$ 3,719

$ 3,435

$ 3,836

3,146

3,370

3,227

(17)

323

492

659

704

729

7,507

7,832

8,284

Benefits and expenses:

4,242

4,383

5,214

Acquisition and operating expenses, net of deferrals

503

508

549

1,371

1,223

935

Amortization of deferred acquisition costs and intangibles

307

377

463

106

160

195

Income from continuing operations before income taxes

6,529

6,651

7,356

978

1,181

928

Provision for income taxes

239

263

230

Income (loss) from discontinued operations, net of taxes

739

918

698

0

27

(486)

Less: net income from continuing operations attributable to noncontrolling interests

739

945

212

130

33

0

Less: net income from discontinued operations attributable to noncontrolling interests

0

8

34

Net income available to Genworth Financial, Inc.'s common stockholders

609

904

178

Net income (loss) available to Genworth Financial, Inc.'s common stockholders:

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

609

885

698

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

0

19

(520)

Net income available to Genworth Financial, Inc.'s common stockholders

$ 609

$ 904

$ 178

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share:

$ 1.21

$ 1.75

$ 1.38

Net income available to Genworth Financial, Inc.'s common stockholders per share:

1.19

1.72

1.36

^[1]

1.21

1.78

0.35

Weighted-average common shares outstanding:

^[1]

$ 1.19

$ 1.76

$ 0.35

504.5

506.9

505.2

Organization, Consolidation and Presentation of Financial Statements [Abstract]

511.0

514.7

511.6

[1]	May not total due to whole number calculation.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 739	$ 945	$ 212
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses	(5,372)	(370)	764
Net unrealized gains (losses) on securities with an allowance for credit losses	0	6	(6)
Derivatives qualifying as hedges	(825)	(186)	209
Foreign currency translation and other adjustments	30	148	55
Total other comprehensive income (loss)	(6,167)	(402)	1,022
Total comprehensive income (loss)	(5,428)	543	1,234
Less: comprehensive income attributable to noncontrolling interests	44	177	64
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders	$ (5,472)	$ 366	$ 1,170

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Cumulative effect of change in accounting, net of taxes	Common stock	Common stock Cumulative effect of change in accounting, net of taxes	Additional paid-in capital	Additional paid-in capital Cumulative effect of change in accounting, net of taxes	Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) Cumulative effect of change in accounting, net of taxes	Retained earnings	Retained earnings Cumulative effect of change in accounting, net of taxes	Treasury stock, at cost	Treasury stock, at cost Cumulative effect of change in accounting, net of taxes	Total Genworth Financial, Inc.‘s stockholders' equity	Total Genworth Financial, Inc.‘s stockholders' equity Cumulative effect of change in accounting, net of taxes	Noncontrolling interests	Noncontrolling interests Cumulative effect of change in accounting, net of taxes
Balances, beginning at Dec. 31, 2019	$ 14,632	$ (55)	$ 1	$ 0	$ 11,990	$ 0	$ 3,433	$ 0	$ 1,461	$ (55)	$ (2,700)	$ 0	$ 14,185	$ (55)	$ 447	$ 0
Comprehensive income (loss):
Net income	212		0		0		0		178		0		178		34
Other comprehensive income (loss), net of taxes	1,022		0		0		992		0		0		992		30
Total comprehensive income (loss)	1,234												1,170		64
Dividends to noncontrolling interests	(9)		0		0		0		0		0		0		(9)
Stock-based compensation expense and exercises and other	18		0		18		0		0		0		18		0
Balances, ending at Dec. 31, 2020	15,820		1		12,008		4,425		1,584		(2,700)		15,318		502
Initial sale of subsidiary shares to noncontrolling interests	580		0		(167)		(26)		0		0		(193)		773
Sale of business that included noncontrolling interests	(657)		0		0		0		0		0		0		(657)
Comprehensive income (loss):
Net income	945		0		0		0		904		0		904		41
Other comprehensive income (loss), net of taxes	(402)		0		0		(538)		0		0		(538)		136
Total comprehensive income (loss)	543												366		177
Dividends to noncontrolling interests	(37)		0		0		0		0		0		0		(37)
Stock-based compensation expense and exercises and other	17		0		17		0		2		0		19		(2)
Balances, ending at Dec. 31, 2021	16,266		1		11,858		3,861		2,490		(2,700)		15,510		756
Comprehensive income (loss):
Net income	739		0		0		0		609		0		609		130
Other comprehensive income (loss), net of taxes	(6,167)		0		0		(6,081)		0		0		(6,081)		(86)
Total comprehensive income (loss)	(5,428)												(5,472)		44
Treasury stock acquired in connection with share repurchases	(64)		0		0		0		0		(64)		(64)		0
Dividends to noncontrolling interests	(46)		0		0		0		0		0		0		(46)
Stock-based compensation expense and exercises and other	11		0		11		0		(1)		0		10		1
Balances, ending at Dec. 31, 2022	$ 10,739		$ 1		$ 11,869		$ (2,220)		$ 3,098		$ (2,764)		$ 9,984		$ 755

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from (used by) operating activities:
Net income	$ 739	$ 945	$ 212
Less (income) loss from discontinued operations, net of taxes	0	(27)	486
Adjustments to reconcile net income to net cash from operating activities:
Amortization of fixed maturity securities discounts and premiums	(154)	(176)	(157)
Net investment (gains) losses	17	(323)	(492)
Charges assessed to policyholders	(596)	(620)	(646)
Acquisition costs deferred	0	(8)	(3)
Amortization of deferred acquisition costs and intangibles	307	377	463
Deferred income taxes	235	290	228
Derivative instruments, limited partnerships and other	(335)	(359)	(112)
Stock-based compensation expense	37	40	39
Change in certain assets and liabilities:
Accrued investment income and other assets	(161)	(129)	(92)
Insurance reserves	863	642	1,217
Current tax liabilities	(1)	(34)	6
Other liabilities, policy and contract claims and other policy-related balances	129	310	830
Cash used by operating activities—discontinued operations	(31)	(491)	(19)
Net cash from operating activities	1,049	437	1,960
Cash flows from (used by) investing activities:
Fixed maturity securities	2,705	4,162	3,637
Commercial mortgage loans	759	874	744
Limited partnerships and other invested assets	185	255	182
Proceeds from sales of investments:
Fixed maturity and equity securities	2,658	2,273	3,040
Purchases and originations of investments:
Fixed maturity and equity securities	(4,035)	(5,216)	(7,763)
Commercial mortgage loans	(958)	(963)	(547)
Limited partnerships and other invested assets	(645)	(767)	(449)
Short-term investments, net	23	18	35
Policy loans, net	41	57	190
Proceeds from sale of business, net of cash transferred	0	270	0
Cash from (used by) investing activities—discontinued operations	0	(67)	(222)
Net cash from (used by) investing activities	733	896	(1,153)
Cash flows from (used by) financing activities:
Deposits to universal life and investment contracts	606	669	862
Withdrawals from universal life and investment contracts	(1,668)	(2,071)	(2,282)
Redemption of non-recourse funding obligations	0	0	(315)
Proceeds from issuance of long-term debt	0	0	738
Repayment and repurchase of long-term debt	(297)	(1,541)	(490)
Proceeds from sale of subsidiary shares to noncontrolling interests	0	529	0
Treasury stock acquired in connection with share repurchases	(64)	0	0
Dividends paid to noncontrolling interests	(46)	(37)	0
Other, net	(85)	32	(2)
Cash used by financing activities—discontinued operations	0	0	(18)
Net cash used by financing activities	(1,554)	(2,419)	(1,507)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $—, $(1) and $18 related to discontinued operations for the years ended December 31, 2022, 2021 and 2020, respectively)	0	1	15
Net change in cash, cash equivalents and restricted cash	228	(1,085)	(685)
Cash, cash equivalents and restricted cash at beginning of period	1,571	2,656	3,341
Cash, cash equivalents and restricted cash at end of period	1,799	1,571	2,656
Less cash, cash equivalents and restricted cash of discontinued operations at end of period	0	0	95
Cash, cash equivalents and restricted cash of continuing operations at end of period	$ 1,799	$ 1,571	$ 2,561

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Discontinued operations exchange rate effect	$ 0	$ (1)	$ 18

Nature of Business and Formation of Genworth

12 Months Ended

Dec. 31, 2022

Nature of Business and Formation of Genworth

(1) Nature of Business and Formation of Genworth

Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization.

The accompanying financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities (“VIEs”), which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries.

We operate our business through the following three operating segments:

•

Enact.

Our Enact segment predominantly includes Enact Holdings, Inc., (“Enact Holdings”) and its mortgage insurance subsidiaries. Through Enact Holdings, we offer private mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans at specified coverage percentages (“primary mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”). References herein to “Enact,” our “Enact segment” and our “U.S. mortgage insurance subsidiaries” can generally be viewed as references to Enact Holdings and its mortgage insurance subsidiaries, unless the context otherwise requires.

•

U.S. Life Insurance.

Through our principal U.S. life insurance subsidiaries, we offer long-term care insurance products as well as service traditional life insurance and fixed annuity products in the United

States.

•

Runoff.

The Runoff segment includes the results of products which have not been actively sold since 2011, but we continue to service our existing blocks of business. These products primarily include variable annuity, variable life insurance and corporate-owned life insurance, as well as funding agreements.

In addition to our three operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are reported outside of our operating segments, including certain international mortgage insurance businesses and discontinued operations. See note 23 for additional information related to discontinued operations.

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under which Genworth Financial may repurchase up to $350 million of its outstanding Class A common stock. Pursuant to the program, during 2022, Genworth Financial repurchased 16,173,196 shares of its common stock at an average price of $3.94 per share for a total cost of $64 million, including costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our consolidated balance sheet.

Genworth

Financial also repurchased 5,912,297 shares from

February

9

, 2023 through February 2

4

,

2023 of its common stock

at an ave

r

age price of $

6.08

per share for a total cost of $

36

million, leaving approximately $

250

million that may yet be purchased under the share repurchase program. Under the program, share repurchases may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated transactions or by other means, including through

10b5-1

trading plans. The timing and number of future shares repurchased under the program will depend on a variety of factors, including Genworth Financial’s stock price and trading volume, and general business and market conditions, among other factors. The authorization has no expiration date and may be modified, suspended or terminated at any time.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Disclosue of Accounting Changes [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Our consolidated financial statements have been prepared on the basis of U.S. generally accepted accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.

a) Premiums

For traditional long-duration insurance contracts, we report premiums as earned when due. For short-duration insurance contracts, we report premiums as revenue over the terms of the related insurance policies on a

pro-rata

basis or in proportion to expected claims.

For single premium mortgage insurance contracts, we report premiums over the estimated policy life in accordance with the expected pattern of risk emergence as further described in our accounting policy for unearned premiums. In addition, we refund post-delinquent premiums received to the insured party if the delinquent loan goes to claim. We record a liability for premiums received on the delinquent loans consistent with our expectations of the rates at which delinquencies go to claim (“claim rates”).

Premiums received under annuity contracts without significant mortality risk and premiums received on investment and universal life insurance products are not reported as revenues but rather as deposits and are included in liabili

ti

es for policyholder account balances.

b) Net Investment Income and Net Investment Gains and Losses

Investment income is recognized when earned. Income or loss upon call or prepayment of

available-for-sale

fixed maturity securities is recognized in net investment income, except for hybrid securities where the income or loss upon call is recognized in net investment gains and losses. Investment gains and losses are calculated on the basis of specific identification on the trade date.

Investment income on mortgage-backed and asset-backed securities is initially based upon yield, cash flow and prepayment assumptions at the date of purchase. Subsequent revisions in those assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than “AA” or that are backed by a U.S. agency) which cannot be contractually prepaid in such a manner that we would not recover a substantial portion of the initial investment, amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of purchase. The adjustments to amortized cost are recorded as a

charge or credit to net investment income. Under the prospective method, which is used for all other

mortgage-backed

and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return.

c) Policy Fees and Other Income

Policy fees and other income consists primarily of insurance charges assessed on universal and term universal life insurance contracts and fees assessed against customer account values. For universal and term universal life insurance contracts, charges to policyholder accounts for cost of insurance are recognized as revenue when due. Variable product fees are charged to variable annuity contractholders and variable life insurance policyholders based upon the daily net assets of the contractholder’s and policyholder’s account values and are recognized as revenue when charged. Policy surrender fees are recognized as income when the policy is surrendered.

d) Investment Securities

At the time of purchase, we designate our fixed maturity securities as either

available-for-sale

or trading and report them in our consolidated balance sheets at fair value. Our portfolio of fixed maturity securities comprises primarily investment grade securities. Changes in the fair value of

available-for-sale

fixed maturity securities, net of the effect on deferred acquisition costs (“DAC”), present value of future profits (“PVFP”), sales inducements, benefit reserves, policyholder contract balances and deferred income taxes, are reflected as unrealized investment gains or losses in a separate component of accumulated other comprehensive income (loss). Equity securities are recorded at fair value in our consolidated balance sheets and changes in the fair value are reflected in net investment gains (losses).

Allowance for Credit Losses and Write-Downs of

Available-For-Sale

Fixed Maturity Securities

We regularly review securities in an unrealized loss position to determine whether the decline in fair value is related to credit losses or other factors. If we have either (i) the intent to sell the security, or (ii) it is more likely than not that we will be required to sell the security prior to recovering the amortized cost, we record a reduction to the security’s amortized cost and recognize the loss in net investment gains (losses) for the difference between the security’s amortized cost and fair value. If neither of the two preceding conditions exist, we determine whether the decline in fair value is related to credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency/agencies and adverse conditions specifically related to the security, among other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security and a credit loss allowance is recognized in net investment gains (losses), limited to the amount that the fair value is less than the amortized cost basis. Losses are written off against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a security prior to recovering its amortized cost. When there is an allowance for credit losses, we reassess the credit losses each balance sheet date and subsequent increases or decreases are recorded as an adjustment to the allowance for credit losses, with a corresponding gain or loss recorded in net investment gains (losses).

Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments. When developing the estimate of cash flows expected to be collected at the individual security level, we utilize an analytical model that provides for various loss scenarios and consider the industry sector, current levels of subordination,

geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable and supportable forecasts. We regularly monitor our investment portfolio to ensure that securities with a credit loss are identified in a timely manner and any losses are recognized in the proper period.

Accrued interest is included in accrued investment income in our consolidated balance sheet and had a carrying value of $511 million and $523 million as of December 31, 2022 and 2021, respectively. We exclude

accrued interest related to

available-for-sale

fixed maturity securities from the estimate of allowance for credit losses. Accrued interest on

available-for-sale

fixed maturity securities is deemed uncollectible and typically written off after 90 days; therefore, we do not measure an allowance for credit losses related to accrued interest. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).

e) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We have fixed maturity securities, equity securities, short-term investments, limited partnerships, derivatives, embedded derivatives, separate account assets and certain other financial instruments, which are carried at fair value.

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

•

Level 1—Quoted prices for identical instruments in active markets.

•

Level 2—Quoted prices for similar instruments in active markets; quoted prices for ide

n

tical or similar instruments in markets that are not active; and model-derived valuations for which inputs are observable or where those significant value drivers are observable.

•

Level 3—Instruments for which significant value drivers are unobservable.

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as actively traded equity securities and actively traded mutual fund investments.

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. These models are primarily industry-standard models that consider various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial instruments. All significant inputs are observable, or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate fixed maturity and equity securities; government or agency securities; certain mortgage-backed and asset-backed securities; certain

non-exchange-traded

derivatives such as interest rate or cross currency swaps; and short-term investments.

Level 3 comprises financial instruments whose fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, readily available market information. In certain instances, this category may also utilize

non-binding

broker

quotes. This category primarily consists of certain less liquid fixed maturity and equity securities and certain derivative instruments or embedded derivatives where we cannot corroborate the significant valuation inputs with market observable data

.

As

of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability, such as the relative impact on the fair value as a result of including a particular input. We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. See note 16 for additional information related to fair value measurements.

f) Commercial Mortgage Loans

The carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of unamortized premium or discount, deferred expenses and allowance for credit losses. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. Commercial mortgage loans are considered past due when contractual payments have not been received from the borrower by the required payment date.

Loans that are considered uncollectible are carried on

non-accrual

status. Loans are placed on

non-accrual

status when, in management’s opinion, the collection of principal or interest is not probable, typically when the collection of principal or interest is 90 days or more past due. In determining whether it is probable that we will be unable to collect all amounts due, we consider current payment status, debt service coverage ratios, occupancy levels and current

loan-to-value.

Income on loans on

non-accrual

status is not recognized until we believe it is probable that we will collect all future contractual principal and interest. Commercial mortgage loans are written off against the allowance to the extent principal or interest is deemed uncollectible.

We determine the adequacy of the allowance for credit losses utilizing an analytical model that provides various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. The allowance for credit losses is measured on a collective basis with consideration for debt service coverage ratio,

debt-to-value,

property-type and geographic location. Key inputs into the analytical model include exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over time could differ from the amounts estimated for the allowance for credit losses reported in the consolidated financial statements. Additions and reductions to the allowance through periodic provisions or benefits are recorded in net investment gains (losses). See note 4 for additional disclosures related to commercial mortgage loans.

Accrued interest related to commercial mortgage loans is included in accrued investment income in our consolidated balance sheet and had a carrying value of $22 million and $23 million as of December 31, 2022 and 2021. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrue

d

interest related to our commercial mortgage loans is written off after 90 days and once collectability is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).

g) Limited Partnerships

Limited partnerships are accounted for at fair value when our partnership interest is considered minor (generally less than 3% ownership in the limited partnerships) and we exercise no influence over operating and financial policies. For limited partnerships that do not have a readily determinable fair value, we utilize the net asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value. Changes in the estimated fair value of these investments are included in net investment gains (losses) and income and expenses are reported in net investment income. Investment distributions are evaluated to determine whether the distribution is a return on investment, such as dividend income, or a return of capital. If our ownership percentage exceeds the minor threshold, limited partnerships are accounted for using the equity method of accounting. Our proportionate share of the earnings or losses for limited partnerships accounted for using the equity method of accounting is included in net investment income. In applying either method, we use financial information provided by the investee generally on a

one-

to three-month lag. However, for limited partnerships measured at fair value, we consider whether an adjustment to the estimated fair value is necessary when the measurement date is not aligned with our reporting date.

h) Cash, Cash Equivalents and Restricted Cash

Certificates of deposit, money market funds and other highly liquid investments with original maturities of three months or less are considered cash equivalents in the consolidated balance sheets and consolidated statements of cash flows. Items with maturities greater than three months but less than one year at the time of acquisition are generally considered short-term investments.

i) Deferred Acquisition Costs

Acquisition costs include costs that are directly related to the successful acquisition of new or renewal insurance contracts. Acquisition costs are deferred and amortized to the extent they are recoverable from future profits.

Long-Duration Contracts

. Acquisition costs include commissions in excess of ultimate renewal commissions and for contracts issued, certain other costs such as underwriting, medical inspection and issuance expenses. DAC for traditional long-duration insurance contracts, including term life and long-term care insurance, is amortized as a level percentage of premiums based on assumptions, including investment returns, health care experience (including type of care and cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), insured life expectancy or longevity, insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates) and expenses, established when the contract is issued. Amortization is adjusted each period to reflect actual lapse or termination rates.

Amortization for deferred annuity and universal life insurance contracts is based on expected gross profits. Expected gross profits are adjusted quarterly to reflect actual experience to date or for changes in underlying assumptions relating to future gross profits. Estimates of gross profits for DAC amortization are based on assumptions including interest rates, policyholder persistency or lapses, insured l

if

e expectancy or longevity and expenses.

We are required to analyze the impacts from net unrealized investment gains and losses on our

available-for-sale

investment securities backing insurance liabilities, as if those unrealized investment gains and losses were realized. These “shadow accounting” adjustments result in the recognition of unrealized gains and losses on related insurance assets and liabilities in a manner consistent with the recognition of the unrealized gains and losses on

available-for-sale

investment securities within the statement of comprehensive income and changes in equity. Changes to net unrealized investment (gains) losses may increase or decrease the ending DAC balance. Similar to a loss recognition event, when the DAC balance is reduced to zero, additional insurance liabilities are established if necessary. Unlike a loss recognition event, based on changes in net unrealized investment (gains) losses, these shadow adjustments may reverse from period to period.

Therefore, DAC amortized based on expected gross profits is adjusted to reflect the effects that would have been recognized had the unrealized investment (gains) losses been actually realized with a corresponding amount recorded in other comprehensive income (loss) (“OCI”). DAC associated with traditional long-duration insurance contracts is not adjusted for unrealized investment (gains) or losses unless a premium deficiency would have resulted upon the (gain) or loss being realized.

Short-Duration Contracts.

Acquisition costs primarily consist of underwriting costs and are amortized in proportion to estimated gross profit.

We regularly review our assumptions and test DAC for recoverability at least annually. For deferred annuity and universal life insurance contracts, if the present value of expected future gross profits is less than the unamortized DAC for a line of business, a charge to net income (loss) is recorded for additional DAC amortization. For traditional long-duration and short-duration contracts, if the benefit reserve plus anticipated future premiums and interest income for a line of business are less than the current estimate of future benefits and expenses (including any unamortized DAC), a charge to net income (loss) is recorded for additional DAC amortization or for increased benefit reserves. See note 6 for additional information related to DAC including loss recognition and recoverability.

j) Intangible Assets

Present Value of Future Profits.

In conjunction with the acquisition of a block of insurance policies or investment contracts, a portion of the purchase price is assigned to the right to receive future gross profits arising from existing insurance and investment contracts. This intangible asset, called PVFP, represents the actuarially estimated present value of future cash flows from the acquired policies. PVFP is amortized, net of accreted interest, in a manner similar to the amortization of DAC.

We regularly review our PVFP assumptions and periodically test PVFP for recoverability similar to our treatment of DAC. See note 7 for additional information related to PVFP including recoverability.

Deferred Sales Inducements to Contractholders.

We defer sales inducements to contractholders for features on variable annuities that entitle the contractholder to an incremental amount to be credited to the account value upon making a deposit, and for fixed annuities with crediting rates higher than the contract’s expected ongoing crediting rates for periods after the inducement. Deferred sales inducements to contractholders are reported as a separate intangible asset and amortized in benefits and other changes in policy reserves using the same methodology and assumptions used to amortize DAC.

Other Intangible Assets

. We amortize the costs of other intangibles over their estimated useful lives unless such lives are deemed indefinite. Amortizable intangible assets are tested for impairment based on undiscounted

cash flows, which requires the use of estimates and judgment, and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested at least annually for impairment using a qualitative or quantitative assessment and are written down

to

fair value as required.

k) Reinsurance

Premium revenue, benefits and acquisition and operating expenses, net of deferrals, are reported net of the amounts relating to reinsurance ceded to other companies. Amounts due from reinsurers for incurred and estimated future claims are reflected in the reinsurance recoverable asset. Amounts received from reinsurers that represent recovery of acquisition costs are netted against DAC so that the net amount is capitalized. The cost of reinsurance is accounted for over the terms of the related treaties using assumptions consistent with those used to account for the underlying reinsured policies. Gains from cost of reinsurance are deferred and amortized to current period net income (loss) over the reinsurance contract period or life of the underlying reinsured contract. Premium revenue, benefits and acquisition and operating expenses, net of deferrals, for reinsurance contracts that do not qualify for reinsurance accounting are accounted for under the deposit method of accounting.

Allowance for Credit Losses on Reinsurance Recoverables

The allowance for credit losses related to reinsurance recoverables is evaluated based on historical loss experience adjusted for current events and reasonable and supportable forecasts from both internal and external sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and collateral type, and is calculated based on an externally reported probability of default corresponding to the reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the reinsurance recoverable is assessed on a separate basis. Write-offs are deducted from the allowance in the period the reinsurance recoverable is determined to be uncollectible.

l) Derivatives

Derivative instruments are used to manage risk through one of four principal risk management strategies including: (i) liabilities; (ii) invested assets; (iii) portfolios of assets or liabilities; and (iv) forecasted transactions.

On the date we enter into a derivative contract, management designates the derivative as a hedge of the identified exposure (cash flow or foreign currency). If a derivative does not qualify for hedge accounting, the changes in its fair value and all scheduled periodic settlement receipts and payments are reported in net income (loss).

We formally document all relationships between hedging instruments and hedged items,

as

well as our risk management objective and strategy for undertaking various hedge transactions. In this documentation, we

specifically identify the asset, liability or forecasted transaction that has been designated as a hedged item, state how the hedging instrument is expected to hedge the risks related to the hedged item and set forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. We generally determine hedge effectiveness based on total changes in fair value of the hedged item attributable to the hedged risk and the total changes in fair value of the derivative instrument.

We discontinue hedge accounting prospectively when: (i) it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is

de-designated

as a hedge instrument; or (iv) it is no longer probable that the forecasted transaction will occur.

For all qualifying and highly effective cash flow hedges, changes in fair value of the derivative instrument are reported as a separate component of accumulated other comprehensive income (loss). When hedge accounting is discontinued because it is probable that a forecasted transaction will not occur, the derivative continues to be carried in the consolidated balance sheets at its fair value, and gains and losses that were accumulated in OCI are recognized immediately in net income (loss). When the hedged forecasted transaction is no longer probable, but is reasonably possible, the accumulated gain or loss remains in OCI and is recognized when the transaction affects net income (loss); however, prospective hedge accounting for the transaction is terminated. In all other situations in which hedge accounting is discontinued on a cash flow hedge, amounts previously deferred in OCI are reclassified into net income (loss) when net income (loss) is impacted by the variability of the cash flow of the hedged item.

We may enter into contracts that are not themselves derivative instruments but contain embedded derivatives. For each contract, we assess whether the economic characteristics of the embedded derivative are clearly and closely related to those of the host contract and determine whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument.

If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and accounted for as a stand-alone derivative. Such embedded derivatives are recorded in the consolidated balance sheets at fair value and are classified consistent with their host contract. Changes in their fair value are recognized in current period net income (loss). If we are unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried in the consolidated balance sheets at fair value, with changes in fair value recognized in current period net income (loss).

Changes in the fair value of

non-qualifying

derivatives, including embedded derivatives, are reported in net investment gains (losses).

The majority of our derivative arrangements require the posting of collateral upon meeting certain net exposure thresholds. The amounts recognized for derivative counterparty collateral received by us are recorded in cash, cash equivalents and restricted cash with a corresponding amount recorded in other liabilities to represent our obligation to return the collateral retained by us. As of December 31, 2022 and 2021, the amount of cash collateral received from counterparties was $16 million and $255 million, respectively. We also receive

non-cash

collateral that is not recognized in our consolidated balance sheet unless we exercise our right to sell or

re-pledge

the underlying asset. As of December 31, 2022 and 2021, the fair value of

non-cash

collateral received was $5

million and $53 million, respectively, and the underlying assets were not sold or

re-pledged.

We pledged

$

1,095

million and $

536

million of fixed maturity securities as of December 31, 2022 and 2021, respectively.

Fixed maturity

securities

that we pledge as collateral remain in our consolidated balance sheet within fixed maturity securities

available-for-sale.

Any cash collateral pledged to a derivative counterparty is derecognized with a receivable recorded in other assets for the right to receive our cash collateral back from the counterparty. Daily changes in the fair value of the derivative contract, commonly referred to as variation margin, for derivatives cleared through a Central Clearing Party, such as the Chicago Mercantile Exchange are treated as daily settlements of the derivative contract.

m) Separate Accounts and Related Insurance Obligations

Separate account assets represent funds for which the investment income and investment gains and losses accrue directly to the contractholders and are reflected in our consolidated balance sheets at fair value, reported as summary total separate account assets with an equivalent summary total reported for liabilities. Amounts assessed against the contractholders for mortality, administrative and other services are included in revenues. Changes in liabilities for minimum guarantees are included in benefits and other changes in policy reserves. Net investment income, net investment gains (losses) and the related liability changes associated with the separate account are offset within the same line item in the consolidated statements of income. There are no gains or losses on transfers of assets from the general account to the separate account.

We offer certain minimum guarantees associated with our variable annuity contracts. Our variable annuity contracts usually contain a basic guaranteed minimum death benefit (“GMDB”) which provides a minimum benefit to be paid upon the annuitant’s death equal to the larger of account value or the return of net deposits. Some variable annuity contracts permit contractholders to purchase through riders, at an additional charge, enhanced death benefits such as the highest contract anniversary value (“ratchets”), accumulated net deposits at a stated rate (“rollups”), or combinations thereof.

Additionally, some of our variable annuity contracts provide the contractholder with living benefits such as a guaranteed minimum withdrawal benefit (“GMWB”) or certain types of guaranteed annuitization benefits. The GMWB allows contractholders to withdraw a

pre-defined

percentage of account value or benefit base each year, either for a specified period of time or for life. The guaranteed annuitization benefit generally provides for a guaranteed minimum level of income upon annuitization accompanied by the potential for upside market participation.

Most of our reserves for additional insurance and annuitization benefits are calculated by applying a benefit ratio to accumulated contractholder assessments, and then deducting accumulated paid claims. The benefit ratio is equal to the ratio of benefits to assessments, accumulated with interest and considering both past and anticipated future experience. The projections utilize stochastic scenarios of separate account returns incorporating reversion to the mean, as well as assumptions for mortality and lapses. Some of our minimum guarantees, mainly GMWBs, are accounted for as embedded derivatives; see notes 5 and 16 for additional information on these embedded derivatives and related fair value measurement disclosures.

n) Insurance Reserves

Future Policy Benefits

The liability for future policy benefits is equal to the present value of ex

pe

cted future benefits and expenses, less the present value of expected future net premiums based on assumptions including projected interest rates

and investment returns, health care experience (including type of care and cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates) and expenses, all of which are

locked-in

at the time the policies are issued or acquired. Claim termination rates refer to the expected rates at which claims end. Benefit utilization rates estimate how much of the available policy benefits are expected to be used.

The liability for future policy benefits is evaluated at least annually to determine if a premium deficiency exists. Loss recognition testing is generally performed at the line of business level, with acquired blocks and certain reinsured blocks tested separately. If the liability for future policy benefits plus the current present value of expected future gross premiums are less than the current present value of expected future benefits and expenses (including any unamortized DAC), a charge to net income (loss) is recorded for accelerated DAC amortization and, if necessary, a premium deficiency reserve is established. If a charge is recorded, DAC amortization and the liability for future policy benefits are measured using updated assumptions, which become the new

locked-in

assumptions utilized going forward unless another premium deficiency charge is recorded. Our estimates of future

in-force

rate actions used in loss recognition testing for our long-term care insurance business include assumptions for significant premium rate increases and associated benefit reductions that have been approved or are anticipated to be approved (including premium rate increases and associated benefit reductions not yet filed). These anticipated future increases are based on our best estimate of the rate increases we expect to obtain, considering, among other factors, our historical experience from prior rate increase approvals and based on our best estimate of expected claim costs.

We are also required to accrue additional future policy benefit reserves when the overall reserve is adequate, but profits are projected in early periods followed by losses projected in later periods. When this pattern of projected profits followed by projected losses exists, we ratably accrue this additional profits followed by losses liability over time, increasing reserves in the profitable periods to offset estimated losses expected during the periods that follow. We calculate and adjust the additional reserves using our current best estimate of the amount necessary to offset the losses in future periods, based on the pattern of expected income and current best estimate assumptions consistent with our loss recognition testing. We adjust the accrual rate prospectively, over the remaining profit periods, without any

catch-up

adjustment.

For long-term care insurance products, benefit reductions are treated as partial lapse of coverage with the balance of our future policy benefits and DAC both reduced in proportion to the reduced coverage. For level premium term life insurance products, we floor the liability for future policy benefits on each policy at zero.

Estimates and actuarial assumptions used for establishing the liability for future policy benefits and in loss recognition testing involve the exercise of significant judgment, and changes in assumptions or deviations of actual experience from assumptions can have material impacts on our liability for future policy benefits and net income (loss). Because these assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in assumptions or small deviations of actual experience from assumptions can have, and in the past have had, material impacts on our reserves, results of operations and financial condition. The risk that our claims experience may differ significantly from our pricing and valuation assumptions is particularly significant for our long-term care insurance products. Long-term care insurance policies provide for long-duration coverage and, therefore, our actual claims experience will emerge over many years after pricing and

locked-in

valuation assumptions have been established.

Policyholder Account Balances

The liability for policyholder account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date for investment-type and universal and term universal life insurance contracts. We are also required to establish additional benefit reserves for guarantees or product features in addition to the contract value where the additional benefit reserves are calculated by applying a benefit ratio to accumulated contractholder assessments, and then deducting accumulated paid claims. The benefit ratio is equal to the ratio of benefits to assessments, accumulated with interest and considering both past and anticipated future claims experience, which includes assumptions for insured mortality (i.e. life expectancy or longevity), interest rates and policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), among other assumptions.

Investment-type contracts are broadly defined to include contracts without significant mortality or morbidity risk. Payments received from sales of investment contracts are recognized by providing a liability equal to the current account value of the policyholders’ contracts. Interest rates credited to investment contracts are guaranteed for the initial policy term with renewal rates determined as necessary by management.

o) Liability for Policy and Contract Claims

The liability for policy and contract claims, or claim reserves, represents the amount needed to provide for the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the end of the respective reporting period. The estimated liability includes requirements for future payments of: (i) claims that have been reported to the insurer; (ii) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated; and (iii) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees and costs to record, process and adjust claims.

Our liability for policy and contract claims is reviewed regularly, with changes in our estimates of future claims recorded through net income (loss). Estimates and actuarial assumptions used for establishing the liability for policy and contract claims involve the exercise of significant judgment, and changes in assumptions or deviations of actual experience from assumptions can have material impacts on our liability for policy and contract claims and net income (loss). Because these assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in assumptions or small deviations of actual experience from assumptions can have, and in the past have had, material impacts on our reserves, results of operations and financial condition.

The liability for policy and contract claims for our long-term care insurance products represents the present value of the amount needed to provide for the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the end of the respective reporting period. Key assumptions include projected interest rates and investment returns, health care experience (including type of care and cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates) and expenses. Claim termination rates refer to the expected rates at which claims end. Benefit utilization rates estimate how much of the available policy benefits are expected to be used. Both claim termination rates and benefit utilization rates are influenced by, among other things, gender, age at claim, diagnosis, type of care needed, benefit period, and daily

be

nefit

amount. Because these assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in assumptions or small deviations of actual experience from assumptions can have, and in the past have had, material impacts on our reserves, results of operations and financial condition.

The liabilities for our mortgage insurance policies represent our best estimates of the liabilities at the time based on known facts, trends and other external factors, including economic conditions, housing prices, unemployment, government housing policies, state foreclosure timeline, interest rates, tax policy, credit availability and mortgage products. For our mortgage insurance policies, reserves for losses and loss adjustment expenses are based on notices of mortgage loan defaults and estimates of defaults that have been incurred but have not been reported by loan servicers. Reserves for losses are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. The estimates are determined using a factor-based approach, in which assumptions of claim rates for loans in default and the average amount paid for loans that result in a claim are calculated using traditional actuarial techniques. As is common accounting practice in the mortgage insurance industry and in accordance with U.S. GAAP, we do not establish loss reserves for future claims on insured loans that are not in default or believed to be in default. Over time, as the status of the underlying delinquent loans moves toward foreclosure and the likelihood of the associated claim loss increases, the amount of the loss reserves associated with the potential claims may also increase.

Management considers the liability for policy and contract claims provided to be its best estimate to cover the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will revise its assumptions. The methods of determining such estimates and establishing the reserves are reviewed periodically and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses and loss expenses greater or less than the liability for policy and contract claims provided.

p) Unearned Premiums

For single premium insurance contracts, we recognize a portion of the revenue in premiums earned in the current period, while the remaining portion is deferred as unearned premiums and earned over time in accordance with the expected pattern of risk emergence. If single premium policies are cancelled and the premium is

non-refundable,

then the remaining unearned premium related to each cancelled policy is recognized to earned premiums upon notification of the cancellation. Expected pattern of risk emergence on which we base premium recognition is inherently judgmental and is based on actuarial analysis of historical experience. We periodically review our premium earnings recognition models with any adjustments to the estimates reflected as a cumulative adjustment in current period net income (loss). Our reviews include the consideration of recent and projected loss experience, policy cancellation experience and refinement of actuarial methods. We did not have any adjustments associated with this review in 2022, 2021 or 2020.

q) Stock-Based Compensation

For share-based equity awards, we determine fair value on the grant date and recognize the related compensation expense, adjusted for expected forfeitures, through the income statement over the respective vesting period of the awards.

r) Employee Benefit Plans

We provide employees with a defined contribution pension plan and recognize expense

t

hroughout the year based on the employee’s age, service and eligible pay. We make an annual contribution to the plan. We also provide employees with defined contribution savings plans. We recognize expense for our contributions to the savings plans at the time employees make contributions to the plans.

Some employees participate in defined benefit pension and postretirement benefit plans. We recognize expense for these plans based upon actuarial valuations performed by external experts. We estimate aggregate benefits by using assumptions for employee turnover, future compensation increases, rates of return on pension plan assets and future health care costs. We recognize an expense for differences between actual experience and estimates over the average future service period of participants. We recognize the overfunded or underfunded status of a defined benefit plan as an asset or liability in our consolidated balance sheets and recognize changes in that funded status in the year in which the changes occur through OCI.

s) Income Taxes

We determine deferred tax assets and/or liabilities by multiplying the differences between the financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled if there is no change in law. The effect on deferred taxes of a change in tax rates is recognized in net income (loss) in the period that includes the enactment date. Valuation allowances on deferred tax assets are estimated based on our assessment of the realizability of such amounts.

Under U.S. GAAP, we are generally required to record U.S. deferred taxes on the anticipated repatriation of foreign income as the income is recognized for financial reporting purposes. An exception under certain accounting guidance permits us not to record a U.S. deferred tax liability for foreign income that we expect to reinvest in our foreign operations and for which remittance will be postponed indefinitely. If it becomes apparent that we cannot positively assert that some or all undistributed income will be reinvested indefinitely, the related deferred taxes are recorded in that period based on the expected form of repatriation (i.e. distribution, loan or sale). In determining indefinite reinvestment, we regularly evaluate the capital needs of our domestic and foreign operations considering all available information, including operating and capital plans, regulatory capital requirements, parent company financing and cash flow needs, as well as the applicable tax laws to which our domestic and foreign subsidiaries are subject.

Similarly, under another exception to the recognition of deferred taxes under U.S. GAAP, we do not record deferred taxes on U.S. domestic subsidiary entities for the excess of the financial statement carrying amount over the tax basis in the stock of the subsidiary (commonly referred to as “outside basis difference”) if we have the ability under the tax law and intent to recover the basis difference in a tax free manner. Deferred taxes would be recognized in the period of a change to our ability or intent.

Our companies have elected to file a single U.S. consolidated income tax return (the

“life/non-life

consolidated return”). All companies domesticated in the United States are included in the

life/non-life

consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all intercompany balances related to this agreement are settled at least annually.

t) Foreign Currency Translation

The determination of the functional currency is made based on the appropriate economic and management indicators. The assets and liabilities of foreign operations are translated into U.S. dollars at the exchange rates in

effect at the balance sheet

date

. Translation adjustments are included as a separate component of accumulated other comprehensive income (loss). Revenues and expenses of the foreign operations are translated into U.S.

dollars at the average rates of exchange during the period of the transaction. Gains and losses from foreign currency transactions are reported in net income and have not been material in any years presented in our consolidated statements of income.

u) Variable Interest Entities

We are involved in certain entities that are considered VIEs as defined under U.S. GAAP, and accordingly, we evaluate the VIE to determine whether we are the primary beneficiary and are required to consolidate the assets and liabilities of the entity. The primary beneficiary of a VIE is the enterprise that has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The determination of the primary beneficiary for a VIE can be complex and requires management judgment regarding the expected results of the entity and how those results are absorbed by variable interest holders, as well as which party has the power to direct activities that most significantly impact the performance of the VIEs.

Our primary involvement related to VIEs includes securitization transactions, certain investments, reinsurance transactions and certain mortgage insurance policies.

We have a beneficial interest in a VIE where we are the servicer and transferor of certain assets that were sold to the VIE. Our primary economic interest in this VIE represents the excess interest of the commercial mortgage loans. This securitization entity was designed to have significant limitations on the types of assets owned, the types and extent of permitted activities and decision making rights and is comprised of an entity backed by commercial mortgage loans. As a result of our involvement in the entity’s design or having certain decision making ability regarding the assets held by the securitization entity, consolidation of the VIE is required. As of December 31, 2022 and 2021, we had $21 million and $29 million, respectively, of total securitized assets required to be consolidated. The assets held by the securitization entity are restricted and can only be used to fulfill the obligations of the securitization entity. We do not have any additional exposure or guarantees associated with this securitization entity. There was no new asset securitization activity in 2022.

We have excess of loss reinsurance agreements with entities that are considered VIEs. Our involvement with these VIEs represents mortgage insurance claim coverage through excess of loss reinsurance, which includes significant insurance risk and a reasonable possibility of a significant loss but does not result in the unilateral power to direct the activities that most significantly affect the VIEs’ economic performance or result in the obligation to absorb losses or the right to receive benefits. Accordingly, consolidation of the VIEs is not required. The assets of the VIEs are deposited in reinsurance trusts for our benefit that will be the source of reinsurance claim payments. Refer to note 8 for additional information related to our reinsurance agreements with entities that are considered VIEs.

We hold investments in certain structures that are considered VIEs. Our investments represent beneficial interests that are primarily in the form of structured securities or limited partnership investments. Our involvement in these structures typically represents a passive investment in the returns generated by the VIE and typically does not result in having significant influence over the economic performance of the VIE.

We also provide mortgage insurance on certain residential mortgage loans originated and securitized by third parties using VIEs to issue mortgage-backed securities. While we provide mortgage insurance on the

underlying loans, we do not typically have any ongoing involvement with the VIE other than our mortgage insurance coverage and do not act in a servicing capacity for the underlying loans held by the VIE.

v) Leases

We have leased assets predominantly classified as operating leases, which are recognized both as a

right-of-use

asset and a corresponding lease liability

in our

consolidated balance sheets. Our leased assets consist of office space in nine locations in the United States and one location in Mexico. Lease payments included in the calculation of our lease liability include fixed amounts contained within each rental agreement and variable lease payments that are based upon an index or rate. We combine lease and

non-lease

components and as a result,

non-lease

components are included in the calculation of our lease liability. Our remaining lease terms ranged from one to 16 years and had a weighte

d-a

verage remaining lease term of eight years as of December 31, 2022. The implicit rate of our lease agreements was not readily determinable; therefore, we utilized our incremental borrowing rate to discount future lease payments. The weighted-average discount rate was 7.0% as of December 31, 2022. The amount of contractual undiscounted lease obligations due in 2023, 2024, 2025, 2026, and 2027 and thereafter is $7 million, $11 million, $11 million, $9 million and $31 million, respectively. As of December 31, 2022, the operating lease liability recorded in other liabilities in our consolidated balance sheet of $51 million was net of imputed interest of $18 million.

w) Accounting Changes

Troubled Debt Restructurings

On April 1, 2022, we elected to early adopt new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. We were permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. In accordance with the new accounting guidance, we adopted this guidance prospectively as of January 1, 2022, which did not have any impact at adoption.

Simplification of Accounting for Income Taxes

On January 1, 2021, we adopted new accounting guidance related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. We adopted this new accounting guidance using the retrospective method or modified retrospective method for certain changes and prospective method for all other changes, which did not have a significant impact on our consolidated financial statements and disclosures.

Defined Benefit Plan Disclosures

On January 1, 2020, we adopted new accounting guidance related to disclosure requirements for defined benefit plans as part of the Financial Accounting Standards Board’s (the “FASB”) disclosure framework project.

The guidance adds, eliminates and modifies certain disclosure requirements for defined benefit pension and other postretirement benefit plans. We adopted this accounting guidance using the retrospective method, which did not have a significant impact on our consolidated financial statements and disclosures.

Fair Value Disclosures

On January 1, 2020, we adopted new accounting guidance related to fair value disclosure requirements as part of the FASB’s disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for fair value measurements. The guidance includes new disclosure requirements related to changes in unrealized gains and losses included in OCI for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. We adopted this accounting guidance using the prospective method for the aforementioned disclosures, as well as the narrative description of measurement uncertainty, and the retrospective method for all other disclosures. This accounting guidance did not impact our consolidated financial statements but impacted our fair value disclosures.

Accounting for Credit Losses on Financial Instruments

On January 1, 2020, we adopted new accounting guidance related to accounting for credit losses on financial instruments. The guidance requires entities to recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most financial instruments not measured at fair value, which primarily includes our commercial mortgage loans, bank loan investments and reinsurance recoverables. The guidance also requires the recognition of an allowance for expected credit losses as a liability in our consolidated balance sheet for

off-balance

sheet credit exposures, including commitments to fund bank loan investments, private placement investments and commercial mortgage loans. The FASB also issued an amendment to the guidance allowing entities to irrevocably elect the fair value option on an

instrument-by-instrument

basis for eligible instruments, which we did not elect.

We adopted the guidance related to our investments carried at amortized cost, reinsurance recoverables and

off-balance

sheet credit exposures using the modified retrospective method. We recorded an allowance related to lifetime expected credit losses of $23 million, net of deferred taxes of $6 million, for commercial mortgage loans and bank loan investments and $31 million, net of deferred taxes of $9 million, for reinsurance recoverables, with an offset to cumulative effect of change in accounting within retained earnings. See notes 4 and 8 for additional disclosures related to lifetime expected credit losses. In addition, we recorded an allowance related to lifetime expected credit losses for our

off-balance

sheet credit exposures of $1 million, included in other liabilities in our consolidated balance sheet, with an offset to cumulative effect of change in accounting within retained earnings.

We adopted the guidance related to our

available-for-sale

fixed maturity securities for which a previous other-than-temporary impairment was recognized prior to the date of adoption using the prospective method and the modified retrospective method for all other

available-for-sale

fixed maturity securities, which did not have any impact upon adoption. The guidance did not have a significant impact on other assets not measured at fair value.

Reference Rate Reform

In March 2020, January 2021 and December 2022, the FASB issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. The guidance provides temporary guidance

to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. This guidance provides optional practical expedients and exceptions for applying generally accepted accounting principles to investments, derivatives or other transactions affected by reference rate reform such as those that impact the assessment of derivative hedge effectiveness and contract modifications, to include continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain effectiveness assessments to exclude certain potential sources of ineffectiveness. The guidance was updated to clarify that the optional practical expedients and exceptions can be applied to derivatives that use an interest rate for margining, discounting, or contract price alignment. In addition to the optional practical expedients, the guidance includes a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. We adopted this guidance prospectively and it did not have a significant impact on our consolidated financial statements or disclosures. However, the amendments in this guidance may be elected over time through December 31, 2024 as reference rate reform activities occur and therefore, this guidance may impact our procedures, including our documentation of our cash flow hedge effectiveness, determined on an individual hedge basis, and the measurement of interest calculated on our floating rate junior subordinated notes, as we implement measures to transition away from LIBOR.

x) Accounting Pronouncements Not Yet Adopted

In June 2022, the FASB issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted, which we do not intend to elect. We do not expect a significant impact from this guidance on our consolidated financial statements and disclosures.

In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts, commonly known as long-duration targeted improvements (“LDTI”). This new accounting guidance directly impacts DAC, intangible assets and insurance liabilities in our U.S. life insurance companies, and also significantly increases our disclosure requirements. While the new guidance will have a significant impact on existing U.S. GAAP financial statements and disclosures, it will not impact the cash flows or underlying economics of the business, business strategy, statutory net income (loss) or risk-based capital of our U.S. life insurance companies, as well as have no impact on our Enact segment, Corporate and Other activities or management of capital.

We will adopt this new accounting guidance for future reporting periods on the effective date of January 1, 2023 using the modified retrospective method for all topics except for market risk benefits (“MRBs”), which is required to be applied using the retrospective method. The new accounting guidance, for all topics, will be applied as of January 1, 2021 (the “Transition Date”) with an adjustment to beginning retained earnings and accumulated other comprehensive income (loss). In addition, we will

re-present

our financial statements for the years ended December 31, 2022 and 2021, and comparable quarterly prior periods as applicable, in accordance with the new accounting standard.

On the Transition Date, we will calculate a ratio of future benefits and expenses less the existing carrying value of reser

ve

s to future gross premiums, or the net premium ratio, using updated assumptions and the

discount

rate immediately before the Transition Date

(locked-in

discount rate). See note

2(n)

—

Insurance Reserves

—

Future Policy Benefits

for significant assumptions used in the measurement of our insurance reserves. For cohorts with a net premium ratio greater than 100% on the Transition Date, the net premium ratio will be capped at 100

%, and the difference between the remeasured liability for future policy benefits and related reinsurance recoverables calculated under LDTI and the existing carrying value immediately before the Transition Date will be recorded as a decrease to retained earnings. For all cohorts as of the Transition Date, the liability for future policy benefits and related reinsurance recoverables is calculated using two different discount rates: the

locked-in

discount rate and the upper-medium grade, low credit risk, fixed-income instrument yield, commonly interpreted to be a

single-A

rated bond rate (current discount rate). The difference between the liability for future policy benefits and related reinsurance recoverables measured using the two different discount rates is recorded as an adjustment to accumulated other comprehensive income (loss). We are finalizing our implementation activities necessary to implement this new accounting guidance, including modifying and refining systems, establishing new policies and practices for validating model inputs and assumptions on a periodic basis, and updating our internal controls. These activities will continue until the implementation is finalized.

Upon adoption, and as of the Transition Date, we estimate total stockholders’ equity will decrease by approximately $13.7 billion

after-tax.

The total decrease to stockholders’ equity as of the Transition Date is expected to include a reduction to retained earnings of approximately

$

2.2

billion related to the increase in the liability for future policy benefits and related reinsurance recoverables calculated using updated assumptions for cohorts with net premium ratios capped

at

100

%, as well as the recognition of MRBs at fair value. The remaining decrease to stockholders’ equity as of the Transition Date is expected to be attributable to a reduction in accumulated other comprehensive income (loss) of approximately

$

11.5

billion, driven by the change in the discount rate used to measure the liability for future policy benefits and related reinsurance recoverables of approximately $

17.1

billion, partially offset by the elimination of shadow adjustments associated with traditional long-duration insurance contracts of approximately

$

5.6

billion. Our long-term care insurance business will be the most significantly impacted from the adoption, due to the requirement to remeasure the liability for future policy benefits and related reinsurance recoverables at the

single-A

bond rate as of the Transition Date,

which at that time was materially lower than the

locked-in

discount rate.

As a result of adopting this new accounting guidance, beginning on the Transition Date, our insurance liabilities will be more sensitive to movements in interest rates, which will likely result in continued volatility to our stockholders’ equity. For example, if we applied the December 31, 2022

single-A

bond rate on the Transition Date of January 1, 2021, and held all other factors constant, the change in accumulated other comprehensive income (loss) would have been positive, more than reversing the

estimated

decrease to accumulated other comprehensive income (loss) at the Transition Date.

We also expect our net income for the years ended December 31, 2022 and 2021 to decrease after adoption, largely driven by reduced earnings in our long-term care insurance business. The decreases in these years primarily relate to certain cohorts with net premium ratios capped at

100

%, unfavorable changes in assumptions and interest accretion resulting in higher interest expense on our liability for future policy benefits. In addition, we anticipate more volatility in net income (loss) largely from changes in the fair value of MRBs, which will be sensitive to changes in equity markets and interest rates. As a result of these sensitivities, we estimate the overall decrease in our net income for the year ended December 31, 2021 to be partially offset by changes in the fair value of MRBs driven by favorable equity market performance and interest

rates.

The key areas of change introduced by the adoption of LDTI and the related effect to our accounting policies are summarized in the table below. Less significant accounting policy changes from adopting LDTI are not included in the table below.


Key Area Impacted	Change to Accounting Policy	Policy Elections and Other Significant Matters
DAC and balances amortized on a basis consistent with DAC, including intangible assets and cost of reinsurance	DAC associated with long-duration insurance contracts is grouped into cohorts consistent with groupings used to estimate the related liability for future policy benefits and is amortized on a constant level basis over the expected contract term, which approximates straight-line. Revised assumptions are recognized prospectively over the remaining term of the related contract. DAC and balances amortized on a basis consistent with DAC are no longer subject to impairment, shadow adjustments or recoverability testing; however, PVFP is still assessed for recoverability in connection with premium deficiency testing.	The constant level basis we use to amortize DAC by product is as follows: • long-term care insurance – total life count • life insurance – face amount • fixed and variable annuities – policy count We apply the amortization rate at the beginning of the current reporting period, which reflects assumption updates, if applicable, and actual experience through the end of the current reporting period. For PVFP associated with investment contracts, we elected to amortize these intangible assets in a manner consistent with DAC. Cost of reinsurance is deferred and amortized in a manner consistent with DAC over the terms of the related reinsurance treaties.

MRBs, which include contracts or contract features that protect the policyholder’s account balance and expose the insurer to other-than-nominal capital market risk, such as GMDBs, GMWBs and guaranteed payout floor benefits	MRBs are measured at fair value with changes related to instrument-specific credit risk recorded as a separate component in accumulated other comprehensive income (loss) and remaining changes recorded in net income (loss).

Liability for future policy benefits – level of aggregation	For the purpose of calculating the net premium ratio used to measure the liability for future policy benefits, long-duration insurance contracts are grouped into annual cohorts on the basis of original contract issue date. For acquired contracts, the acquisition date is considered the original contract issue date.	Traditional and limited-payment long-duration insurance contracts are grouped into annual calendar-year cohorts based on the contract issue date, product type and company. Limited-payment contracts are grouped into cohorts separately from other traditional products and riders are combined with the associated base policies.


Key Area Impacted	Change to Accounting Policy	Policy Elections and Other Significant Matters

Liability for future policy benefits – cash flow assumptions	All cash flow assumptions used to estimate the liability for future policy benefits, except the discount rate, (see note 2 (n)—Insurance Reserves—Future Policy Benefits for significant assumptions) are reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes in cash flow assumptions are recorded using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which is capped at 100%) using actual historical and updated future cash flow assumptions. The liability for future policy benefits is recalculated using the revised net premium ratio and locked-in discount rate as of the beginning of the current reporting period and compared to the carrying amount as of the beginning of the current reporting period using the previous net premium ratio and locked-in discount rate, with any difference recorded as a remeasurement gain (loss). Cash flow assumptions no longer reflect a provision for adverse deviation, and the premium deficiency test and shadow adjustments are eliminated.	We calculate a single liability for future policy benefits and therefore, all cash flows, including benefit payments (such as claims in course of settlement and incurred claims) are aggregated. As a result, our U.S. life insurance companies elected to combine their previously disclosed liability for policy and contract claims, excluding amounts related to certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our consolidated balance sheets. Cash flow assumptions will be formally reviewed and updated as necessary based on experience studies in the fourth quarter each year. We elected to update the net premium ratio quarterly for actual versus expected experience; therefore, during interim reporting periods we will replace forecasted cash flow assumptions with actual cash flows with any difference recorded in net income (loss). We made an entity-wide election not to update our expense assumptions and therefore, these assumptions remain locked-in at the time of the Transition Date or if issued after the Transition Date, at the time of contract inception.


Key Area Impacted	Change to Accounting Policy	Policy Elections and Other Significant Matters
Liability for future policy benefits – discount rate assumptions	The liability for future policy benefits is measured using two different discount rates, a current discount rate and a locked-in discount rate. The current discount rate is used to remeasure the liability for future policy benefits recorded in the consolidated balance sheets and is a current upper-medium grade fixed-income instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the corresponding liability. The locked-in discount rate is used to determine the amounts recorded to net income (loss) and is held constant for the purpose of calculating the net premium ratio and interest accretion. The difference between the liability measured using the locked-in rate and the liability measured using the current rate is recorded in accumulated other comprehensive income (loss). For policies in-force prior to the Transition Date, the locked-in discount rate is equal to the discount rate in effect immediately before the Transition Date.	The methodology used to determine the current discount rate assumption maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The current discount rate assumption is based on a single-A curve published by a market data service. For cash flows projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value measurements as defined in note 2 (e)—Fair Value Measurements to interpolate from the last observable rate to an estimated ultimate long-term rate.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings (Loss) Per Share

(3) Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the years ended December 31:


(Amounts in millions, except per share amounts)	2022		2021		2020
Weighted-average common shares used in basic earnings (loss) per share calculations		504.5		506.9		505.2
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based awards		6.5		7.8		6.4

Weighted-average common shares used in diluted earnings (loss) per share calculations		511.0		514.7		511.6

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

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	609	$	885	$	698

Basic per share	$	1.21	$	1.75	$	1.38

Diluted per share	$	1.19	$	1.72	$	1.36


Income (loss) from discontinued operations:
Income (loss) from discontinued operations, net of taxes	$	—	$	27	$	(486	)
Less: net income from discontinued operations attributable to noncontrolling interests		—		8		34

Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	$	—	$	19	$	(520	)

Basic per share	$	—	$	0.04	$	(1.03	)

Diluted per share	$	—	$	0.04	$	(1.02	)

Net income (loss):
Income from continuing operations	$	739	$	918	$	698
Income (loss) from discontinued operations, net of taxes		—		27		(486	)

Net income		739		945		212
Less: net income attributable to noncontrolling interests		130		41		34

Net income available to Genworth Financial, Inc.’s common stockholders	$	609	$	904	$	178

Basic per share (1 )	$	1.21	$	1.78	$	0.35

Diluted per share (1)	$	1.19	$	1.76	$	0.35

(1)	May not total due to whole number calculation.

Investments

12 Months Ended

Dec. 31, 2022

Investments

(4) Investments

(a) Net Investment Income

Sources of net investment income were as follows for the years ended December 31:


(Amounts in millions)	2022			2021			2020

Fixed maturity securities—taxable	$	2,296		$	2,411		$	2,448
Fixed maturity securities—non-taxable		5			7			6
Equity securities		10			9			12
Commercial mortgage loans		321			376			345
Policy loans		211			189			199
Limited partnerships		99			223			72
Other invested assets		267			241			223
Cash, cash equivalents, restricted cash and short-term investments		20			1			15

Gross investment income before expenses and fees		3,229			3,457			3,320
Expenses and fees		(83	)		(87	)		(93	)

Net investment income	$	3,146		$	3,370		$	3,227

(b) Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Realized investment gains (losses):
Available-for-sale fixed maturity securities:
Realized gains	$	28		$	67		$	471
Realized losses		(102	)		(10	)		(29	)

Net realized gains (losses) on available-for-sale fixed maturity securities		(74	)		57			442
Net realized gains (losses) on equity securities sold		—			(7	)		(1	)
Net realized gains (losses) on limited partnerships		—			3			—

Total net realized investment gains (losses)		(74	)		53			441

Net change in allowance for credit losses on available-for-sale fixed maturity securities		—			(6	)		(5	)
Write-down of available-for-sale fixed maturity securities (1 )		(2	)		(1	)		(4	)
Net unrealized gains (losses) on equity securities still held		(35	)		1			4
Net unrealized gains (losses) on limited partnerships		71			264			112
Commercial mortgage loans		4			(3	)		(2	)
Derivative instruments (2)		17			14			(49	)
Other		2			1			(5	)

Net investment gains (losses)	$	(17	)	$	323		$	492

(1)	Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.

(2)	See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).

See

note 2 for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our

available-for-sale

fixed maturity securities. There was no allowance for credit losses related to our

available-for-sale

fixed maturity securities as of and for the year ended December 31, 2022.

The following tables represent the allowance for credit losses aggregated by security type for

available-for-sale

fixed maturity securities as of and for the years ended December 31:


	2021
			Increase from		Increase
			securities		(decrease)					Decrease
			without		from securities					due to change
			allowance in		with allowance					in intent or
	Beginning		previous		in previous		Securities			requirement							Ending
(Amounts in millions)	balance		periods		periods		sold			to sell		Write-offs			Recoveries		balance
Fixed maturity securities:
Non-U.S. corporate	$	1	$	—	$	6	$	(7	)	$	—	$	—		$	—	$	—
Commercial mortgage-backed		3		—		—		—			—		(3	)		—		—

Total available-for-sale fixed maturity securities	$	4	$	—	$	6	$	(7	)	$	—	$	(3	)	$	—	$	—


	2020
			Increase from		Increase
			securities		(decrease)						Decrease
			without		from securities						due to change
			allowance in		with allowance						in intent or
	Beginning		previous		in previous			Securities			requirement						Ending
(Amounts in millions)	balance		periods		periods			sold			to sell		Write-offs		Recoveries		balance
Fixed maturity securities:
Non-U.S. corporate	$	—	$	4	$	(2	)	$	(1	)	$	—	$	—	$	—	$	1
Commercial mortgage-backed		—		3		—			—			—		—		—		3

Total available-for-sale fixed maturity securities	$	—	$	7	$	(2	)	$	(1	)	$	—	$	—	$	—	$	4

(c) Unrealized Investment Gains and Losses

Net unrealized gains and losses on

available-for-sale

investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of December 31:


(Amounts in millions)	2022			2021			2020
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1)	$	(4,251	)	$	7,869		$	10,159
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses (1)		—			—			(7	)
Adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances		44			(5,487	)		(7,302	)
Income taxes, net		710			(507	)		(611	)

Net unrealized investment gains (losses)		(3,497	)		1,875			2,239
Less: net unrealized investment gains (losses) attributable to noncontrolling interests		(71	)		15			25

Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.	$	(3,426	)	$	1,860		$	2,214

(1)	Excludes foreign exchange.

The change in net unrealized gains (losses) on

available-for-sale

investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Beginning balance	$	1,860		$	2,214		$	1,456
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities		(12,194	)		(2,218	)		3,950
Adjustment to DAC (1)		1,332			30			122
Adjustment to PVFP		81			—			(1	)
Adjustment to sales inducements		28			12			(5	)
Adjustment to benefit reserves and policyholder contract balances (2)		4,090			1,773			(2,629	)
Provision for income taxes		1,233			90			(305	)

Change in unrealized gains (losses) on investment securities		(5,430	)		(313	)		1,132
Reclassification adjustments to net investment (gains) losses, net of taxes of $(16), $14 and $100		58			(51	)		(374	)

Change in net unrealized investment gains (losses)		(5,372	)		(364	)		758
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests		(86	)		(10	)		—

Ending balance	$	(3,426	)	$	1,860		$	2,214

(1)	See note 6 for additional information.

(2)	See note 9 for additional information.

The net unrealized losses on fixed maturity securities recognized during the year ended December 31, 2022 were largely due to increasing interest rates and widening credit spreads. Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.

(d) Fixed Maturity Securities

As of December 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as

available-for-sale

were as follows:


	Amortized		Gross		Gross			Allowance
	cost or		unrealized		unrealized			for credit		Fair
(Amounts in millions)	cost		gains		losses			losses		value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,446	$	86	$	(191	)	$	—	$	3,341
State and political subdivisions		2,726		19		(346	)		—		2,399
Non-U.S. government		731		15		(101	)		—		645
U.S. corporate:
Utilities		4,295		50		(447	)		—		3,898
Energy		2,450		33		(221	)		—		2,262
Finance and insurance		8,005		59		(871	)		—		7,193
Consumer—non-cyclical		4,776		84		(403	)		—		4,457
Technology and communications		3,265		43		(361	)		—		2,947
Industrial		1,312		15		(130	)		—		1,197
Capital goods		2,290		41		(193	)		—		2,138
Consumer—cyclical		1,758		14		(155	)		—		1,617
Transportation		1,165		32		(97	)		—		1,100
Other		325		3		(18	)		—		310

Total U.S. corporate		29,641		374		(2,896	)		—		27,119

Non-U.S. corporate:
Utilities		817		—		(77	)		—		740
Energy		1,009		19		(68	)		—		960
Finance and insurance		2,124		30		(208	)		—		1,946
Consumer—non-cyclical		655		1		(90	)		—		566
Technology and communications		997		4		(107	)		—		894
Industrial		880		8		(70	)		—		818
Capital goods		606		3		(63	)		—		546
Consumer—cyclical		308		—		(32	)		—		276
Transportation		392		12		(29	)		—		375
Other		932		15		(58	)		—		889

Total non-U.S. corporate		8,720		92		(802	)		—		8,010

Residential mortgage-backed		1,059		7		(71	)		—		995
Commercial mortgage-backed		2,183		2		(277	)		—		1,908
Other asset-backed		2,328		1		(163	)		—		2,166

Total available-for-sale fixed maturity securities	$	50,834	$	596	$	(4,847	)	$	—	$	46,583

As of December 31, 2021, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as

available-for-sale

were as follows:


	Amortized		Gross		Gross			Allowance
	cost or		unrealized		unrealized			for credit		Fair
(Amounts in millions)	cost		gains		losses			losses		value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,368	$	1,184	$	—		$	—	$	4,552
State and political subdivisions		2,982		474		(6	)		—		3,450
Non-U.S. government		762		86		(13	)		—		835
U.S. corporate:
Utilities		4,330		783		(9	)		—		5,104
Energy		2,581		363		(10	)		—		2,934
Finance and insurance		8,003		1,012		(24	)		—		8,991
Consumer—non-cyclical		5,138		1,029		(8	)		—		6,159
Technology and communications		3,345		476		(13	)		—		3,808
Industrial		1,322		175		(3	)		—		1,494
Capital goods		2,334		415		(4	)		—		2,745
Consumer—cyclical		1,703		203		(7	)		—		1,899
Transportation		1,122		249		—			—		1,371
Other		379		41		(1	)		—		419

Total U.S. corporate		30,257		4,746		(79	)		—		34,924

Non-U.S. corporate:
Utilities		867		63		(2	)		—		928
Energy		1,194		190		(1	)		—		1,383
Finance and insurance		2,171		270		(9	)		—		2,432
Consumer—non-cyclical		664		81		(2	)		—		743
Technology and communications		1,085		166		(1	)		—		1,250
Industrial		933		117		(3	)		—		1,047
Capital goods		640		66		(1	)		—		705
Consumer—cyclical		316		27		(2	)		—		341
Transportation		422		68		(1	)		—		489
Other		1,052		169		(4	)		—		1,217

Total non-U.S. corporate		9,344		1,217		(26	)		—		10,535

Residential mortgage-backed		1,325		116		(1	)		—		1,440
Commercial mortgage-backed		2,435		152		(3	)		—		2,584
Other asset-backed		2,138		29		(7	)		—		2,160

Total available-for-sale fixed maturity securities	$	52,611	$	8,004	$	(135	)	$	—	$	60,480

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2022:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	1,585	$	(189	)		55	$	17	$	(2	)		6	$	1,602	$	(191	)		61
State and political subdivisions		1,559		(269	)		258		261		(77	)		66		1,820		(346	)		324
Non-U.S. government		351		(54	)		59		152		(47	)		23		503		(101	)		82
U.S. corporate		18,480		(2,344	)		2,452		2,001		(552	)		236		20,481		(2,896	)		2,688
Non-U.S. corporate		5,593		(599	)		732		748		(203	)		111		6,341		(802	)		843
Residential mortgage-backed		569		(51	)		192		65		(20	)		22		634		(71	)		214
Commercial mortgage-backed		1,765		(255	)		265		88		(22	)		16		1,853		(277	)		281
Other asset-backed		1,455		(83	)		347		598		(80	)		101		2,053		(163	)		448

Total for fixed maturity securities in an unrealized loss position	$	31,357	$	(3,844	)		4,360	$	3,930	$	(1,003	)		581	$	35,287	$	(4,847	)		4,941

% Below cost:
<20% Below cost	$	27,596	$	(2,587	)		3,835	$	1,819	$	(291	)		310	$	29,415	$	(2,878	)		4,145
20%-50% Below cost		3,757		(1,251	)		523		2,111		(712	)		271		5,868		(1,963	)		794
>50% Below cost		4		(6	)		2		—		—			—		4		(6	)		2

Total for fixed maturity securities in an unrealized loss position	$	31,357	$	(3,844	)		4,360	$	3,930	$	(1,003	)		581	$	35,287	$	(4,847	)		4,941

Investment grade	$	29,959	$	(3,687	)		4,158	$	3,590	$	(915	)		537	$	33,549	$	(4,602	)		4,695
Below investment grade		1,398		(157	)		202		340		(88	)		44		1,738		(245	)		246

Total for fixed maturity securities in an unrealized loss position	$	31,357	$	(3,844	)		4,360	$	3,930	$	(1,003	)		581	$	35,287	$	(4,847	)		4,941

The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2022:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
U.S. corporate:
Utilities	$	2,447	$	(398	)		345	$	187	$	(49	)		37	$	2,634	$	(447	)		382
Energy		1,538		(187	)		226		144		(34	)		14		1,682		(221	)		240
Finance and insurance		5,250		(668	)		696		706		(203	)		74		5,956		(871	)		770
Consumer—non-cyclical		2,805		(342	)		317		201		(61	)		22		3,006		(403	)		339
Technology and communications		2,259		(273	)		304		271		(88	)		32		2,530		(361	)		336
Industrial		829		(105	)		104		110		(25	)		13		939		(130	)		117
Capital goods		1,332		(153	)		169		148		(40	)		16		1,480		(193	)		185
Consumer—cyclical		1,138		(108	)		173		194		(47	)		22		1,332		(155	)		195
Transportation		746		(93	)		95		21		(4	)		5		767		(97	)		100
Other		136		(17	)		23		19		(1	)		1		155		(18	)		24

Subtotal, U.S. corporate securities		18,480		(2,344	)		2,452		2,001		(552	)		236		20,481		(2,896	)		2,688

Non-U.S. corporate:
Utilities		640		(63	)		66		57		(14	)		9		697		(77	)		75
Energy		604		(61	)		69		40		(7	)		5		644		(68	)		74
Finance and insurance		1,310		(122	)		204		296		(86	)		42		1,606		(208	)		246
Consumer—non-cyclical		491		(74	)		56		54		(16	)		11		545		(90	)		67
Technology and communications		740		(96	)		93		39		(11	)		8		779		(107	)		101
Industrial		480		(45	)		71		105		(25	)		13		585		(70	)		84
Capital goods		394		(46	)		52		62		(17	)		6		456		(63	)		58
Consumer—cyclical		241		(28	)		31		23		(4	)		6		264		(32	)		37
Transportation		180		(21	)		26		29		(8	)		5		209		(29	)		31
Other		513		(43	)		64		43		(15	)		6		556		(58	)		70

Subtotal, non-U.S. corporate securities		5,593		(599	)		732		748		(203	)		111		6,341		(802	)		843

Total for corporate securities in an unrealized loss position	$	24,073	$	(2,943	)		3,184	$	2,749	$	(755	)		347	$	26,822	$	(3,698	)		3,531

We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increasing interest rates and widening credit spreads and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2021:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
Fixed maturity securities:
State and political subdivisions	$	339	$	(6	)		67	$	—	$	—			—	$	339	$	(6	)		67
Non-U.S. government		173		(9	)		28		19		(4	)		1		192		(13	)		29
U.S. corporate		2,593		(64	)		266		196		(15	)		22		2,789		(79	)		288
Non-U.S. corporate		912		(21	)		124		62		(5	)		8		974		(26	)		132
Residential mortgage-backed		97		(1	)		22		—		—			—		97		(1	)		22
Commercial mortgage-backed		113		(2	)		17		31		(1	)		4		144		(3	)		21
Other asset-backed		764		(7	)		111		—		—			—		764		(7	)		111

Total for fixed maturity securities in an unrealized loss position	$	4,991	$	(110	)		635	$	308	$	(25	)		35	$	5,299	$	(135	)		670

% Below cost:
<20% Below cost	$	4,991	$	(110	)		635	$	297	$	(20	)		33	$	5,288	$	(130	)		668
20%-50% Below cost		—		—			—		11		(5	)		2		11		(5	)		2

Total for fixed maturity securities in an unrealized loss position	$	4,991	$	(110	)		635	$	308	$	(25	)		35	$	5,299	$	(135	)		670

Investment grade	$	4,644	$	(101	)		587	$	241	$	(12	)		25	$	4,885	$	(113	)		612
Below investment grade		347		(9	)		48		67		(13	)		10		414		(22	)		58

Total for fixed maturity securities in an unrealized loss position	$	4,991	$	(110	)		635	$	308	$	(25	)		35	$	5,299	$	(135	)		670

The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2021:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
U.S. corporate:
Utilities	$	211	$	(7	)		32	$	29	$	(2	)		7	$	240	$	(9	)		39
Energy		166		(3	)		18		25		(7	)		4		191		(10	)		22
Finance and insurance		960		(22	)		89		62		(2	)		3		1,022		(24	)		92
Consumer—non-cyclical		296		(7	)		30		14		(1	)		2		310		(8	)		32
Technology and communications		378		(12	)		37		29		(1	)		2		407		(13	)		39
Industrial		143		(3	)		18		—		—			—		143		(3	)		18
Capital goods		171		(3	)		16		18		(1	)		2		189		(4	)		18
Consumer—cyclical		268		(7	)		26		—		—			—		268		(7	)		26
Other		—		—			—		19		(1	)		2		19		(1	)		2

Subtotal, U.S. corporate securities		2,593		(64	)		266		196		(15	)		22		2,789		(79	)		288

Non-U.S. corporate:
Utilities		69		(2	)		9		—		—			—		69		(2	)		9
Energy		64		(1	)		10		—		—			—		64		(1	)		10
Finance and insurance		366		(8	)		43		18		(1	)		2		384		(9	)		45
Consumer—non-cyclical		67		(1	)		12		6		(1	)		1		73		(2	)		13
Technology and communications		48		(1	)		8		—		—			—		48		(1	)		8
Industrial		122		(3	)		14		—		—			—		122		(3	)		14
Capital goods		78		(1	)		8		—		—			—		78		(1	)		8
Consumer—cyclical		22		(1	)		8		15		(1	)		3		37		(2	)		11
Transportation		37		(1	)		7		—		—			—		37		(1	)		7
Other		39		(2	)		5		23		(2	)		2		62		(4	)		7

Subtotal, non-U.S. corporate securities		912		(21	)		124		62		(5	)		8		974		(26	)		132

Total for corporate securities in an unrealized loss position	$	3,505	$	(85	)		390	$	258	$	(20	)		30	$	3,763	$	(105	)		420

The scheduled maturity distribution of fixed maturity securities as of December 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized
	cost or		Fair
(Amounts in millions)	cost		value
Due one year or less	$	1,239	$	1,234
Due after one year through five years		8,264		7,931
Due after five years through ten years		13,120		11,915
Due after ten years		22,641		20,434

Subtotal		45,264		41,514
Residential mortgage-backed		1,059		995
Commercial mortgage-backed		2,183		1,908
Other asset-backed		2,328		2,166

Total	$	50,834	$	46,583

As of December 31, 2022, securities issued by finance and insurance,

consumer—non-cyclical,

utilities and technology and communications industry groups represented approximately 27%, 14%, 13% and 11%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio.

