and restricted cash	  	 	1,799	 	  	 	1,561	 	 	 	1,724	 	 	 	1,291	 	 	 	1,571	 	
Accrued investment income	  	 	643	 	  	 	616	 	 	 	553	 	 	 	696	 	 	 	647	 	
Deferred acquisition costs	  	 	2,200	 	  	 	2,247	 	 	 	2,314	 	 	 	1,310	 	 	 	1,146	 	
Intangible assets	  	 	241	 	  	 	237	 	 	 	236	 	 	 	159	 	 	 	143	 	
Reinsurance recoverable	  	 	16,495	 	  	 	16,619	 	 	 	16,691	 	 	 	16,821	 	 	 	16,868	 	
Less: Allowance for credit losses	  	 	(60	) 	  	 	(61	) 	 	 	(60	) 	 	 	(57	) 	 	 	(55	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable, net	  	 	16,435	 	  	 	16,558	 	 	 	16,631	 	 	 	16,764	 	 	 	16,813	 	
Other assets	  	 	415	 	  	 	399	 	 	 	412	 	 	 	440	 	 	 	388	 	
Deferred tax asset	  	 	1,344	 	  	 	1,533	 	 	 	1,047	 	 	 	421	 	 	 	119	 	
Separate account assets	  	 	4,417	 	  	 	4,298	 	 	 	4,683	 	 	 	5,530	 	 	 	6,066	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	86,442	 	  	$	85,939	 	 	$	89,068	 	 	$	93,487	 	 	$	99,171	 	

 

(1) 	Amortized cost of $50,834 million, $51,248 million, $51,248 million, $52,280 million and $52,611 million as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and allowance for credit losses of $— as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021.	
(2) 	Net of unamortized balance of loan origination fees and costs of $4 million as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021.	
 
10

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Consolidated Balance Sheets
(amounts in millions)

 	  	December 31,
2022	 	  	September 30,
2022	 	 	June 30,
2022	 	 	March 31,
2022	 	 	December 31,
2021	 	
LIABILITIES AND EQUITY	  			 	  				 				 				 				
Liabilities:	  			 	  				 				 				 				
Future policy benefits	  	$	38,064	 	  	$	38,095	 	 	$	38,133	 	 	$	38,897	 	 	$	41,528	 	
Policyholder account balances	  	 	17,113	 	  	 	17,589	 	 	 	17,907	 	 	 	18,197	 	 	 	19,354	 	
Liability for policy and contract claims	  	 	12,234	 	  	 	12,004	 	 	 	11,915	 	 	 	11,833	 	 	 	11,841	 	
Unearned premiums	  	 	584	 	  	 	597	 	 	 	614	 	 	 	639	 	 	 	672	 	
Other liabilities	  	 	1,672	 	  	 	1,679	 	 	 	1,468	 	 	 	1,416	 	 	 	1,511	 	
Long-term borrowings	  	 	1,611	 	  	 	1,622	 	 	 	1,773	 	 	 	1,819	 	 	 	1,899	 	
Separate account liabilities	  	 	4,417	 	  	 	4,298	 	 	 	4,683	 	 	 	5,530	 	 	 	6,066	 	
Liabilities related to discontinued operations(1)	  	 	8	 	  	 	6	 	 	 	4	 	 	 	4	 	 	 	34	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	75,703	 	  	 	75,890	 	 	 	76,497	 	 	 	78,335	 	 	 	82,905	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  			 	  				 				 				 				
Common stock	  	 	1	 	  	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	
Additional paid-in capital	  	 	11,869	 	  	 	11,865	 	 	 	11,859	 	 	 	11,857	 	 	 	11,858	 	
Accumulated other comprehensive income (loss)(2)	  	 	(2,220	) 	  	 	(2,765	) 	 	 	(145	) 	 	 	2,610	 	 	 	3,861	 	
Retained earnings	  	 	3,098	 	  	 	2,924	 	 	 	2,820	 	 	 	2,639	 	 	 	2,490	 	
Treasury stock, at cost	  	 	(2,764	) 	  	 	(2,734	) 	 	 	(2,715	) 	 	 	(2,700	) 	 	 	(2,700	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	9,984	 	  	 	9,291	 	 	 	11,820	 	 	 	14,407	 	 	 	15,510	 	
Noncontrolling interests	  	 	755	 	  	 	758	 	 	 	751	 	 	 	745	 	 	 	756	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	10,739	 	  	 	10,049	 	 	 	12,571	 	 	 	15,152	 	 	 	16,266	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	86,442	 	  	$	85,939	 	 	$	89,068	 	 	$	93,487	 	 	$	99,171	 	

 

(1) 	Liabilities related to discontinued operations relates to a liability recorded in connection with a settlement agreement reached with AXA and other unrelated liabilities involving the sale of the company’s former lifestyle protection insurance business.	
(2) 	Accumulated other comprehensive income (loss) decreased primarily from an increase in interest rates in the second and third quarters of 2022.	
 
11

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Consolidated Balance Sheet by Segment
(amounts in millions)

 	  	December 31, 2022	 	
 	  	Enact	 	 	U.S. Life
Insurance	 	 	Runoff	 	 	Corporate
and
Other(1)	 	 	Total	 	
ASSETS	  				 				 				 				 				
Cash and investments	  	$	5,458	 	 	$	51,777	 	 	$	2,682	 	 	$	1,473	 	 	$	61,390	 	
Deferred acquisition costs and intangible assets	  	 	35	 	 	 	2,266	 	 	 	133	 	 	 	7	 	 	 	2,441	 	
Reinsurance recoverable, net	  	 	—  	 	 	 	15,818	 	 	 	617	 	 	 	—  	 	 	 	16,435	 	
Deferred tax and other assets	  	 	219	 	 	 	1,116	 	 	 	39	 	 	 	385	 	 	 	1,759	 	
Separate account assets	  	 	—  	 	 	 	—  	 	 	 	4,417	 	 	 	—  	 	 	 	4,417	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	5,712	 	 	$	70,977	 	 	$	7,888	 	 	$	1,865	 	 	$	86,442	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				 				 				 				
Liabilities:	  				 				 				 				 				
Future policy benefits	  	$	—  	 	 	$	38,062	 	 	$	2	 	 	$	—  	 	 	$	38,064	 	
Policyholder account balances	  	 	—  	 	 	 	14,112	 	 	 	3,001	 	 	 	—  	 	 	 	17,113	 	
Liability for policy and contract claims	  	 	519	 	 	 	11,695	 	 	 	14	 	 	 	6	 	 	 	12,234	 	
Unearned premiums	  	 	203	 	 	 	379	 	 	 	2	 	 	 	—  	 	 	 	584	 	
Other liabilities	  	 	136	 	 	 	1,006	 	 	 	45	 	 	 	485	 	 	 	1,672	 	
Borrowings	  	 	743	 	 	 	—  	 	 	 	—  	 	 	 	868	 	 	 	1,611	 	
Separate account liabilities	  	 	—  	 	 	 	—  	 	 	 	4,417	 	 	 	—  	 	 	 	4,417	 	
Liabilities related to discontinued operations	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	1,601	 	 	 	65,254	 	 	 	7,481	 	 	 	1,367	 	 	 	75,703	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  				 				 				 				 				
Allocated equity, excluding accumulated other comprehensive income (loss)	  	 	3,669	 	 	 	7,138	 	 	 	414	 	 	 	983	 	 	 	12,204	 	
Allocated accumulated other comprehensive income (loss)	  	 	(313	) 	 	 	(1,415	) 	 	 	(7	) 	 	 	(485	) 	 	 	(2,220	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	3,356	 	 	 	5,723	 	 	 	407	 	 	 	498	 	 	 	9,984	 	
Noncontrolling interests	  	 	755	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	755	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	4,111	 	 	 	5,723	 	 	 	407	 	 	 	498	 	 	 	10,739	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	5,712	 	 	$	70,977	 	 	$	7,888	 	 	$	1,865	 	 	$	86,442	 	

(1) 	Includes inter-segment eliminations and other businesses that are managed outside the operating segments.	
 
12

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Consolidated Balance Sheet by Segment
(amounts in millions)

 	  	September 30, 2022	 	
 	  	Enact	 	 	U.S. Life
Insurance	 	 	Runoff	 	 	Corporate
and
Other(1)	 	 	Total	 	
ASSETS	  				 				 				 				 				
Cash and investments	  	$	5,466	 	 	$	51,435	 	 	$	2,786	 	 	$	980	 	 	$	60,667	 	
Deferred acquisition costs and intangible assets	  	 	34	 	 	 	2,310	 	 	 	133	 	 	 	7	 	 	 	2,484	 	
Reinsurance recoverable, net	  	 	—  	 	 	 	15,922	 	 	 	636	 	 	 	—  	 	 	 	16,558	 	
Deferred tax and other assets	  	 	225	 	 	 	1,223	 	 	 	33	 	 	 	451	 	 	 	1,932	 	
Separate account assets	  	 	—  	 	 	 	—  	 	 	 	4,298	 	 	 	—  	 	 	 	4,298	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	5,725	 	 	$	70,890	 	 	$	7,886	 	 	$	1,438	 	 	$	85,939	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				 				 				 				
Liabilities:	  				 				 				 				 				
Future policy benefits	  	$	—  	 	 	$	38,093	 	 	$	2	 	 	$	—  	 	 	$	38,095	 	
Policyholder account balances	  	 	—  	 	 	 	14,515	 	 	 	3,074	 	 	 	—  	 	 	 	17,589	 	
Liability for policy and contract claims	  	 	510	 	 	 	11,467	 	 	 	21	 	 	 	6	 	 	 	12,004	 	
Unearned premiums	  	 	213	 	 	 	381	 	 	 	3	 	 	 	—  	 	 	 	597	 	
Other liabilities	  	 	129	 	 	 	1,012	 	 	 	43	 	 	 	495	 	 	 	1,679	 	
Borrowings	  	 	742	 	 	 	—  	 	 	 	—  	 	 	 	880	 	 	 	1,622	 	
Separate account liabilities	  	 	—  	 	 	 	—  	 	 	 	4,298	 	 	 	—  	 	 	 	4,298	 	
Liabilities related to discontinued operations	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6	 	 	 	6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	1,594	 	 	 	65,468	 	 	 	7,441	 	 	 	1,387	 	 	 	75,890	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  				 				 				 				 				
Allocated equity, excluding accumulated other comprehensive income (loss)	  	 	3,722	 	 	 	7,289	 	 	 	461	 	 	 	584	 	 	 	12,056	 	
Allocated accumulated other comprehensive income (loss)	  	 	(349	) 	 	 	(1,867	) 	 	 	(16	) 	 	 	(533	) 	 	 	(2,765	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	3,373	 	 	 	5,422	 	 	 	445	 	 	 	51	 	 	 	9,291	 	
Noncontrolling interests	  	 	758	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	758	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	4,131	 	 	 	5,422	 	 	 	445	 	 	 	51	 	 	 	10,049	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	5,725	 	 	$	70,890	 	 	$	7,886	 	 	$	1,438	 	 	$	85,939	 	

(1) 	Includes inter-segment eliminations and other businesses that are managed outside the operating segments.	
 
13

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
 
Deferred Acquisition Costs Rollforward
(amounts in millions)

 	  	Enact	 	 	U.S. Life
Insurance	 	 	Runoff	 	 	Total	 	
Unamortized balance as of September 30, 2022	  	$	26	 	 	$	2,074	 	 	$	111	 	 	$	2,211	 	
Costs deferred	  	 	2	 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	
Amortization, net of interest accretion	  	 	(2	) 	 	 	(47	) 	 	 	(2	) 	 	 	(51	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unamortized balance as of December 31, 2022	  	 	26	 	 	 	2,025	 	 	 	109	 	 	 	2,160	 	
Effect of accumulated net unrealized investment (gains) losses	  	 	—  	 	 	 	17	 	 	 	23	 	 	 	40	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of December 31, 2022	  	$	26	 	 	$	2,042	 	 	$	132	 	 	$	2,200	 	

14

 
Enact Segment

 

15

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Income and Sales—Enact Segment
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				  				 				 				 				
Premiums	  	$	233	 	  	$	235	 	 	$	238	 	 	$	234	 	 	$	940	 	 	$	237	 	  	$	243	 	 	$	243	 	 	$	252	 	 	$	975	 	
Net investment income	  	 	45	 	  	 	39	 	 	 	36	 	 	 	35	 	 	 	155	 	 	 	35	 	  	 	36	 	 	 	35	 	 	 	35	 	 	 	141	 	
Net investment gains (losses)	  	 	(1	) 	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	  	 	1	 	 	 	(2	) 	 	 	(1	) 	 	 	(2	) 	
Policy fees and other income	  	 	—  	 	  	 	1	 	 	 	—  	 	 	 	1	 	 	 	2	 	 	 	1	 	  	 	1	 	 	 	—  	 	 	 	2	 	 	 	4	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	277	 	  	 	275	 	 	 	273	 	 	 	270	 	 	 	1,095	 	 	 	273	 	  	 	281	 	 	 	276	 	 	 	288	 	 	 	1,118	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				  				 				 				 				
Benefits and other changes in policy reserves	  	 	18	 	  	 	(40	) 	 	 	(62	) 	 	 	(10	) 	 	 	(94	) 	 	 	6	 	  	 	34	 	 	 	30	 	 	 	55	 	 	 	125	 	
Acquisition and operating expenses, net of deferrals	  	 	60	 	  	 	55	 	 	 	58	 	 	 	54	 	 	 	227	 	 	 	55	 	  	 	55	 	 	 	63	 	 	 	57	 	 	 	230	 	
Amortization of deferred acquisition costs and intangibles	  	 	2	 	  	 	4	 	 	 	3	 	 	 	3	 	 	 	12	 	 	 	4	 	  	 	3	 	 	 	4	 	 	 	4	 	 	 	15	 	
Interest expense	  	 	14	 	  	 	12	 	 	 	13	 	 	 	13	 	 	 	52	 	 	 	13	 	  	 	13	 	 	 	12	 	 	 	13	 	 	 	51	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	94	 	  	 	31	 	 	 	12	 	 	 	60	 	 	 	197	 	 	 	78	 	  	 	105	 	 	 	109	 	 	 	129	 	 	 	421	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	183	 	  	 	244	 	 	 	261	 	 	 	210	 	 	 	898	 	 	 	195	 	  	 	176	 	 	 	167	 	 	 	159	 	 	 	697	 	
Provision for income taxes	  	 	39	 	  	 	53	 	 	 	57	 	 	 	45	 	 	 	194	 	 	 	41	 	  	 	38	 	 	 	35	 	 	 	34	 	 	 	148	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	144	 	  	 	191	 	 	 	204	 	 	 	165	 	 	 	704	 	 	 	154	 	  	 	138	 	 	 	132	 	 	 	125	 	 	 	549	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	27	 	  	 	35	 	 	 	38	 	 	 	30	 	 	 	130	 	 	 	29	 	  	 	4	 	 	 	—  	 	 	 	—  	 	 	 	33	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	 	117	 	  	 	156	 	 	 	166	 	 	 	135	 	 	 	574	 	 	 	125	 	  	 	134	 	 	 	132	 	 	 	125	 	 	 	516	 	
	 										