As of December 31, 2022, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.

As of December 31, 2022 and 2021, securities of $42

million and $45

million, respectively, were on deposit with various state government insurance departments in order to comply with relevant insurance regulations.

(e) Commercial Mortgage Loans

Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.

We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of December

31:


	2022						2021
	Carrying			% of			Carrying			% of
(Amounts in millions)	value			total			value			total
Property type:
Retail	$	2,916			42	%	$	2,774			40	%
Office		1,579			22			1,526			22
Industrial		1,456			21			1,420			21
Apartments		561			8			585			9
Mixed use		371			5			330			5
Other		149			2			221			3

Subtotal		7,032			100	%		6,856			100	%

Allowance for credit losses		(22	)					(26	)

Total	$	7,010					$	6,830


	2022						2021
	Carrying			% of			Carrying			% of
(Amounts in millions)	value			total			value			total
Geographic region:
South Atlantic	$	1,809			26	%	$	1,770			26	%
Pacific		1,340			19			1,360			20
Mountain		1,023			15			892			13
Mid dle Atlantic		988			14			964			14
West South Central		578			8			483			7
East North Central		454			6			465			7
West North Central		438			6			461			7
East South Central		218			3			224			3
New England		184			3			237			3

Subtotal		7,032			100	%		6,856			100	%

Allowance for credit losses		(22	)					(26	)

Total	$	7,010					$	6,830

As of December 31, 2022, we had no commercial mortgage loans past due or on

non-accrual

status. As of December 31, 2021, we had one commercial mortgage loan with an amortized cost of $22

million that was 31 to 60 days past due in the office property type. We wrote off $8

million of this commercial mortgage loan during the year ended December 31, 2021 and it was placed on

non-accrual

status as of December 31, 2021. The carrying value of this commercial mortgage loan was written down to the fair value of its collateral and this loan did not have an allowance for credit losses as of December 31, 2021. This loan was foreclosed on during 2022 and classified as real estate owned assets included in other invested assets in our consolidated balance sheets as of December 31, 2022. For a discussion of our policy related to placing commercial mortgage loans on

non-accrual

status, see note 2.

During the year ended December 31, 2022, we did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan. During the year ended December 31, 2021, prior to the adoption of new accounting guidance related to troubled debt restructurings, we did not have any modifications or extensions that were considered troubled debt restructurings.

The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Allowance for credit losses:
Beginning balance	$	26		$	31		$	13
Cumulative effect of change in accounting		—			—			16
Provision		(5	)		3			2
Write-offs		—			(8	)		—
Recoveries		1			—			—

Ending balance	$	22		$	26		$	31

In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the

debt-to-value

and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average

debt-to-value

ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower

debt-to-value

indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual

one-time

events such as capital expenditures, prepaid or late real estate tax payments or

non-recurring

third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.

The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of December 31, 2022:


											2017 and
(Amounts in millions)	2022		2021		2020		2019		2018		prior		Total
Debt-to-value:
0% - 50%	$	42	$	41	$	98	$	110	$	204	$	1,890	$	2,385
51% - 60%		58		98		62		131		229		764		1,342
61% - 75%		848		788		334		460		380		445		3,255
76% - 100%		—		—		—		8		28		14		50
Greater than 100%		—		—		—		—		—		—		—

Total amortized cost	$	948	$	927	$	494	$	709	$	841	$	3,113	$	7,032

Debt service coverage ratio:
Less than 1.00	$	7	$	9	$	6	$	47	$	58	$	143	$	270
1.00 - 1.25		17		1		16		19		94		125		272
1.26 - 1.50		290		70		65		163		140		390		1,118
1.51 - 2.00		580		614		207		270		348		1,066		3,085
Greater than 2.00		54		233		200		210		201		1,389		2,287

Total amortized cost	$	948	$	927	$	494	$	709	$	841	$	3,113	$	7,032

The following tables set forth the debt-to-value of commercial mortgage loans by property type as of December 31:


	2022
													Greater
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			than 100%			Total
Property type:
Retail	$	907		$	649		$	1,332		$	28		$	—		$	2,916
Office		445			272			848			14			—			1,579
Industrial		668			243			545			—			—			1,456
Apartments		184			90			279			8			—			561
Mixed use		93			79			199			—			—			371
Other		88			9			52			—			—			149

Total amortized cost	$	2,385		$	1,342		$	3,255		$	50		$	—		$	7,032

% of total		34	%		19	%		46	%		1	%		—	%		100	%

Weighted-average debt service coverage ratio		2.35			1.95			1.63			1.34			—			1.93


	2021
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			Greater than 100%			Total
Property type:
Retail	$	853		$	611		$	1,310		$	—		$	—		$	2,774
Office		505			395			604			—			22			1,526
Industrial		745			240			435			—			—			1,420
Apartments		200			102			283			—			—			585
Mixed use		120			70			140			—			—			330
Other		57			121			43			—			—			221

Total amortized cost	$	2,480		$	1,539		$	2,815		$	—		$	22		$	6,856

% of total		36	%		23	%		41	%		—	%		—	%		100	%

Weighted-average debt service coverage ratio		2.36			1.83			1.61			—			0.68			1.93

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of December 31:


	2022
													Greater
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			than 2.00			Total
Property type:
Retail	$	88		$	68		$	560		$	1,380		$	820		$	2,916
Office		81			131			155			666			546			1,579
Industrial		20			44			194			574			624			1,456
Apartments		14			11			150			242			144			561
Mixed use		25			16			50			190			90			371
Other		42			2			9			33			63			149

Total amortized cost	$	270		$	272		$	1,118		$	3,085		$	2,287		$	7,032

% of total		4	%		4	%		16	%		44	%		32	%		100	%

Weighted-average debt-to-value		61	%		62	%		63	%		60	%		44	%		56	%


	2021
													Greater
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			than 2.00			Total
Property type:
Retail	$	102		$	166		$	405		$	1,375		$	726		$	2,774
Office		67			109			167			593			590			1,526
Industrial		9			64			82			599			666			1,420
Apartments		17			62			84			225			197			585
Mixed use		24			32			40			118			116			330
Other		4			126			13			48			30			221

Total amortized cost	$	223		$	559		$	791		$	2,958		$	2,325		$	6,856

% of total		3	%		8	%		12	%		43	%		34	%		100	%

Weighted-average debt-to-value		68	%		61	%		61	%		60	%		43	%		55	%

(f) Limited Partnerships or Similar Entities

Investments in limited partnerships or similar entities are generally considered VIEs when the equity group lacks sufficient financial control. Generally, these investments are limited partner or

non-managing

member equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of December 31, 2022 and 2021, the total carrying value of these investments was $2,230 million and $1,829 million, respectively. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We have not contributed, and do not plan to contribute, any additional financial or other support outside of what is contractually obligated.

Derivative Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments

(5) Derivative Instruments

Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow

hedges.

The following table sets forth our positions in derivative instruments as of December 31:


	Derivative assets					Derivative liabilities
		Fair value						Fair value
	Balance					Balance
(Amounts in millions)	sheet classification	2022		2021		sheet classification		2022		2021
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps	Other invested assets	$	24	$	364		Other liabilities	$	522	$	26
Foreign currency swaps	Other invested assets		20		6		Other liabilities		—		—

Total cash flow hedges			44		370				522		26

Total derivatives designated as hedges			44		370				522		26

Derivatives not designated as hedges
Equity index options	Other invested assets		6		42		Other liabilities		—		—
Financial futures	Other invested assets		—		—		Other liabilities		—		—
Other foreign currency contracts	Other invested assets		—		2		Other liabilities		—		—
GMWB embedded derivatives	Reinsurance recoverable (1)		16		19		Policyholder account balances (2)		223		271
Fixed index annuity embedded derivatives	Other assets		—		—		Policyholder account balances (3)		202		294
Indexed universal life embedded derivatives	Reinsurance recoverable		—		—		Policyholder account balances (4)		15		25

Total derivatives not designated as hedges			22		63				440		590

Total derivatives		$	66	$	433			$	962	$	616

(1)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

(2)	Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

(3)	Represents the embedded derivatives associated with our fixed index annuity liabilities.

(4)	Represents the embedded derivatives associated with our indexed universal life liabilities.

The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.

The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, fixed index annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated:


			December 31,				Maturities/			December 31,
(Notional in millions)	Measurement		2021		Additions		terminations			2022
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps		Notional	$	7,653	$	1,109	$	(220	)	$	8,542
Foreign currency swaps		Notional		127		17		—			144

Total cash flow hedges				7,780		1,126		(220	)		8,686

Total derivatives designated as hedges				7,780		1,126		(220	)		8,686

Derivatives not designated as hedges
Equity index options		Notional		1,446		946		(1,456	)		936
Financial futures		Notional		946		4,405		(3,948	)		1,403
Other foreign currency contracts		Notional		83		—		(83	)		—

Total derivatives not designated as hedges				2,475		5,351		(5,487	)		2,339

Total derivatives			$	10,255	$	6,477	$	(5,707	)	$	11,025


		December 31,				Maturities/			December 31,
(Number of policies)	Measurement	2021		Additions		terminations			2022
Derivatives not designated as hedges
GMWB embedded derivatives	Policies		21,804		—		(1,876	)		19,928
Fixed index annuity embedded derivatives	Policies		9,344		—		(2,029	)		7,315
Indexed universal life embedded derivatives	Policies		806		—		(35	)		771

Cash Flow Hedges

Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of OCI. We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; and (v) other instruments to hedge the cash flows of various forecasted transactions.

The following table provides information about the pre-tax income effects of cash flow hedges for the year ended December 31, 2022:


				Gain (loss)
	Gain (loss)			reclassified into			Classification of gain (loss)	Gain (loss)		Classification of gain
	recognized			net income			reclassified into	recognized in		(loss) recognized in
(Amounts in millions)	in OCI			from OCI			net income	net income		net income

Interest rate swaps hedging assets	$	(854	)	$	225		Net investment income	$	—	Net investment gains (losses)
Interest rate swaps hedging assets		—			9		Net investment gains (losses)		—	Net investment gains (losses)
Interest rate swaps hedging liabilities		—			(3	)	Interest expense		—	Net investment gains (losses)
Foreign currency swaps		15			—		Net investment income		—	Net investment gains (losses)

Total	$	(839	)	$	231			$	—

The following table provides information about the pre-tax income effects of cash flow hedges for the year ended December 31, 2021:


				Gain (loss)
	Gain (loss)			reclassified into			Classification of gain (loss)	Gain (loss)		Classification of gain
	recognized			net income			reclassified into	recognized in		(loss) recognized in
(Amounts in millions)	in OCI			from OCI			net income	net income		net income
Interest rate swaps hedging assets	$	(100	)	$	217		Net investment income	$	—	Net investment gains (losses)
Interest rate swaps hedging assets		—			1		Net investment gains (losses)		—	Net investment gains (losses)
Interest rate swaps hedging liabilities		36			(1	)	Interest expense		—	Net investment gains (losses)
Foreign currency swaps		7			—		Net investment income		—	Net investment gains (losses)

Total	$	(57	)	$	217			$	—

The following table provides information about the pre-tax income effects of cash flow hedges for the year ended December 31, 2020:


				Gain (loss)
	Gain (loss)			reclassified into		Classification of gain (loss)	Gain (loss)		Classification of gain
	recognized			net income		reclassified into	recognized in		(loss) recognized in
(Amounts in millions)	in OCI			from OCI		net income	net income		net income
Interest rate swaps hedging assets	$	482		$	196	Net investment income	$	—	Net investment gains (losses)
Interest rate swaps hedging assets		—			12	Net investment gains (losses)		—	Net investment gains (losses)
Interest rate swaps hedging liabilities		(38	)		—	Interest expense		—	Net investment gains (losses)
Foreign currency swaps		(5	)		—	Net investment income		—	Net investment gains (losses)

Total	$	439		$	208		$	—

The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Derivatives qualifying as effective accounting hedges as of January 1	$	2,025		$	2,211		$	2,002
Current period increases (decreases) in fair value, net of deferred taxes of $165, $12 and $(95)		(674	)		(45	)		344
Reclassification to net (income), net of deferred taxes of $80, $76 and $73		(151	)		(141	)		(135	)

Derivatives qualifying as effective accounting hedges as of December 31	$	1,200		$	2,025		$	2,211

The total of derivatives designated as cash flow hedges of $1,200 million, net of taxes, recorded in stockholders’ equity as of December 31, 2022 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $143 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the years ended December 31, 2022, 2021 and 2020, we reclassified $11 million, $10 million and $15 million, respectively, to net income in connection with forecasted transactions that were no longer considered probable of occurring.

Derivatives Not Designated As Hedges

We also enter into certain non-qualifying derivative instruments such as equity index options and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed index annuities and indexed universal life. We previously entered into interest rate swaps and financial futures to mitigate interest rate risk as part of managing regulatory capital positions and foreign currency options and

forward contracts to mitigate currency risk associated with dividends, cash payments to AXA S.A. (“AXA”) reported as discontinued operations and/or other cash flows from certain foreign subsidiaries to our holding company. Additionally, we provide GMWBs on certain variable annuities that are required to be bifurcated as embedded derivatives. We also offer fixed index annuity and indexed universal life insurance products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives.

The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the years ended December 31:


										Classification of gain (loss) recognized
(Amounts in millions)	2022			2021			2020			in net income
Interest rate swaps	$	—		$	2		$	(11	)	Net investment gains (losses)
Equity index options		(20	)		18			4		Net investment gains (losses)
Financial futures		(81	)		(123	)		2		Net investment gains (losses)
Other foreign currency contracts		—			—			6		Net investment gains (losses)
GMWB embedded derivatives		66			124			(28	)	Net investment gains (losses)
Fixed index annuity embedded derivatives		16			(32	)		(51	)	Net investment gains (losses)
Indexed universal life embedded derivatives		27			24			17		Net investment gains (losses)

Total derivatives not designated as hedges	$	8		$	13		$	(61	)

Derivative Counterparty Credit Risk

Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of December 31:


	2022									2021
	Derivative			Derivative			Net			Derivative			Derivative			Net
(Amounts in millions)	assets (1)			liabilities (1)			derivatives			assets (1)			liabilities (1)			derivatives
Amounts presented in the balance sheet:
Gross amounts recognized	$	50		$	522		$	(472	)	$	414		$	26		$	388
Gross amounts offset in the balance sheet		—			—			—			—			—			—

Net amounts presented in the balance sheet		50			522			(472	)		414			26			388
Gross amounts not offset in the balance sheet:
Financial instruments (2)		(25	)		(25	)		—			(20	)		(20	)		—
Collateral received		(21	)		—			(21	)		(308	)		—			(308	)
Collateral pledged		—			(1,095	)		1,095			—			(536	)		536
Over collateralization		—			598			(598	)		2			530			(528	)

Net amount	$	4		$	—		$	4		$	88		$	—		$	88

(1)	Does not include amounts related to embedded derivatives as of December 31, 2022 and 2021.

(2)	Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.

Deferred Acquisition Costs

12 Months Ended

Dec. 31, 2022

Deferred Acquisition Costs

(6) Deferred Acquisition Costs

The following table presents the activity impacting DAC as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Unamortized balance as of January 1	$	2,438		$	2,809		$	3,243
Costs deferred		—			8			3
Amortization, net of interest accretion		(278	)		(379	)		(437	)

Unamortized balance as of December 31		2,160			2,438			2,809
Accumulated effect of net unrealized investment (gains) losses		40			(1,292	)		(1,322	)

Balance as of December 31	$	2,200		$	1,146		$	1,487

We regularly review DAC to determine if it is recoverable from future income. In 2022, 2021 and 2020, we recorded DAC impairments of $52 million, $117 million and $63 million, respectively, in our universal and term universal life insurance products due principally to lower future estimated gross profits. As of December 31, 2022, 2021 and 2020, all of our other products had sufficient future income and therefore the related DAC was recoverable. See note 9 for additional information related to loss recognition testing.

In the fourth quarter of 2020, as part of our annual review of assumptions, we increased DAC amortization by $48 million in our universal and term universal life insurance products predominantly due to changes in expected gross profits driven mostly by lower projected cost of insurance assessments on our universal life insurance products and a model refinement in our term universal life insurance product related to persistency and grace period timing.

As of December 31, 2022, 2021 and 2020, shadow accounting adjustments increased (decreased) the DAC balance by $40 million, $(1,292) million and $(1,322) million, respectively, with an offsetting amount recorded in accumulated other comprehensive income (loss). The majority of the shadow accounting adjustments as of December 31, 2021 and 2020 were recorded in our long-term care insurance business, which reduced its DAC balance to zero in each year. As of December 31, 2022, due to the higher interest rate environment, there were no shadow accounting adjustments in our long-term care insurance business. There was no impact to net income related to our shadow accounting adjustments. See note 2 for further information related to shadow accounting adjustments.

Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets

(7) Intangible Assets

The following table presents our intangible assets as of December 31:


	2022					2021
	Gross					Gross
	carrying		Accumulated			carrying		Accumulated
(Amounts in millions)	amount		amortization			amount		amortization
PVFP	$	2,146	$	(1,989	)	$	2,065	$	(1,994	)
Capitalized software		482		(427	)		465		(403	)
Deferred sales inducements to contractholders		325		(298	)		295		(288	)
Other		158		(156	)		159		(156	)

Total	$	3,111	$	(2,870	)	$	2,984	$	(2,841	)

Amortization expense related to PVFP, capitalized software and other intangible assets for th

e

years ended December 31, 2022, 2021 and 2020 was $19 million, $30 million and $26 million, respectively. Amortization expense related to deferred sales inducements of $10 million, $14 million and $16 million, respectively, for the years ended December 31, 2022, 2021 and 2020 was included in benefits and other changes in policy reserves.

Present Value of Future Profits

The following table presents the activity in PVFP as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Unamortized balance as of January 1	$	152		$	154		$	154
Interest accreted at 5.18%, 5.23% and 5.19%		8			8			8
Amortization		(3	)		(10	)		(8	)

Unamortized balance as of December 31		157			152			154
Accumulated effect of net unrealized investment (gains) losses		—			(81	)		(81	)

Balance as of December 31	$	157		$	71		$	73

We regularly review our assumptions and periodically test PVFP for recoverability in a manner similar to our treatment of DAC. As of December 31, 2022, 2021 and 2020 we believe all of our businesses have sufficient future income and therefore the related PVFP is recoverable.

The percentage of the PVFP balance net of interest accretion, before the effect of unrealized investment gains or losses, estimated to be amortized over each of the next five years is as follows:


2023	10.3	%
2024	10.3	%
2025	10.2	%
2026	10.1	%
2027	10.1	%

The amortization percentages in

t

he table above reflect future expected amortization upon adoption of LDTI. For a discussion of changes to the accounting for PVFP under LDTI, see note 2.

Reinsurance

12 Months Ended

Dec. 31, 2022

Reinsurance

(8) Reinsurance

We reinsure a portion of our policy risks to other insurance companies in order to reduce our ultimate losses, diversify our exposures and provide capital flexibility. We also assume certain policy risks written by other insurance companies. Reinsurance accounting is followed for assumed and ceded transactions when there is adequate insurance risk transfer. Otherwise, the deposit method of accounting is followed.

Reinsurance does not relieve us from our obligations to policyholders. In the event that the reinsurers are unable to meet their obligations, we remain liable for the reinsured claims. We monitor both the financial condition of individual reinsurers and risk concentrations arising from similar geographic regions, activities and economic characteristics of reinsurers to lessen the risk of default by such reinsurers. Other than the relationship discussed below with Union Fidelity Life Insurance Company (“UFLIC”), we do not have significant concentrations of reinsurance with any one reinsurer that could have a material impact on our financial position.

U.S. Life Insurance

As of December 31, 2022, the maximum amount of individual ordinary life insurance normally retained by us on any one individual life policy was $5 million.

We have several significant reinsurance transactions (“Reinsurance Transactions”) with UFLIC, an affiliate of our former parent, General Electric Company (“GE”). In the Reinsurance Transactions, we ceded to UFLIC

in-force

blocks of structured settlements issued prior to 2004, substantially all of our

in-force

blocks of variable annuities issued prior to 2004 and a block of long-term care insurance policies that we reinsured in 2000 from legal entities now a part of Brighthouse Life Insurance Company. Although we remain directly liable under these contracts and policies as the ceding insurer, the Reinsurance Transactions have the effect of transferring the financial results of the reinsured blocks to UFLIC. To secure the payment of its obligations to us under the reinsurance agreements governing the Reinsurance Transactions, UFLIC has established trust accounts to maintain an aggregate amount of assets with a statutory book value at least equal to the statutory general account reserves attributable to the reinsured business less an amount required to be held in certain claims-paying accounts. A trustee administers the trust accounts and we are permitted to withdraw from the trust accounts amounts due to us pursuant to the terms of the reinsurance agreements that are not otherwise paid by UFLIC. In addition, pursuant to a Capital Maintenance Agreement, GE is obligated to maintain sufficient capital in UFLIC to maintain UFLIC’s risk-based capital (“RBC”) at not less than 150% of its company action level, as defined by the National Association of Insurance Commissioners (“NAIC”).

As of December 31, 2022 and 2021, we had a reinsurance recoverable of $12,686

million and $13,095

million, respectively, with UFLIC.

Under the terms of certain reinsurance agreements that our life insurance subsidiaries have with external parties, we pledged assets in either separate portfolios or in trust for the benefit of external reinsurers. These assets support the reserves ceded to those external reinsurers. We have pledged fixed maturity securities and commercial mortgage loans of $10,218 million and $576 million, respectively, as of December 31, 2022 and $13,123 million and $810 million, respectively, as of December 31, 2021 in connection with these reinsurance agreements. However, we maintain the ability to substitute these pledged assets for other qualified collateral, and

may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level.

The following table sets forth net domestic life insurance in-force as of December 31:


(Amounts in millions)	2022			2021			2020
Direct life insurance in-force	$	430,151		$	471,147		$	509,670
Amounts assumed from other companies		527			573			624
Amounts ceded to other companies (1)		(383,350	)		(427,464	)		(458,999	)

Net life insurance in-force	$	47,328		$	44,256		$	51,295

Percentage of amount assumed to net		1	%		1	%		1	%

(1)	Includes amounts accounted for under the deposit method.

Enact

Enact Holdings

, through Enact Mortgage Insurance Corporation (“EMICO”), its principal U.S. mortgage insurance subsidiary,

reinsures a portion of its mortgage insurance risk in order to obtain credit towards the financial requirements of the government-sponsored enterprises’ (“GSEs”) private mortgage insurer eligibility requirements (“PMIERs”). The transactions are structured as excess of loss coverage where both the attachment and detachment points of the ceded risk tier are within the PMIERs capital requirements at inception. Each reinsurance treaty has a term of 10 years or more and grants Enact Holdings a unilateral right to commute the treaty prior to the full term, subject to certain performance triggers. In 2022, Enact Holdings executed three excess of loss reinsurance transactions with a panel of reinsurers that provide up to approximately $422

million of reinsurance coverage on a portion of new insurance written for its 2022 book year and up to approximately $325

million of reinsurance coverage on a portfolio of mortgage insurance policies written during the second half of 2021. In 2021, Enact Holdings executed an excess of loss reinsurance transaction with a panel of reinsurers that provided approximately $210

million of reinsurance coverage on a portion of new insurance written for its 2021 book year.

During 2021, Enact Holdings obtained approximately $1,170

million of excess of loss reinsurance coverage from certain special purpose insurers that are considered VIEs. The VIEs financed the reinsurance coverage by issuing mortgage insurance-linked notes to unaffiliated investors. The notes are

non-recourse

to Enact Holdings, and to Genworth Financial and its affiliates. For the reinsurance coverage, Enact

Holdings retains

the first layer of aggregate losses up to certain

pre-established

thresholds and the VIEs provide a percentage of reinsurance coverage for losses above the retained first layer, capped at a maximum reinsurance coverage threshold. The excess of loss reinsurance coverage is fully collateralized by reinsurance trust accounts to cover reinsurance obligations if losses exceed the first loss tier.

Premiums Written and Earned

The following table sets forth the effects of reinsurance on premiums written and earned for the years ended December 31:


	Written									Earned
(Amounts in millions)	2022			2021			2020			2022			2021			2020
Direct:
Life insurance	$	738		$	774		$	795		$	738		$	775		$	795
Accident and health insurance (1)		2,746			2,797			2,836			2,786			2,834			2,860
Mortgage insurance		979			990			947			1,023			1,050			1,023

Total direct		4,463			4,561			4,578			4,547			4,659			4,678

Assumed:
Life insurance		1			2			1			1			2			2
Accident and health insurance (1)		292			300			313			295			304			322
Mortgage insurance		3			3			3			3			3			4

Total assumed		296			305			317			299			309			328

Ceded:
Life insurance (2)		(505	)		(913	)		(558	)		(505	)		(913	)		(559	)
Accident and health insurance (1)		(531	)		(541	)		(550	)		(542	)		(548	)		(562	)
Mortgage insurance		(80	)		(72	)		(49	)		(80	)		(72	)		(49	)

Total ceded		(1,116	)		(1,526	)		(1,157	)		(1,127	)		(1,533	)		(1,170	)

Net premiums	$	3,643		$	3,340		$	3,738		$	3,719		$	3,435		$	3,836

Percentage of amount assumed to net											8	%		9	%		9	%

(1)	Accident and health insurance is comprised almost entirely of our long-term care insurance products.

(2)

Effective December 1, 2021 and included in the year ended December 31, 2021, we entered into a reinsurance agreement with SCOR Global Life USA Reinsurance Company, under which we ceded premiums of $360

million associated with certain term life insurance policies in connection with a life block transaction.

Reinsurance recoveries recognized as a reduction of benefits and other changes in policy reserves amounted to $2,537 million, $2,850 million and $2,649 million during 2022, 2021 and 2020,

respectively.

Allowance for Credit Losses on Reinsurance Recoverables

The following table sets forth the changes in the allowance for credit losses related to reinsurance recoverables as of and for the years ended December 31:


(Amounts in millions)	2022		2021		2020
Allowance for credit losses:
Beginning balance	$	55	$	45	$	—
Cumulative effect of change in accounting		—		—		40
Provision		5		10		5
Write-offs		—		—		—
Recoveries		—		—		—

Ending balance	$	60	$	55	$	45

Our policy for evaluating and measuring the allowance for credit losses related to reinsurance recoverables utilizes the reinsurer’s credit rating, updated quarterly, to assess the credit quality of reinsurance recoverables. The following tables set forth A.M. Best Company, Inc.’s (“A.M. Best”) credit ratings related to our reinsurance recoverables, gross of the allowance for credit losses, as of December 31:


	2022
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	570	$	570
A+		1,286		1,819		3,105
A		19		25		44
Not rated		12,687		89		12,776

Total reinsurance recoverable	$	13,992	$	2,503	$	16,495


	2021
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	543	$	543
A+		1,581		1,510		3,091
A		18		41		59
Not rated		13,099		76		13,175

Total reinsurance recoverable	$	14,698	$	2,170	$	16,868

In March 2019, upon UFLIC’s request, A.M. Best withdrew UFLIC’s credit rating. There was no impact to us from this action as UFLIC has trust accounts and a guarantee from its parent, as discussed above, and is sufficiently collateralized. Accordingly, the reinsurance recoverable with UFLIC is fully collectible and no allowance for credit losses was recorded as of December 31, 2022 and 2021.

Reinsurance recoverables are considered past due when contractual payments have not been received from the reinsurer by the required payment date. Claims submitted for payment are generally due in less than one year. As of December 31, 2022 and 2021, we did not have any reinsurance recoverables past due, except for

Scottish

Re US Inc. (“Scottish Re”), a reinsurance company domiciled in Delaware. On March 6, 2019, Scotti

sh

Re was ordered into receivership for the purposes of rehabilitation by the Court of Chancery of the State of Delaware. The proposed Plan of Rehabilitation of Scottish Re was filed on June 30, 2020. On March 16, 2021, the Receiver filed a draft Amended Plan of Rehabilitation and filed an outline of changes to the amended plan on July 27, 2021. The amended plan has not been approved by the Court nor do we know what deadlines the Court will impose, what standard it will use or whether the receiver will ultimately submit a rehabilitation plan that the Court will approve. As of December 31, 2022 and 2021, amounts past due related to Scottish Re were $52 million and $40 million, respectively, all of which was included in the allowance for credit losses. We will continue to monitor the plan of rehabilitation and expected recovery of the claims balance.

Insurance Reserves

12 Months Ended

Dec. 31, 2022

Insurance Reserves

(9) Insurance Reserves

Future Policy Benefits

The following table sets forth our recorded liabilities and the major assumptions underlying our future policy benefits as of December 31:


	Mortality/
	morbidity		Interest rate
(Amounts in millions)	assumption		assumption			2022		2021

Long-term care insurance contracts		(a)		3.75% - 7.50	%	$	26,209	$	28,232
Structured settlements with life contingencies		(b)		1.00% - 8.00	%		7,900		8,075
Annuity contracts with life contingencies		(b)		1.00% - 8.00	%		1,754		2,934
Traditional life insurance contracts		( c )		3.00% - 7.50	%		1,872		1,956
Supplementary contracts with life contingencies		(b)		1.00% - 8.00	%		329		331

Total future policy benefits						$	38,064	$	41,528

(a)	The 1983 Individual Annuitant Mortality Table or the 2000 U.S. Annuity Table, or the 1983 Group Annuitant Mortality Table or the 1994 Group Annuitant Mortality Table and company experience.

(b)	Assumptions for limited-payment contracts come from either the U.S. Population Table, the 1983 Group Annuitant Mortality Table, the 1983 Individual Annuitant Mortality Table, the Annuity 2000 Mortality Table or the 2012 Individual Annuity Reserving Table.

(c)	Principally modifications based on company experience of the Society of Actuaries 1965-70 or 1975-80 Select and the Ultimate Tables, the 1941, 1958, 1980 and 2001 Commissioner’s Standard Ordinary Tables, the 1980 Commissioner’s Extended Term table and (IA) Standard Table 1996 (modified).

We regularly review our assumptions and perform loss recognition testing at least annually. The 2022, 2021 and 2020 tests did not result in a premium deficiency for any of our products and therefore our liability for future policy benefits was sufficient.

The liability for future policy benefits for our products represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could possibly be significant and result in increases in the related future policy benefit reserves by an amount that could be material to our results of operations and financial condition and liquidity.

As of December 31, 2022 and 2021, we accrued future policy benefit reserves of $1.7

billion and $1.3 billion, respectively, in our consolidated balance sheets for profits followed by losses in our long-term

care

insurance business. The present value of expected future losses was approximately $2.3 billion and $2.5 billion as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, we estimate a factor of approximately 79% and 76%,

respectively, of those profits on our long-term care insurance block, excluding the acquired block, will be accrued in the future to offset estimated future losses during later periods. The factor increased compared to December 31, 2021 due mostly to lower actual profits in 2022 resulting in a need to accelerate the accrual for incremental future policy benefits for profits followed by losses.

Policyholder Account Balances

The following table sets forth our recorded liabilities for policyholder account balances as of December 31:


(Amounts in millions)	2022		2021
Annuity contracts	$	5,652	$	6,816
Funding agreements		200		250
Structured settlements without life contingencies		930		1,027
Supplementary contracts without life contingencies		499		550
Other		13		14

Total investment contracts		7,294		8,657
Universal and term universal life insurance contracts		9,819		10,697

Total policyholder account balances	$	17,113	$	19,354

In the fourth quarter of 2022, as part of our annual review of assumptions, we decreased our liability for policyholder account balances by

$

37

million in our universal and term universal life insurance products primarily related to higher interest rates. In the fourth quarter of 2021, as part of our annual review of assumptions, we increased our liability for policyholder account balances by

$87

million in our term universal and universal life insurance products primarily related to higher pre-coronavirus pandemic (“COVID-19”) mortality experience.

Certain of our U.S. life insurance companies are members of the Federal Home Loan Bank (the “FHLB”) system in their

respective

regions. As of December 31, 2022 and 2021, we held $25 million and $28 million, respectively, of FHLB common stock related to those memberships which was included in equity securities. The FHLBs have been granted a lien on certain of our invested assets to collateralize our obligations; however, we maintain the ability to substitute these pledged assets for other qualified collateral, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by us, the FHLB’s recovery on the collateral is limited to the amount of our funding agreement liabilities to the FHLB. These funding agreements as of December 31, 2022 and 2021 were collateralized by fixed maturity securities with a fair value of $520 million and $907 million, respectively. The amount of funding agreements outstanding with the FHLBs was $200 million and $250 million as of December 31, 2022 and 2021, respectively, which was included in policyholder account balances.

Shadow Accounting Adjustments

As of December 31, 2021, we accrued future policy benefit reserves of $3.2 billion with an offsetting amount recorded in accumulated other comprehensive income (loss) related to shadow accounting adjustments, the majority of which were recorded in our long-term care insurance business. In addition, as of December 31, 2021, we accrued policyholder account balances of $0.9 billion in our universal life insurance products with an

offsetting amount recorded in accumulated other comprehensive income (loss) related to shadow accounting adjustments. As of December 31, 2022, there were no shadow accounting adjustments recorded to our insurance reserves for our long-term care and universal life insurance products primarily due to an increase in interest rates. There was no impact to net income related to our shadow accounting adjustments. See note 2 for further information related to shadow accounting adjustments.

Certain Non-Traditional Long-Duration Contracts

The following table sets forth information about our variable annuity products with death and living benefit guarantees as of December 31:


(Dollar amounts in millions)	2022		2021

Account values with death benefit guarantees (net of reinsurance):
Standard death benefits (return of net deposits) account value	$	1,878	$	2,547
Net amount at risk	$	2	$	1
Average attained age of contractholders		77		76
Enhanced death benefits (ratchet, rollup) account value	$	1,004	$	1,326
Net amount at risk	$	187	$	94
Average attained age of contractholders		76		76
Account values with living benefit guarantees:
GMWBs	$	1,352	$	1,893
Guaranteed annuitization benefits	$	767	$	1,002

Variable annuity contracts may contain more than one death or living benefit; therefore, the amounts listed above are not mutually exclusive. Substantially all of our variable annuity contracts have some form of GMDB.

As of December 31, 2022 and 2021, our total liability associated with variable annuity contracts with minimum guarantees was approximately $3,397 million and $4,492 million, respectively. Account value decreased compared to 2021 principally driven by the continued runoff of these products. The liability, net of reinsurance, for our variable annuity contracts with GMDB and guaranteed annuitization benefits was $137 million and $135 million as of December 31, 2022 and 2021, respectively.

The contracts underlying the lifetime benefits such as GMWB and guaranteed annuitization benefits are considered “in the money” if the contractholder’s benefit base, or the protected value, is greater than the account value. As of December 31, 2022 and 2021, our exposure related to GMWB and guaranteed annuitization benefit contracts that were considered “in the money” was $860 million and $602 million, respectively. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefit base over the account value of the contract is through lifetime withdrawals or lifetime income payments after annuitization.

Account balances of variable annuity contracts with death or living benefit guarantees were invested in separate account investment options as follows as of December 31:


(Amounts in millions)	2022		2021
Balanced funds	$	1,686	$	2,397
Equity funds		721		913
Bond funds		214		297
Money market funds		186		189

Total	$	2,807	$	3,796

Liability for Policy and Contract Claims

12 Months Ended

Dec. 31, 2022

Liability for Policy and Contract Claims

(10) Liability for Policy and Contract Claims

The following table sets forth our liability for policy and contract claims as of December 31:


(Amounts in millions)	2022		2021
Liability for policy and contract claims for insurance lines other than short-duration contracts:
U.S. Life Insurance segment:
Long-term care insurance	$	11,380	$	10,861
Life insurance		299		308
Fixed annuities		16		14
Runoff segment		14		8

Total		11,709		11,191

Liability for policy and contract claims related to short-duration contracts:
Enact segment		519		641
Other mortgage insurance businesses		6		9

Total		525		650

Total liability for policy and contract claims	$	12,234	$	11,841

The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our results of operations and financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our Enact segment have a high degree of estimation, particularly due to the level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in claim payments, as well as the timing and severity of those payments. Given the extended period of time that may exist between the reporting of a delinquency and the claim payment, and changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts actually paid.

The liability for policy and contract claims increased $519 million in our long-term care insurance business as discussed further below. The decrease in the liability for policy and contract claims of $122 million in our Enact segment was principally attributable to net favorable reserve adjustments primarily related to

COVID-19

delinquencies in 2020 and 2021 curing at levels above original reserve expectations, partially offset by new delinquencies in 2022.

Long-term care insurance

The following table sets forth changes in the liability for policy and contract claims for our long-term care insurance business for the dates indicated:


(Amounts in millions)	2022			2021			2020
Beginning balance as of January 1	$	10,861		$	10,518		$	10,239
Less reinsurance recoverables		(2,260	)		(2,260	)		(2,283	)

Net balance as of January 1		8,601			8,258			7,956

Incurred related to insured events of:
Current year		2,954			2,761			2,595
Prior years		(458	)		(610	)		(398	)

Total incurred		2,496			2,151			2,197

Paid related to insured events of:
Current year		(211	)		(203	)		(189	)
Prior years		(2,173	)		(2,011	)		(2,118	)

Total paid		(2,384	)		(2,214	)		(2,307	)

Interest on liability for policy and contract claims		422			406			412

Net balance as of December 31		9,135			8,601			8,258
Add reinsurance recoverables		2,245			2,260			2,260

Ending balance as of December 31	$	11,380		$	10,861		$	10,518

In 2022, the liability for policy and contract claims increased $519 million in our long-term care insurance business largely attributable to new claims and claim severity as a result of the aging of the

in-force

block, partially offset by claim terminations and pending claims that did not result in an active claim in 2022. We completed our annual review of assumptions and methodologies in the fourth quarter of 2022 and did not make any significant changes

to our claim reserves

.

For the year ended December 31, 2022, the favorable development of $458 million related to insured events of prior years was primarily driven by favorable claim terminations mostly attributable to higher mortality, favorable development on prior year incurred but not reported (“IBNR”) claims and favorable experience on pending claims that did not become an active claim. As of December 31, 2022, the balance of incremental claim reserves recorded in connection with changes to claims incidence and mortality experience resulting from

COVID-19,

as discussed below, was $137 million. During 2022, we reduced our incremental claim reserves associated with insured events of prior years by $95 million as the impacts of

COVID-19

lessened.

In 2021, the liability for policy and contract claims increased $343 million in our long-term care insurance business primarily attributable to new claims and claim severity as a result of the aging of the

in-force

block.

COVID-19

accelerated mortality on our most vulnerable claimants and temporarily decreased the number of new claims submitted. Although claim counts remained below

pre-pandemic

levels, we believed this reduction was temporary and included policyholders delaying care until pandemic conditions subsided. Therefore, in 2021, we modestly strengthened our claim reserves to account for changes to incidence and mortality experience driven by

COVID-19.

As of December 31, 2021 and 2020, the balance of incremental claim reserves recorded in connection with changes to incidence and mortality experience resulting from

COVID-19

was $209 million and

$199 million, respectively. We completed our annual review of assumptions and methodologies in the fourth quarter of 2021 and did not make any significant changes, other than routine updates. The

COVID-19

impacts to our long-term care insurance business are not currently expected to be indicative of future trends or loss performance.

For the year ended December 31, 2021, the favorable development of $610 million related to insured events of prior years was primarily attributable to favorable development on prior year IBNR claims, favorable claim terminations mostly attributable to higher mortality and favorable experience on pending claims that did not become an active claim.

In 2020, the liability for policy and contract claims increased $279 million in our long-term care insurance business. The increase was primarily attributable to new claims and claim severity as a result of the aging of the

in-force

block. Given our assumption that

COVID-19

temporarily decreased the number of new claims submitted, IBNR reserves were strengthened by $108 million, partially offsetting the favorable development on IBNR claims. Additionally, we recorded a $91 million increase to claim reserves, reflecting our assumption that

COVID-19

had accelerated mortality experience on the most vulnerable claimants, leaving the remaining claim population less likely to terminate compared to the

pre-pandemic

average population. These increases were partially offset by higher claim terminations driven mostly by higher mortality and a $38 million net favorable impact from changes in assumptions and methodologies associated with our annual claim reserve review completed in the fourth quarter of 2020. The favorable impact from our annual claims reserve review primarily related to assumption updates to claim terminations and claim incidence based on our current long-term view of these assumptions.

For the year ended December 31, 2020, the favorable development of $398 million related to insured events of prior years was primarily attributable to favorable claim terminations mostly attributable to higher mortality, favorable development on prior year IBNR claims and favorable experience on pending claims that did not become an active claim. These decreases were partially offset by unfavorable impacts from changes in assumptions and methodologies associated with our annual claim reserve review completed in the fourth quarter of 2020 and from higher reserves associated with changes to incidence and mortality experience driven by

COVID-19.

Enact segment

The following table sets forth information about incurred claims, net of reinsurance, as well as cumulative number of reported delinquencies and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts for our Enact segment as of December 31, 2022. The

information about the incurred claims development for the years ended December

31

,

2013

to

2021

and the historical reported delinquencies as of December

31

,

2021

and prior are presented as supplementary

information.


	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				Total of IBNR liabilities including expected development on reported claims as of December 31, 2022		Number of reported delinquencies (2)
(Dollar amounts in millions)	For the years ended December 31,
Accident year (1)	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	475	$	407	$	392	$	387	$	384	$	382	$	381	$	381	$	381	$	381	$	—		22,502
2014		—		328		288		269		261		259		258		259		259		258		—		17,809
2015		—		—		235		208		187		181		180		180		179		179		—		15,400
2016		—		—		—		198		160		138		136		137		136		135		—		13,970
2017		—		—		—		—		171		121		102		105		104		102		—		15,097
2018		—		—		—		—		—		117		84		84		78		73		—		11,269
2019		—		—		—		—		—		—		106		111		98		71		—		11,883
2020		—		—		—		—		—		—		—		365		362		107		—		38,863
2021		—		—		—		—		—		—		—		—		141		119		1		12,585
2022		—		—		—		—		—		—		—		—		—		220		24		14,329

														Total incurred					$	1,645

(1)	Represents the year in which first monthly mortgage payments have been missed by the borrower.

(2)	Represents reported and outstanding delinquencies less actual cures as of December 31 for each respective accident year.

The following table sets forth paid claims development, net of reinsurance, for our Enact segment for the year ended December 31, 2022. The information about paid claims development for the years ended December 31, 2013 to 2021 is presented as supplementary information.


(Amounts in millions)	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
Accident year (1)	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	44	$	202	$	297	$	340	$	362	$	372	$	375	$	376	$	377	$	378
2014		—		22		127		195		233		247		253		254		255		255
2015		—		—		12		85		145		167		173		175		176		177
2016		—		—		—		10		64		110		124		127		128		129
2017		—		—		—		—		6		46		77		87		90		92
2018		—		—		—		—		—		3		32		48		55		59
2019		—		—		—		—		—		—		2		18		31		38
2020		—		—		—		—		—		—		—		1		8		13
2021		—		—		—		—		—		—		—		—		—		2
2022		—		—		—		—		—		—		—		—		—		—

								Total paid											$	1,143

								Total incurred											$	1,645
								Total paid												1,143
								All outstanding liabilities before 2013												17

								Liability for policy and contract claims											$	519

(1)	Represents the year in which first monthly mortgage payments have been missed by the borrower.

The following table sets forth our average payout of incurred claims by age for our Enact segment as of December 31, 2022:


	Average annual percentage payout of incurred claims by age
Years	1			2			3			4			5			6			7			8			9			10
	Unaudited
Percentage of payout		4.8	%		30.1	%		24.5	%		11.2	%		4.1	%		1.8	%		0.7	%		0.3	%		0.2	%		0.1	%

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans

(11) Employee Benefit Plans

(a) Pension and Retiree Health and Life Insurance Benefit Plans

Essentially all of our employees are enrolled in a qualified defined contribution pension plan. The plan is 100% funded by Genworth. We make annual contributions to each employee’s pension plan account based on the employee’s age, service and eligible pay. Employees are vested in the plan after three years of service. As of December 31, 2022 and 2021, we recorded a liability related to these benefits of $8 million and $11 million, respectively.

In addition, certain employees also participate in

non-qualified

defined contribution plans and in qualified and

non-qualified

defined benefit pension plans. The plan assets and pension liabilities, including the projected and accumulated benefit obligations of these plans, were not material to our consolidated financial statements

individually or in the aggregate. As of December 31, 2022 and 2021, we recorded a liability related to these plans of $47 million and $65 million, respectively, which we accrued in other liabilities in the consolidated balance sheets. In 2022 and 2021, we recognized an increase of $26 million and $6 million, respectively, in OCI.

Prior to the third quarter of 2022, the First Colony Life Insurance Company Pension Plan (“FCL Plan”) was one of our defined benefit pension plans available to certain of our employees. The First Colony Life Insurance Pension Plan Committee (“FCL Committee”), as the appointed delegate by Genworth Financial’s Board of Directors, adopted resolutions to terminate the FCL Plan in a standard termination effective December 31, 2021. The Internal Revenue Service (“IRS”) was notified of the intent to terminate the FCL Plan and subsequently issued a favorable determination letter to the FCL Committee on June 22, 2022. As permitted by the IRS determination letter, the FCL Plan settled the projected benefit obligation during 2022 by distributing FCL Plan assets to FCL Plan participants in the form of a lump sum distribution, an individual retirement account rollover to another qualified plan or by purchasing a

non-participating

annuity contract from a third-party insurer to cover vested benefits. The FCL Plan was fully funded and did not require any additional cash contributions to terminate. As of and for the year ended December 31, 2022, we completed the termination of the FCL Plan and incurred $8 million of

pre-tax

termination costs associated with the recognition of actuarial losses previously deferred in accumulated other comprehensive income (loss).

We provide retiree health benefits to domestic employees hired prior to January 1, 2005 who meet certain service requirements. Under this plan, retirees over 65 years of age receive a subsidy towards the purchase of a Medigap policy, and retirees under 65 years of age receive medical benefits similar to our employees’ medical benefits. In December 2009, we announced that eligibility for retiree medical benefits would be limited to associates who were within 10 years of retirement eligibility as of January 1, 2010. We also provide retiree life and long-term care insurance benefits. The plans are funded as claims are incurred. As of December 31, 2022 and 2021, the accumulated postretirement benefit obligation associated with these benefits was $50 million and $71 million, respectively, which we accrued in other liabilities in the consolidated balance sheets. In 2022 and 2021, we recognized an increase of $18 million and $11 million, respectively, in OCI.

The decrease in our pension and postretirement benefit obligations and corresponding increase in OCI for the year ended December 31, 2022 was principally due to higher interest rates used to measure our pension and postretirement liabilities.

Our cost associated with our pension, retiree health and life insurance benefit plans was $22 million, $18 million and $18 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(b) Savings Plans

Our domestic employees participate in qualified and

non-qualified

defined contribution savings plans that allow employees to contribute a portion of their pay to the plan on a

pre-tax

basis. We make matching contributions equal to 100% of the first 4% of pay deferred by an employee and 50% of the next 2% of pay deferred by an employee so that our matching contribution does not exceed 5% of an employee’s pay. Employees do not vest immediately in Genworth matching contributions but fully vest in the matching contributions after two complete years of service. One option available to employees in the defined contribution savings plan is the ClearCourse

®

variable annuity option offered by certain of our life insurance subsidiaries. The amount of deposits recorded by our life insurance subsidiaries in 2022 and 2021 in relation to this plan option was less than $1 million for each year.

Prior to January 2021, employees also had the option of purchasing a fund which invests primarily in Genworth Financial stock as part of the defined contribution savings plan. We had contracted with Newport Trust Company (“Newport”) to act as an independent fiduciary and investment manager with respect to Genworth Financial stock in the defined contribution savings plan. On January 8, 2021, Newport froze the fund and accordingly, future investments or transfers into the fund were suspended indefinitely.

Our cost associated with these plans was $13 million for each of the years ended December 31, 2022, 2021 and 2020.

(c) Health and Welfare Benefits for Active Employees

We provide health and welfare benefits to our employees, including health, life, disability, dental and long-term care insurance, among others. Our long-term care insurance is provided through our group long-term care insurance products. The premiums recorded by this business related to these benefits were insignificant during 2022, 2021 and 2020.

The entire disclosure for retirement benefits.

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Borrowings and Other Financings

Borrowings and Other Financings

12 Months Ended

Dec. 31, 2022

(12) Borrowings and Other Financings

(a) Long-Term Borrowings

The following table sets forth total long-term borrowings as of December 31:


(Amounts in millions)	2022			2021
Genworth Holdings

4.80% Senior Notes, due 2024	$	—		$	282
6.50% Senior Notes, due 2034		285			298
Floating Rate Junior Subordinated Notes, due 2066		599			598

Subtotal		884			1,178
Bond consent fees		(10	)		(12	)
Deferred borrowing charges		(6	)		(7	)

Total Genworth Holdings		868			1,159

Enact Holdings
6.50% Senior Notes, due 2025		750			750
Deferred borrowing charges		(7	)		(10	)

Total Enact Holdings		743			740

Total	$	1,611		$	1,899

Genworth Holdings

Long-Term Senior N

o

tes

During the first half of 2022, Genworth Holdings repurchased

$

130

million principal amount of its

4.80

%

senior notes due in

2024

for a pre-tax loss of

$

4

million and paid accrued interest thereon. On September 21, 2022, Genworth Holdings early redeemed the remainder of its

4.80

%

senior notes originally scheduled to mature in

February 2024

and wrote off $

1

million of bond consent fees and deferred borrowing costs. The senior notes were fully redeemed with a cash payment of $

155

million, comprised of the outstanding principal balan

ce of

$

152

million, accrued interest

of

$

1

million and a make-whole premium of

$

2

million.

As of December 31, 2022, Genworth Holdings had outstanding fixed rate senior notes with a principal balance of $287 million and a discount of $2 million, with an interest rate of 6.50% due in June 2034. The senior notes are Genworth Holdings’ direct, unsecured obligations and rank equally in right of payment with all of its existing and future unsecured and unsubordinated obligations. Genworth Financial provides a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding senior notes and the holders of the senior notes, on an unsecured unsubordinated basis, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, the senior notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the senior notes indenture in respect of such senior notes. Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. In the fourth quarter of 2022, Genworth Holdings repurchased $13 million principal amount of its senior notes due in 2034 for a

pre-tax

gain of $1 million and paid accrued interest thereon.

Long-Term Junior Subordinated Notes

As of December 31, 2022, Genworth Holdings had outstanding floating rate junior notes having an aggregate principal amount of $600 million and a discount of $1 million, with an annual interest rate equal to three-month LIBOR plus 2.0025% payable quarterly, until the notes mature in November 2066

(“2066 Notes”). The United Kingdom Financial Conduct Authority announced its intention to eliminate the use of three-month LIBOR effective June 30, 2023. The Alternate Reference Rate Committee, convened by the Board of Governors of the Federal Reserve System and the New York Federal Reserve Bank, has endorsed the Secured Overnight Financing Rate (“SOFR”) as its preferred replacement benchmark for U.S. dollar LIBOR. SOFR is calculated and published by the New York Federal Reserve Bank and reflects the combination of three overnight U.S. Treasury Repo Rates. The rate is different from LIBOR, in that it is a risk-free rate, is backward-looking instead of forward-looking, is a secured rate and currently is available primarily as an overnight rate rather than a one-, three- or six-month rate available for LIBOR. We currently have no intention of refinancing the 2066 Notes and until the elimination of the published three-month LIBOR and transition to SOFR becomes effective and binding under the indenture governing the 2066 notes, we will continue to calculate and record interest payable and expense using three-month LIBOR plus 2.0025%. Subject to certain conditions, Genworth Holdings has the right, on one or more occasions, to defer the payment of interest on the 2066 Notes during any period of up

to 10 years without giving rise to an event of default and without permitting acceleration under the terms of the 2066 Notes. Genworth Holdings will not be required to settle deferred interest payments until it has deferred interest for five years or made a payment of current interest. In the event of our bankruptcy, holders will have a limited claim for deferred interest.

In connection with the issuance of the 2066 Notes, we entered into a Replacement Capital Covenant, whereby we agreed, for the benefit of holders of Genworth Holdings’ 6.50% Senior Notes due 2034, that Genworth Holdings will not repay, redeem or repurchase all or any part of the 2066 Notes on or before November 15, 2046, unless such repayment, redemption or repurchase is made from the proceeds of the issuance of certain replacement capital securities and pursuant to the other terms and conditions set forth in the Replacement Capital Covenant.

During the 180-day period prior to

November 15, 2036

, the “scheduled redemption date,” Genworth Holdings must use its commercially reasonable efforts, subject to certain conditions, to raise sufficient net proceeds from the sale of certain qualifying capital securities to redeem the 2066 Notes on the scheduled redemption date. If Genworth Holdings has not raised sufficient net proceeds to repay the 2066 Notes in full on the scheduled redemption date, it shall repay the Notes in part on such date and on each quarterly interest

payment date thereafter to the extent that it has received net proceeds from the sale of such qualifying capital securities, until the 2066 Notes have been redeemed in full. Genworth Holdings may otherwise redeem the 2066 Notes at any time in whole or in part at their principal amount plus accrued and unpaid interest to the date of redemption, subject to compliance with the Replacement Capital Covenant.

The 2066 Notes will be subordinated to all existing and future senior, subordinated and junior subordinated debt of Genworth Holdings, except for any future debt that by its terms is not superior in right of payment, and will be effectively subordinated to all liabilities of our subsidiaries. Genworth Financial provides a full and unconditional guarantee to the trustee of the 2066 Notes and the holders of the 2066 Notes, on an unsecured subordinated basis, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, the outstanding 2066 Notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the 2066 Notes indenture in respect of the 2066 Notes.

Enact Holdings

As of December 31, 2022, Enact Holdings had $750 million principal amount of 6.50% senior notes due in 2025. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year. The notes mature on August 15, 2025. Enact Holdings may redeem the notes, in whole or in part, at any time prior to February 15, 2025 at its option, by paying a make-whole premium, plus accrued and unpaid interest, if any. At any time on or after February 15, 2025, Enact Holdings may redeem the notes, in whole or in part, at its option, at 100% of the principal amount, plus accrued and unpaid interest. The notes contain customary events of default, which subject to certain notice and cure conditions, can result in the acceleration of the principal and accrued interest on the outstanding notes if Enact Holdings breaches the terms of the indenture.

(b) Revolving Credit Facility

Enact Holdings

On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted basis, by an additional aggregate principal amount of up to $100 million. Any borrowings under Enact Holdings’ credit facility will bear interest at a per annum rate equal to a floating rate tied to a standard short-term borrowing index selected at Enact Holdings’ option, plus an applicable margin, pursuant to the terms of the credit agreement. The applicable margin is based on Enact Holdings’ ratings established by certain debt rating agencies for its outstanding debt. Enact Holdings’ credit facility includes customary representations, warranties, covenants, terms and conditions. As of December 31, 2022, Enact Holdings was in compliance with all covenants and the credit facility remained undrawn.

(c) Liquidity

Principal amounts under our long-term borrowings by maturity were as follows as of December 31, 2022:


(Amounts in millions)

2023	$	—
2024		—
2025		750
2026		—
2027 and thereafter		887

Total	$	1,637

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

(13) Income Taxes

Income from continuing operations before income taxes included the following components for the years ended December 31:


(Amounts in millions)	2022		2021			2020

Domestic	$	978	$	1,184		$	931
Foreign		—		(3	)		(3	)

Income from continuing operations before income taxes	$	978	$	1,181		$	928

The total provision for income taxes was as follows for the years ended December 31:


(Amounts in millions)	2022			2021			2020

Current federal income taxes	$	—		$	(32	)	$	—
Deferred federal income taxes		239			288			226

Total federal income taxes		239			256			226

Current state income taxes		4			5			3
Deferred state income taxes		(5	)		2			2

Total state income taxes		(1	)		7			5

Current foreign income taxes		—			—			—
Deferred foreign income taxes		1			—			(1	)

Total foreign income taxes		1			—			(1	)

Total provision for income taxes	$	239		$	263		$	230

Our current income tax receivable (payable) was $3 million and $(2) million as of December 31, 2022 and 2021, respectively.

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the years ended December 31:


	2022			2021			2020

Statutory U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
Increase (reduction) in rate resulting from:
Tax on income from terminated swaps		3.2			2.5			3.0
Reduction in uncertain tax positions		—			(1.8	)		—
Other, net		0.2			0.6			0.8

Effective rate		24.4	%		22.3	%		24.8	%

The effective tax rate for the years ended December 31, 2022, 2021 and 2020 was above the statutory U.S. federal income tax rate of 21% largely due to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income.

The effective tax rate for the year ended December 31, 2022 increased compared to the year ended December 31, 2021 primarily attributable to higher tax expense on certain forward starting swap gains in relation to

pre-tax

income in 2022 and a reduction in uncertain tax positions due to the expiration of certain statute of limitations in 2021 that did not recur.

The effective tax rate for the year ended December 31, 2021 decreased compared to the year ended December 31, 2020 primarily attributable to changes in uncertain tax positions due to the expiration of certain statute of limitations in 2021.

The components of our deferred income taxes were as follows as of December 31:


(Amounts in millions)	2022			2021
Assets:
Foreign tax credit carryforwards	$	156		$	174
Net operating loss carryforwards		4			202
Capital loss carryforwards		146			142
State income taxes		396			388
Insurance reserves		161			178
Accrued commission and general expenses		113			118
Liabilities associated with discontinued operations		122			122
Net unrealized losses on investment securities		897			—
Net unrealized losses on derivatives		102			—
Other		9			18

Gross deferred income tax assets		2,106			1,342
Valuation allowance		(583	)		(382	)

Total deferred income tax assets		1,523			960

Liabilities:
Net unrealized gains on investment securities		—			506
Net unrealized gains on derivatives		—			73
DAC		29			98
PVFP and other intangibles		37			38
Insurance reserves transition adjustment		74			99
Investments		20			10
Other		19			17

Total deferred income tax liabilities		179			841

Net deferred income tax asset	$	1,344		$	119

The U.S. federal net operating loss (“NOL”) carryforward was fully utilized during 2022. The remaining NOL carryforwards relate to foreign jurisdictions and are fully offset by a valuation allowance. Foreign tax credit carryforwards amounted to $

156

million as of December 31, 2022 and will begin to expire in 2025.

Gross capital

loss carryforwards amounted to $695 million as of December 31, 2022, and, if unused, will expire in 2026.

Our valuation allowance as of December 31, 2022 and 2021 was $583 million and $382 million, respectively. Given the change in our unrealized gains (losses) on our fixed maturity securities and forward starting swaps in 2022 due to rising interest rates and the corresponding reduction in the amount of unrealized

capital gains expected to be available in the future to offset our capital loss carryforwards and other capital deferred tax assets, we recorded an additional valuation allowance of $200

million during 2022 through accumulated other comprehensive income (loss) related to deferred tax assets that would produce capital losses. The remainder of the valuation allowance as of December 31, 2022 and 2021 is related to state deferred tax assets and foreign net operating losses. The state deferred tax assets related primarily to the future deductions associated with the Section 338 elections and non-insurance NOL carryforwards.

Our ability to realize our net deferred tax asset of $1,344 million, which includes deferred tax assets related to capital loss, foreign tax credit and NOL carryforwards, is primarily dependent upon generating sufficient taxable income and capital gains in future years. We have net deferred tax assets of $1,267 million that have or will produce capital losses. As part of the assessment of the amount of the valuation allowance, management has asserted that it has the ability and intent to execute tax planning strategies including holding certain investment assets with unrealized losses to recovery or maturity if necessary to ensure recognition of the deferred tax asset.

We have net deferred tax assets of $77

million that will produce ordinary income (loss) in future years. Management has concluded that there is sufficient positive evidence to support the expected realization of these deferred tax assets for U.S. federal income tax purposes. This positive evidence includes the fact that: (i) we are currently in a cumulative three-year income position; (ii) our U.S. operating forecasts are profitable, which include in-force premium rate increases and associated benefit reductions already obtained in our long-term care insurance business; and (iii) overall domestic losses that we have incurred are allowed to be reclassified as foreign source income which, along with future projections of foreign source income, is sufficient to cover the foreign tax credits being carried forward.

After consideration of all available evidence, we have concluded that it is more likely than not that our deferred tax assets, with the exception of capital loss carryforwards, other capital deferred tax assets, state deferred tax assets and certain foreign net operating losses for which a valuation allowance has been established, will be realized. If our actual results do not validate the current projections of

pre-tax

income, we may be required to record an additional valuation allowance that could have a material impact on our consolidated financial statements in future periods.

As a consequence of our separation from GE and our joint election with GE to treat that separation as an asset sale under Section 338 of the Internal Revenue Code, we became entitled to additional tax deductions in post IPO periods. We were obligated, pursuant to our Tax Matters Agreement with GE, to make fixed payments to GE on an

after-tax

basis and subject to a cumulative maximum of $640 million, which was 80% of the projected tax savings associated with the Section 338 deductions. During 2022, we made a $55 million payment to GE to satisfy our remaining obligation under the Tax Matters Agreement.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


(Amounts in millions)	2022			2021			2020
Balance as of January 1	$	40		$	62		$	64
Tax positions related to the current period:
Gross additions		—			—			—
Gross reductions		(3	)		(3	)		(3	)
Tax positions related to the prior years:
Gross additions		—			—			1
Gross reductions		(4	)		(19	)		—

Balance as of December 31	$	33		$	40		$	62

The total amount of unrecognized tax benefits was

$33

million as of December 31, 2022, which if recognized would affect the effective tax rate on continuing operations by

$21

million. We believe it is reasonably possible that if the uncertain tax positions were resolved in 2023, approximately $

22

million of the unrecognized tax benefits would be recognized.

We

recognize accrued interest and penalties related to unrecognized tax benefits as components of income tax expense. We recorded $

—

and $

2

million of benefit in 2022 and 2021, respectively, and less than

$1

million of expense in 2020 related to interest and penalties.

Our companies have elected to file a single U.S. consolidated income tax return (the “life/non-life consolidated return”). All companies domesticated in the United States are included in the life/non-life consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all intercompany balances related to this agreement are settled at least annually. We are not currently subject to any significant examinations by federal or state income tax authorities. Generally, we are no longer subject to federal or state income tax examinations for years prior to 2019.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Fair Value of Financial Instruments

Supplemental Cash Flow Information	12 Months Ended
Supplemental Cash Flow Information	Dec. 31, 2022
Supplemental Cash Flow Information	(14) Supplemental Cash Flow Information Net cash (paid) received for taxes was $(5) million, $(7) million and $3 million and cash paid for interest was $101 million, $186 million and $176 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

(15) Stock-Based Compensation

Prior

to May 2012, we granted share-based awards to employees and directors, including stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”) and performance stock units (“PSUs”) under the 2004 Genworth Financial, Inc. Omnibus Incentive Plan (the “2004 Omnibus Incentive Plan”). In May 2012, the 2012 Genworth Financial, Inc. Omnibus Incentive Plan (the “2012 Omnibus Incentive Plan”) was approved by stockholders. Under the 2012 Omnibus Incentive Plan, we were authorized to grant 16 million equity awards, plus a number of additional shares not to exceed 25 million underlying awards outstanding under the 2004 Omnibus Incentive Plan. In December 2018, the 2018 Genworth Financial, Inc. Omnibus Incentive Plan (the “2018 Omnibus Incentive Plan”) was approved by stockholders. Under the 2018 Omnibus Incentive Plan, we were authorized to grant 25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding under the prior Plans. In May 2021, the

2021 Genworth Financial, Inc. Omnibus Incentive Plan (the “2021 Omnibus Incentive Plan”) was approved by stockholders. Under the 2021 Omnibus Incentive Plan, we are authorized to grant 25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding under the prior Plans. The 2004 Omnibus Incentive Plan together with the 2012, 2018 and 2021 Omnibus Incentive Plans are referred to collectively as the “Omnibus Incentive Plans.”

We recorded stock-based compensation expense under the Omnibus Incentive Plans of $27 million, $38 million and $39 million, respectively, for the years ended December 31, 2022, 2021 and 2020. For awards issued prior to January 1, 2006, stock-based compensation expense was recognized on a graded vesting attribution method over the awards’ respective vesting schedule. For awards issued after January 1, 2006, stock-based compensation expense was recognized evenly on a straight-line attribution method over the awards’ respective vesting period.

For purposes of determining the fair value of stock-based payment awards on the date of grant, we have historically used the Black-Scholes Model. However, no SARs or stock options were granted during 2022, 2021 and 2020 and therefore, the Black-Scholes Model was not used in those respective years. The Black-Scholes Model requires the input of certain assumptions that involve judgment. Circumstances may change and additional data may become available over time, which could result in changes to these assumptions and methodologies.

During 2022, 2021 and 2020, we issued RSUs with average restriction periods of three years, with a fair value per share of $4.25, $3.31 and $3.53, respectively, which were measured at the market price of a share of our Class A Common Stock on the grant date.