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	  				 				 				 				 				  				 				 				 				
Net investment (gains) losses	  	 	1	 	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	—  	 	  	 	(1	) 	 	 	2	 	 	 	1	 	 	 	2	 	
Expenses related to restructuring	  	 	3	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3	 	 	 	—  	 	  	 	1	 	 	 	2	 	 	 	—  	 	 	 	3	 	
Taxes on adjustments	  	 	(1	) 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	  	$	120	 	  	$	156	 	 	$	167	 	 	$	135	 	 	$	578	 	 	$	125	 	  	$	134	 	 	$	135	 	 	$	126	 	 	$	520	 	

SALES:	  				  				 				 				 				 				  				 				 				 				
Primary New Insurance Written (NIW)	  	$	15,145	 	  	$	15,069	 	 	$	17,448	 	 	$	18,823	 	 	$	66,485	 	 	$	21,441	 	  	$	23,972	 	 	$	26,657	 	 	$	24,934	 	 	$	97,004	 	

16

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Primary New Insurance Written Metrics— Enact Segment
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	
 	  	Primary
NIW	 	  	% of
Primary
NIW	 	  	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	
Payment Type	  				  			 	  				  				 				  				 				  				 				  				 				  				 				  				 				  				
Monthly	  	$	13,745	 	  	 	91	% 	  	$	14,138	 	  	 	94	% 	 	$	16,169	 	  	 	93	% 	 	$	17,071	 	  	 	91	% 	 	$	19,395	 	  	 	91	% 	 	$	21,475	 	  	 	90	% 	 	$	24,887	 	  	 	93	% 	 	$	23,358	 	  	 	94	% 	
Single	  	 	1,368	 	  	 	9	 	  	 	890	 	  	 	6	 	 	 	1,218	 	  	 	7	 	 	 	1,690	 	  	 	9	 	 	 	1,991	 	  	 	9	 	 	 	2,431	 	  	 	10	 	 	 	1,686	 	  	 	7	 	 	 	1,446	 	  	 	6	 	
Other(1)	  	 	32	 	  	 	—  	 	  	 	41	 	  	 	—  	 	 	 	61	 	  	 	—  	 	 	 	62	 	  	 	—  	 	 	 	55	 	  	 	—  	 	 	 	66	 	  	 	—  	 	 	 	84	 	  	 	—  	 	 	 	130	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	15,145	 	  	 	100	% 	  	$	15,069	 	  	 	100	% 	 	$	17,448	 	  	 	100	% 	 	$	18,823	 	  	 	100	% 	 	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Origination	  				  			 	  				  				 				  				 				  				 				  				 				  				 				  				 				  				
Purchase	  	$	14,744	 	  	 	97	% 	  	$	14,634	 	  	 	97	% 	 	$	16,802	 	  	 	96	% 	 	$	17,326	 	  	 	92	% 	 	$	19,284	 	  	 	90	% 	 	$	20,988	 	  	 	88	% 	 	$	21,143	 	  	 	79	% 	 	$	15,500	 	  	 	62	% 	
Refinance	  	 	401	 	  	 	3	 	  	 	435	 	  	 	3	 	 	 	646	 	  	 	4	 	 	 	1,497	 	  	 	8	 	 	 	2,157	 	  	 	10	 	 	 	2,984	 	  	 	12	 	 	 	5,514	 	  	 	21	 	 	 	9,434	 	  	 	38	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	15,145	 	  	 	100	% 	  	$	15,069	 	  	 	100	% 	 	$	17,448	 	  	 	100	% 	 	$	18,823	 	  	 	100	% 	 	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
FICO Scores	  				  			 	  				  				 				  				 				  				 				  				 				  				 				  				 				  				
Over 760	  	$	6,951	 	  	 	46	% 	  	$	6,948	 	  	 	46	% 	 	$	7,981	 	  	 	45	% 	 	$	8,359	 	  	 	45	% 	 	$	9,401	 	  	 	44	% 	 	$	10,708	 	  	 	45	% 	 	$	11,762	 	  	 	44	% 	 	$	10,520	 	  	 	42	% 	
740 - 759	  	 	2,709	 	  	 	18	 	  	 	2,554	 	  	 	17	 	 	 	2,916	 	  	 	17	 	 	 	3,085	 	  	 	16	 	 	 	3,406	 	  	 	16	 	 	 	3,830	 	  	 	16	 	 	 	3,995	 	  	 	15	 	 	 	3,836	 	  	 	15	 	
720 - 739	  	 	2,226	 	  	 	15	 	  	 	2,106	 	  	 	14	 	 	 	2,530	 	  	 	15	 	 	 	2,515	 	  	 	13	 	 	 	2,844	 	  	 	13	 	 	 	3,177	 	  	 	13	 	 	 	3,467	 	  	 	13	 	 	 	3,423	 	  	 	14	 	
700 - 719	  	 	1,489	 	  	 	10	 	  	 	1,531	 	  	 	10	 	 	 	1,917	 	  	 	11	 	 	 	1,952	 	  	 	10	 	 	 	2,257	 	  	 	11	 	 	 	2,702	 	  	 	11	 	 	 	3,131	 	  	 	12	 	 	 	2,979	 	  	 	12	 	
680 - 699	  	 	1,035	 	  	 	7	 	  	 	1,085	 	  	 	7	 	 	 	1,099	 	  	 	6	 	 	 	1,316	 	  	 	7	 	 	 	1,589	 	  	 	7	 	 	 	1,875	 	  	 	8	 	 	 	2,513	 	  	 	9	 	 	 	2,480	 	  	 	10	 	
660 - 679(2)	  	 	478	 	  	 	3	 	  	 	527	 	  	 	3	 	 	 	598	 	  	 	3	 	 	 	931	 	  	 	5	 	 	 	1,106	 	  	 	5	 	 	 	1,010	 	  	 	4	 	 	 	1,068	 	  	 	4	 	 	 	983	 	  	 	4	 	
640 - 659	  	 	189	 	  	 	1	 	  	 	234	 	  	 	2	 	 	 	297	 	  	 	2	 	 	 	486	 	  	 	3	 	 	 	611	 	  	 	3	 	 	 	504	 	  	 	2	 	 	 	547	 	  	 	2	 	 	 	511	 	  	 	2	 	
620 - 639	  	 	66	 	  	 	—  	 	  	 	79	 	  	 	1	 	 	 	106	 	  	 	1	 	 	 	173	 	  	 	1	 	 	 	223	 	  	 	1	 	 	 	166	 	  	 	1	 	 	 	174	 	  	 	1	 	 	 	202	 	  	 	1	 	
<620	  	 	2	 	  	 	—  	 	  	 	5	 	  	 	—  	 	 	 	4	 	  	 	—  	 	 	 	6	 	  	 	—  	 	 	 	4	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	15,145	 	  	 	100	% 	  	$	15,069	 	  	 	100	% 	 	$	17,448	 	  	 	100	% 	 	$	18,823	 	  	 	100	% 	 	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Loan-To-Value Ratio	  				  			 	  				  				 				  				 				  				 				  				 				  				 				  				 				  				
95.01% and above	  	$	2,423	 	  	 	16	% 	  	$	1,741	 	  	 	11	% 	 	$	2,177	 	  	 	12	% 	 	$	3,146	 	  	 	17	% 	 	$	3,660	 	  	 	17	% 	 	$	3,396	 	  	 	14	% 	 	$	2,767	 	  	 	11	% 	 	$	2,241	 	  	 	9	% 	
90.01% to 95.00%	  	 	5,684	 	  	 	37	 	  	 	6,184	 	  	 	41	 	 	 	7,458	 	  	 	43	 	 	 	6,682	 	  	 	35	 	 	 	7,548	 	  	 	35	 	 	 	8,838	 	  	 	37	 	 	 	10,758	 	  	 	40	 	 	 	9,453	 	  	 	38	 	
85.01% to 90.00%	  	 	4,971	 	  	 	33	 	  	 	5,094	 	  	 	34	 	 	 	5,207	 	  	 	30	 	 	 	5,620	 	  	 	30	 	 	 	6,253	 	  	 	29	 	 	 	7,454	 	  	 	31	 	 	 	8,618	 	  	 	32	 	 	 	8,392	 	  	 	34	 	
85.00% and below	  	 	2,067	 	  	 	14	 	  	 	2,050	 	  	 	14	 	 	 	2,606	 	  	 	15	 	 	 	3,375	 	  	 	18	 	 	 	3,980	 	  	 	19	 	 	 	4,284	 	  	 	18	 	 	 	4,514	 	  	 	17	 	 	 	4,848	 	  	 	19	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	15,145	 	  	 	100	% 	  	$	15,069	 	  	 	100	% 	 	$	17,448	 	  	 	100	% 	 	$	18,823	 	  	 	100	% 	 	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Debt-To-Income Ratio	  				  			 	  				  				 				  				 				  				 				  				 				  				 				  				 				  				
45.01% and above	  	$	4,294	 	  	 	28	% 	  	$	3,728	 	  	 	25	% 	 	$	4,067	 	  	 	23	% 	 	$	4,452	 	  	 	24	% 	 	$	4,977	 	  	 	23	% 	 	$	4,167	 	  	 	17	% 	 	$	3,269	 	  	 	12	% 	 	$	2,566	 	  	 	10	% 	
38.01% to 45.00%	  	 	5,518	 	  	 	37	 	  	 	5,681	 	  	 	38	 	 	 	6,436	 	  	 	37	 	 	 	6,361	 	  	 	34	 	 	 	7,047	 	  	 	33	 	 	 	7,949	 	  	 	33	 	 	 	9,204	 	  	 	35	 	 	 	8,746	 	  	 	35	 	
38.00% and below	  	 	5,333	 	  	 	35	 	  	 	5,660	 	  	 	37	 	 	 	6,945	 	  	 	40	 	 	 	8,010	 	  	 	42	 	 	 	9,417	 	  	 	44	 	 	 	11,856	 	  	 	50	 	 	 	14,184	 	  	 	53	 	 	 	13,622	 	  	 	55	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	15,145	 	  	 	100	% 	  	$	15,069	 	  	 	100	% 	 	$	17,448	 	  	 	100	% 	 	$	18,823	 	  	 	100	% 	 	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	

 

(1) 	Includes loans with annual and split payment types.	
(2) 	Loans with unknown FICO scores are included in the 660-679 category.	
 
17

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Other Metrics—Enact Segment
(dollar amounts in millions)

 	 	2022	 	 	2021	 	
 	 	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
	 										
Primary Insurance In-Force(1)	 	$	248,262	 	  	$	241,813	 	 	$	237,563	 	 	$	231,853	 	 				 	$	226,514	 	 	$	222,464	 	 	$	217,477	 	 	$	210,187	 	 				
	 										
Risk In-Force	 			 	  				 				 				 				 				 				 				 				 				
Primary(2)	 	$	62,791	 	  	$	61,124	 	 	$	59,911	 	 	$	58,295	 	 				 	$	56,881	 	 	$	55,866	 	 	$	54,643	 	 	$	52,866	 	 				
Pool	 	 	79	 	  	 	84	 	 	 	89	 	 	 	97	 	 				 	 	105	 	 	 	117	 	 	 	123	 	 	 	134	 	 				
	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Risk In-Force	 	$	62,870	 	  	$	61,208	 	 	$	60,000	 	 	$	58,392	 	 				 	$	56,986	 	 	$	55,983	 	 	$	54,766	 	 	$	53,000	 	 				

Expense Ratio(3)	 	 	27	% 	  	 	25	% 	 	 	26	% 	 	 	24	% 	 	 	25	% 	 	 	25	% 	 	 	24	% 	 	 	27	% 	 	 	24	% 	 	 	25	% 	
	 										
Primary Persistency Rate	 	 	86	% 	  	 	82	% 	 	 	80	% 	 	 	76	% 	 	 	80	% 	 	 	69	% 	 	 	65	% 	 	 	63	% 	 	 	56	% 	 	 	62	% 	
	 										
Combined Risk To Capital Ratio(4)	 	 	12.8:1	 	  	 	12.3:1	 	 	 	12.6:1	 	 	 	12.0:1	 	 				 	 	12.2:1	 	 	 	11.8:1	 	 	 	11.8:1	 	 	 	11.7:1	 	 				
	 										
EMICO Risk To Capital Ratio(4),(5)	 	 	12.9:1	 	  	 	12.3:1	 	 	 	12.6:1	 	 	 	12.1:1	 	 				 	 	12.3:1	 	 	 	11.9:1	 	 	 	12.0:1	 	 	 	11.9:1	 	 				
	 										
PMIERs Available Assets(6)	 	$	5,206	 	  	$	5,292	 	 	$	5,147	 	 	$	5,222	 	 				 	$	5,077	 	 	$	5,126	 	 	$	4,926	 	 	$	4,769	 	 				
	 										
PMIERs Required Assets(6)	 	$	3,156	 	  	$	3,043	 	 	$	3,100	 	 	$	2,961	 	 				 	$	3,074	 	 	$	2,839	 	 	$	2,985	 	 	$	3,005	 	 				
	 										
Available Assets Above PMIERs Requirements(6)	 	$	2,050	 	  	$	2,249	 	 	$	2,047	 	 	$	2,261	 	 				 	$	2,003	 	 	$	2,287	 	 	$	1,941	 	 	$	1,764	 	 				
	 										
PMIERs Sufficiency Ratio(6)	 	 	165	% 	  	 	174	% 	 	 	166	% 	 	 	176	% 	 				 	 	165	% 	 	 	181	% 	 	 	165	% 	 	 	159	% 	 				
	 										
Average Primary Loan Size (in thousands)	 	$	259	 	  	$	255	 	 	$	251	 	 	$	246	 	 				 	$	242	 	 	$	237	 	 	$	233	 	 	$	228	 	 				
The expense ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

(1) 	Primary insurance in-force represents aggregate unpaid balance for loans the company’s U.S. mortgage insurance subsidiaries insure.	
(2) 	Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors.	
(3) 	The ratio of an insurer’s general expenses to net earned premiums. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles.	
(4) 	Certain states limit a private mortgage insurer’s risk in-force to 25 times the total of the insurer’s policyholders’ surplus plus the statutory contingency reserve, commonly known as the “risk to capital” requirement. The current period risk to capital ratio is an estimate due to the timing of the filing of statutory statements and is prepared consistent with the presentation of the statutory financial statements in the combined annual statement of the company’s U.S. mortgage insurance subsidiaries.	
(5) 	Enact Mortgage Insurance Corporation (EMICO), the company’s principal U.S. mortgage insurance subsidiary.	
(6) 	The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing and does not take into consideration the impact of restrictions recently imposed by the government-sponsored enterprises (GSEs). The GSEs have imposed certain capital restrictions on the company’s U.S. mortgage insurance subsidiaries which remain in effect until certain conditions are met. These restrictions required EMICO to maintain 115% of published PMIERs minimum required assets among other restrictions as of December 31, 2021. Effective January 1, 2022, these requirements increased to 120%.	
 
18

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Loss Metrics—Enact Segment
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Average Paid Claim (in thousands)(1)	  	$	48.7	 	  	$	42.2	 	 	$	50.1	 	 	$	51.6	 	 				 	$	27.2	 	 	$	26.7	 	 	$	63.1	 	 	$	54.7	 	 				
Average Reserve Per Primary Delinquency (in thousands)(2)	  	$	24.0	 	  	$	25.2	 	 	$	27.0	 	 	$	26.2	 	 				 	$	24.4	 	 	$	21.2	 	 	$	17.5	 	 	$	13.7	 	 				
	 										
Reserves:	  			 	  				 				 				 				 				 				 				 				 				
Direct primary case	  	$	479	 	  	$	476	 	 	$	526	 	 	$	591	 	 				 	$	606	 	 	$	613	 	 	$	589	 	 	$	564	 	 				
All other(3)	  	 	40	 	  	 	34	 	 	 	33	 	 	 	34	 	 				 	 	35	 	 	 	35	 	 	 	35	 	 	 	39	 	 				
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Reserves	  	$	519	 	  	$	510	 	 	$	559	 	 	$	625	 	 				 	$	641	 	 	$	648	 	 	$	624	 	 	$	603	 	 				

Beginning Reserves	  	$	510	 	  	$	559	 	 	$	625	 	 	$	641	 	 	$	641	 	 	$	648	 	 	$	624	 	 	$	603	 	 	$	555	 	 	$	555	 	
Paid claims	  	 	(9	) 	  	 	(9	) 	 	 	(4	) 	 	 	(6	) 	 	 	(28	) 	 	 	(13	) 	 	 	(10	) 	 	 	(9	) 	 	 	(7	) 	 	 	(39	) 	
Increase (decrease) in reserves	  	 	18	 	  	 	(40	) 	 	 	(62	) 	 	 	(10	) 	 	 	(94	) 	 	 	6	 	 	 	34	 	 	 	30	 	 	 	55	 	 	 	125	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ending Reserves	  	$	519	 	  	$	510	 	 	$	559	 	 	$	625	 	 	$	519	 	 	$	641	 	 	$	648	 	 	$	624	 	 	$	603	 	 	$	641	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss Ratio(4)	  	 	8	% 	  	 	(17	)% 	 	 	(26	)% 	 	 	(4	)% 	 	 	(10	)% 	 	 	3	% 	 	 	14	% 	 	 	12	% 	 	 	22	% 	 	 	13	% 	
	  	 	 	 	  				 				 				 				 				 				 				 				 				
The loss ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

(1) 	Average paid claim in the fourth and third quarters of 2022 and 2021 includes payments in relation to agreements on non-performing loans.	
(2) 	Direct primary case reserves divided by primary delinquency count.	
(3) 	Other includes loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.	
(4) 	The ratio of benefits and other changes in policy reserves to net earned premiums.	
 
19

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Delinquency Metrics—Enact Segment
(dollar amounts in millions)

 	  	2022	 	 	2021	 		
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 		
	Primary Loans	  			 	  				 				 				 				 				 				 				 				 				
Primary loans in-force	  	 	960,306	 	  	 	949,052	 	 	 	946,891	 	 	 	941,689	 	 				 	 	937,350	 	 	 	936,934	 	 	 	933,616	 	 	 	922,186	 	 					
Primary delinquent loans	  	 	19,943	 	  	 	18,856	 	 	 	19,513	 	 	 	22,571	 	 				 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 					
Primary delinquency rate	  	 	2.08	% 	  	 	1.99	% 	 	 	2.06	% 	 	 	2.40	% 	 				 	 	2.65	% 	 	 	3.08	% 	 	 	3.60	% 	 	 	4.48	% 	 					
	 											
Beginning Number of Primary Delinquencies	  	 	18,856	 	  	 	19,513	 	 	 	22,571	 	 	 	24,820	 	 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 	 	44,904	 	 	 	44,904	 		
New delinquencies	  	 	10,304	 	  	 	9,121	 	 	 	7,847	 	 	 	8,724	 	 	 	35,996	 	 	 	8,282	 	 	 	7,427	 	 	 	6,862	 	 	 	10,053	 	 	 	32,624	 		
Delinquency cures	  	 	(9,024	) 	  	 	(9,588	) 	 	 	(10,806	) 	 	 	(10,860	) 	 	 	(40,278	) 	 	 	(11,929	) 	 	 	(11,746	) 	 	 	(14,473	) 	 	 	(13,478	) 	 	 	(51,626	) 		
Paid claims	  	 	(190	) 	  	 	(187	) 	 	 	(90	) 	 	 	(107	) 	 	 	(574	) 	 	 	(430	) 	 	 	(343	) 	 	 	(143	) 	 	 	(134	) 	 	 	(1,050	) 		
Rescissions and claim denials	  	 	(3	) 	  	 	(3	) 	 	 	(9	) 	 	 	(6	) 	 	 	(21	) 	 	 	(7	) 	 	 	(2	) 	 	 	(10	) 	 	 	(13	) 	 	 	(32	) 		
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Ending Number of Primary Delinquencies	  	 	19,943	 	  	 	18,856	 	 	 	19,513	 	 	 	22,571	 	 	 	19,943	 	 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 	 	24,820	 		

Composition of Cures	  			 	  				 				 				 				 				 				 				 				 					
Reported delinquent and cured-intraquarter	  	 	1,489	 	  	 	1,598	 	 	 	1,306	 	 	 	1,581	 	 				 	 	1,274	 	 	 	1,143	 	 	 	1,149	 	 	 	1,549	 	 					
Number of missed payments delinquent prior to cure:	  			 	  				 				 				 				 				 				 				 				 					
3 payments or less	  	 	4,179	 	  	 	3,719	 	 	 	4,037	 	 	 	3,902	 	 				 	 	3,563	 	 	 	3,080	 	 	 	4,179	 	 	 	4,812	 	 					
4 - 11 payments	  	 	2,001	 	  	 	2,279	 	 	 	2,484	 	 	 	2,315	 	 				 	 	2,691	 	 	 	3,492	 	 	 	6,055	 	 	 	6,849	 	 					
12 payments or more	  	 	1,355	 	  	 	1,992	 	 	 	2,979	 	 	 	3,062	 	 				 	 	4,401	 	 	 	4,031	 	 	 	3,090	 	 	 	268	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Total	  	 	9,024	 	  	 	9,588	 	 	 	10,806	 	 	 	10,860	 	 				 	 	11,929	 	 	 	11,746	 	 	 	14,473	 	 	 	13,478	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Primary Delinquencies by Missed Payment Status	  			 	  				 				 				 				 				 				 				 				 					
3 payments or less	  	 	8,920	 	  	 	7,446	 	 	 	6,442	 	 	 	6,837	 	 				 	 	6,586	 	 	 	6,192	 	 	 	6,030	 	 	 	8,296	 	 					
4 - 11 payments	  	 	6,466	 	  	 	6,119	 	 	 	6,372	 	 	 	6,875	 	 				 	 	7,360	 	 	 	9,021	 	 	 	12,378	 	 	 	21,011	 	 					
12 payments or more	  	 	4,557	 	  	 	5,291	 	 	 	6,699	 	 	 	8,859	 	 				 	 	10,874	 	 	 	13,691	 	 	 	15,160	 	 	 	12,025	 	 					
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Primary Delinquencies	  	 	19,943	 	  	 	18,856	 	 	 	19,513	 	 	 	22,571	 	 				 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 					

	  				  				 				 				 				 				 				 				 				 					
										
 	  	December 31, 2022	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Direct Primary Case Reserves(1) and Percentage	
Reserved by Payment Status	  	Direct Primary
Case Reserves	 	  	Risk
In-Force	 	 	Reserves as % of
Risk In-Force	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3 payments or less in default	  	$	69	 	  	$	509	 	 	 	14	% 	 				 				 				 				 				 				 					
4 - 11 payments in default	  	 	166	 	  	 	390	 	 	 	43	% 	 				 				 				 				 				 				 					
12 payments or more in default	  	 	244	 	  	 	248	 	 	 	98	% 	 				 				 				 				 				 				 					
	  	 	 	 	  	 	 	 	 				 				 				 				 				 				 				 					
Totals	  	$	479	 	  	$	1,147	 	 	 	42	% 	 				 				 				 				 				 				 					

 	  	December 31, 2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Direct Primary Case Reserves(1) and Percentage	
Reserved by Payment Status	  	Direct Primary
Case Reserves	 	  	Risk
In-Force	 	 	Reserves as % of
Risk In-Force	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3 payments or less in default	  	$	35	 	  	$	340	 	 	 	10	% 	 				 				 				 				 				 				 					
4 - 11 payments in default	  	 	111	 	  	 	426	 	 	 	26	% 	 				 				 				 				 				 				 					
12 payments or more in default	  	 	460	 	  	 	643	 	 	 	72	% 	 				 				 				 				 				 				 					
	  	 	 	 	  	 	 	 	 				 				 				 				 				 				 				 					
Total	  	$	606	 	  	$	1,409	 	 	 	43	% 	 				 				 				 				 				 				 					

(1) 	Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.s	
 
20

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Portfolio Quality Metrics—Enact Segment
(amounts in millions)

 	  	December 31, 2022	 		
	Policy Year	  	% of Direct
Primary Case
Reserves(1)	 	 	Primary Insurance
In-Force	 	 	% of Total	 	 	Primary Risk
In-Force	 	 	% of Total	 	 	Delinquency
Rate	 	
2008 and prior	  	 	26	% 	 	$	6,596	 	 	 	3	% 	 	$	1,699	 	 	 	3	% 	 	 	9.61	% 		
2009-2014	  	 	4	 	 	 	2,113	 	 	 	1	 	 	 	560	 	 	 	1	 	 	 	5.01	% 		
2015	  	 	3	 	 	 	2,912	 	 	 	1	 	 	 	781	 	 	 	1	 	 	 	3.61	% 		
2016	  	 	6	 	 	 	6,296	 	 	 	2	 	 	 	1,681	 	 	 	3	 	 	 	3.17	% 		
2017	  	 	7	 	 	 	6,495	 	 	 	3	 	 	 	1,708	 	 	 	3	 	 	 	3.78	% 		
2018	  	 	9	 	 	 	6,839	 	 	 	3	 	 	 	1,736	 	 	 	3	 	 	 	4.63	% 		
2019	  	 	11	 	 	 	16,352	 	 	 	7	 	 	 	4,143	 	 	 	7	 	 	 	2.71	% 		
2020	  	 	17	 	 	 	55,358	 	 	 	22	 	 	 	14,158	 	 	 	22	 	 	 	1.47	% 		
2021	  	 	14	 	 	 	81,724	 	 	 	33	 	 	 	20,418	 	 	 	32	 	 	 	1.20	% 		
2022	  	 	    3	 	 	 	63,577	 	 	 	  25	 	 	 	15,907	 	 	 	  25	 	 	 	0.54	% 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Total	  	 	100	% 	 	$	248,262	 	 	 	100	% 	 	$	62,791	 	 	 	100	% 	 	 	2.08	% 		