During 2022, 2021 and 2020, we granted PSUs with a fair value per share of $4.47, $3.45 and $3.03, respectively. The PSUs were granted at market price as of the approval date by Genworth Financial’s Board of Directors. PSUs may be earned over a three-year period based upon the achievement of certain performance goals.

The PSUs granted in 2022 have a three-year measurement period starting on January 1, 2022 going through December 31, 2024. The performance metric is based on our Enact segment’s adjusted operating income (loss), consolidated statutory net income of our U.S. life insurance business and Genworth’s total shareholder return over the three-year measurement period compared to certain of its peer companies established as of the grant date. See note 18 for our definition of adjusted operating income. The grant-date fair value for the adjusted operating income (loss) and consolidated statutory net income performance measures was $4.27. The grant-date fair value for the total relative shareholder return performance metric was $5.30, which was calculated using the Monte Carlo simulation.

The PSUs granted in 2021 have a three-year measurement period starting on January 1, 2021 going through December 31, 2023. The performance metric is based on Genworth’s consolidated adjusted operating income and its total shareholder return relative to certain of its peer companies as of the grant date. The grant-date fair value for the adjusted operating income performance measure was $3.31. The grant-date fair value for the total relative shareholder return performance metric was $4.18, which was calculated using the Monte Carlo simulation.

The valuation assumptions used in the Monte Carlo simulation to calculate the total relative shareholder return performance metric for the PSUs granted in 2022 and 2021 were as follows:


	2022			2021
Valuation-date stock price	$	4.27		$	3.31
Volatility		64.6	%		65.0	%
Dividend yield		—	%		—	%
Risk-free rate		1.8	%		0.3	%
Valuation maximum		800% of grant-date stock price			800% of grant-date stock price

The PSUs granted in 2020 have a three-year measurement period starting on January 1, 2020 going through December 31, 2022. The performance metrics are based on adjusted operating income of our Enact segment and gross incremental annual premiums in our long-term care insurance business, defined as approved weighted-average premium rate increases multiplied by the annualized

in-force

premiums.

For all PSU awards granted, the compensation committee of our Board of Directors determines and approves no later than March 15, following the end of the three-year performance period for each applicable performance period, the number of units earned and vested for each distinct performance period.

For the years ended December 31, 2022, 2021 and 2020, we recorded $3 million, $16 million and $18 million, respectively, of expense associated with our PSUs.

In 2022, 2021 and 2020, we granted time-based cash awards with a fair value of $1.00 per award and

tha

t

vest over three years, with a third of the payout occurring per year as determined by the vesting period, beginning on the first anniversary of the grant date. We also previously granted performance-based cash awards which vested and were paid out in 2021. During 2022, we issued cash settled RSUs with average restriction periods of three years, with a weighted average fair value per share of $4.27, which were measured at the market price of a share of our Class A Common Stock on the grant date. The RSUs will vest as a cash payment equal to one share of our Class A Common Stock using the average closing sales prices on the 20 trading days immediately preceding the vesting date.

The following table summarizes cash award activity as of December 31, 2022 and 2021:


									Performance-
						Time-based			based
	Cash settled RSUs					cash awards			cash awards
	Number of			Weighted-average		Number of			Number of
(Awards in thousands)	awards			fair value		awards			awards

Balance as of January 1, 2021		—		$	—		30,429			6,938
Granted		—		$	—		15,473			—
Performance adjustment		—		$	—		—			5,838
Vested		—		$	—		(14,774	)		(12,776	)
Forfeited		—		$	—		(3,432	)		—

Balance as of January 1, 2022		—		$	—		27,696			—
Granted		2,957		$	4.27		208			—
Performance adjustment		—		$	—		—			—
Vested		(23	)	$	4.17		(13,992	)		—
Forfeited		(180	)	$	4.31		(1,020	)		—

Balance as of December 31, 2022		2,754		$	4.27		12,892			—

The following tables summarize the status of our other equity-based awards as of December 31, 2022 and 2021:


	RSUs					PSUs					DSUs					SARs
				Weighted-															Weighted-
				average					Weighted-					Weighted-					average
	Number			grant		Number			average		Number			average		Number			grant
	of			date fair		of			fair		of			fair		of			date fair
(Awards in thousands)	awards			value		awards			value		awards			value		awards			value

Balance as of January 1, 2021		2,534		$	3.48		5,734		$	3.79		1,537		$	3.95		7,030		$	3.32
Granted		1,391		$	3.31		2,510		$	3.45		315		$	2.52		—		$	—
Performance adjustment (1)		—		$	—		626		$	3.58		—		$	—		—		$	—
Exercised		(1,474	)	$	3.47		(1,365	)	$	3.58		(15	)	$	7.46		—		$	—
Terminated		(134	)	$	3.53		—		$	—		—		$	—		(835	)	$	3.04

Balance as of January 1, 2022		2,317		$	3.38		7,505		$	3.70		1,837		$	3.42		6,195		$	3.36
Granted		1,105		$	4.25		2,182		$	4.47		281		$	2.51		—		$	—
Performance adjustment (1)		—		$	—		2,308		$	4.61		—		$	—		—		$	—
Exercised		(1,004	)	$	3.39		(4,616	)	$	4.61		(954	)	$	4.02		—		$	—
Terminated		(299	)	$	3.52		(718	)	$	3.55		—		$	—		(2,295	)	$	2.52

Balance as of December 31, 2022		2,119		$	3.81		6,661		$	3.65		1,164		$	2.44		3,900		$	3.85

(1)	The performance adjustment relates to additional awards expected to be earned through the achievement of certain performance metrics .

As

of December 31, 2022 and 2021, total unrecognized stock-based compensation expense related to

non-vested

non-cash

awards not yet recognized was $

16

million and $

17

million, respectively. This expense is expected to be recognized over a weighted-average period of approximately

two years

.

The actual tax benefit realized for the tax deductions from the exercise of share-based awards was $5 million and $4 million for the years ended December 31, 2022 and 2021,

respectively.

In connection with the minority IPO of Enact Holdings, our indirect subsidiary, Enact Holdings granted equity-based awards to its employees, including RSUs and DSUs. Additionally, in 2021, the Enact Holdings, Inc. 2021 Omnibus Incentive Plan was adopted and approved by Enact Holdings’ shareholders. Under the Enact Holdings, Inc. 2021 Omnibus Incentive Plan, Enact Holdings is authorized to issue up to four million equity awards.

During 2022, Enact Holdings granted PSUs with a fair value of $22.15. The PSUs granted in 2022 have a three-year measurement period starting on January 1, 2022, going through December 31, 2024. The performance metrics are based on the standalone results of Enact Holdings, and are measured by the growth in consolidated book value per share over the three-year measurement period, calculated as the increase in book value divided by the average number of shares outstanding from January 1, 2022 to December 31, 2024. The PSUs were granted at market price as of the approval date by Enact Holdings’ Board of Directors.

For the year ended December 31, 2022, and in accordance with our majority ownership, we recorded $1 million of expense associated with Enact Holdings’ PSUs.

The following table summarizes the status of Enact Holdings’ equity-based awards as of December 31, 2022 and 2021:


	RSUs					DSUs				PSUs
				Weighted-				Weighted-				Weighted-
	Number			average		Number		average		Number		average
	of			fair		of		fair		of		fair
(Awards in thousands)	awards			value		awards		value		awards		value

Balance as of January 1, 2021		—		$	—		—	$	—		—	$	—
Granted		628		$	19.02		17	$	20.87		—	$	—
Dividend equivalents		36		$	21.25		—	$	—		—	$	—
Vested		—		$	—		—	$	—		—	$	—
Terminated		(10	)	$	19.00		—	$	—		—	$	—

Balance as of January 1, 2022		654		$	19.02		17	$	20.87		—	$	—
Granted		322		$	22.18		78	$	22.02		156	$	22.15
Dividend equivalents		62		$	24.00		5	$	24.00		10	$	24.00
Vested		(3	)	$	19.00		—	$	—		—	$	—
Terminated		(26	)	$	19.73		—	$	—		—	$	—

Balance as of December 31, 2022		1,009		$	20.07		100	$	21.81		166	$	22.15

For the years ended December 31, 2022 and 2021, and in accordance with our majority ownership, we recorded $10 million and $2 million, respectively, of stock-based compensation expense and estimate total unrecognized expense of $13 million and $11 million, respectively, related to these awards. This expense is expected to be recognized over a weighted-average period of approximately two years.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

(16) Fair Value of Financial Instruments

Recurring Fair Value Measurements

We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, separate account assets and certain other financial instruments, which

are

carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument.

Fixed maturity securities, equity securities and short-term investments

The fair value of fixed maturity securities, equity securities and short-term investments is estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. In addition, a combination of the results from market and income approaches may be used to estimate fair value. These valuation techniques may change from period to period, based on the relevance and availability of market data.

Further,

while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.

In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services.

Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3.

Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.

For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and

maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of December 31, 2022.

For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.

Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.

A summary of the inputs used for our fixed maturity securities, equity securities and short-term investments based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.

Level 1 measurements

Equity securities.

The primary inputs to the valuation of exchange-traded equity securities include quoted prices for the identical instrument.

Separate account assets.

The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing.

Level 2 measurements

Fixed maturity securities

•

Third-party pricing services:

In estimating the fair value of fixed maturity securities, 88% of our portfolio was priced using third-party pricing services as of December 31, 2022. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority

and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.

The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of December 31, 2022:


(Amounts in millions)	Fair value		Primary methodologies	Significant inputs

U.S. government, agencies and government-sponsored enterprises	$	3,341	Price quotes from trading desk, broker feeds	Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread

State and political subdivisions	$	2,344	Multi-dimensional attribute-based modeling systems, third-party pricing vendors	Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes

Non-U.S. government	$	645	Matrix pricing, spread priced to benchmark curves, price quotes from market makers	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

U.S. corporate	$	23,537	Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models	Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports

Non-U.S. corporate	$	6,305	Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

Residential mortgage-backed	$	973	OAS-based models, single factor binomial models, internally priced	Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports


Commercial mortgage-backed	$	1,896	Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model	Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swap curves, TRACE reports


Other asset-backed	$	2,072	Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers	Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

•

Internal models:

A portion of our U.S. corporate and

non-U.S.

corporate securities are valued using internal models. The fair value of these fixed maturity securities was $1,460 million and $820 million, respectively, as of December 31, 2022. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.

Equity securities.

The primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active.

Short-term investments.

The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by pricing services.

Level 3 measurements

Fixed maturity securities

•

Broker quotes:

A portion of our state and political subdivisions, U.S. corporate,

non-U.S.

corporate, residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $250 million as of December 31, 2022.

•

Internal models:

A portion of our state and political subdivisions, U.S. corporate,

non-U.S.

corporate, residential mortgage-backed and other asset-backed securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $2,940 million as of December 31, 2022.

Equity securities.

The primary inputs to the valuation include broker quotes where the underlying inputs are unobservable and for internal models, structure of the security and issuer

rating.

Limited partnerships.

The fair value of limited partnerships classified as Level 3 is determined based on third-party valuation sources that utilize unobservable inputs, such as a reference to public market or private transactions, valuations for comparable companies or assets, discounted cash flows and/or recent transactions.

Net asset value

Limited

partnerships.

Limited partnerships are valued based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying instrument. We utilize the NAV from the underlying fund statements as a practical expedient for fair value.

Derivatives

We

consider counterparty collateral arrangements and rights of

set-off

when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our

non-performance

risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our

non-performance

risk or the

non-performance

risk of the derivative counterparty for our derivative assets or liabilities.

Interest rate swaps.

The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2.

Foreign currency swaps.

The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered observable inputs, and results in the derivative being classified as

Level 2.

Equity

index options.

We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rates, equity index volatility, equity index and time value component associated with the optionality in the derivative. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3. As of December 31, 2022, a significant increase (decrease) in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value measurement.

Financial futures.

The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis.

Other foreign currency contracts.

We previously had certain foreign currency options classified as other foreign currency contracts. The valuation of foreign currency options was determined using an income approach. The primary inputs into the valuation represented the forward interest rate swap curve, foreign currency exchange rates, forward interest rate, foreign currency exchange rate volatility and time value component associated with the optionality in the derivative, which are generally considered observable inputs and resulted in the derivative being classified as Level 2. We also had foreign currency forward contracts where the valuation was determined using an income approach. The primary inputs into the valuation represented the forward foreign currency exchange rates, which are generally considered observable inputs and resulted in the derivative being classified as

Level 2.

GMWB embedded derivatives

We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. We determine fair value using an internal model based on the various inputs noted above.

Non-performance

risk is integrated into the discount rate used to value GMWB liabilities. Our discount rate used to determine fair value of our GMWB liabilities includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the

non-performance

risk of the GMWB liabilities. As of December 31, 2022 and 2021, the impact of

non-performance

risk resulted in a lower fair value of our GMWB liabilities of $33 million and $49 million, respectively.

We classify the GMWB valuation as Level 3 based on having significant unobservable inputs, with equity index volatility and

non-performance

risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the GMWB liabilities will increase. Any increase in

non-performance

risk would increase the discount rate and would decrease the fair value of the GMWB liability. Additionally, we consider lapse and utilization assumptions to be significant unobservable inputs. An increase in our lapse assumption would decrease the fair value of the GMWB liability, whereas an increase in our utilization rate would increase the fair value. As of December 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value

measurement.

Fixed index annuity and indexed universal life embedded derivatives

We have fixed index annuity and indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of December 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of December 31:


	2022
(Amounts in millions)	Total		Level 1		Level 2		Level 3		NAV (1)
Assets
Investments:
Fixed maturity securities:

U.S. government, agencies and government-sponsored enterprises	$	3,341	$	—	$	3,341	$	—	$	—
State and political subdivisions		2,399		—		2,344		55		—
Non-U.S. government		645		—		645		—		—
U.S. corporate:
Utilities		3,898		—		3,056		842		—
Energy		2,262		—		2,146		116		—
Finance and insurance		7,193		—		6,506		687		—
Consumer—non-cyclical		4,457		—		4,375		82		—
Technology and communications		2,947		—		2,923		24		—
Industrial		1,197		—		1,175		22		—
Capital goods		2,138		—		2,104		34		—
Consumer—cyclical		1,617		—		1,504		113		—
Transportation		1,100		—		1,057		43		—
Other		310		—		151		159		—

Total U.S. corporate		27,119		—		24,997		2,122		—

Non-U.S. corporate:
Utilities		740		—		445		295		—
Energy		960		—		842		118		—
Finance and insurance		1,946		—		1,821		125		—
Consumer—non-cyclical		566		—		493		73		—
Technology and communications		894		—		868		26		—
Industrial		818		—		770		48		—
Capital goods		546		—		451		95		—
Consumer—cyclical		276		—		212		64		—
Transportation		375		—		355		20		—
Other		889		—		868		21		—

Total non-U.S. corporate		8,010		—		7,125		885		—


Residential mortgage-backed		995		—		973		22		—
Commercial mortgage-backed		1,908		—		1,896		12		—
Other asset-backed		2,166		—		2,072		94		—

Total fixed maturity securities		46,583		—		43,393		3,190		—

Equity securities		319		239		46		34		—
Limited partnerships		1,816		—		—		24		1,792
Other invested assets:
Derivative assets:
Interest rate swaps		24		—		24		—		—
Foreign currency swaps		20		—		20		—		—
Equity index options		6		—		—		6		—

Total derivative assets		50		—		44		6		—

Short-term investments		3		—		3		—		—

Total other invested assets		53		—		47		6		—

Reinsurance recoverable (2)		16		—		—		16		—
Separate account assets		4,417		4,417		—		—		—

Total assets	$	53,204	$	4,656	$	43,486	$	3,270	$	1,792

(1)	Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.


	2021
(Amounts in millions)	Total		Level 1		Level 2		Level 3		NAV (1)
Assets
Investments:
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	4,552	$	—	$	4,552	$	—	$	—
State and political subdivisions		3,450		—		3,368		82		—
Non-U.S. government		835		—		833		2		—
U.S. corporate:
Utilities		5,104		—		4,154		950		—
Energy		2,934		—		2,858		76		—
Finance and insurance		8,991		—		8,306		685		—
Consumer—non-cyclical		6,159		—		6,055		104		—
Technology and communications		3,808		—		3,779		29		—
Industrial		1,494		—		1,457		37		—
Capital goods		2,745		—		2,700		45		—
Consumer—cyclical		1,899		—		1,762		137		—
Transportation		1,371		—		1,307		64		—
Other		419		—		165		254		—

Total U.S. corporate		34,924		—		32,543		2,381		—

Non-U.S. corporate:
Utilities		928		—		583		345		—
Energy		1,383		—		1,238		145		—
Finance and insurance		2,432		—		2,272		160		—
Consumer—non-cyclical		743		—		680		63		—
Technology and communications		1,250		—		1,222		28		—
Industrial		1,047		—		954		93		—
Capital goods		705		—		532		173		—
Consumer—cyclical		341		—		265		76		—
Transportation		489		—		436		53		—
Other		1,217		—		1,191		26		—

Total non-U.S. corporate		10,535		—		9,373		1,162		—

Residential mortgage-backed		1,440		—		1,413		27		—
Commercial mortgage-backed		2,584		—		2,568		16		—
Other asset-backed		2,160		—		2,022		138		—

Total fixed maturity securities		60,480		—		56,672		3,808		—


Equity securities		198		101		60		37		—
Limited partnerships		1,462		—		—		26		1,436
Other invested assets:
Derivative assets:
Interest rate swaps		364		—		364		—		—
Foreign currency swaps		6		—		6		—		—
Equity index options		42		—		—		42		—
Other foreign currency contracts		2		—		2		—		—

Total derivative assets		414		—		372		42		—

Short-term investments		26		—		26		—		—

Total other invested assets		440		—		398		42		—

Reinsurance recoverable (2)		19		—		—		19		—
Separate account assets		6,066		6,066		—		—		—

Total assets	$	68,665	$	6,167	$	57,130	$	3,932	$	1,436

(1)	Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated:


	Beginning balance as of January 1, 2022		Total realized and unrealized gains (losses)																					Ending balance as of December 31, 2022		Total gains (losses) attributable to assets still held
(Amounts in millions)	Beginning balance as of January 1, 2022		Included in net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)			Ending balance as of December 31, 2022		Included in net income			Included in OCI
Fixed maturity securities:
State and political subdivisions	$	82	$	3		$	(30	)	$	—	$	—		$	—	$	—		$	—	$	—		$	55	$	3		$	(31	)
Non-U.S. government		2		—			—			2		(3	)		—		(1	)		—		—			—		—			—
U.S. corporate:
Utilities		950		—			(211	)		130		—			—		(19	)		3		(11	)		842		—			(210	)
Energy		76		—			(19	)		—		—			—		(9	)		68		—			116		—			(20	)
Finance and insurance		685		—			(147	)		216		—			—		(19	)		8		(56	)		687		—			(141	)
Consumer—non-cyclical		104		—			(13	)		—		—			—		(9	)		—		—			82		—			(13	)
Technology and communications		29		—			(5	)		—		—			—		—			—		—			24		—			(5	)
Industrial		37		—			(4	)		—		—			—		(11	)		—		—			22		—			(4	)
Capital goods		45		—			(7	)		—		—			—		(4	)		—		—			34		—			(7	)
Consumer—cyclical		137		—			(18	)		—		—			—		(6	)		—		—			113		—			(18	)
Transportation		64		—			(8	)		5		—			—		(5	)		—		(13	)		43		—			(7	)
Other		254		—			(27	)		—		(41	)		—		(10	)		—		(17	)		159		—			(28	)

Total U.S. corporate		2,381		—			(459	)		351		(41	)		—		(92	)		79		(97	)		2,122		—			(453	)

Non-U.S. corporate:
Utilities		345		—			(56	)		24		—			—		(18	)		—		—			295		—			(55	)
Energy		145		—			(15	)		13		(21	)		—		(24	)		20		—			118		—			(15	)
Finance and insurance		160		5			(40	)		—		—			—		—			—		—			125		5			(41	)
Consumer—non-cyclical		63		—			(8	)		9		—			—		—			18		(9	)		73		—			(8	)
Technology and communications		28		—			(2	)		—		—			—		—			—		—			26		—			(2	)
Industrial		93		—			(33	)		22		—			—		(20	)		—		(14	)		48		—			(31	)
Capital goods		173		—			(16	)		—		(10	)		—		(52	)		—		—			95		—			(16	)
Consumer—cyclical		76		—			(15	)		—		—			—		—			17		(14	)		64		—			(16	)
Transportation		53		—			(3	)		—		—			—		(30	)		—		—			20		—			(3	)
Other		26		—			(5	)		—		—			—		—			—		—			21		—			(4	)

Total non-U.S. corporate		1,162		5			(193	)		68		(31	)		—		(144	)		55		(37	)		885		5			(191	)


Residential mortgage-backed		27		—			(8	)		14		—			—		(2	)		4		(13	)		22		—			(6	)
Commercial mortgage-backed		16		—			(5	)		—		—			—		—			1		—			12		—			(6	)
Other asset-backed		138		—			(15	)		77		(6	)		—		(7	)		—		(93	)		94		—			(13	)

Total fixed maturity securities		3,808		8			(710	)		512		(81	)		—		(246	)		139		(240	)		3,190		8			(700	)

Equity securities		37		—			—			1		(3	)		—		—			—		(1	)		34		—			—
Limited partnerships		26		(2	)		—			—		—			—		—			—		—			24		(2	)		—
Other invested assets:
Derivative assets:
Equity index options		42		(20	)		—			13		—			—		(29	)		—		—			6		(7	)		—

Total derivative assets		42		(20	)		—			13		—			—		(29	)		—		—			6		(7	)		—

Total other invested assets		42		(20	)		—			13		—			—		(29	)		—		—			6		(7	)		—

Reinsurance recoverable (2)		19		(4	)		—			—		—			1		—			—		—			16		(4	)		—

Total Level 3 assets	$	3,932	$	(18	)	$	(710	)	$	526	$	(84	)	$	1	$	(275	)	$	139	$	(241	)	$	3,270	$	(5	)	$	(700	)

(1)

The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.


	Beginning balance as of January 1, 2021		Total realized and unrealized gains (losses)																					Ending balance as of December 31, 2021		Total gains (losses) attributable to assets still held
(Amounts in millions)	Beginning balance as of January 1, 2021		Included in net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)			Ending balance as of December 31, 2021		Included in net income			Included in OCI
Fixed maturity securities:

State and political subdivisions	$	66	$	3		$	13		$	—	$	—		$	—	$	—		$	—	$	—		$	82	$	3		$	13
Non-U.S. government		—		—			—			2		—			—		—			—		—			2		—			—
U.S. corporate:
Utilities		842		—			3			118		—			—		(18	)		18		(13	)		950		—			4
Energy		128		—			4			50		—			—		(10	)		8		(104	)		76		—			1
Finance and insurance		607		—			(18	)		233		—			—		(46	)		17		(108	)		685		—			(16	)
Consumer—non-cyclical		109		—			(2	)		—		—			—		(3	)		3		(3	)		104		—			(2	)
Technology and communications		47		—			(1	)		12		—			—		—			4		(33	)		29		—			(1	)
Industrial		40		—			—			17		—			—		(20	)		—		—			37		—			(1	)
Capital goods		60		—			(1	)		—		—			—		(14	)		—		—			45		—			(2	)
Consumer—cyclical		150		—			—			—		—			—		(5	)		—		(8	)		137		—			—
Transportation		70		—			(1	)		—		—			—		(5	)		—		—			64		—			(1	)
Other		219		—			(1	)		—		—			—		(32	)		88		(20	)		254		—			1

Total U.S. corporate		2,272		—			(17	)		430		—			—		(153	)		138		(289	)		2,381		—			(17	)

Non-U.S. corporate:
Utilities		352		—			(5	)		30		—			—		(8	)		—		(24	)		345		—			(6	)
Energy		245		—			7			—		—			—		(28	)		—		(79	)		145		—			3
Finance and insurance		305		3			(1	)		1		(2	)		—		(62	)		—		(84	)		160		5			(14	)
Consumer—non-cyclical		67		1			(2	)		8		—			—		(14	)		3		—			63		—			(2	)
Technology and communications		28		—			—			—		—			—		—			—		—			28		—			(1	)
Industrial		95		2			(4	)		14		—			—		(14	)		—		—			93		—			(2	)
Capital goods		178		—			1			25		—			—		—			—		(31	)		173		—			—
Consumer—cyclical		146		—			—			17		—			—		—			—		(87	)		76		—			—
Transportation		109		3			(3	)		—		—			—		(49	)		—		(7	)		53		—			—
Other		83		6			(3	)		—		—			—		(45	)		—		(15	)		26		—			(1	)

Total non-U.S. corporate		1,608		15			(10	)		95		(2	)		—		(220	)		3		(327	)		1,162		5			(23	)

Residential mortgage-backed		14		—			—			5		—			—		(2	)		10		—			27		—			—
Commercial mortgage-backed		20		—			(2	)		1		—			—		(3	)		—		—			16		1			(2	)
Other asset-backed		109		—			—			69		—			—		(25	)		35		(50	)		138		—			—

Total fixed maturity securities		4,089		18			(16	)		602		(2	)		—		(403	)		186		(666	)		3,808		9			(29	)


Equity securities		51		—			—			—		(9	)		—		(5	)		—		—			37		—			—
Limited partnerships		17		1			—			8		—			—		—			—		—			26		1			—
Other invested assets:
Derivative assets:
Equity index options		63		18			—			31		—			—		(70	)		—		—			42		10			—

Total derivative assets		63		18			—			31		—			—		(70	)		—		—			42		10			—

Total other invested assets		63		18			—			31		—			—		(70	)		—		—			42		10			—

Reinsurance recoverable (2)		26		(9	)		—			—		—			2		—			—		—			19		(9	)		—

Total Level 3 assets	$	4,246	$	28		$	(16	)	$	641	$	(11	)	$	2	$	(478	)	$	186	$	(666	)	$	3,932	$	11		$	(29	)

(1)

The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.


	Beginning balance as of January 1, 2020		Total realized and unrealized gains (losses)																					Ending balance as of December 31, 2020		Total gains (losses) attributable to assets still held
(Amounts in millions)	Beginning balance as of January 1, 2020		Included net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)			Ending balance as of December 31, 2020		Included in net income			Included in OCI
Fixed maturity securities:
State and political subdivisions	$	102	$	3		$	(11	)	$	—	$	—		$	—	$	(1	)	$	—	$	(27	)	$	66	$	3		$	(11	)
Non-U.S. government		—		—			—			—		—			—		(1	)		1		—			—		—			—
U.S. corporate:
Utilities		865		9			8			76		(13	)		—		(56	)		42		(89	)		842		—			14
Energy		129		1			1			30		(21	)		—		(21	)		22		(13	)		128		—			(3	)
Finance and insurance		572		2			16			167		—			—		(41	)		—		(109	)		607		—			19
Consumer—non-cyclical		94		—			4			8		—			—		(22	)		25		—			109		—			4
Technology and communications		50		—			3			82		—			—		(1	)		13		(100	)		47		—			5
Industrial		40		—			—			—		—			—		—			—		—			40		—			—
Capital goods		102		—			—			—		—			—		(8	)		11		(45	)		60		—			1
Consumer—cyclical		173		3			4			15		—			—		(36	)		47		(56	)		150		—			6
Transportation		78		—			(1	)		—		—			—		(4	)		27		(30	)		70		—			2
Other		136		—			2			25		—			—		(7	)		87		(24	)		219		—			2

Total U.S. corporate		2,239		15			37			403		(34	)		—		(196	)		274		(466	)		2,272		—			50

Non-U.S. corporate:
Utilities		374		—			10			13		—			—		—			28		(73	)		352		—			9
Energy		247		—			(5	)		7		—			—		(28	)		24		—			245		—			(5	)
Finance and insurance		234		4			17			15		—			—		(10	)		77		(32	)		305		4			17
Consumer—non-cyclical		59		—			3			20		—			—		—			1		(16	)		67		—			2
Technology and communications		28		—			—			—		—			—		—			—		—			28		—			1
Industrial		104		—			4			—		—			—		(5	)		—		(8	)		95		—			3
Capital goods		161		1			1			20		—			—		(39	)		34		—			178		—			1
Consumer—cyclical		147		—			3			21		—			—		(26	)		32		(31	)		146		—			2
Transportation		191		—			1			7		—			—		(10	)		22		(102	)		109		—			4
Other		140		9			(1	)		6		—			—		(72	)		1		—			83		—			2

Total non-U.S. corporate		1,685		14			33			109		—			—		(190	)		219		(262	)		1,608		4			36

Residential mortgage-backed		27		—			(1	)		—		—			—		(1	)		4		(15	)		14		—			—
Commercial mortgage-backed		6		—			1			—		—			—		—			20		(7	)		20		—			1
Other asset-backed		93		—			1			124		—			—		(16	)		10		(103	)		109		—			—

Total fixed maturity securities		4,152		32			60			636		(34	)		—		(405	)		528		(880	)		4,089		7			76


Equity securities		51		—			—			6		(7	)		—		—			1		—			51		—			—
Limited partnerships		16		(2	)		—			3		—			—		—			—		—			17		(2	)		—
Other invested assets:
Derivative assets:
Equity index options		81		4			—			59		—			—		(81	)		—		—			63		5			—

Total derivative assets		81		4			—			59		—			—		(81	)		—		—			63		5			—

Total other invested assets		81		4			—			59		—			—		(81	)		—		—			63		5			—

Reinsurance recoverable (2)		20		4			—			—		—			2		—			—		—			26		4			—

Total Level 3 assets	$	4,320	$	38		$	60		$	704	$	(41	)	$	2	$	(486	)	$	529	$	(880	)	$	4,246	$	14		$	76

(1)

The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the years ended December 31:


(Amounts in millions)	2022			2021		2020
Total realized and unrealized gains (losses) included in net income:
Net investment income	$	8		$	19	$	32
Net investment gains (losses)		(26	)		9		6

Total	$	(18	)	$	28	$	38

Total gains (losses) included in net income attributable to assets still held:
Net investment income	$	8		$	9	$	7
Net investment gains (losses)		(13	)		2		7

Total	$	(5	)	$	11	$	14

The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities.

The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of December 31, 2022

:

(Amounts in millions)

Valuation technique

Fair value

Unobservable input

Range

Weighted-average

(1)

Fixed maturity securities:

U.S. corporate:

Utilities

Internal models

$

813

Credit spreads

55

bps -

279

bps

168

bps

Energy

Internal models

45

Credit spreads

132

bps -

272

bps

197

bps

Finance and insurance

Internal models

674

Credit spreads

67

bps -

292

bps

208

bps

Consumer—non-cyclical

Internal models

82

Credit spreads

71

bps -

272

bps

152

bps

Technology and communications

Internal models

24

Credit spreads

113

bps -

181

bps

153

bps

Industrial

Internal models

22

Credit spreads

132

bps -

239

bps

161

bps

Capital goods

Internal models

34

Credit spreads

85

bps -

211

bps

159

bps

Consumer—cyclical

Internal models

113

Credit spreads

105

bps -

222

bps

154

bps

Transportation

Internal models

43

Credit spreads

49

bps -

188

bps

126

bps

Other

Internal models

111

Credit spreads

90

bps -

153

bps

102

bps

Total U.S. corporate

Internal models

$

1,961

Credit spreads

49

bps -

292

bps

176

bps

Non-U.S. corporate:

Utilities

Internal models

$

295

Credit spreads

82

bps -

224

bps

145

bps

Energy

Internal models

110

Credit spreads

102

bps -

239

bps

171

bps

Finance and insurance

Internal models

124

Credit spreads

136

bps -

203

bps

161

bps

Consumer—non-cyclical

Internal models

70

Credit spreads

71

bps -

163

bps

110

bps

Technology and communications

Internal models

25

Credit spreads

102

bps -

138

bps

126

bps

Industrial

Internal models

48

Credit spreads

85

bps -

197

bps

149

bps

Capital goods

Internal models

95

Credit spreads

71

bps -

272

bps

167

bps

Consumer—cyclical

Internal models

50

Credit spreads

102

bps -

197

bps

159

bps

Transportation

Internal models

20

Credit spreads

138

bps -

197

bps

150

bps

Other

Internal models

21

Credit spreads

84

bps -

158

bps

132

bps

Total non-U.S. corporate

Internal models

$

858

Credit spreads

71

bps -

272

bps

150

bps

Derivative assets:

Equity index options

Discounted cash flows

$

6

Equity index

volatility

6

% -

25

%

20%

(1)	Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.

Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.

The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of December 31:


	2022
(Amounts in millions)	Total		Level 1		Level 2		Level 3
Liabilities
Policyholder account balances:
GMWB embedded derivatives (1)	$	223	$	—	$	—	$	223
Fixed index annuity embedded derivatives		202		—		—		202
Indexed universal life embedded derivatives		15		—		—		15

Total policyholder account balances		440		—		—		440

Derivative liabilities:
Interest rate swaps		522		—		522		—

Total derivative liabilities		522		—		522		—

Total liabilities	$	962	$	—	$	522	$	440

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.


	2021
(Amounts in millions)	Total		Level 1		Level 2		Level 3
Liabilities
Policyholder account balances:
GMWB embedded derivatives (1)	$	271	$	—	$	—	$	271
Fixed index annuity embedded derivatives		294		—		—		294
Indexed universal life embedded derivatives		25		—		—		25

Total policyholder account balances		590		—		—		590

Derivative liabilities:
Interest rate swaps		26		—		26		—

Total derivative liabilities		26		—		26		—

Total liabilities	$	616	$	—	$	26	$	590

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated:


	Beginning balance as of January 1, 2022		Total realized and unrealized (gains) losses																			Ending balance as of December 31, 2022		Total (gains) losses attributable to liabilities still held
(Amounts in millions)	Beginning balance as of January 1, 2022		Included in net (income)			Included in OCI		Purchases		Sales		Issuances		Settlements			Transfer into Level 3		Transfer out of Level 3			Ending balance as of December 31, 2022		Included in net (income)			Included in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	271	$	(70	)	$	—	$	—	$	—	$	22	$	—		$	—	$	—		$	223	$	(66	)	$	—
Fixed index annuity embedded derivatives		294		(16	)		—		—		—		—		(73	)		—		(3	)		202		(16	)		—
Indexed universal life embedded derivatives		25		(27	)		—		—		—		17		—			—		—			15		(27	)		—

Total policyholder account balances		590		(113	)		—		—		—		39		(73	)		—		(3	)		440		(109	)		—

Total Level 3 liabilities	$	590	$	(113	)	$	—	$	—	$	—	$	39	$	(73	)	$	—	$	(3	)	$	440	$	(109	)	$	—

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.


	Beginning balance as of January 1, 2021		Total realized and unrealized (gains) losses																			Ending balance as of December 31, 2021		Total (gains) losses attributable to liabilities still held
(Amounts in millions)	Beginning balance as of January 1, 2021		Included in net (income)			Included in OCI		Purchases		Sales		Issuances		Settlements			Transfer into Level 3		Transfer out of Level 3			Ending balance as of December 31, 2021		Included in net (income)			Included in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	379	$	(133	)	$	—	$	—	$	—	$	25	$	—		$	—	$	—		$	271	$	(127	)	$	—
Fixed index annuity embedded derivatives		399		32			—		—		—		—		(136	)		—		(1	)		294		32			—
Indexed universal life embedded derivatives		26		(24	)		—		—		—		23		—			—		—			25		(24	)		—

Total policyholder account balances		804		(125	)		—		—		—		48		(136	)		—		(1	)		590		(119	)		—

Total Level 3 liabilities	$	804	$	(125	)	$	—	$	—	$	—	$	48	$	(136	)	$	—	$	(1	)	$	590	$	(119	)	$	—

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.


	Beginning balance as of January 1, 2020		Total realized and unrealized (gains) losses																		Ending balance as of December 31, 2020		Total (gains) losses attributable to liabilities still held
(Amounts in millions)	Beginning balance as of January 1, 2020		Included in net (income)			Included in OCI		Purchases		Sales		Issuances		Settlements			Transfer into Level 3		Transfer out of Level 3		Ending balance as of December 31, 2020		Included in net (income)			Included in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	323	$	32		$	—	$	—	$	—	$	24	$	—		$	—	$	—	$	379	$	38		$	—
Fixed index annuity embedded derivatives		452		51			—		—		—		—		(104	)		—		—		399		51			—
Indexed universal life embedded derivatives		19		(17	)		—		—		—		24		—			—		—		26		(17	)		—

Total policyholder account balances		794		66			—		—		—		48		(104	)		—		—		804		72			—

Total Level 3 liabilities	$	794	$	66		$	—	$	—	$	—	$	48	$	(104	)	$	—	$	—	$	804	$	72		$	—

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Total realized and unrealized (gains) losses included in net (income):
Net investment income	$	—		$	—		$	—
Net investment (gains) losses		(113	)		(125	)		66

Total	$	(113	)	$	(125	)	$	66

Total (gains) losses included in net (income) attributable to liabilities still held:
Net investment income	$	—		$	—		$	—
Net investment (gains) losses		(109	)		(119	)		72

Total	$	(109	)	$	(119	)	$	72

Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and equity securities and purchases, issuances and settlements of derivative instruments.

Issuances presented for GMWB embedded derivative liabilities are characterized as the change in fair value associated with the product fees recognized that are attributed to the embedded derivative to equal the expected future benefit costs upon issuance. Issuances for fixed index annuity and indexed universal life embedded derivative liabilities represent the amount of the premium received that is attributed to the value of the embedded derivative. Settlements of embedded derivatives are characterized as the change in fair value upon exercising the

embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled “included in net (income)” in the tables presented above.

The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level

3 as of December 31, 2022:


(Amounts in millions)	Valuation technique	Fair value		Unobservable input	Range	Weighted-average (1)

Policyholder account balances:
				Withdrawal utilization rate	61 % - 89%		77	%
				Lapse rate	2 % - 9%		2	%
				Non-performance risk (credit spreads)	40 bps - 83bps		69	bps
GMWB e mbedded derivatives (2)	Stochastic cash flow model	$	223	Equity index volatility	21 % - 31%		25	%
Fixed index annuity embedded derivatives	Option budget method	$	202	Expected future interest credited	— % - 3 %		1	%
Indexed universal life embedded derivatives	Option budget method	$	15	Expected future interest credited	2 % - 14%		5	%

(1)	Unobservable inputs weighted by the policyholder account balances associated with the instrument.

(2)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.

Assets and Liabilities Not Required to Be Carried at Fair Value

Assets and liabilities that are reflected in the accompanying consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash, cash equivalents, short-term investments, investment securities, separate accounts and derivative instruments. Apart from certain of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair values must often be determined using models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets.

The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of December 31:


	2022
	Notional			Carrying		Fair value
(Amounts in millions)	amount			amount		Total		Level 1		Level 2		Level 3
Assets:
Commercial mortgage loans, net		(1	)	$	7,010	$	6,345	$	—	$	—	$	6,345
Bank loan investments		(1	)		467		474		—		—		474
Liabilities:
Long-term borrowings (2)		(1	)		1,611		1,346		—		1,346		—
Investment contracts		(1	)		7,409		7,169		—		—		7,169
Other firm commitments:
Commitments to fund bank loan investments	$	70			—		—		—		—		—
Ordinary course of business lending commitments		24			—		—		—		—		—

(1)	These financial instruments do not have notional amounts.

(2)	See note 12 for additional information related to borrowings.


	2021
	Notional			Carrying		Fair value
(Amounts in millions)	amount			amount		Total		Level 1		Level 2		Level 3
Assets:
Commercial mortgage loans, net		(1	)	$	6,830	$	7,224	$	—	$	—	$	7,224
Bank loan investments		(1	)		363		370		—		—		370
Liabilities:
Long-term borrowings (2)		(1	)		1,899		1,767		—		1,767		—
Investment contracts		(1	)		8,657		9,352		—		—		9,352
Other firm commitments:
Commitments to fund bank loan investments	$	141			—		—		—		—		—
Ordinary course of business lending commitments		125			—		—		—		—		—

(1)	These financial instruments do not have notional amounts.

(2)	See note 12 for additional information related to borrowings.

As of December 31, 2022 and 2021, we also had $26

million and $4

million,

respectively, of real estate owned assets included in other invested assets in our consolidated balance sheets, which are initially recorded at fair value less estimated selling costs (the carrying value) and are subsequently valued at the lower of the carrying value or current fair value less estimated selling costs. As of December 31, 2022, these properties were adjusted to fair value less estimated selling costs, which was less than the carrying value, and as of December 31, 2021, these properties were recorded at carrying value. These amounts represented the fair value as of December 31, 2022 and 2021. The fair value of the real estate owned assets is classified as Level 2.

Assets Measured Using Net Asset Value

Limited partnerships include partnership interests accounted for using NAV per share (or its equivalent) or fair value for those interests considered minor and partnership interests accounted for under the equity method of accounting for those interests exceeding the minor threshold. Our limited partnership interests accounted for using NAV per share (or its equivalent) are generally not redeemable by the investees and generally cannot be sold without approval of the general partner. We receive distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years five to ten of the typical contractual life of ten to 12 years.

The following table presents the carrying value of limited partnerships and commitments to fund as of December 31:


	2022				2021
	Carrying		Commitments		Carrying		Commitments
(Amounts in millions)	value		to fund		value		to fund

Limited partnerships accounted for at NAV:
Private equity funds (1)	$	1,647	$	1,107	$	1,312	$	950
Real estate funds (2)		82		79		67		101
Infrastructure funds (3)		63		29		57		13

Total limited partnerships accounted for at NAV		1,792		1,215		1,436		1,064

Limited partnerships accounted for at fair value		24		1		26		1
Limited partnerships accounted for under the equity method of accounting		515		149		437		120
Low-income housing tax credits (4)		—		—		1		—

Total	$	2,331	$	1,365	$	1,900	$	1,185

(1)

This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.

(2)	This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.

(3)	This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.

(4)	Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Insurance Subsidiary Financial Information and Regulatory Matters

Insurance Subsidiary Financial Information and Regulatory Matters

12 Months Ended

Dec. 31, 2022

(17) Insurance Subsidiary Financial Information and Regulatory Matters

Dividends

Our insurance subsidiaries are subject to oversight by applicable insurance laws and regulations as to the amount of dividends they may pay to their parent in any year, the purpose of which is to protect affected insurance policyholders or contractholders, not stockholders. In general, dividends and distributions are required to be submitted to an insurer’s domiciliary department of insurance for review, and the payment of any dividend or distribution from a source other than unassigned surplus requires prior written regulatory approval. Enact

Holdings’ ability to pay dividends is limited in part by such regulatory restrictions on its insurance subsidiaries. Based on estimated statutory results as of December 31, 2022, in accordance with applicable dividend restrictions, Enact Holdings’ mortgage insurance subsidiaries could pay dividends

of approximately $

292 million in 2023 from unassigned surplus without affirmative regulatory approval, although notice of the intent to pay must be provided to the state insurance commissioner 30 days in advance thereof, during which time the commissioner may review the dividend pursuant to statutory standards. Even though the approximately $292 million is considered unrestricted, Enact Holdings may not pay dividends at this level in 2023 for a variety of reasons, including the need to preserve capital for regulatory purposes, future growth and capital requirements. Although the financial results of our

principal

U.S. life insurance subsidiaries have improved, they had negative unassigned surplus of $849

m

illion under statutory accounting as of December 31, 2022 and as a result, could not pay dividends to us in

2023 or the foreseeable future if they need to meet capital requirements and desired thresholds.

As of December 31, 2022, Genworth Financial’s and Genworth Holdings’ consolidated subsidiaries had restricted net assets of

$9.7

billion and $10.0

billion,

respectively.

Enact

Holdings paid dividends during 2022, 2021 and 2020 of $251 million, $200 million and $437 million, respectively. Dividends paid by Enact Holdings in 2022 and 2021 included cash dividends to Genworth Holdings of $205

million and $163 million, respectively, and proportionate dividend distributions to minority shareholders of $46

million and $37

million, respectively. Dividends of $437

million paid to Genworth Holdings in 2020 were from net proceeds received from the issuance of Enact Holdings’ senior notes due in 2025. Future dividends paid by Enact Holdings are subject to quarterly review and approval by its board of directors and Genworth Financial, and also will be dependent on a variety of economic, market and business

conditions. Our principal U.S. life insurance subsidiaries did not pay any dividends in 2022, 2021 or 2020.

In the first quarter of 2021, our international subsidiaries paid a dividend of $370 million to Genworth Holdings from the net proceeds of the Genworth

Mortgage Insurance

Australia

Limited (“Genworth Australia”)

sale.

U.S. domiciled insurance subsidiaries—statutory financial information

Our U.S. domiciled insurance subsidiaries file financial statements with state insurance regulatory authorities and the NAIC that are prepared on an accounting basis either prescribed or permitted by such authorities. Statutory accounting practices differ from U.S. GAAP in several respects, causing differences in reported net income (loss) and stockholders’ equity.

Permitted statutory accounting practices encompass all accounting practices not so prescribed but that have been specifically allowed by individual state insurance authorities. Our U.S. domiciled insurance subsidiaries have no material permitted accounting practices, except for River Lake Insurance Company VI (“River Lake VI”), River Lake Insurance Company VII (“River Lake VII”), River Lake Insurance Company VIII (“River Lake VIII”) and River Lake Insurance Company X (“River Lake X”), collectively, the “SPFCs.” The permitted practices of the SPFCs were an essential element of their design and were expressly included in their plans of operation and in the licensing orders issued by their domiciliary state regulators and without those permitted accounting practices, these entities could be subject to regulatory action. Accordingly, we believe that the permitted accounting practices will remain in effect for so long as we maintain the SPFCs. The material permitted accounting practices for the SPFCs were as follows:

•

In 2022 and 2021, River Lake VI had a permitted accounting practice from the State of Delaware to carry its excess of loss reinsurance agreement with The Canada Life Assurance Company for its universal life insurance business assumed from Genworth Life and Annuity Insurance Company (“GLAIC”) as an admitted asset. Effective December 1, 2021, River Lake VI was granted a permitted

accounting practice from the State of Delaware to carry its excess of loss reinsurance agreement with The Canada Life Assurance Company for its term life insurance business assumed from GLAIC as an admitted asset.

•

Effective December 1, 2021, River Lake X was granted a permitted accounting practice from the State of Vermont to carry its excess of loss reinsurance agreement with Hannover Life Reassurance Company of America for its term life insurance business assumed from GLAIC as an admitted asset. In 2020, River Lake VII, River Lake VIII and River Lake X each had a permitted accounting practice from the State of Vermont to carry their reserves on a basis similar to U.S. GAAP, which was withdrawn by River Lake X in 2021. As of December 31, 2021, there were no remaining statutory reserves in River Lake VII and River Lake VIII as discussed below.

The impact

of these permitted accounting practices of the SPFCs on our combined U.S. domiciled life insurance subsidiaries’ statutory capital and surplus was zero as of December 31, 2022 and 2021. If these permitted accounting practices had not been used, no regulatory event would have been triggered.

For regulatory

purposes, our U.S. mortgage insurers are required to establish a special statutory contingency reserve. Annual additions to the statutory contingency reserve must be at least 50% of net earned premiums, as defined by state insurance laws and regulations. These contingency reserves generally are held until the earlier of (i) the time that loss ratios exceed 35% or (ii) 10 years. However, approval by the North Carolina Department of Insurance (“NCDOI”) is required for contingency reserve releases when loss ratios exceed 35%. The statutory contingency reserve for our U.S. mortgage insurers was approximately $3.6 billion and $3.0 billion, respectively, as of December 31, 2022 and 2021 and is included in the table below containing combined statutory capital and surplus balances.

The tables below include the combined statutory net income and statutory capital and surplus for our U.S. domiciled insurance subsidiaries for the periods indicated:

	Years ended December 31,
(Amounts in millions)	2022		2021			2020
Combined statutory net income (loss):
Life insurance subsidiaries, excluding captive life reinsurance subsidiaries	$	276	$	654		$	197
Mortgage insurance subsidiaries		747		593			404

Combined statutory net income, excluding captive reinsurance subsidiaries		1,023		1,247			601
Captive life insurance subsidiaries		253		(1,351	)		9

Combined statutory net income (loss)	$	1,276	$	(104	)	$	610


	As of December 31,
(Amounts in millions)	2022		2021
Combined statutory capital and surplus:
Life insurance subsidiaries, excluding captive life reinsurance subsidiaries	$	3,082	$	2,945
Mortgage insurance subsidiaries		4,687		4,439

Combined statutory capital and surplus	$	7,769	$	7,384

The

statutory net income (loss) from our captive life reinsurance subsidiaries relates to the reinsurance of term and universal life insurance statutory reserves assumed from our U.S. domiciled life insurance companies. These reserves are, in turn, secured by excess of loss reinsurance treaties with third parties. Additionally, the life insurance subsidiaries’ combined statutory net income (loss) and distributable income are not affected by the statutory net income (loss) of the captives, except to the extent dividends are received from the captives. The combined statutory capital and surplus of our life insurance subsidiaries does not include the capital and surplus of our captive life reinsurance subsidiaries of $

96 million and $98

million as of December

31

,

2022

and

2021

, respectively.

In December 2021, GLAIC recaptured its term life insurance business previously ceded to River Lake VII and River Lake VIII. GLAIC then immediately ceded that recaptured business to SCOR Global Life USA Reinsurance Company. Prior to the GLAIC recapture, River Lake VII and River Lake VIII also recaptured all external reinsurance with third parties and terminated those agreements. As a result, there was no remaining reinsurance (assumed or ceded) in River Lake VII or River Lake VIII. River Lake VII and River Lake VIII also returned capital of $29

million and $37

million, respectively, to GLAIC in December 2021.

Effective July 1, 2021, GLAIC recaptured all of the term and universal life insurance business previously ceded to Jamestown Assignment Company, Inc. (“Jamestown”), its wholly-owned subsidiary. Additionally, Jamestown novated all of its remaining ceded reinsurance agreements to GLAIC. During 2021, Jamestown returned $104

million of capital to GLAIC. There was no remaining reinsurance (assumed or ceded) in Jamestown as of December 31, 2021. Effective October 14, 2021, Jamestown also withdrew its insurance company license.

Capital Requirements of U.S. Life Insurers

The NAIC has adopted RBC requirements to evaluate the adequacy of statutory capital and surplus in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate and equity market risk; and (iv) business risk. The RBC formula is designated as an early warning tool for the states to identify possible undercapitalized companies for the purpose of initiating regulatory action. In the course of operations, we periodically monitor the RBC level of each of our life insurance subsidiaries. As of December 31, 2022 and 2021, each of our life insurance subsidiaries exceeded the minimum required RBC levels in their respective domiciliary state. The consolidated RBC ratio of our U.S. domiciled life insurance subsidiaries was approximately 291% and 289% as of December 31, 2022 and 2021, respectively.

In

2022,

we

released

$199 million

of statutory reserves resulting from updates to our universal and term universal life insurance products with secondary

guarantees as part of Actuarial Guideline 38 8D (“AG 38 8D”) in

our Virginia and Delaware licensed life insurance subsidiaries.

In 2021 and 2020, we established $231 million and $232 million, respectively, of

additional AG 38 8D

statutory reserves.

As a part of our cash flow testing process for our U.S. life

insurance subsidiaries, we consider incremental benefits from expected future in-force rate actions in our long-term care insurance products that would help mitigate the impact of deteriorating experience. The New York State Department of Financial Services (“NYDFS”), which regulates Genworth Life Insurance Company of New York (“GLICNY”), generally does not permit in-force rate increases for long-term care insurance to be used in asset adequacy analysis until such increases have been approved. However, the NYDFS has allowed GLICNY to incorporate recently filed in-force rate actions in its asset adequacy analysis prior to approval in the past. Moreover, the NYDFS has consistently granted approval for GLICNY to spread asset adequacy analysis reserve deficiencies related to its long-term care

insurance

business over future years. The NYDFS also requires specific adequacy testing scenarios that are generally more severe than those deemed acceptable in other states. Moreover, the required testing scenarios by the NYDFS have a disproportionate impact on our long-term care insurance products. In addition, we historically used nationwide experience for setting assumptions in our long-term care insurance products in cash flow testing for all of our legal entities, including GLICNY.

We have been monitoring emerging experience with our GLICNY policyholders, as their experience has

been

adverse as compared to our nationwide experience. With the benefit of additional data and analysis, and based on discussions with the NYDFS, we

began

using assumptions that reflect GLICNY specific experience in GLICNY’s asset adequacy analysis in

2020

. After discussions with the NYDFS and through the exercise of professional actuarial judgment, GLICNY also incorporated in its 2022 and 2021 asset adequacy analysis, assumptions for future in-force rate actions for long-term care insurance products to offset the emerging adverse experience for these products. With these assumption updates, GLICNY’s 2022 and 2021 asset adequacy analysis produced a negative margin. To address

the

negative margin, GLICNY recorded an incremental

$98

million and $

68

million of additional statutory reserves in 2022 and 2021, respectively. As a result of the 2022 and 2021 activity, the aggregate amount of statutory reserves established by GLICNY for asset adequacy deficits increased to

$705 million ($670

million related to long-term care insurance and

$35

million related to variable annuities) and

$607 million ($572 million related to long-term care insurance and $35 million related to variable annuities) as of December 31, 2022 and 2021, respectively.

Capital Requirements of U.S. Mortgage Insurers

Mortgage insurers are not subject to the NAIC’s RBC requirements but certain states and other regulators impose another form of capital requirement on mortgage insurers requiring maintenance of a risk-to-capital ratio not to exceed

25

:1. Fifteen other states maintain similar risk-to-capital requirements. As of December 31, 2022 and 2021, the risk-to-capital ratio of Enact Holdings’ combined insurance subsidiaries was approximately

12.8

:1 and

12.2

:1, respectively, under the current regulatory framework as established under North Carolina law and enforced by the NCDOI, Enact Holdings’ insurance subsidiaries’ domestic insurance regulator. Each of Enact Holdings’ insurance subsidiaries met its respective capital requirements as of December 31, 2022 and 2021.

Private mortgage insurers must meet the operational and financial requirements under PMIERs as set forth by the GSEs in order to remain eligible to insure loans that are purchased by the GSEs. Each approved mortgage insurer is required to provide the GSEs with an annual certification and a quarterly report evidencing its compliance with PMIERs.

Since 2020, the GSEs have issued several amendments to PMIERs, which implemented both permanent and temporary revisions to PMIERs. Many of the provisions are no longer applicable, but for loans that became

non-performing

due to a COVID-19 hardship, PMIERs was temporarily amended with respect to each non-performing loan that (i) had an initial missed monthly payment occurring on or after March 1, 2020 and prior to April 1, 2021 or (ii) is subject to a forbearance plan granted in response to a financial hardship related to

COVID-19,

the terms of which are materially consistent with terms of forbearance plans offered by the GSEs. The

risk-based

required asset amount factor for the non-performing loan is the greater of (a) the applicable risk-based required asset amount factor for a performing loan were it not delinquent, and (b) the product of a 0.30 multiplier and the applicable risk-based required asset amount factor for a non-performing loan. In the case of (i) above, absent the loan being subject to a forbearance plan described in (ii) above, the 0.30 multiplier was applicable for no longer than three calendar months beginning with the month in which the loan became a non-performing loan due to having missed two monthly payments. Loans subject to a forbearance plan described in

(ii) above include those that are either in a repayment plan or loan modification trial period following the forbearance plan unless reported to the approved insurer that the loan is no longer in such forbearance plan, repayment plan, or loan modification trial period. The PMIERs amendment dated June 30, 2021 further allows loans that enter a forbearance plan due to COVID-19 hardship on or after April 1, 2021 to remain eligible for extended application of the reduced PMIERs capital factor for as long as the loan remains in forbearance. In addition, the PMIERs amendments made permanent revisions to the risk-based required asset amount factor for non-performing loans for properties located in future Federal Emergency Management Agency Declared Major Disaster Areas eligible for individual assistance.

In

September 2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs imposed certain restrictions (the “GSE Restrictions”) with respect to capital on Enact. In May 2021, in connection with their conditional approval of the then potential partial sale of Enact Holdings, the GSEs confirmed the GSE Restrictions will remain in effect until the following collective conditions (“GSE Conditions”) are met for two consecutive quarters: (a) EMICO obtains “BBB+”/“Baa1” (or higher) rating from Standard & Poor’s Financial Services, LLC, Moody’s Investors Service, Inc. or Fitch Ratings, Inc. and (b) Genworth achieves certain financial metrics. EMICO maintained the requisite ratings for two consecutive quarters prior to the end of 2022. Given Genworth’s strengthened financial position, Genworth’s financial metrics were met in the third and fourth quarters of 2022, marking two consecutive quarters of achieving the financial metrics. Therefore, we believe the GSE Conditions have been fully satisfied and expect the GSE Restrictions to be lifted in early 2023, subject to

GSE review and confirmation.

Prior to the satisfaction of the GSE Conditions, the GSE Restrictions require:

•

EMICO to maintain 120% of PMIERs minimum required assets through 2022 (which it maintained) and 125% thereafter;

•

Enact Holdings to retain $300 million of its holding company cash that can be drawn down exclusively for its debt service or to contribute to EMICO to meet its regulatory capital needs including PMIERs; and

•

written approval must be received from the GSEs prior to any additional debt issuance by either EMICO or Enact Holdings.

Until the GSE Conditions imposed in connection with the GSE Restrictions are met, Enact Holdings’ liquidity must not fall below 13.5

% of its outstanding debt. As of December 31, 2022, after taking into account debt service to date, Enact Holdings must maintain holding company liquidity of approximately $

203

million. Enact Holdings had $453 million of cash, cash equivalents and invested assets as of December 31, 2022.

Enact has met all PMIERs reporting requirements as required by the GSEs. As of December 31, 2022 and 2021, Enact had estimated available assets of $

5,206 million and $5,077 million, respectively, against $3,156 million and $3,074 million, respectively, net required assets under PMIERs. The sufficiency ratio as of

December 31, 2022 and 2021 was

165

% for both periods, or $

2,050

million and $

2,003

million, respectively, above the published PMIERs requirements. PMIERs sufficiency is based on the published requirements applicable to private mortgage insurers and does not give effect to the GSE Restrictions imposed on Enact. Enact’s PMIERs required assets as of December 31, 2022 and 2021 benefited from the application of a

0.30

multiplier applied to the risk-based required asset amount factor for certain non-performing loans. The application of the

0.30 multiplier to all eligible delinquencies provided $

132

million and $

390

million of benefit to Enact’s December 31, 2022 and 2021 PMIERs required assets,

respectively.

Securities on deposit

Certain of our insurance subsidiaries have securities on deposit with various state or foreign government insurance departments in order to comply with relevant insurance regulations. See note 4(d) for additional

in

formation related to these deposits. Additionally, under the terms of certain reinsurance agreements that our life insurance subsidiaries have with external parties, we pledged assets in either separate portfolios or in trust for the benefit of external reinsurers. These assets support the reserves ceded to those external reinsurers. See note 8 for additional information related to these pledged assets under reinsurance agreements. Certain of our U.S. life insurance subsidiaries are also members of regional FHLBs and the FHLBs have been granted a lien on certain of our invested assets to collateralize our obligations. See note 9 for additional information related to these pledged assets with the FHLBs.

Guarantees of obligations

In addition to the commitments discussed in note 20, Genworth Financial and certain of its holding companies provide guarantees to third parties for the performance of certain obligations of their subsidiaries. We estimate that our potential obligations under such guarantees were $69 million and $10 million as of December 31, 2022 and 2021, respectively.

The potential obligations as of December 31, 2022 include amounts associated with leasing agreements related to our new headquarters office.

Genworth Holdings has provided a limited guarantee of up to $175 million, subject to adjustments, to one of its insurance subsidiaries to support its mortgage insurance business in Mexico. In January 2022, Genworth Holdings terminated this limited guarantee in regard to new business. We believe this insurance subsidiary has adequate reserves to cover its underlying obligations.

Genworth Holdings also provided an unlimited guarantee for the benefit of policyholders for the payment of valid claims by our European mortgage insurance subsidiary prior to its sale in May 2016. Following the sale of this United Kingdom subsidiary to AmTrust Financial Services, Inc., the guarantee was limited to the payment of valid claims on policies

in-force

prior to the sale date and those written approximately 90 days subsequent to the date of the sale, and AmTrust Financial Services, Inc. has agreed to provide us with a limited indemnification in the event there is any exposure under the guarantee. As of December 31, 2022, the risk in-force of active policies was approximately $950

mi

llion.

On March 1, 2021, Genworth Holdings entered into a guarantee agreement with Genworth Financial International Holdings, LLC (“GFIH”) whereby Genworth Holdings agreed to contribute additional capital to GFIH related to certain of its liabilities, or otherwise satisfy or discharge those liabilities. The liabilities include but are not limited to, claims and financial obligations or other liabilities of GFIH that existed immediately prior to the distribution of the net proceeds from the Genworth Australia sale. Pursuant to the agreement, Genworth Holdings paid AXA approximately €15 million ($18 million) in the second quarter of 2021 to settle amounts owed related to underwriting losses on a product sold by a distributor in our former lifestyle protection insurance business.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Information

(18) Segment Information

(a) Operating Segment Information

We have the following three operating business segments: Enact; U.S. Life Insurance (which includes our long-term care insurance, life insurance and fixed annuities businesses); and Runoff (which includes the results

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

We

tax our 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.

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

after-tax

effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual

non-operating

items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of

non-recourse

funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. We exclude net investment gains (losses) and infrequent or unusual

non-operating

items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating trends. Infrequent or unusual

non-operating

items are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders if, in our opinion, they are not indicative of overall operating trends.

While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, we believe that adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our

definition of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders may differ from the definitions used by other companies.

Adjustments

to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.

During 2022, we paid a

pre-tax

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

pre-tax

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

pre-tax

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

pre-tax

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

pre-tax

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

pre-tax

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

pre-tax

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

pre-tax

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

Life Insurance Company

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

non-recourse

funding obligations originally due in 2050 resulting in a

pre-tax

loss of $4 million from the

write-off

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

In 2021, we recorded a

pre-tax

loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.

In 2022, 2021 and 2020, we recorded a

pre-tax

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

During 2022, we incurred $8 million of

pre-tax

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

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


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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

(b) Revenues of Major Product Groups

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


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

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

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

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

(c) Reconciliations

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


(Amounts in millions)	2022			2021			2020


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

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

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

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

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

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


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

U.S. Life Insurance segment		66			267			68

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

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

(d) Geographic Segment Information

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


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

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

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

Net income (loss)	$	739	$	—	$	739

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


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

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

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

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

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


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

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

Net income	$	214	$	(2	)	$	212

(1)	Predominantly comprised of operations in Mexico.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

Quarterly Results of Operations (unaudited)

Quarterly Results of Operations (unaudited)

12 Months Ended

Dec. 31, 2022

(19) Quarterly Results of Operations (unaudited)

Our unaudited quarterly results of operations for the year ended December 31, 2022 are summarized in the table below.


	Three months ended
	March 31,			June 30,			September 30,		December 31,
(Amounts in millions, except per share amounts)	2022			2022			2022		2022

Total revenues	$	1,892		$	1,881		$	1,839	$	1,895

Total benefits and expenses (1), (2)	$	1,653		$	1,588		$	1,653	$	1,635

Income from continuing operations (1), (2)	$	181		$	220		$	134	$	204

Income (loss) from discontinued operations, net of taxes	$	(2	)	$	(1	)	$	5	$	(2	)

Net income (1), (2)	$	179		$	219		$	139	$	202

Net income from continuing operations attributable to noncontrolling interests	$	30		$	38		$	35	$	27

Net income from discontinued operations attributable to noncontrolling interests	$	—		$	—		$	—	$	—

Net income available to Genworth Financial, Inc.’s common stockholders (1), (2)	$	149		$	181		$	104	$	175

Net income available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	151		$	182		$	99	$	177
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		(2	)		(1	)		5		(2	)

Net income available to Genworth Financial, Inc.’s common stockholders	$	149		$	181		$	104	$	175

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.30		$	0.36			0.20	$	0.36

Diluted	$	0.29		$	0.36		$	0.19	$	0.35


Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.29		$	0.36		$	0.21	$	0.35

Diluted	$	0.29		$	0.35		$	0.20	$	0.35

Weighted-average common shares outstanding:
Basic		508.3			509.0			504.0		496.7
Diluted		517.4			514.2			509.4		503.2

(1)	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $ 42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.

(2)	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $ 43 million mostly attributable to higher interest rates.

Our unaudited quarterly results of operations for the year ended December 31, 2021 are summarized in the table below.


	Three months ended
	March 31,		June 30,			September 30,		December 31,
(Amounts in millions, except per share amounts)	2021		2021			2021		2021
Total revenues (1)	$	1,985	$	2,041		$	2,070	$	1,736

Total benefits and expenses (2)	$	1,752	$	1,721		$	1,697	$	1,481

Income from continuing operations (1), (2), (3)	$	174	$	245		$	306	$	193

Income (loss) from discontinued operations, net of taxes	$	21	$	(5	)	$	12	$	(1	)

Net income (1), (2), (3)	$	195	$	240		$	318	$	192

Net income from continuing operations attributable to noncontrolling interests (4)	$	—	$	—		$	4	$	29

Net income from discontinued operations attributable to noncontrolling interests	$	8	$	—		$	—	$	—

Net income available to Genworth Financial, Inc.’s common stockholders (4)	$	187	$	240		$	314	$	163

Net income available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	174	$	245		$	302	$	164
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		13		(5	)		12		(1	)

Net income available to Genworth Financial, Inc.’s common stockholders	$	187	$	240		$	314	$	163

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.35	$	0.48		$	0.59	$	0.32

Diluted	$	0.34	$	0.47		$	0.59	$	0.32

Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.37	$	0.47		$	0.62	$	0.32

Diluted	$	0.37	$	0.47		$	0.61	$	0.32

Weighted-average common shares outstanding:
Basic		506.0		507.0			507.4		507.4
Diluted		513.8		515.0			514.2		515.6

(1)	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.

(2)

In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher

pre-COVID-19

mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.

(3)

In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.

(4)	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies

(20) Commitments and Contingencies

(a) Litigation and Regulatory Matters

We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to

in-force

long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to breach of customer information. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, including claims under the Employee Retirement Income Security Act of 1974, post-closing obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations.

In October 2016, Genworth Financial, certain members of its executive management team, including its former and present chief executive officer, and current and former members of its board of directors were named as defendants in a shareholder derivative suit filed by Esther Chopp in the Court of Chancery of the State of Delaware. The case is captioned

Chopp v. McInerney, et al

. The complaint alleges that Genworth’s board of directors wrongfully refused plaintiff’s demand to commence litigation on behalf of Genworth and asserts claims for breaches of fiduciary duties, waste, contribution and indemnification, and unjust enrichment concerning Genworth’s long-term care insurance reserves and concerning Genworth’s former Australian mortgage insurance business, including our plans for an IPO of the business, and seeks unspecified damages, costs, attorneys’ fees and such equitable relief as the Court may deem proper. We filed a motion to dismiss on November 14, 2016. The action was stayed pending the outcome of the proposed China Oceanwide transaction. On April 6, 2021, Genworth Financial terminated the proposed China Oceanwide transaction, thereby lifting the stay. On July 22, 2022, a stipulation dismissing the case without prejudice was filed with the Court and on July 25, 2022, the Court granted the dismissal.

In September 2018, GLAIC, our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned

TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company

. Plaintiff alleges unlawful and excessive cost of insurance charges were imposed on policyholders. The complaint asserts claims for breach of contract, alleging that Genworth improperly considered

non-mortality

factors when calculating cost of insurance rates and failed to decrease cost of insurance charges in light of improved expectations of future mortality, and seeks unspecified compensatory damages, costs, and equitable relief. On October 29, 2018, we filed a motion to enjoin the case in the Middle District of Georgia, and a motion to dismiss and motion to stay in the Eastern District of Virginia. We moved to enjoin the prosecution of the Eastern District of Virginia action on the basis that it involves claims released in a prior nationwide class action settlement (the “McBride settlement”) that was approved by the Middle District of Georgia. Plaintiff filed an amended complaint on November 13, 2018. On December 6, 2018, we moved the Middle District of Georgia for leave to file our counterclaim, which alleges that plaintiff breached the covenant not to sue contained in the prior settlement agreement by filing its current action. On March 15, 2019, the Middle District of Georgia granted our motion to enjoin and denied our motion for leave to file our counterclaim. As such, plaintiff is enjoined from pursuing its class action in the Eastern District of Virginia. On March 29, 2019, plaintiff filed a notice of appeal in the Middle District of Georgia, notifying the Court of its appeal to the United States Court of Appeals for the Eleventh Circuit from the order granting our motion to enjoin. On March 29, 2019, we filed our notice of cross-appeal in the Middle District of Georgia, notifying the Court of our cross-appeal to the Eleventh Circuit from the portion of the order denying our motion for leave to file our counterclaim. On April 8, 2019, the Eastern District of Virginia dismissed the case without prejudice, with leave for plaintiff to refile an amended complaint only if a final appellate Court decision vacates the injunction and reverses the Middle District of Georgia’s opinion. On May 21, 2019, plaintiff filed its appeal and memorandum in support in the Eleventh Circuit. We filed our response to plaintiff’s appeal memorandum on July 3, 2019. The Eleventh Circuit Court of Appeals heard oral argument on plaintiff’s appeal and our cross-appeal on April 21, 2020. On May 26, 2020, the Eleventh Circuit Court of Appeals vacated the Middle District of Georgia’s order enjoining Plaintiff’s class action and remanded the case back to the Middle District of Georgia for further factual development as to whether Genworth has altered how it calculates or charges cost of insurance since the McBride settlement. The Eleventh Circuit Court of Appeals did not reach a decision on Genworth’s counterclaim. On June 30, 2021, we filed in the Middle District of Georgia our renewed motion to enforce the class action settlement and release, and renewed our motion for leave to file a counterclaim. The briefing on both motions concluded in October 2021. On March 24, 2022, the Court denied our motions. On April 11, 2022, we filed an appeal of the Court’s denial to the United States Court of Appeals

for the Eleventh Circuit. On June 22, 2022, we filed our opening brief in support of the appeal. Plaintiff filed its respondent’s brief on September 20, 2022, and we filed our reply brief on November 10, 2022. We intend to continue to vigorously defend this action.