 	  	December 31, 2022	 	 	September 30, 2022	 	 	December 31, 2021	 		
 	  	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 		
Loan-to-value ratio	  				 				 				 				 				 					
95.01% and above	  	$	11,136	 	 	 	18	% 	 	$	10,809	 	 	 	18	% 	 	$	9,907	 	 	 	17	% 		
90.01% to 95.00%	  	 	30,079	 	 	 	48	 	 	 	29,379	 	 	 	48	 	 	 	27,608	 	 	 	49	 		
85.01% to 90.00%	  	 	17,621	 	 	 	28	 	 	 	17,019	 	 	 	28	 	 	 	15,644	 	 	 	27	 		
85.00% and below	  	 	3,955	 	 	 	    6	 	 	 	3,917	 	 	 	    6	 	 	 	3,722	 	 	 	    7	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total	  	$	62,791	 	 	 	100	% 	 	$	61,124	 	 	 	100	% 	 	$	56,881	 	 	 	100	% 		

 	  	December 31, 2022	 	 	September 30, 2022	 	 	December 31, 2021	 		
 	  	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 		
Credit Quality	  				 				 				 				 				 					
Over 760	  	$	25,807	 	 	 	41	% 	 	$	24,965	 	 	 	41	% 	 	$	22,489	 	 	 	40	% 		
740 - 759	  	 	10,154	 	 	 	16	 	 	 	9,808	 	 	 	16	 	 	 	9,009	 	 	 	16	 		
720 - 739	  	 	8,931	 	 	 	14	 	 	 	8,656	 	 	 	14	 	 	 	8,055	 	 	 	14	 		
700 - 719	  	 	7,317	 	 	 	12	 	 	 	7,200	 	 	 	12	 	 	 	6,907	 	 	 	12	 		
680 - 699	  	 	5,428	 	 	 	9	 	 	 	5,356	 	 	 	9	 	 	 	5,334	 	 	 	9	 		
660 - 679(2)	  	 	2,767	 	 	 	5	 	 	 	2,739	 	 	 	4	 	 	 	2,638	 	 	 	5	 		
640 - 659	  	 	1,540	 	 	 	2	 	 	 	1,541	 	 	 	3	 	 	 	1,530	 	 	 	3	 		
620 - 639	  	 	665	 	 	 	1	 	 	 	672	 	 	 	1	 	 	 	702	 	 	 	1	 		
<620	  	 	182	 	 	 	—  	 	 	 	187	 	 	 	—  	 	 	 	217	 	 	 	—  	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total	  	$	62,791	 	 	 	100	% 	 	$	61,124	 	 	 	100	% 	 	$	56,881	 	 	 	100	% 		

(1) 	Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.	
(2) 	Loans with unknown FICO scores are included in the 660-679 category.	
 
21

 
U.S. Life Insurance Segment

 

22

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Income (Loss)—U.S. Life Insurance Segment
(amounts in millions)

 	 	2022	 	 	2021	 	
 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	 			 	 				 				 				 				 				 				 				 				 				
Premiums	 	$	693	 	 	$	697	 	 	$	688	 	 	$	695	 	 	$	2,773	 	 	$	338	 	 	$	699	 	 	$	703	 	 	$	714	 	 	$	2,454	 	
Net investment income	 	 	682	 	 	 	711	 	 	 	700	 	 	 	676	 	 	 	2,769	 	 	 	777	 	 	 	773	 	 	 	763	 	 	 	716	 	 	 	3,029	 	
Net investment gains (losses)	 	 	17	 	 	 	(61	) 	 	 	4	 	 	 	56	 	 	 	16	 	 	 	134	 	 	 	87	 	 	 	66	 	 	 	42	 	 	 	329	 	
Policy fees and other income	 	 	139	 	 	 	138	 	 	 	129	 	 	 	137	 	 	 	543	 	 	 	128	 	 	 	144	 	 	 	145	 	 	 	148	 	 	 	565	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,531	 	 	 	1,485	 	 	 	1,521	 	 	 	1,564	 	 	 	6,101	 	 	 	1,377	 	 	 	1,703	 	 	 	1,677	 	 	 	1,620	 	 	 	6,377	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	 			 	 				 				 				 				 				 				 				 				 				
Benefits and other changes in policy reserves	 	 	1,134	 	 	 	1,210	 	 	 	816	 	 	 	1,141	 	 	 	4,301	 	 	 	849	 	 	 	1,097	 	 	 	1,129	 	 	 	1,155	 	 	 	4,230	 	
Interest credited	 	 	79	 	 	 	81	 	 	 	80	 	 	 	82	 	 	 	322	 	 	 	84	 	 	 	85	 	 	 	87	 	 	 	90	 	 	 	346	 	
Acquisition and operating expenses, net of deferrals	 	 	197	 	 	 	169	 	 	 	513	 	 	 	199	 	 	 	1,078	 	 	 	243	 	 	 	211	 	 	 	219	 	 	 	192	 	 	 	865	 	
Amortization of deferred acquisition costs and intangibles	 	 	48	 	 	 	69	 	 	 	72	 	 	 	83	 	 	 	272	 	 	 	99	 	 	 	96	 	 	 	77	 	 	 	68	 	 	 	340	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,458	 	 	 	1,529	 	 	 	1,481	 	 	 	1,505	 	 	 	5,973	 	 	 	1,275	 	 	 	1,489	 	 	 	1,512	 	 	 	1,505	 	 	 	5,781	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	 	73	 	 	 	(44	) 	 	 	40	 	 	 	59	 	 	 	128	 	 	 	102	 	 	 	214	 	 	 	165	 	 	 	115	 	 	 	596	 	
Provision (benefit) for income taxes	 	 	22	 	 	 	(2	) 	 	 	15	 	 	 	20	 	 	 	55	 	 	 	28	 	 	 	53	 	 	 	42	 	 	 	32	 	 	 	155	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	 	 	51	 	 	 	(42	) 	 	 	25	 	 	 	39	 	 	 	73	 	 	 	74	 	 	 	161	 	 	 	123	 	 	 	83	 	 	 	441	 	
	 										
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	 			 	 				 				 				 				 				 				 				 				 				
Net investment (gains) losses, net(1)	 	 	(17	) 	 	 	60	 	 	 	(5	) 	 	 	(55	) 	 	 	(17	) 	 	 	(135	) 	 	 	(87	) 	 	 	(67	) 	 	 	(41	) 	 	 	(330	) 	
Initial loss from life block transaction	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	
Expenses related to restructuring	 	 	(2	) 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	1	 	 	 	2	 	 	 	14	 	 	 	17	 	
Pension plan termination costs	 	 	2	 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Taxes on adjustments	 	 	4	 	 	 	(13	) 	 	 	—  	 	 	 	12	 	 	 	3	 	 	 	10	 	 	 	18	 	 	 	13	 	 	 	6	 	 	 	47	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	 	$	38	 	 	$	11	 	 	$	21	 	 	$	(4	) 	 	$	66	 	 	$	41	 	 	$	93	 	 	$	71	 	 	$	62	 	 	$	267	 	

 
(1)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:	   	 				 				
Net investment (gains) losses, gross	 	$	(17	) 	 	$	61	 	 	$	(4	) 	 	$	(56	) 	 	$	(16	) 	 	$	(134	) 	 	$	(87	) 	 	$	(66	) 	 	$	(42	) 	 	$	(329	) 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	1	 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	1	 	 	 	(1	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment (gains) losses, net	 	$	(17	) 	 	$	60	 	 	$	(5	) 	 	$	(55	) 	 	$	(17	) 	 	$	(135	) 	 	$	(87	) 	 	$	(67	) 	 	$	(41	) 	 	$	(330	) 	

23

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Income—U.S. Life Insurance Segment—Long-Term Care Insurance
(amounts in millions)

 	 	2022	 	 	2021	 	
 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	 			 	 				 				 				 				 				 				 				 				 				
Premiums	 	$	648	 	 	$	642	 	 	$	628	 	 	$	621	 	 	$	2,539	 	 	$	644	 	 	$	652	 	 	$	648	 	 	$	646	 	 	$	2,590	 	
Net investment income	 	 	470	 	 	 	497	 	 	 	486	 	 	 	447	 	 	 	1,900	 	 	 	532	 	 	 	521	 	 	 	509	 	 	 	465	 	 	 	2,027	 	
Net investment gains (losses)	 	 	20	 	 	 	(47	) 	 	 	5	 	 	 	41	 	 	 	19	 	 	 	83	 	 	 	80	 	 	 	67	 	 	 	27	 	 	 	257	 	
Policy fees and other income	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	(6	) 	 	 	3	 	 	 	2	 	 	 	2	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,139	 	 	 	1,092	 	 	 	1,119	 	 	 	1,109	 	 	 	4,459	 	 	 	1,253	 	 	 	1,256	 	 	 	1,226	 	 	 	1,140	 	 	 	4,875	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	 			 	 				 				 				 				 				 				 				 				 				
Benefits and other changes in policy reserves	 	 	906	 	 	 	961	 	 	 	935	 	 	 	812	 	 	 	3,614	 	 	 	817	 	 	 	802	 	 	 	822	 	 	 	829	 	 	 	3,270	 	
Interest credited	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Acquisition and operating expenses, net of deferrals	 	 	150	 	 	 	117	 	 	 	104	 	 	 	143	 	 	 	514	 	 	 	163	 	 	 	165	 	 	 	176	 	 	 	141	 	 	 	645	 	
Amortization of deferred acquisition costs and intangibles	 	 	22	 	 	 	21	 	 	 	23	 	 	 	29	 	 	 	95	 	 	 	30	 	 	 	31	 	 	 	27	 	 	 	24	 	 	 	112	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,078	 	 	 	1,099	 	 	 	1,062	 	 	 	984	 	 	 	4,223	 	 	 	1,010	 	 	 	998	 	 	 	1,025	 	 	 	994	 	 	 	4,027	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	 	61	 	 	 	(7	) 	 	 	57	 	 	 	125	 	 	 	236	 	 	 	243	 	 	 	258	 	 	 	201	 	 	 	146	 	 	 	848	 	
Provision for income taxes	 	 	20	 	 	 	6	 	 	 	19	 	 	 	34	 	 	 	79	 	 	 	59	 	 	 	63	 	 	 	50	 	 	 	38	 	 	 	210	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	 	 	41	 	 	 	(13	) 	 	 	38	 	 	 	91	 	 	 	157	 	 	 	184	 	 	 	195	 	 	 	151	 	 	 	108	 	 	 	638	 	
	 										
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	 			 	 				 				 				 				 				 				 				 				 				
Net investment (gains) losses	 	 	(20	) 	 	 	47	 	 	 	(5	) 	 	 	(41	) 	 	 	(19	) 	 	 	(83	) 	 	 	(80	) 	 	 	(67	) 	 	 	(27	) 	 	 	(257	) 	
Expenses related to restructuring	 	 	(1	) 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	1	 	 	 	10	 	 	 	12	 	
Taxes on adjustments	 	 	4	 	 	 	(9	) 	 	 	—  	 	 	 	9	 	 	 	4	 	 	 	18	 	 	 	17	 	 	 	13	 	 	 	4	 	 	 	52	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	 	$	24	 	 	$	25	 	 	$	34	 	 	$	59	 	 	$	142	 	 	$	119	 	 	$	133	 	 	$	98	 	 	$	95	 	 	$	445	 	

											
RATIOS:	 				 				 				 				 				 				 				 				 				 				
Loss Ratio(1)	 	 	73	% 	 	 	83	% 	 	 	81	% 	 	 	64	% 	 	 	75	% 	 	 	62	% 	 	 	58	% 	 	 	62	% 	 	 	62	% 	 	 	61	% 	
Gross Benefits Ratio(2)	 	 	140	% 	 	 	149	% 	 	 	149	% 	 	 	131	% 	 	 	142	% 	 	 	127	% 	 	 	123	% 	 	 	127	% 	 	 	128	% 	 	 	126	% 	

(1) 	The loss ratio was calculated by dividing benefits and other changes in policy reserves less tabular interest on reserves less loss adjustment expenses by net earned premiums.	
(2) 	The gross benefits ratio was calculated by dividing benefits and other changes in policy reserves by net earned premiums.	
 
24

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Loss—U.S. Life Insurance Segment—Life Insurance
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				 				 				 				 				
Premiums(1)	  	$	45	 	  	$	55	 	 	$	60	 	 	$	74	 	 	$	234	 	 	$	(306	) 	 	$	47	 	 	$	55	 	 	$	68	 	 	$	(136	) 	
Net investment income	  	 	119	 	  	 	118	 	 	 	121	 	 	 	121	 	 	 	479	 	 	 	124	 	 	 	128	 	 	 	126	 	 	 	125	 	 	 	503	 	
Net investment gains (losses)	  	 	1	 	  	 	(7	) 	 	 	2	 	 	 	9	 	 	 	5	 	 	 	50	 	 	 	6	 	 	 	6	 	 	 	12	 	 	 	74	 	
Policy fees and other income	  	 	137	 	  	 	136	 	 	 	127	 	 	 	135	 	 	 	535	 	 	 	131	 	 	 	139	 	 	 	142	 	 	 	143	 	 	 	555	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	302	 	  	 	302	 	 	 	310	 	 	 	339	 	 	 	1,253	 	 	 	(1	) 	 	 	320	 	 	 	329	 	 	 	348	 	 	 	996	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				 				 				 				 				
Benefits and other changes in policy reserves(1)	  	 	190	 	  	 	215	 	 	 	213	 	 	 	282	 	 	 	900	 	 	 	(14	) 	 	 	252	 	 	 	245	 	 	 	282	 	 	 	765	 	
Interest credited	  	 	52	 	  	 	53	 	 	 	52	 	 	 	52	 	 	 	209	 	 	 	53	 	 	 	53	 	 	 	53	 	 	 	56	 	 	 	215	 	
Acquisition and operating expenses, net of deferrals	  	 	40	 	  	 	45	 	 	 	37	 	 	 	47	 	 	 	169	 	 	 	66	 	 	 	36	 	 	 	34	 	 	 	40	 	 	 	176	 	
Amortization of deferred acquisition costs and intangibles	  	 	23	 	  	 	45	 	 	 	49	 	 	 	50	 	 	 	167	 	 	 	62	 	 	 	59	 	 	 	43	 	 	 	41	 	 	 	205	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	305	 	  	 	358	 	 	 	351	 	 	 	431	 	 	 	1,445	 	 	 	167	 	 	 	400	 	 	 	375	 	 	 	419	 	 	 	1,361	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(3	) 	  	 	(56	) 	 	 	(41	) 	 	 	(92	) 	 	 	(192	) 	 	 	(168	) 	 	 	(80	) 	 	 	(46	) 	 	 	(71	) 	 	 	(365	) 	
Benefit for income taxes	  	 	(1	) 	  	 	(12	) 	 	 	(9	) 	 	 	(20	) 	 	 	(42	) 	 	 	(37	) 	 	 	(17	) 	 	 	(10	) 	 	 	(15	) 	 	 	(79	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LOSS FROM CONTINUING OPERATIONS	  	 	(2	) 	  	 	(44	) 	 	 	(32	) 	 	 	(72	) 	 	 	(150	) 	 	 	(131	) 	 	 	(63	) 	 	 	(36	) 	 	 	(56	) 	 	 	(286	) 	
	 										
ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:	  			 	  				 				 				 				 				 				 				 				 				
Net investment (gains) losses	  	 	(1	) 	  	 	7	 	 	 	(2	) 	 	 	(9	) 	 	 	(5	) 	 	 	(50	) 	 	 	(6	) 	 	 	(6	) 	 	 	(12	) 	 	 	(74	) 	
Initial loss from life block transaction	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	
Expenses related to restructuring	  	 	(1	) 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	3	 	 	 	4	 	
Pension plan termination costs	  	 	2	 	  	 	6	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Taxes on adjustments	  	 	—  	 	  	 	(2	) 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	(9	) 	 	 	1	 	 	 	1	 	 	 	2	 	 	 	(5	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING LOSS	  	$	(2	) 	  	$	(33	) 	 	$	(34	) 	 	$	(79	) 	 	$	(148	) 	 	$	(98	) 	 	$	(68	) 	 	$	(40	) 	 	$	(63	) 	 	$	(269	) 	

 

(1) 	In the fourth quarter of 2021, as part of a life block transaction, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies. This new reinsurance agreement primarily reduced premiums by $360 million and reduced benefits and other changes in policy reserves by $268 million for the amounts initially ceded.	
 
25

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Income—U.S. Life Insurance Segment—Fixed Annuities
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	 				 				 				 				 				 				 				 				 				
Premiums	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net investment income	  	 	93	 	 	 	96	 	 	 	93	 	 	 	108	 	 	 	390	 	 	 	121	 	 	 	124	 	 	 	128	 	 	 	126	 	 	 	499	 	
Net investment gains (losses)	  	 	(4	) 	 	 	(7	) 	 	 	(3	) 	 	 	6	 	 	 	(8	) 	 	 	1	 	 	 	1	 	 	 	(7	) 	 	 	3	 	 	 	(2	) 	
Policy fees and other income	  	 	1	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	7	 	 	 	3	 	 	 	2	 	 	 	1	 	 	 	3	 	 	 	9	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	90	 	 	 	91	 	 	 	92	 	 	 	116	 	 	 	389	 	 	 	125	 	 	 	127	 	 	 	122	 	 	 	132	 	 	 	506	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	 				 				 				 				 				 				 				 				 				
Benefits and other changes in policy reserves(1)	  	 	38	 	 	 	34	 	 	 	(332	) 	 	 	47	 	 	 	(213	) 	 	 	46	 	 	 	43	 	 	 	62	 	 	 	44	 	 	 	195	 	
Interest credited	  	 	27	 	 	 	28	 	 	 	28	 	 	 	30	 	 	 	113	 	 	 	31	 	 	 	32	 	 	 	34	 	 	 	34	 	 	 	131	 	
Acquisition and operating expenses, net of deferrals(1)	  	 	7	 	 	 	7	 	 	 	372	 	 	 	9	 	 	 	395	 	 	 	14	 	 	 	10	 	 	 	9	 	 	 	11	 	 	 	44	 	
Amortization of deferred acquisition costs and intangibles	  	 	3	 	 	 	3	 	 	 	—  	 	 	 	4	 	 	 	10	 	 	 	7	 	 	 	6	 	 	 	7	 	 	 	3	 	 	 	23	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	75	 	 	 	72	 	 	 	68	 	 	 	90	 	 	 	305	 	 	 	98	 	 	 	91	 	 	 	112	 	 	 	92	 	 	 	393	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	15	 	 	 	19	 	 	 	24	 	 	 	26	 	 	 	84	 	 	 	27	 	 	 	36	 	 	 	10	 	 	 	40	 	 	 	113	 	
Provision for income taxes	  	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	18	 	 	 	6	 	 	 	7	 	 	 	2	 	 	 	9	 	 	 	24	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	12	 	 	 	15	 	 	 	19	 	 	 	20	 	 	 	66	 	 	 	21	 	 	 	29	 	 	 	8	 	 	 	31	 	 	 	89	 	
	 										
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:	  			 	 				 				 				 				 				 				 				 				 				
Net investment (gains) losses, net(2)	  	 	4	 	 	 	6	 	 	 	2	 	 	 	(5	) 	 	 	7	 	 	 	(2	) 	 	 	(1	) 	 	 	6	 	 	 	(2	) 	 	 	1	 	
Expenses related to restructuring	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	1	 	
Taxes on adjustments	  	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	1	 	 	 	(1	) 	 	 	1	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	  	$	16	 	 	$	19	 	 	$	21	 	 	$	16	 	 	$	72	 	 	$	20	 	 	$	28	 	 	$	13	 	 	$	30	 	 	$	91	 	

 
(1)  In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.
(2)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:	   
   	
Net investment (gains) losses, gross	  	$	4	 	 	$	7	 	 	$	3	 	 	$	(6	) 	 	$	8	 	 	$	(1	) 	 	$	(1	) 	 	$	7	 	 	$	(3	) 	 	$	2	 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	  	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	1	 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	1	 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment (gains) losses, net	  	$	4	 	 	$	6	 	 	$	2	 	 	$	(5	) 	 	$	7	 	 	$	(2	) 	 	$	(1	) 	 	$	6	 	 	$	(2	) 	 	$	1	 	

26

 
Runoff Segment
 
27

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Income—Runoff Segment
(amounts in millions)

 	 	2022	 	 	2021	 	
 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	 			 	 				 				 				 				 				 				 				 				 				
Net investment income	 	$	56	 	 	$	57	 	 	$	51	 	 	$	50	 	 	$	214	 	 	$	53	 	 	$	49	 	 	$	43	 	 	$	49	 	 	$	194	 	
Net investment gains (losses)	 	 	21	 	 	 	(12	) 	 	 	(10	) 	 	 	(15	) 	 	 	(16	) 	 	 	—  	 	 	 	(1	) 	 	 	10	 	 	 	(6	) 	 	 	3	 	
Policy fees and other income	 	 	26	 	 	 	28	 	 	 	29	 	 	 	31	 	 	 	114	 	 	 	33	 	 	 	33	 	 	 	35	 	 	 	33	 	 	 	134	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	103	 	 	 	73	 	 	 	70	 	 	 	66	 	 	 	312	 	 	 	86	 	 	 	81	 	 	 	88	 	 	 	76	 	 	 	331	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	 			 	 				 				 				 				 				 				 				 				 				
Benefits and other changes in policy reserves	 	 	6	 	 	 	10	 	 	 	11	 	 	 	8	 	 	 	35	 	 	 	5	 	 	 	12	 	 	 	2	 	 	 	8	 	 	 	27	 	
Interest credited	 	 	46	 	 	 	47	 	 	 	45	 	 	 	43	 	 	 	181	 	 	 	43	 	 	 	38	 	 	 	40	 	 	 	41	 	 	 	162	 	
Acquisition and operating expenses, net of deferrals	 	 	8	 	 	 	10	 	 	 	12	 	 	 	12	 	 	 	42	 	 	 	14	 	 	 	12	 	 	 	14	 	 	 	13	 	 	 	53	 	
Amortization of deferred acquisition costs and intangibles	 	 	2	 	 	 	6	 	 	 	9	 	 	 	6	 	 	 	23	 	 	 	4	 	 	 	7	 	 	 	4	 	 	 	5	 	 	 	20	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	62	 	 	 	73	 	 	 	77	 	 	 	69	 	 	 	281	 	 	 	66	 	 	 	69	 	 	 	60	 	 	 	67	 	 	 	262	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	 	41	 	 	 	—  	 	 	 	(7	) 	 	 	(3	) 	 	 	31	 	 	 	20	 	 	 	12	 	 	 	28	 	 	 	9	 	 	 	69	 	
Provision (benefit) for income taxes	 	 	9	 	 	 	(1	) 	 	 	(2	) 	 	 	(1	) 	 	 	5	 	 	 	4	 	 	 	2	 	 	 	6	 	 	 	1	 	 	 	13	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS	 	 	32	 	 	 	1	 	 	 	(5	) 	 	 	(2	) 	 	 	26	 	 	 	16	 	 	 	10	 	 	 	22	 	 	 	8	 	 	 	56	 	
	 	 									
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:	 			 	 				 				 				 				 				 				 				 				 				
Net investment (gains) losses, net(1)	 	 	(20	) 	 	 	11	 	 	 	9	 	 	 	14	 	 	 	14	 	 	 	—  	 	 	 	1	 	 	 	(9	) 	 	 	5	 	 	 	(3	) 	
Taxes on adjustments	 	 	5	 	 	 	(3	) 	 	 	(2	) 	 	 	(3	) 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	(1	) 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	 	$	17	 	 	$	9	 	 	$	2	 	 	$	9	 	 	$	37	 	 	$	16	 	 	$	11	 	 	$	15	 	 	$	12	 	 	$	54	 	

 
(1)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:	   	
Net investment (gains) losses, gross	 	$	(21	) 	 	$	12	 	 	$	10	 	 	$	15	 	 	$	16	 	 	$	—  	 	 	$	1	 	 	$	(10	) 	 	$	6	 	 	$	(3	) 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	 	 	1	 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	(1	) 	 	 	—  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment (gains) losses, net	 	$	(20	) 	 	$	11	 	 	$	9	 	 	$	14	 	 	$	14	 	 	$	—  	 	 	$	1	 	 	$	(9	) 	 	$	5	 	 	$	(3	) 	

28

 
Corporate and Other

 
29

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Adjusted Operating Income (Loss)—Corporate and Other(1) 
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				 				 				 				 				
Premiums	  	$	1	 	  	$	2	 	 	$	1	 	 	$	2	 	 	$	6	 	 	$	1	 	 	$	2	 	 	$	1	 	 	$	2	 	 	$	6	 	
Net investment income	  	 	4	 	  	 	1	 	 	 	—  	 	 	 	3	 	 	 	8	 	 	 	1	 	 	 	1	 	 	 	3	 	 	 	1	 	 	 	6	 	
Net investment gains (losses)	  	 	(21	) 	  	 	4	 	 	 	15	 	 	 	(13	) 	 	 	(15	) 	 	 	(2	) 	 	 	1	 	 	 	(4	) 	 	 	(2	) 	 	 	(7	) 	
Policy fees and other income	  	 	—  	 	  	 	(1	) 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	(16	) 	  	 	6	 	 	 	17	 	 	 	(8	) 	 	 	(1	) 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	1	 	 	 	6	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				 				 				 				 				
Benefits and other changes in policy reserves	  	 	1	 	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
Acquisition and operating expenses, net of deferrals	  	 	6	 	  	 	6	 	 	 	6	 	 	 	6	 	 	 	24	 	 	 	42	 	 	 	12	 	 	 	8	 	 	 	13	 	 	 	75	 	
Amortization of deferred acquisition costs and intangibles	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	2	 	
Interest expense	  	 	14	 	  	 	14	 	 	 	13	 	 	 	13	 	 	 	54	 	 	 	18	 	 	 	22	 	 	 	31	 	 	 	38	 	 	 	109	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	21	 	  	 	20	 	 	 	18	 	 	 	19	 	 	 	78	 	 	 	62	 	 	 	34	 	 	 	40	 	 	 	51	 	 	 	187	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	(37	) 	  	 	(14	) 	 	 	(1	) 	 	 	(27	) 	 	 	(79	) 	 	 	(62	) 	 	 	(29	) 	 	 	(40	) 	 	 	(50	) 	 	 	(181	) 	
Provision (benefit) for income taxes	  	 	(14	) 	  	 	2	 	 	 	3	 	 	 	(6	) 	 	 	(15	) 	 	 	(11	) 	 	 	(26	) 	 	 	(8	) 	 	 	(8	) 	 	 	(53	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LOSS FROM CONTINUING OPERATIONS	  	 	(23	) 	  	 	(16	) 	 	 	(4	) 	 	 	(21	) 	 	 	(64	) 	 	 	(51	) 	 	 	(3	) 	 	 	(32	) 	 	 	(42	) 	 	 	(128	) 	
	 										
ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:	  			 	  				 				 				 				 				 				 				 				 				
Net investment (gains) losses	  	 	21	 	  	 	(4	) 	 	 	(15	) 	 	 	13	 	 	 	15	 	 	 	2	 	 	 	(1	) 	 	 	4	 	 	 	2	 	 	 	7	 	
(Gains) losses on early extinguishment of debt	  	 	(1	) 	  	 	3	 	 	 	1	 	 	 	3	 	 	 	6	 	 	 	35	 	 	 	6	 	 	 	—  	 	 	 	4	 	 	 	45	 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	1	 	 	 	1	 	 	 	7	 	 	 	14	 	
Taxes on adjustments	  	 	(5	) 	  	 	—  	 	 	 	4	 	 	 	(4	) 	 	 	(5	) 	 	 	(9	) 	 	 	(2	) 	 	 	—  	 	 	 	(3	) 	 	 	(14	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	  	$	(8	) 	  	$	(17	) 	 	$	(14	) 	 	$	(9	) 	 	$	(48	) 	 	$	(18	) 	 	$	1	 	 	$	(27	) 	 	$	(32	) 	 	$	(76	) 	

 

(1) 	Includes inter-segment eliminations and the results of other businesses that are managed outside the operating segments, including certain international mortgage insurance businesses.	
 