In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, GFIH and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned

Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other persons similarly situated v.

Genworth et al. Plaintiffs allege that GLIC paid dividends to its parent and engaged in certain reinsurance transactions causing it to maintain inadequate capital capable of meeting its obligations to GLIC policyholders and agents. The complaint alleges causes of action for intentional fraudulent transfer and constructive fraudulent transfer, and seeks injunctive relief. We moved to dismiss this action in December 2018. On January 29, 2019, plaintiffs exercised their right to amend their complaint. On March 12, 2019, we moved to dismiss plaintiffs’ amended complaint. On April 26, 2019, plaintiffs filed a memorandum in opposition to our motion to dismiss, which we replied to on June 14, 2019. On August 7, 2019, plaintiffs filed a motion seeking to prevent proceeds that GFIH expected to receive from the then planned sale of its shares in Genworth MI Canada Inc. (“Genworth Canada”) from being transferred out of GFIH. On September 11, 2019, plaintiffs filed a renewed motion seeking the same relief as their August 7, 2019 motion with an exception that allowed GFIH to transfer

$450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth Holdings to allow the

pay-off

of a senior secured term loan facility dated March 7, 2018 among Genworth Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second amended and supplemental class action complaint adding additional factual allegations and three new causes of action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the second amended and supplemental class action complaint. Plaintiffs filed an opposition to our motion to dismiss on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each party to file supplemental submissions, which were filed on January 28, 2022. On May 10, 2022, the Court granted our motion to dismiss the three new causes of action. On January 27, 2022, plaintiffs filed a motion for a preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or distributing any value to Genworth Financial’s shareholders. On June 2, 2022, plaintiffs withdrew their motion for a preliminary injunction. We intend to continue to vigorously defend this action.

On April 6, 2020, GLAIC was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia, captioned Brighton Trustees, LLC, on behalf of and as trustee for Diamond LS Trust; and Bank of Utah,

solely as securities intermediary for Diamond LS Trust; on behalf of themselves and all others similarly situated v. Genworth Life and Annuity Insurance Company

. On May 13, 2020, GLAIC was also named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia, captioned

Ronald L. Daubenmier, individually and on behalf of himself and all others similarly situated v. Genworth Life and Annuity Insurance Company

. On June 26, 2020, plaintiffs filed a consent motion to consolidate the two cases. On June 30, 2020, the United States District Court for the Eastern District of Virginia issued an order consolidating the Brighton Trustees and Daubenmier

cases.

On July 17, 2020, the Brighton Trustees and Daubenmier plaintiffs filed a consolidated complaint, alleging that GLAIC subjected policyholders to unlawful and excessive increases to cost of insurance charges. The consolidated complaint asserts claims for breach of contract and injunctive relief, and seeks damages in excess of $5 million. The parties participated in a mediation on November 18, 2021. On March 25, 2022, the parties reached an agreement in principle to settle the action for $25 million, subject to Court approval. The Court gave final approval to the settlement on October 17, 2022. We accrued $25 million for this litigation as of March 31, 2022. In the second quarter of 2022, we paid the accrued balance in full, and accordingly, have no remaining amounts outstanding related to the settlement.

In January 2021, GLIC and Genworth Life Insurance Company of New York (“GLICNY”) were named as defendants in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned

Judy Halcom, Hugh Penson, Harold Cherry, and Richard Landino, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York

. Plaintiffs seek to represent long-term care insurance policyholders, alleging that the defendants made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5 million.

The trial was scheduled to commence on June 1, 2022. On June 18, 2021, following two days of mediation, the parties reached an agreement in principle to settle this matter on a nationwide basis and signed the settlement agreement on August 23, 2021. On August 31, 2021, the Court preliminarily approved the settlement. The final approval hearing occurred on
February 9, 2022, and on June 29,

2022, the Court issued its final approval of the settlement, which became final on July 29, 2022, when the appeals period expired and no appeal was filed. We began implementation of this settlement on August 1, 2022, which did not have a material impact on our results of operations during 2022. Because the election mailings occur based on the policyholder’s policy anniversary date, the majority of the impacts are expected to be realized in 2023. We expect an overall net favorable impact to our long-term care insurance business from the settlement of this case.

In January 2021, GLAIC was named as a defendant in a putative class action lawsuit pending in the United States District Court for the District of Oregon captioned

Patsy H. McMillan, Individually and On Behalf Of All Others Similarly Situated, v. Genworth Life and Annuity Insurance Company

. Plaintiff seeks to represent life insurance policyholders, alleging that GLAIC impermissibly calculated cost of insurance rates to be higher than permitted by her policy. The complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5 million.

On February 10, 2023, the parties reached an agreement in principle to settle the

action for an immaterial amount. If the settlement is not finalized, we intend to continue to vigorously defend this action.

On August 11, 2021, GLIC and GLICNY received a request for

pre-suit

mediation related to a potential class action lawsuit that may be brought by five long-term care insurance policyholders, seeking to represent a nationwide class alleging that the defendants made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The draft complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5

million. Genworth participated in pre-suit mediation in November 2021 and January 2022. On January 15, 2022, the parties reached an agreement in principle to settle the dispute on a nationwide basis, subject to the negotiation and execution of a final settlement agreement, and Court approval thereof. On January 28, 2022, the complaint was filed in the United States District Court for the Eastern District of Virginia captioned

Fred Haney, Marsha Merrill, Sylvia Swanson, and Alan Wooten, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York

. The parties executed a settlement agreement consistent with the agreement in principle signed on January 15, 2022.

On May 2, 2022, the Court

preliminarily approved the settlement. The final approval hearing commenced on November 17, 2022 and the Court entered judgment finally approving the settlement on February 15, 2023. The judgment will become final 30 days after its entry, or upon the final resolution of any timely appeal. We expect an overall net favorable impact to our long-term care insurance business from the settlement of this case.

On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings Plan”). Plaintiffs purport to act on behalf of the Savings Plan and all similarly simulated participants and beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 by imprudently offering and inadequately monitoring a suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. Plaintiffs seek declaratory and injunctive relief, monetary damages, and attorney’s fees. By stipulation entered September 6, 2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the complaint against the sole remaining defendant, Genworth Financial. Plaintiffs filed opposition papers on November 10, 2022, and we filed our reply papers on November 16, 2022. By order dated January 20, 2023, the Court granted plaintiffs’ motion to serve an amended complaint, and as a result, our initial motion to dismiss is now moot. On January 20, 2023, plaintiffs filed an amended complaint and on February 2, 2023, we filed a motion to dismiss the amended complaint. We intend to continue to vigorously defend this action.

On December 16, 2022, Blue Cross Blue Shield of Nebraska (“BCBSNE”) served an arbitration demand on GLIC in relation to BCBSNE’s stated intent to recapture a block of long-term care insurance policies for which the risk was partly ceded to GLIC. In its arbitration demand, BCBSNE alleges that GLIC breached the governing reinsurance agreement by refusing to agree to transfer assets equal to the fair value of the liabilities being recaptured. BCBSNE asserts it has satisfied all of its obligations under the reinsurance agreement and is seeking to recapture the ceded block of reinsurance. BCBSNE seeks damages equal to the fair value of the recaptured liabilities, plus interest and other damages, including attorneys’ fees and costs. The parties are currently appointing the arbitration panel. We intend to vigorously defend this arbitration proceeding.

At this time, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. Except as disclosed above, we are not able to provide an estimate or range of reasonably possible losses related to these matters. Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse effect on our business, financial condition or results of operations. In addition, it is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations.

(b) Commitments

As of December 31, 2022, we were committed to fund $1,365 million in limited partnership investments, $70 million of bank loan investments which had not yet been drawn, $19 million in private placement investments and $5 million in commercial mortgage loan investments.

Changes in Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

Changes In Accumulated Other Comprehensive Income (Loss)

(21) Changes in Accumulated Other Comprehensive Income (Loss)

The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:


	Net						Foreign
	unrealized						currency
	investment			Derivatives			translation
	gains			qualifying as			and other
(Amounts in millions)	(losses) (1)			hedges (2)			adjustments			Total
Balances as of January 1, 2022	$	1,860		$	2,025		$	(24	)	$	3,861
OCI before reclassifications		(5,430	)		(674	)		37			(6,067	)
Amounts reclassified from (to) OCI		58			(151	)		(7	)		(100	)

Current period OCI		(5,372	)		(825	)		30			(6,167	)

Balances as of December 31, 2022 before noncontrolling interests		(3,512	)		1,200			6			(2,306	)
Less: change in OCI attributable to noncontrolling interests		(86	)		—			—			(86	)

Balances as of December 31, 2022	$	(3,426	)	$	1,200		$	6		$	(2,220	)

(1)	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.

(2)	See note 5 for additional information.


	Net						Foreign
	unrealized						currency
	investment			Derivatives			translation
	gains			qualifying as			and other
(Amounts in millions)	(losses) (1)			hedges (2)			adjustments			Total
Balances as of January 1, 2021	$	2,214		$	2,211		$	—		$	4,425
OCI before reclassifications		(313	)		(45	)		148			(210	)
Amounts reclassified from (to) OCI		(51	)		(141	)		—			(192	)

Current period OCI		(364	)		(186	)		148			(402	)

Balances as of December 31, 2021 before noncontrolling interests		1,850			2,025			148			4,023
Less: change in OCI attributable to noncontrolling interests		(10	)		—			172			162

Balances as of December 31, 2021	$	1,860		$	2,025		$	(24	)	$	3,861

(1)	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.

(2)	See note 5 for additional information.

278


	Net						Foreign
	unrealized						currency
	investment			Derivatives			translation
	gains			qualifying as			and other
(Amounts in millions)	(losses) (1)			hedges (2)			adjustments			Total
Balances as of January 1, 2020	$	1,456		$	2,002		$	(25	)	$	3,433
OCI before reclassifications		1,132			344			55			1,531
Amounts reclassified from (to) OCI		(374	)		(135	)		—			(509	)

Current period OCI		758			209			55			1,022

Balances as of December 31, 2020 before noncontrolling interests		2,214			2,211			30			4,455
Less: change in OCI attributable to noncontrolling interests		—			—			30			30

Balances as of December 31, 2020	$	2,214		$	2,211		$	—		$	4,425

(1)	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.

(2)	See note 5 for additional information.

The foreign currency translation and other adjustments balance in the charts above included $34 million, $(1) million and $(15) million, respectively, net of taxes of $(8) million, $1 million and $4 million, respectively, related to a net unrecognized postretirement benefit obligation as of December 31, 2022, 2021 and 2020. The balance also included taxes of $

2

million and $21 million, respectively, related to foreign currency translation adjustments as of December 31, 2022 and 2020. Amounts reclassified from foreign currency translation and other adjustments in 2022 related to the

after-tax

recognition of actuarial losses in connection with the termination of one of our defined benefit pension plans that was recorded to acquisition and operating expenses, net of deferrals, in our consolidated statements of income. See note 11 for additional information.

The

following table shows reclassifications out of accumulated other comprehensive income (loss), net of taxes, for the periods presented:


	Amount reclassified from accumulated
	other comprehensive income (loss)									Affected line item in the
	Years ended December 31,									consolidated statements
(Amounts in millions)	2022			2021			2020			of income
Net unrealized investment (gains) losses:
Unrealized (gains) losses on investments (1)	$	74		$	(65	)	$	(474	)	Net investment (gains) losses
Income taxes		(16	)		14			100		Provision for income taxes

Total	$	58		$	(51	)	$	(374	)

Derivatives designated as hedges:
Interest rate swaps hedging assets	$	(225	)	$	(217	)	$	(196	)	Net investment income
Interest rate swaps hedging assets		(9	)		(1	)		(12	)	Net investment (gains) losses
Interest rate swaps hedging liabilities		3			1			—		Interest expense
Income taxes		80			76			73		Provision for income taxes

Total	$	(151	)	$	(141	)	$	(135	)

(1)	Amounts exclude adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances.

Noncontrolling Interests

12 Months Ended

Dec. 31, 2022

Noncontrolling Interests

(22) Noncontrolling Interests

Enact Holdings

On September 15, 2021, Enact Holdings, Genworth Financial’s indirect subsidiary, priced the IPO of its common shares. All of the shares were offered by the selling stockholder, Genworth Holdings, Genworth Financial’s wholly owned subsidiary, with the net proceeds from the IPO retained by Genworth Holdings. Genworth Holdings sold 13,310,400 of Enact Holdings’ common shares at an IPO price of $19.00 per common share. In addition to the shares sold in the IPO, 14,655,600 common shares were sold in a concurrent private sale (“Private Sale”) at a price per share of $17.86, which was equal to the IPO price less the underwriting discount per share. Genworth Holdings also granted the underwriters a

30-day

option to purchase up to an additional 1,996,560 common shares (“Over-Allotment Option”) of Enact Holdings at the IPO price less the underwriting discount. On September 16, 2021, the underwriters exercised their option to purchase all 1,996,560 common shares permitted under the terms of the underwriting agreement. The IPO, Private Sale and Over-Allotment Option (collectively the “Offering”) closed on September 20, 2021. Following the completion of the

Offering and as of December 31, 2022, we beneficially owned approximately

81.6% of the common shares of Enact Holdings.

The gross proceeds of the Offering, before payment of underwriter fees and other expenses, were $553 million. Costs directly related to the Offering, including underwriter fees and other expenses, were $24 million.

Consistent with applicable accounting guidance, changes in the ownership of a subsidiary that do not result in a loss of control are accounted for as equity transactions with no gain or loss recognized through earnings. Any difference between the carrying value and the fair value related to the change in ownership is recorded as an

adjustment to stockholders’ equity. A summary of these changes in ownership interests and the effect on stockholders’ equity was as follows for the year ended December 31, 2021:


(Amounts in millions)
Net income available to Genworth Financial, Inc.’s common stockholders	$	904
Transfers to noncontrolling interests:
Decrease in Genworth Financial, Inc.’s additional paid-in capital for initial sale of Enact Holdings shares to noncontrolling interests		(167	)

Net transfers to noncontrolling interests		(167	)

Change from net income available to Genworth Financial, Inc.’s common stockholders and transfers to noncontrolling interests	$	737

On November 1, 2022,

Enact Holdings announced the approval by its board of directors of a share repurchase program under which Enact Holdings may

repurchase up to

$

75

million of its outstanding common stock. Genworth Holdings has agreed to participate in order to maintain its overall ownership at its current level. Enact Holdings began share repurchases under the program in the fourth quarter of 2022.

Dividends of $46 million and $37 million were paid to owners of noncontrolling interests of Enact Holdings in 2022 and 2021, respectively.

Genworth Australia

Prior to the sale of Genworth Australia on March 3, 2021, we held approximately 52% of its common shares on a consolidated basis through subsidiaries and accounted for the portion attributable to noncontrolling interests as a component of total equity. Upon sale closing, we deconsolidated Genworth Australia, which included the de-recognition of the carrying value of ownership interest attributable to noncontrolling interests of $500 million from total equity in our consolidated balance sheet.

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations

(23) Discontinued Operations

Australia mortgage insurance business

On March 3, 2021, we completed the sale of our entire ownership interest of approximately 52% in Genworth Australia through an underwriting agreement and received approximately AUD483 million ($370

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


(Amounts in millions)
Net cash proceeds	$	370
Add: carrying value of noncontrolling interests (1)		657

Total adjusted consideration (2)		1,027
Carrying value of the disposal group before accumulated other comprehensive (income) loss		1,040
Add: total accumulated other comprehensive (income) loss of disposal group (3)		109

Total adjusted carrying value of the disposal group		1,149
Pre-tax loss on sale		(122	)
Tax benefit on sale		122

After-tax gain (loss) on sale	$	—

(1)

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

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

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

In addition, we recorded an

after-tax

favorable adjustment of $10 million in 2021 associated with a refinement to our tax matters agreement liability.

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


(Amounts in millions)	2021			2020
Revenues:
Premiums	$	51		$	274
Net investment income		4			33
Net investment gains (losses)		(5	)		66
Policy fees and other income		—			1

Total revenues		50			374

Benefits and expenses:
Benefits and other changes in policy reserves		11			177
Acquisition and operating expenses, net of deferrals		7			53
Amortization of deferred acquisition costs and intangibles		6			29
Goodwill impairment		—			5
Interest expense		1			7

Total benefits and expenses		25			271

Income before income taxes and gain (loss) on sale (1)		25			103
Provision for income taxes		8			40

Income before gain (loss) on sale		17			63
Gain (loss) on sale, net of taxes		—			—

Income from discontinued operations, net of taxes		17			63

Less: net income from discontinued operations attributable to noncontrolling interests		8			34

Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders	$	9		$	29

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

Lifestyle protection insurance

On December 1, 2015, Genworth Financial, through its subsidiaries, completed the sale of its lifestyle protection insurance business to AXA. In 2017, AXA sued us for damages on an indemnity in the 2015 agreement related to alleged remediation it paid to customers who purchased payment protection insurance (“PPI”). On July 20, 2020, we reached a settlement agreement related to losses incurred from

mis-selling

complaints on policies sold from 1970 through 2004. As part of the settlement agreement, Genworth Holdings agreed to make payments for certain PPI

mis-selling

claims, along with a significant portion of future claims to be invoiced by AXA. Under the settlement agreement, Genworth Holdings issued a secured promissory note to AXA, in which it agreed to make deferred cash payments in two installments in June 2022 and September 2022. During 2021, Genworth Holdings repaid the outstanding balance of the secured promissory note with proceeds from the sale of Genworth Australia and the minority IPO of Enact Holdings.

As of December 31, 2021, we accrued approximately £22 million ($30 million) of estimated future claims that were still in process of being invoiced. In February 2022, Genworth Holdings paid AXA $30 million, which

constitutes the majority of the estimated remaining unprocessed claims. We have established our current best estimate for claims still being processed by AXA of approximately $2 million as of December 31, 2022; however, there may be future adjustments to this estimate. If amounts are different from our estimate, it could result in an adjustment to our liability and an additional amount reflected in income (loss) from discontinued operations. For the years ended December 31, 2022, 2021 and 2020, we recorded

after-tax

income (loss) from discontinued operations of $(5) million, $4 million and $(572) million, respectively, related to the settlement agreement with AXA.

For the year ended December 31, 2022, we also recorded $5 million of net favorable tax adjustments and other

after-tax

expenses related to previously disposed businesses.

In the event AXA recovers amounts from third parties related to the mis-selling losses, including from the distributor responsible for the sale of the policies, we have certain rights to share in those recoveries to recoup payments for the underlying mis-selling losses. As of December 31, 2022 and 2021, we have not recorded any amounts associated with recoveries from third parties.

In addition to the future claims still being processed under the settlement agreement, we also have an unrelated liability that is owed to AXA associated with certain tax items, including a tax gross up on underwriting losses attributable to a product sold by a distributor in our former lifestyle protection insurance business. As of December 31, 2022 and 2021, the balance of the liability was $6 million and $4 million, respectively, and is included as liabilities related to discontinued operations in our consolidated balance sheets. For the years ended December 31, 2021 and 2020, we recorded

after-tax

income (loss) of $(4) million and $23 million, respectively, associated with adjustments to an underwriting loss liability previously owed to AXA.

Schedule I Genworth Financial, Inc. Summary of Investments-Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2022

Schedule I Genworth Financial, Inc. Summary of Investments-Other Than Investments in Related Parties

Schedule I

Genworth Financial, Inc.

Summary of Investments—Other Than Investments in Related Parties

(Amounts in millions)

As of December 31, 2022, the amortized cost or cost, fair value and carrying value of our invested assets were as follows:


	Amortized cost		Fair		Carrying
Type of investment	or cost		value		value
Fixed maturity securities:
Bonds:
U.S. government, agencies and authorities	$	3,446	$	3,341	$	3,341
State and political subdivisions		2,726		2,399		2,399
Non-U.S. government		731		645		645
Public utilities		5,112		4,638		4,638
All other corporate bonds		38,819		35,560		35,560

Total fixed maturity securities		50,834		46,583		46,583
Equity securities		341		319		319
Commercial mortgage loans, net		7,010		xxxxx		7,010
Policy loans		2,139		xxxxx		2,139
Limited partnerships		1,675		xxxxx		2,331
Other invested assets (1)		529		xxxxx		566

Total investments	$	62,528		xxxxx	$	58,948

(1)	The amount shown in the consolidated balance sheet for other invested assets differs from amortized cost or cost presented, as other invested assets include certain assets with a carrying amount that differs from amortized cost or cost.

See Report of Independent Registered Public Accounting Firm

Schedule II Genworth Financial, Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2022

Schedule II Genworth Financial, Inc. (Parent Company Only)

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Balance Sheets

(Amounts in millions)


	December 31,
	2022			2021
Assets:
Investments in subsidiaries	$	10,008		$	15,517
Deferred tax asset		6			4
Other assets		3			5

Total assets	$	10,017		$	15,526

Liabilities and stockholders’ equity
Liabilities:
Other liabilities	$	7		$	4
Intercompany notes payable		26			12

Total liabilities		33			16

Commitments and contingencies

Stockholders’ 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

Total liabilities and stockholders’ equity	$	10,017		$	15,526

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Statements of Income

(Amounts in millions)


	Years ended December 31,
	2022			2021			2020
Revenues:
Net investment income	$	—		$	(3	)	$	(3	)

Total revenues		—			(3	)		(3	)

Expenses:
Acquisition and operating expenses, net of deferrals		31			25			31
Interest expense		—			(1	)		1

Total expenses		31			24			32

Loss before income taxes and equity in income of subsidiaries		(31	)		(27	)		(35	)
Benefit from income taxes		(3	)		(1	)		(2	)
Equity in income of subsidiaries		637			930			210

Income from continuing operations		609			904			177
Income from discontinued operations, net of taxes		—			—			1

Net income available to Genworth Financial, Inc.’s common stockholders	$	609		$	904		$	178

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Statements of Comprehensive Income

(Amounts in millions)


	Years ended December 31,
	2022			2021			2020
Net income available to Genworth Financial, Inc.’s common stockholders	$	609		$	904		$	178

Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses		(5,286	)		(334	)		764
Net unrealized gains (losses) on securities with an allowance for credit losses		—			6			(6	)
Derivatives qualifying as hedges		(825	)		(186	)		209
Foreign currency translation and other adjustments		30			(24	)		25

Total other comprehensive income (loss)		(6,081	)		(538	)		992

Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders	$	(5,472	)	$	366		$	1,170

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Statements of Cash Flows

(Amounts in millions)


	Years ended December 31,
	2022			2021			2020
Cash flows from (used by) operating activities:
Net income available to Genworth Financial, Inc.‘s common stockholders	$	609		$	904		$	178
Less income from discontinued operations, net of taxes		—			—			(1	)
Adjustments to reconcile net income available to Genworth Financial, Inc.’s common stockholders to net cash from (used by) operating activities:
Equity in income from subsidiaries		(637	)		(930	)		(210	)
Deferred income taxes		(6	)		—			(1	)
Stock-based compensation expense		27			40			39
Change in certain assets and liabilities:
Accrued investment income and other assets		2			(1	)		2
Current tax liabilities		2			(5	)		(1	)
Other liabilities and other policy-related balances		15			(13	)		11

Net cash from (used by) operating activities		12			(5	)		17

Cash flows from (used) by investing activities:
Intercompany notes receivable, net		—			—			(10	)
Capital contributions paid to subsidiaries		(3	)		(2	)		(2	)

Net cash used by investing activities		(3	)		(2	)		(12	)

Cash flows from (used by) financing activities:
Intercompany notes payable, net		64			12			—
Treasury stock acquired in connection with share repurchases		(64	)		—			—
Other, net		(9	)		(5	)		(5	)

Net cash from (used by) financing activities		(9	)		7			(5	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		—			—			—

Cash, cash equivalents and restricted cash at beginning of year		—			—			—

Cash, cash equivalents and restricted cash at end of year	$	—		$	—		$	—

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Notes to Schedule II

Years Ended December 31, 2022, 2021 and 2020

(1) Organization and Basis of Presentation

Genworth Holdings (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an IPO of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial upon the completion of the reorganization.

Genworth Financial is a holding company whose subsidiaries offer mortgage and long-term care insurance products and service life insurance, as well as annuities and other investment products.

The parent company financial information reflects Genworth Financial’s direct subsidiaries using the equity method of accounting. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. The parent company financial statements should be read in conjunction with the consolidated financial statements of Genworth Financial and its subsidiaries and the notes thereto. As of December 31, 2022, the investments in subsidiaries balance was $10.0 billion, a decrease of approximately

$5.5

billion compared to December 31, 2021. The decrease was largely due to a reduction in the accumulated other comprehensive income of Genworth Financial’s subsidiaries driven predominantly by rising interest rates during 2022 that resulted in significantly higher unrealized losses on available-for-sale investment securities as of December 31, 2022.

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under which Genworth Financial may repurchase up to $350 million of its outstanding Class A common stock. Pursuant to the program, during 2022, Genworth Financial repurchased 16,173,196 shares of its common stock at an average price of $3.94 per share for a total cost of $64

million, including costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in the parent company balance sheet. Genworth

Financial also repurchased 5,912,297 shares from February

9

, 2023 through February 2

4

, 2023 of its common stock at an average price of

$6.08

per share for a total

cost

of $36 million, leaving approximately $250 million that may yet be purchased under the share repurchase program. Under the program, share repurchases may be made at Genworth Financial’s discretion from time to time in open market transactions, privately negotiated transactions or by other means, including through 10b5-1 trading plans. The timing and number of future shares repurchased under the program will depend on a variety of factors, including Genworth Financial’s stock price and trading volume, and general business and market conditions, among other factors. The authorization has no expiration date and may be modified, suspended or terminated at any time.

(2) Accounting Changes

On January 1, 2021, Genworth Financial adopted new accounting guidance related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Genworth Financial adopted this new accounting guidance using the retrospective method or modified retrospective method for certain changes and prospective method for all other changes, which did not have a significant impact on Genworth Financial’s financial statements and disclosures.

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Notes to Schedule II

Years Ended December 31, 2022, 2021 and 2020

(3) Commitments

Genworth Financial provides a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding senior and subordinated notes and the holders of the senior and subordinated notes, on an unsecured unsubordinated and subordinated basis, respectively, of the full and punctual payment of the principal of, premium, if any, and interest on, and all other amounts payable under, the outstanding senior and subordinated notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the senior and subordinated notes indentures in respect of such senior and subordinated notes.

(4) Income Taxes

As of December 31, 2022 and 2021, Genworth Financial had a deferred tax asset of $6 million and $4 million, respectively, primarily comprised of share-based compensation. As of December 31, 2022 and 2021, Genworth Financial had a current income tax receivable of $— and $2 million, respectively. Net cash paid for taxes was $1 million, $4 million and $— for the years ended December 31, 2022, 2021 and 2020, respectively.

(5) Supplemental Cash Flow Information

In 2022, Genworth Holdings forgave an intercompany loan of $50 million due from Genworth Financial. The extinguishment of the loan between the related parties was treated as a

non-cash

deemed dividend to Genworth Financial and accordingly had no impact on Genworth Financial’s cash flows for the year ended December 31, 2022.

In 2020, Genworth Financial forgave an intercompany loan of $129 million due from Genworth Holdings. The extinguishment of the loan between the related parties was treated as a

non-cash

capital contribution to Genworth Holdings and accordingly had no impact on Genworth Financial’s cash flows for the year ended December 31, 2020.

(6) Sale of Business

On December 1, 2015, Genworth Financial completed the sale of its lifestyle protection insurance business to AXA through its subsidiaries. In 2017, AXA sued GFIH, Genworth Financial’s wholly-owned indirect subsidiary, and Genworth Holdings for damages on an indemnity in the 2015 agreement related to alleged remediation it paid to customers who purchased PPI. On July 20, 2020, Genworth Holdings reached a settlement agreement related to losses incurred from

mis-selling

complaints on policies sold from 1970 through 2004 and agreed to make payments for certain PPI

mis-selling

claims, along with a significant portion of future claims to be invoiced by AXA. Under the settlement agreement, Genworth Holdings issued a secured promissory note to AXA and agreed to make deferred cash payments in two installments in 2022. The promissory note and associated loss from discontinued operations of $549 million reflected in Genworth Financial’s consolidated statement of income for the year ended December 31, 2020 related primarily to Genworth Holdings as it was the obligor in the settlement agreement. Accordingly, the associated amounts reported as discontinued operations are included within equity in income of subsidiaries in the parent company statement of income for the year ended December 31, 2020.

In addition, Genworth Financial completed the sale of Genworth Australia on March 3, 2021 through its subsidiaries. Income from discontinued operations related to the sale of this business is also included within equity in income of subsidiaries in the parent company statements of income for the periods presented herein.

Schedule II

Genworth Financial, Inc.

(Parent Company Only)

Notes to Schedule II

Years Ended December 31, 2022, 2021 and 2020

Income from discontinued operations presented in the parent company statement of income for the year ended December 31, 2020 relates to tax adjustments incurred by Genworth Financial related to previously disposed businesses.

Schedule III Supplemental Insurance Information

12 Months Ended

Dec. 31, 2022

Schedule III Supplemental Insurance Information

Schedule III

Genworth Financial, Inc.

Supplemental Insurance Information

(Amounts in millions)


					Policyholder
	Deferred		Future Policy		Account		Liability for Policy		Unearned
Segment	Acquisition Costs		Benefits		Balances		and Contract Claims		Premiums
December 31, 2022
Enact	$	26	$	—	$	—	$	519	$	203
U.S. Life Insurance		2,042		38,062		14,112		11,695		379
Runoff		132		2		3,001		14		2
Corporate and Other		—		—		—		6		—

Total	$	2,200	$	38,064	$	17,113	$	12,234	$	584

December 31, 2021
Enact	$	27	$	—	$	—	$	641	$	246
U.S. Life Insurance		1,008		41,526		16,343		11,183		423
Runoff		111		2		3,011		8		3
Corporate and Other		—		—		—		9		—

Total	$	1,146	$	41,528	$	19,354	$	11,841	$	672


					Interest Credited			Amortization of
			Net		and Benefits and			Deferred		Other
	Premium		Investment		Other Changes in			Acquisition		Operating		Premiums
Segment	Revenue		Income		Policy Reserves			Costs		Expenses		Written
December 31, 2022
Enact	$	940	$	155	$	(94	)	$	8	$	283	$	896
U.S. Life Insurance		2,773		2,769		4,623			247		1,103		2,741
Runoff		—		214		216			23		42		—
Corporate and Other		6		8		—			—		78		6

Total	$	3,719	$	3,146	$	4,745		$	278	$	1,506	$	3,643

December 31, 2021
Enact	$	975	$	141	$	125		$	9	$	287	$	914
U.S. Life Insurance		2,454		3,029		4,576			318		887		2,419
Runoff		—		194		189			19		54		—
Corporate and Other		6		6		1			—		186		7

Total	$	3,435	$	3,370	$	4,891		$	346	$	1,414	$	3,340

December 31, 2020
Enact	$	971	$	133	$	381		$	14	$	231	$	894
U.S. Life Insurance		2,858		2,878		5,164			400		643		2,837
Runoff		—		210		214			23		48		—
Corporate and Other		7		6		4			—		234		7

Total	$	3,836	$	3,227	$	5,763		$	437	$	1,156	$	3,738

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Net Investment Income and Net Investment Gains and Losses

a) Premiums

For traditional long-duration insurance contracts, we report premiums as earned when due. For short-duration insurance contracts, we report premiums as revenue over the terms of the related insurance policies on a

pro-rata

basis or in proportion to expected claims.

For single premium mortgage insurance contracts, we report premiums over the estimated policy life in accordance with the expected pattern of risk emergence as further described in our accounting policy for unearned premiums. In addition, we refund post-delinquent premiums received to the insured party if the delinquent loan goes to claim. We record a liability for premiums received on the delinquent loans consistent with our expectations of the rates at which delinquencies go to claim (“claim rates”).

Premiums received under annuity contracts without significant mortality risk and premiums received on investment and universal life insurance products are not reported as revenues but rather as deposits and are included in liabili

ti

es for policyholder account balances.

b) Net Investment Income and Net Investment Gains and Losses

Investment income is recognized when earned. Income or loss upon call or prepayment of

available-for-sale

fixed maturity securities is recognized in net investment income, except for hybrid securities where the income or loss upon call is recognized in net investment gains and losses. Investment gains and losses are calculated on the basis of specific identification on the trade date.

Investment income on mortgage-backed and asset-backed securities is initially based upon yield, cash flow and prepayment assumptions at the date of purchase. Subsequent revisions in those assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than “AA” or that are backed by a U.S. agency) which cannot be contractually prepaid in such a manner that we would not recover a substantial portion of the initial investment, amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of purchase. The adjustments to amortized cost are recorded as a

charge or credit to net investment income. Under the prospective method, which is used for all other

mortgage-backed

and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return.

Policy Fees and Other Income

c) Policy Fees and Other Income

Policy fees and other income consists primarily of insurance charges assessed on universal and term universal life insurance contracts and fees assessed against customer account values. For universal and term universal life insurance contracts, charges to policyholder accounts for cost of insurance are recognized as revenue when due. Variable product fees are charged to variable annuity contractholders and variable life insurance policyholders based upon the daily net assets of the contractholder’s and policyholder’s account values and are recognized as revenue when charged. Policy surrender fees are recognized as income when the policy is surrendered.

Investment Securities

d) Investment Securities

At the time of purchase, we designate our fixed maturity securities as either

available-for-sale

or trading and report them in our consolidated balance sheets at fair value. Our portfolio of fixed maturity securities comprises primarily investment grade securities. Changes in the fair value of

available-for-sale

fixed maturity securities, net of the effect on deferred acquisition costs (“DAC”), present value of future profits (“PVFP”), sales inducements, benefit reserves, policyholder contract balances and deferred income taxes, are reflected as unrealized investment gains or losses in a separate component of accumulated other comprehensive income (loss). Equity securities are recorded at fair value in our consolidated balance sheets and changes in the fair value are reflected in net investment gains (losses).

Allowance for Credit Losses and Write-Downs of

Available-For-Sale

Fixed Maturity Securities

We regularly review securities in an unrealized loss position to determine whether the decline in fair value is related to credit losses or other factors. If we have either (i) the intent to sell the security, or (ii) it is more likely than not that we will be required to sell the security prior to recovering the amortized cost, we record a reduction to the security’s amortized cost and recognize the loss in net investment gains (losses) for the difference between the security’s amortized cost and fair value. If neither of the two preceding conditions exist, we determine whether the decline in fair value is related to credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency/agencies and adverse conditions specifically related to the security, among other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security and a credit loss allowance is recognized in net investment gains (losses), limited to the amount that the fair value is less than the amortized cost basis. Losses are written off against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a security prior to recovering its amortized cost. When there is an allowance for credit losses, we reassess the credit losses each balance sheet date and subsequent increases or decreases are recorded as an adjustment to the allowance for credit losses, with a corresponding gain or loss recorded in net investment gains (losses).

Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments. When developing the estimate of cash flows expected to be collected at the individual security level, we utilize an analytical model that provides for various loss scenarios and consider the industry sector, current levels of subordination,

geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable and supportable forecasts. We regularly monitor our investment portfolio to ensure that securities with a credit loss are identified in a timely manner and any losses are recognized in the proper period.

Accrued interest is included in accrued investment income in our consolidated balance sheet and had a carrying value of $511 million and $523 million as of December 31, 2022 and 2021, respectively. We exclude

accrued interest related to

available-for-sale

fixed maturity securities from the estimate of allowance for credit losses. Accrued interest on

available-for-sale

fixed maturity securities is deemed uncollectible and typically written off after 90 days; therefore, we do not measure an allowance for credit losses related to accrued interest. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).

Fair Value Measurements

e) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We have fixed maturity securities, equity securities, short-term investments, limited partnerships, derivatives, embedded derivatives, separate account assets and certain other financial instruments, which are carried at fair value.

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

•

Level 1—Quoted prices for identical instruments in active markets.

•

Level 2—Quoted prices for similar instruments in active markets; quoted prices for ide

n

tical or similar instruments in markets that are not active; and model-derived valuations for which inputs are observable or where those significant value drivers are observable.

•

Level 3—Instruments for which significant value drivers are unobservable.

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as actively traded equity securities and actively traded mutual fund investments.

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. These models are primarily industry-standard models that consider various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial instruments. All significant inputs are observable, or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate fixed maturity and equity securities; government or agency securities; certain mortgage-backed and asset-backed securities; certain

non-exchange-traded

derivatives such as interest rate or cross currency swaps; and short-term investments.

Level 3 comprises financial instruments whose fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, readily available market information. In certain instances, this category may also utilize

non-binding

broker

quotes. This category primarily consists of certain less liquid fixed maturity and equity securities and certain derivative instruments or embedded derivatives where we cannot corroborate the significant valuation inputs with market observable data

.

As

of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability, such as the relative impact on the fair value as a result of including a particular input. We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. See note 16 for additional information related to fair value measurements.

Commercial Mortgage Loans

f) Commercial Mortgage Loans

The carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of unamortized premium or discount, deferred expenses and allowance for credit losses. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. Commercial mortgage loans are considered past due when contractual payments have not been received from the borrower by the required payment date.

Loans that are considered uncollectible are carried on

non-accrual

status. Loans are placed on

non-accrual

status when, in management’s opinion, the collection of principal or interest is not probable, typically when the collection of principal or interest is 90 days or more past due. In determining whether it is probable that we will be unable to collect all amounts due, we consider current payment status, debt service coverage ratios, occupancy levels and current

loan-to-value.

Income on loans on

non-accrual

status is not recognized until we believe it is probable that we will collect all future contractual principal and interest. Commercial mortgage loans are written off against the allowance to the extent principal or interest is deemed uncollectible.

We determine the adequacy of the allowance for credit losses utilizing an analytical model that provides various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. The allowance for credit losses is measured on a collective basis with consideration for debt service coverage ratio,

debt-to-value,

property-type and geographic location. Key inputs into the analytical model include exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over time could differ from the amounts estimated for the allowance for credit losses reported in the consolidated financial statements. Additions and reductions to the allowance through periodic provisions or benefits are recorded in net investment gains (losses). See note 4 for additional disclosures related to commercial mortgage loans.

Accrued interest related to commercial mortgage loans is included in accrued investment income in our consolidated balance sheet and had a carrying value of $22 million and $23 million as of December 31, 2022 and 2021. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrue

d

interest related to our commercial mortgage loans is written off after 90 days and once collectability is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).

Cash, Cash Equivalents and Restricted Cash

g) Limited Partnerships

Limited partnerships are accounted for at fair value when our partnership interest is considered minor (generally less than 3% ownership in the limited partnerships) and we exercise no influence over operating and financial policies. For limited partnerships that do not have a readily determinable fair value, we utilize the net asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value. Changes in the estimated fair value of these investments are included in net investment gains (losses) and income and expenses are reported in net investment income. Investment distributions are evaluated to determine whether the distribution is a return on investment, such as dividend income, or a return of capital. If our ownership percentage exceeds the minor threshold, limited partnerships are accounted for using the equity method of accounting. Our proportionate share of the earnings or losses for limited partnerships accounted for using the equity method of accounting is included in net investment income. In applying either method, we use financial information provided by the investee generally on a

one-

to three-month lag. However, for limited partnerships measured at fair value, we consider whether an adjustment to the estimated fair value is necessary when the measurement date is not aligned with our reporting date.

h) Cash, Cash Equivalents and Restricted Cash

Certificates of deposit, money market funds and other highly liquid investments with original maturities of three months or less are considered cash equivalents in the consolidated balance sheets and consolidated statements of cash flows. Items with maturities greater than three months but less than one year at the time of acquisition are generally considered short-term investments.

Deferred Acquisition Costs

i) Deferred Acquisition Costs

Acquisition costs include costs that are directly related to the successful acquisition of new or renewal insurance contracts. Acquisition costs are deferred and amortized to the extent they are recoverable from future profits.

Long-Duration Contracts

. Acquisition costs include commissions in excess of ultimate renewal commissions and for contracts issued, certain other costs such as underwriting, medical inspection and issuance expenses. DAC for traditional long-duration insurance contracts, including term life and long-term care insurance, is amortized as a level percentage of premiums based on assumptions, including investment returns, health care experience (including type of care and cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), insured life expectancy or longevity, insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates) and expenses, established when the contract is issued. Amortization is adjusted each period to reflect actual lapse or termination rates.

Amortization for deferred annuity and universal life insurance contracts is based on expected gross profits. Expected gross profits are adjusted quarterly to reflect actual experience to date or for changes in underlying assumptions relating to future gross profits. Estimates of gross profits for DAC amortization are based on assumptions including interest rates, policyholder persistency or lapses, insured l

if

e expectancy or longevity and expenses.

We are required to analyze the impacts from net unrealized investment gains and losses on our

available-for-sale

investment securities backing insurance liabilities, as if those unrealized investment gains and losses were realized. These “shadow accounting” adjustments result in the recognition of unrealized gains and losses on related insurance assets and liabilities in a manner consistent with the recognition of the unrealized gains and losses on

available-for-sale

investment securities within the statement of comprehensive income and changes in equity. Changes to net unrealized investment (gains) losses may increase or decrease the ending DAC balance. Similar to a loss recognition event, when the DAC balance is reduced to zero, additional insurance liabilities are established if necessary. Unlike a loss recognition event, based on changes in net unrealized investment (gains) losses, these shadow adjustments may reverse from period to period.

Therefore, DAC amortized based on expected gross profits is adjusted to reflect the effects that would have been recognized had the unrealized investment (gains) losses been actually realized with a corresponding amount recorded in other comprehensive income (loss) (“OCI”). DAC associated with traditional long-duration insurance contracts is not adjusted for unrealized investment (gains) or losses unless a premium deficiency would have resulted upon the (gain) or loss being realized.

Short-Duration Contracts.

Acquisition costs primarily consist of underwriting costs and are amortized in proportion to estimated gross profit.

We regularly review our assumptions and test DAC for recoverability at least annually. For deferred annuity and universal life insurance contracts, if the present value of expected future gross profits is less than the unamortized DAC for a line of business, a charge to net income (loss) is recorded for additional DAC amortization. For traditional long-duration and short-duration contracts, if the benefit reserve plus anticipated future premiums and interest income for a line of business are less than the current estimate of future benefits and expenses (including any unamortized DAC), a charge to net income (loss) is recorded for additional DAC amortization or for increased benefit reserves. See note 6 for additional information related to DAC including loss recognition and recoverability.

Intangible Assets

j) Intangible Assets

Present Value of Future Profits.

In conjunction with the acquisition of a block of insurance policies or investment contracts, a portion of the purchase price is assigned to the right to receive future gross profits arising from existing insurance and investment contracts. This intangible asset, called PVFP, represents the actuarially estimated present value of future cash flows from the acquired policies. PVFP is amortized, net of accreted interest, in a manner similar to the amortization of DAC.

We regularly review our PVFP assumptions and periodically test PVFP for recoverability similar to our treatment of DAC. See note 7 for additional information related to PVFP including recoverability.

Deferred Sales Inducements to Contractholders.

We defer sales inducements to contractholders for features on variable annuities that entitle the contractholder to an incremental amount to be credited to the account value upon making a deposit, and for fixed annuities with crediting rates higher than the contract’s expected ongoing crediting rates for periods after the inducement. Deferred sales inducements to contractholders are reported as a separate intangible asset and amortized in benefits and other changes in policy reserves using the same methodology and assumptions used to amortize DAC.

Other Intangible Assets

. We amortize the costs of other intangibles over their estimated useful lives unless such lives are deemed indefinite. Amortizable intangible assets are tested for impairment based on undiscounted

cash flows, which requires the use of estimates and judgment, and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested at least annually for impairment using a qualitative or quantitative assessment and are written down

to

fair value as required.

Reinsurance

k) Reinsurance

Premium revenue, benefits and acquisition and operating expenses, net of deferrals, are reported net of the amounts relating to reinsurance ceded to other companies. Amounts due from reinsurers for incurred and estimated future claims are reflected in the reinsurance recoverable asset. Amounts received from reinsurers that represent recovery of acquisition costs are netted against DAC so that the net amount is capitalized. The cost of reinsurance is accounted for over the terms of the related treaties using assumptions consistent with those used to account for the underlying reinsured policies. Gains from cost of reinsurance are deferred and amortized to current period net income (loss) over the reinsurance contract period or life of the underlying reinsured contract. Premium revenue, benefits and acquisition and operating expenses, net of deferrals, for reinsurance contracts that do not qualify for reinsurance accounting are accounted for under the deposit method of accounting.

Allowance for Credit Losses on Reinsurance Recoverables

The allowance for credit losses related to reinsurance recoverables is evaluated based on historical loss experience adjusted for current events and reasonable and supportable forecasts from both internal and external sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and collateral type, and is calculated based on an externally reported probability of default corresponding to the reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the reinsurance recoverable is assessed on a separate basis. Write-offs are deducted from the allowance in the period the reinsurance recoverable is determined to be uncollectible.

Derivatives

l) Derivatives

Derivative instruments are used to manage risk through one of four principal risk management strategies including: (i) liabilities; (ii) invested assets; (iii) portfolios of assets or liabilities; and (iv) forecasted transactions.

On the date we enter into a derivative contract, management designates the derivative as a hedge of the identified exposure (cash flow or foreign currency). If a derivative does not qualify for hedge accounting, the changes in its fair value and all scheduled periodic settlement receipts and payments are reported in net income (loss).

We formally document all relationships between hedging instruments and hedged items,

as

well as our risk management objective and strategy for undertaking various hedge transactions. In this documentation, we

specifically identify the asset, liability or forecasted transaction that has been designated as a hedged item, state how the hedging instrument is expected to hedge the risks related to the hedged item and set forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. We generally determine hedge effectiveness based on total changes in fair value of the hedged item attributable to the hedged risk and the total changes in fair value of the derivative instrument.

We discontinue hedge accounting prospectively when: (i) it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is

de-designated

as a hedge instrument; or (iv) it is no longer probable that the forecasted transaction will occur.

For all qualifying and highly effective cash flow hedges, changes in fair value of the derivative instrument are reported as a separate component of accumulated other comprehensive income (loss). When hedge accounting is discontinued because it is probable that a forecasted transaction will not occur, the derivative continues to be carried in the consolidated balance sheets at its fair value, and gains and losses that were accumulated in OCI are recognized immediately in net income (loss). When the hedged forecasted transaction is no longer probable, but is reasonably possible, the accumulated gain or loss remains in OCI and is recognized when the transaction affects net income (loss); however, prospective hedge accounting for the transaction is terminated. In all other situations in which hedge accounting is discontinued on a cash flow hedge, amounts previously deferred in OCI are reclassified into net income (loss) when net income (loss) is impacted by the variability of the cash flow of the hedged item.

We may enter into contracts that are not themselves derivative instruments but contain embedded derivatives. For each contract, we assess whether the economic characteristics of the embedded derivative are clearly and closely related to those of the host contract and determine whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument.

If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and accounted for as a stand-alone derivative. Such embedded derivatives are recorded in the consolidated balance sheets at fair value and are classified consistent with their host contract. Changes in their fair value are recognized in current period net income (loss). If we are unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried in the consolidated balance sheets at fair value, with changes in fair value recognized in current period net income (loss).

Changes in the fair value of

non-qualifying

derivatives, including embedded derivatives, are reported in net investment gains (losses).

The majority of our derivative arrangements require the posting of collateral upon meeting certain net exposure thresholds. The amounts recognized for derivative counterparty collateral received by us are recorded in cash, cash equivalents and restricted cash with a corresponding amount recorded in other liabilities to represent our obligation to return the collateral retained by us. As of December 31, 2022 and 2021, the amount of cash collateral received from counterparties was $16 million and $255 million, respectively. We also receive

non-cash

collateral that is not recognized in our consolidated balance sheet unless we exercise our right to sell or

re-pledge

the underlying asset. As of December 31, 2022 and 2021, the fair value of

non-cash

collateral received was $5

million and $53 million, respectively, and the underlying assets were not sold or

re-pledged.

We pledged

$

1,095

million and $

536

million of fixed maturity securities as of December 31, 2022 and 2021, respectively.

Fixed maturity

securities

that we pledge as collateral remain in our consolidated balance sheet within fixed maturity securities

available-for-sale.

Any cash collateral pledged to a derivative counterparty is derecognized with a receivable recorded in other assets for the right to receive our cash collateral back from the counterparty. Daily changes in the fair value of the derivative contract, commonly referred to as variation margin, for derivatives cleared through a Central Clearing Party, such as the Chicago Mercantile Exchange are treated as daily settlements of the derivative contract.

Separate Accounts and Related Insurance Obligations

m) Separate Accounts and Related Insurance Obligations

Separate account assets represent funds for which the investment income and investment gains and losses accrue directly to the contractholders and are reflected in our consolidated balance sheets at fair value, reported as summary total separate account assets with an equivalent summary total reported for liabilities. Amounts assessed against the contractholders for mortality, administrative and other services are included in revenues. Changes in liabilities for minimum guarantees are included in benefits and other changes in policy reserves. Net investment income, net investment gains (losses) and the related liability changes associated with the separate account are offset within the same line item in the consolidated statements of income. There are no gains or losses on transfers of assets from the general account to the separate account.

We offer certain minimum guarantees associated with our variable annuity contracts. Our variable annuity contracts usually contain a basic guaranteed minimum death benefit (“GMDB”) which provides a minimum benefit to be paid upon the annuitant’s death equal to the larger of account value or the return of net deposits. Some variable annuity contracts permit contractholders to purchase through riders, at an additional charge, enhanced death benefits such as the highest contract anniversary value (“ratchets”), accumulated net deposits at a stated rate (“rollups”), or combinations thereof.

Additionally, some of our variable annuity contracts provide the contractholder with living benefits such as a guaranteed minimum withdrawal benefit (“GMWB”) or certain types of guaranteed annuitization benefits. The GMWB allows contractholders to withdraw a

pre-defined

percentage of account value or benefit base each year, either for a specified period of time or for life. The guaranteed annuitization benefit generally provides for a guaranteed minimum level of income upon annuitization accompanied by the potential for upside market participation.

Most of our reserves for additional insurance and annuitization benefits are calculated by applying a benefit ratio to accumulated contractholder assessments, and then deducting accumulated paid claims. The benefit ratio is equal to the ratio of benefits to assessments, accumulated with interest and considering both past and anticipated future experience. The projections utilize stochastic scenarios of separate account returns incorporating reversion to the mean, as well as assumptions for mortality and lapses. Some of our minimum guarantees, mainly GMWBs, are accounted for as embedded derivatives; see notes 5 and 16 for additional information on these embedded derivatives and related fair value measurement disclosures.

Insurance Reserves

n) Insurance Reserves

Future Policy Benefits

The liability for future policy benefits is equal to the present value of ex

pe

cted future benefits and expenses, less the present value of expected future net premiums based on assumptions including projected interest rates

and investment returns, health care experience (including type of care and cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates) and expenses, all of which are

locked-in

at the time the policies are issued or acquired. Claim termination rates refer to the expected rates at which claims end. Benefit utilization rates estimate how much of the available policy benefits are expected to be used.

The liability for future policy benefits is evaluated at least annually to determine if a premium deficiency exists. Loss recognition testing is generally performed at the line of business level, with acquired blocks and certain reinsured blocks tested separately. If the liability for future policy benefits plus the current present value of expected future gross premiums are less than the current present value of expected future benefits and expenses (including any unamortized DAC), a charge to net income (loss) is recorded for accelerated DAC amortization and, if necessary, a premium deficiency reserve is established. If a charge is recorded, DAC amortization and the liability for future policy benefits are measured using updated assumptions, which become the new

locked-in

assumptions utilized going forward unless another premium deficiency charge is recorded. Our estimates of future

in-force

rate actions used in loss recognition testing for our long-term care insurance business include assumptions for significant premium rate increases and associated benefit reductions that have been approved or are anticipated to be approved (including premium rate increases and associated benefit reductions not yet filed). These anticipated future increases are based on our best estimate of the rate increases we expect to obtain, considering, among other factors, our historical experience from prior rate increase approvals and based on our best estimate of expected claim costs.

We are also required to accrue additional future policy benefit reserves when the overall reserve is adequate, but profits are projected in early periods followed by losses projected in later periods. When this pattern of projected profits followed by projected losses exists, we ratably accrue this additional profits followed by losses liability over time, increasing reserves in the profitable periods to offset estimated losses expected during the periods that follow. We calculate and adjust the additional reserves using our current best estimate of the amount necessary to offset the losses in future periods, based on the pattern of expected income and current best estimate assumptions consistent with our loss recognition testing. We adjust the accrual rate prospectively, over the remaining profit periods, without any

catch-up

adjustment.

For long-term care insurance products, benefit reductions are treated as partial lapse of coverage with the balance of our future policy benefits and DAC both reduced in proportion to the reduced coverage. For level premium term life insurance products, we floor the liability for future policy benefits on each policy at zero.

Estimates and actuarial assumptions used for establishing the liability for future policy benefits and in loss recognition testing involve the exercise of significant judgment, and changes in assumptions or deviations of actual experience from assumptions can have material impacts on our liability for future policy benefits and net income (loss). Because these assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in assumptions or small deviations of actual experience from assumptions can have, and in the past have had, material impacts on our reserves, results of operations and financial condition. The risk that our claims experience may differ significantly from our pricing and valuation assumptions is particularly significant for our long-term care insurance products. Long-term care insurance policies provide for long-duration coverage and, therefore, our actual claims experience will emerge over many years after pricing and

locked-in

valuation assumptions have been established.

Policyholder Account Balances

The liability for policyholder account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date for investment-type and universal and term universal life insurance contracts. We are also required to establish additional benefit reserves for guarantees or product features in addition to the contract value where the additional benefit reserves are calculated by applying a benefit ratio to accumulated contractholder assessments, and then deducting accumulated paid claims. The benefit ratio is equal to the ratio of benefits to assessments, accumulated with interest and considering both past and anticipated future claims experience, which includes assumptions for insured mortality (i.e. life expectancy or longevity), interest rates and policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), among other assumptions.

Investment-type contracts are broadly defined to include contracts without significant mortality or morbidity risk. Payments received from sales of investment contracts are recognized by providing a liability equal to the current account value of the policyholders’ contracts. Interest rates credited to investment contracts are guaranteed for the initial policy term with renewal rates determined as necessary by management.

Liability for Policy and Contract Claims

o) Liability for Policy and Contract Claims

The liability for policy and contract claims, or claim reserves, represents the amount needed to provide for the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the end of the respective reporting period. The estimated liability includes requirements for future payments of: (i) claims that have been reported to the insurer; (ii) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated; and (iii) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees and costs to record, process and adjust claims.

Our liability for policy and contract claims is reviewed regularly, with changes in our estimates of future claims recorded through net income (loss). Estimates and actuarial assumptions used for establishing the liability for policy and contract claims involve the exercise of significant judgment, and changes in assumptions or deviations of actual experience from assumptions can have material impacts on our liability for policy and contract claims and net income (loss). Because these assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in assumptions or small deviations of actual experience from assumptions can have, and in the past have had, material impacts on our reserves, results of operations and financial condition.

The liability for policy and contract claims for our long-term care insurance products represents the present value of the amount needed to provide for the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the end of the respective reporting period. Key assumptions include projected interest rates and investment returns, health care experience (including type of care and cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain

in-force

from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., frequency and severity of claim, including claim termination rates and benefit utilization rates) and expenses. Claim termination rates refer to the expected rates at which claims end. Benefit utilization rates estimate how much of the available policy benefits are expected to be used. Both claim termination rates and benefit utilization rates are influenced by, among other things, gender, age at claim, diagnosis, type of care needed, benefit period, and daily

be

nefit

amount. Because these assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in assumptions or small deviations of actual experience from assumptions can have, and in the past have had, material impacts on our reserves, results of operations and financial condition.

The liabilities for our mortgage insurance policies represent our best estimates of the liabilities at the time based on known facts, trends and other external factors, including economic conditions, housing prices, unemployment, government housing policies, state foreclosure timeline, interest rates, tax policy, credit availability and mortgage products. For our mortgage insurance policies, reserves for losses and loss adjustment expenses are based on notices of mortgage loan defaults and estimates of defaults that have been incurred but have not been reported by loan servicers. Reserves for losses are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. The estimates are determined using a factor-based approach, in which assumptions of claim rates for loans in default and the average amount paid for loans that result in a claim are calculated using traditional actuarial techniques. As is common accounting practice in the mortgage insurance industry and in accordance with U.S. GAAP, we do not establish loss reserves for future claims on insured loans that are not in default or believed to be in default. Over time, as the status of the underlying delinquent loans moves toward foreclosure and the likelihood of the associated claim loss increases, the amount of the loss reserves associated with the potential claims may also increase.

Management considers the liability for policy and contract claims provided to be its best estimate to cover the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will revise its assumptions. The methods of determining such estimates and establishing the reserves are reviewed periodically and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses and loss expenses greater or less than the liability for policy and contract claims provided.

Unearned Premiums

p) Unearned Premiums

For single premium insurance contracts, we recognize a portion of the revenue in premiums earned in the current period, while the remaining portion is deferred as unearned premiums and earned over time in accordance with the expected pattern of risk emergence. If single premium policies are cancelled and the premium is

non-refundable,

then the remaining unearned premium related to each cancelled policy is recognized to earned premiums upon notification of the cancellation. Expected pattern of risk emergence on which we base premium recognition is inherently judgmental and is based on actuarial analysis of historical experience. We periodically review our premium earnings recognition models with any adjustments to the estimates reflected as a cumulative adjustment in current period net income (loss). Our reviews include the consideration of recent and projected loss experience, policy cancellation experience and refinement of actuarial methods. We did not have any adjustments associated with this review in 2022, 2021 or 2020.

Stock-Based Compensation

q) Stock-Based Compensation

For share-based equity awards, we determine fair value on the grant date and recognize the related compensation expense, adjusted for expected forfeitures, through the income statement over the respective vesting period of the awards.

Employee Benefit Plans

r) Employee Benefit Plans

We provide employees with a defined contribution pension plan and recognize expense

t

hroughout the year based on the employee’s age, service and eligible pay. We make an annual contribution to the plan. We also provide employees with defined contribution savings plans. We recognize expense for our contributions to the savings plans at the time employees make contributions to the plans.

Some employees participate in defined benefit pension and postretirement benefit plans. We recognize expense for these plans based upon actuarial valuations performed by external experts. We estimate aggregate benefits by using assumptions for employee turnover, future compensation increases, rates of return on pension plan assets and future health care costs. We recognize an expense for differences between actual experience and estimates over the average future service period of participants. We recognize the overfunded or underfunded status of a defined benefit plan as an asset or liability in our consolidated balance sheets and recognize changes in that funded status in the year in which the changes occur through OCI.

Income Taxes

s) Income Taxes

We determine deferred tax assets and/or liabilities by multiplying the differences between the financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled if there is no change in law. The effect on deferred taxes of a change in tax rates is recognized in net income (loss) in the period that includes the enactment date. Valuation allowances on deferred tax assets are estimated based on our assessment of the realizability of such amounts.

Under U.S. GAAP, we are generally required to record U.S. deferred taxes on the anticipated repatriation of foreign income as the income is recognized for financial reporting purposes. An exception under certain accounting guidance permits us not to record a U.S. deferred tax liability for foreign income that we expect to reinvest in our foreign operations and for which remittance will be postponed indefinitely. If it becomes apparent that we cannot positively assert that some or all undistributed income will be reinvested indefinitely, the related deferred taxes are recorded in that period based on the expected form of repatriation (i.e. distribution, loan or sale). In determining indefinite reinvestment, we regularly evaluate the capital needs of our domestic and foreign operations considering all available information, including operating and capital plans, regulatory capital requirements, parent company financing and cash flow needs, as well as the applicable tax laws to which our domestic and foreign subsidiaries are subject.

Similarly, under another exception to the recognition of deferred taxes under U.S. GAAP, we do not record deferred taxes on U.S. domestic subsidiary entities for the excess of the financial statement carrying amount over the tax basis in the stock of the subsidiary (commonly referred to as “outside basis difference”) if we have the ability under the tax law and intent to recover the basis difference in a tax free manner. Deferred taxes would be recognized in the period of a change to our ability or intent.

Our companies have elected to file a single U.S. consolidated income tax return (the

“life/non-life

consolidated return”). All companies domesticated in the United States are included in the

life/non-life

consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all intercompany balances related to this agreement are settled at least annually.

Foreign Currency Translation

t) Foreign Currency Translation

The determination of the functional currency is made based on the appropriate economic and management indicators. The assets and liabilities of foreign operations are translated into U.S. dollars at the exchange rates in

effect at the balance sheet

date

. Translation adjustments are included as a separate component of accumulated other comprehensive income (loss). Revenues and expenses of the foreign operations are translated into U.S.

dollars at the average rates of exchange during the period of the transaction. Gains and losses from foreign currency transactions are reported in net income and have not been material in any years presented in our consolidated statements of income.

Variable Interest Entities

u) Variable Interest Entities

We are involved in certain entities that are considered VIEs as defined under U.S. GAAP, and accordingly, we evaluate the VIE to determine whether we are the primary beneficiary and are required to consolidate the assets and liabilities of the entity. The primary beneficiary of a VIE is the enterprise that has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The determination of the primary beneficiary for a VIE can be complex and requires management judgment regarding the expected results of the entity and how those results are absorbed by variable interest holders, as well as which party has the power to direct activities that most significantly impact the performance of the VIEs.

Our primary involvement related to VIEs includes securitization transactions, certain investments, reinsurance transactions and certain mortgage insurance policies.

We have a beneficial interest in a VIE where we are the servicer and transferor of certain assets that were sold to the VIE. Our primary economic interest in this VIE represents the excess interest of the commercial mortgage loans. This securitization entity was designed to have significant limitations on the types of assets owned, the types and extent of permitted activities and decision making rights and is comprised of an entity backed by commercial mortgage loans. As a result of our involvement in the entity’s design or having certain decision making ability regarding the assets held by the securitization entity, consolidation of the VIE is required. As of December 31, 2022 and 2021, we had $21 million and $29 million, respectively, of total securitized assets required to be consolidated. The assets held by the securitization entity are restricted and can only be used to fulfill the obligations of the securitization entity. We do not have any additional exposure or guarantees associated with this securitization entity. There was no new asset securitization activity in 2022.

We have excess of loss reinsurance agreements with entities that are considered VIEs. Our involvement with these VIEs represents mortgage insurance claim coverage through excess of loss reinsurance, which includes significant insurance risk and a reasonable possibility of a significant loss but does not result in the unilateral power to direct the activities that most significantly affect the VIEs’ economic performance or result in the obligation to absorb losses or the right to receive benefits. Accordingly, consolidation of the VIEs is not required. The assets of the VIEs are deposited in reinsurance trusts for our benefit that will be the source of reinsurance claim payments. Refer to note 8 for additional information related to our reinsurance agreements with entities that are considered VIEs.

We hold investments in certain structures that are considered VIEs. Our investments represent beneficial interests that are primarily in the form of structured securities or limited partnership investments. Our involvement in these structures typically represents a passive investment in the returns generated by the VIE and typically does not result in having significant influence over the economic performance of the VIE.

We also provide mortgage insurance on certain residential mortgage loans originated and securitized by third parties using VIEs to issue mortgage-backed securities. While we provide mortgage insurance on the

underlying loans, we do not typically have any ongoing involvement with the VIE other than our mortgage insurance coverage and do not act in a servicing capacity for the underlying loans held by the VIE.

Leases

v) Leases

We have leased assets predominantly classified as operating leases, which are recognized both as a

right-of-use

asset and a corresponding lease liability

in our

consolidated balance sheets. Our leased assets consist of office space in nine locations in the United States and one location in Mexico. Lease payments included in the calculation of our lease liability include fixed amounts contained within each rental agreement and variable lease payments that are based upon an index or rate. We combine lease and

non-lease

components and as a result,

non-lease

components are included in the calculation of our lease liability. Our remaining lease terms ranged from one to 16 years and had a weighte

d-a

verage remaining lease term of eight years as of December 31, 2022. The implicit rate of our lease agreements was not readily determinable; therefore, we utilized our incremental borrowing rate to discount future lease payments. The weighted-average discount rate was 7.0% as of December 31, 2022. The amount of contractual undiscounted lease obligations due in 2023, 2024, 2025, 2026, and 2027 and thereafter is $7 million, $11 million, $11 million, $9 million and $31 million, respectively. As of December 31, 2022, the operating lease liability recorded in other liabilities in our consolidated balance sheet of $51 million was net of imputed interest of $18 million.

Accounting Pronouncements Recently Adopted

w) Accounting Changes

Troubled Debt Restructurings

On April 1, 2022, we elected to early adopt new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. We were permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. In accordance with the new accounting guidance, we adopted this guidance prospectively as of January 1, 2022, which did not have any impact at adoption.

Simplification of Accounting for Income Taxes

On January 1, 2021, we adopted new accounting guidance related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. We adopted this new accounting guidance using the retrospective method or modified retrospective method for certain changes and prospective method for all other changes, which did not have a significant impact on our consolidated financial statements and disclosures.

Defined Benefit Plan Disclosures

On January 1, 2020, we adopted new accounting guidance related to disclosure requirements for defined benefit plans as part of the Financial Accounting Standards Board’s (the “FASB”) disclosure framework project.

The guidance adds, eliminates and modifies certain disclosure requirements for defined benefit pension and other postretirement benefit plans. We adopted this accounting guidance using the retrospective method, which did not have a significant impact on our consolidated financial statements and disclosures.

Fair Value Disclosures

On January 1, 2020, we adopted new accounting guidance related to fair value disclosure requirements as part of the FASB’s disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for fair value measurements. The guidance includes new disclosure requirements related to changes in unrealized gains and losses included in OCI for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. We adopted this accounting guidance using the prospective method for the aforementioned disclosures, as well as the narrative description of measurement uncertainty, and the retrospective method for all other disclosures. This accounting guidance did not impact our consolidated financial statements but impacted our fair value disclosures.

Accounting for Credit Losses on Financial Instruments

On January 1, 2020, we adopted new accounting guidance related to accounting for credit losses on financial instruments. The guidance requires entities to recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most financial instruments not measured at fair value, which primarily includes our commercial mortgage loans, bank loan investments and reinsurance recoverables. The guidance also requires the recognition of an allowance for expected credit losses as a liability in our consolidated balance sheet for

off-balance

sheet credit exposures, including commitments to fund bank loan investments, private placement investments and commercial mortgage loans. The FASB also issued an amendment to the guidance allowing entities to irrevocably elect the fair value option on an

instrument-by-instrument

basis for eligible instruments, which we did not elect.

We adopted the guidance related to our investments carried at amortized cost, reinsurance recoverables and

off-balance

sheet credit exposures using the modified retrospective method. We recorded an allowance related to lifetime expected credit losses of $23 million, net of deferred taxes of $6 million, for commercial mortgage loans and bank loan investments and $31 million, net of deferred taxes of $9 million, for reinsurance recoverables, with an offset to cumulative effect of change in accounting within retained earnings. See notes 4 and 8 for additional disclosures related to lifetime expected credit losses. In addition, we recorded an allowance related to lifetime expected credit losses for our

off-balance

sheet credit exposures of $1 million, included in other liabilities in our consolidated balance sheet, with an offset to cumulative effect of change in accounting within retained earnings.

We adopted the guidance related to our

available-for-sale

fixed maturity securities for which a previous other-than-temporary impairment was recognized prior to the date of adoption using the prospective method and the modified retrospective method for all other

available-for-sale

fixed maturity securities, which did not have any impact upon adoption. The guidance did not have a significant impact on other assets not measured at fair value.

Reference Rate Reform

In March 2020, January 2021 and December 2022, the FASB issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. The guidance provides temporary guidance

to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. This guidance provides optional practical expedients and exceptions for applying generally accepted accounting principles to investments, derivatives or other transactions affected by reference rate reform such as those that impact the assessment of derivative hedge effectiveness and contract modifications, to include continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain effectiveness assessments to exclude certain potential sources of ineffectiveness. The guidance was updated to clarify that the optional practical expedients and exceptions can be applied to derivatives that use an interest rate for margining, discounting, or contract price alignment. In addition to the optional practical expedients, the guidance includes a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. We adopted this guidance prospectively and it did not have a significant impact on our consolidated financial statements or disclosures. However, the amendments in this guidance may be elected over time through December 31, 2024 as reference rate reform activities occur and therefore, this guidance may impact our procedures, including our documentation of our cash flow hedge effectiveness, determined on an individual hedge basis, and the measurement of interest calculated on our floating rate junior subordinated notes, as we implement measures to transition away from LIBOR.

Accounting Pronouncements Not Yet Adopted

x) Accounting Pronouncements Not Yet Adopted

In June 2022, the FASB issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted, which we do not intend to elect. We do not expect a significant impact from this guidance on our consolidated financial statements and disclosures.

In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts, commonly known as long-duration targeted improvements (“LDTI”). This new accounting guidance directly impacts DAC, intangible assets and insurance liabilities in our U.S. life insurance companies, and also significantly increases our disclosure requirements. While the new guidance will have a significant impact on existing U.S. GAAP financial statements and disclosures, it will not impact the cash flows or underlying economics of the business, business strategy, statutory net income (loss) or risk-based capital of our U.S. life insurance companies, as well as have no impact on our Enact segment, Corporate and Other activities or management of capital.