30

 
Additional Financial Data

 
31

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Investments Summary
(amounts in millions)

 	  	December 31, 2022	 	  	September 30, 2022	 	 	June 30, 2022	 	 	March 31, 2022	 	 	December 31, 2021	 		
 	  	Carrying
Amount	 	  	% of
Total	 	  	Carrying
Amount	 	  	% of
Total	 	 	Carrying
Amount	 	  	% of
Total	 	 	Carrying
Amount	 	  	% of
Total	 	 	Carrying
Amount	 	  	% of
Total	 		
	Composition of Investment Portfolio	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Fixed maturity securities:	  				  			 	  				  				 				  				 				  				 				  					
Investment grade:	  				  			 	  				  				 				  				 				  				 				  					
Public fixed maturity securities	  	$	26,047	 	  	 	43	% 	  	$	25,550	 	  	 	43	% 	 	$	27,342	 	  	 	43	% 	 	$	30,897	 	  	 	45	% 	 	$	34,181	 	  	 	46	% 		
Private fixed maturity securities	  	 	11,126	 	  	 	19	 	  	 	10,997	 	  	 	18	 	 	 	11,727	 	  	 	19	 	 	 	12,873	 	  	 	19	 	 	 	13,872	 	  	 	19	 		
Residential mortgage-backed securities(1)	  	 	995	 	  	 	2	 	  	 	1,069	 	  	 	2	 	 	 	1,213	 	  	 	2	 	 	 	1,320	 	  	 	2	 	 	 	1,440	 	  	 	2	 		
Commercial mortgage-backed securities	  	 	1,900	 	  	 	3	 	  	 	1,980	 	  	 	3	 	 	 	2,126	 	  	 	3	 	 	 	2,349	 	  	 	3	 	 	 	2,570	 	  	 	3	 		
Other asset-backed securities	  	 	2,117	 	  	 	3	 	  	 	2,139	 	  	 	4	 	 	 	2,009	 	  	 	3	 	 	 	2,016	 	  	 	3	 	 	 	2,127	 	  	 	3	 		
State and political subdivisions	  	 	2,399	 	  	 	4	 	  	 	2,532	 	  	 	4	 	 	 	2,849	 	  	 	5	 	 	 	3,134	 	  	 	5	 	 	 	3,450	 	  	 	5	 		
Non-investment grade fixed maturity securities	  	 	1,999	 	  	 	3	 	  	 	1,948	 	  	 	3	 	 	 	2,020	 	  	 	3	 	 	 	2,438	 	  	 	4	 	 	 	2,840	 	  	 	4	 		
Equity securities:	  				  			 	  				  				 				  				 				  				 				  					
Common stocks and mutual funds	  	 	258	 	  	 	1	 	  	 	204	 	  	 	—  	 	 	 	172	 	  	 	—  	 	 	 	151	 	  	 	—  	 	 	 	115	 	  	 	—  	 		
Preferred stocks	  	 	61	 	  	 	—  	 	  	 	70	 	  	 	—  	 	 	 	71	 	  	 	—  	 	 	 	79	 	  	 	—  	 	 	 	83	 	  	 	—  	 		
Commercial mortgage loans, net	  	 	7,010	 	  	 	11	 	  	 	7,063	 	  	 	11	 	 	 	7,065	 	  	 	12	 	 	 	6,913	 	  	 	10	 	 	 	6,830	 	  	 	9	 		
Policy loans	  	 	2,139	 	  	 	3	 	  	 	2,153	 	  	 	4	 	 	 	2,178	 	  	 	3	 	 	 	2,028	 	  	 	3	 	 	 	2,050	 	  	 	3	 		
Limited partnerships	  	 	2,331	 	  	 	4	 	  	 	2,195	 	  	 	4	 	 	 	2,123	 	  	 	3	 	 	 	2,007	 	  	 	3	 	 	 	1,900	 	  	 	3	 		
Cash, cash equivalents, restricted cash and short-term investments	  	 	1,802	 	  	 	3	 	  	 	1,563	 	  	 	3	 	 	 	1,774	 	  	 	3	 	 	 	1,367	 	  	 	2	 	 	 	1,597	 	  	 	2	 		
Other invested assets:	  	Derivatives:	  				  			 	  				  				 				  				 				  				 				  					
	  	Interest rate swaps	  	 	24	 	  	 	—  	 	  	 	25	 	  	 	—  	 	 	 	30	 	  	 	—  	 	 	 	162	 	  	 	—  	 	 	 	364	 	  	 	—  	 		
	  	Foreign currency swaps	  	 	20	 	  	 	—  	 	  	 	32	 	  	 	—  	 	 	 	17	 	  	 	—  	 	 	 	5	 	  	 	—  	 	 	 	6	 	  	 	—  	 		
	  	Equity index options	  	 	6	 	  	 	—  	 	  	 	38	 	  	 	—  	 	 	 	30	 	  	 	—  	 	 	 	30	 	  	 	—  	 	 	 	42	 	  	 	—  	 		
	  	Other foreign currency contracts	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	2	 	  	 	—  	 		
	  	Other	  	 	513	 	  	 	1	 	  	 	493	 	  	 	1	 	 	 	446	 	  	 	1	 	 	 	398	 	  	 	1	 	 	 	380	 	  	 	1	 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total invested assets and cash	  	$	60,747	 	  	 	100	% 	  	$	60,051	 	  	 	100	% 	 	$	63,192	 	  	 	100	% 	 	$	68,167	 	  	 	100	% 	 	$	73,849	 	  	 	100	% 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
	Public Fixed Maturity Securities—Credit Quality:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
    NRSRO(2) Designation	  	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 		
                           AAA	  	$	6,067	 	  	 	19	% 	  	$	6,174	 	  	 	20	% 	 	$	6,713	 	  	 	20	% 	 	$	7,484	 	  	 	20	% 	 	$	8,316	 	  	 	20	% 		
                             AA	  	 	2,859	 	  	 	9	 	  	 	2,958	 	  	 	9	 	 	 	3,245	 	  	 	10	 	 	 	3,538	 	  	 	9	 	 	 	3,872	 	  	 	9	 		
                               A	  	 	8,398	 	  	 	27	 	  	 	8,278	 	  	 	26	 	 	 	8,886	 	  	 	26	 	 	 	9,880	 	  	 	26	 	 	 	11,039	 	  	 	26	 		
                           BBB	  	 	13,623	 	  	 	43	 	  	 	13,322	 	  	 	43	 	 	 	14,155	 	  	 	42	 	 	 	16,177	 	  	 	42	 	 	 	17,789	 	  	 	42	 		
                             BB	  	 	776	 	  	 	2	 	  	 	780	 	  	 	2	 	 	 	846	 	  	 	2	 	 	 	1,079	 	  	 	3	 	 	 	1,443	 	  	 	3	 		
                               B	  	 	34	 	  	 	—  	 	  	 	33	 	  	 	—  	 	 	 	33	 	  	 	—  	 	 	 	61	 	  	 	—  	 	 	 	42	 	  	 	—  	 		
                     CCC and lower	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total public fixed maturity securities	  	$	31,757	 	  	 	100	% 	  	$	31,545	 	  	 	100	% 	 	$	33,878	 	  	 	100	% 	 	$	38,219	 	  	 	100	% 	 	$	42,501	 	  	 	100	% 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
	Private Fixed Maturity Securities—Credit Quality:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
    NRSRO(2) Designation	  	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 		
                           AAA	  	$	825	 	  	 	6	% 	  	$	830	 	  	 	6	% 	 	$	806	 	  	 	5	% 	 	$	775	 	  	 	5	% 	 	$	821	 	  	 	5	% 		
                             AA	  	 	1,421	 	  	 	10	 	  	 	1,407	 	  	 	10	 	 	 	1,421	 	  	 	9	 	 	 	1,554	 	  	 	9	 	 	 	1,718	 	  	 	9	 		
                               A	  	 	4,170	 	  	 	28	 	  	 	4,059	 	  	 	28	 	 	 	4,308	 	  	 	28	 	 	 	4,773	 	  	 	28	 	 	 	5,224	 	  	 	29	 		
                           BBB	  	 	7,221	 	  	 	48	 	  	 	7,239	 	  	 	48	 	 	 	7,732	 	  	 	50	 	 	 	8,408	 	  	 	50	 	 	 	8,861	 	  	 	49	 		
                             BB	  	 	1,076	 	  	 	7	 	  	 	1,028	 	  	 	7	 	 	 	1,015	 	  	 	7	 	 	 	1,159	 	  	 	7	 	 	 	1,186	 	  	 	7	 		
                               B	  	 	113	 	  	 	1	 	  	 	107	 	  	 	1	 	 	 	120	 	  	 	1	 	 	 	131	 	  	 	1	 	 	 	161	 	  	 	1	 		
                     CCC and lower	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	6	 	  	 	—  	 	 	 	8	 	  	 	—  	 	 	 	8	 	  	 	—  	 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total private fixed maturity securities	  	$	14,826	 	  	 	100	% 	  	$	14,670	 	  	 	100	% 	 	$	15,408	 	  	 	100	% 	 	$	16,808	 	  	 	100	% 	 	$	17,979	 	  	 	100	% 		

 

(1) 	The company does not have any material exposure to residential mortgage-backed securities collateralized debt obligations (CDOs).	
(2) 	Nationally Recognized Statistical Rating Organizations.	
 
32

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Fixed Maturity Securities Summary
(amounts in millions)

 	  	December 31, 2022	 	  	September 30, 2022	 	 	June 30, 2022	 	 	March 31, 2022	 	 	December 31, 2021	 	
 	  	Fair Value	 	  	% of
Total	 	  	Fair Value	 	  	% of
Total	 	 	Fair Value	 	  	% of
Total	 	 	Fair Value	 	  	% of
Total	 	 	Fair Value	 	  	% of
Total	 	
Fixed Maturity Securities—Security Sector:	  				  			 	  				  				 				  				 				  				 				  				
	 	 									
U.S. government, agencies and government-sponsored enterprises	  	$	3,341	 	  	 	7	% 	  	$	3,307	 	  	 	7	% 	 	$	3,627	 	  	 	7	% 	 	$	4,097	 	  	 	8	% 	 	$	4,552	 	  	 	8	% 	
State and political subdivisions	  	 	2,399	 	  	 	5	 	  	 	2,532	 	  	 	6	 	 	 	2,849	 	  	 	6	 	 	 	3,134	 	  	 	6	 	 	 	3,450	 	  	 	6	 	
Foreign government	  	 	645	 	  	 	1	 	  	 	622	 	  	 	1	 	 	 	682	 	  	 	1	 	 	 	784	 	  	 	1	 	 	 	835	 	  	 	1	 	
U.S. corporate	  	 	27,119	 	  	 	59	 	  	 	26,562	 	  	 	58	 	 	 	28,243	 	  	 	58	 	 	 	31,823	 	  	 	58	 	 	 	34,924	 	  	 	58	 	
Foreign corporate	  	 	8,010	 	  	 	17	 	  	 	7,947	 	  	 	17	 	 	 	8,482	 	  	 	17	 	 	 	9,453	 	  	 	17	 	 	 	10,535	 	  	 	17	 	
Residential mortgage-backed securities	  	 	995	 	  	 	2	 	  	 	1,069	 	  	 	2	 	 	 	1,213	 	  	 	2	 	 	 	1,320	 	  	 	2	 	 	 	1,440	 	  	 	2	 	
Commercial mortgage-backed securities	  	 	1,908	 	  	 	4	 	  	 	1,989	 	  	 	4	 	 	 	2,137	 	  	 	5	 	 	 	2,361	 	  	 	4	 	 	 	2,584	 	  	 	4	 	
Other asset-backed securities	  	 	2,166	 	  	 	5	 	  	 	2,187	 	  	 	5	 	 	 	2,053	 	  	 	4	 	 	 	2,055	 	  	 	4	 	 	 	2,160	 	  	 	4	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	46,583	 	  	 	100	% 	  	$	46,215	 	  	 	100	% 	 	$	49,286	 	  	 	100	% 	 	$	55,027	 	  	 	100	% 	 	$	60,480	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Corporate Bond Holdings—Industry Sector:	  				  			 	  				  				 				  				 				  				 				  				
	 	 									