We will adopt this new accounting guidance for future reporting periods on the effective date of January 1, 2023 using the modified retrospective method for all topics except for market risk benefits (“MRBs”), which is required to be applied using the retrospective method. The new accounting guidance, for all topics, will be applied as of January 1, 2021 (the “Transition Date”) with an adjustment to beginning retained earnings and accumulated other comprehensive income (loss). In addition, we will

re-present

our financial statements for the years ended December 31, 2022 and 2021, and comparable quarterly prior periods as applicable, in accordance with the new accounting standard.

On the Transition Date, we will calculate a ratio of future benefits and expenses less the existing carrying value of reser

ve

s to future gross premiums, or the net premium ratio, using updated assumptions and the

discount

rate immediately before the Transition Date

(locked-in

discount rate). See note

2(n)

—

Insurance Reserves

—

Future Policy Benefits

for significant assumptions used in the measurement of our insurance reserves. For cohorts with a net premium ratio greater than 100% on the Transition Date, the net premium ratio will be capped at 100

%, and the difference between the remeasured liability for future policy benefits and related reinsurance recoverables calculated under LDTI and the existing carrying value immediately before the Transition Date will be recorded as a decrease to retained earnings. For all cohorts as of the Transition Date, the liability for future policy benefits and related reinsurance recoverables is calculated using two different discount rates: the

locked-in

discount rate and the upper-medium grade, low credit risk, fixed-income instrument yield, commonly interpreted to be a

single-A

rated bond rate (current discount rate). The difference between the liability for future policy benefits and related reinsurance recoverables measured using the two different discount rates is recorded as an adjustment to accumulated other comprehensive income (loss). We are finalizing our implementation activities necessary to implement this new accounting guidance, including modifying and refining systems, establishing new policies and practices for validating model inputs and assumptions on a periodic basis, and updating our internal controls. These activities will continue until the implementation is finalized.

Upon adoption, and as of the Transition Date, we estimate total stockholders’ equity will decrease by approximately $13.7 billion

after-tax.

The total decrease to stockholders’ equity as of the Transition Date is expected to include a reduction to retained earnings of approximately

$

2.2

billion related to the increase in the liability for future policy benefits and related reinsurance recoverables calculated using updated assumptions for cohorts with net premium ratios capped

at

100

%, as well as the recognition of MRBs at fair value. The remaining decrease to stockholders’ equity as of the Transition Date is expected to be attributable to a reduction in accumulated other comprehensive income (loss) of approximately

$

11.5

billion, driven by the change in the discount rate used to measure the liability for future policy benefits and related reinsurance recoverables of approximately $

17.1

billion, partially offset by the elimination of shadow adjustments associated with traditional long-duration insurance contracts of approximately

$

5.6

billion. Our long-term care insurance business will be the most significantly impacted from the adoption, due to the requirement to remeasure the liability for future policy benefits and related reinsurance recoverables at the

single-A

bond rate as of the Transition Date,

which at that time was materially lower than the

locked-in

discount rate.

As a result of adopting this new accounting guidance, beginning on the Transition Date, our insurance liabilities will be more sensitive to movements in interest rates, which will likely result in continued volatility to our stockholders’ equity. For example, if we applied the December 31, 2022

single-A

bond rate on the Transition Date of January 1, 2021, and held all other factors constant, the change in accumulated other comprehensive income (loss) would have been positive, more than reversing the

estimated

decrease to accumulated other comprehensive income (loss) at the Transition Date.

We also expect our net income for the years ended December 31, 2022 and 2021 to decrease after adoption, largely driven by reduced earnings in our long-term care insurance business. The decreases in these years primarily relate to certain cohorts with net premium ratios capped at

100

%, unfavorable changes in assumptions and interest accretion resulting in higher interest expense on our liability for future policy benefits. In addition, we anticipate more volatility in net income (loss) largely from changes in the fair value of MRBs, which will be sensitive to changes in equity markets and interest rates. As a result of these sensitivities, we estimate the overall decrease in our net income for the year ended December 31, 2021 to be partially offset by changes in the fair value of MRBs driven by favorable equity market performance and interest

rates.

The key areas of change introduced by the adoption of LDTI and the related effect to our accounting policies are summarized in the table below. Less significant accounting policy changes from adopting LDTI are not included in the table below.


Key Area Impacted	Change to Accounting Policy	Policy Elections and Other Significant Matters
DAC and balances amortized on a basis consistent with DAC, including intangible assets and cost of reinsurance	DAC associated with long-duration insurance contracts is grouped into cohorts consistent with groupings used to estimate the related liability for future policy benefits and is amortized on a constant level basis over the expected contract term, which approximates straight-line. Revised assumptions are recognized prospectively over the remaining term of the related contract. DAC and balances amortized on a basis consistent with DAC are no longer subject to impairment, shadow adjustments or recoverability testing; however, PVFP is still assessed for recoverability in connection with premium deficiency testing.	The constant level basis we use to amortize DAC by product is as follows: • long-term care insurance – total life count • life insurance – face amount • fixed and variable annuities – policy count We apply the amortization rate at the beginning of the current reporting period, which reflects assumption updates, if applicable, and actual experience through the end of the current reporting period. For PVFP associated with investment contracts, we elected to amortize these intangible assets in a manner consistent with DAC. Cost of reinsurance is deferred and amortized in a manner consistent with DAC over the terms of the related reinsurance treaties.

MRBs, which include contracts or contract features that protect the policyholder’s account balance and expose the insurer to other-than-nominal capital market risk, such as GMDBs, GMWBs and guaranteed payout floor benefits	MRBs are measured at fair value with changes related to instrument-specific credit risk recorded as a separate component in accumulated other comprehensive income (loss) and remaining changes recorded in net income (loss).

Liability for future policy benefits – level of aggregation	For the purpose of calculating the net premium ratio used to measure the liability for future policy benefits, long-duration insurance contracts are grouped into annual cohorts on the basis of original contract issue date. For acquired contracts, the acquisition date is considered the original contract issue date.	Traditional and limited-payment long-duration insurance contracts are grouped into annual calendar-year cohorts based on the contract issue date, product type and company. Limited-payment contracts are grouped into cohorts separately from other traditional products and riders are combined with the associated base policies.


Key Area Impacted	Change to Accounting Policy	Policy Elections and Other Significant Matters

Liability for future policy benefits – cash flow assumptions	All cash flow assumptions used to estimate the liability for future policy benefits, except the discount rate, (see note 2 (n)—Insurance Reserves—Future Policy Benefits for significant assumptions) are reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes in cash flow assumptions are recorded using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which is capped at 100%) using actual historical and updated future cash flow assumptions. The liability for future policy benefits is recalculated using the revised net premium ratio and locked-in discount rate as of the beginning of the current reporting period and compared to the carrying amount as of the beginning of the current reporting period using the previous net premium ratio and locked-in discount rate, with any difference recorded as a remeasurement gain (loss). Cash flow assumptions no longer reflect a provision for adverse deviation, and the premium deficiency test and shadow adjustments are eliminated.	We calculate a single liability for future policy benefits and therefore, all cash flows, including benefit payments (such as claims in course of settlement and incurred claims) are aggregated. As a result, our U.S. life insurance companies elected to combine their previously disclosed liability for policy and contract claims, excluding amounts related to certain life and annuity products not subject to the new accounting guidance, within the liability for future policy benefits and present the aggregate liability as one line item in our consolidated balance sheets. Cash flow assumptions will be formally reviewed and updated as necessary based on experience studies in the fourth quarter each year. We elected to update the net premium ratio quarterly for actual versus expected experience; therefore, during interim reporting periods we will replace forecasted cash flow assumptions with actual cash flows with any difference recorded in net income (loss). We made an entity-wide election not to update our expense assumptions and therefore, these assumptions remain locked-in at the time of the Transition Date or if issued after the Transition Date, at the time of contract inception.


Key Area Impacted	Change to Accounting Policy	Policy Elections and Other Significant Matters
Liability for future policy benefits – discount rate assumptions	The liability for future policy benefits is measured using two different discount rates, a current discount rate and a locked-in discount rate. The current discount rate is used to remeasure the liability for future policy benefits recorded in the consolidated balance sheets and is a current upper-medium grade fixed-income instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the corresponding liability. The locked-in discount rate is used to determine the amounts recorded to net income (loss) and is held constant for the purpose of calculating the net premium ratio and interest accretion. The difference between the liability measured using the locked-in rate and the liability measured using the current rate is recorded in accumulated other comprehensive income (loss). For policies in-force prior to the Transition Date, the locked-in discount rate is equal to the discount rate in effect immediately before the Transition Date.	The methodology used to determine the current discount rate assumption maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The current discount rate assumption is based on a single-A curve published by a market data service. For cash flows projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value measurements as defined in note 2 (e)—Fair Value Measurements to interpolate from the last observable rate to an estimated ultimate long-term rate.

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the years ended December 31:


(Amounts in millions, except per share amounts)	2022		2021		2020
Weighted-average common shares used in basic earnings (loss) per share calculations		504.5		506.9		505.2
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based awards		6.5		7.8		6.4

Weighted-average common shares used in diluted earnings (loss) per share calculations		511.0		514.7		511.6

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

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	609	$	885	$	698

Basic per share	$	1.21	$	1.75	$	1.38

Diluted per share	$	1.19	$	1.72	$	1.36


Income (loss) from discontinued operations:
Income (loss) from discontinued operations, net of taxes	$	—	$	27	$	(486	)
Less: net income from discontinued operations attributable to noncontrolling interests		—		8		34

Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	$	—	$	19	$	(520	)

Basic per share	$	—	$	0.04	$	(1.03	)

Diluted per share	$	—	$	0.04	$	(1.02	)

Net income (loss):
Income from continuing operations	$	739	$	918	$	698
Income (loss) from discontinued operations, net of taxes		—		27		(486	)

Net income		739		945		212
Less: net income attributable to noncontrolling interests		130		41		34

Net income available to Genworth Financial, Inc.’s common stockholders	$	609	$	904	$	178

Basic per share (1 )	$	1.21	$	1.78	$	0.35

Diluted per share (1)	$	1.19	$	1.76	$	0.35

(1)	May not total due to whole number calculation.

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Net Investment Income

Sources of net investment income were as follows for the years ended December 31:


(Amounts in millions)	2022			2021			2020

Fixed maturity securities—taxable	$	2,296		$	2,411		$	2,448
Fixed maturity securities—non-taxable		5			7			6
Equity securities		10			9			12
Commercial mortgage loans		321			376			345
Policy loans		211			189			199
Limited partnerships		99			223			72
Other invested assets		267			241			223
Cash, cash equivalents, restricted cash and short-term investments		20			1			15

Gross investment income before expenses and fees		3,229			3,457			3,320
Expenses and fees		(83	)		(87	)		(93	)

Net investment income	$	3,146		$	3,370		$	3,227

Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Realized investment gains (losses):
Available-for-sale fixed maturity securities:
Realized gains	$	28		$	67		$	471
Realized losses		(102	)		(10	)		(29	)

Net realized gains (losses) on available-for-sale fixed maturity securities		(74	)		57			442
Net realized gains (losses) on equity securities sold		—			(7	)		(1	)
Net realized gains (losses) on limited partnerships		—			3			—

Total net realized investment gains (losses)		(74	)		53			441

Net change in allowance for credit losses on available-for-sale fixed maturity securities		—			(6	)		(5	)
Write-down of available-for-sale fixed maturity securities (1 )		(2	)		(1	)		(4	)
Net unrealized gains (losses) on equity securities still held		(35	)		1			4
Net unrealized gains (losses) on limited partnerships		71			264			112
Commercial mortgage loans		4			(3	)		(2	)
Derivative instruments (2)		17			14			(49	)
Other		2			1			(5	)

Net investment gains (losses)	$	(17	)	$	323		$	492

(1)	Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.

(2)	See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).

Allowance for credit losses related to fixed maturity securities

The following tables represent the allowance for credit losses aggregated by security type for

available-for-sale

fixed maturity securities as of and for the years ended December 31:


	2021
			Increase from		Increase
			securities		(decrease)					Decrease
			without		from securities					due to change
			allowance in		with allowance					in intent or
	Beginning		previous		in previous		Securities			requirement							Ending
(Amounts in millions)	balance		periods		periods		sold			to sell		Write-offs			Recoveries		balance
Fixed maturity securities:
Non-U.S. corporate	$	1	$	—	$	6	$	(7	)	$	—	$	—		$	—	$	—
Commercial mortgage-backed		3		—		—		—			—		(3	)		—		—

Total available-for-sale fixed maturity securities	$	4	$	—	$	6	$	(7	)	$	—	$	(3	)	$	—	$	—


	2020
			Increase from		Increase
			securities		(decrease)						Decrease
			without		from securities						due to change
			allowance in		with allowance						in intent or
	Beginning		previous		in previous			Securities			requirement						Ending
(Amounts in millions)	balance		periods		periods			sold			to sell		Write-offs		Recoveries		balance
Fixed maturity securities:
Non-U.S. corporate	$	—	$	4	$	(2	)	$	(1	)	$	—	$	—	$	—	$	1
Commercial mortgage-backed		—		3		—			—			—		—		—		3

Total available-for-sale fixed maturity securities	$	—	$	7	$	(2	)	$	(1	)	$	—	$	—	$	—	$	4

Unrealized Investment Gains and Losses

Net unrealized gains and losses on

available-for-sale

investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of December 31:


(Amounts in millions)	2022			2021			2020
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1)	$	(4,251	)	$	7,869		$	10,159
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses (1)		—			—			(7	)
Adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances		44			(5,487	)		(7,302	)
Income taxes, net		710			(507	)		(611	)

Net unrealized investment gains (losses)		(3,497	)		1,875			2,239
Less: net unrealized investment gains (losses) attributable to noncontrolling interests		(71	)		15			25

Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.	$	(3,426	)	$	1,860		$	2,214

(1)	Excludes foreign exchange.

Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss)

The change in net unrealized gains (losses) on

available-for-sale

investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Beginning balance	$	1,860		$	2,214		$	1,456
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities		(12,194	)		(2,218	)		3,950
Adjustment to DAC (1)		1,332			30			122
Adjustment to PVFP		81			—			(1	)
Adjustment to sales inducements		28			12			(5	)
Adjustment to benefit reserves and policyholder contract balances (2)		4,090			1,773			(2,629	)
Provision for income taxes		1,233			90			(305	)

Change in unrealized gains (losses) on investment securities		(5,430	)		(313	)		1,132
Reclassification adjustments to net investment (gains) losses, net of taxes of $(16), $14 and $100		58			(51	)		(374	)

Change in net unrealized investment gains (losses)		(5,372	)		(364	)		758
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests		(86	)		(10	)		—

Ending balance	$	(3,426	)	$	1,860		$	2,214

(1)	See note 6 for additional information.

(2)	See note 9 for additional information.

Fixed Maturity Securities

As of December 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as

available-for-sale

were as follows:


	Amortized		Gross		Gross			Allowance
	cost or		unrealized		unrealized			for credit		Fair
(Amounts in millions)	cost		gains		losses			losses		value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,446	$	86	$	(191	)	$	—	$	3,341
State and political subdivisions		2,726		19		(346	)		—		2,399
Non-U.S. government		731		15		(101	)		—		645
U.S. corporate:
Utilities		4,295		50		(447	)		—		3,898
Energy		2,450		33		(221	)		—		2,262
Finance and insurance		8,005		59		(871	)		—		7,193
Consumer—non-cyclical		4,776		84		(403	)		—		4,457
Technology and communications		3,265		43		(361	)		—		2,947
Industrial		1,312		15		(130	)		—		1,197
Capital goods		2,290		41		(193	)		—		2,138
Consumer—cyclical		1,758		14		(155	)		—		1,617
Transportation		1,165		32		(97	)		—		1,100
Other		325		3		(18	)		—		310

Total U.S. corporate		29,641		374		(2,896	)		—		27,119

Non-U.S. corporate:
Utilities		817		—		(77	)		—		740
Energy		1,009		19		(68	)		—		960
Finance and insurance		2,124		30		(208	)		—		1,946
Consumer—non-cyclical		655		1		(90	)		—		566
Technology and communications		997		4		(107	)		—		894
Industrial		880		8		(70	)		—		818
Capital goods		606		3		(63	)		—		546
Consumer—cyclical		308		—		(32	)		—		276
Transportation		392		12		(29	)		—		375
Other		932		15		(58	)		—		889

Total non-U.S. corporate		8,720		92		(802	)		—		8,010

Residential mortgage-backed		1,059		7		(71	)		—		995
Commercial mortgage-backed		2,183		2		(277	)		—		1,908
Other asset-backed		2,328		1		(163	)		—		2,166

Total available-for-sale fixed maturity securities	$	50,834	$	596	$	(4,847	)	$	—	$	46,583

As of December 31, 2021, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as

available-for-sale

were as follows:


	Amortized		Gross		Gross			Allowance
	cost or		unrealized		unrealized			for credit		Fair
(Amounts in millions)	cost		gains		losses			losses		value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,368	$	1,184	$	—		$	—	$	4,552
State and political subdivisions		2,982		474		(6	)		—		3,450
Non-U.S. government		762		86		(13	)		—		835
U.S. corporate:
Utilities		4,330		783		(9	)		—		5,104
Energy		2,581		363		(10	)		—		2,934
Finance and insurance		8,003		1,012		(24	)		—		8,991
Consumer—non-cyclical		5,138		1,029		(8	)		—		6,159
Technology and communications		3,345		476		(13	)		—		3,808
Industrial		1,322		175		(3	)		—		1,494
Capital goods		2,334		415		(4	)		—		2,745
Consumer—cyclical		1,703		203		(7	)		—		1,899
Transportation		1,122		249		—			—		1,371
Other		379		41		(1	)		—		419

Total U.S. corporate		30,257		4,746		(79	)		—		34,924

Non-U.S. corporate:
Utilities		867		63		(2	)		—		928
Energy		1,194		190		(1	)		—		1,383
Finance and insurance		2,171		270		(9	)		—		2,432
Consumer—non-cyclical		664		81		(2	)		—		743
Technology and communications		1,085		166		(1	)		—		1,250
Industrial		933		117		(3	)		—		1,047
Capital goods		640		66		(1	)		—		705
Consumer—cyclical		316		27		(2	)		—		341
Transportation		422		68		(1	)		—		489
Other		1,052		169		(4	)		—		1,217

Total non-U.S. corporate		9,344		1,217		(26	)		—		10,535

Residential mortgage-backed		1,325		116		(1	)		—		1,440
Commercial mortgage-backed		2,435		152		(3	)		—		2,584
Other asset-backed		2,138		29		(7	)		—		2,160

Total available-for-sale fixed maturity securities	$	52,611	$	8,004	$	(135	)	$	—	$	60,480

Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2022:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	1,585	$	(189	)		55	$	17	$	(2	)		6	$	1,602	$	(191	)		61
State and political subdivisions		1,559		(269	)		258		261		(77	)		66		1,820		(346	)		324
Non-U.S. government		351		(54	)		59		152		(47	)		23		503		(101	)		82
U.S. corporate		18,480		(2,344	)		2,452		2,001		(552	)		236		20,481		(2,896	)		2,688
Non-U.S. corporate		5,593		(599	)		732		748		(203	)		111		6,341		(802	)		843
Residential mortgage-backed		569		(51	)		192		65		(20	)		22		634		(71	)		214
Commercial mortgage-backed		1,765		(255	)		265		88		(22	)		16		1,853		(277	)		281
Other asset-backed		1,455		(83	)		347		598		(80	)		101		2,053		(163	)		448

Total for fixed maturity securities in an unrealized loss position	$	31,357	$	(3,844	)		4,360	$	3,930	$	(1,003	)		581	$	35,287	$	(4,847	)		4,941

% Below cost:
<20% Below cost	$	27,596	$	(2,587	)		3,835	$	1,819	$	(291	)		310	$	29,415	$	(2,878	)		4,145
20%-50% Below cost		3,757		(1,251	)		523		2,111		(712	)		271		5,868		(1,963	)		794
>50% Below cost		4		(6	)		2		—		—			—		4		(6	)		2

Total for fixed maturity securities in an unrealized loss position	$	31,357	$	(3,844	)		4,360	$	3,930	$	(1,003	)		581	$	35,287	$	(4,847	)		4,941

Investment grade	$	29,959	$	(3,687	)		4,158	$	3,590	$	(915	)		537	$	33,549	$	(4,602	)		4,695
Below investment grade		1,398		(157	)		202		340		(88	)		44		1,738		(245	)		246

Total for fixed maturity securities in an unrealized loss position	$	31,357	$	(3,844	)		4,360	$	3,930	$	(1,003	)		581	$	35,287	$	(4,847	)		4,941

The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2022:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
U.S. corporate:
Utilities	$	2,447	$	(398	)		345	$	187	$	(49	)		37	$	2,634	$	(447	)		382
Energy		1,538		(187	)		226		144		(34	)		14		1,682		(221	)		240
Finance and insurance		5,250		(668	)		696		706		(203	)		74		5,956		(871	)		770
Consumer—non-cyclical		2,805		(342	)		317		201		(61	)		22		3,006		(403	)		339
Technology and communications		2,259		(273	)		304		271		(88	)		32		2,530		(361	)		336
Industrial		829		(105	)		104		110		(25	)		13		939		(130	)		117
Capital goods		1,332		(153	)		169		148		(40	)		16		1,480		(193	)		185
Consumer—cyclical		1,138		(108	)		173		194		(47	)		22		1,332		(155	)		195
Transportation		746		(93	)		95		21		(4	)		5		767		(97	)		100
Other		136		(17	)		23		19		(1	)		1		155		(18	)		24

Subtotal, U.S. corporate securities		18,480		(2,344	)		2,452		2,001		(552	)		236		20,481		(2,896	)		2,688

Non-U.S. corporate:
Utilities		640		(63	)		66		57		(14	)		9		697		(77	)		75
Energy		604		(61	)		69		40		(7	)		5		644		(68	)		74
Finance and insurance		1,310		(122	)		204		296		(86	)		42		1,606		(208	)		246
Consumer—non-cyclical		491		(74	)		56		54		(16	)		11		545		(90	)		67
Technology and communications		740		(96	)		93		39		(11	)		8		779		(107	)		101
Industrial		480		(45	)		71		105		(25	)		13		585		(70	)		84
Capital goods		394		(46	)		52		62		(17	)		6		456		(63	)		58
Consumer—cyclical		241		(28	)		31		23		(4	)		6		264		(32	)		37
Transportation		180		(21	)		26		29		(8	)		5		209		(29	)		31
Other		513		(43	)		64		43		(15	)		6		556		(58	)		70

Subtotal, non-U.S. corporate securities		5,593		(599	)		732		748		(203	)		111		6,341		(802	)		843

Total for corporate securities in an unrealized loss position	$	24,073	$	(2,943	)		3,184	$	2,749	$	(755	)		347	$	26,822	$	(3,698	)		3,531

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2021:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
Fixed maturity securities:
State and political subdivisions	$	339	$	(6	)		67	$	—	$	—			—	$	339	$	(6	)		67
Non-U.S. government		173		(9	)		28		19		(4	)		1		192		(13	)		29
U.S. corporate		2,593		(64	)		266		196		(15	)		22		2,789		(79	)		288
Non-U.S. corporate		912		(21	)		124		62		(5	)		8		974		(26	)		132
Residential mortgage-backed		97		(1	)		22		—		—			—		97		(1	)		22
Commercial mortgage-backed		113		(2	)		17		31		(1	)		4		144		(3	)		21
Other asset-backed		764		(7	)		111		—		—			—		764		(7	)		111

Total for fixed maturity securities in an unrealized loss position	$	4,991	$	(110	)		635	$	308	$	(25	)		35	$	5,299	$	(135	)		670

% Below cost:
<20% Below cost	$	4,991	$	(110	)		635	$	297	$	(20	)		33	$	5,288	$	(130	)		668
20%-50% Below cost		—		—			—		11		(5	)		2		11		(5	)		2

Total for fixed maturity securities in an unrealized loss position	$	4,991	$	(110	)		635	$	308	$	(25	)		35	$	5,299	$	(135	)		670

Investment grade	$	4,644	$	(101	)		587	$	241	$	(12	)		25	$	4,885	$	(113	)		612
Below investment grade		347		(9	)		48		67		(13	)		10		414		(22	)		58

Total for fixed maturity securities in an unrealized loss position	$	4,991	$	(110	)		635	$	308	$	(25	)		35	$	5,299	$	(135	)		670

The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2021:


	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
U.S. corporate:
Utilities	$	211	$	(7	)		32	$	29	$	(2	)		7	$	240	$	(9	)		39
Energy		166		(3	)		18		25		(7	)		4		191		(10	)		22
Finance and insurance		960		(22	)		89		62		(2	)		3		1,022		(24	)		92
Consumer—non-cyclical		296		(7	)		30		14		(1	)		2		310		(8	)		32
Technology and communications		378		(12	)		37		29		(1	)		2		407		(13	)		39
Industrial		143		(3	)		18		—		—			—		143		(3	)		18
Capital goods		171		(3	)		16		18		(1	)		2		189		(4	)		18
Consumer—cyclical		268		(7	)		26		—		—			—		268		(7	)		26
Other		—		—			—		19		(1	)		2		19		(1	)		2

Subtotal, U.S. corporate securities		2,593		(64	)		266		196		(15	)		22		2,789		(79	)		288

Non-U.S. corporate:
Utilities		69		(2	)		9		—		—			—		69		(2	)		9
Energy		64		(1	)		10		—		—			—		64		(1	)		10
Finance and insurance		366		(8	)		43		18		(1	)		2		384		(9	)		45
Consumer—non-cyclical		67		(1	)		12		6		(1	)		1		73		(2	)		13
Technology and communications		48		(1	)		8		—		—			—		48		(1	)		8
Industrial		122		(3	)		14		—		—			—		122		(3	)		14
Capital goods		78		(1	)		8		—		—			—		78		(1	)		8
Consumer—cyclical		22		(1	)		8		15		(1	)		3		37		(2	)		11
Transportation		37		(1	)		7		—		—			—		37		(1	)		7
Other		39		(2	)		5		23		(2	)		2		62		(4	)		7

Subtotal, non-U.S. corporate securities		912		(21	)		124		62		(5	)		8		974		(26	)		132

Total for corporate securities in an unrealized loss position	$	3,505	$	(85	)		390	$	258	$	(20	)		30	$	3,763	$	(105	)		420

Maturity Distribution of Fixed Maturity Securities

The scheduled maturity distribution of fixed maturity securities as of December 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized
	cost or		Fair
(Amounts in millions)	cost		value
Due one year or less	$	1,239	$	1,234
Due after one year through five years		8,264		7,931
Due after five years through ten years		13,120		11,915
Due after ten years		22,641		20,434

Subtotal		45,264		41,514
Residential mortgage-backed		1,059		995
Commercial mortgage-backed		2,183		1,908
Other asset-backed		2,328		2,166

Total	$	50,834	$	46,583

Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans

The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Allowance for credit losses:
Beginning balance	$	26		$	31		$	13
Cumulative effect of change in accounting		—			—			16
Provision		(5	)		3			2
Write-offs		—			(8	)		—
Recoveries		1			—			—

Ending balance	$	22		$	26		$	31

Commercial Mortgage Loans By Credit Quality Indicator

The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of December 31, 2022:


											2017 and
(Amounts in millions)	2022		2021		2020		2019		2018		prior		Total
Debt-to-value:
0% - 50%	$	42	$	41	$	98	$	110	$	204	$	1,890	$	2,385
51% - 60%		58		98		62		131		229		764		1,342
61% - 75%		848		788		334		460		380		445		3,255
76% - 100%		—		—		—		8		28		14		50
Greater than 100%		—		—		—		—		—		—		—

Total amortized cost	$	948	$	927	$	494	$	709	$	841	$	3,113	$	7,032

Debt service coverage ratio:
Less than 1.00	$	7	$	9	$	6	$	47	$	58	$	143	$	270
1.00 - 1.25		17		1		16		19		94		125		272
1.26 - 1.50		290		70		65		163		140		390		1,118
1.51 - 2.00		580		614		207		270		348		1,066		3,085
Greater than 2.00		54		233		200		210		201		1,389		2,287

Total amortized cost	$	948	$	927	$	494	$	709	$	841	$	3,113	$	7,032

Loan To Value Ratio

Commercial Mortgage Loans By Credit Quality Indicator

The following tables set forth the debt-to-value of commercial mortgage loans by property type as of December 31:


	2022
													Greater
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			than 100%			Total
Property type:
Retail	$	907		$	649		$	1,332		$	28		$	—		$	2,916
Office		445			272			848			14			—			1,579
Industrial		668			243			545			—			—			1,456
Apartments		184			90			279			8			—			561
Mixed use		93			79			199			—			—			371
Other		88			9			52			—			—			149

Total amortized cost	$	2,385		$	1,342		$	3,255		$	50		$	—		$	7,032

% of total		34	%		19	%		46	%		1	%		—	%		100	%

Weighted-average debt service coverage ratio		2.35			1.95			1.63			1.34			—			1.93


	2021
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			Greater than 100%			Total
Property type:
Retail	$	853		$	611		$	1,310		$	—		$	—		$	2,774
Office		505			395			604			—			22			1,526
Industrial		745			240			435			—			—			1,420
Apartments		200			102			283			—			—			585
Mixed use		120			70			140			—			—			330
Other		57			121			43			—			—			221

Total amortized cost	$	2,480		$	1,539		$	2,815		$	—		$	22		$	6,856

% of total		36	%		23	%		41	%		—	%		—	%		100	%

Weighted-average debt service coverage ratio		2.36			1.83			1.61			—			0.68			1.93

Debt Service Coverage Ratio

Commercial Mortgage Loans By Credit Quality Indicator

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of December 31:


	2022
													Greater
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			than 2.00			Total
Property type:
Retail	$	88		$	68		$	560		$	1,380		$	820		$	2,916
Office		81			131			155			666			546			1,579
Industrial		20			44			194			574			624			1,456
Apartments		14			11			150			242			144			561
Mixed use		25			16			50			190			90			371
Other		42			2			9			33			63			149

Total amortized cost	$	270		$	272		$	1,118		$	3,085		$	2,287		$	7,032

% of total		4	%		4	%		16	%		44	%		32	%		100	%

Weighted-average debt-to-value		61	%		62	%		63	%		60	%		44	%		56	%


	2021
													Greater
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			than 2.00			Total
Property type:
Retail	$	102		$	166		$	405		$	1,375		$	726		$	2,774
Office		67			109			167			593			590			1,526
Industrial		9			64			82			599			666			1,420
Apartments		17			62			84			225			197			585
Mixed use		24			32			40			118			116			330
Other		4			126			13			48			30			221

Total amortized cost	$	223		$	559		$	791		$	2,958		$	2,325		$	6,856

% of total		3	%		8	%		12	%		43	%		34	%		100	%

Weighted-average debt-to-value		68	%		61	%		61	%		60	%		43	%		55	%

Other Geographic Area | Commercial Mortgage Loan

Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans

The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of December

31:


	2022						2021
	Carrying			% of			Carrying			% of
(Amounts in millions)	value			total			value			total
Property type:
Retail	$	2,916			42	%	$	2,774			40	%
Office		1,579			22			1,526			22
Industrial		1,456			21			1,420			21
Apartments		561			8			585			9
Mixed use		371			5			330			5
Other		149			2			221			3

Subtotal		7,032			100	%		6,856			100	%

Allowance for credit losses		(22	)					(26	)

Total	$	7,010					$	6,830


	2022						2021
	Carrying			% of			Carrying			% of
(Amounts in millions)	value			total			value			total
Geographic region:
South Atlantic	$	1,809			26	%	$	1,770			26	%
Pacific		1,340			19			1,360			20
Mountain		1,023			15			892			13
Mid dle Atlantic		988			14			964			14
West South Central		578			8			483			7
East North Central		454			6			465			7
West North Central		438			6			461			7
East South Central		218			3			224			3
New England		184			3			237			3

Subtotal		7,032			100	%		6,856			100	%

Allowance for credit losses		(22	)					(26	)

Total	$	7,010					$	6,830

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Positions in Derivative Instruments

The following table sets forth our positions in derivative instruments as of December 31:


	Derivative assets					Derivative liabilities
		Fair value						Fair value
	Balance					Balance
(Amounts in millions)	sheet classification	2022		2021		sheet classification		2022		2021
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps	Other invested assets	$	24	$	364		Other liabilities	$	522	$	26
Foreign currency swaps	Other invested assets		20		6		Other liabilities		—		—

Total cash flow hedges			44		370				522		26

Total derivatives designated as hedges			44		370				522		26

Derivatives not designated as hedges
Equity index options	Other invested assets		6		42		Other liabilities		—		—
Financial futures	Other invested assets		—		—		Other liabilities		—		—
Other foreign currency contracts	Other invested assets		—		2		Other liabilities		—		—
GMWB embedded derivatives	Reinsurance recoverable (1)		16		19		Policyholder account balances (2)		223		271
Fixed index annuity embedded derivatives	Other assets		—		—		Policyholder account balances (3)		202		294
Indexed universal life embedded derivatives	Reinsurance recoverable		—		—		Policyholder account balances (4)		15		25

Total derivatives not designated as hedges			22		63				440		590

Total derivatives		$	66	$	433			$	962	$	616

(1)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

(2)	Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

(3)	Represents the embedded derivatives associated with our fixed index annuity liabilities.

(4)	Represents the embedded derivatives associated with our indexed universal life liabilities.

Schedule of Notional Amounts Outstanding on Derivative Instruments

The following tables represent activity associated with derivative instruments as of the dates indicated:


			December 31,				Maturities/			December 31,
(Notional in millions)	Measurement		2021		Additions		terminations			2022
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps		Notional	$	7,653	$	1,109	$	(220	)	$	8,542
Foreign currency swaps		Notional		127		17		—			144

Total cash flow hedges				7,780		1,126		(220	)		8,686

Total derivatives designated as hedges				7,780		1,126		(220	)		8,686

Derivatives not designated as hedges
Equity index options		Notional		1,446		946		(1,456	)		936
Financial futures		Notional		946		4,405		(3,948	)		1,403
Other foreign currency contracts		Notional		83		—		(83	)		—

Total derivatives not designated as hedges				2,475		5,351		(5,487	)		2,339

Total derivatives			$	10,255	$	6,477	$	(5,707	)	$	11,025


		December 31,				Maturities/			December 31,
(Number of policies)	Measurement	2021		Additions		terminations			2022
Derivatives not designated as hedges
GMWB embedded derivatives	Policies		21,804		—		(1,876	)		19,928
Fixed index annuity embedded derivatives	Policies		9,344		—		(2,029	)		7,315
Indexed universal life embedded derivatives	Policies		806		—		(35	)		771

Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges

The following table provides information about the pre-tax income effects of cash flow hedges for the year ended December 31, 2022:


				Gain (loss)
	Gain (loss)			reclassified into			Classification of gain (loss)	Gain (loss)		Classification of gain
	recognized			net income			reclassified into	recognized in		(loss) recognized in
(Amounts in millions)	in OCI			from OCI			net income	net income		net income

Interest rate swaps hedging assets	$	(854	)	$	225		Net investment income	$	—	Net investment gains (losses)
Interest rate swaps hedging assets		—			9		Net investment gains (losses)		—	Net investment gains (losses)
Interest rate swaps hedging liabilities		—			(3	)	Interest expense		—	Net investment gains (losses)
Foreign currency swaps		15			—		Net investment income		—	Net investment gains (losses)

Total	$	(839	)	$	231			$	—

The following table provides information about the pre-tax income effects of cash flow hedges for the year ended December 31, 2021:


				Gain (loss)
	Gain (loss)			reclassified into			Classification of gain (loss)	Gain (loss)		Classification of gain
	recognized			net income			reclassified into	recognized in		(loss) recognized in
(Amounts in millions)	in OCI			from OCI			net income	net income		net income
Interest rate swaps hedging assets	$	(100	)	$	217		Net investment income	$	—	Net investment gains (losses)
Interest rate swaps hedging assets		—			1		Net investment gains (losses)		—	Net investment gains (losses)
Interest rate swaps hedging liabilities		36			(1	)	Interest expense		—	Net investment gains (losses)
Foreign currency swaps		7			—		Net investment income		—	Net investment gains (losses)

Total	$	(57	)	$	217			$	—

The following table provides information about the pre-tax income effects of cash flow hedges for the year ended December 31, 2020:


				Gain (loss)
	Gain (loss)			reclassified into		Classification of gain (loss)	Gain (loss)		Classification of gain
	recognized			net income		reclassified into	recognized in		(loss) recognized in
(Amounts in millions)	in OCI			from OCI		net income	net income		net income
Interest rate swaps hedging assets	$	482		$	196	Net investment income	$	—	Net investment gains (losses)
Interest rate swaps hedging assets		—			12	Net investment gains (losses)		—	Net investment gains (losses)
Interest rate swaps hedging liabilities		(38	)		—	Interest expense		—	Net investment gains (losses)
Foreign currency swaps		(5	)		—	Net investment income		—	Net investment gains (losses)

Total	$	439		$	208		$	—

Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge

The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Derivatives qualifying as effective accounting hedges as of January 1	$	2,025		$	2,211		$	2,002
Current period increases (decreases) in fair value, net of deferred taxes of $165, $12 and $(95)		(674	)		(45	)		344
Reclassification to net (income), net of deferred taxes of $80, $76 and $73		(151	)		(141	)		(135	)

Derivatives qualifying as effective accounting hedges as of December 31	$	1,200		$	2,025		$	2,211

Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (loss) for Effects of Derivatives Not Designated as Hedges

The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the years ended December 31:


										Classification of gain (loss) recognized
(Amounts in millions)	2022			2021			2020			in net income
Interest rate swaps	$	—		$	2		$	(11	)	Net investment gains (losses)
Equity index options		(20	)		18			4		Net investment gains (losses)
Financial futures		(81	)		(123	)		2		Net investment gains (losses)
Other foreign currency contracts		—			—			6		Net investment gains (losses)
GMWB embedded derivatives		66			124			(28	)	Net investment gains (losses)
Fixed index annuity embedded derivatives		16			(32	)		(51	)	Net investment gains (losses)
Indexed universal life embedded derivatives		27			24			17		Net investment gains (losses)

Total derivatives not designated as hedges	$	8		$	13		$	(61	)

Derivative Assets and Liabilities Subject to Master Netting Arrangement

The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of December 31:


	2022									2021
	Derivative			Derivative			Net			Derivative			Derivative			Net
(Amounts in millions)	assets (1)			liabilities (1)			derivatives			assets (1)			liabilities (1)			derivatives
Amounts presented in the balance sheet:
Gross amounts recognized	$	50		$	522		$	(472	)	$	414		$	26		$	388
Gross amounts offset in the balance sheet		—			—			—			—			—			—

Net amounts presented in the balance sheet		50			522			(472	)		414			26			388
Gross amounts not offset in the balance sheet:
Financial instruments (2)		(25	)		(25	)		—			(20	)		(20	)		—
Collateral received		(21	)		—			(21	)		(308	)		—			(308	)
Collateral pledged		—			(1,095	)		1,095			—			(536	)		536
Over collateralization		—			598			(598	)		2			530			(528	)

Net amount	$	4		$	—		$	4		$	88		$	—		$	88

(1)	Does not include amounts related to embedded derivatives as of December 31, 2022 and 2021.

(2)	Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Activity Impacting Deferred Acquisition Costs

Deferred Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2022

The following table presents the activity impacting DAC as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Unamortized balance as of January 1	$	2,438		$	2,809		$	3,243
Costs deferred		—			8			3
Amortization, net of interest accretion		(278	)		(379	)		(437	)

Unamortized balance as of December 31		2,160			2,438			2,809
Accumulated effect of net unrealized investment (gains) losses		40			(1,292	)		(1,322	)

Balance as of December 31	$	2,200		$	1,146		$	1,487

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets

The following table presents our intangible assets as of December 31:


	2022					2021
	Gross					Gross
	carrying		Accumulated			carrying		Accumulated
(Amounts in millions)	amount		amortization			amount		amortization
PVFP	$	2,146	$	(1,989	)	$	2,065	$	(1,994	)
Capitalized software		482		(427	)		465		(403	)
Deferred sales inducements to contractholders		325		(298	)		295		(288	)
Other		158		(156	)		159		(156	)

Total	$	3,111	$	(2,870	)	$	2,984	$	(2,841	)

Activity in Present Value of Future Profits

The following table presents the activity in PVFP as of and for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Unamortized balance as of January 1	$	152		$	154		$	154
Interest accreted at 5.18%, 5.23% and 5.19%		8			8			8
Amortization		(3	)		(10	)		(8	)

Unamortized balance as of December 31		157			152			154
Accumulated effect of net unrealized investment (gains) losses		—			(81	)		(81	)

Balance as of December 31	$	157		$	71		$	73

Percentage of Current PVFP Balance Estimated to be Amortized

The percentage of the PVFP balance net of interest accretion, before the effect of unrealized investment gains or losses, estimated to be amortized over each of the next five years is as follows:


2023	10.3	%
2024	10.3	%
2025	10.2	%
2026	10.1	%
2027	10.1	%

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Net Domestic Life Insurance In-Force

The following table sets forth net domestic life insurance in-force as of December 31:


(Amounts in millions)	2022			2021			2020
Direct life insurance in-force	$	430,151		$	471,147		$	509,670
Amounts assumed from other companies		527			573			624
Amounts ceded to other companies (1)		(383,350	)		(427,464	)		(458,999	)

Net life insurance in-force	$	47,328		$	44,256		$	51,295

Percentage of amount assumed to net		1	%		1	%		1	%

(1)	Includes amounts accounted for under the deposit method.

Schedule of Effects of Reinsurance on Premiums Written and Earned

The following table sets forth the effects of reinsurance on premiums written and earned for the years ended December 31:


	Written									Earned
(Amounts in millions)	2022			2021			2020			2022			2021			2020
Direct:
Life insurance	$	738		$	774		$	795		$	738		$	775		$	795
Accident and health insurance (1)		2,746			2,797			2,836			2,786			2,834			2,860
Mortgage insurance		979			990			947			1,023			1,050			1,023

Total direct		4,463			4,561			4,578			4,547			4,659			4,678

Assumed:
Life insurance		1			2			1			1			2			2
Accident and health insurance (1)		292			300			313			295			304			322
Mortgage insurance		3			3			3			3			3			4

Total assumed		296			305			317			299			309			328

Ceded:
Life insurance (2)		(505	)		(913	)		(558	)		(505	)		(913	)		(559	)
Accident and health insurance (1)		(531	)		(541	)		(550	)		(542	)		(548	)		(562	)
Mortgage insurance		(80	)		(72	)		(49	)		(80	)		(72	)		(49	)

Total ceded		(1,116	)		(1,526	)		(1,157	)		(1,127	)		(1,533	)		(1,170	)

Net premiums	$	3,643		$	3,340		$	3,738		$	3,719		$	3,435		$	3,836

Percentage of amount assumed to net											8	%		9	%		9	%

(1)	Accident and health insurance is comprised almost entirely of our long-term care insurance products.

(2)

Effective December 1, 2021 and included in the year ended December 31, 2021, we entered into a reinsurance agreement with SCOR Global Life USA Reinsurance Company, under which we ceded premiums of $360

million associated with certain term life insurance policies in connection with a life block transaction.

Schedule of Reinsurance Recoverable in Allowance for Credit Losses

The following table sets forth the changes in the allowance for credit losses related to reinsurance recoverables as of and for the years ended December 31:


(Amounts in millions)	2022		2021		2020
Allowance for credit losses:
Beginning balance	$	55	$	45	$	—
Cumulative effect of change in accounting		—		—		40
Provision		5		10		5
Write-offs		—		—		—
Recoveries		—		—		—

Ending balance	$	60	$	55	$	45

Schedule Of Credit Ratings on Reinsurance Recoverable

The following tables set forth A.M. Best Company, Inc.’s (“A.M. Best”) credit ratings related to our reinsurance recoverables, gross of the allowance for credit losses, as of December 31:


	2022
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	570	$	570
A+		1,286		1,819		3,105
A		19		25		44
Not rated		12,687		89		12,776

Total reinsurance recoverable	$	13,992	$	2,503	$	16,495


	2021
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	543	$	543
A+		1,581		1,510		3,091
A		18		41		59
Not rated		13,099		76		13,175

Total reinsurance recoverable	$	14,698	$	2,170	$	16,868

Insurance Reserves (Tables)

12 Months Ended

Dec. 31, 2022

Recorded Liabilities and Major Assumptions Underlying Future Policy Benefits

The following table sets forth our recorded liabilities and the major assumptions underlying our future policy benefits as of December 31:


	Mortality/
	morbidity		Interest rate
(Amounts in millions)	assumption		assumption			2022		2021

Long-term care insurance contracts		(a)		3.75% - 7.50	%	$	26,209	$	28,232
Structured settlements with life contingencies		(b)		1.00% - 8.00	%		7,900		8,075
Annuity contracts with life contingencies		(b)		1.00% - 8.00	%		1,754		2,934
Traditional life insurance contracts		( c )		3.00% - 7.50	%		1,872		1,956
Supplementary contracts with life contingencies		(b)		1.00% - 8.00	%		329		331

Total future policy benefits						$	38,064	$	41,528

(a)	The 1983 Individual Annuitant Mortality Table or the 2000 U.S. Annuity Table, or the 1983 Group Annuitant Mortality Table or the 1994 Group Annuitant Mortality Table and company experience.

(b)	Assumptions for limited-payment contracts come from either the U.S. Population Table, the 1983 Group Annuitant Mortality Table, the 1983 Individual Annuitant Mortality Table, the Annuity 2000 Mortality Table or the 2012 Individual Annuity Reserving Table.

(c)	Principally modifications based on company experience of the Society of Actuaries 1965-70 or 1975-80 Select and the Ultimate Tables, the 1941, 1958, 1980 and 2001 Commissioner’s Standard Ordinary Tables, the 1980 Commissioner’s Extended Term table and (IA) Standard Table 1996 (modified).

Recorded Liabilities for Policyholder Account Balances

The following table sets forth our recorded liabilities for policyholder account balances as of December 31:


(Amounts in millions)	2022		2021
Annuity contracts	$	5,652	$	6,816
Funding agreements		200		250
Structured settlements without life contingencies		930		1,027
Supplementary contracts without life contingencies		499		550
Other		13		14

Total investment contracts		7,294		8,657
Universal and term universal life insurance contracts		9,819		10,697

Total policyholder account balances	$	17,113	$	19,354

Information about Variable Annuity Products with Death and Living Benefit Guarantees

The following table sets forth information about our variable annuity products with death and living benefit guarantees as of December 31:


(Dollar amounts in millions)	2022		2021

Account values with death benefit guarantees (net of reinsurance):
Standard death benefits (return of net deposits) account value	$	1,878	$	2,547
Net amount at risk	$	2	$	1
Average attained age of contractholders		77		76
Enhanced death benefits (ratchet, rollup) account value	$	1,004	$	1,326
Net amount at risk	$	187	$	94
Average attained age of contractholders		76		76
Account values with living benefit guarantees:
GMWBs	$	1,352	$	1,893
Guaranteed annuitization benefits	$	767	$	1,002

Account Balances of Variable Annuity Contract with Death or Living Benefit Guarantees Invested in Separate Account Investment Options

Account balances of variable annuity contracts with death or living benefit guarantees were invested in separate account investment options as follows as of December 31:


(Amounts in millions)	2022		2021
Balanced funds	$	1,686	$	2,397
Equity funds		721		913
Bond funds		214		297
Money market funds		186		189

Total	$	2,807	$	3,796

Liability for Policy and Contract Claims (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Liability for Policy and Contract Claims

The following table sets forth our liability for policy and contract claims as of December 31:


(Amounts in millions)	2022		2021
Liability for policy and contract claims for insurance lines other than short-duration contracts:
U.S. Life Insurance segment:
Long-term care insurance	$	11,380	$	10,861
Life insurance		299		308
Fixed annuities		16		14
Runoff segment		14		8

Total		11,709		11,191

Liability for policy and contract claims related to short-duration contracts:
Enact segment		519		641
Other mortgage insurance businesses		6		9

Total		525		650

Total liability for policy and contract claims	$	12,234	$	11,841

Changes in Liability for Policy and Contract Claims

The following table sets forth changes in the liability for policy and contract claims for our long-term care insurance business for the dates indicated:


(Amounts in millions)	2022			2021			2020
Beginning balance as of January 1	$	10,861		$	10,518		$	10,239
Less reinsurance recoverables		(2,260	)		(2,260	)		(2,283	)

Net balance as of January 1		8,601			8,258			7,956

Incurred related to insured events of:
Current year		2,954			2,761			2,595
Prior years		(458	)		(610	)		(398	)

Total incurred		2,496			2,151			2,197

Paid related to insured events of:
Current year		(211	)		(203	)		(189	)
Prior years		(2,173	)		(2,011	)		(2,118	)

Total paid		(2,384	)		(2,214	)		(2,307	)

Interest on liability for policy and contract claims		422			406			412

Net balance as of December 31		9,135			8,601			8,258
Add reinsurance recoverables		2,245			2,260			2,260

Ending balance as of December 31	$	11,380		$	10,861		$	10,518

Schedule of Incurred Claims Net of Reinsurance, Cummulative Number of Reported Delinquencies, Total Incurred But Not Reported

The following table sets forth information about incurred claims, net of reinsurance, as well as cumulative number of reported delinquencies and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts for our Enact segment as of December 31, 2022. The

information about the incurred claims development for the years ended December

31

,

2013

to

2021

and the historical reported delinquencies as of December

31

,

2021

and prior are presented as supplementary

information.


	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				Total of IBNR liabilities including expected development on reported claims as of December 31, 2022		Number of reported delinquencies (2)
(Dollar amounts in millions)	For the years ended December 31,
Accident year (1)	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	475	$	407	$	392	$	387	$	384	$	382	$	381	$	381	$	381	$	381	$	—		22,502
2014		—		328		288		269		261		259		258		259		259		258		—		17,809
2015		—		—		235		208		187		181		180		180		179		179		—		15,400
2016		—		—		—		198		160		138		136		137		136		135		—		13,970
2017		—		—		—		—		171		121		102		105		104		102		—		15,097
2018		—		—		—		—		—		117		84		84		78		73		—		11,269
2019		—		—		—		—		—		—		106		111		98		71		—		11,883
2020		—		—		—		—		—		—		—		365		362		107		—		38,863
2021		—		—		—		—		—		—		—		—		141		119		1		12,585
2022		—		—		—		—		—		—		—		—		—		220		24		14,329

														Total incurred					$	1,645

(1)	Represents the year in which first monthly mortgage payments have been missed by the borrower.

(2)	Represents reported and outstanding delinquencies less actual cures as of December 31 for each respective accident year.

Schedule of Paid Claims Deveopment, Net of Reinsurance

The following table sets forth paid claims development, net of reinsurance, for our Enact segment for the year ended December 31, 2022. The information about paid claims development for the years ended December 31, 2013 to 2021 is presented as supplementary information.


(Amounts in millions)	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
Accident year (1)	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	44	$	202	$	297	$	340	$	362	$	372	$	375	$	376	$	377	$	378
2014		—		22		127		195		233		247		253		254		255		255
2015		—		—		12		85		145		167		173		175		176		177
2016		—		—		—		10		64		110		124		127		128		129
2017		—		—		—		—		6		46		77		87		90		92
2018		—		—		—		—		—		3		32		48		55		59
2019		—		—		—		—		—		—		2		18		31		38
2020		—		—		—		—		—		—		—		1		8		13
2021		—		—		—		—		—		—		—		—		—		2
2022		—		—		—		—		—		—		—		—		—		—

								Total paid											$	1,143

								Total incurred											$	1,645
								Total paid												1,143
								All outstanding liabilities before 2013												17

								Liability for policy and contract claims											$	519

(1)	Represents the year in which first monthly mortgage payments have been missed by the borrower.

Schedule of Average Payout of Incurred Claims by Age

The following table sets forth our average payout of incurred claims by age for our Enact segment as of December 31, 2022:


	Average annual percentage payout of incurred claims by age
Years	1			2			3			4			5			6			7			8			9			10
	Unaudited
Percentage of payout		4.8	%		30.1	%		24.5	%		11.2	%		4.1	%		1.8	%		0.7	%		0.3	%		0.2	%		0.1	%

Borrowings and Other Financings (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Long Term Borrowings

The following table sets forth total long-term borrowings as of December 31:


(Amounts in millions)	2022			2021
Genworth Holdings

4.80% Senior Notes, due 2024	$	—		$	282
6.50% Senior Notes, due 2034		285			298
Floating Rate Junior Subordinated Notes, due 2066		599			598

Subtotal		884			1,178
Bond consent fees		(10	)		(12	)
Deferred borrowing charges		(6	)		(7	)

Total Genworth Holdings		868			1,159

Enact Holdings
6.50% Senior Notes, due 2025		750			750
Deferred borrowing charges		(7	)		(10	)

Total Enact Holdings		743			740

Total	$	1,611		$	1,899

Principal Amounts of Long-Term Borrowings by Maturity

Principal amounts under our long-term borrowings by maturity were as follows as of December 31, 2022:


(Amounts in millions)

2023	$	—
2024		—
2025		750
2026		—
2027 and thereafter		887

Total	$	1,637

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Components of Income before Income Taxes

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income from continuing operations before income taxes included the following components for the years ended December 31:


(Amounts in millions)	2022		2021			2020

Domestic	$	978	$	1,184		$	931
Foreign		—		(3	)		(3	)

Income from continuing operations before income taxes	$	978	$	1,181		$	928

Components of Income Tax Provision

The total provision for income taxes was as follows for the years ended December 31:


(Amounts in millions)	2022			2021			2020

Current federal income taxes	$	—		$	(32	)	$	—
Deferred federal income taxes		239			288			226

Total federal income taxes		239			256			226

Current state income taxes		4			5			3
Deferred state income taxes		(5	)		2			2

Total state income taxes		(1	)		7			5

Current foreign income taxes		—			—			—
Deferred foreign income taxes		1			—			(1	)

Total foreign income taxes		1			—			(1	)

Total provision for income taxes	$	239		$	263		$	230

Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the years ended December 31:


	2022			2021			2020

Statutory U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
Increase (reduction) in rate resulting from:
Tax on income from terminated swaps		3.2			2.5			3.0
Reduction in uncertain tax positions		—			(1.8	)		—
Other, net		0.2			0.6			0.8

Effective rate		24.4	%		22.3	%		24.8	%

Components of Net Deferred Income Tax Liability

The components of our deferred income taxes were as follows as of December 31:


(Amounts in millions)	2022			2021
Assets:
Foreign tax credit carryforwards	$	156		$	174
Net operating loss carryforwards		4			202
Capital loss carryforwards		146			142
State income taxes		396			388
Insurance reserves		161			178
Accrued commission and general expenses		113			118
Liabilities associated with discontinued operations		122			122
Net unrealized losses on investment securities		897			—
Net unrealized losses on derivatives		102			—
Other		9			18

Gross deferred income tax assets		2,106			1,342
Valuation allowance		(583	)		(382	)

Total deferred income tax assets		1,523			960

Liabilities:
Net unrealized gains on investment securities		—			506
Net unrealized gains on derivatives		—			73
DAC		29			98
PVFP and other intangibles		37			38
Insurance reserves transition adjustment		74			99
Investments		20			10
Other		19			17

Total deferred income tax liabilities		179			841

Net deferred income tax asset	$	1,344		$	119

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


(Amounts in millions)	2022			2021			2020
Balance as of January 1	$	40		$	62		$	64
Tax positions related to the current period:
Gross additions		—			—			—
Gross reductions		(3	)		(3	)		(3	)
Tax positions related to the prior years:
Gross additions		—			—			1
Gross reductions		(4	)		(19	)		—

Balance as of December 31	$	33		$	40		$	62

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Cash Award Activity

The following table summarizes cash award activity as of December 31, 2022 and 2021:


									Performance-
						Time-based			based
	Cash settled RSUs					cash awards			cash awards
	Number of			Weighted-average		Number of			Number of
(Awards in thousands)	awards			fair value		awards			awards

Balance as of January 1, 2021		—		$	—		30,429			6,938
Granted		—		$	—		15,473			—
Performance adjustment		—		$	—		—			5,838
Vested		—		$	—		(14,774	)		(12,776	)
Forfeited		—		$	—		(3,432	)		—

Balance as of January 1, 2022		—		$	—		27,696			—
Granted		2,957		$	4.27		208			—
Performance adjustment		—		$	—		—			—
Vested		(23	)	$	4.17		(13,992	)		—
Forfeited		(180	)	$	4.31		(1,020	)		—

Balance as of December 31, 2022		2,754		$	4.27		12,892			—

Status of Other Equity-Based Awards

The following tables summarize the status of our other equity-based awards as of December 31, 2022 and 2021:


	RSUs					PSUs					DSUs					SARs
				Weighted-															Weighted-
				average					Weighted-					Weighted-					average
	Number			grant		Number			average		Number			average		Number			grant
	of			date fair		of			fair		of			fair		of			date fair
(Awards in thousands)	awards			value		awards			value		awards			value		awards			value

Balance as of January 1, 2021		2,534		$	3.48		5,734		$	3.79		1,537		$	3.95		7,030		$	3.32
Granted		1,391		$	3.31		2,510		$	3.45		315		$	2.52		—		$	—
Performance adjustment (1)		—		$	—		626		$	3.58		—		$	—		—		$	—
Exercised		(1,474	)	$	3.47		(1,365	)	$	3.58		(15	)	$	7.46		—		$	—
Terminated		(134	)	$	3.53		—		$	—		—		$	—		(835	)	$	3.04

Balance as of January 1, 2022		2,317		$	3.38		7,505		$	3.70		1,837		$	3.42		6,195		$	3.36
Granted		1,105		$	4.25		2,182		$	4.47		281		$	2.51		—		$	—
Performance adjustment (1)		—		$	—		2,308		$	4.61		—		$	—		—		$	—
Exercised		(1,004	)	$	3.39		(4,616	)	$	4.61		(954	)	$	4.02		—		$	—
Terminated		(299	)	$	3.52		(718	)	$	3.55		—		$	—		(2,295	)	$	2.52

Balance as of December 31, 2022		2,119		$	3.81		6,661		$	3.65		1,164		$	2.44		3,900		$	3.85

(1)	The performance adjustment relates to additional awards expected to be earned through the achievement of certain performance metrics .

Summary of Other Equity Awards Valuation Assumptions

The valuation assumptions used in the Monte Carlo simulation to calculate the total relative shareholder return performance metric for the PSUs granted in 2022 and 2021 were as follows:


	2022			2021
Valuation-date stock price	$	4.27		$	3.31
Volatility		64.6	%		65.0	%
Dividend yield		—	%		—	%
Risk-free rate		1.8	%		0.3	%
Valuation maximum		800% of grant-date stock price			800% of grant-date stock price

Summary of Enact Holdings' Equity-Based Awards

The following table summarizes the status of Enact Holdings’ equity-based awards as of December 31, 2022 and 2021:


	RSUs					DSUs				PSUs
				Weighted-				Weighted-				Weighted-
	Number			average		Number		average		Number		average
	of			fair		of		fair		of		fair
(Awards in thousands)	awards			value		awards		value		awards		value

Balance as of January 1, 2021		—		$	—		—	$	—		—	$	—
Granted		628		$	19.02		17	$	20.87		—	$	—
Dividend equivalents		36		$	21.25		—	$	—		—	$	—
Vested		—		$	—		—	$	—		—	$	—
Terminated		(10	)	$	19.00		—	$	—		—	$	—

Balance as of January 1, 2022		654		$	19.02		17	$	20.87		—	$	—
Granted		322		$	22.18		78	$	22.02		156	$	22.15
Dividend equivalents		62		$	24.00		5	$	24.00		10	$	24.00
Vested		(3	)	$	19.00		—	$	—		—	$	—
Terminated		(26	)	$	19.73		—	$	—		—	$	—

Balance as of December 31, 2022		1,009		$	20.07		100	$	21.81		166	$	22.15

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2

The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of December 31, 2022:


(Amounts in millions)	Fair value		Primary methodologies	Significant inputs

U.S. government, agencies and government-sponsored enterprises	$	3,341	Price quotes from trading desk, broker feeds	Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread

State and political subdivisions	$	2,344	Multi-dimensional attribute-based modeling systems, third-party pricing vendors	Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes

Non-U.S. government	$	645	Matrix pricing, spread priced to benchmark curves, price quotes from market makers	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

U.S. corporate	$	23,537	Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models	Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports

Non-U.S. corporate	$	6,305	Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

Residential mortgage-backed	$	973	OAS-based models, single factor binomial models, internally priced	Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports


Commercial mortgage-backed	$	1,896	Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model	Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swap curves, TRACE reports


Other asset-backed	$	2,072	Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers	Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of December 31:


	2022
(Amounts in millions)	Total		Level 1		Level 2		Level 3		NAV (1)
Assets
Investments:
Fixed maturity securities:

U.S. government, agencies and government-sponsored enterprises	$	3,341	$	—	$	3,341	$	—	$	—
State and political subdivisions		2,399		—		2,344		55		—
Non-U.S. government		645		—		645		—		—
U.S. corporate:
Utilities		3,898		—		3,056		842		—
Energy		2,262		—		2,146		116		—
Finance and insurance		7,193		—		6,506		687		—
Consumer—non-cyclical		4,457		—		4,375		82		—
Technology and communications		2,947		—		2,923		24		—
Industrial		1,197		—		1,175		22		—
Capital goods		2,138		—		2,104		34		—
Consumer—cyclical		1,617		—		1,504		113		—
Transportation		1,100		—		1,057		43		—
Other		310		—		151		159		—

Total U.S. corporate		27,119		—		24,997		2,122		—

Non-U.S. corporate:
Utilities		740		—		445		295		—
Energy		960		—		842		118		—
Finance and insurance		1,946		—		1,821		125		—
Consumer—non-cyclical		566		—		493		73		—
Technology and communications		894		—		868		26		—
Industrial		818		—		770		48		—
Capital goods		546		—		451		95		—
Consumer—cyclical		276		—		212		64		—
Transportation		375		—		355		20		—
Other		889		—		868		21		—

Total non-U.S. corporate		8,010		—		7,125		885		—


Residential mortgage-backed		995		—		973		22		—
Commercial mortgage-backed		1,908		—		1,896		12		—
Other asset-backed		2,166		—		2,072		94		—

Total fixed maturity securities		46,583		—		43,393		3,190		—

Equity securities		319		239		46		34		—
Limited partnerships		1,816		—		—		24		1,792
Other invested assets:
Derivative assets:
Interest rate swaps		24		—		24		—		—
Foreign currency swaps		20		—		20		—		—
Equity index options		6		—		—		6		—

Total derivative assets		50		—		44		6		—

Short-term investments		3		—		3		—		—

Total other invested assets		53		—		47		6		—

Reinsurance recoverable (2)		16		—		—		16		—
Separate account assets		4,417		4,417		—		—		—

Total assets	$	53,204	$	4,656	$	43,486	$	3,270	$	1,792

(1)	Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.


	2021
(Amounts in millions)	Total		Level 1		Level 2		Level 3		NAV (1)
Assets
Investments:
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	4,552	$	—	$	4,552	$	—	$	—
State and political subdivisions		3,450		—		3,368		82		—
Non-U.S. government		835		—		833		2		—
U.S. corporate:
Utilities		5,104		—		4,154		950		—
Energy		2,934		—		2,858		76		—
Finance and insurance		8,991		—		8,306		685		—
Consumer—non-cyclical		6,159		—		6,055		104		—
Technology and communications		3,808		—		3,779		29		—
Industrial		1,494		—		1,457		37		—
Capital goods		2,745		—		2,700		45		—
Consumer—cyclical		1,899		—		1,762		137		—
Transportation		1,371		—		1,307		64		—
Other		419		—		165		254		—

Total U.S. corporate		34,924		—		32,543		2,381		—

Non-U.S. corporate:
Utilities		928		—		583		345		—
Energy		1,383		—		1,238		145		—
Finance and insurance		2,432		—		2,272		160		—
Consumer—non-cyclical		743		—		680		63		—
Technology and communications		1,250		—		1,222		28		—
Industrial		1,047		—		954		93		—
Capital goods		705		—		532		173		—
Consumer—cyclical		341		—		265		76		—
Transportation		489		—		436		53		—
Other		1,217		—		1,191		26		—

Total non-U.S. corporate		10,535		—		9,373		1,162		—

Residential mortgage-backed		1,440		—		1,413		27		—
Commercial mortgage-backed		2,584		—		2,568		16		—
Other asset-backed		2,160		—		2,022		138		—

Total fixed maturity securities		60,480		—		56,672		3,808		—


Equity securities		198		101		60		37		—
Limited partnerships		1,462		—		—		26		1,436
Other invested assets:
Derivative assets:
Interest rate swaps		364		—		364		—		—
Foreign currency swaps		6		—		6		—		—
Equity index options		42		—		—		42		—
Other foreign currency contracts		2		—		2		—		—

Total derivative assets		414		—		372		42		—

Short-term investments		26		—		26		—		—

Total other invested assets		440		—		398		42		—

Reinsurance recoverable (2)		19		—		—		19		—
Separate account assets		6,066		6,066		—		—		—

Total assets	$	68,665	$	6,167	$	57,130	$	3,932	$	1,436

(1)	Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value

The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated:


	Beginning balance as of January 1, 2022		Total realized and unrealized gains (losses)																					Ending balance as of December 31, 2022		Total gains (losses) attributable to assets still held
(Amounts in millions)	Beginning balance as of January 1, 2022		Included in net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)			Ending balance as of December 31, 2022		Included in net income			Included in OCI
Fixed maturity securities:
State and political subdivisions	$	82	$	3		$	(30	)	$	—	$	—		$	—	$	—		$	—	$	—		$	55	$	3		$	(31	)
Non-U.S. government		2		—			—			2		(3	)		—		(1	)		—		—			—		—			—
U.S. corporate:
Utilities		950		—			(211	)		130		—			—		(19	)		3		(11	)		842		—			(210	)
Energy		76		—			(19	)		—		—			—		(9	)		68		—			116		—			(20	)
Finance and insurance		685		—			(147	)		216		—			—		(19	)		8		(56	)		687		—			(141	)
Consumer—non-cyclical		104		—			(13	)		—		—			—		(9	)		—		—			82		—			(13	)
Technology and communications		29		—			(5	)		—		—			—		—			—		—			24		—			(5	)
Industrial		37		—			(4	)		—		—			—		(11	)		—		—			22		—			(4	)
Capital goods		45		—			(7	)		—		—			—		(4	)		—		—			34		—			(7	)
Consumer—cyclical		137		—			(18	)		—		—			—		(6	)		—		—			113		—			(18	)
Transportation		64		—			(8	)		5		—			—		(5	)		—		(13	)		43		—			(7	)
Other		254		—			(27	)		—		(41	)		—		(10	)		—		(17	)		159		—			(28	)

Total U.S. corporate		2,381		—			(459	)		351		(41	)		—		(92	)		79		(97	)		2,122		—			(453	)

Non-U.S. corporate:
Utilities		345		—			(56	)		24		—			—		(18	)		—		—			295		—			(55	)
Energy		145		—			(15	)		13		(21	)		—		(24	)		20		—			118		—			(15	)
Finance and insurance		160		5			(40	)		—		—			—		—			—		—			125		5			(41	)
Consumer—non-cyclical		63		—			(8	)		9		—			—		—			18		(9	)		73		—			(8	)
Technology and communications		28		—			(2	)		—		—			—		—			—		—			26		—			(2	)
Industrial		93		—			(33	)		22		—			—		(20	)		—		(14	)		48		—			(31	)
Capital goods		173		—			(16	)		—		(10	)		—		(52	)		—		—			95		—			(16	)
Consumer—cyclical		76		—			(15	)		—		—			—		—			17		(14	)		64		—			(16	)
Transportation		53		—			(3	)		—		—			—		(30	)		—		—			20		—			(3	)
Other		26		—			(5	)		—		—			—		—			—		—			21		—			(4	)

Total non-U.S. corporate		1,162		5			(193	)		68		(31	)		—		(144	)		55		(37	)		885		5			(191	)


Residential mortgage-backed		27		—			(8	)		14		—			—		(2	)		4		(13	)		22		—			(6	)
Commercial mortgage-backed		16		—			(5	)		—		—			—		—			1		—			12		—			(6	)
Other asset-backed		138		—			(15	)		77		(6	)		—		(7	)		—		(93	)		94		—			(13	)

Total fixed maturity securities		3,808		8			(710	)		512		(81	)		—		(246	)		139		(240	)		3,190		8			(700	)

Equity securities		37		—			—			1		(3	)		—		—			—		(1	)		34		—			—
Limited partnerships		26		(2	)		—			—		—			—		—			—		—			24		(2	)		—
Other invested assets:
Derivative assets:
Equity index options		42		(20	)		—			13		—			—		(29	)		—		—			6		(7	)		—

Total derivative assets		42		(20	)		—			13		—			—		(29	)		—		—			6		(7	)		—

Total other invested assets		42		(20	)		—			13		—			—		(29	)		—		—			6		(7	)		—

Reinsurance recoverable (2)		19		(4	)		—			—		—			1		—			—		—			16		(4	)		—

Total Level 3 assets	$	3,932	$	(18	)	$	(710	)	$	526	$	(84	)	$	1	$	(275	)	$	139	$	(241	)	$	3,270	$	(5	)	$	(700	)

(1)

The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.