Investment Grade:	  				  			 	  				  				 				  				 				  				 				  				
Finance and insurance	  	$	8,986	 	  	 	26	% 	  	$	8,858	 	  	 	26	% 	 	$	9,313	 	  	 	25	% 	 	$	10,235	 	  	 	25	% 	 	$	11,204	 	  	 	25	% 	
Utilities	  	 	4,591	 	  	 	13	 	  	 	4,476	 	  	 	13	 	 	 	4,857	 	  	 	14	 	 	 	5,450	 	  	 	14	 	 	 	5,963	 	  	 	13	 	
Energy	  	 	2,813	 	  	 	8	 	  	 	2,790	 	  	 	8	 	 	 	3,043	 	  	 	8	 	 	 	3,372	 	  	 	8	 	 	 	3,622	 	  	 	8	 	
Consumer - non-cyclical	  	 	4,872	 	  	 	14	 	  	 	4,782	 	  	 	14	 	 	 	5,221	 	  	 	15	 	 	 	5,967	 	  	 	15	 	 	 	6,635	 	  	 	15	 	
Consumer - cyclical	  	 	1,594	 	  	 	5	 	  	 	1,557	 	  	 	5	 	 	 	1,576	 	  	 	4	 	 	 	1,758	 	  	 	4	 	 	 	1,877	 	  	 	4	 	
Capital goods	  	 	2,517	 	  	 	7	 	  	 	2,505	 	  	 	7	 	 	 	2,677	 	  	 	7	 	 	 	2,972	 	  	 	7	 	 	 	3,291	 	  	 	7	 	
Industrial	  	 	1,863	 	  	 	5	 	  	 	1,806	 	  	 	5	 	 	 	1,877	 	  	 	5	 	 	 	2,092	 	  	 	5	 	 	 	2,278	 	  	 	5	 	
Technology and communications	  	 	3,564	 	  	 	10	 	  	 	3,481	 	  	 	10	 	 	 	3,681	 	  	 	10	 	 	 	4,224	 	  	 	10	 	 	 	4,612	 	  	 	10	 	
Transportation	  	 	1,439	 	  	 	4	 	  	 	1,385	 	  	 	4	 	 	 	1,465	 	  	 	4	 	 	 	1,642	 	  	 	4	 	 	 	1,832	 	  	 	4	 	
Other	  	 	1,048	 	  	 	3	 	  	 	1,072	 	  	 	3	 	 	 	1,147	 	  	 	3	 	 	 	1,298	 	  	 	3	 	 	 	1,473	 	  	 	3	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	33,287	 	  	 	95	 	  	 	32,712	 	  	 	95	 	 	 	34,857	 	  	 	95	 	 	 	39,010	 	  	 	95	 	 	 	42,787	 	  	 	94	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Non-Investment Grade:	  				  			 	  				  				 				  				 				  				 				  				
Finance and insurance	  	 	153	 	  	 	1	 	  	 	159	 	  	 	1	 	 	 	168	 	  	 	1	 	 	 	185	 	  	 	—  	 	 	 	219	 	  	 	—  	 	
Utilities	  	 	47	 	  	 	—  	 	  	 	48	 	  	 	—  	 	 	 	56	 	  	 	—  	 	 	 	62	 	  	 	—  	 	 	 	69	 	  	 	—  	 	
Energy	  	 	409	 	  	 	1	 	  	 	399	 	  	 	1	 	 	 	431	 	  	 	1	 	 	 	568	 	  	 	1	 	 	 	695	 	  	 	2	 	
Consumer - non-cyclical	  	 	151	 	  	 	—  	 	  	 	140	 	  	 	—  	 	 	 	141	 	  	 	—  	 	 	 	192	 	  	 	1	 	 	 	267	 	  	 	1	 	
Consumer - cyclical	  	 	299	 	  	 	1	 	  	 	302	 	  	 	1	 	 	 	290	 	  	 	1	 	 	 	321	 	  	 	1	 	 	 	363	 	  	 	1	 	
Capital goods	  	 	167	 	  	 	1	 	  	 	158	 	  	 	1	 	 	 	146	 	  	 	—  	 	 	 	159	 	  	 	—  	 	 	 	159	 	  	 	—  	 	
Industrial	  	 	152	 	  	 	—  	 	  	 	146	 	  	 	—  	 	 	 	171	 	  	 	1	 	 	 	209	 	  	 	1	 	 	 	263	 	  	 	1	 	
Technology and communications	  	 	277	 	  	 	1	 	  	 	266	 	  	 	1	 	 	 	286	 	  	 	1	 	 	 	372	 	  	 	1	 	 	 	446	 	  	 	1	 	
Transportation	  	 	36	 	  	 	—  	 	  	 	35	 	  	 	—  	 	 	 	29	 	  	 	—  	 	 	 	29	 	  	 	—  	 	 	 	28	 	  	 	—  	 	
Other	  	 	151	 	  	 	—  	 	  	 	144	 	  	 	—  	 	 	 	150	 	  	 	—  	 	 	 	169	 	  	 	—  	 	 	 	163	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	1,842	 	  	 	5	 	  	 	1,797	 	  	 	5	 	 	 	1,868	 	  	 	5	 	 	 	2,266	 	  	 	5	 	 	 	2,672	 	  	 	6	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	35,129	 	  	 	100	% 	  	$	34,509	 	  	 	100	% 	 	$	36,725	 	  	 	100	% 	 	$	41,276	 	  	 	100	% 	 	$	45,459	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Fixed Maturity Securities—Contractual Maturity Dates:	  				  			 	  				  				 				  				 				  				 				  				
	 	 									
Due in one year or less	  	$	1,234	 	  	 	3	% 	  	$	1,128	 	  	 	2	% 	 	$	1,314	 	  	 	3	% 	 	$	1,420	 	  	 	3	% 	 	$	1,499	 	  	 	2	% 	
Due after one year through five years	  	 	7,931	 	  	 	17	 	  	 	7,856	 	  	 	17	 	 	 	7,958	 	  	 	16	 	 	 	8,501	 	  	 	15	 	 	 	8,807	 	  	 	15	 	
Due after five years through ten years	  	 	11,915	 	  	 	26	 	  	 	11,751	 	  	 	25	 	 	 	12,765	 	  	 	26	 	 	 	13,943	 	  	 	25	 	 	 	15,053	 	  	 	25	 	
Due after ten years	  	 	20,434	 	  	 	43	 	  	 	20,235	 	  	 	45	 	 	 	21,846	 	  	 	44	 	 	 	25,427	 	  	 	47	 	 	 	28,937	 	  	 	48	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	41,514	 	  	 	89	 	  	 	40,970	 	  	 	89	 	 	 	43,883	 	  	 	89	 	 	 	49,291	 	  	 	90	 	 	 	54,296	 	  	 	90	 	
Mortgage and asset-backed securities	  	 	5,069	 	  	 	11	 	  	 	5,245	 	  	 	11	 	 	 	5,403	 	  	 	11	 	 	 	5,736	 	  	 	10	 	 	 	6,184	 	  	 	10	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	46,583	 	  	 	100	% 	  	$	46,215	 	  	 	100	% 	 	$	49,286	 	  	 	100	% 	 	$	55,027	 	  	 	100	% 	 	$	60,480	 	  	 	100	% 	

 
33

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
General Account U.S. GAAP Net Investment Income Yields
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
U.S. GAAP Net Investment Income	  			 	  				 				 				 				 				 				 				 				 				
Fixed maturity securities - taxable	  	$	562	 	  	$	576	 	 	$	578	 	 	$	580	 	 	$	2,296	 	 	$	590	 	 	$	614	 	 	$	608	 	 	$	599	 	 	$	2,411	 	
Fixed maturity securities - non-taxable	  	 	1	 	  	 	2	 	 	 	1	 	 	 	1	 	 	 	5	 	 	 	2	 	 	 	2	 	 	 	1	 	 	 	2	 	 	 	7	 	
Equity securities	  	 	3	 	  	 	3	 	 	 	2	 	 	 	2	 	 	 	10	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	3	 	 	 	9	 	
Commercial mortgage loans	  	 	81	 	  	 	81	 	 	 	78	 	 	 	81	 	 	 	321	 	 	 	102	 	 	 	93	 	 	 	103	 	 	 	78	 	 	 	376	 	
Policy loans	  	 	55	 	  	 	55	 	 	 	51	 	 	 	50	 	 	 	211	 	 	 	52	 	 	 	47	 	 	 	40	 	 	 	50	 	 	 	189	 	
Limited partnerships	  	 	22	 	  	 	38	 	 	 	32	 	 	 	7	 	 	 	99	 	 	 	79	 	 	 	59	 	 	 	54	 	 	 	31	 	 	 	223	 	
Other invested assets	  	 	71	 	  	 	67	 	 	 	66	 	 	 	63	 	 	 	267	 	 	 	62	 	 	 	63	 	 	 	58	 	 	 	58	 	 	 	241	 	
Cash, cash equivalents, restricted cash and short-term investments	  	 	12	 	  	 	7	 	 	 	1	 	 	 	—  	 	 	 	20	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income before expenses and fees	  	 	807	 	  	 	829	 	 	 	809	 	 	 	784	 	 	 	3,229	 	 	 	889	 	 	 	881	 	 	 	866	 	 	 	821	 	 	 	3,457	 	
Expenses and fees	  	 	(20	) 	  	 	(21	) 	 	 	(22	) 	 	 	(20	) 	 	 	(83	) 	 	 	(23	) 	 	 	(22	) 	 	 	(22	) 	 	 	(20	) 	 	 	(87	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	$	787	 	  	$	808	 	 	$	787	 	 	$	764	 	 	$	3,146	 	 	$	866	 	 	$	859	 	 	$	844	 	 	$	801	 	 	$	3,370	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized Yields	  			 	  				 				 				 				 				 				 				 				 				
Fixed maturity securities - taxable	  	 	4.4	% 	  	 	4.5	% 	 	 	4.5	% 	 	 	4.4	% 	 	 	4.5	% 	 	 	4.5	% 	 	 	4.6	% 	 	 	4.6	% 	 	 	4.5	% 	 	 	4.5	% 	
Fixed maturity securities - non-taxable	  	 	4.0	% 	  	 	7.1	% 	 	 	3.6	% 	 	 	3.6	% 	 	 	4.7	% 	 	 	6.7	% 	 	 	6.3	% 	 	 	3.1	% 	 	 	6.3	% 	 	 	5.6	% 	
Equity securities	  	 	4.0	% 	  	 	4.6	% 	 	 	3.4	% 	 	 	3.7	% 	 	 	4.0	% 	 	 	4.5	% 	 	 	5.3	% 	 	 	4.1	% 	 	 	3.8	% 	 	 	4.0	% 	
Commercial mortgage loans	  	 	4.6	% 	  	 	4.6	% 	 	 	4.5	% 	 	 	4.7	% 	 	 	4.6	% 	 	 	5.9	% 	 	 	5.4	% 	 	 	6.0	% 	 	 	4.6	% 	 	 	5.5	% 	
Policy loans	  	 	10.3	% 	  	 	10.2	% 	 	 	9.7	% 	 	 	9.8	% 	 	 	10.0	% 	 	 	10.1	% 	 	 	9.1	% 	 	 	7.9	% 	 	 	10.1	% 	 	 	9.3	% 	
Limited partnerships(1)	  	 	3.9	% 	  	 	7.0	% 	 	 	6.2	% 	 	 	1.4	% 	 	 	4.7	% 	 	 	18.0	% 	 	 	15.9	% 	 	 	17.2	% 	 	 	11.2	% 	 	 	15.7	% 	
Other invested assets(2)	  	 	56.6	% 	  	 	57.0	% 	 	 	62.6	% 	 	 	64.8	% 	 	 	59.9	% 	 	 	71.9	% 	 	 	79.5	% 	 	 	68.6	% 	 	 	65.0	% 	 	 	69.7	% 	
Cash, cash equivalents, restricted cash and short-term investments	  	 	2.9	% 	  	 	1.7	% 	 	 	0.3	% 	 	 	—  	% 	 	 	1.2	% 	 	 	—  	% 	 	 	0.2	% 	 	 	—  	% 	 	 	—  	% 	 	 	—  	% 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income before expenses and fees	  	 	5.0	% 	  	 	5.1	% 	 	 	4.9	% 	 	 	4.8	% 	 	 	5.0	% 	 	 	5.4	% 	 	 	5.3	% 	 	 	5.2	% 	 	 	5.0	% 	 	 	5.2	% 	
Expenses and fees	  	 	(0.2	)% 	  	 	(0.1	)% 	 	 	(0.1	)% 	 	 	(0.1	)% 	 	 	(0.2	)% 	 	 	(0.1	)% 	 	 	(0.1	)% 	 	 	(0.1	)% 	 	 	(0.2	)% 	 	 	(0.1	)% 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	 	4.8	% 	  	 	5.0	% 	 	 	4.8	% 	 	 	4.7	% 	 	 	4.8	% 	 	 	5.3	% 	 	 	5.2	% 	 	 	5.1	% 	 	 	4.8	% 	 	 	5.1	% 	

Yields are based on net investment income as reported under U.S. GAAP and are consistent with how the company measures its investment performance for management purposes. Yields are annualized, for interim periods, and are calculated as net investment income as a percentage of average quarterly asset carrying values except for fixed maturity securities, derivatives and derivative counterparty collateral, which exclude unrealized fair value adjustments, and securities lending activity, which was included in other invested assets prior to the suspension of the company’s securities lending program in the third quarter of 2021 and was calculated net of the corresponding securities lending liability. See page 39 herein for average invested assets and cash used in the yield calculation.

(1) 	Limited partnership investments are primarily equity-based and do not have fixed returns by period.	
(2) 	Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation.	
 
34

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Net Investment Gains (Losses), Net—Detail
(amounts in millions)

 	  	2022	 	 	2021	 	
 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Realized investment gains (losses):	  			 	  				 				 				 				 				 				 				 				 				
Net realized gains (losses) on available-for-sale securities:	  			 	  				 				 				 				 				 				 				 				 				
Fixed maturity securities:	  			 	  				 				 				 				 				 				 				 				 				
U.S. corporate	  	$	(25	) 	  	$	(23	) 	 	$	(2	) 	 	$	(12	) 	 	$	(62	) 	 	$	28	 	 	$	8	 	 	$	2	 	 	$	4	 	 	$	42	 	
U.S. government, agencies and government-sponsored enterprises	  	 	—  	 	  	 	9	 	 	 	—  	 	 	 	6	 	 	 	15	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Foreign corporate	  	 	(6	) 	  	 	(7	) 	 	 	(1	) 	 	 	(2	) 	 	 	(16	) 	 	 	10	 	 	 	1	 	 	 	(2	) 	 	 	1	 	 	 	10	 	
Foreign government	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	1	 	 	 	—  	 	 	 	—  	 	
Mortgage-backed securities	  	 	(4	) 	  	 	(5	) 	 	 	(1	) 	 	 	—  	 	 	 	(10	) 	 	 	3	 	 	 	3	 	 	 	—  	 	 	 	(1	) 	 	 	5	 	
Asset-backed securities	  	 	—  	 	  	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net realized gains (losses) on available-for-sale securities	  	 	(35	) 	  	 	(27	) 	 	 	(4	) 	 	 	(8	) 	 	 	(74	) 	 	 	41	 	 	 	11	 	 	 	1	 	 	 	4	 	 	 	57	 	
Net realized gains (losses) on equity securities sold	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	(5	) 	 	 	(7	) 	
Net realized gains (losses) on limited partnerships	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3	 	 	 	3	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net realized investment gains (losses)	  	 	(35	) 	  	 	(27	) 	 	 	(4	) 	 	 	(8	) 	 	 	(74	) 	 	 	41	 	 	 	11	 	 	 	(1	) 	 	 	2	 	 	 	53	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net change in allowance for credit losses on available-for-sale fixed maturity securities	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(4	) 	 	 	(2	) 	 	 	(6	) 	
Write-down of available-for-sale fixed maturity securities	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	
Net unrealized gains (losses) on equity securities still held	  	 	11	 	  	 	(13	) 	 	 	(27	) 	 	 	(6	) 	 	 	(35	) 	 	 	4	 	 	 	(1	) 	 	 	6	 	 	 	(8	) 	 	 	1	 	
Net unrealized gains (losses) on limited partnerships	  	 	36	 	  	 	(24	) 	 	 	24	 	 	 	35	 	 	 	71	 	 	 	90	 	 	 	75	 	 	 	65	 	 	 	34	 	 	 	264	 	
Commercial mortgage loans	  	 	1	 	  	 	—  	 	 	 	2	 	 	 	1	 	 	 	4	 	 	 	(4	) 	 	 	3	 	 	 	(1	) 	 	 	(1	) 	 	 	(3	) 	
Derivative instruments	  	 	9	 	  	 	(5	) 	 	 	9	 	 	 	4	 	 	 	17	 	 	 	5	 	 	 	(3	) 	 	 	4	 	 	 	8	 	 	 	14	 	
Other	  	 	(6	) 	  	 	—  	 	 	 	4	 	 	 	4	 	 	 	2	 	 	 	(4	) 	 	 	3	 	 	 	1	 	 	 	1	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses), gross	  	 	16	 	  	 	(69	) 	 	 	8	 	 	 	28	 	 	 	(17	) 	 	 	132	 	 	 	88	 	 	 	70	 	 	 	33	 	 	 	323	 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	  	 	(1	) 	  	 	2	 	 	 	2	 	 	 	—  	 	 	 	3	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses), net	  	$	15	 	  	$	(67	) 	 	$	10	 	 	$	28	 	 	$	(14	) 	 	$	133	 	 	$	88	 	 	$	70	 	 	$	33	 	 	$	324	 	

 
35

 
Reconciliations of Non-GAAP Measures

 
36

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Reconciliation of Operating ROE
(amounts in millions)

	Twelve Month Rolling Average ROE	  	Twelve months ended	 	
U.S. GAAP Basis ROE	  	December 31,
2022	 	 	September 30,
2022	 	 	June 30,
2022	 	 	March 31,
2022	 	 	December 31,
2021	 		
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended(1)	  	$	609	 	 	$	597	 	 	$	807	 	 	$	866	 	 	$	904	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)(2)	  	$	11,934	 	 	$	11,789	 	 	$	11,643	 	 	$	11,467	 	 	$	11,286	 		
U.S. GAAP Basis ROE(1)/(2)	  	 	5.1	% 	 	 	5.1	% 	 	 	6.9	% 	 	 	7.6	% 	 	 	8.0	% 		
							
Operating ROE	  				 				 				 				 					
Adjusted operating income for the twelve months ended(1)	  	$	633	 	 	$	630	 	 	$	710	 	 	$	728	 	 	$	765	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)(2)	  	$	11,934	 	 	$	11,789	 	 	$	11,643	 	 	$	11,467	 	 	$	11,286	 		
Operating ROE(1)/(2)	  	 	5.3	% 	 	 	5.3	% 	 	 	6.1	% 	 	 	6.3	% 	 	 	6.8	% 		
			
	Quarterly Average ROE	  	Three months ended	 	
U.S. GAAP Basis ROE	  	December 31,
2022	 	 	September 30,
2022	 	 	June 30,
2022	 	 	March 31,
2022	 	 	December 31,
2021	 		
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended(3)	  	$	175	 	 	$	104	 	 	$	181	 	 	$	149	 	 	$	163	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)(4)	  	$	12,130	 	 	$	12,011	 	 	$	11,881	 	 	$	11,723	 	 	$	11,563	 		
Annualized U.S. GAAP Quarterly Basis ROE(3)/(4)	  	 	5.8	% 	 	 	3.5	% 	 	 	6.1	% 	 	 	5.1	% 	 	 	5.6	% 		
							
Operating ROE	  				 				 				 				 					
Adjusted operating income for the period ended(3)	  	$	167	 	 	$	159	 	 	$	176	 	 	$	131	 	 	$	164	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)(4)	  	$	12,130	 	 	$	12,011	 	 	$	11,881	 	 	$	11,723	 	 	$	11,563	 		
Annualized Operating Quarterly Basis ROE(3)/(4)	  	 	5.5	% 	 	 	5.3	% 	 	 	5.9	% 	 	 	4.5	% 	 	 	5.7	% 		
Non-GAAP Definition for Operating ROE
The company references the non-GAAP financial measure entitled “operating return on equity” or “operating ROE.” The company defines operating ROE as adjusted operating income (loss) divided by average ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss) in average ending Genworth Financial, Inc.’s stockholders’ equity. Management believes that analysis of operating ROE enhances understanding of the efficiency with which the company deploys its capital. However, operating ROE is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders divided by average ending Genworth Financial, Inc.’s stockholders’ equity determined in accordance with U.S. GAAP.

(1)	The twelve months ended information is derived by adding the four quarters of net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein.	
(2)	Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), for the most recent five quarters.	
(3)	Net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein.	
(4)	Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss).	
 
37

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Reconciliation of Consolidated Expense Ratio
(amounts in millions)

 	  	 	  	2022	 	 	2021	 	
 	  	GAAP Basis Expense Ratio	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
(A)	  	Acquisition and operating expenses, net of deferrals	  	$	271	 	 	$	240	 	 	$	589	 	 	$	271	 	 	$	1,371	 	 	$	354	 	 	$	290	 	 	$	304	 	 	$	275	 	 	$	1,223	 	
(B)	  	Premiums	  	$	927	 	 	$	934	 	 	$	927	 	 	$	931	 	 	$	3,719	 	 	$	576	 	 	$	944	 	 	$	947	 	 	$	968	 	 	$	3,435	 	
		 										
(A) / (B)	  	GAAP Basis Expense Ratio	  	 	29	% 	 	 	26	% 	 	 	64	% 	 	 	29	% 	 	 	37	% 	 	 	61	% 	 	 	31	% 	 	 	32	% 	 	 	28	% 	 	 	36	% 	
		 										
	  	Adjusted Expense Ratio	  			 	 				 				 				 				 				 				 				 				 				
	  	Acquisition and operating expenses, net of deferrals	  	$	271	 	 	$	240	 	 	$	589	 	 	$	271	 	 	$	1,371	 	 	$	354	 	 	$	290	 	 	$	304	 	 	$	275	 	 	$	1,223	 	
	  	Less: Reinsurance recapture payment(1)	  	 	—  	 	 	 	—  	 	 	 	365	 	 	 	—  	 	 	 	365	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	Less: Legal settlement expenses(2)	  	 	45	 	 	 	10	 	 	 	6	 	 	 	43	 	 	 	104	 	 	 	59	 	 	 	57	 	 	 	70	 	 	 	23	 	 	 	209	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(C)	  	Adjusted acquisition and operating expenses, net of deferrals	  	$	226	 	 	$	230	 	 	$	218	 	 	$	228	 	 	$	902	 	 	$	295	 	 	$	233	 	 	$	234	 	 	$	252	 	 	$	1,014	 	

	  	Premiums	  	$	927	 	 	$	934	 	 	$	927	 	 	$	931	 	 	$	3,719	 	 	$	576	 	 	$	944	 	 	$	947	 	 	$	968	 	 	$	3,435	 	
	  	Add: Policy fees and other income	  	 	165	 	 	 	166	 	 	 	159	 	 	 	169	 	 	 	659	 	 	 	162	 	 	 	179	 	 	 	180	 	 	 	183	 	 	 	704	 	
	  	Add: Initial ceded premiums from a life block transaction(3)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	360	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	360	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(D)	  	Adjusted revenues	  	$	1,092	 	 	$	1,100	 	 	$	1,086	 	 	$	1,100	 	 	$	4,378	 	 	$	1,098	 	 	$	1,123	 	 	$	1,127	 	 	$	1,151	 	 	$	4,499	 	

(C) / (D)	  	Adjusted expense ratio(4)	  	 	21	% 	 	 	21	% 	 	 	20	% 	 	 	21	% 	 	 	21	% 	 	 	27	% 	 	 	21	% 	 	 	21	% 	 	 	22	% 	 	 	23	% 	
Non-GAAP Definition for Adjusted Expense Ratio
The company references the non-GAAP financial measure entitled “adjusted expense ratio” as a measure of its operating performance. The company defines adjusted expense ratio as acquisition and operating expenses, net of deferrals, less certain reinsurance expenses, less legal settlement expenses incurred in the company’s long-term care insurance business divided by the sum of premiums, policy fees and other income and premiums initially ceded under life block transactions. Management believes that the expense ratio analysis enhances understanding of the operating performance of the company. However, the adjusted expense ratio as defined by the company should not be viewed as a substitute for the GAAP basis expense ratio.

(1) 	In the second quarter of 2022, the company paid $365 million to a third party in connection with the recapture of certain single premium immediate annuity contracts.	
(2) 	Estimated pre-tax impact of expenses related to policyholder benefit reduction elections made in connection with legal settlements in the company’s long-term care insurance business, which includes cash damages of $40 million, $7 million, $6 million, $43 million, $54 million, $50 million, $61 million and $20 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.	
(3) 	In the fourth quarter of 2021, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies as part of a life block transaction. Under this new reinsurance agreement, the company initially ceded $360 million of certain term life insurance premiums.	
(4) 	In the first quarter of 2022, the company recorded a legal settlement accrual of $25 million in its life insurance business, which increased the adjusted expense ratio by three percentage points for the three months ended March 31, 2022.	
 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
Reconciliation of Reported Yield to Core Yield

 	  	 	  	2022	 	 	2021	 	
 	  	(Assets - amounts in billions)	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
	  	Reported - Total Invested Assets and Cash	  	$	60.7	 	 	$	60.1	 	 	$	63.2	 	 	$	68.2	 	 	$	60.7	 	 	$	73.8	 	 	$	74.7	 	 	$	75.2	 	 	$	72.9	 	 	$	73.8	 	
	  	Subtract:	  			 	 				 				 				 				 				 				 				 				 				
	  	Securities lending	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.1	 	 	 	0.1	 	 	 	—  	 	
	  	Unrealized gains (losses)	  	 	(4.2	) 	 	 	(4.9	) 	 	 	(1.9	) 	 	 	3.0	 	 	 	(4.2	) 	 	 	8.2	 	 	 	8.5	 	 	 	8.9	 	 	 	6.9	 	 	 	8.2	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Adjusted end of period invested assets and cash	  	$	64.9	 	 	$	65.0	 	 	$	65.1	 	 	$	65.2	 	 	$	64.9	 	 	$	65.6	 	 	$	66.2	 	 	$	66.2	 	 	$	65.9	 	 	$	65.6	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(A)	  	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	  	$	65.0	 	 	$	65.0	 	 	$	65.2	 	 	$	65.4	 	 	$	65.2	 	 	$	65.9	 	 	$	66.2	 	 	$	66.1	 	 	$	66.2	 	 	$	66.1	 	
		 										
	  	(Income - amounts in millions)	  			 	 				 				 				 				 				 				 				 				 				
		 										
(B)	  	Reported - Net Investment Income	  	$	787	 	 	$	808	 	 	$	787	 	 	$	764	 	 	$	3,146	 	 	$	866	 	 	$	859	 	 	$	844	 	 	$	801	 	 	$	3,370	 	
	  	Subtract:	  			 	 				 				 				 				 				 				 				 				 				
	  	Bond calls and commercial mortgage loan prepayments	  	 	6	 	 	 	6	 	 	 	7	 	 	 	10	 	 	 	29	 	 	 	38	 	 	 	43	 	 	 	39	 	 	 	15	 	 	 	135	 	
	  	Other non-core items(1)	  	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	2	 	 	 	(4	) 	 	 	3	 	 	 	2	 	 	 	3	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(C)	  	Core Net Investment Income	  	$	782	 	 	$	802	 	 	$	780	 	 	$	754	 	 	$	3,118	 	 	$	826	 	 	$	820	 	 	$	802	 	 	$	784	 	 	$	3,232	 	

(B) / (A)	  	Reported Yield	  	 	4.84	% 	 	 	4.97	% 	 	 	4.83	% 	 	 	4.67	% 	 	 	4.83	% 	 	 	5.26	% 	 	 	5.19	% 	 	 	5.11	% 	 	 	4.84	% 	 	 	5.10	% 	
(C) / (A)	  	Core Yield	  	 	4.81	% 	 	 	4.93	% 	 	 	4.79	% 	 	 	4.61	% 	 	 	4.79	% 	 	 	5.01	% 	 	 	4.95	% 	 	 	4.85	% 	 	 	4.73	% 	 	 	4.89	% 	
Note:    Yields have been annualized.
Non-GAAP Definition for Core Yield
The company references the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP.

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