	Beginning balance as of January 1, 2021		Total realized and unrealized gains (losses)																					Ending balance as of December 31, 2021		Total gains (losses) attributable to assets still held
(Amounts in millions)	Beginning balance as of January 1, 2021		Included in net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)			Ending balance as of December 31, 2021		Included in net income			Included in OCI
Fixed maturity securities:

State and political subdivisions	$	66	$	3		$	13		$	—	$	—		$	—	$	—		$	—	$	—		$	82	$	3		$	13
Non-U.S. government		—		—			—			2		—			—		—			—		—			2		—			—
U.S. corporate:
Utilities		842		—			3			118		—			—		(18	)		18		(13	)		950		—			4
Energy		128		—			4			50		—			—		(10	)		8		(104	)		76		—			1
Finance and insurance		607		—			(18	)		233		—			—		(46	)		17		(108	)		685		—			(16	)
Consumer—non-cyclical		109		—			(2	)		—		—			—		(3	)		3		(3	)		104		—			(2	)
Technology and communications		47		—			(1	)		12		—			—		—			4		(33	)		29		—			(1	)
Industrial		40		—			—			17		—			—		(20	)		—		—			37		—			(1	)
Capital goods		60		—			(1	)		—		—			—		(14	)		—		—			45		—			(2	)
Consumer—cyclical		150		—			—			—		—			—		(5	)		—		(8	)		137		—			—
Transportation		70		—			(1	)		—		—			—		(5	)		—		—			64		—			(1	)
Other		219		—			(1	)		—		—			—		(32	)		88		(20	)		254		—			1

Total U.S. corporate		2,272		—			(17	)		430		—			—		(153	)		138		(289	)		2,381		—			(17	)

Non-U.S. corporate:
Utilities		352		—			(5	)		30		—			—		(8	)		—		(24	)		345		—			(6	)
Energy		245		—			7			—		—			—		(28	)		—		(79	)		145		—			3
Finance and insurance		305		3			(1	)		1		(2	)		—		(62	)		—		(84	)		160		5			(14	)
Consumer—non-cyclical		67		1			(2	)		8		—			—		(14	)		3		—			63		—			(2	)
Technology and communications		28		—			—			—		—			—		—			—		—			28		—			(1	)
Industrial		95		2			(4	)		14		—			—		(14	)		—		—			93		—			(2	)
Capital goods		178		—			1			25		—			—		—			—		(31	)		173		—			—
Consumer—cyclical		146		—			—			17		—			—		—			—		(87	)		76		—			—
Transportation		109		3			(3	)		—		—			—		(49	)		—		(7	)		53		—			—
Other		83		6			(3	)		—		—			—		(45	)		—		(15	)		26		—			(1	)

Total non-U.S. corporate		1,608		15			(10	)		95		(2	)		—		(220	)		3		(327	)		1,162		5			(23	)

Residential mortgage-backed		14		—			—			5		—			—		(2	)		10		—			27		—			—
Commercial mortgage-backed		20		—			(2	)		1		—			—		(3	)		—		—			16		1			(2	)
Other asset-backed		109		—			—			69		—			—		(25	)		35		(50	)		138		—			—

Total fixed maturity securities		4,089		18			(16	)		602		(2	)		—		(403	)		186		(666	)		3,808		9			(29	)


Equity securities		51		—			—			—		(9	)		—		(5	)		—		—			37		—			—
Limited partnerships		17		1			—			8		—			—		—			—		—			26		1			—
Other invested assets:
Derivative assets:
Equity index options		63		18			—			31		—			—		(70	)		—		—			42		10			—

Total derivative assets		63		18			—			31		—			—		(70	)		—		—			42		10			—

Total other invested assets		63		18			—			31		—			—		(70	)		—		—			42		10			—

Reinsurance recoverable (2)		26		(9	)		—			—		—			2		—			—		—			19		(9	)		—

Total Level 3 assets	$	4,246	$	28		$	(16	)	$	641	$	(11	)	$	2	$	(478	)	$	186	$	(666	)	$	3,932	$	11		$	(29	)

(1)

The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.


	Beginning balance as of January 1, 2020		Total realized and unrealized gains (losses)																					Ending balance as of December 31, 2020		Total gains (losses) attributable to assets still held
(Amounts in millions)	Beginning balance as of January 1, 2020		Included net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)			Ending balance as of December 31, 2020		Included in net income			Included in OCI
Fixed maturity securities:
State and political subdivisions	$	102	$	3		$	(11	)	$	—	$	—		$	—	$	(1	)	$	—	$	(27	)	$	66	$	3		$	(11	)
Non-U.S. government		—		—			—			—		—			—		(1	)		1		—			—		—			—
U.S. corporate:
Utilities		865		9			8			76		(13	)		—		(56	)		42		(89	)		842		—			14
Energy		129		1			1			30		(21	)		—		(21	)		22		(13	)		128		—			(3	)
Finance and insurance		572		2			16			167		—			—		(41	)		—		(109	)		607		—			19
Consumer—non-cyclical		94		—			4			8		—			—		(22	)		25		—			109		—			4
Technology and communications		50		—			3			82		—			—		(1	)		13		(100	)		47		—			5
Industrial		40		—			—			—		—			—		—			—		—			40		—			—
Capital goods		102		—			—			—		—			—		(8	)		11		(45	)		60		—			1
Consumer—cyclical		173		3			4			15		—			—		(36	)		47		(56	)		150		—			6
Transportation		78		—			(1	)		—		—			—		(4	)		27		(30	)		70		—			2
Other		136		—			2			25		—			—		(7	)		87		(24	)		219		—			2

Total U.S. corporate		2,239		15			37			403		(34	)		—		(196	)		274		(466	)		2,272		—			50

Non-U.S. corporate:
Utilities		374		—			10			13		—			—		—			28		(73	)		352		—			9
Energy		247		—			(5	)		7		—			—		(28	)		24		—			245		—			(5	)
Finance and insurance		234		4			17			15		—			—		(10	)		77		(32	)		305		4			17
Consumer—non-cyclical		59		—			3			20		—			—		—			1		(16	)		67		—			2
Technology and communications		28		—			—			—		—			—		—			—		—			28		—			1
Industrial		104		—			4			—		—			—		(5	)		—		(8	)		95		—			3
Capital goods		161		1			1			20		—			—		(39	)		34		—			178		—			1
Consumer—cyclical		147		—			3			21		—			—		(26	)		32		(31	)		146		—			2
Transportation		191		—			1			7		—			—		(10	)		22		(102	)		109		—			4
Other		140		9			(1	)		6		—			—		(72	)		1		—			83		—			2

Total non-U.S. corporate		1,685		14			33			109		—			—		(190	)		219		(262	)		1,608		4			36

Residential mortgage-backed		27		—			(1	)		—		—			—		(1	)		4		(15	)		14		—			—
Commercial mortgage-backed		6		—			1			—		—			—		—			20		(7	)		20		—			1
Other asset-backed		93		—			1			124		—			—		(16	)		10		(103	)		109		—			—

Total fixed maturity securities		4,152		32			60			636		(34	)		—		(405	)		528		(880	)		4,089		7			76


Equity securities		51		—			—			6		(7	)		—		—			1		—			51		—			—
Limited partnerships		16		(2	)		—			3		—			—		—			—		—			17		(2	)		—
Other invested assets:
Derivative assets:
Equity index options		81		4			—			59		—			—		(81	)		—		—			63		5			—

Total derivative assets		81		4			—			59		—			—		(81	)		—		—			63		5			—

Total other invested assets		81		4			—			59		—			—		(81	)		—		—			63		5			—

Reinsurance recoverable (2)		20		4			—			—		—			2		—			—		—			26		4			—

Total Level 3 assets	$	4,320	$	38		$	60		$	704	$	(41	)	$	2	$	(486	)	$	529	$	(880	)	$	4,246	$	14		$	76

(1)

The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value

The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the years ended December 31:


(Amounts in millions)	2022			2021		2020
Total realized and unrealized gains (losses) included in net income:
Net investment income	$	8		$	19	$	32
Net investment gains (losses)		(26	)		9		6

Total	$	(18	)	$	28	$	38

Total gains (losses) included in net income attributable to assets still held:
Net investment income	$	8		$	9	$	7
Net investment gains (losses)		(13	)		2		7

Total	$	(5	)	$	11	$	14

Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements

The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of December 31, 2022

:

(Amounts in millions)

Valuation technique

Fair value

Unobservable input

Range

Weighted-average

(1)

Fixed maturity securities:

U.S. corporate:

Utilities

Internal models

$

813

Credit spreads

55

bps -

279

bps

168

bps

Energy

Internal models

45

Credit spreads

132

bps -

272

bps

197

bps

Finance and insurance

Internal models

674

Credit spreads

67

bps -

292

bps

208

bps

Consumer—non-cyclical

Internal models

82

Credit spreads

71

bps -

272

bps

152

bps

Technology and communications

Internal models

24

Credit spreads

113

bps -

181

bps

153

bps

Industrial

Internal models

22

Credit spreads

132

bps -

239

bps

161

bps

Capital goods

Internal models

34

Credit spreads

85

bps -

211

bps

159

bps

Consumer—cyclical

Internal models

113

Credit spreads

105

bps -

222

bps

154

bps

Transportation

Internal models

43

Credit spreads

49

bps -

188

bps

126

bps

Other

Internal models

111

Credit spreads

90

bps -

153

bps

102

bps

Total U.S. corporate

Internal models

$

1,961

Credit spreads

49

bps -

292

bps

176

bps

Non-U.S. corporate:

Utilities

Internal models

$

295

Credit spreads

82

bps -

224

bps

145

bps

Energy

Internal models

110

Credit spreads

102

bps -

239

bps

171

bps

Finance and insurance

Internal models

124

Credit spreads

136

bps -

203

bps

161

bps

Consumer—non-cyclical

Internal models

70

Credit spreads

71

bps -

163

bps

110

bps

Technology and communications

Internal models

25

Credit spreads

102

bps -

138

bps

126

bps

Industrial

Internal models

48

Credit spreads

85

bps -

197

bps

149

bps

Capital goods

Internal models

95

Credit spreads

71

bps -

272

bps

167

bps

Consumer—cyclical

Internal models

50

Credit spreads

102

bps -

197

bps

159

bps

Transportation

Internal models

20

Credit spreads

138

bps -

197

bps

150

bps

Other

Internal models

21

Credit spreads

84

bps -

158

bps

132

bps

Total non-U.S. corporate

Internal models

$

858

Credit spreads

71

bps -

272

bps

150

bps

Derivative assets:

Equity index options

Discounted cash flows

$

6

Equity index

volatility

6

% -

25

%

20%

(1)	Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.

Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis

The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of December 31:


	2022
(Amounts in millions)	Total		Level 1		Level 2		Level 3
Liabilities
Policyholder account balances:
GMWB embedded derivatives (1)	$	223	$	—	$	—	$	223
Fixed index annuity embedded derivatives		202		—		—		202
Indexed universal life embedded derivatives		15		—		—		15

Total policyholder account balances		440		—		—		440

Derivative liabilities:
Interest rate swaps		522		—		522		—

Total derivative liabilities		522		—		522		—

Total liabilities	$	962	$	—	$	522	$	440

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.


	2021
(Amounts in millions)	Total		Level 1		Level 2		Level 3
Liabilities
Policyholder account balances:
GMWB embedded derivatives (1)	$	271	$	—	$	—	$	271
Fixed index annuity embedded derivatives		294		—		—		294
Indexed universal life embedded derivatives		25		—		—		25

Total policyholder account balances		590		—		—		590

Derivative liabilities:
Interest rate swaps		26		—		26		—

Total derivative liabilities		26		—		26		—

Total liabilities	$	616	$	—	$	26	$	590

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value

The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated:


	Beginning balance as of January 1, 2022		Total realized and unrealized (gains) losses																			Ending balance as of December 31, 2022		Total (gains) losses attributable to liabilities still held
(Amounts in millions)	Beginning balance as of January 1, 2022		Included in net (income)			Included in OCI		Purchases		Sales		Issuances		Settlements			Transfer into Level 3		Transfer out of Level 3			Ending balance as of December 31, 2022		Included in net (income)			Included in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	271	$	(70	)	$	—	$	—	$	—	$	22	$	—		$	—	$	—		$	223	$	(66	)	$	—
Fixed index annuity embedded derivatives		294		(16	)		—		—		—		—		(73	)		—		(3	)		202		(16	)		—
Indexed universal life embedded derivatives		25		(27	)		—		—		—		17		—			—		—			15		(27	)		—

Total policyholder account balances		590		(113	)		—		—		—		39		(73	)		—		(3	)		440		(109	)		—

Total Level 3 liabilities	$	590	$	(113	)	$	—	$	—	$	—	$	39	$	(73	)	$	—	$	(3	)	$	440	$	(109	)	$	—

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.


	Beginning balance as of January 1, 2021		Total realized and unrealized (gains) losses																			Ending balance as of December 31, 2021		Total (gains) losses attributable to liabilities still held
(Amounts in millions)	Beginning balance as of January 1, 2021		Included in net (income)			Included in OCI		Purchases		Sales		Issuances		Settlements			Transfer into Level 3		Transfer out of Level 3			Ending balance as of December 31, 2021		Included in net (income)			Included in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	379	$	(133	)	$	—	$	—	$	—	$	25	$	—		$	—	$	—		$	271	$	(127	)	$	—
Fixed index annuity embedded derivatives		399		32			—		—		—		—		(136	)		—		(1	)		294		32			—
Indexed universal life embedded derivatives		26		(24	)		—		—		—		23		—			—		—			25		(24	)		—

Total policyholder account balances		804		(125	)		—		—		—		48		(136	)		—		(1	)		590		(119	)		—

Total Level 3 liabilities	$	804	$	(125	)	$	—	$	—	$	—	$	48	$	(136	)	$	—	$	(1	)	$	590	$	(119	)	$	—

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.


	Beginning balance as of January 1, 2020		Total realized and unrealized (gains) losses																		Ending balance as of December 31, 2020		Total (gains) losses attributable to liabilities still held
(Amounts in millions)	Beginning balance as of January 1, 2020		Included in net (income)			Included in OCI		Purchases		Sales		Issuances		Settlements			Transfer into Level 3		Transfer out of Level 3		Ending balance as of December 31, 2020		Included in net (income)			Included in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	323	$	32		$	—	$	—	$	—	$	24	$	—		$	—	$	—	$	379	$	38		$	—
Fixed index annuity embedded derivatives		452		51			—		—		—		—		(104	)		—		—		399		51			—
Indexed universal life embedded derivatives		19		(17	)		—		—		—		24		—			—		—		26		(17	)		—

Total policyholder account balances		794		66			—		—		—		48		(104	)		—		—		804		72			—

Total Level 3 liabilities	$	794	$	66		$	—	$	—	$	—	$	48	$	(104	)	$	—	$	—	$	804	$	72		$	—

(1)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value

The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the years ended December 31:


(Amounts in millions)	2022			2021			2020
Total realized and unrealized (gains) losses included in net (income):
Net investment income	$	—		$	—		$	—
Net investment (gains) losses		(113	)		(125	)		66

Total	$	(113	)	$	(125	)	$	66

Total (gains) losses included in net (income) attributable to liabilities still held:
Net investment income	$	—		$	—		$	—
Net investment (gains) losses		(109	)		(119	)		72

Total	$	(109	)	$	(119	)	$	72

Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements

The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level

3 as of December 31, 2022:


(Amounts in millions)	Valuation technique	Fair value		Unobservable input	Range	Weighted-average (1)

Policyholder account balances:
				Withdrawal utilization rate	61 % - 89%		77	%
				Lapse rate	2 % - 9%		2	%
				Non-performance risk (credit spreads)	40 bps - 83bps		69	bps
GMWB e mbedded derivatives (2)	Stochastic cash flow model	$	223	Equity index volatility	21 % - 31%		25	%
Fixed index annuity embedded derivatives	Option budget method	$	202	Expected future interest credited	— % - 3 %		1	%
Indexed universal life embedded derivatives	Option budget method	$	15	Expected future interest credited	2 % - 14%		5	%

(1)	Unobservable inputs weighted by the policyholder account balances associated with the instrument.

(2)	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.

Fair Value Financial Instruments Not Required to be Carried at Fair Value

The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of December 31:


	2022
	Notional			Carrying		Fair value
(Amounts in millions)	amount			amount		Total		Level 1		Level 2		Level 3
Assets:
Commercial mortgage loans, net		(1	)	$	7,010	$	6,345	$	—	$	—	$	6,345
Bank loan investments		(1	)		467		474		—		—		474
Liabilities:
Long-term borrowings (2)		(1	)		1,611		1,346		—		1,346		—
Investment contracts		(1	)		7,409		7,169		—		—		7,169
Other firm commitments:
Commitments to fund bank loan investments	$	70			—		—		—		—		—
Ordinary course of business lending commitments		24			—		—		—		—		—

(1)	These financial instruments do not have notional amounts.

(2)	See note 12 for additional information related to borrowings.


	2021
	Notional			Carrying		Fair value
(Amounts in millions)	amount			amount		Total		Level 1		Level 2		Level 3
Assets:
Commercial mortgage loans, net		(1	)	$	6,830	$	7,224	$	—	$	—	$	7,224
Bank loan investments		(1	)		363		370		—		—		370
Liabilities:
Long-term borrowings (2)		(1	)		1,899		1,767		—		1,767		—
Investment contracts		(1	)		8,657		9,352		—		—		9,352
Other firm commitments:
Commitments to fund bank loan investments	$	141			—		—		—		—		—
Ordinary course of business lending commitments		125			—		—		—		—		—

(1)	These financial instruments do not have notional amounts.

(2)	See note 12 for additional information related to borrowings.

Summary of carrying value of limited partnerships and commitments to fund

The following table presents the carrying value of limited partnerships and commitments to fund as of December 31:


	2022				2021
	Carrying		Commitments		Carrying		Commitments
(Amounts in millions)	value		to fund		value		to fund

Limited partnerships accounted for at NAV:
Private equity funds (1)	$	1,647	$	1,107	$	1,312	$	950
Real estate funds (2)		82		79		67		101
Infrastructure funds (3)		63		29		57		13

Total limited partnerships accounted for at NAV		1,792		1,215		1,436		1,064

Limited partnerships accounted for at fair value		24		1		26		1
Limited partnerships accounted for under the equity method of accounting		515		149		437		120
Low-income housing tax credits (4)		—		—		1		—

Total	$	2,331	$	1,365	$	1,900	$	1,185

(1)

This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.

(2)	This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.

(3)	This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.

(4)	Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.

Insurance Subsidiary Financial Information and Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Combined Statutory Net Income (Loss) and Statutory Capital and Surplus

The tables below include the combined statutory net income and statutory capital and surplus for our U.S. domiciled insurance subsidiaries for the periods indicated:

	Years ended December 31,
(Amounts in millions)	2022		2021			2020
Combined statutory net income (loss):
Life insurance subsidiaries, excluding captive life reinsurance subsidiaries	$	276	$	654		$	197
Mortgage insurance subsidiaries		747		593			404

Combined statutory net income, excluding captive reinsurance subsidiaries		1,023		1,247			601
Captive life insurance subsidiaries		253		(1,351	)		9

Combined statutory net income (loss)	$	1,276	$	(104	)	$	610


	As of December 31,
(Amounts in millions)	2022		2021
Combined statutory capital and surplus:
Life insurance subsidiaries, excluding captive life reinsurance subsidiaries	$	3,082	$	2,945
Mortgage insurance subsidiaries		4,687		4,439

Combined statutory capital and surplus	$	7,769	$	7,384

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Summary of Segments and Corporate and Other Activities

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

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


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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

Summary of Revenues of Major Product Groups for Segments and Corporate and Other Activities

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


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

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

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

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

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

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


(Amounts in millions)	2022			2021			2020


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

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

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

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

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

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


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

U.S. Life Insurance segment		66			267			68

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

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

Schedule of Revenue, Net Income and Assets by Geographic Location

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


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

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

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

Net income (loss)	$	739	$	—	$	739

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


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

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

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

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

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


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

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

Net income	$	214	$	(2	)	$	212

(1)	Predominantly comprised of operations in Mexico.

Quarterly Results of Operations (unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Results of Operations

Our unaudited quarterly results of operations for the year ended December 31, 2022 are summarized in the table below.


	Three months ended
	March 31,			June 30,			September 30,		December 31,
(Amounts in millions, except per share amounts)	2022			2022			2022		2022

Total revenues	$	1,892		$	1,881		$	1,839	$	1,895

Total benefits and expenses (1), (2)	$	1,653		$	1,588		$	1,653	$	1,635

Income from continuing operations (1), (2)	$	181		$	220		$	134	$	204

Income (loss) from discontinued operations, net of taxes	$	(2	)	$	(1	)	$	5	$	(2	)

Net income (1), (2)	$	179		$	219		$	139	$	202

Net income from continuing operations attributable to noncontrolling interests	$	30		$	38		$	35	$	27

Net income from discontinued operations attributable to noncontrolling interests	$	—		$	—		$	—	$	—

Net income available to Genworth Financial, Inc.’s common stockholders (1), (2)	$	149		$	181		$	104	$	175

Net income available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	151		$	182		$	99	$	177
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		(2	)		(1	)		5		(2	)

Net income available to Genworth Financial, Inc.’s common stockholders	$	149		$	181		$	104	$	175

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.30		$	0.36			0.20	$	0.36

Diluted	$	0.29		$	0.36		$	0.19	$	0.35


Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.29		$	0.36		$	0.21	$	0.35

Diluted	$	0.29		$	0.35		$	0.20	$	0.35

Weighted-average common shares outstanding:
Basic		508.3			509.0			504.0		496.7
Diluted		517.4			514.2			509.4		503.2

(1)	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $ 42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.

(2)	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $ 43 million mostly attributable to higher interest rates.

Our unaudited quarterly results of operations for the year ended December 31, 2021 are summarized in the table below.


	Three months ended
	March 31,		June 30,			September 30,		December 31,
(Amounts in millions, except per share amounts)	2021		2021			2021		2021
Total revenues (1)	$	1,985	$	2,041		$	2,070	$	1,736

Total benefits and expenses (2)	$	1,752	$	1,721		$	1,697	$	1,481

Income from continuing operations (1), (2), (3)	$	174	$	245		$	306	$	193

Income (loss) from discontinued operations, net of taxes	$	21	$	(5	)	$	12	$	(1	)

Net income (1), (2), (3)	$	195	$	240		$	318	$	192

Net income from continuing operations attributable to noncontrolling interests (4)	$	—	$	—		$	4	$	29

Net income from discontinued operations attributable to noncontrolling interests	$	8	$	—		$	—	$	—

Net income available to Genworth Financial, Inc.’s common stockholders (4)	$	187	$	240		$	314	$	163

Net income available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	174	$	245		$	302	$	164
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		13		(5	)		12		(1	)

Net income available to Genworth Financial, Inc.’s common stockholders	$	187	$	240		$	314	$	163

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.35	$	0.48		$	0.59	$	0.32

Diluted	$	0.34	$	0.47		$	0.59	$	0.32

Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic	$	0.37	$	0.47		$	0.62	$	0.32

Diluted	$	0.37	$	0.47		$	0.61	$	0.32

Weighted-average common shares outstanding:
Basic		506.0		507.0			507.4		507.4
Diluted		513.8		515.0			514.2		515.6

(1)	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.

(2)

In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher

pre-COVID-19

mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.

(3)

In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.

(4)	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.

Changes in Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes

The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:


	Net						Foreign
	unrealized						currency
	investment			Derivatives			translation
	gains			qualifying as			and other
(Amounts in millions)	(losses) (1)			hedges (2)			adjustments			Total
Balances as of January 1, 2022	$	1,860		$	2,025		$	(24	)	$	3,861
OCI before reclassifications		(5,430	)		(674	)		37			(6,067	)
Amounts reclassified from (to) OCI		58			(151	)		(7	)		(100	)

Current period OCI		(5,372	)		(825	)		30			(6,167	)

Balances as of December 31, 2022 before noncontrolling interests		(3,512	)		1,200			6			(2,306	)
Less: change in OCI attributable to noncontrolling interests		(86	)		—			—			(86	)

Balances as of December 31, 2022	$	(3,426	)	$	1,200		$	6		$	(2,220	)

(1)	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.

(2)	See note 5 for additional information.


	Net						Foreign
	unrealized						currency
	investment			Derivatives			translation
	gains			qualifying as			and other
(Amounts in millions)	(losses) (1)			hedges (2)			adjustments			Total
Balances as of January 1, 2021	$	2,214		$	2,211		$	—		$	4,425
OCI before reclassifications		(313	)		(45	)		148			(210	)
Amounts reclassified from (to) OCI		(51	)		(141	)		—			(192	)

Current period OCI		(364	)		(186	)		148			(402	)

Balances as of December 31, 2021 before noncontrolling interests		1,850			2,025			148			4,023
Less: change in OCI attributable to noncontrolling interests		(10	)		—			172			162

Balances as of December 31, 2021	$	1,860		$	2,025		$	(24	)	$	3,861

(1)	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.

(2)	See note 5 for additional information.

278


	Net						Foreign
	unrealized						currency
	investment			Derivatives			translation
	gains			qualifying as			and other
(Amounts in millions)	(losses) (1)			hedges (2)			adjustments			Total
Balances as of January 1, 2020	$	1,456		$	2,002		$	(25	)	$	3,433
OCI before reclassifications		1,132			344			55			1,531
Amounts reclassified from (to) OCI		(374	)		(135	)		—			(509	)

Current period OCI		758			209			55			1,022

Balances as of December 31, 2020 before noncontrolling interests		2,214			2,211			30			4,455
Less: change in OCI attributable to noncontrolling interests		—			—			30			30

Balances as of December 31, 2020	$	2,214		$	2,211		$	—		$	4,425

(1)	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.

(2)	See note 5 for additional information.

Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The

following table shows reclassifications out of accumulated other comprehensive income (loss), net of taxes, for the periods presented:


	Amount reclassified from accumulated
	other comprehensive income (loss)									Affected line item in the
	Years ended December 31,									consolidated statements
(Amounts in millions)	2022			2021			2020			of income
Net unrealized investment (gains) losses:
Unrealized (gains) losses on investments (1)	$	74		$	(65	)	$	(474	)	Net investment (gains) losses
Income taxes		(16	)		14			100		Provision for income taxes

Total	$	58		$	(51	)	$	(374	)

Derivatives designated as hedges:
Interest rate swaps hedging assets	$	(225	)	$	(217	)	$	(196	)	Net investment income
Interest rate swaps hedging assets		(9	)		(1	)		(12	)	Net investment (gains) losses
Interest rate swaps hedging liabilities		3			1			—		Interest expense
Income taxes		80			76			73		Provision for income taxes

Total	$	(151	)	$	(141	)	$	(135	)

(1)	Amounts exclude adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances.

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Summary of Changes in Ownership Interests

A summary of these changes in ownership interests and the effect on stockholders’ equity was as follows for the year ended December 31, 2021:


(Amounts in millions)
Net income available to Genworth Financial, Inc.’s common stockholders	$	904
Transfers to noncontrolling interests:
Decrease in Genworth Financial, Inc.’s additional paid-in capital for initial sale of Enact Holdings shares to noncontrolling interests		(167	)

Net transfers to noncontrolling interests		(167	)

Change from net income available to Genworth Financial, Inc.’s common stockholders and transfers to noncontrolling interests	$	737

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Income Loss On Sale Recorded In Our Disposition Group

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


(Amounts in millions)
Net cash proceeds	$	370
Add: carrying value of noncontrolling interests (1)		657

Total adjusted consideration (2)		1,027
Carrying value of the disposal group before accumulated other comprehensive (income) loss		1,040
Add: total accumulated other comprehensive (income) loss of disposal group (3)		109

Total adjusted carrying value of the disposal group		1,149
Pre-tax loss on sale		(122	)
Tax benefit on sale		122

After-tax gain (loss) on sale	$	—

(1)

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

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

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

Summary of Operating Results Related to Discontinued Operations

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


(Amounts in millions)	2021			2020
Revenues:
Premiums	$	51		$	274
Net investment income		4			33
Net investment gains (losses)		(5	)		66
Policy fees and other income		—			1

Total revenues		50			374

Benefits and expenses:
Benefits and other changes in policy reserves		11			177
Acquisition and operating expenses, net of deferrals		7			53
Amortization of deferred acquisition costs and intangibles		6			29
Goodwill impairment		—			5
Interest expense		1			7

Total benefits and expenses		25			271

Income before income taxes and gain (loss) on sale (1)		25			103
Provision for income taxes		8			40

Income before gain (loss) on sale		17			63
Gain (loss) on sale, net of taxes		—			—

Income from discontinued operations, net of taxes		17			63

Less: net income from discontinued operations attributable to noncontrolling interests		8			34

Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders	$	9		$	29

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

Nature of Business and Formation of Genworth - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 24, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) Segment $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 02, 2022 USD ($)	Apr. 01, 2013
Number of operating segments \| Segment		3
Stock repurchase program, authorized amount					$ 350
Number of shares repurchased \| shares	5,912,297	16,173,196
Average price per share repurchased \| $ / shares	$ 6.08	$ 3.94
Payments for repurchase of common stock	$ 36	$ 64	$ 0	$ 0
Stock repurchase program, remaining authorized repurchase amount	$ 250
Genworth Holdings
Percentage of subsidiary equity ownership						100.00%

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Jan. 01, 2021

Dec. 31, 2020

Jan. 01, 2020

Dec. 31, 2019

Non-accrual status of loans after number of days past due

90 days

Cash equivalents determination for original maturities of investments, maximum number of months

3 months

$ 3,098

$ 2,490

Operating Lease, Liability

(2,220)

3,861

$ 4,425

$ 3,433

$ 51

Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]

Operating Lease, Liability

Operating Lease, Weighted Average Remaining Lease Term

8 years

Operating lease weighted average discount rate

7.00%

Restricted commercial mortgage loans related to securitization entities

$ 21

29

7

11

11

9

31

$ 18

Short-term investments, minimum number of months

3 months

Short-term investments, maximum number of months

1 year

Total equity

$ 10,739

16,266

$ 15,820

14,632

Minimum threshold ownership percentage of limited partnership interest, equity method

3.00%

Commercial mortgage loans

Accrued interest carrying value in Accrued investment income

$ 22

23

Cumulative effect of change in accounting

Total equity

$ (55)

Maximum [Member]

Operating lease term

16 years

Minimum [Member]

Subject to enforceable master netting arrangement

Operating lease term

1 year

$ (21)

(308)

Subject to enforceable master netting arrangement | Derivative liabilities

1,095

536

^[1]

0

Subject to enforceable master netting arrangement | Derivative assets

^[1]

(1,095)

(536)

^[1]

(21)

(308)

Subject to enforceable master netting arrangement | Non Cash Collateral | Derivative liabilities

^[1]

0

Subject to enforceable master netting arrangement | Non Cash Collateral | Derivative assets

(1,095)

(536)

Subject to enforceable master netting arrangement | Cash Collateral | Derivative assets

(5)

(53)

Fixed maturity securities

(16)

(255)

Accrued interest carrying value in Accrued investment income

$ 511

$ 523

Accounting Standards Update 2016-13 | Off-balance sheet credit exposures | Cumulative effect of change in accounting

Accounting Standards Update 2016-13 | Reinsurance recoverables | Cumulative effect of change in accounting

$ 1

Adoption of new accounting guidance, deferred tax impact

31

9

Accounting Standards Update 2016-13 | Investments carried at amortized cost | Cumulative effect of change in accounting

Adoption of new accounting guidance, deferred tax impact

23

$ 6

Accounting Standards Update 2018-12

Net premium ratio, maximum

100.00%

Accounting Standards Update 2018-12 | Net Income Impact

Net premium ratio, maximum

100.00%

Accounting Standards Update 2018-12 | Cumulative effect of change in accounting

$ 2,200

Net premium ratio percentage limit for cohorts

$ 11,500

100.00%

Total equity

$ 13,700

Net premium ratio, maximum

100.00%

Accounting Standards Update 2018-12 | Cumulative effect of change in accounting | Discount Rate Change

Accounting Standards Update 2018-12 | Cumulative effect of change in accounting | Shadow Accounting Adjustments

$ 17,100

Weighted-average common shares used in basic earnings (loss) per share calculations

$ (5,600)

[1]	Does not include amounts related to embedded derivatives as of December 31, 2022 and 2021.

Earning (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

496.7

504.0

509.0

508.3

507.4

507.0

506.0

504.5

506.9

505.2

Stock options, restricted stock units and other equity-based awards

6.5

7.8

6.4

Weighted-average common shares used in diluted earnings (loss) per share calculations

503.2

509.4

514.2

517.4

515.6

514.2

515.0

513.8

511.0

514.7

511.6

Income from continuing operations:

Less: net income from continuing operations attributable to noncontrolling interests

$ 204

^[1],[2]

$ 134

^[1],[2]

$ 220

^[1],[2]

$ 181

^[1],[2]

$ 193

^[3],[4],[5]

$ 306

^[3],[4],[5]

$ 245

^[3],[4],[5]

$ 174

^[3],[4],[5]

$ 739

$ 918

$ 698

27

35

38

30

29

^[6]

4

^[6]

0

^[6]

0

^[6]

130

33

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

$ 177

$ 99

$ 182

$ 151

$ 164

$ 302

$ 245

$ 174

$ 609

$ 885

$ 698

Basic per share

$ 0.36

$ 0.2

$ 0.36

$ 0.3

$ 0.32

$ 0.59

$ 0.48

$ 0.35

$ 1.21

$ 1.75

$ 1.38

Diluted per share

$ 0.35

$ 0.19

$ 0.36

$ 0.29

$ 0.32

$ 0.59

$ 0.47

$ 0.34

$ 1.19

$ 1.72

$ 1.36

Income (loss) from discontinued operations:

Income (loss) from discontinued operations, net of taxes

$ (2)

$ 5

$ (1)

$ (2)

$ (1)

$ 12

$ (5)

$ 21

$ 0

$ 27

$ (486)

Less: net income from discontinued operations attributable to noncontrolling interests

0

8

0

8

34

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

(2)

5

(1)

(2)

(1)

12

(5)

13

$ 0

$ 19

$ (520)

Basic per share

$ 0

$ 0.04

$ (1.03)

Diluted per share

$ 0

$ 0.04

$ (1.02)

Net income (loss):

Income (loss) from discontinued operations, net of taxes

204

^[1],[2]

134

^[1],[2]

220

^[1],[2]

181

^[1],[2]

193

^[3],[4],[5]

306

^[3],[4],[5]

245

^[3],[4],[5]

174

^[3],[4],[5]

$ 739

$ 918

$ 698

(2)

5

(1)

(2)

(1)

12

(5)

21

0

27

(486)

Less: net income attributable to noncontrolling interests

202

^[1],[2]

139

^[1],[2]

219

^[1],[2]

179

^[1],[2]

192

^[3],[4],[5]

318

^[3],[4],[5]

240

^[3],[4],[5]

195

^[3],[4],[5]

739

945

212

130

41

34

Net income available to Genworth Financial, Inc.'s common stockholders

$ 175

^[1],[2]

$ 104

^[1],[2]

$ 181

^[1],[2]

$ 149

^[1],[2]

$ 163

^[6]

$ 314

^[6]

$ 240

^[6]

$ 187

^[6]

$ 609

$ 904

$ 178

Basic per share

$ 0.35

$ 0.21

$ 0.36

$ 0.29

$ 0.32

$ 0.62

$ 0.47

$ 0.37

$ 1.21

^[7]

$ 1.78

^[7]

$ 0.35

^[7]

Diluted per share

$ 0.35

$ 0.2

$ 0.35

$ 0.29

$ 0.32

$ 0.61

$ 0.47

$ 0.37

$ 1.19

^[7]

$ 1.76

^[7]

$ 0.35

^[7]

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[5]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.
[6]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.
[7]	May not total due to whole number calculation.

Net Investment Income (Detail) - USD ($) $ in Millions	12 Months Ended
Net Investment Income (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Gross investment income before expenses and fees	$ 3,229	$ 3,457	$ 3,320
Expenses and fees	(83)	(87)	(93)
Net investment income	3,146	3,370	3,227
Fixed maturity securities—taxable
Net Investment Income [Line Items]
Gross investment income before expenses and fees	2,296	2,411	2,448
Fixed maturity securities—non-taxable
Net Investment Income [Line Items]
Gross investment income before expenses and fees	5	7	6
Equity Securities
Net Investment Income [Line Items]
Gross investment income before expenses and fees	10	9	12
Commercial mortgage loans
Net Investment Income [Line Items]
Gross investment income before expenses and fees	321	376	345
Policy Loans
Net Investment Income [Line Items]
Gross investment income before expenses and fees	211	189	199
Limited Partnerships
Net Investment Income [Line Items]
Gross investment income before expenses and fees	99	223	72
Other invested assets
Net Investment Income [Line Items]
Gross investment income before expenses and fees	267	241	223
Cash, cash equivalents, restricted cash and short-term investments
Net Investment Income [Line Items]
Gross investment income before expenses and fees	$ 20	$ 1	$ 15

Net Investment Gains (Losses) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Available-for-sale fixed maturity securities

Realized gains

$ 28

$ 67

$ 471

Realized losses

(102)

(10)

(29)

Net realized gains (losses) on available-for-sale fixed maturity securities

(74)

57

442

Net realized gains (losses) on equity securities sold

0

(7)

(1)

Net realized gains (losses) on limited partnerships

0

3

0

Total net realized investment gains (losses)

(74)

53

441

Net change in allowance for credit losses on available-for-sale fixed maturity securities

0

(6)

(5)

Write-down of available-for-sale fixed maturity securities

^[1]

(2)

(1)

(4)

Net unrealized gains (losses) on equity securities still held

(35)

1

4

Net unrealized gains (losses) on limited partnerships

71

264

112

Commercial mortgage loans

4

(3)

(2)

Derivative instruments

^[2]

17

14

(49)

Total net investment gains (losses)

2

1

(5)

$ (17)

$ 323

$ 492

[1]	Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
[2]	See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).

Net Investment Allowance for Credit Losses (Detail) - Fixed maturity securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning Balance	$ 4	$ 0
Increase from securities without allowance in previous periods	0	7
Increase (decrease) from securities with allowance in previous periods	6	(2)
Securities Sold	(7)	(1)
Decrease due to change in intent or requirement to sell	0	0
Write-offs	(3)	0
Recoveries	0	0
Ending Balance	0	4
Non-U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning Balance	1	0
Increase from securities without allowance in previous periods	0	4
Increase (decrease) from securities with allowance in previous periods	6	(2)
Securities Sold	(7)	(1)
Decrease due to change in intent or requirement to sell	0	0
Write-offs	0	0
Recoveries	0	0
Ending Balance	0	1
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning Balance	3	0
Increase from securities without allowance in previous periods	0	3
Increase (decrease) from securities with allowance in previous periods	0	0
Securities Sold	0	0
Decrease due to change in intent or requirement to sell	0	0
Write-offs	(3)	0
Recoveries	0	0
Ending Balance	$ 0	$ 3

Investments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Percentage of investment portfolio by which no other industry group exceeded	10.00%
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded	10
Commercial mortgage loans on nonaccrual status	$ 0
Total Assets	86,442	$ 99,171
Commercial mortgage loans, amortized cost	7,032	6,856
Commercial mortgage-backed
Schedule of Investments [Line Items]
Commercial mortgage loans,Allowance for credit losses	0
Limited Partnerships \| Variable interest Entity, not primary beneficiary
Schedule of Investments [Line Items]
Total Assets	$ 2,230	1,829
Finance and insurance \| Fixed maturity securities
Schedule of Investments [Line Items]
Percent of investment portfolio, greater than 10%	27.00%
Utilities \| Fixed maturity securities
Schedule of Investments [Line Items]
Percent of investment portfolio, greater than 10%	13.00%
Consumer-non-cyclical \| Fixed maturity securities
Schedule of Investments [Line Items]
Percent of investment portfolio, greater than 10%	14.00%
Insurance [Member]
Schedule of Investments [Line Items]
Securities on deposit with various state government insurance departments	$ 42	45
Technology and Communications \| Fixed maturity securities
Schedule of Investments [Line Items]
Percent of investment portfolio, greater than 10%	11.00%
Office
Schedule of Investments [Line Items]
Commercial mortgage loans, amortized cost	$ 1,579	1,526
Write-offs		8
Office \| 31 to 60 Past due
Schedule of Investments [Line Items]
Commercial mortgage loans, amortized cost		$ 22

Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as Separate Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items]

Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses

^[1]

$ (4,251)

$ 7,869

$ 10,159

Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses

^[1]

0

(7)

Adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances

44

(5,487)

(7,302)

Income taxes, net

710

(507)

(611)

Net unrealized investment gains (losses)

(3,497)

1,875

2,239

Less: net unrealized investment gains (losses) attributable to noncontrolling interests

(71)

15

25

Net unrealized investment gains (losses)

$ (3,426)

$ 1,860

$ 2,214

$ 1,456

[1]	Excludes foreign exchange.

Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Investments [Abstract]

Net unrealized investment gains (losses), beginning of period

$ 1,860

$ 2,214

$ 1,456

Unrealized gains (losses) on fixed maturity securities

(12,194)

(2,218)

3,950

Adjustment to DAC

^[1]

1,332

30

122

Adjustment to PVFP

81

0

(1)

Adjustment to sales inducements

28

12

(5)

Adjustment to benefit reserves and policyholder contract balances

^[2]

4,090

1,773

(2,629)

Provision for income taxes

1,233

90

(305)

Change in unrealized gains (losses) on investment securities

(5,430)

(313)

1,132

Reclassification adjustments to net investment (gains) losses, net of taxes of $(16), $14 and $100

58

(51)

(374)

Change in net unrealized investment gains (losses)

(5,372)

(364)

758

Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests

(86)

(10)

0

Net unrealized investment gains (losses), end of period

$ (3,426)

$ 1,860

$ 2,214

[1]	See note 6 for additional information.
[2]	See note 9 for additional information.

Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustments to net investment (gains) losses, taxes	$ (16)	$ 14	$ 100

Amortized Cost or Cost, Gross Unrealized Gains (Losses), Allowance for Credit Losses and Fair Value of Fixed Maturity Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	$ 50,834	$ 52,611
Fair value, fixed maturity securities	46,583	60,480
Fixed maturity securities
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	50,834	52,611
Gross unrealized gains, fixed maturity securities	596	8,004
Gross unrealized losses, fixed maturity securities	(4,847)	(135)
Allowance for credit losses	0	0	$ (4)	$ 0
Fair value, fixed maturity securities	46,583	60,480
Fixed maturity securities \| U.S. government, agencies and government-sponsored enterprises
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	3,446	3,368
Gross unrealized gains, fixed maturity securities	86	1,184
Gross unrealized losses, fixed maturity securities	(191)	0
Allowance for credit losses	0	0
Fair value, fixed maturity securities	3,341	4,552
Fixed maturity securities \| State and Political Subdivisions
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	2,726	2,982
Gross unrealized gains, fixed maturity securities	19	474
Gross unrealized losses, fixed maturity securities	(346)	(6)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	2,399	3,450
Fixed maturity securities \| Non-U.S. government
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	731	762
Gross unrealized gains, fixed maturity securities	15	86
Gross unrealized losses, fixed maturity securities	(101)	(13)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	645	835
Fixed maturity securities \| U.S. corporate
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	29,641	30,257
Gross unrealized gains, fixed maturity securities	374	4,746
Gross unrealized losses, fixed maturity securities	(2,896)	(79)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	27,119	34,924
Fixed maturity securities \| U.S. corporate \| Utilities
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	4,295	4,330
Gross unrealized gains, fixed maturity securities	50	783
Gross unrealized losses, fixed maturity securities	(447)	(9)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	3,898	5,104
Fixed maturity securities \| U.S. corporate \| Energy
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	2,450	2,581
Gross unrealized gains, fixed maturity securities	33	363
Gross unrealized losses, fixed maturity securities	(221)	(10)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	2,262	2,934
Fixed maturity securities \| U.S. corporate \| Finance and insurance
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	8,005	8,003
Gross unrealized gains, fixed maturity securities	59	1,012
Gross unrealized losses, fixed maturity securities	(871)	(24)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	7,193	8,991
Fixed maturity securities \| U.S. corporate \| Consumer-non-cyclical
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	4,776	5,138
Gross unrealized gains, fixed maturity securities	84	1,029
Gross unrealized losses, fixed maturity securities	(403)	(8)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	4,457	6,159
Fixed maturity securities \| U.S. corporate \| Technology and communications
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	3,265	3,345
Gross unrealized gains, fixed maturity securities	43	476
Gross unrealized losses, fixed maturity securities	(361)	(13)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	2,947	3,808
Fixed maturity securities \| U.S. corporate \| Industrial
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	1,312	1,322
Gross unrealized gains, fixed maturity securities	15	175
Gross unrealized losses, fixed maturity securities	(130)	(3)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	1,197	1,494
Fixed maturity securities \| U.S. corporate \| Capital goods
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	2,290	2,334
Gross unrealized gains, fixed maturity securities	41	415
Gross unrealized losses, fixed maturity securities	(193)	(4)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	2,138	2,745
Fixed maturity securities \| U.S. corporate \| Consumer-cyclical
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	1,758	1,703
Gross unrealized gains, fixed maturity securities	14	203
Gross unrealized losses, fixed maturity securities	(155)	(7)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	1,617	1,899
Fixed maturity securities \| U.S. corporate \| Transportation
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	1,165	1,122
Gross unrealized gains, fixed maturity securities	32	249
Gross unrealized losses, fixed maturity securities	(97)	0
Allowance for credit losses	0	0
Fair value, fixed maturity securities	1,100	1,371
Fixed maturity securities \| U.S. corporate \| Other
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	325	379
Gross unrealized gains, fixed maturity securities	3	41
Gross unrealized losses, fixed maturity securities	(18)	(1)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	310	419
Fixed maturity securities \| Non-U.S. corporate
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	8,720	9,344
Gross unrealized gains, fixed maturity securities	92	1,217
Gross unrealized losses, fixed maturity securities	(802)	(26)
Allowance for credit losses	0	0	(1)	0
Fair value, fixed maturity securities	8,010	10,535
Fixed maturity securities \| Non-U.S. corporate \| Utilities
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	817	867
Gross unrealized gains, fixed maturity securities	0	63
Gross unrealized losses, fixed maturity securities	(77)	(2)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	740	928
Fixed maturity securities \| Non-U.S. corporate \| Energy
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	1,009	1,194
Gross unrealized gains, fixed maturity securities	19	190
Gross unrealized losses, fixed maturity securities	(68)	(1)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	960	1,383
Fixed maturity securities \| Non-U.S. corporate \| Finance and insurance
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	2,124	2,171
Gross unrealized gains, fixed maturity securities	30	270
Gross unrealized losses, fixed maturity securities	(208)	(9)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	1,946	2,432
Fixed maturity securities \| Non-U.S. corporate \| Consumer-non-cyclical
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	655	664
Gross unrealized gains, fixed maturity securities	1	81
Gross unrealized losses, fixed maturity securities	(90)	(2)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	566	743
Fixed maturity securities \| Non-U.S. corporate \| Technology and communications
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	997	1,085
Gross unrealized gains, fixed maturity securities	4	166
Gross unrealized losses, fixed maturity securities	(107)	(1)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	894	1,250
Fixed maturity securities \| Non-U.S. corporate \| Industrial
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	880	933
Gross unrealized gains, fixed maturity securities	8	117
Gross unrealized losses, fixed maturity securities	(70)	(3)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	818	1,047
Fixed maturity securities \| Non-U.S. corporate \| Capital goods
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	606	640
Gross unrealized gains, fixed maturity securities	3	66
Gross unrealized losses, fixed maturity securities	(63)	(1)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	546	705
Fixed maturity securities \| Non-U.S. corporate \| Consumer-cyclical
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	308	316
Gross unrealized gains, fixed maturity securities	0	27
Gross unrealized losses, fixed maturity securities	(32)	(2)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	276	341
Fixed maturity securities \| Non-U.S. corporate \| Transportation
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	392	422
Gross unrealized gains, fixed maturity securities	12	68
Gross unrealized losses, fixed maturity securities	(29)	(1)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	375	489
Fixed maturity securities \| Non-U.S. corporate \| Other
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	932	1,052
Gross unrealized gains, fixed maturity securities	15	169
Gross unrealized losses, fixed maturity securities	(58)	(4)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	889	1,217
Fixed maturity securities \| Residential mortgage-backed
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	1,059	1,325
Gross unrealized gains, fixed maturity securities	7	116
Gross unrealized losses, fixed maturity securities	(71)	(1)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	995	1,440
Fixed maturity securities \| Commercial mortgage-backed
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	2,183	2,435
Gross unrealized gains, fixed maturity securities	2	152
Gross unrealized losses, fixed maturity securities	(277)	(3)
Allowance for credit losses	0	0	$ (3)	$ 0
Fair value, fixed maturity securities	1,908	2,584
Fixed maturity securities \| Other asset-backed
Schedule of Investments [Line Items]
Amortized cost or cost, fixed maturity securities	2,328	2,138
Gross unrealized gains, fixed maturity securities	1	29
Gross unrealized losses, fixed maturity securities	(163)	(7)
Allowance for credit losses	0	0
Fair value, fixed maturity securities	$ 2,166	$ 2,160

Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Millions	Dec. 31, 2022 USD ($) Securities	Dec. 31, 2021 USD ($) Securities
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 31,357	$ 4,991
Less than 12 months, Gross unrealized losses	$ (3,844)	$ (110)
Less than 12 months, Number of securities in a continuous loss position \| Securities	4,360	635
12 months or more, Fair value	$ 3,930	$ 308
12 months or more, Gross unrealized losses	$ (1,003)	$ (25)
12 months or more, Number of securities in a continuous loss position \| Securities	581	35
Total, Fair value	$ 35,287	$ 5,299
Total, Gross unrealized losses	$ (4,847)	$ (135)
Total, Number of securities in a continuous loss position \| Securities	4,941	670
Investment grade
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 29,959	$ 4,644
Less than 12 months, Gross unrealized losses	$ (3,687)	$ (101)
Less than 12 months, Number of securities in a continuous loss position \| Securities	4,158	587
12 months or more, Fair value	$ 3,590	$ 241
12 months or more, Gross unrealized losses	$ (915)	$ (12)
12 months or more, Number of securities in a continuous loss position \| Securities	537	25
Total, Fair value	$ 33,549	$ 4,885
Total, Gross unrealized losses	$ (4,602)	$ (113)
Total, Number of securities in a continuous loss position \| Securities	4,695	612
Below investment grade
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 1,398	$ 347
Less than 12 months, Gross unrealized losses	$ (157)	$ (9)
Less than 12 months, Number of securities in a continuous loss position \| Securities	202	48
12 months or more, Fair value	$ 340	$ 67
12 months or more, Gross unrealized losses	$ (88)	$ (13)
12 months or more, Number of securities in a continuous loss position \| Securities	44	10
Total, Fair value	$ 1,738	$ 414
Total, Gross unrealized losses	$ (245)	$ (22)
Total, Number of securities in a continuous loss position \| Securities	246	58
Fixed maturity securities
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 31,357	$ 4,991
Less than 12 months, Gross unrealized losses	$ (3,844)	$ (110)
Less than 12 months, Number of securities in a continuous loss position \| Securities	4,360	635
12 months or more, Fair value	$ 3,930	$ 308
12 months or more, Gross unrealized losses	$ (1,003)	$ (25)
12 months or more, Number of securities in a continuous loss position \| Securities	581	35
Total, Fair value	$ 35,287	$ 5,299
Total, Gross unrealized losses	$ (4,847)	$ (135)
Total, Number of securities in a continuous loss position \| Securities	4,941	670
Fixed maturity securities \| Less Than 20 Percent Below Cost
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 27,596	$ 4,991
Less than 12 months, Gross unrealized losses	$ (2,587)	$ (110)
Less than 12 months, Number of securities in a continuous loss position \| Securities	3,835	635
12 months or more, Fair value	$ 1,819	$ 297
12 months or more, Gross unrealized losses	$ (291)	$ (20)
12 months or more, Number of securities in a continuous loss position \| Securities	310	33
Total, Fair value	$ 29,415	$ 5,288
Total, Gross unrealized losses	$ (2,878)	$ (130)
Total, Number of securities in a continuous loss position \| Securities	4,145	668
Fixed maturity securities \| 20 To 50 percent below cost
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 3,757	$ 0
Less than 12 months, Gross unrealized losses	$ (1,251)	$ 0
Less than 12 months, Number of securities in a continuous loss position \| Securities	523	0
12 months or more, Fair value	$ 2,111	$ 11
12 months or more, Gross unrealized losses	$ (712)	$ (5)
12 months or more, Number of securities in a continuous loss position \| Securities	271	2
Total, Fair value	$ 5,868	$ 11
Total, Gross unrealized losses	$ (1,963)	$ (5)
Total, Number of securities in a continuous loss position \| Securities	794	2
Fixed maturity securities \| Greater Than 50 Percent Below Cost
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 4
Less than 12 months, Gross unrealized losses	$ (6)
Less than 12 months, Number of securities in a continuous loss position \| Securities	2
12 months or more, Fair value	$ 0
12 months or more, Gross unrealized losses	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	0
Total, Fair value	$ 4
Total, Gross unrealized losses	$ (6)
Total, Number of securities in a continuous loss position \| Securities	2
Fixed maturity securities \| U.S. government, agencies and government-sponsored enterprises
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 1,585
Less than 12 months, Gross unrealized losses	$ (189)
Less than 12 months, Number of securities in a continuous loss position \| Securities	55
12 months or more, Fair value	$ 17
12 months or more, Gross unrealized losses	$ (2)
12 months or more, Number of securities in a continuous loss position \| Securities	6
Total, Fair value	$ 1,602
Total, Gross unrealized losses	$ (191)
Total, Number of securities in a continuous loss position \| Securities	61
Fixed maturity securities \| State and Political Subdivisions
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 1,559	$ 339
Less than 12 months, Gross unrealized losses	$ (269)	$ (6)
Less than 12 months, Number of securities in a continuous loss position \| Securities	258	67
12 months or more, Fair value	$ 261	$ 0
12 months or more, Gross unrealized losses	$ (77)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	66	0
Total, Fair value	$ 1,820	$ 339
Total, Gross unrealized losses	$ (346)	$ (6)
Total, Number of securities in a continuous loss position \| Securities	324	67
Fixed maturity securities \| Non-U.S. government
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 351	$ 173
Less than 12 months, Gross unrealized losses	$ (54)	$ (9)
Less than 12 months, Number of securities in a continuous loss position \| Securities	59	28
12 months or more, Fair value	$ 152	$ 19
12 months or more, Gross unrealized losses	$ (47)	$ (4)
12 months or more, Number of securities in a continuous loss position \| Securities	23	1
Total, Fair value	$ 503	$ 192
Total, Gross unrealized losses	$ (101)	$ (13)
Total, Number of securities in a continuous loss position \| Securities	82	29
Fixed maturity securities \| U.S. corporate
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 18,480	$ 2,593
Less than 12 months, Gross unrealized losses	$ (2,344)	$ (64)
Less than 12 months, Number of securities in a continuous loss position \| Securities	2,452	266
12 months or more, Fair value	$ 2,001	$ 196
12 months or more, Gross unrealized losses	$ (552)	$ (15)
12 months or more, Number of securities in a continuous loss position \| Securities	236	22
Total, Fair value	$ 20,481	$ 2,789
Total, Gross unrealized losses	$ (2,896)	$ (79)
Total, Number of securities in a continuous loss position \| Securities	2,688	288
Fixed maturity securities \| Non-U.S. corporate
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 5,593	$ 912
Less than 12 months, Gross unrealized losses	$ (599)	$ (21)
Less than 12 months, Number of securities in a continuous loss position \| Securities	732	124
12 months or more, Fair value	$ 748	$ 62
12 months or more, Gross unrealized losses	$ (203)	$ (5)
12 months or more, Number of securities in a continuous loss position \| Securities	111	8
Total, Fair value	$ 6,341	$ 974
Total, Gross unrealized losses	$ (802)	$ (26)
Total, Number of securities in a continuous loss position \| Securities	843	132
Fixed maturity securities \| Residential mortgage-backed
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 569	$ 97
Less than 12 months, Gross unrealized losses	$ (51)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	192	22
12 months or more, Fair value	$ 65	$ 0
12 months or more, Gross unrealized losses	$ (20)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	22	0
Total, Fair value	$ 634	$ 97
Total, Gross unrealized losses	$ (71)	$ (1)
Total, Number of securities in a continuous loss position \| Securities	214	22
Fixed maturity securities \| Commercial mortgage-backed
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 1,765	$ 113
Less than 12 months, Gross unrealized losses	$ (255)	$ (2)
Less than 12 months, Number of securities in a continuous loss position \| Securities	265	17
12 months or more, Fair value	$ 88	$ 31
12 months or more, Gross unrealized losses	$ (22)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	16	4
Total, Fair value	$ 1,853	$ 144
Total, Gross unrealized losses	$ (277)	$ (3)
Total, Number of securities in a continuous loss position \| Securities	281	21
Fixed maturity securities \| Other asset-backed
Schedule of Investments [Line Items]
Less than 12 months, Fair value	$ 1,455	$ 764
Less than 12 months, Gross unrealized losses	$ (83)	$ (7)
Less than 12 months, Number of securities in a continuous loss position \| Securities	347	111
12 months or more, Fair value	$ 598	$ 0
12 months or more, Gross unrealized losses	$ (80)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	101	0
Total, Fair value	$ 2,053	$ 764
Total, Gross unrealized losses	$ (163)	$ (7)
Total, Number of securities in a continuous loss position \| Securities	448	111

Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail) $ in Millions	Dec. 31, 2022 USD ($) Securities	Dec. 31, 2021 USD ($) Securities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 31,357	$ 4,991
Less than 12 months, Gross unrealized losses	$ (3,844)	$ (110)
Less than 12 months, Number of securities in a continuous loss position \| Securities	4,360	635
12 months or more, Fair value	$ 3,930	$ 308
12 months or more, Gross unrealized losses	$ (1,003)	$ (25)
12 months or more, Number of securities in a continuous loss position \| Securities	581	35
Fair value	$ 35,287	$ 5,299
Gross unrealized losses	$ (4,847)	$ (135)
Number of securities in a continuous loss position \| Securities	4,941	670
Fixed maturity securities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 31,357	$ 4,991
Less than 12 months, Gross unrealized losses	$ (3,844)	$ (110)
Less than 12 months, Number of securities in a continuous loss position \| Securities	4,360	635
12 months or more, Fair value	$ 3,930	$ 308
12 months or more, Gross unrealized losses	$ (1,003)	$ (25)
12 months or more, Number of securities in a continuous loss position \| Securities	581	35
Fair value	$ 35,287	$ 5,299
Gross unrealized losses	$ (4,847)	$ (135)
Number of securities in a continuous loss position \| Securities	4,941	670
Fixed maturity securities \| U.S. corporate
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 18,480	$ 2,593
Less than 12 months, Gross unrealized losses	$ (2,344)	$ (64)
Less than 12 months, Number of securities in a continuous loss position \| Securities	2,452	266
12 months or more, Fair value	$ 2,001	$ 196
12 months or more, Gross unrealized losses	$ (552)	$ (15)
12 months or more, Number of securities in a continuous loss position \| Securities	236	22
Fair value	$ 20,481	$ 2,789
Gross unrealized losses	$ (2,896)	$ (79)
Number of securities in a continuous loss position \| Securities	2,688	288
Fixed maturity securities \| U.S. corporate \| Utilities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 2,447	$ 211
Less than 12 months, Gross unrealized losses	$ (398)	$ (7)
Less than 12 months, Number of securities in a continuous loss position \| Securities	345	32
12 months or more, Fair value	$ 187	$ 29
12 months or more, Gross unrealized losses	$ (49)	$ (2)
12 months or more, Number of securities in a continuous loss position \| Securities	37	7
Fair value	$ 2,634	$ 240
Gross unrealized losses	$ (447)	$ (9)
Number of securities in a continuous loss position \| Securities	382	39
Fixed maturity securities \| U.S. corporate \| Energy
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 1,538	$ 166
Less than 12 months, Gross unrealized losses	$ (187)	$ (3)
Less than 12 months, Number of securities in a continuous loss position \| Securities	226	18
12 months or more, Fair value	$ 144	$ 25
12 months or more, Gross unrealized losses	$ (34)	$ (7)
12 months or more, Number of securities in a continuous loss position \| Securities	14	4
Fair value	$ 1,682	$ 191
Gross unrealized losses	$ (221)	$ (10)
Number of securities in a continuous loss position \| Securities	240	22
Fixed maturity securities \| U.S. corporate \| Finance and insurance
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 5,250	$ 960
Less than 12 months, Gross unrealized losses	$ (668)	$ (22)
Less than 12 months, Number of securities in a continuous loss position \| Securities	696	89
12 months or more, Fair value	$ 706	$ 62
12 months or more, Gross unrealized losses	$ (203)	$ (2)
12 months or more, Number of securities in a continuous loss position \| Securities	74	3
Fair value	$ 5,956	$ 1,022
Gross unrealized losses	$ (871)	$ (24)
Number of securities in a continuous loss position \| Securities	770	92
Fixed maturity securities \| U.S. corporate \| Consumer-non-cyclical
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 2,805	$ 296
Less than 12 months, Gross unrealized losses	$ (342)	$ (7)
Less than 12 months, Number of securities in a continuous loss position \| Securities	317	30
12 months or more, Fair value	$ 201	$ 14
12 months or more, Gross unrealized losses	$ (61)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	22	2
Fair value	$ 3,006	$ 310
Gross unrealized losses	$ (403)	$ (8)
Number of securities in a continuous loss position \| Securities	339	32
Fixed maturity securities \| U.S. corporate \| Technology and communications
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 2,259	$ 378
Less than 12 months, Gross unrealized losses	$ (273)	$ (12)
Less than 12 months, Number of securities in a continuous loss position \| Securities	304	37
12 months or more, Fair value	$ 271	$ 29
12 months or more, Gross unrealized losses	$ (88)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	32	2
Fair value	$ 2,530	$ 407
Gross unrealized losses	$ (361)	$ (13)
Number of securities in a continuous loss position \| Securities	336	39
Fixed maturity securities \| U.S. corporate \| Industrial
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 829	$ 143
Less than 12 months, Gross unrealized losses	$ (105)	$ (3)
Less than 12 months, Number of securities in a continuous loss position \| Securities	104	18
12 months or more, Fair value	$ 110	$ 0
12 months or more, Gross unrealized losses	$ (25)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	13	0
Fair value	$ 939	$ 143
Gross unrealized losses	$ (130)	$ (3)
Number of securities in a continuous loss position \| Securities	117	18
Fixed maturity securities \| U.S. corporate \| Capital goods
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 1,332	$ 171
Less than 12 months, Gross unrealized losses	$ (153)	$ (3)
Less than 12 months, Number of securities in a continuous loss position \| Securities	169	16
12 months or more, Fair value	$ 148	$ 18
12 months or more, Gross unrealized losses	$ (40)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	16	2
Fair value	$ 1,480	$ 189
Gross unrealized losses	$ (193)	$ (4)
Number of securities in a continuous loss position \| Securities	185	18
Fixed maturity securities \| U.S. corporate \| Consumer-cyclical
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 1,138	$ 268
Less than 12 months, Gross unrealized losses	$ (108)	$ (7)
Less than 12 months, Number of securities in a continuous loss position \| Securities	173	26
12 months or more, Fair value	$ 194	$ 0
12 months or more, Gross unrealized losses	$ (47)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	22	0
Fair value	$ 1,332	$ 268
Gross unrealized losses	$ (155)	$ (7)
Number of securities in a continuous loss position \| Securities	195	26
Fixed maturity securities \| U.S. corporate \| Transportation
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 746
Less than 12 months, Gross unrealized losses	$ (93)
Less than 12 months, Number of securities in a continuous loss position \| Securities	95
12 months or more, Fair value	$ 21
12 months or more, Gross unrealized losses	$ (4)
12 months or more, Number of securities in a continuous loss position \| Securities	5
Fair value	$ 767
Gross unrealized losses	$ (97)
Number of securities in a continuous loss position \| Securities	100
Fixed maturity securities \| U.S. corporate \| Other
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 136	$ 0
Less than 12 months, Gross unrealized losses	$ (17)	$ 0
Less than 12 months, Number of securities in a continuous loss position \| Securities	23	0
12 months or more, Fair value	$ 19	$ 19
12 months or more, Gross unrealized losses	$ (1)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	1	2
Fair value	$ 155	$ 19
Gross unrealized losses	$ (18)	$ (1)
Number of securities in a continuous loss position \| Securities	24	2
Fixed maturity securities \| Non-U.S. corporate
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 5,593	$ 912
Less than 12 months, Gross unrealized losses	$ (599)	$ (21)
Less than 12 months, Number of securities in a continuous loss position \| Securities	732	124
12 months or more, Fair value	$ 748	$ 62
12 months or more, Gross unrealized losses	$ (203)	$ (5)
12 months or more, Number of securities in a continuous loss position \| Securities	111	8
Fair value	$ 6,341	$ 974
Gross unrealized losses	$ (802)	$ (26)
Number of securities in a continuous loss position \| Securities	843	132
Fixed maturity securities \| Non-U.S. corporate \| Utilities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 640	$ 69
Less than 12 months, Gross unrealized losses	$ (63)	$ (2)
Less than 12 months, Number of securities in a continuous loss position \| Securities	66	9
12 months or more, Fair value	$ 57	$ 0
12 months or more, Gross unrealized losses	$ (14)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	9	0
Fair value	$ 697	$ 69
Gross unrealized losses	$ (77)	$ (2)
Number of securities in a continuous loss position \| Securities	75	9
Fixed maturity securities \| Non-U.S. corporate \| Energy
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 604	$ 64
Less than 12 months, Gross unrealized losses	$ (61)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	69	10
12 months or more, Fair value	$ 40	$ 0
12 months or more, Gross unrealized losses	$ (7)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	5	0
Fair value	$ 644	$ 64
Gross unrealized losses	$ (68)	$ (1)
Number of securities in a continuous loss position \| Securities	74	10
Fixed maturity securities \| Non-U.S. corporate \| Finance and insurance
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 1,310	$ 366
Less than 12 months, Gross unrealized losses	$ (122)	$ (8)
Less than 12 months, Number of securities in a continuous loss position \| Securities	204	43
12 months or more, Fair value	$ 296	$ 18
12 months or more, Gross unrealized losses	$ (86)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	42	2
Fair value	$ 1,606	$ 384
Gross unrealized losses	$ (208)	$ (9)
Number of securities in a continuous loss position \| Securities	246	45
Fixed maturity securities \| Non-U.S. corporate \| Consumer-non-cyclical
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 491	$ 67
Less than 12 months, Gross unrealized losses	$ (74)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	56	12
12 months or more, Fair value	$ 54	$ 6
12 months or more, Gross unrealized losses	$ (16)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	11	1
Fair value	$ 545	$ 73
Gross unrealized losses	$ (90)	$ (2)
Number of securities in a continuous loss position \| Securities	67	13
Fixed maturity securities \| Non-U.S. corporate \| Technology and communications
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 740	$ 48
Less than 12 months, Gross unrealized losses	$ (96)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	93	8
12 months or more, Fair value	$ 39	$ 0
12 months or more, Gross unrealized losses	$ (11)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	8	0
Fair value	$ 779	$ 48
Gross unrealized losses	$ (107)	$ (1)
Number of securities in a continuous loss position \| Securities	101	8
Fixed maturity securities \| Non-U.S. corporate \| Industrial
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 480	$ 122
Less than 12 months, Gross unrealized losses	$ (45)	$ (3)
Less than 12 months, Number of securities in a continuous loss position \| Securities	71	14
12 months or more, Fair value	$ 105	$ 0
12 months or more, Gross unrealized losses	$ (25)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	13	0
Fair value	$ 585	$ 122
Gross unrealized losses	$ (70)	$ (3)
Number of securities in a continuous loss position \| Securities	84	14
Fixed maturity securities \| Non-U.S. corporate \| Capital goods
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 394	$ 78
Less than 12 months, Gross unrealized losses	$ (46)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	52	8
12 months or more, Fair value	$ 62	$ 0
12 months or more, Gross unrealized losses	$ (17)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	6	0
Fair value	$ 456	$ 78
Gross unrealized losses	$ (63)	$ (1)
Number of securities in a continuous loss position \| Securities	58	8
Fixed maturity securities \| Non-U.S. corporate \| Consumer-cyclical
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 241	$ 22
Less than 12 months, Gross unrealized losses	$ (28)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	31	8
12 months or more, Fair value	$ 23	$ 15
12 months or more, Gross unrealized losses	$ (4)	$ (1)
12 months or more, Number of securities in a continuous loss position \| Securities	6	3
Fair value	$ 264	$ 37
Gross unrealized losses	$ (32)	$ (2)
Number of securities in a continuous loss position \| Securities	37	11
Fixed maturity securities \| Non-U.S. corporate \| Transportation
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 180	$ 37
Less than 12 months, Gross unrealized losses	$ (21)	$ (1)
Less than 12 months, Number of securities in a continuous loss position \| Securities	26	7
12 months or more, Fair value	$ 29	$ 0
12 months or more, Gross unrealized losses	$ (8)	$ 0
12 months or more, Number of securities in a continuous loss position \| Securities	5	0
Fair value	$ 209	$ 37
Gross unrealized losses	$ (29)	$ (1)
Number of securities in a continuous loss position \| Securities	31	7
Fixed maturity securities \| Non-U.S. corporate \| Other
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 513	$ 39
Less than 12 months, Gross unrealized losses	$ (43)	$ (2)
Less than 12 months, Number of securities in a continuous loss position \| Securities	64	5
12 months or more, Fair value	$ 43	$ 23
12 months or more, Gross unrealized losses	$ (15)	$ (2)
12 months or more, Number of securities in a continuous loss position \| Securities	6	2
Fair value	$ 556	$ 62
Gross unrealized losses	$ (58)	$ (4)
Number of securities in a continuous loss position \| Securities	70	7
Fixed maturity securities \| Corporate Debt Securities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair value	$ 24,073	$ 3,505
Less than 12 months, Gross unrealized losses	$ (2,943)	$ (85)
Less than 12 months, Number of securities in a continuous loss position \| Securities	3,184	390
12 months or more, Fair value	$ 2,749	$ 258
12 months or more, Gross unrealized losses	$ (755)	$ (20)
12 months or more, Number of securities in a continuous loss position \| Securities	347	30
Fair value	$ 26,822	$ 3,763
Gross unrealized losses	$ (3,698)	$ (105)
Number of securities in a continuous loss position \| Securities	3,531	420

Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Amortized cost or cost
Due one year or less	$ 1,239
Due after one year through five years	8,264
Due after five years through ten years	13,120
Due after ten years	22,641
Subtotal	45,264
Amortized cost or cost, fixed maturity securities	50,834	$ 52,611
Fair value
Due one year or less	1,234
Due after one year through five years	7,931
Due after five years through ten years	11,915
Due after ten years	20,434
Subtotal	41,514
Fair value, fixed maturity securities	46,583	$ 60,480
Residential mortgage-backed
Amortized cost or cost
Fixed maturity securities	1,059
Fair value
Fixed maturity securities	995
Commercial mortgage-backed
Amortized cost or cost
Fixed maturity securities	2,183
Fair value
Fixed maturity securities	1,908
Other asset-backed
Amortized cost or cost
Fixed maturity securities	2,328
Fair value
Fixed maturity securities	$ 2,166

Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
% of total	100.00%	100.00%
Allowance for credit losses	$ (22)	$ (26)
Commercial mortgage loans, net	7,010	6,830
Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
% of total	100.00%	100.00%
Allowance for credit losses	$ (22)	$ (26)
Commercial mortgage loans, net	7,010	6,830
South Atlantic \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,809	$ 1,770
% of total	26.00%	26.00%
Pacific \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,340	$ 1,360
% of total	19.00%	20.00%
Middle Atlantic \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 988	$ 964
% of total	14.00%	14.00%
Mountain \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,023	$ 892
% of total	15.00%	13.00%
West North Central \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 438	$ 461
% of total	6.00%	7.00%
East North Central \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 454	$ 465
% of total	6.00%	7.00%
West South Central \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 578	$ 483
% of total	8.00%	7.00%
New England \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 184	$ 237
% of total	3.00%	3.00%
East South Central \| Commercial Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 218	$ 224
% of total	3.00%	3.00%
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 2,916	$ 2,774
% of total	42.00%	40.00%
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,456	$ 1,420
% of total	21.00%	21.00%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,579	$ 1,526
% of total	22.00%	22.00%
Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 561	$ 585
% of total	8.00%	9.00%
Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 371	$ 330
% of total	5.00%	5.00%
Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 149	$ 221
% of total	2.00%	3.00%

Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	$ 26
Ending balance	22	$ 26
Allowance for Credit Losses
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	26	31	$ 13
Cumulative effect of change in accounting	0	0	16
Provision	(5)	3	2
Write-offs	0	(8)	0
Recoveries	1	0	0
Ending balance	$ 22	$ 26	$ 31

Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	7,032	6,856
0% - 50%
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	2,385	2,480
0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	2,385
51% - 60%
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	1,342	1,539
51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	1,342
61% - 75%
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	3,255	2,815
61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	3,255
76% - 100%
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	50	0
76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	50
Greater than 100%
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0	22
Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	270	223
1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	272	559
1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	1,118	791
1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	3,085	2,958
Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	2,287	$ 2,325
2022 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	948
2022 \| 0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	42
2022 \| 51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	58
2022 \| 61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	848
2022 \| 76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2022 \| Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2022 \| Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	7
2022 \| 1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	17
2022 \| 1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	290
2022 \| 1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	580
2022 \| Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	54
2021 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	927
2021 \| 0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	41
2021 \| 51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	98
2021 \| 61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	788
2021 \| 76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2021 \| Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2021 \| Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	9
2021 \| 1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	1
2021 \| 1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	70
2021 \| 1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	614
2021 \| Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	233
2020 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	494
2020 \| 0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	98
2020 \| 51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	62
2020 \| 61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	334
2020 \| 76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2020 \| Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2020 \| Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	6
2020 \| 1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	16
2020 \| 1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	65
2020 \| 1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	207
2020 \| Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	200
2019 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	709
2019 \| 0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	110
2019 \| 51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	131
2019 \| 61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	460
2019 \| 76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	8
2019 \| Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2019 \| Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	47
2019 \| 1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	19
2019 \| 1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	163
2019 \| 1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	270
2019 \| Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	210
2018 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	841
2018 \| 0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	204
2018 \| 51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	229
2018 \| 61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	380
2018 \| 76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	28
2018 \| Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2018 \| Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	58
2018 \| 1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	94
2018 \| 1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	140
2018 \| 1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	348
2018 \| Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	201
2017 and prior \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	3,113
2017 and prior \| 0% - 50% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	1,890
2017 and prior \| 51% - 60% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	764
2017 and prior \| 61% - 75% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	445
2017 and prior \| 76% - 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	14
2017 and prior \| Greater than 100% \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	0
2017 and prior \| Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	143
2017 and prior \| 1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	125
2017 and prior \| 1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	390
2017 and prior \| 1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	1,066
2017 and prior \| Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]
Commercial mortgage loans, amortized cost	$ 1,389

Debt-to-Value of Commercial Mortgage Loans by Property Type (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
% of total	100.00%	100.00%
Weighted-average debt service coverage ratio	1.93	1.93
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 2,916	$ 2,774
% of total	42.00%	40.00%
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,456	$ 1,420
% of total	21.00%	21.00%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,579	$ 1,526
% of total	22.00%	22.00%
Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 561	$ 585
% of total	8.00%	9.00%
Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 371	$ 330
% of total	5.00%	5.00%
Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 149	$ 221
% of total	2.00%	3.00%
0% - 50%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 2,385	$ 2,480
% of total	34.00%	36.00%
Weighted-average debt service coverage ratio	2.35	2.36
0% - 50% \| Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 907	$ 853
0% - 50% \| Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	668	745
0% - 50% \| Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	445	505
0% - 50% \| Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	184	200
0% - 50% \| Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	93	120
0% - 50% \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	88	57
51% - 60%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,342	$ 1,539
% of total	19.00%	23.00%
Weighted-average debt service coverage ratio	1.95	1.83
51% - 60% \| Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 649	$ 611
51% - 60% \| Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	243	240
51% - 60% \| Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	272	395
51% - 60% \| Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	90	102
51% - 60% \| Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	79	70
51% - 60% \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	9	121
61% - 75%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 3,255	$ 2,815
% of total	46.00%	41.00%
Weighted-average debt service coverage ratio	1.63	1.61
61% - 75% \| Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,332	$ 1,310
61% - 75% \| Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	545	435
61% - 75% \| Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	848	604
61% - 75% \| Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	279	283
61% - 75% \| Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	199	140
61% - 75% \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	52	43
76% - 100%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 50	$ 0
% of total	1.00%	0.00%
Weighted-average debt service coverage ratio	1.34	0
76% - 100% \| Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 28	$ 0
76% - 100% \| Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	0
76% - 100% \| Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	14	0
76% - 100% \| Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	8	0
76% - 100% \| Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	0
76% - 100% \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	0
Greater than 100%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 0	$ 22
% of total	0.00%	0.00%
Weighted-average debt service coverage ratio	0	0.68
Greater than 100% \| Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 0	$ 0
Greater than 100% \| Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	0
Greater than 100% \| Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	22
Greater than 100% \| Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	0
Greater than 100% \| Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	0	0
Greater than 100% \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 0	$ 0

Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
% of total	100.00%	100.00%
Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 7,032	$ 6,856
% of total	100.00%	100.00%
Weighted-average debt-to-value	56.00%	55.00%
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 2,916	$ 2,774
% of total	42.00%	40.00%
Retail \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 2,916	$ 2,774
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,456	$ 1,420
% of total	21.00%	21.00%
Industrial \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,456	$ 1,420
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,579	$ 1,526
% of total	22.00%	22.00%
Office \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,579	$ 1,526
Apartments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 561	$ 585
% of total	8.00%	9.00%
Apartments \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 561	$ 585
Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 371	$ 330
% of total	5.00%	5.00%
Mixed Use \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 371	$ 330
Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 149	$ 221
% of total	2.00%	3.00%
Other \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 149	$ 221
Less than 1.00 \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 270	$ 223
% of total	4.00%	3.00%
Weighted-average debt-to-value	61.00%	68.00%
Less than 1.00 \| Retail \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 88	$ 102
Less than 1.00 \| Industrial \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	20	9
Less than 1.00 \| Office \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	81	67
Less than 1.00 \| Apartments \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	14	17
Less than 1.00 \| Mixed Use \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	25	24
Less than 1.00 \| Other \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	42	4
1.00 - 1.25 \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 272	$ 559
% of total	4.00%	8.00%
Weighted-average debt-to-value	62.00%	61.00%
1.00 - 1.25 \| Retail \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 68	$ 166
1.00 - 1.25 \| Industrial \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	44	64
1.00 - 1.25 \| Office \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	131	109
1.00 - 1.25 \| Apartments \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	11	62
1.00 - 1.25 \| Mixed Use \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	16	32
1.00 - 1.25 \| Other \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	2	126
1.26 - 1.50 \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,118	$ 791
% of total	16.00%	12.00%
Weighted-average debt-to-value	63.00%	61.00%
1.26 - 1.50 \| Retail \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 560	$ 405
1.26 - 1.50 \| Industrial \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	194	82
1.26 - 1.50 \| Office \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	155	167
1.26 - 1.50 \| Apartments \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	150	84
1.26 - 1.50 \| Mixed Use \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	50	40
1.26 - 1.50 \| Other \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	9	13
1.51 - 2.00 \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 3,085	$ 2,958
% of total	44.00%	43.00%
Weighted-average debt-to-value	60.00%	60.00%
1.51 - 2.00 \| Retail \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 1,380	$ 1,375
1.51 - 2.00 \| Industrial \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	574	599
1.51 - 2.00 \| Office \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	666	593
1.51 - 2.00 \| Apartments \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	242	225
1.51 - 2.00 \| Mixed Use \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	190	118
1.51 - 2.00 \| Other \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	33	48
Greater than 2.00 \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 2,287	$ 2,325
% of total	32.00%	34.00%
Weighted-average debt-to-value	44.00%	43.00%
Greater than 2.00 \| Retail \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 820	$ 726
Greater than 2.00 \| Industrial \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	624	666
Greater than 2.00 \| Office \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	546	590
Greater than 2.00 \| Apartments \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	144	197
Greater than 2.00 \| Mixed Use \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	90	116
Greater than 2.00 \| Other \| Fixed Rate Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans, amortized cost	$ 63	$ 30

Schedule of Positions in Derivative Instruments (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

$ 66

$ 433

962

616

440

590

Other liabilities

522

26

Interest rate swaps | Other liabilities

50

414

Interest rate swaps | Other invested assets

522

26

Foreign currency swaps | Other invested assets

24

364

Equity index options | Other invested assets

20

6

Other foreign currency contracts | Other invested assets

6

42

GMWB embedded derivatives | Policyholder account balances

2

GMWB embedded derivatives | Reinsurance recoverable

^[1]

223

271

Fixed index annuity embedded derivatives | Policyholder account balances

^[2]

16

19

Indexed universal life embedded derivatives | Policyholder account balances

202

294

Designated As Hedging Instrument

15

25

44

370

Designated As Hedging Instrument | Cash Flow Hedges

522

26

44

370

Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities

522

26

Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets

522

26

Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities

24

364

Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets

0

Derivatives not designated as hedges

20

6

22

63

Derivatives not designated as hedges | Equity index options | Other liabilities

440

590

Derivatives not designated as hedges | Equity index options | Other invested assets

0

Derivatives not designated as hedges | Financial futures | Other liabilities

6

42

Derivatives not designated as hedges | Financial futures | Other invested assets

0

Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities

0

Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets

0

Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances

0

2

Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable

^[3]

223

271

Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances

^[2]

16

19

Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Other assets

^[4]

202

294

Derivatives not designated as hedges | Indexed universal life embedded derivatives | Policyholder account balances

0

Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable

^[5]

15

25

$ 0

[1]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2]	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
[3]	Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[4]	Represents the embedded derivatives associated with our fixed index annuity liabilities.
[5]	Represents the embedded derivatives associated with our indexed universal life liabilities.

Activity Associated with Derivative Instruments (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Policies
Derivative [Line Items]
Notional amount, beginning balance	$ 10,255
Additions	6,477
Maturities/ terminations	(5,707)
Notional amount, ending balance	11,025
Designated As Hedging Instrument
Derivative [Line Items]
Notional amount, beginning balance	7,780
Additions	1,126
Maturities/ terminations	(220)
Notional amount, ending balance	8,686
Designated As Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Notional amount, beginning balance	7,780
Additions	1,126
Maturities/ terminations	(220)
Notional amount, ending balance	8,686
Designated As Hedging Instrument \| Cash Flow Hedges \| Interest rate swaps
Derivative [Line Items]
Notional amount, beginning balance	7,653
Additions	1,109
Maturities/ terminations	(220)
Notional amount, ending balance	8,542
Designated As Hedging Instrument \| Cash Flow Hedges \| Foreign currency swaps
Derivative [Line Items]
Notional amount, beginning balance	127
Additions	17
Maturities/ terminations	0
Notional amount, ending balance	144
Derivatives not designated as hedges
Derivative [Line Items]
Notional amount, beginning balance	2,475
Additions	5,351
Maturities/ terminations	(5,487)
Notional amount, ending balance	2,339
Derivatives not designated as hedges \| Equity index options
Derivative [Line Items]
Notional amount, beginning balance	1,446
Additions	946
Maturities/ terminations	(1,456)
Notional amount, ending balance	936
Derivatives not designated as hedges \| Financial futures
Derivative [Line Items]
Notional amount, beginning balance	946
Additions	4,405
Maturities/ terminations	(3,948)
Notional amount, ending balance	1,403
Derivatives not designated as hedges \| Other foreign currency contracts
Derivative [Line Items]
Notional amount, beginning balance	83
Additions	0
Maturities/ terminations	(83)
Notional amount, ending balance	$ 0
Derivatives not designated as hedges \| GMWB embedded derivatives
Derivative [Line Items]
Notional amount, beginning balance \| Policies	21,804
Additions \| Policies	0
Maturities/ terminations \| Policies	(1,876)
Notional amount, ending balance \| Policies	19,928
Derivatives not designated as hedges \| Fixed index annuity embedded derivatives
Derivative [Line Items]
Notional amount, beginning balance \| Policies	9,344
Additions \| Policies	0
Maturities/ terminations \| Policies	(2,029)
Notional amount, ending balance \| Policies	7,315
Derivatives not designated as hedges \| Indexed universal life embedded derivatives
Derivative [Line Items]
Notional amount, beginning balance \| Policies	806
Additions \| Policies	0
Maturities/ terminations \| Policies	(35)
Notional amount, ending balance \| Policies	771

Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	$ (839)	$ (57)	$ 439
Gain (loss) reclassified into net income from OCI	231	217	208
Gain (loss) recognized in net income (loss)	0	0	0
Interest Rate Swaps Hedging Assets \| Net Investment Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	(854)	(100)	482
Gain (loss) reclassified into net income from OCI	225	217	196
Interest Rate Swaps Hedging Assets \| Net Investment Gains (Losses)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	0	0	0
Gain (loss) reclassified into net income from OCI	9	1	12
Gain (loss) recognized in net income (loss)	0	0	0
Interest Rate Swaps Hedging Liabilities \| Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	0	36	(38)
Gain (loss) reclassified into net income from OCI	(3)	(1)	0
Interest Rate Swaps Hedging Liabilities \| Net Investment Gains (Losses)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in net income (loss)	0	0	0
Foreign currency swaps \| Net Investment Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	15	7	(5)
Gain (loss) reclassified into net income from OCI	0	0	0
Foreign currency swaps \| Net Investment Gains (Losses)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in net income (loss)	$ 0	$ 0	$ 0

Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments [Abstract]
Derivatives qualifying as effective accounting hedges as of January 1	$ 2,025	$ 2,211	$ 2,002
Current period increases (decreases) in fair value, net of deferred taxes of $165, $12 and $(95)	(674)	(45)	344
Reclassification to net (income), net of deferred taxes of $80, $76 and $73	(151)	(141)	(135)
Derivatives qualifying as effective accounting hedges as of December 31	$ 1,200	$ 2,025	$ 2,211

Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Current period increases (decreases) in fair value, deferred taxes	$ 165	$ 12	$ (95)
Reclassification to net (income), deferred taxes	$ 80	$ 76	$ 73

Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax	$ 1,200	$ 2,025	$ 2,211	$ 2,002
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur	2057
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income in the next 12 months, net of tax	$ 143
Amount reclassified to net income in connection with forecasted transactions that were no longer considered probable of occurring	$ 11	$ 10	$ 15

Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (Loss) for Effects of Derivatives not Designated as Hedges (Detail) - Derivatives not designated as hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	$ 8	$ 13	$ (61)
Interest rate swaps \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	0	2	(11)
Equity index options \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	(20)	18	4
Financial futures \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	(81)	(123)	2
Other foreign currency contracts \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	0	0	6
GMWB embedded derivatives \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	66	124	(28)
Fixed index annuity embedded derivatives \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	16	(32)	(51)
Indexed universal life embedded derivatives \| Net Investment Gains (Losses)
Derivative [Line Items]
Pre-tax gain (loss) recognized in net income	$ 27	$ 24	$ 17

Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Gross amounts recognized, derivatives assets

$ 66

$ 433

Gross amounts recognized, derivatives liabilities

962

616

Subject to enforceable master netting arrangement

Gross amounts recognized, net derivatives

(472)

388

Gross amounts offset in the balance sheet, net derivatives

0

Net amounts presented in the balance sheet, net derivatives

(472)

388

Gross amounts not offset in the balance sheet, financial instruments, net derivatives

^[1],[2]

0

(21)

(308)

Over collateralization, net derivatives

1,095

536

(598)

(528)

Net amount

4

88

Subject to enforceable master netting arrangement | Derivative assets

Gross amounts recognized, derivatives assets

^[2]

50

414

Gross amounts offset in the balance sheet, derivatives assets

^[2]

0

Net amounts presented in the balance sheet, derivatives assets

^[2]

50

414

Gross amounts not offset in the balance sheet, financial instruments, derivatives assets

^[1],[2]

(25)

(20)

^[2]

(21)

(308)

Over collateralization, derivatives assets

^[2]

0

^[2]

0

2

Net amount, derivatives assets

^[2]

4

88

Subject to enforceable master netting arrangement | Derivative liabilities

Gross amounts recognized, derivatives liabilities

^[2]

522

26

Gross amounts offset in the balance sheet, derivatives liabilities

^[2]

0

Net amounts presented in the balance sheet, derivatives liabilities

^[2]

522

26

Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities

^[1],[2]

(25)

(20)

^[2]

0

Over collateralization, derivatives liabilities

^[2]

(1,095)

(536)

^[2]

598

530

Net amount, derivatives liabilities

^[2]

$ 0

[1]	Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
[2]	Does not include amounts related to embedded derivatives as of December 31, 2022 and 2021.

Activity Impacting Deferred Acquisition Costs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Policy Acquisition Costs [Line Items]
Unamortized beginning balance	$ 2,438	$ 2,809	$ 3,243
Costs deferred	0	8	3
Amortization, net of interest accretion	(278)	(379)	(437)
Unamortized ending balance	2,160	2,438	2,809
Accumulated effect of net unrealized investment (gains) losses	40	(1,292)	(1,322)
Ending balance	$ 2,200	$ 1,146	$ 1,487

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

Deferred Acquisition Costs - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Policy Acquisition Costs [Line Items]
Deferred Policy acquisition costs amortization	$ 278	$ 379	$ 437
Accumulated effect of net unrealized investment (gains) losses	40	(1,292)	(1,322)
Universal and term universal life insurance contracts \| Unlocking
Deferred Policy Acquisition Costs [Line Items]
Deferred policy acquisition costs, impairment loss	52	117	63
Deferred Policy acquisition costs amortization			48
Shadow accounting adjustment
Deferred Policy Acquisition Costs [Line Items]
Accumulated effect of net unrealized investment (gains) losses	$ 40	$ (1,292)	$ (1,322)

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 3,111	$ 2,984
Accumulated amortization	(2,870)	(2,841)
Present Value of Future Profits
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,146	2,065
Accumulated amortization	(1,989)	(1,994)
Capitalized Software
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	482	465
Accumulated amortization	(427)	(403)
Deferred Sales Inducements To Contractholders
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	325	295
Accumulated amortization	(298)	(288)
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	158	159
Accumulated amortization	$ (156)	$ (156)

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to PVFP, capitalized software and other intangible assets	$ 19	$ 30	$ 26
Amortization expense related to deferred sales inducements	$ 10	$ 14	$ 16

Activity in Present Value of Future Profits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Unamortized balance as of January 1	$ 152	$ 154	$ 154
Interest accreted at 5.18%, 5.23% and 5.19%	8	8	8
Amortization	(3)	(10)	(8)
Unamortized balance as of December 31	157	152	154
Accumulated effect of net unrealized investment (gains) losses	0	(81)	(81)
Balance as of December 31	$ 157	$ 71	$ 73

Activity in Present Value of Future Profits (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Interest accreted percentage	5.18%	5.23%	5.19%

Percentage of PVFP Balance Net of Interest Accretion, before Effect of Unrealized Investment Gains or Losses, Estimated to be Amortized Over Next Five years (Detail)	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
2023	10.30%
2024	10.30%
2025	10.20%
2026	10.10%
2027	10.10%

Reinsurance - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Maximum amount of individual ordinary life insurance normally retained by us on any one individual life policy	$ 5
Reinsurance recoverable	16,435	$ 16,813
Reinsurance recoveries recognized as a reduction of benefits and other changes in reserves	2,537	2,850	$ 2,649
Reinsurance Recoverable, Past Due	16,495	16,868
U.S. Life Insurance Subsidiaries \| Fixed maturity securities
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Assets pledged as collateral	10,218	13,123
U.S. Life Insurance Subsidiaries \| Commercial Mortgage Loan
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Assets pledged as collateral	576	810
Scottish Re Group Limited [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Reinsurance Recoverable, Past Due	52	40
Enact Holdings Inc [Member] \| Mortgage Insurance Policy [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Excess of Loss Coverage	$ 325
Reinsurance coverage in excess of retention		1,170
Reinsurance treaty period	10 years
Enact Holdings Inc [Member] \| New Insurance Policy [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Excess of Loss Coverage	$ 422	210
Union Fidelity Life Insurance Company \| Ceded Credit Risk
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Reinsurance recoverable	$ 12,686	$ 13,095
Minimum amount of risk-based capital General Electric Company agreed to maintain in UFLIC	150.00%

Net Domestic Life Insurance In-Force (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Direct life insurance in-force

$ 430,151

$ 471,147

$ 509,670

Amounts assumed from other companies

527

573

624

Amounts ceded to other companies

^[1]

(383,350)

(427,464)

(458,999)

Net life insurance in-force

$ 47,328

$ 44,256

$ 51,295

Percentage of amount assumed to net

1.00%

[1]	Includes amounts accounted for under the deposit method.

Effects of Reinsurance on Premiums Written and Earned (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 01, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 4,463

$ 4,561

$ 4,578

296

305

317

(1,116)

(1,526)

(1,157)

Net premiums, Written

3,643

3,340

3,738

4,547

4,659

4,678

299

309

328

Percentage of amount assumed to net

$ (360)

(1,127)

(1,533)

(1,170)

Net premiums, Earned

$ 3,719

$ 3,435

$ 3,836

8.00%

9.00%

Life insurance

$ 738

$ 774

$ 795

1

2

1

^[1]

(505)

(913)

(558)

738

775

795

1

2

Accident and Health Insurance Product Line

^[1]

(505)

(913)

(559)

^[2]

2,746

2,797

2,836

^[2]

292

300

313

^[2]

(531)

(541)

(550)

^[2]

2,786

2,834

2,860

^[2]

295

304

322

^[2]

(542)

(548)

(562)

Mortgage insurance

979

990

947

3

(80)

(72)

(49)

1,023

1,050

1,023

3

4

Liability for Future Policy Benefit, by Product Segment [Line Items]

$ (80)

$ (72)

$ (49)

[1]	Effective December 1, 2021 and included in the year ended December 31, 2021, we entered into a reinsurance agreement with SCOR Global Life USA Reinsurance Company, under which we ceded premiums of $360 million associated with certain term life insurance policies in connection with a life block transaction.
[2]	Accident and health insurance is comprised almost entirely of our long-term care insurance products.

Effects of Reinsurance on Premiums Written and Earned (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
	Dec. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Policyholders Account In Life Insurance Business [Abstract]
Ceded Premiums Under New Reinsurance Treaty	$ 360	$ 1,127	$ 1,533	$ 1,170

Reinsurance - Schedule of Reinsurance Recoverable in Allowance for Credit Losses (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Beginning balance	$ 55	$ 45	$ 0
Cumulative effect of change in accounting	0	0	40
Provision	5	10	5
Write-offs	0	0	0
Recoveries	0	0	0
Ending balance	$ 60	$ 55	$ 45

Reinsurance - Schedule Of Credit Ratings on Reinsurance Recoverable (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Reinsurance recoverable	$ 16,495	$ 16,868
A++
Reinsurance recoverable	570	543
A+
Reinsurance recoverable	3,105	3,091
A
Reinsurance recoverable	44	59
Non rated
Reinsurance recoverable	12,776	13,175
Collateralized
Reinsurance recoverable	13,992	14,698
Collateralized \| A++
Reinsurance recoverable	0	0
Collateralized \| A+
Reinsurance recoverable	1,286	1,581
Collateralized \| A
Reinsurance recoverable	19	18
Collateralized \| Non rated
Reinsurance recoverable	12,687	13,099
Non-collateralized
Reinsurance recoverable	2,503	2,170
Non-collateralized \| A++
Reinsurance recoverable	570	543
Non-collateralized \| A+
Reinsurance recoverable	1,819	1,510
Non-collateralized \| A
Reinsurance recoverable	25	41
Non-collateralized \| Non rated
Reinsurance recoverable	$ 89	$ 76

Recorded Liabilities and Major Assumptions Underlying Future Policy Benefits (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Long Term Care Insurance Contracts

$ 38,064

$ 41,528

Liability for Future Policy Benefit, by Product Segment [Line Items]

Long Term Care Insurance Contracts | Minimum

^[1]

$ 26,209

28,232

Liability for Future Policy Benefit, by Product Segment [Line Items]

Long Term Care Insurance Contracts | Maximum

^[1]

3.75%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Structured Settlements with Life Contingencies

^[1]

7.50%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Structured Settlements with Life Contingencies | Minimum

^[2]

$ 7,900

8,075

Liability for Future Policy Benefit, by Product Segment [Line Items]

Structured Settlements with Life Contingencies | Maximum

^[2]

1.00%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Annuity Contracts with Life Contingencies

^[2]

8.00%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Annuity Contracts with Life Contingencies | Minimum

^[2]

$ 1,754

2,934

Liability for Future Policy Benefit, by Product Segment [Line Items]

Annuity Contracts with Life Contingencies | Maximum

^[2]

1.00%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Traditional Life Insurance Contracts

^[2]

8.00%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Traditional Life Insurance Contracts | Minimum

^[3]

$ 1,872

1,956

Liability for Future Policy Benefit, by Product Segment [Line Items]

Traditional Life Insurance Contracts | Maximum

^[3]

3.00%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Supplementary Contracts with Life Contingencies

^[3]

7.50%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Supplementary Contracts with Life Contingencies | Minimum

^[2]

$ 329

$ 331

Liability for Future Policy Benefit, by Product Segment [Line Items]

Supplementary Contracts with Life Contingencies | Maximum

^[2]

1.00%

Liability for Future Policy Benefit, by Product Segment [Line Items]

Liability for Claims and Claims Adjustment Expense [Line Items]

^[2]

8.00%

[1]	The 1983 Individual Annuitant Mortality Table or the 2000 U.S. Annuity Table, or the 1983 Group Annuitant Mortality Table or the 1994 Group Annuitant Mortality Table and company experience.
[2]	Assumptions for limited-payment contracts come from either the U.S. Population Table, the 1983 Group Annuitant Mortality Table, the 1983 Individual Annuitant Mortality Table, the Annuity 2000 Mortality Table or the 2012 Individual Annuity Reserving Table.
[3]	Principally modifications based on company experience of the Society of Actuaries 1965-70 or 1975-80 Select and the Ultimate Tables, the 1941, 1958, 1980 and 2001 Commissioner’s Standard Ordinary Tables, the 1980 Commissioner’s Extended Term table and (IA) Standard Table 1996 (modified).

Insurance Reserves - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance Reserves [Line Items]
Future policy benefit reserves	$ 38,064	$ 41,528	$ 38,064	$ 41,528
Policyholder account values	17,113	19,354	17,113	19,354
Shadow accounting adjustment
Insurance Reserves [Line Items]
Future policy benefit reserves		3,200		3,200
Immediate Fixed Annuity \| Loss Recognition Testing
Insurance Reserves [Line Items]
Increase in future policy benefit reserves			0	0	$ 0
Universal and term universal life insurance contracts \| Shadow accounting adjustment
Insurance Reserves [Line Items]
Policyholder account values		900		900
Profits Followed By Losses \| Long-term Care Insurance
Insurance Reserves [Line Items]
Future policy benefit reserves	1,700	1,300	1,700	1,300
Long-term care insurance future policy benefit reserves present value of expected losses	$ 2,300	$ 2,500	$ 2,300	$ 2,500
Percentage of profits to be accrued to reserves	79.00%	76.00%	79.00%	76.00%
Unlocking \| Universal and term universal life insurance contracts
Insurance Reserves [Line Items]
Increase (decrease) in liability for policyholder account balances	$ (37)	$ 87
Federal Home Loan Bank
Insurance Reserves [Line Items]
Federal Home Loan Bank common stock held	25	28	$ 25	$ 28
Amount of funding agreements issued to the Federal Home Loan Bank	200	250	200	250
Pledged assets for Federal Home Loan Bank at fair value	520	907	520	907
Variable Annuity \| Nontraditional Long-Duration Contracts
Insurance Reserves [Line Items]
Nontraditional long-duration contracts liability	3,397	4,492	3,397	4,492
Guaranteed Minimum Death Benefit \| Nontraditional Long-Duration Contracts \| Annuity contracts
Insurance Reserves [Line Items]
Nontraditional long-duration contracts liability	137	135	137	135
Guaranteed Minimum Withdrawal And Guaranteed Annuitization Benefit Contracts
Insurance Reserves [Line Items]
Guaranteed annuitization benefit contracts	$ 860	$ 602	$ 860	$ 602

Recorded Liabilities for Policyholder Account Balances (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Insurance Reserves [Line Items]
Policyholder account balances	$ 17,113	$ 19,354
Investment contracts
Insurance Reserves [Line Items]
Policyholder account balances	7,294	8,657
Investment contracts \| Annuity contracts
Insurance Reserves [Line Items]
Policyholder account balances	5,652	6,816
Investment contracts \| Funding agreements
Insurance Reserves [Line Items]
Policyholder account balances	200	250
Investment contracts \| Structured settlements without life contingencies
Insurance Reserves [Line Items]
Policyholder account balances	930	1,027
Investment contracts \| Supplementary contracts without life contingencies
Insurance Reserves [Line Items]
Policyholder account balances	499	550
Investment contracts \| Other
Insurance Reserves [Line Items]
Policyholder account balances	13	14
Universal and term universal life insurance contract
Insurance Reserves [Line Items]
Policyholder account balances	$ 9,819	$ 10,697

Information about Variable Annuity Products with Death and Living Benefit Guarantees (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Guaranteed minimum standard death benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Death benefits account value	$ 1,878	$ 2,547
Net amount at risk	$ 2	$ 1
Average attained age of contractholders	77 years	76 years
Guaranteed minimum enhanced death benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Death benefits account value	$ 1,004	$ 1,326
Net amount at risk	$ 187	$ 94
Average attained age of contractholders	76 years	76 years
Guaranteed minimum living benefit
Net Amount at Risk by Product and Guarantee [Line Items]
Death benefits account value	$ 1,352	$ 1,893
Guaranteed annuitization benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Death benefits account value	$ 767	$ 1,002

Account Balances of Variable Annuity Contract with Death or Living Benefit Guarantees Invested in Separate Account Investment Options (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	$ 2,807	$ 3,796
Balanced funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	1,686	2,397
Equity funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	721	913
Bond funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	214	297
Money market funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Separate account investment	$ 186	$ 189

Liability for Policy and Contract Claims (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Liability for Claims and Claims Adjustment Expense [Line Items]

$ 12,234

$ 11,841

Long-term Care Insurance

Liability for Claims and Claims Adjustment Expense [Line Items]

11,380

10,861

$ 10,518

$ 10,239

Enact Segment

Insurance lines other than short-duration contracts

^[1]

519

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance lines other than short-duration contracts | Long-term Care Insurance

11,709

11,191

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance lines other than short-duration contracts | Life Insurance

11,380

10,861

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance lines other than short-duration contracts | Fixed Annuities

299

308

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance lines other than short-duration contracts | Runoff

16

14

Liability for Claims and Claims Adjustment Expense [Line Items]

Liability for Claims and Claims Adjustment Expense [Line Items]

14

8

Short-duration contracts

Short-duration contracts | Enact Segment

525

650

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-duration contracts | Other Countries Mortgage Insurance

519

641

Liability for Claims and Claims Adjustment Expense [Line Items]

Liability for Claims and Claims Adjustment Expense [Line Items]

$ 6

$ 9

[1]	Represents the year in which first monthly mortgage payments have been missed by the borrower.

Changes in Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 11,841
Ending balance	12,234	$ 11,841
Long-term Care Insurance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	10,861	10,518	$ 10,239
Less reinsurance recoverables	(2,260)	(2,260)	(2,283)
Net beginning balance	8,601	8,258	7,956
Current year	2,954	2,761	2,595
Prior years	(458)	(610)	(398)
Total incurred	2,496	2,151	2,197
Current year	(211)	(203)	(189)
Prior years	(2,173)	(2,011)	(2,118)
Total paid	(2,384)	(2,214)	(2,307)
Interest on liability for policy and contract claims	422	406	412
Net ending balance	9,135	8,601	8,258
Add reinsurance recoverables	2,245	2,260	2,260
Ending balance	$ 11,380	$ 10,861	$ 10,518

Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Liability for Claims and Claims Adjustment Expense [Line Items]

$ 12,234

$ 11,841

Long-term Care Insurance

Increase (Decrease) in claim reserves

519

343

$ 279

(458)

(610)

(398)

Increase (decrease) in reserves for liability for policy and contract claims

(95)

108

Additional increase (decrease) in reserves for liability for policy and contract claims

519

91

Long-term Care Insurance | Covid Nineteen

$ 10,518

11,380

10,861

10,518

$ 10,239

Liability for Claims and Claims Adjustment Expense [Line Items]

Long-term Care Insurance | Changes in Assumptions and Methodologies

199

137

$ 209

$ 199

Liability for Claims and Claims Adjustment Expense [Line Items]

Increase (Decrease) in claim reserves

$ (38)

Enact Segment

Liability for Claims and Claims Adjustment Expense [Line Items]

Increase (decrease) in reserves for liability for policy and contract claims

122

^[1]

$ 519

[1]	Represents the year in which first monthly mortgage payments have been missed by the borrower.

Incurred Claims, Net of Reinsurance, Cumulative Number of Reported Delinquencies and Total of Incurred-But-Not-Reported Liabilities (Detail) - Enact Segment
$ in Millions

Dec. 31, 2022

USD ($)

Claim

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 1,645

Accident Year 2013

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

381

$ 381

$ 382

$ 384

$ 387

$ 392

$ 407

$ 475

Total of IBNR liabilities including expected development on reported claims

^[2]

22,502

Accident Year 2014

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 258

259

258

259

261

269

288

328

0

Total of IBNR liabilities including expected development on reported claims

^[2]

17,809

Accident Year 2015

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 179

179

180

181

187

208

235

0

Total of IBNR liabilities including expected development on reported claims

^[2]

15,400

Accident Year 2016

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 135

136

137

136

138

160

198

0

Total of IBNR liabilities including expected development on reported claims

^[2]

13,970

Accident Year 2017

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 102

104

105

102

121

171

0

Total of IBNR liabilities including expected development on reported claims

^[2]

15,097

Accident Year 2018

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 73

78

84

117

0

Total of IBNR liabilities including expected development on reported claims

^[2]

11,269

Accident Year 2019

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 71

98

111

106

0

Total of IBNR liabilities including expected development on reported claims

^[2]

11,883

Accident Year 2020

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 107

362

365

0

Total of IBNR liabilities including expected development on reported claims

^[2]

38,863

Accident Year 2021

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 119

141

0

Total of IBNR liabilities including expected development on reported claims

$ 1

^[2]

12,585

Accident Year 2022

Incurred claims and allocated claim adjustment expenses, net of reinsurance

^[1]

$ 220

$ 0

Total of IBNR liabilities including expected development on reported claims

$ 24

^[2]

14,329

[1]	Represents the year in which first monthly mortgage payments have been missed by the borrower.
[2]	Represents reported and outstanding delinquencies less actual cures as of December 31 for each respective accident year.

Paid Claims Development, Net of Reinsurance (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Liability for policy and contract claims

$ 12,234

$ 11,841

Enact Segment

All outstanding liabilities before 2013

^[1]

1,645

Total paid

^[1]

1,143

^[1]

17

Liability for policy and contract claims

^[1]

519

Enact Segment | Accident Year 2013

^[1]

381

$ 381

$ 382

$ 384

$ 387

$ 392

$ 407

$ 475

Enact Segment | Accident Year 2014

^[1]

378

377

376

375

372

362

340

297

202

44

^[1]

258

259

258

259

261

269

288

328

0

Enact Segment | Accident Year 2015

^[1]

255

254

253

247

233

195

127

22

0

^[1]

179

180

181

187

208

235

0

Enact Segment | Accident Year 2016

^[1]

177

176

175

173

167

145

85

12

0

^[1]

135

136

137

136

138

160

198

0

Enact Segment | Accident Year 2017

^[1]

129

128

127

124

110

64

10

0

^[1]

102

104

105

102

121

171

0

Enact Segment | Accident Year 2018

^[1]

92

90

87

77

46

6

0

^[1]

73

78

84

117

0

Enact Segment | Accident Year 2019

^[1]

59

55

48

32

3

0

^[1]

71

98

111

106

0

Enact Segment | Accident Year 2020

^[1]

38

31

18

2

0

^[1]

107

362

365

0

Enact Segment | Accident Year 2021

^[1]

13

8

1

0

^[1]

119

141

0

Enact Segment | Accident Year 2022

^[1]

2

0

^[1]

220

0

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1]

$ 0

[1]	Represents the year in which first monthly mortgage payments have been missed by the borrower.

Average Payout of Incurred Claims by Age (Detail) - Enact Segment	Dec. 31, 2022
Claims Development [Line Items]
Average annual percentage payout of incurred claims, net of reinsurance, by age, year one	4.80%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year two	30.10%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year three	24.50%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year four	11.20%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year five	4.10%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year six	1.80%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year seven	0.70%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year eight	0.30%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year nine	0.20%
Average annual percentage payout of incurred claims, net of reinsurance, by age, year ten	0.10%

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pre-tax pension plan termination costs		$ 8	$ 0	$ 0
Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan required years of service to vest for employees hired on or after January 1, 2011		2 years
Deposits recorded by our life insurance subsidiaries		$ 1	1
Costs associated with plan		$ 13	13	13
Maximum contribution to employees savings plans	5.00%
Savings Plan \| First 4% of pay deferred
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	100.00%
Maximum contribution to employees savings plans	4.00%
Savings Plan \| Next 2% of pay deferred
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%
Maximum contribution to employees savings plans	2.00%
Defined Contribution Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage funding of plan by Genworth		100.00%
Defined contribution pension plan required years of service to vest		3 years
Liability related to benefit plan		$ 8	11
Pension and Retiree Health and Life Insurance Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Costs associated with plan		22	18	$ 18
Retiree Health and Life Insurance Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Liability related to benefit plan		50	71
Change in other comprehensive income, (increase) reduction		$ 18	11
Age for retirees receiving policy coverage		65 years
Number of years before retirement eligibility at which retiree medical benefits are available to employees		10 years
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Liability related to benefit plan		$ 47	65
Change in other comprehensive income, (increase) reduction		26	$ 6
First Colony Life Insurance Company Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan additional cash contributions by employer		0
Pre-tax pension plan termination costs		$ 8

Borrowings and Other Financings - Long Term Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 1,611	$ 1,899
Genworth Holdings
Debt Instrument [Line Items]
Long-term borrowings	884	1,178
Bond consent fees	(10)	(12)
Deferred borrowing charges	(6)	(7)
Total	868	1,159
Genworth Holdings \| 4.80% Senior Notes, Due 2024
Debt Instrument [Line Items]
Long-term borrowings	0	282
Genworth Holdings \| 6.50% Senior Notes, Due 2034
Debt Instrument [Line Items]
Long-term borrowings	285	298
Genworth Holdings \| Floating Rate Junior Subordinated Notes, due 2066
Debt Instrument [Line Items]
Long-term borrowings	599	598
Enact Holdings
Debt Instrument [Line Items]
Deferred borrowing charges	(7)	(10)
Total	743	740
Enact Holdings \| 6.50% Senior Notes, Due 2025
Debt Instrument [Line Items]
Long-term borrowings	$ 750	$ 750

Borrowings and Other Financings - Long Term Borrowings (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Sep. 21, 2022
4.80% Senior Notes, Due 2024 \| Genworth Holdings
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%	4.80%
Debt instrument, maturity year	2024	2024
6.50% Senior Notes, Due 2034 \| Genworth Holdings
Debt Instrument [Line Items]
Interest rate		6.50%
Debt instrument, maturity year		2034
Floating Rate Junior Subordinated Notes, due 2066 \| Genworth Holdings
Debt Instrument [Line Items]
Debt instrument, maturity year		2066
6.50% Senior Notes, Due 2025 \| Enact Holdings
Debt Instrument [Line Items]
Interest rate		6.50%
Debt instrument, maturity year		2025

Borrowings and Other Financings - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 21, 2022	Jun. 30, 2022	Jan. 31, 2020	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Pre-tax gain (loss) on early extinguishment of debt						$ 6	$ 45	$ 9
Interest paid						$ 101	$ 186	$ 176
Genworth Holdings
Debt Instrument [Line Items]
Debt instrument, maturity month and year			2020-06
Pre-tax make-whole expense on redemption of senior notes			$ 9
Genworth Holdings \| Fixed Rate Senior Notes \| Minimum
Debt Instrument [Line Items]
Senior notes option to redeem						100.00%
Genworth Holdings \| Junior Notes, due 2066
Debt Instrument [Line Items]
Issued notes, aggregate principal amount				$ 600		$ 600
Debt instrument, maturity month and year						2066-11
Pre-tax gain (loss) on early extinguishment of debt				1
Debt instrument, interest rate terms						three-month LIBOR plus 2.0025%
Scheduled redemption date						Nov. 15, 2036
Right to defer the payment of interest on the 2066 Notes during period, years						10 years
Aggregate principal amount of notes repurchased				13		$ 13
Debt Instrument, Call Date, Latest						Nov. 15, 2046
Debt instrument unamortized discount				$ 1		$ 1
Genworth Holdings \| 4.80% Senior Notes, Due to 2024
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%		4.80%	4.80%	4.80%
Debt instrument, maturity month and year	2024-02
Early redemption of senior notes	$ 155
Pre-tax make-whole expense on redemption of senior notes	2
Pre-tax gain (loss) on early extinguishment of debt					$ (4)
Debt instrument, maturity year					2024	2024
Interest paid	1
Aggregate principal amount of notes redeemed	152	$ 130			$ 130
Write off of bond consent fees and deferred borrowing costs	$ 1
Genworth Holdings \| 6.50% Senior Notes, Due 2034
Debt Instrument [Line Items]
Interest rate				6.50%		6.50%
Debt instrument, maturity month and year						2034-06
Aggregate principal amount of notes redeemed				$ 287		$ 287
Debt instrument unamortized discount				$ 2		$ 2
Enact Holdings \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200			200
Debt Instrument, Term		5 years
Line of credit facility, additional borrowing capacity		$ 100			$ 100
Enact Holdings \| 6.50% Senior Notes, due 2025
Debt Instrument [Line Items]
Interest rate				6.50%		6.50%
Issued notes, aggregate principal amount				$ 750		$ 750
Debt instrument, maturity year						2025
Long term debt terms of interest payment						Interest on the notes is payable semi-annually
Long-term debt maturity date				Aug. 15, 2025		Aug. 15, 2025
Option to redeem, price percentage of principal						100.00%
Debt instrument, option to redeem date, prior to						Feb. 15, 2025
Debt instrument, option to redeem date, on or after						Feb. 15, 2025

Principal Amounts of Long-Term Borrowings by Maturity (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Principal Amounts Of Long Term Debt Including Senior Notes And Non Recourse Funding By Maturity [Line Items]
2023	$ 0
2024	0
2025	750
2026	0
2027 and thereafter	887
Total	$ 1,637

Components of Income before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Domestic	$ 978	$ 1,184	$ 931
Foreign	0	(3)	(3)
Income from continuing operations before income taxes	$ 978	$ 1,181	$ 928

Components of Income Tax Provision (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Current federal income taxes	$ 0	$ (32)	$ 0
Deferred federal income taxes	239	288	226
Total federal income taxes	239	256	226
Current state income taxes	4	5	3
Deferred state income taxes	(5)	2	2
Total state income taxes	(1)	7	5
Current foreign income taxes	0	0	0
Deferred foreign income taxes	1	0	(1)
Total foreign income taxes	1	0	(1)
Total provision for income taxes	$ 239	$ 263	$ 230

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Current income tax payable		$ (2)
Current income tax receivable	$ 3
Valuation allowances	583	382
Foreign tax credit carryforwards	$ 156	174
Foreign tax credit carryforwards, expiration year	2025
Net deferred tax asset	$ 1,344	119
Unrecognized tax benefits	33	40	$ 62	$ 64
Unrecognized tax benefits, amount that if recognized would affect the effective rate on continuing operations	21
Unrecognized tax benefits, interest and penalties (expense)	0	$ 2	$ 1
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities in 2020	$ 22
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
Deferred tax assets, capital loss carryforwards	$ 146	$ 142
Deferred tax assets, deferred income	77
Accumulated other comprehensive income (loss)
Income Taxes [Line Items]
Increase (decrease) in the valuation allowance	200
Capital Loss Carryforward
Income Taxes [Line Items]
Tax credit carryforward, amount	$ 695
Tax credit carry forward expiration year	2026
Deferred tax assets, capital loss carryforwards	$ 1,267
Section 338 Election
Income Taxes [Line Items]
Maximum deferred tax assets related to Section 338 election deduction	$ 640
Percentage of tax savings associated with Section 338 deductions	80.00%
Forward Starting Swaps
Income Taxes [Line Items]
Statutory U.S. federal income tax rate	35.00%
Tax Matters Agreement
Income Taxes [Line Items]
Tax payments to former parent	$ 55

Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
Tax on income from terminated swaps	3.20%	2.50%	3.00%
Reduction in uncertain tax positions	0.00%	(1.80%)	0.00%
Other, net	0.20%	0.60%	0.80%
Effective rate	24.40%	22.30%	24.80%

Components Net Deferred Income Tax Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Foreign tax credit carryforwards	$ 156	$ 174
Net operating loss carryforwards	4	202
Capital loss carryforwards	146	142
State income taxes	396	388
Insurance reserves	161	178
Accrued commission and general expenses	113	118
Liabilities associated with discontinued operations	122	122
Net unrealized losses on investment securities	897	0
Net unrealized losses on derivatives	102	0
Other	9	18
Gross deferred income tax assets	2,106	1,342
Valuation allowance	(583)	(382)
Total deferred income tax assets	1,523	960
Net unrealized gains on investment securities	0	506
Net unrealized gains on derivatives	0	73
DAC	29	98
PVFP and other intangibles	37	38
Insurance reserves transition adjustment	74	99
Investments	20	10
Other	19	17
Total deferred income tax liabilities	179	841
Net deferred income tax asset	$ 1,344	$ 119

Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Balance as of January 1	$ 40	$ 62	$ 64
Gross additions, current period	0	0	0
Gross reductions, current period	(3)	(3)	(3)
Gross additions, prior years	0	0	1
Gross reductions, prior years	(4)	(19)	0
Balance as of December 31	$ 33	$ 40	$ 62

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Net cash (paid) received for taxes	$ (5)	$ (7)	$ 3
Cash paid for interest	$ 101	$ 186	$ 176

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2012	Dec. 31, 2011
Share Based Employee Compensation [Line Items]
Stock-based compensation expense	$ 37	$ 40	$ 39
Unrecognized stock-based compensation expense	$ 16	17
Unrecognized stock-based compensation expense, expected weighted-average period of recognition (years)	2 years
Tax benefit realized from the exercise of share based awards	$ 5	4
Enact Holdings Inc.
Share Based Employee Compensation [Line Items]
Equity awards, total amount of shares authorized to be outstanding	4,000,000
Unrecognized stock-based compensation expense	$ 13	11
Unrecognized stock-based compensation expense, expected weighted-average period of recognition (years)	2 years
Stock-based compensation expense	$ 10	$ 2
Time Based Cash Awards
Share Based Employee Compensation [Line Items]
Granted stock options, fair value	$ 1	$ 1	$ 1
Average vesting period	3 years	3 years	3 years
Performance Stock Units ("PSUs")
Share Based Employee Compensation [Line Items]
Granted stock options, fair value	$ 4.47	$ 3.45	$ 3.03
Average vesting period	3 years	3 years	3 years
Stock-based compensation expense	$ 3	$ 16	$ 18
Performance metric grant-date fair value, metric two	$ 4.27	$ 3.31
Performance metric grant-date fair value	5.3	4.18
Performance Stock Units ("PSUs") \| Enact Holdings Inc.
Share Based Employee Compensation [Line Items]
Granted stock options, fair value	$ 22.15
Average vesting period	3 years
Stock-based compensation expense	$ 1
Restricted Stock Units
Share Based Employee Compensation [Line Items]
Granted stock options, fair value	$ 4.25	$ 3.31	$ 3.53
Average vesting period	3 years	3 years	3 years
Cash Settled Restricted Stock Units
Share Based Employee Compensation [Line Items]
Granted stock options, fair value	$ 4.27	$ 0
Description of shares vest as cash payment	one
Number of trading days immediately preceding the vesting date	20 days
Omnibus Incentive Plan
Share Based Employee Compensation [Line Items]
Equity awards, total amount of shares authorized to be outstanding				16,000,000
Equity awards, amount of shares authorized to grant					25,000,000
Stock-based compensation expense	$ 27	$ 38	$ 39
2018 Omnibus Incentive Plan
Share Based Employee Compensation [Line Items]
Equity awards, total amount of shares authorized to be outstanding	25,000,000
Equity awards, amount of shares authorized to grant	20,000,000
2021 Omnibus Incentive Plan
Share Based Employee Compensation [Line Items]
Equity awards, total amount of shares authorized to be outstanding	25,000,000
Equity awards, amount of shares authorized to grant	20,000,000

Stock-Based Compensation - Summary of Other Equity Awards Valuation Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Valuation-date stock price	$ 4.27	$ 3.31
Volatility	64.60%	65.00%
Dividend yield	0.00%	0.00%
Risk-free rate	1.80%	0.30%
Valuation maximum	800% of grant-date stock price	800% of grant-date stock price

Stock-Based Compensation - Summary of Cash Award Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance as of January 1, number of awards	0	0
Granted, number of awards	2,957	0
Performance adjustment	0	0
Vested, number of awards	(23)	0
Forfeited, number of awards	(180)	0
Balance as of December 31, number of awards	2,754	0	0
Balance as of January 1, weighted-average grant date fair value	$ 0	$ 0
Granted, weighted-average grant date fair value	4.27	0
Performance adjustment, weighted-average grant date fair value	0	0
Vested, weighted-average grant date fair value	4.17	0
Forfeited, weighted average grant date fair value	4.31	0
Balance as of December 31, weighted-average grant date fair value	$ 4.27	$ 0	$ 0
Performance Based Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance as of January 1, number of awards	0	6,938
Granted, number of awards	0	0
Performance adjustment	0	5,838
Vested, number of awards	0	(12,776)
Forfeited, number of awards	0	0
Balance as of December 31, number of awards	0	0	6,938
Time Based Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance as of January 1, number of awards	27,696	30,429
Granted, number of awards	208	15,473
Performance adjustment	0	0
Vested, number of awards	(13,992)	(14,774)
Forfeited, number of awards	(1,020)	(3,432)
Balance as of December 31, number of awards	12,892	27,696	30,429
Granted, weighted-average grant date fair value	$ 1	$ 1	$ 1

Stock Option Activity and Other Equity-Based Awards (Detail) - $ / shares
shares in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Restricted Stock Units

2,317

2,534

1,105

1,391

^[1]

0

(1,004)

(1,474)

(299)

(134)

Balance as of January 1, weighted-average grant date fair value

2,119

2,317

2,534

$ 3.38

$ 3.48

Performance adjustment, weighted-average grant date fair value

4.25

3.31

$ 3.53

^[1]

0

3.39

3.47

Balance as of December 31, weighted-average grant date fair value

3.52

3.53

$ 3.81

$ 3.38

$ 3.48

Performance Stock Units ("PSUs")

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

7,505

5,734

2,182

2,510

^[1]

2,308

626

(4,616)

(1,365)

(718)

0

Balance as of January 1, weighted-average grant date fair value

6,661

7,505

5,734

$ 3.7

$ 3.79

Performance adjustment, weighted-average grant date fair value

4.47

3.45

^[1]

4.61

3.58

4.61

3.58

Balance as of December 31, weighted-average grant date fair value

3.55

0

$ 3.65

$ 3.7

$ 3.79

Deferred Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

1,837

1,537

281

315

^[1]

0

(954)

(15)

0

Balance as of January 1, weighted-average grant date fair value

1,164

1,837

1,537

$ 3.42

$ 3.95

Performance adjustment, weighted-average grant date fair value

2.51

2.52

^[1]

0

4.02

7.46

Balance as of December 31, weighted-average grant date fair value

0

$ 2.44

$ 3.42

$ 3.95

Stock Appreciation Rights

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

6,195

7,030

0

^[1]

0

0

(2,295)

(835)

Balance as of January 1, weighted-average grant date fair value

3,900

6,195

7,030

$ 3.36

$ 3.32

Performance adjustment, weighted-average grant date fair value

0

^[1]

0

0

Balance as of December 31, weighted-average grant date fair value

2.52

3.04

$ 3.85

$ 3.36

$ 3.32

[1]	The performance adjustment relates to additional awards expected to be earned through the achievement of certain performance metrics.

Stock-Based Compensation - Summary of Enact Holdings' Equity-Based Awards (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units
Number of awards
Balance as of January 1, number of awards	2,317	2,317	2,534
Granted		1,105	1,391
Vested, number of awards		(1,004)	(1,474)
Terminated, number of awards		(299)	(134)
Balance as of December 31, number of awards		2,119	2,317	2,534
Weighted average grant date fair value
Balance as of January 1, weighted-average grant date fair value	$ 3.38	$ 3.38	$ 3.48
Granted, weighted-average grant date fair value		4.25	3.31	$ 3.53
Vested, weighted-average grant date fair value		3.39	3.47
Terminated, weighted-average grant date fair value		3.52	3.53
Balance as of December 31, weighted-average grant date fair value		$ 3.81	$ 3.38	$ 3.48
Restricted Stock Units \| Enact Holdings Inc.
Number of awards
Balance as of January 1, number of awards	654	654	0
Granted		322	628
Dividend equivalents		62	36
Vested, number of awards		(3)	0
Terminated, number of awards		(26)	(10)
Balance as of December 31, number of awards		1,009	654	0
Weighted average grant date fair value
Balance as of January 1, weighted-average grant date fair value	$ 19.02	$ 19.02	$ 0
Granted, weighted-average grant date fair value		22.18	19.02
Dividend equivalents, weighted average grant date fair value		24	21.25
Vested, weighted-average grant date fair value		19	0
Terminated, weighted-average grant date fair value		19.73	19
Balance as of December 31, weighted-average grant date fair value		$ 20.07	$ 19.02	$ 0
Deferred Stock Units
Number of awards
Balance as of January 1, number of awards	1,837	1,837	1,537
Granted		281	315
Vested, number of awards		(954)	(15)
Terminated, number of awards		0	0
Balance as of December 31, number of awards		1,164	1,837	1,537
Weighted average grant date fair value
Balance as of January 1, weighted-average grant date fair value	$ 3.42	$ 3.42	$ 3.95
Granted, weighted-average grant date fair value		2.51	2.52
Vested, weighted-average grant date fair value		4.02	7.46
Terminated, weighted-average grant date fair value		0	0
Balance as of December 31, weighted-average grant date fair value		$ 2.44	$ 3.42	$ 3.95
Deferred Stock Units \| Enact Holdings Inc.
Number of awards
Balance as of January 1, number of awards	17	17	0
Granted		78	17
Dividend equivalents		5	0
Vested, number of awards		0	0
Terminated, number of awards		0	0
Balance as of December 31, number of awards		100	17	0
Weighted average grant date fair value
Balance as of January 1, weighted-average grant date fair value	$ 20.87	$ 20.87	$ 0
Granted, weighted-average grant date fair value	22.02		20.87
Dividend equivalents, weighted average grant date fair value	24		0
Vested, weighted-average grant date fair value	0		0
Terminated, weighted-average grant date fair value	0		0
Balance as of December 31, weighted-average grant date fair value	$ 21.81		20.87	$ 0
Performance Stock Units
Weighted average grant date fair value
Granted, weighted-average grant date fair value		$ 4.47	$ 3.45	$ 3.03
Performance Stock Units \| Enact Holdings Inc.
Number of awards
Balance as of January 1, number of awards	0	0	0
Granted		156	0
Dividend equivalents		10	0
Vested, number of awards		0	0
Terminated, number of awards		0	0
Balance as of December 31, number of awards		166	0	0
Weighted average grant date fair value
Balance as of January 1, weighted-average grant date fair value	$ 0	$ 0	$ 0
Granted, weighted-average grant date fair value		22.15	0
Dividend equivalents, weighted average grant date fair value		24	0
Vested, weighted-average grant date fair value		0	0
Terminated, weighted-average grant date fair value		0	0
Balance as of December 31, weighted-average grant date fair value		$ 22.15	$ 0	$ 0

Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	$ 46,583	$ 60,480
GMWB non-performance risk impact	$ 33	49
Period end valuation	0
Level 2
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	$ 43,393	56,672
Level 2 \| Nonrecurring fair value \| Other invested assets
Fair Value of Financial Instruments [Line Items]
Real estate owned	$ 26	4
Level 2 \| Fixed maturity securities \| Third-Party Pricing Services
Fair Value of Financial Instruments [Line Items]
Percentage of available for sale debt securities	88.00%
Level 2 \| Fixed maturity securities \| Internal models \| U.S. corporate
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	$ 1,460
Level 2 \| Fixed maturity securities \| Internal models \| Non-U.S. corporate
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	820
Level 3
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	3,190	$ 3,808
Level 3 \| Fixed maturity securities \| Internal models
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	2,940
Level 3 \| Fixed maturity securities \| Broker Quotes
Fair Value of Financial Instruments [Line Items]
Available-for-sale debt securities	$ 250
Fair Value Measured at Net Asset Value Per Share \| Limited Partnerships \| Maximum
Fair Value of Financial Instruments [Line Items]
Liquidation period	10 years
Contractual period	12 years
Fair Value Measured at Net Asset Value Per Share \| Limited Partnerships \| Minimum
Fair Value of Financial Instruments [Line Items]
Liquidation period	5 years
Contractual period	10 years

Fair Value of Financial Instruments - Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 46,583	$ 60,480
Fixed maturity securities
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	46,583	60,480
Fixed maturity securities \| U.S. government, agencies and government-sponsored enterprises
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	3,341	4,552
Fixed maturity securities \| State and Political Subdivisions
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	2,399	3,450
Fixed maturity securities \| Non-U.S. government
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	645	835
Fixed maturity securities \| U.S. corporate
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	27,119	34,924
Fixed maturity securities \| Non-U.S. corporate
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	8,010	10,535
Fixed maturity securities \| Residential mortgage-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	995	1,440
Fixed maturity securities \| Commercial mortgage-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	1,908	2,584
Fixed maturity securities \| Other asset-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	2,166	2,160
Level 2
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	43,393	56,672
Level 2 \| Fixed maturity securities \| U.S. government, agencies and government-sponsored enterprises
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	3,341	4,552
Level 2 \| Fixed maturity securities \| State and Political Subdivisions
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	2,344	3,368
Level 2 \| Fixed maturity securities \| Non-U.S. government
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	645	833
Level 2 \| Fixed maturity securities \| U.S. corporate
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	24,997	32,543
Level 2 \| Fixed maturity securities \| Non-U.S. corporate
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	7,125	9,373
Level 2 \| Fixed maturity securities \| Residential mortgage-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	973	1,413
Level 2 \| Fixed maturity securities \| Commercial mortgage-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	1,896	2,568
Level 2 \| Fixed maturity securities \| Other asset-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	2,072	$ 2,022
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| U.S. government, agencies and government-sponsored enterprises
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 3,341
Primary methodologies	Price quotes from trading desk, broker feeds
Significant inputs	Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| State and Political Subdivisions
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 2,344
Primary methodologies	Multi-dimensional attribute-based modeling systems, third-party pricing vendors
Significant inputs	Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| Non-U.S. government
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 645
Primary methodologies	Matrix pricing, spread priced to benchmark curves, price quotes from market makers
Significant inputs	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| U.S. corporate
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 23,537
Primary methodologies	Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models
Significant inputs	Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| Non-U.S. corporate
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 6,305
Primary methodologies	Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers
Significant inputs	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| Residential mortgage-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 973
Primary methodologies	OAS-based models, single factor binomial models, internally priced
Significant inputs	Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| Commercial mortgage-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 1,896
Primary methodologies	Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model
Significant inputs	Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swap curves, TRACE reports
Level 2 \| Third-Party Pricing Services \| Fixed maturity securities \| Other asset-backed
Fair value measurements Significant unobservable inputs [Line Items]
Available-for-sale debt securities	$ 2,072
Primary methodologies	Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers
Significant inputs	Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 46,583

$ 60,480

319

198

66

433

2,331

1,900

566

820

4,417

6,066

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

53,204

68,665

Net Asset Value

^[1]

0

^[1]

0

^[1]

1,792

1,436

^[1]

0

^[1]

1,792

1,436

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

50

414

3

26

Other invested assets | Net Asset Value

53

440

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

0

^[1]

0

Interest rate swaps | Other invested assets

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate swaps | Other invested assets | Net Asset Value

24

364

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency swaps | Other invested assets

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency swaps | Other invested assets | Net Asset Value

20

6

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity index options | Other invested assets

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity index options | Other invested assets | Net Asset Value

6

42

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other foreign currency contracts | Other invested assets

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other foreign currency contracts | Other invested assets | Net Asset Value

2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

GMWB embedded derivatives | Reinsurance recoverable

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

GMWB embedded derivatives | Reinsurance recoverable | Net Asset Value

^[2]

16

19

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities

^[1],[2]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises

46,583

60,480

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Net Asset Value

3,341

4,552

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | State and Political Subdivisions

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | State and Political Subdivisions | Net Asset Value

2,399

3,450

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. government

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. government | Net Asset Value

645

835

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Net Asset Value

27,119

34,924

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Utilities

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Utilities | Net Asset Value

3,898

5,104

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Energy

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Energy | Net Asset Value

2,262

2,934

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Finance and insurance

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Finance and insurance | Net Asset Value

7,193

8,991

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Consumer-non-cyclical

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | Net Asset Value

4,457

6,159

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Technology and communications

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Technology and communications | Net Asset Value

2,947

3,808

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Industrial

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Industrial | Net Asset Value

1,197

1,494

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Capital goods

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Capital goods | Net Asset Value

2,138

2,745

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Consumer-cyclical

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Consumer-cyclical | Net Asset Value

1,617

1,899

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Transportation

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Transportation | Net Asset Value

1,100

1,371

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Other

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | U.S. corporate | Other | Net Asset Value

310

419

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Net Asset Value

8,010

10,535

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Utilities

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Utilities | Net Asset Value

740

928

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Energy

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Energy | Net Asset Value

960

1,383

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Finance and insurance

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Finance and insurance | Net Asset Value

1,946

2,432

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | Net Asset Value

566

743

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Technology and communications

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Technology and communications | Net Asset Value

894

1,250

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Industrial

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Industrial | Net Asset Value

818

1,047

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Capital goods

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Capital goods | Net Asset Value

546

705

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | Net Asset Value

276

341

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Transportation

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Transportation | Net Asset Value

375

489

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Other

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Non-U.S. corporate | Other | Net Asset Value

889

1,217

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Residential mortgage-backed

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Residential mortgage-backed | Net Asset Value

995

1,440

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Commercial mortgage-backed

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Commercial mortgage-backed | Net Asset Value

1,908

2,584

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Other asset-backed

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity securities | Other asset-backed | Net Asset Value

2,166

2,160

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,816

1,462

Level 1

0

239

101

0

4,417

6,066

Level 1 | Other invested assets

4,656

6,167

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

0

0

Level 1 | Interest rate swaps | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Foreign currency swaps | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Equity index options | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Other foreign currency contracts | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | GMWB embedded derivatives | Reinsurance recoverable

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises

^[2]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | State and Political Subdivisions

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. government

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Utilities

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Energy

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Finance and insurance

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Technology and communications

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Industrial

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Capital goods

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Consumer-cyclical

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Transportation

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | U.S. corporate | Other

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Utilities

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Energy

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Technology and communications

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Industrial

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Capital goods

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Transportation

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Non-U.S. corporate | Other

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Residential mortgage-backed

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Commercial mortgage-backed

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Fixed maturity securities | Other asset-backed

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

0

Level 2

43,393

56,672

46

60

0

0

Level 2 | Other invested assets

43,486

57,130

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

44

372

3

26

Level 2 | Interest rate swaps | Other invested assets

47

398

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Foreign currency swaps | Other invested assets

24

364

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Equity index options | Other invested assets

20

6

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Other foreign currency contracts | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | GMWB embedded derivatives | Reinsurance recoverable

2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises

^[2]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | State and Political Subdivisions

3,341

4,552

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. government

2,344

3,368

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate

645

833

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Utilities

24,997

32,543

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Energy

3,056

4,154

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Finance and insurance

2,146

2,858

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical

6,506

8,306

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Technology and communications

4,375

6,055

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Industrial

2,923

3,779

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Capital goods

1,175

1,457

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Consumer-cyclical

2,104

2,700

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Transportation

1,504

1,762

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | U.S. corporate | Other

1,057

1,307

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate

151

165

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Utilities

7,125

9,373

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Energy

445

583

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance

842

1,238

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical

1,821

2,272

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Technology and communications

493

680

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Industrial

868

1,222

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Capital goods

770

954

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical

451

532

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Transportation

212

265

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Non-U.S. corporate | Other

355

436

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Residential mortgage-backed

868

1,191

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Commercial mortgage-backed

973

1,413

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Fixed maturity securities | Other asset-backed

1,896

2,568

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

2,072

2,022

Level 3

3,190

3,808

34

37

24

26

0

Level 3 | Other invested assets

3,270

3,932

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

6

42

0

Level 3 | Interest rate swaps | Other invested assets

6

42

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Foreign currency swaps | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Equity index options | Other invested assets

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Other foreign currency contracts | Other invested assets

6

42

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | GMWB embedded derivatives | Reinsurance recoverable

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises

^[2]

16

19

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | State and Political Subdivisions

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. government

55

82

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate

0

2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Utilities

2,122

2,381

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Energy

842

950

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Finance and insurance

116

76

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical

687

685

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Technology and communications

82

104

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Industrial

24

29

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Capital goods

22

37

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Consumer-cyclical

34

45

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Transportation

113

137

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | U.S. corporate | Other

43

64

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate

159

254

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Utilities

885

1,162

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Energy

295

345

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance

118

145

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical

125

160

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Technology and communications

73

63

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Industrial

26

28

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Capital goods

48

93

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical

95

173

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Transportation

64

76

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Non-U.S. corporate | Other

20

53

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Residential mortgage-backed

21

26

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Commercial mortgage-backed

22

27

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Fixed maturity securities | Other asset-backed

12

16

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 94

$ 138

[1]	Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
[2]	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Total realized and unrealized gains (losses), Included in net income

$ 3,932

$ 4,246

$ 4,320

$ (18)

$ 28

$ 38

Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

Total realized and unrealized gains (losses), Included in OCI

$ (710)

$ (16)

$ 60

Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]

Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest

$ 526

$ 641

$ 704

(84)

(11)

(41)

1

2

(275)

(478)

(486)

139

^[1]

186

^[1]

529

^[2]

(241)

^[1]

(666)

^[1]

(880)

^[2]

Total gains (losses) included in net income attributable to assets still held

3,270

3,932

4,246

$ (5)

$ 11

$ 14

Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

Total gains (losses) included in OCI attributable to assets still held

$ (700)

$ (29)

$ 76

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

42

63

81

(20)

18

4

Total realized and unrealized gains (losses), Included in OCI

0

13

31

59

0

0

(29)

(70)

(81)

0

^[1]

0

^[1]

0

^[2]

0

^[1]

0

^[1]

0

^[2]

Total gains (losses) included in net income attributable to assets still held

6

42

63

(7)

10

5

Total gains (losses) included in OCI attributable to assets still held

0

Other invested assets | Derivative assets

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

42

63

81

(20)

18

4

Total realized and unrealized gains (losses), Included in OCI

0

13

31

59

0

0

(29)

(70)

(81)

0

^[1]

0

^[1]

0

^[2]

0

^[1]

0

^[1]

0

^[2]

Total gains (losses) included in net income attributable to assets still held

6

42

63

(7)

10

5

Total gains (losses) included in OCI attributable to assets still held

0

Other invested assets | Derivative assets | Equity index options

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

42

63

81

(20)

18

4

Total realized and unrealized gains (losses), Included in OCI

0

13

31

59

0

0

(29)

(70)

(81)

0

^[1]

0

^[1]

0

^[2]

0

^[1]

0

^[1]

0

^[2]

Total gains (losses) included in net income attributable to assets still held

6

42

63

(7)

10

5

Total gains (losses) included in OCI attributable to assets still held

0

Reinsurance recoverable

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

19

^[3]

26

^[2]

20

(4)

^[3]

(9)

^[2]

4

Total realized and unrealized gains (losses), Included in OCI

0

^[3]

0

^[2]

0

0

^[3]

0

^[2]

0

0

^[3]

0

^[2]

0

1

^[3]

2

^[2]

2

0

^[3]

0

^[2]

0

0

^[1],[3]

0

^[2]

0

^[2]

0

^[1],[3]

0

^[2]

0

^[2]

Total gains (losses) included in net income attributable to assets still held

16

^[3]

19

^[3]

26

^[2]

(4)

^[3]

(9)

^[2]

4

Total gains (losses) included in OCI attributable to assets still held

0

^[3]

0

^[2]

0

Fixed maturity securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

3,808

4,089

4,152

8

18

32

Total realized and unrealized gains (losses), Included in OCI

(710)

(16)

60

512

602

636

(81)

(2)

(34)

0

(246)

(403)

(405)

^[1]

139

186

528

^[1]

(240)

(666)

(880)

Total gains (losses) included in net income attributable to assets still held

3,190

3,808

4,089

8

9

7

Total gains (losses) included in OCI attributable to assets still held

(700)

(29)

76

Fixed maturity securities | State and political subdivisions

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

82

66

102

3

Total realized and unrealized gains (losses), Included in OCI

(30)

13

(11)

0

0

0

0

(1)

^[1]

0

^[1]

0

(27)

Total gains (losses) included in net income attributable to assets still held

55

82

66

3

Total gains (losses) included in OCI attributable to assets still held

(31)

13

(11)

Fixed maturity securities | U.S. corporate

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

2,381

2,272

2,239

0

15

Total realized and unrealized gains (losses), Included in OCI

(459)

(17)

37

351

430

403

(41)

0

(34)

0

(92)

(153)

(196)

^[1]

79

138

274

^[1]

(97)

(289)

(466)

Total gains (losses) included in net income attributable to assets still held

2,122

2,381

2,272

0

Total gains (losses) included in OCI attributable to assets still held

(453)

(17)

50

Fixed maturity securities | U.S. corporate | Utilities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

950

842

865

0

9

Total realized and unrealized gains (losses), Included in OCI

(211)

3

8

130

118

76

0

(13)

0

(19)

(18)

(56)

^[1]

3

18

42

^[1]

(11)

(13)

(89)

Total gains (losses) included in net income attributable to assets still held

842

950

842

0

Total gains (losses) included in OCI attributable to assets still held

(210)

4

14

Fixed maturity securities | U.S. corporate | Energy

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

76

128

129

0

1

Total realized and unrealized gains (losses), Included in OCI

(19)

4

1

0

50

30

0

(21)

0

(9)

(10)

(21)

^[1]

68

8

22

^[1]

0

(104)

(13)

Total gains (losses) included in net income attributable to assets still held

116

76

128

0

Total gains (losses) included in OCI attributable to assets still held

(20)

1

(3)

Fixed maturity securities | U.S. corporate | Finance and insurance

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

685

607

572

0

2

Total realized and unrealized gains (losses), Included in OCI

(147)

(18)

16

216

233

167

0

0

(19)

(46)

(41)

^[1]

8

17

0

^[1]

(56)

(108)

(109)

Total gains (losses) included in net income attributable to assets still held

687

685

607

0

Total gains (losses) included in OCI attributable to assets still held

(141)

(16)

19

Fixed maturity securities | U.S. corporate | Consumer-non-cyclical

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

104

109

94

0

Total realized and unrealized gains (losses), Included in OCI

(13)

(2)

4

0

8

0

0

(9)

(3)

(22)

^[1]

0

3

25

^[1]

0

(3)

0

Total gains (losses) included in net income attributable to assets still held

82

104

109

0

Total gains (losses) included in OCI attributable to assets still held

(13)

(2)

4

Fixed maturity securities | U.S. corporate | Technology and communications

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

29

47

50

0

Total realized and unrealized gains (losses), Included in OCI

(5)

(1)

3

0

12

82

0

0

0

(1)

^[1]

0

4

13

^[1]

0

(33)

(100)

Total gains (losses) included in net income attributable to assets still held

24

29

47

0

Total gains (losses) included in OCI attributable to assets still held

(5)

(1)

5

Fixed maturity securities | U.S. corporate | Industrial

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

37

40

0

Total realized and unrealized gains (losses), Included in OCI

(4)

0

0

17

0

0

0

(11)

(20)

0

^[1]

0

^[1]

0

Total gains (losses) included in net income attributable to assets still held

22

37

40

0

Total gains (losses) included in OCI attributable to assets still held

(4)

(1)

0

Fixed maturity securities | U.S. corporate | Capital goods

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

45

60

102

0

Total realized and unrealized gains (losses), Included in OCI

(7)

(1)

0

0

0

0

(4)

(14)

(8)

^[1]

0

11

^[1]

0

(45)

Total gains (losses) included in net income attributable to assets still held

34

45

60

0

Total gains (losses) included in OCI attributable to assets still held

(7)

(2)

1

Fixed maturity securities | U.S. corporate | Consumer-cyclical

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

137

150

173

0

3

Total realized and unrealized gains (losses), Included in OCI

(18)

0

4

0

15

0

0

(6)

(5)

(36)

^[1]

0

47

^[1]

0

(8)

(56)

Total gains (losses) included in net income attributable to assets still held

113

137

150

0

Total gains (losses) included in OCI attributable to assets still held

(18)

0

6

Fixed maturity securities | U.S. corporate | Transportation

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

64

70

78

0

Total realized and unrealized gains (losses), Included in OCI

(8)

(1)

5

0

0

0

(5)

(4)

^[1]

0

27

^[1]

(13)

0

(30)

Total gains (losses) included in net income attributable to assets still held

43

64

70

0

Total gains (losses) included in OCI attributable to assets still held

(7)

(1)

2

Fixed maturity securities | U.S. corporate | Other

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

254

219

136

0

Total realized and unrealized gains (losses), Included in OCI

(27)

(1)

2

0

25

(41)

0

0

(10)

(32)

(7)

^[1]

0

88

87

^[1]

(17)

(20)

(24)

Total gains (losses) included in net income attributable to assets still held

159

254

219

0

Total gains (losses) included in OCI attributable to assets still held

(28)

1

2

Fixed maturity securities | Non-U.S. corporate

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

1,162

1,608

1,685

5

15

14

Total realized and unrealized gains (losses), Included in OCI

(193)

(10)

33

68

95

109

(31)

(2)

0

0

(144)

(220)

(190)

^[1]

55

3

219

^[1]

(37)

(327)

(262)

Total gains (losses) included in net income attributable to assets still held

885

1,162

1,608

5

4

Total gains (losses) included in OCI attributable to assets still held

(191)

(23)

36

Fixed maturity securities | Non-U.S. corporate | Utilities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

345

352

374

0

Total realized and unrealized gains (losses), Included in OCI

(56)

(5)

10

24

30

13

0

0

(18)

(8)

0

^[1]

0

28

^[1]

0

(24)

(73)

Total gains (losses) included in net income attributable to assets still held

295

345

352

0

Total gains (losses) included in OCI attributable to assets still held

(55)

(6)

9

Fixed maturity securities | Non-U.S. corporate | Energy

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

145

245

247

0

Total realized and unrealized gains (losses), Included in OCI

(15)

7

(5)

13

0

7

(21)

0

0

(24)

(28)

^[1]

20

0

24

^[1]

0

(79)

0

Total gains (losses) included in net income attributable to assets still held

118

145

245

0

Total gains (losses) included in OCI attributable to assets still held

(15)

3

(5)

Fixed maturity securities | Non-U.S. corporate | Finance and insurance

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

160

305

234

5

3

4

Total realized and unrealized gains (losses), Included in OCI

(40)

(1)

17

0

1

15

0

(2)

0

0

0

(62)

(10)

^[1]

0

77

^[1]

0

(84)

(32)

Total gains (losses) included in net income attributable to assets still held

125

160

305

5

4

Total gains (losses) included in OCI attributable to assets still held

(41)

(14)

17

Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

63

67

59

0

1

0

Total realized and unrealized gains (losses), Included in OCI

(8)

(2)

3

9

8

20

0

0

0

(14)

0

^[1]

18

3

1

^[1]

(9)

0

(16)

Total gains (losses) included in net income attributable to assets still held

73

63

67

0

Total gains (losses) included in OCI attributable to assets still held

(8)

(2)

2

Fixed maturity securities | Non-U.S. corporate | Technology and communications

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

28

0

Total realized and unrealized gains (losses), Included in OCI

(2)

0

0

0

0

0

^[1]

0

^[1]

0

Total gains (losses) included in net income attributable to assets still held

26

28

0

Total gains (losses) included in OCI attributable to assets still held

(2)

(1)

1

Fixed maturity securities | Non-U.S. corporate | Industrial

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

93

95

104

0

2

0

Total realized and unrealized gains (losses), Included in OCI

(33)

(4)

4

22

14

0

0

0

(20)

(14)

(5)

^[1]

0

^[1]

(14)

0

(8)

Total gains (losses) included in net income attributable to assets still held

48

93

95

0

Total gains (losses) included in OCI attributable to assets still held

(31)

(2)

3

Fixed maturity securities | Non-U.S. corporate | Capital goods

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

173

178

161

0

1

Total realized and unrealized gains (losses), Included in OCI

(16)

1

0

25

20

(10)

0

0

(52)

0

(39)

^[1]

0

34

^[1]

0

(31)

0

Total gains (losses) included in net income attributable to assets still held

95

173

178

0

Total gains (losses) included in OCI attributable to assets still held

(16)

0

1

Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

76

146

147

0

Total realized and unrealized gains (losses), Included in OCI

(15)

0

3

0

17

21

0

0

0

(26)

^[1]

17

0

32

^[1]

(14)

(87)

(31)

Total gains (losses) included in net income attributable to assets still held

64

76

146

0

Total gains (losses) included in OCI attributable to assets still held

(16)

0

2

Fixed maturity securities | Non-U.S. corporate | Transportation

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

53

109

191

0

3

0

Total realized and unrealized gains (losses), Included in OCI

(3)

1

0

7

0

0

(30)

(49)

(10)

^[1]

0

22

^[1]

0

(7)

(102)

Total gains (losses) included in net income attributable to assets still held

20

53

109

0

Total gains (losses) included in OCI attributable to assets still held

(3)

0

4

Fixed maturity securities | Non-U.S. corporate | Other

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

26

83

140

0

6

9

Total realized and unrealized gains (losses), Included in OCI

(5)

(3)

(1)

0

6

0

0

0

(45)

(72)

^[1]

0

1

^[1]

0

(15)

0

Total gains (losses) included in net income attributable to assets still held

21

26

83

0

Total gains (losses) included in OCI attributable to assets still held

(4)

(1)

2

Fixed maturity securities | Residential mortgage-backed

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

27

14

27

0

Total realized and unrealized gains (losses), Included in OCI

(8)

0

(1)

14

5

0

0

0

(2)

(1)

^[1]

4

10

4

^[1]

(13)

0

(15)

Total gains (losses) included in net income attributable to assets still held

22

27

14

0

Total gains (losses) included in OCI attributable to assets still held

(6)

0

Fixed maturity securities | Commercial mortgage-backed

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

16

20

6

0

Total realized and unrealized gains (losses), Included in OCI

(5)

(2)

1

0

1

0

0

0

0

(3)

0

^[1]

1

0

20

^[1]

0

(7)

Total gains (losses) included in net income attributable to assets still held

12

16

20

0

1

0

Total gains (losses) included in OCI attributable to assets still held

(6)

(2)

1

Fixed maturity securities | Other asset-backed

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

138

109

93

0

Total realized and unrealized gains (losses), Included in OCI

(15)

0

1

77

69

124

(6)

0

0

(7)

(25)

(16)

^[1]

0

35

10

^[1]

(93)

(50)

(103)

Total gains (losses) included in net income attributable to assets still held

94

138

109

0

Total gains (losses) included in OCI attributable to assets still held

(13)

0

Fixed maturity securities | Non-U.S. government

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

2

0

0

Total realized and unrealized gains (losses), Included in OCI

0

2

0

(3)

0

0

(1)

0

(1)

0

^[1]

0

^[1]

1

^[1]

0

Total gains (losses) included in net income attributable to assets still held

0

2

0

0

Total gains (losses) included in OCI attributable to assets still held

0

Equity Securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

37

51

0

Total realized and unrealized gains (losses), Included in OCI

0

1

0

6

(3)

(9)

(7)

0

0

(5)

0

0

^[1]

0

^[1]

1

^[2]

(1)

^[1]

0

^[1]

0

^[2]

Total gains (losses) included in net income attributable to assets still held

34

37

51

0

Total gains (losses) included in OCI attributable to assets still held

0

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized gains (losses), Included in net income

26

17

16

(2)

1

(2)

Total realized and unrealized gains (losses), Included in OCI

0

0

8

3

0

0

0

0

^[1]

0

^[1]

0

^[2]

0

^[1]

0

^[1]

0

^[2]

Total gains (losses) included in net income attributable to assets still held

24

26

17

(2)

1

(2)

Total gains (losses) included in OCI attributable to assets still held

$ 0

[1]	The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
[2]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[3]	Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair value of financial instruments [Abstract]
Total realized and unrealized gains (losses) included in net income, assets	$ (18)	$ 28	$ 38
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Total gains (losses) included in net income attributable to assets still held, assets	$ (5)	$ 11	$ 14
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Net Investment Income
Fair value of financial instruments [Abstract]
Total realized and unrealized gains (losses) included in net income, assets	$ 8	$ 19	$ 32
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Total gains (losses) included in net income attributable to assets still held, assets	$ 8	$ 9	$ 7
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Net investment gains (losses)
Fair value of financial instruments [Abstract]
Total realized and unrealized gains (losses) included in net income, assets	$ (26)	$ 9	$ 6
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Total gains (losses) included in net income attributable to assets still held, assets	$ (13)	$ 2	$ 7
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail)
$ in Millions

12 Months Ended

Dec. 31, 2022

USD ($)

bps

Dec. 31, 2021

USD ($)

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

$ 962

$ 616

46,583

60,480

Derivative assets, fair value | $

66

433

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Policyholder account balances | GMWB embedded derivatives

440

590

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Policyholder account balances | Fixed index annuity embedded derivatives

^[1]

223

271

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Policyholder account balances | Indexed universal life embedded derivatives

202

294

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

15

25

Level 3

Fixed maturity securities available-for-sale, at fair value | $

$ 3,190

3,808

Level 3 | Other invested assets | Equity index options

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Derivative assets, fair value | $

Discounted cash flows

$ 6

Fair value input, equity index volatility, lower limit

6.00%

Fair value input, equity index volatility, upper limit

25.00%

Fair value input, equity index volatility, weighted-average

^[2]

20.00%

Level 3 | Policyholder account balances

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Policyholder account balances | GMWB embedded derivatives

$ 440

590

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

^[3]

Stochastic cash flow model

Fair value, withdrawal utilization rate, lower limit

^[1]

$ 223

^[3],[4]

271

61.00%

Fair value, withdrawal utilization rate, upper limit

89.00%

Fair value, lapse rate, lower limit

2.00%

Fair value, lapse rate, upper limit

9.00%

40

83

Fair value input, equity index volatility, lower limit

^[4]

69

^[3]

21.00%

Fair value input, equity index volatility, upper limit

^[3]

31.00%

Fair value, withdrawal utilization rate, weighted-average

^[4]

77.00%

Fair value, lapse rate, weighted-average

^[4]

2.00%

Fair value input, equity index volatility, weighted-average

^[3],[4]

25.00%

Level 3 | Policyholder account balances | Fixed index annuity embedded derivatives

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Option budget method

Fair value, expected future interest credited, lower limit

$ 202

294

0.00%

Fair value, expected future interest credited, upper limit

3.00%

Fair value, expected future interest credited, weighted-average

^[4]

1.00%

Level 3 | Policyholder account balances | Indexed universal life embedded derivatives

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Option budget method

Fair value, expected future interest credited, lower limit

$ 15

$ 25

2.00%

Fair value, expected future interest credited, upper limit

14.00%

Fair value, expected future interest credited, weighted-average

^[4]

5.00%

Internal Models | Level 3 | U.S. corporate

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 1,961

49

292

Internal Models | Level 3 | Non-U.S. corporate

^[2]

176

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 858

71

272

Internal Models | Level 3 | Utilities | U.S. corporate

^[2]

150

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 813

55

279

Internal Models | Level 3 | Utilities | Non-U.S. corporate

^[2]

168

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 295

82

224

Internal Models | Level 3 | Energy | U.S. corporate

^[2]

145

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 45

132

272

Internal Models | Level 3 | Energy | Non-U.S. corporate

^[2]

197

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 110

102

239

Internal Models | Level 3 | Finance and insurance | U.S. corporate

^[2]

171

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 674

67

292

Internal Models | Level 3 | Finance and insurance | Non-U.S. corporate

^[2]

208

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 124

136

203

Internal Models | Level 3 | Consumer-non-cyclical | U.S. corporate

^[2]

161

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 82

71

272

Internal Models | Level 3 | Consumer-non-cyclical | Non-U.S. corporate

^[2]

152

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 70

71

163

Internal Models | Level 3 | Technology and communications | U.S. corporate

^[2]

110

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 24

113

181

Internal Models | Level 3 | Technology and communications | Non-U.S. corporate

^[2]

153

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 25

102

138

Internal Models | Level 3 | Industrial | U.S. corporate

^[2]

126

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 22

132

239

Internal Models | Level 3 | Industrial | Non-U.S. corporate

^[2]

161

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 48

85

197

Internal Models | Level 3 | Capital goods | U.S. corporate

^[2]

149

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 34

85

211

Internal Models | Level 3 | Capital goods | Non-U.S. corporate

^[2]

159

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 95

71

272

Internal Models | Level 3 | Consumer-cyclical | U.S. corporate

^[2]

167

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 113

105

222

Internal Models | Level 3 | Consumer-cyclical | Non-U.S. corporate

^[2]

154

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 50

102

197

Internal Models | Level 3 | Transportation | U.S. corporate

^[2]

159

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 43

49

188

Internal Models | Level 3 | Transportation | Non-U.S. corporate

^[2]

126

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 20

138

197

Internal Models | Level 3 | Other | U.S. corporate

^[2]

150

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 111

90

153

Internal Models | Level 3 | Other | Non-U.S. corporate

^[2]

102

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fixed maturity securities available-for-sale, at fair value | $

Internal models

$ 21

84

158

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

132

[1]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2]	Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
[3]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
[4]	Unobservable inputs weighted by the policyholder account balances associated with the instrument.

Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

$ 962

$ 616

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

962

616

Other liabilities

Other liabilities | Interest rate swaps

522

26

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

522

26

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Policyholder account balances | GMWB embedded derivatives

440

590

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Policyholder account balances | Fixed index annuity embedded derivatives

^[1]

223

271

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Policyholder account balances | Indexed universal life embedded derivatives

202

294

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

15

25

Level 1

Level 1 | Other liabilities

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Other liabilities | Interest rate swaps

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Policyholder account balances

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Policyholder account balances | GMWB embedded derivatives

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Policyholder account balances | Fixed index annuity embedded derivatives

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Policyholder account balances | Indexed universal life embedded derivatives

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

0

Level 2

Level 2 | Other liabilities

522

26

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Other liabilities | Interest rate swaps

522

26

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Policyholder account balances

522

26

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Policyholder account balances | GMWB embedded derivatives

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Policyholder account balances | Fixed index annuity embedded derivatives

^[1]

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Policyholder account balances | Indexed universal life embedded derivatives

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

0

Level 3

Level 3 | Other liabilities

440

590

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Other liabilities | Interest rate swaps

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Policyholder account balances

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Policyholder account balances | GMWB embedded derivatives

440

590

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Policyholder account balances | Fixed index annuity embedded derivatives

^[1]

223

^[2],[3]

271

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Policyholder account balances | Indexed universal life embedded derivatives

202

294

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 15

$ 25

[1]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
[3]	Unobservable inputs weighted by the policyholder account balances associated with the instrument.

Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Total realized and unrealized (gains) losses included in net (income)

$ 590

$ 804

$ 794

$ (113)

$ (125)

$ 66

Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

Total realized and unrealized (gains) losses included in OCI

$ 0

0

0

39

48

(73)

(136)

(104)

0

(3)

(1)

0

Total (gains) losses included in net (income) attributable to liabilities still held

440

590

804

$ (109)

$ (119)

$ 72

Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

Total (gains) losses included in OCI attributable to liabilities still held

$ 0

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized (gains) losses included in net (income)

590

804

794

(113)

(125)

66

Total realized and unrealized (gains) losses included in OCI

0

0

0

39

48

(73)

(136)

(104)

0

(3)

(1)

0

Total (gains) losses included in net (income) attributable to liabilities still held

440

590

804

(109)

(119)

72

Total (gains) losses included in OCI attributable to liabilities still held

0

Policyholder account balances | GMWB embedded derivatives

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized (gains) losses included in net (income)

^[1]

271

379

323

^[1]

(70)

(133)

32

Total realized and unrealized (gains) losses included in OCI

0

^[1]

0

^[1]

0

^[1]

0

^[1]

0

^[1]

22

25

24

^[1]

0

^[1]

0

^[1]

0

Total (gains) losses included in net (income) attributable to liabilities still held

^[1]

223

271

379

^[1]

(66)

(127)

38

Total (gains) losses included in OCI attributable to liabilities still held

^[1]

0

Policyholder account balances | Fixed index annuity embedded derivatives

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized (gains) losses included in net (income)

294

399

452

(16)

32

51

Total realized and unrealized (gains) losses included in OCI

0

0

0

0

(73)

(136)

(104)

0

(3)

(1)

0

Total (gains) losses included in net (income) attributable to liabilities still held

202

294

399

(16)

32

51

Total (gains) losses included in OCI attributable to liabilities still held

0

Policyholder account balances | Indexed universal life embedded derivatives

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Total realized and unrealized (gains) losses included in net (income)

25

26

19

(27)

(24)

(17)

Total realized and unrealized (gains) losses included in OCI

0

0

0

17

23

24

0

0

0

Total (gains) losses included in net (income) attributable to liabilities still held

15

25

26

(27)

(24)

(17)

Total (gains) losses included in OCI attributable to liabilities still held

$ 0

[1]	Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized (gains) losses included in net (income), liabilities	$ (113)	$ (125)	$ 66
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities	$ (109)	$ (119)	$ 72
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Net Investment Income
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized (gains) losses included in net (income), liabilities	$ 0	$ 0	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities	$ 0	$ 0	$ 0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Net investment (gains) losses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized (gains) losses included in net (income), liabilities	$ (113)	$ (125)	$ 66
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities	$ (109)	$ (119)	$ 72
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans	$ 7,010	$ 6,830
Liabilities:
Long-term borrowings	1,611	1,899
Off-balance sheet risk	1,365	1,185
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans	0	0
Bank loan investments	0	0
Liabilities:
Long-term borrowings	0	0
Investment contracts	0	0
Level 1 \| Commitments to fund bank loan investments
Liabilities:
Off-balance sheet risk	0	0
Level 1 \| Ordinary course of business lending commitments
Liabilities:
Off-balance sheet risk	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans	0	0
Bank loan investments	0	0
Liabilities:
Long-term borrowings	1,346	1,767
Investment contracts	0	0
Level 2 \| Commitments to fund bank loan investments
Liabilities:
Off-balance sheet risk	0	0
Level 2 \| Ordinary course of business lending commitments
Liabilities:
Off-balance sheet risk	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans	6,345	7,224
Bank loan investments	474	370
Liabilities:
Long-term borrowings	0	0
Investment contracts	7,169	9,352
Level 3 \| Commitments to fund bank loan investments
Liabilities:
Off-balance sheet risk	0	0
Level 3 \| Ordinary course of business lending commitments
Liabilities:
Off-balance sheet risk	0	0
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans	7,010	6,830
Bank loan investments	467	363
Liabilities:
Long-term borrowings	1,611	1,899
Investment contracts	7,409	8,657
Carrying value \| Commitments to fund bank loan investments
Liabilities:
Off-balance sheet risk	0	0
Carrying value \| Ordinary course of business lending commitments
Liabilities:
Off-balance sheet risk	0	0
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans	6,345	7,224
Bank loan investments	474	370
Liabilities:
Long-term borrowings	1,346	1,767
Investment contracts	7,169	9,352
Fair value \| Commitments to fund bank loan investments
Liabilities:
Off-balance sheet risk	0	0
Fair value \| Ordinary course of business lending commitments
Liabilities:
Off-balance sheet risk	0	0
Notional amount \| Commitments to fund bank loan investments
Liabilities:
Off-balance sheet risk	70	141
Notional amount \| Ordinary course of business lending commitments
Liabilities:
Off-balance sheet risk	$ 24	$ 125

Summary of carrying value of limited partnerships and commitments to fund (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

$ 2,331

$ 1,900

1,365

1,185

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

Assets Measured Using Net Asset Value | Limited Partnerships Private Equity Funds

1,816

1,462

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

^[1]

1,647

1,312

Assets Measured Using Net Asset Value | Limited Partnerships Real Estate Funds

^[1]

1,107

950

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

^[2]

82

67

Assets Measured Using Net Asset Value | Limited Partnerships Infrastructure Funds

^[2]

79

101

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

^[3]

63

57

Assets Measured Using Net Asset Value | Limited Partnerships

^[3]

29

13

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

1,792

1,436

Accounted For Under Equity method of Accounting | Limited Partnerships

1,215

1,064

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

515

437

Low-Income Housing Tax Credits | Limited Partnerships

149

120

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

^[4]

0

1

Accounted for at Fair Value | Limited Partnerships

^[4]

0

Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]

24

26

$ 1

[1]	This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.
[2]	This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.
[3]	This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.
[4]	Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.

Insurance Subsidiary Financial Information and Regulatory Matters - Additional Information (Detail) € in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Dec. 31, 2022 USD ($) Ratio	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Statutory Accounting Practices [Line Items]
Dividends paid to noncontrolling interests				$ 46	$ 37	$ 0
Moody's, Baa1 Rating
Statutory Accounting Practices [Line Items]
Credit rating				Baa1
PMIERs Amended Stipulation For Non Performing Loans Relating To Government Sponsored Enterprises \| Fitch, BBB+ Rating
Statutory Accounting Practices [Line Items]
Credit rating				BBB+
Settlement Of Amounts In Relation To Underwriting Losses On A Products Sold By A Distributor \| Genworth Financial International Holdings \| Gurantee Agreement
Statutory Accounting Practices [Line Items]
Loss Contingency Accrual, Payments		$ 18	€ 15
Forbearance Plan \| Payment Not Made On After Thirty First Of March Two Thousand And Twenty And Prior To Thirtieth Of April Two Thousand And Twenty One \| PMIERs Amended Stipulation For Non Performing Loans Relating To Government Sponsored Enterprises
Statutory Accounting Practices [Line Items]
Multiplier used for assessing risk based factor for non performing loans	0.3
Guarantees provided to third parties
Statutory Accounting Practices [Line Items]
Maximum potential amount of future obligation	$ 10			$ 69	10
Mexico Guarantee
Statutory Accounting Practices [Line Items]
Maximum potential amount of future obligation				175
Long-term Care Insurance
Statutory Accounting Practices [Line Items]
Statutory Reserve including additional reserve	572			670	572
Genworth European Mortgage Insurance Business
Statutory Accounting Practices [Line Items]
Maximum potential amount of future obligation				$ 950
Claims on policies in-force covered by guarantee, number of days subsequent to sale				90
Variable Annuity
Statutory Accounting Practices [Line Items]
Statutory Reserve including additional reserve	35			$ 35	35
Domestic subsidiaries
Statutory Accounting Practices [Line Items]
Combined statutory capital and surplus	7,384			7,769	7,384
Reinsurance returned capital value					104
Domestic subsidiaries \| Captive life reinsurance subsidiaries
Statutory Accounting Practices [Line Items]
Combined statutory capital and surplus	$ 98			96	98
Domestic subsidiaries \| Life insurance
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Permitted Practice, Amount				$ 0	$ 0
Consolidated RBC ratio	289.00%			291.00%	289.00%
Domestic subsidiaries \| River Lake VIII
Statutory Accounting Practices [Line Items]
Contributed surplus	$ 37
Domestic subsidiaries \| River Lake VII
Statutory Accounting Practices [Line Items]
Contributed surplus	29
Insurance Subsidiaries \| Universal and term universal life insurance contracts \| Virginia and Delaware
Statutory Accounting Practices [Line Items]
Additional statutory reserves	231			$ (199)	$ 231	232
Insurance Subsidiary \| New York
Statutory Accounting Practices [Line Items]
Additional statutory reserve	68			98	68
Statutory Reserve including additional reserve	607			705	607
Genworth Holdings
Statutory Accounting Practices [Line Items]
Restricted net assets				10,000
Genworth Holdings \| International Subsidiaries
Statutory Accounting Practices [Line Items]
Dividends to parent company				370
Enact Holdings, Inc.
Statutory Accounting Practices [Line Items]
Amount of dividends our subsidiaries could pay in 2023 without obtaining regulatory approval				292
Dividends to parent company				$ 205	$ 163	437
Multiplier used for assessing risk based factor for non performing loans				0.3	0.3
Restricted Cash				$ 300
Net assets required	3,074			3,156	$ 3,074
Net assets in excess of the statutory requirement	2,003			2,050	2,003
Cumulative benefit in respect of asset required base	390			132	390
Net assets actually available	5,077			5,206	5,077
Debt instrument covenant minimum cash required				203
Dividends paid to noncontrolling interests				46	37
Dividends paid during the period				251	200	437
Investments and Cash				$ 453
Enact Holdings, Inc. \| Minimum
Statutory Accounting Practices [Line Items]
Liquidity as a percentage of outstanding debt to be maintained				13.50%
Enact Holdings, Inc. \| Domestic insurance subsidiaries
Statutory Accounting Practices [Line Items]
Amount of dividends our subsidiaries could pay in 2023 without obtaining regulatory approval				$ 292
Statutory contingency reserve, annual additions, percentage of earned premiums, minimum				50.00%
Minimum loss ratio requirement to hold statutory contingency reserve				35.00%
Period of time when statutory contingency reserve has to be held, in years				10 years
Statutory contingency reserve	$ 3,000			$ 3,600	$ 3,000
Maximum risk-to-capital ratio \| Ratio				25
Risk-to-capital ratio	12.2			12.8	12.2
Percentage of available assets to PMIERs required assets	165.00%
Number of days in advance for notice of intent to pay provided to the state insurance commissioner				30 days
U.S. Life Insurance Subsidiaries
Statutory Accounting Practices [Line Items]
Statutory Reserve including additional reserve				$ 849
Dividends paid during the period				0	$ 0	$ 0
Genworth Financial
Statutory Accounting Practices [Line Items]
Restricted net assets				$ 9,700
Enact Mortgage Insurance Corporation \| PMIERs Amended Requirement Relating To Government Sponsored Enterprises \| Twelve Months Ended Thirty First December Two Thousand And Twenty Two
Statutory Accounting Practices [Line Items]
Percentage of minimum required assets to be maintained as per statutory need				120.00%
Enact Mortgage Insurance Corporation \| PMIERs Amended Requirement Relating To Government Sponsored Enterprises \| Twelve Months Ended Thirty First December Two Thousand And Twenty Three
Statutory Accounting Practices [Line Items]
Percentage of minimum required assets to be maintained as per statutory need				125.00%

Schedule of Statutory Accounting Practices (Detail) - Domestic subsidiaries - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statutory Accounting Practices [Line Items]
Combined statutory net income (loss)	$ 1,276	$ (104)	$ 610
Combined statutory capital and surplus	7,769	7,384
Life insurance subsidiaries, excluding captive life reinsurance subsidiaries
Statutory Accounting Practices [Line Items]
Combined statutory net income (loss)	276	654	197
Combined statutory capital and surplus	3,082	2,945
Mortgage insurance subsidiaries
Statutory Accounting Practices [Line Items]
Combined statutory net income (loss)	747	593	404
Combined statutory capital and surplus	4,687	4,439
Combined statutory net income, excluding captive reinsurance subsidiaries
Statutory Accounting Practices [Line Items]
Combined statutory net income (loss)	1,023	1,247	601
Captive life reinsurance subsidiaries
Statutory Accounting Practices [Line Items]
Combined statutory net income (loss)	253	(1,351)	$ 9
Combined statutory capital and surplus	$ 96	$ 98

Segment Information - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment			3
Assumed tax rate on adjustments to adjusted operating income			21.00%	21.00%	21.00%
Assumed tax rate on adjustments to adjusted operating income			21.00%
Expenses related to restructuring			$ 2	$ 34	$ 3
Pre-tax gain (loss) on early extinguishment of debt			6	45	9
Initial loss from life block transaction			0	92	0
Pre-tax pension plan termination costs			8	0	$ 0
Floating Rate Subordinated Notes Due in 2050 \| Non-Recourse Funding Obligations
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on early extinguishment of debt	$ (4)
Redemption of secured debt	$ 315
Debt instrument, maturity year	2050
Genworth Holdings
Segment Reporting Information [Line Items]
Pre-tax make-whole expense	$ 9
Debt instrument, maturity month and year	2020-06
Genworth Holdings \| Senior Notes 2023 and 2024
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on early extinguishment of debt			15
Genworth Holdings \| Senior Notes 2021
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on early extinguishment of debt			4	4
Pre-tax make-whole expense			6
Aggregate principal amount of notes repurchased		$ 146	$ 146	$ 84
Debt instrument, maturity year				2021
Debt instrument, maturity month and year			2021-09
Genworth Holdings \| Senior Notes 2022
Segment Reporting Information [Line Items]
Aggregate principal amount of notes repurchased		130	$ 130
Genworth Holdings \| Senior Notes 2023
Segment Reporting Information [Line Items]
Pre-tax make-whole expense			20
Aggregate principal amount of notes repurchased		91	$ 91
Debt instrument, maturity year			2023
Debt instrument, maturity month and year			2023-08
Genworth Holdings \| Senior Notes 2024
Segment Reporting Information [Line Items]
Pre-tax make-whole expense			$ 2
Aggregate principal amount of notes repurchased		118	$ 118
Debt instrument, maturity year			2024
Debt instrument, maturity month and year			2024-02
Write off of bond consent fees and deferred borrowing costs			$ 1
Genworth Holdings \| Senior Notes 2034
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on early extinguishment of debt		1
Aggregate principal amount of notes repurchased		$ 13	$ 13

Summary of Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 3,719

$ 3,435

$ 3,836

3,146

3,370

3,227

(17)

323

492

659

704

729

$ 1,895

$ 1,839

$ 1,881

$ 1,892

$ 1,736

^[1]

$ 2,070

^[1]

$ 2,041

^[1]

$ 1,985

^[1]

7,507

7,832

8,284

4,242

4,383

5,214

Acquisition and operating expenses, net of deferrals

503

508

549

1,371

1,223

935

Amortization of deferred acquisition costs and intangibles

307

377

463

106

160

195

Income (loss) from continuing operations before income taxes

1,635

^[2],[3]

1,653

^[2],[3]

1,588

^[2],[3]

1,653

^[2],[3]

1,481

^[4]

1,697

^[4]

1,721

^[4]

1,752

^[4]

6,529

6,651

7,356

978

1,181

928

239

263

230

204

^[2],[3]

134

^[2],[3]

220

^[2],[3]

181

^[2],[3]

193

^[1],[4],[5]

306

^[1],[4],[5]

245

^[1],[4],[5]

174

^[1],[4],[5]

739

918

698

Less: net income from continuing operations attributable to noncontrolling interests

202

^[2],[3]

139

^[2],[3]

219

^[2],[3]

179

^[2],[3]

192

^[1],[4],[5]

318

^[1],[4],[5]

240

^[1],[4],[5]

195

^[1],[4],[5]

739

945

212

27

35

38

30

29

^[6]

4

^[6]

0

^[6]

0

^[6]

130

33

0

Less: net income from discontinued operations attributable to noncontrolling interests

0

8

0

8

34

Net income (loss) available to Genworth Financial, Inc.'s common stockholders

175

^[2],[3]

104

^[2],[3]

181

^[2],[3]

149

^[2],[3]

163

^[6]

314

^[6]

240

^[6]

187

^[6]

609

904

178

Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders

177

99

182

151

164

302

245

174

609

885

698

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

(2)

$ 5

$ (1)

$ (2)

(1)

$ 12

$ (5)

$ 13

0

19

(520)

Segment, Continuing Operations

86,442

99,171

86,442

99,171

3,719

3,435

3,836

3,146

3,370

3,227

(17)

323

492

659

704

729

7,507

7,832

8,284

4,242

4,383

5,214

Acquisition and operating expenses, net of deferrals

503

508

549

1,371

1,223

935

Amortization of deferred acquisition costs and intangibles

307

377

463

106

160

195

Income (loss) from continuing operations before income taxes

6,529

6,651

7,356

978

1,181

928

239

263

230

739

918

698

Less: net income from continuing operations attributable to noncontrolling interests

739

945

212

130

33

0

Net income (loss) available to Genworth Financial, Inc.'s common stockholders

609

904

178

Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders

609

885

698

Discontinued Operations

Less: net income from discontinued operations attributable to noncontrolling interests

0

27

(486)

0

8

34

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

0

19

(520)

Enact

Enact | Segment, Continuing Operations

5,712

5,850

5,712

5,850

940

975

971

155

141

133

(2)

(4)

2

4

6

1,095

1,118

1,106

(94)

125

381

Acquisition and operating expenses, net of deferrals

0

227

230

206

Amortization of deferred acquisition costs and intangibles

12

15

21

52

51

18

Income (loss) from continuing operations before income taxes

197

421

626

898

697

480

194

148

102

704

549

378

Less: net income from continuing operations attributable to noncontrolling interests

704

549

378

130

33

0

Net income (loss) available to Genworth Financial, Inc.'s common stockholders

574

516

378

Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders

574

516

378

Enact | Discontinued Operations

Less: net income from discontinued operations attributable to noncontrolling interests

0

0

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

0

U.S. Life Insurance

U.S. Life Insurance | Segment, Continuing Operations

70,977

81,210

70,977

81,210

2,773

2,454

2,858

2,769

3,029

2,878

16

329

517

543

565

595

6,101

6,377

6,848

4,301

4,230

4,781

Acquisition and operating expenses, net of deferrals

322

346

383

1,078

865

620

Amortization of deferred acquisition costs and intangibles

272

340

418

0

5

Income (loss) from continuing operations before income taxes

5,973

5,781

6,207

128

596

641

55

155

163

73

441

478

Less: net income from continuing operations attributable to noncontrolling interests

73

441

478

0

Net income (loss) available to Genworth Financial, Inc.'s common stockholders

73

441

478

Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders

73

441

478

U.S. Life Insurance | Discontinued Operations

Less: net income from discontinued operations attributable to noncontrolling interests

0

0

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

0

Runoff

Runoff | Segment, Continuing Operations

7,888

9,460

7,888

9,460

0

214

194

210

(16)

3

(26)

114

134

130

312

331

314

35

27

48

Acquisition and operating expenses, net of deferrals

181

162

166

42

53

48

Amortization of deferred acquisition costs and intangibles

23

20

23

0

Income (loss) from continuing operations before income taxes

281

262

285

31

69

29

5

13

4

26

56

25

Less: net income from continuing operations attributable to noncontrolling interests

26

56

25

0

Net income (loss) available to Genworth Financial, Inc.'s common stockholders

26

56

25

Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders

26

56

25

Runoff | Discontinued Operations

Less: net income from discontinued operations attributable to noncontrolling interests

0

0

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

0

Corporate and Other

Corporate and Other | Segment, Continuing Operations

$ 1,865

$ 2,651

1,865

2,651

6

7

8

6

(15)

(7)

5

0

1

(2)

(1)

6

16

0

1

4

Acquisition and operating expenses, net of deferrals

0

24

75

61

Amortization of deferred acquisition costs and intangibles

0

2

1

54

109

172

Income (loss) from continuing operations before income taxes

78

187

238

(79)

(181)

(222)

(15)

(53)

(39)

(64)

(128)

(183)

Less: net income from continuing operations attributable to noncontrolling interests

(64)

(101)

(669)

0

Net income (loss) available to Genworth Financial, Inc.'s common stockholders

(64)

(109)

(703)

Income (loss) from continuing operations available to Genworth Financial, Inc.'s common stockholders

(64)

(128)

(183)

Corporate and Other | Discontinued Operations

Less: net income from discontinued operations attributable to noncontrolling interests

0

27

(486)

0

8

34

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

$ 0

$ 19

$ (520)

[1]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[2]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[3]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[5]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.
[6]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.

Summary of Revenues for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

^[1]

Sep. 30, 2021

^[1]

Jun. 30, 2021

^[1]

Mar. 31, 2021

^[1]

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Segment, Continuing Operations

$ 1,895

$ 1,839

$ 1,881

$ 1,892

$ 1,736

$ 2,070

$ 2,041

$ 1,985

$ 7,507

$ 7,832

$ 8,284

Segment, Continuing Operations | Enact [Member]

7,507

7,832

8,284

Segment, Continuing Operations | Long-term Care Insurance

1,095

1,118

1,106

Segment, Continuing Operations | Life Insurance

4,459

4,875

4,960

Segment, Continuing Operations | Fixed Annuities

1,253

996

1,357

Segment, Continuing Operations | U.S. Life Insurance

389

506

531

Segment, Continuing Operations | Runoff

6,101

6,377

6,848

Segment, Continuing Operations | Corporate and Other

312

331

314

$ (1)

$ 6

$ 16

[1]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.

Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net income available to Genworth Financial, Inc.'s common stockholders

$ 175

^[1],[2]

$ 104

^[1],[2]

$ 181

^[1],[2]

$ 149

^[1],[2]

$ 163

^[3]

$ 314

^[3]

$ 240

^[3]

$ 187

^[3]

$ 609

$ 904

$ 178

Add: net income from continuing operations attributable to noncontrolling interests

27

35

38

30

29

^[3]

4

^[3]

0

^[3]

0

^[3]

130

33

0

Add: net income from discontinued operations attributable to noncontrolling interests

0

8

0

8

34

Less: income (loss) from discontinued operations, net of taxes

202

^[1],[2]

139

^[1],[2]

219

^[1],[2]

179

^[1],[2]

192

^[4],[5],[6]

318

^[4],[5],[6]

240

^[4],[5],[6]

195

^[4],[5],[6]

739

945

212

(2)

5

(1)

(2)

(1)

12

(5)

21

0

27

(486)

Less: net income from continuing operations attributable to noncontrolling interests

204

^[1],[2]

134

^[1],[2]

220

^[1],[2]

181

^[1],[2]

193

^[4],[5],[6]

306

^[4],[5],[6]

245

^[4],[5],[6]

174

^[4],[5],[6]

739

918

698

27

35

38

30

29

^[3]

4

^[3]

0

^[3]

0

^[3]

130

33

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

$ 177

$ 99

$ 182

$ 151

164

$ 302

$ 245

$ 174

609

885

698

Net investment (gains) losses, net

^[7]

14

(324)

(503)

Losses on early extinguishment of debt

6

45

9

Initial loss from life block transaction

0

92

0

Expenses related to restructuring

2

34

3

Pension plan termination costs

8

0

Taxes on adjustments

(6)

33

103

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

633

765

310

Life Insurance

Net income available to Genworth Financial, Inc.'s common stockholders

$ 131

Segment, Continuing Operations

Net income available to Genworth Financial, Inc.'s common stockholders

609

904

178

Add: net income from continuing operations attributable to noncontrolling interests

130

33

0

739

945

212

Less: net income from continuing operations attributable to noncontrolling interests

739

918

698

130

33

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

609

885

698

Segment, Continuing Operations | Long-term Care Insurance

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

142

445

237

Segment, Continuing Operations | Life Insurance

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

(148)

(269)

(247)

Segment, Continuing Operations | Fixed Annuities

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

72

91

78

Segment, Continuing Operations | U.S. Life Insurance

Net income available to Genworth Financial, Inc.'s common stockholders

73

441

478

Add: net income from continuing operations attributable to noncontrolling interests

0

73

441

478

Less: net income from continuing operations attributable to noncontrolling interests

73

441

478

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

73

441

478

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

66

267

68

Segment, Continuing Operations | Runoff

Net income available to Genworth Financial, Inc.'s common stockholders

26

56

25

Add: net income from continuing operations attributable to noncontrolling interests

0

26

56

25

Less: net income from continuing operations attributable to noncontrolling interests

26

56

25

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

26

56

25

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

37

54

43

Segment, Continuing Operations | Corporate and Other

Net income available to Genworth Financial, Inc.'s common stockholders

(64)

(109)

(703)

Add: net income from continuing operations attributable to noncontrolling interests

0

(64)

(101)

(669)

Less: net income from continuing operations attributable to noncontrolling interests

(64)

(128)

(183)

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

(64)

(128)

(183)

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

(48)

(76)

(182)

Segment, Continuing Operations | Enact [Member]

Net income available to Genworth Financial, Inc.'s common stockholders

574

516

378

Add: net income from continuing operations attributable to noncontrolling interests

130

33

0

704

549

378

Less: net income from continuing operations attributable to noncontrolling interests

704

549

378

130

33

0

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders

574

516

378

Adjusted operating income available to Genworth Financial, Inc.'s common stockholders

$ 578

$ 520

$ 381

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[5]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[6]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.
[7]	For the years ended December 31, 2022, 2021 and 2020, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(3) million, $(1) million and $(11) million, respectively.

Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment (Gains) Losses
Segment Reporting Information [Line Items]
Adjustment for DAC and other intangibles and certain benefit reserves	$ (3)	$ (1)	$ (11)

Schedule of Revenue, Net Income and Assets by Geographic Location (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

^[1]

Jun. 30, 2021

^[1]

Mar. 31, 2021

^[1]

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 1,895

$ 1,839

$ 1,881

$ 1,892

$ 1,736

^[1]

$ 2,070

$ 2,041

$ 1,985

$ 7,507

$ 7,832

$ 8,284

204

^[2],[3]

134

^[2],[3]

220

^[2],[3]

181

^[2],[3]

193

^[1],[4],[5]

306

^[4],[5]

245

^[4],[5]

174

^[4],[5]

739

918

698

202

^[2],[3]

$ 139

^[2],[3]

$ 219

^[2],[3]

$ 179

^[2],[3]

192

^[1],[4],[5]

$ 318

^[4],[5]

$ 240

^[4],[5]

$ 195

^[4],[5]

739

945

212

Continuing Operations [Member]

86,442

99,171

86,442

99,171

7,507

7,832

8,284

739

918

698

Geographic Distribution, Domestic | United States

739

945

212

Geographic Distribution, Domestic | United States | Continuing Operations [Member]

86,400

99,117

86,400

99,117

7,499

7,825

8,275

739

921

700

Geographic Distribution, Foreign

739

948

214

Geographic Distribution, Foreign | Continuing Operations [Member]

^[6]

$ 42

$ 54

42

54

^[6]

8

7

9

^[6]

0

(3)

(2)

^[6]

$ 0

$ (3)

$ (2)

[1]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[2]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[3]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[5]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.
[6]	Predominantly comprised of operations in Mexico.

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Quarterly Results Of Operations [Abstract]

Quarterly Results of Operations (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 1,895

$ 1,839

$ 1,881

$ 1,892

$ 1,736

^[1]

$ 2,070

^[1]

$ 2,041

^[1]

$ 1,985

^[1]

$ 7,507

$ 7,832

$ 8,284

1,635

^[2],[3]

1,653

^[2],[3]

1,588

^[2],[3]

1,653

^[2],[3]

1,481

^[4]

1,697

^[4]

1,721

^[4]

1,752

^[4]

6,529

6,651

7,356

Income (loss) from discontinued operations, net of taxes

204

^[2],[3]

134

^[2],[3]

220

^[2],[3]

181

^[2],[3]

193

^[1],[4],[5]

306

^[1],[4],[5]

245

^[1],[4],[5]

174

^[1],[4],[5]

739

918

698

(2)

5

(1)

(2)

(1)

12

(5)

21

0

27

(486)

Net income from continuing operations attributable to noncontrolling interests

202

^[2],[3]

139

^[2],[3]

219

^[2],[3]

179

^[2],[3]

192

^[1],[4],[5]

318

^[1],[4],[5]

240

^[1],[4],[5]

195

^[1],[4],[5]

739

945

212

27

35

38

30

29

^[6]

4

^[6]

0

^[6]

0

^[6]

130

33

0

Net income from discontinued operations attributable to noncontrolling interests

0

8

0

8

34

Net income available to Genworth Financial, Inc.'s common stockholders

175

^[2],[3]

104

^[2],[3]

181

^[2],[3]

149

^[2],[3]

163

^[6]

314

^[6]

240

^[6]

187

^[6]

609

904

178

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

164

302

245

174

609

885

698

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

(2)

5

(1)

(2)

(1)

12

(5)

13

0

19

(520)

Net income available to Genworth Financial, Inc.'s common stockholders

$ 175

^[2],[3]

$ 104

^[2],[3]

$ 181

^[2],[3]

$ 149

^[2],[3]

$ 163

^[6]

$ 314

^[6]

$ 240

^[6]

$ 187

^[6]

$ 609

$ 904

$ 178

Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share:

$ 0.36

$ 0.2

$ 0.36

$ 0.3

$ 0.32

$ 0.59

$ 0.48

$ 0.35

$ 1.21

$ 1.75

$ 1.38

Net income available to Genworth Financial, Inc.'s common stockholders per share:

0.35

0.19

0.36

0.29

0.32

0.59

0.47

0.34

1.19

1.72

1.36

0.35

0.21

0.36

0.29

0.32

0.62

0.47

0.37

1.21

^[7]

1.78

^[7]

0.35

^[7]

Weighted-average common shares outstanding:

$ 0.35

$ 0.2

$ 0.35

$ 0.29

$ 0.32

$ 0.61

$ 0.47

$ 0.37

$ 1.19

^[7]

$ 1.76

^[7]

$ 0.35

^[7]

496.7

504.0

509.0

508.3

507.4

507.0

506.0

504.5

506.9

505.2

503.2

509.4

514.2

517.4

515.6

514.2

515.0

513.8

511.0

514.7

511.6

[1]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[2]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[3]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[5]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.
[6]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.
[7]	May not total due to whole number calculation.

Quarterly Results of Operations (Parenthetical) (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 20, 2021

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Life insurance reserves ceded

$ 1,635

^[1],[2]

$ 1,653

^[1],[2]

$ 1,588

^[1],[2]

$ 1,653

^[1],[2]

$ 1,481

^[3]

$ 1,697

^[3]

$ 1,721

^[3]

$ 1,752

^[3]

$ 6,529

$ 6,651

$ 7,356

Net income loss

175

^[1],[2]

104

^[1],[2]

181

^[1],[2]

149

^[1],[2]

163

^[4]

314

^[4]

240

^[4]

187

^[4]

609

904

178

^[5]

383,350

427,464

383,350

427,464

458,999

Income attributable to noncontrolling interests associated with minority IPO

27

$ 35

$ 38

$ 30

29

^[4]

$ 4

^[4]

$ 0

^[4]

$ 0

^[4]

$ 130

33

$ 0

Term Life Insurance | Life Block Transaction

Gains (losses) from life block transactions

73

Life insurance premiums ceded

360

Life insurance reserves ceded

268

$ 268

Enact Holdings Inc.

Sale of stock percentage of ownership after transaction

81.60%

Minority IPO | Income Attributable To Noncontrolling Interests

Income attributable to noncontrolling interests associated with minority IPO

29

Unlocking | Universal Life

Unfavorable adjustment, net of taxes

87

70

Favorable Unfavorable Adjustment Before Taxes

43

Lower Future Gross Profits Estimated in the Future | Universal Life

Impairment of deferred acquisition costs

41

Deferred Policy Acquisition Costs Impairment Loss After Tax

32

Life Insurance

Net income loss

$ 131

Enact Segment [Member]

Favorable Reserve Adjustment Net Pretax

$ 42

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[4]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.
[5]	Includes amounts accounted for under the deposit method.

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions					1 Months Ended	12 Months Ended
	Mar. 25, 2022	Aug. 11, 2021	Jul. 17, 2020	Jan. 31, 2020	Jan. 31, 2021	Dec. 31, 2019	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 11, 2019
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet risk							$ 1,365		$ 1,185
Commitments to Fund Limited Partnerships
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet risk							1,365
Commitments to Fund Private Placement Investments
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet risk							19
Commitments to Fund Bank Loan Investments
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet risk							70
Commitments to fund commercial mortgage loan investments
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet risk							$ 5
Other Litigation
Commitments and Contingencies Disclosure [Line Items]
Plaintiff's Motion Dismissed				$ 395
Loss Contingency, Damages Sought		$ 5			$ 5
Plaintiffs' motion				$ 15		$ 410
Restricted cash proceeds on sale per litigation										$ 450
Litigation \| Cost Of Insurance \| Life Insurance [Member]
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Damages Sought			$ 5		$ 5
Contingent liability								$ 25
Litigation settlement, amount awarded to other party	$ 25

Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ 3,861

$ 4,425

$ 3,433

(6,067)

(210)

1,531

(100)

(192)

(509)

(6,167)

(402)

1,022

Less: change in OCI attributable to noncontrolling interests

(2,306)

4,023

4,455

(86)

162

30

Net unrealized investment gains (losses)

(2,220)

3,861

4,425

Accumulated Other Comprehensive Income (Loss) [Line Items]

^[1]

1,860

2,214

1,456

^[1]

(5,430)

(313)

1,132

^[1]

58

(51)

(374)

^[1]

(5,372)

(364)

758

Less: change in OCI attributable to noncontrolling interests

^[1]

(3,512)

1,850

2,214

^[1]

(86)

(10)

0

Derivatives qualifying as hedges

^[1]

(3,426)

1,860

2,214

Accumulated Other Comprehensive Income (Loss) [Line Items]

^[2]

2,025

2,211

2,002

^[2]

(674)

(45)

344

^[2]

(151)

(141)

(135)

^[2]

(825)

(186)

209

Less: change in OCI attributable to noncontrolling interests

^[2]

1,200

2,025

2,211

^[2]

0

Foreign currency translation and other adjustments

^[2]

1,200

2,025

2,211

Accumulated Other Comprehensive Income (Loss) [Line Items]

(24)

0

(25)

37

148

55

(7)

0

30

148

55

Less: change in OCI attributable to noncontrolling interests

6

148

30

0

172

30

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

$ 6

$ (24)

$ 0

[1]	Net of adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances. See note 4 for additional information.
[2]	See note 5 for additional information.

Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized postretirement benefit obligation, current period OCI	$ 34	$ (1)	$ (15)
Unrecognized postretirement benefit obligation, current period OCI, tax	(8)	$ 1	4
Foreign currency translation and other adjustments, current period OCI, tax	$ 2		$ 21

Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

^[1],[2]

Sep. 30, 2022

^[1],[2]

Jun. 30, 2022

^[1],[2]

Mar. 31, 2022

^[1],[2]

Dec. 31, 2021

^[3],[4],[5]

Sep. 30, 2021

^[3],[4],[5]

Jun. 30, 2021

^[3],[4],[5]

Mar. 31, 2021

^[3],[4],[5]

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net investment (gains) losses

$ (3,146)

$ (3,370)

$ (3,227)

17

(323)

(492)

Income taxes

239

263

230

(Income) loss from continuing operations

$ (204)

$ (134)

$ (220)

$ (181)

$ (193)

$ (306)

$ (245)

$ (174)

(739)

(918)

(698)

Amount reclassified from accumulated other comprehensive income (loss) | Net unrealized investment (gains) losses

106

160

195

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Net investment (gains) losses

^[6]

74

(65)

(474)

Income taxes

(16)

14

100

(Income) loss from continuing operations

58

(51)

(374)

Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Income taxes

80

76

73

(Income) loss from continuing operations

(151)

(141)

(135)

Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative liabilities

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative assets

3

1

0

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Net investment (gains) losses

(225)

(217)

(196)

$ (9)

$ (1)

$ (12)

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[5]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.
[6]	Amounts exclude adjustments to DAC, PVFP, sales inducements, benefit reserves and policyholder contract balances.

Noncontrolling Interests - Summary of Changes in Ownership Interests (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

^[1],[2]

Sep. 30, 2022

^[1],[2]

Jun. 30, 2022

^[1],[2]

Mar. 31, 2022

^[1],[2]

Dec. 31, 2021

^[3]

Sep. 30, 2021

^[3]

Jun. 30, 2021

^[3]

Mar. 31, 2021

^[3]

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Net income available to Genworth Financial, Inc.'s common stockholders

$ 175

$ 104

$ 181

$ 149

$ 163

$ 314

$ 240

$ 187

$ 609

$ 904

$ 178

Transfers to noncontrolling interests:

Decrease in Genworth Financial, Inc.'s additional paid-in capital for initial sale of Enact Holdings shares to noncontrolling interests

(167)

Net transfers to noncontrolling interests

(167)

Change from net income available to Genworth Financial, Inc.'s common stockholders and transfers to noncontrolling interests

$ 737

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Add: carrying value of noncontrolling interests

Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Sep. 16, 2021	Sep. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 01, 2022	May 02, 2022	Mar. 03, 2021
Noncontrolling Interest [Line Items]
Payment of dividends minority interest			$ 46	$ 37	$ 0
Stockholders' Equity Attributable to Noncontrolling Interests			$ 755	756
Stock Repurchase Program, Authorized Amount							$ 350
Genworth Australia
Noncontrolling Interest [Line Items]
Beneficial ownership percentage of ordinary shares								52.00%
Stockholders' Equity Attributable to Noncontrolling Interests								$ 500
Enact Holdings Inc.
Noncontrolling Interest [Line Items]
Beneficial ownership percentage of ordinary shares			81.60%
Payment of dividends minority interest			$ 46	$ 37
Costs directly related to the Offering	$ 24
Proceeds from the sale of subsidiary shares gross	$ 553
Enact Holdings Inc. \| Enact Holdings Share Repurchase Program Plan [Member]
Noncontrolling Interest [Line Items]
Stock Repurchase Program, Authorized Amount						$ 75
Enact Holdings Inc. \| IPO
Noncontrolling Interest [Line Items]
Shares sold	13,310,400
Price per ordinary share	$ 19
Enact Holdings Inc. \| Private Placement
Noncontrolling Interest [Line Items]
Shares sold	14,655,600
Price per ordinary share	$ 17.86
Enact Holdings Inc. \| Over-Allotment Option
Noncontrolling Interest [Line Items]
Shares sold	1,996,560	1,996,560

Schedule Of Income Loss On Sale Recorded In Our Disposition Group (Detail) - Genworth Australia
$ in Millions

12 Months Ended

Dec. 31, 2021

USD ($)

Net cash proceeds

$ 370

657

^[1]

Total adjusted consideration

1,027

^[2]

Carrying value of the disposal group before accumulated other comprehensive loss

1,040

Add: total accumulated other comprehensive loss of disposal group

109

^[3]

Total adjusted carrying value of the disposal group

1,149

Pre-tax loss on sale

(122)

Tax benefit on sale

122

After-tax gain (loss) on sale

$ 0

[1]	In accordance with accounting guidance on the deconsolidation of a subsidiary or group of assets, the carrying amount of any noncontrolling interests in the subsidiary sold (adjusted to reflect amounts in accumulated other comprehensive income (loss) recognized upon final disposition) is added to the total fair value of the consideration received.
[2]	Represents the aggregate of the net cash proceeds received upon sale closing plus the adjusted carrying amount of noncontrolling interests in the subsidiary sold.
[3]	Amount consists of $160 million of cumulative losses on foreign currency translation adjustments, partially offset by cumulative unrealized investment gains of $29 million and deferred tax gains of $22 million.

Schedule Of Income Loss On Sale Recorded In Our Disposition Group (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019
Net unrealized investment gains (losses)	$ 1,860	$ (3,426)	$ 2,214	$ 1,456
Genworth Australia
Foreign currency translation and other adjustments	160
Deferred tax gains on accumulated other comprehensive income	22
Net unrealized investment gains (losses)	29
Favorable adjustment relating to refinement of tax matters agreement	$ 10

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Discontinued Operations - Additional Information (Detail) £ in Millions, $ in Millions, $ in Millions			12 Months Ended
	Mar. 03, 2021 AUD ($)	Mar. 03, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2021 GBP (£)
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]
Unrelated liability			$ 6	$ 4
Disposal group discontinued operations favorable tax adjustments and other expenses net of tax			5
Underwriting Liability [Member] \| AXA [Member]
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]
Adjustments to underwriting loss				(4)	$ 23
Genworth Mortgage Insurance Australia Limited
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]
Percentage of shareholding in the investee company	52.00%	52.00%
Proceeds from sale of disposal group including discontinuing operations	$ 483	$ 370
AXA Settlement Agreement
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]
Income loss from discontinued operations after tax			(5)	4	$ (572)
AXA Settlement Agreement Promissory Note \| Discontinued Operations \| Future Claims
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]
Loss Contingency, Estimate of Possible Loss			$ 2	$ 30		$ 30	£ 22

Summary of Operating Results Related to Discontinued Operations (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenues:

$ 3,719

$ 3,435

$ 3,836

3,146

3,370

3,227

(17)

323

492

659

704

729

Benefits and expenses:

Acquisition and operating expenses, net of deferrals

4,242

4,383

5,214

1,371

1,223

935

Amortization of deferred acquisition costs and intangibles

307

377

463

$ 1,635

^[1],[2]

$ 1,653

^[1],[2]

$ 1,588

^[1],[2]

$ 1,653

^[1],[2]

$ 1,481

^[3]

$ 1,697

^[3]

$ 1,721

^[3]

$ 1,752

^[3]

6,529

6,651

7,356

Less: net income from discontinued operations attributable to noncontrolling interests

(2)

5

(1)

(2)

(1)

12

(5)

21

0

27

(486)

0

8

0

8

34

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

$ (2)

$ 5

$ (1)

$ (2)

$ (1)

$ 12

$ (5)

$ 13

$ 0

19

(520)

Assets Held For Sale Related To Discontinued Operations | Genworth Australia

Revenues:

51

274

4

33

(5)

66

0

1

50

374

Benefits and expenses:

Acquisition and operating expenses, net of deferrals

11

177

7

53

Amortization of deferred acquisition costs and intangibles

6

29

1

7

Goodwill impairment

0

5

Income before income taxes and gain (loss) on sale

25

271

^[4]

25

103

Provision for income taxes

8

40

Income before gain (loss) on sale

17

63

Gain (loss) on sale, net of taxes

0

Less: net income from discontinued operations attributable to noncontrolling interests

17

63

8

34

Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders

$ 9

$ 29

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[4]	The years ended December 31, 2021 and 2020 include pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million and $54 million, respectively.

Summary of Operating Results Related to Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Genworth Australia \| Parent Company [Member]
Discontinued operation pretax income attributable to parent	$ 13	$ 54

Schedule I Genworth Financial, Inc. Summary of Investments-Other than Investments in Related Parties (Detail)
$ in Millions

Dec. 31, 2022

USD ($)

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

$ 62,528

Commercial mortgage loans

58,948

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

7,010

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

7,010

Policy Loans

2,139

2,139

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

1,675

2,331

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

529

^[1]

Fixed maturity securities | Bonds

566

^[1]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

50,834

46,583

Fixed maturity securities | Bonds | U.S. government, agencies and authorities

46,583

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

3,446

3,341

Fixed maturity securities | Bonds | State and Political Subdivisions

3,341

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

2,726

2,399

Fixed maturity securities | Bonds | Non-U.S. government

2,399

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

731

645

Fixed maturity securities | Bonds | Public Utilities

645

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

5,112

4,638

Fixed maturity securities | Bonds | All Other Corporate Bonds

4,638

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

38,819

35,560

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

35,560

Equity Securities

341

319

$ 319

[1]	The amount shown in the consolidated balance sheet for other invested assets differs from amortized cost or cost presented, as other invested assets include certain assets with a carrying amount that differs from amortized cost or cost.

Schedule II Genworth Financial, Inc. (Parent Company Only) (Balance Sheets) (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Deferred tax asset	$ 1,523	$ 960
Other assets	415	388
Total assets	86,442	99,171
Liabilities and stockholders' equity
Other liabilities	1,672	1,511
Total liabilities	75,703	82,905
Commitments and contingencies
Stockholders' equity:
Common stock	1	1
Additional paid-in capital	11,869	11,858
Net unrealized investment gains (losses)
Accumulated other comprehensive income (loss)	(2,220)	3,861	$ 4,425	$ 3,433
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
Total liabilities and equity	86,442	99,171
Parent Company
Assets
Investments in subsidiaries	10,008	15,517
Deferred tax asset	6	4
Other assets	3	5
Total assets	10,017	15,526
Liabilities and stockholders' equity
Other liabilities	7	4
Intercompany notes payable	26	12
Total liabilities	33	16
Commitments and contingencies
Stockholders' equity:
Common stock	1	1
Additional paid-in capital	11,869	11,858
Net unrealized investment gains (losses)
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
Total liabilities and equity	$ 10,017	$ 15,526

Schedule II Genworth Financial, Inc. (Parent Company Only) (Statements of Income) (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenues:

$ 3,146

$ 3,370

$ 3,227

Acquisition and operating expenses, net of deferrals

$ 1,895

$ 1,839

$ 1,881

$ 1,892

$ 1,736

^[1]

$ 2,070

^[1]

$ 2,041

^[1]

$ 1,985

^[1]

7,507

7,832

8,284

Expenses:

1,371

1,223

935

Loss before income taxes and equity in income of subsidiaries

106

160

195

978

1,181

928

Benefit from income taxes

239

263

230

177

99

182

151

164

302

245

174

609

885

698

Net income available to Genworth Financial, Inc.'s common stockholders

(2)

5

(1)

(2)

(1)

12

(5)

21

0

27

(486)

$ 175

^[2],[3]

$ 104

^[2],[3]

$ 181

^[2],[3]

$ 149

^[2],[3]

$ 163

^[4]

$ 314

^[4]

$ 240

^[4]

$ 187

^[4]

609

904

178

Parent Company

Revenues:

0

(3)

Acquisition and operating expenses, net of deferrals

0

(3)

Expenses:

31

25

31

Loss before income taxes and equity in income of subsidiaries

0

(1)

1

Total expenses

31

24

32

(31)

(27)

(35)

Benefit from income taxes

(3)

(1)

(2)

Equity in income of subsidiaries

637

930

210

609

904

177

Net income available to Genworth Financial, Inc.'s common stockholders

0

1

$ 609

$ 904

$ 178

[1]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[2]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[3]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[4]	On September 20, 2021, we completed the minority IPO of Enact Holdings, which reduced our ownership percentage to 81.6%, and lowered our available net income by $29 million in the fourth quarter of 2021.

Schedule II Genworth Financial, Inc. (Parent Company Only) (Statements of Comprehensive Income) (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

^[1],[2]

Sep. 30, 2022

^[1],[2]

Jun. 30, 2022

^[1],[2]

Mar. 31, 2022

^[1],[2]

Dec. 31, 2021

^[3],[4],[5]

Sep. 30, 2021

^[3],[4],[5]

Jun. 30, 2021

^[3],[4],[5]

Mar. 31, 2021

^[3],[4],[5]

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net income available to Genworth Financial, Inc.'s common stockholders

$ 202

$ 139

$ 219

$ 179

$ 192

$ 318

$ 240

$ 195

$ 739

$ 945

$ 212

Other comprehensive income (loss), net of taxes:

Net unrealized gains (losses) on securities without an allowance for credit losses

(5,372)

(370)

764

Net unrealized gains (losses) on securities with an allowance for credit losses

0

6

(6)

Derivatives qualifying as hedges

(825)

(186)

209

Foreign currency translation and other adjustments

30

148

55

Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders

(6,167)

(402)

1,022

(5,472)

366

1,170

Parent Company [Member]

Net income available to Genworth Financial, Inc.'s common stockholders

609

904

178

Other comprehensive income (loss), net of taxes:

Net unrealized gains (losses) on securities without an allowance for credit losses

(5,286)

(334)

764

Net unrealized gains (losses) on securities with an allowance for credit losses

0

6

(6)

Derivatives qualifying as hedges

(825)

(186)

209

Foreign currency translation and other adjustments

30

(24)

25

Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders

(6,081)

(538)

992

$ (5,472)

$ 366

$ 1,170

[1]	In the fourth quarter of 2022, our Enact segment recorded a pre-tax net favorable reserve adjustment of $42 million primarily related to COVID-19 delinquencies in 2020 and 2021 curing at levels above original reserve expectations.
[2]	In the fourth quarter of 2022, our life insurance business completed its annual review of assumptions for its universal and term universal life insurance products and recorded a pre-tax favorable unlocking of $43 million mostly attributable to higher interest rates.
[3]	In the fourth quarter of 2021, our life insurance business initially ceded $268 million of certain term life insurance reserves under a new reinsurance treaty as part of a life block transaction. Our life insurance business also completed its annual review of assumptions in the fourth quarter of 2021. This review resulted in higher total benefits and expenses of $87 million from an unfavorable unlocking in our term universal and universal life insurance products largely attributable to higher pre-COVID-19 mortality. In our term universal life insurance products, we also recorded a DAC impairment of $41 million in the fourth quarter of 2021 principally due to lower future estimated gross profits.
[4]	In the fourth quarter of 2021, our life insurance business initially ceded $360 million of premiums associated with certain term life insurance policies under a new reinsurance treaty as part of a life block transaction.
[5]	In the fourth quarter of 2021, our life insurance business recorded a net loss of $131 million predominantly driven by an initial loss of $73 million as a result of ceding certain term life insurance policies as part of a life block transaction, an unfavorable unlocking of $70 million associated with its annual review of assumptions and a DAC impairment of $32 million as a result of recoverability testing.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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