UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
May 3, 2022
Date of Report
(Date of earliest event reported)

 

GENWORTH FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	001-32195	 	80-0873306	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	

6620 West Broad Street, Richmond, VA	 	23230	
(Address of principal executive offices)	 	(Zip Code)	
(804) 281-6000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Securities registered pursuant to Section 12(b) of the Act:

Title of each class	  	Trading
Symbol	  	Name of each exchange
on which registered	
Class A Common Stock, par value $.001 per share	  	GNW	  	New York Stock Exchange	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02	Results of Operations and Financial Condition.	
On May 3, 2022, Genworth Financial, Inc. (the “Company”) issued (1) a press release announcing its financial results for the quarter ended March 31, 2022, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (2) a financial supplement for the quarter ended March 31, 2022, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The information contained in this Current Report on Form 8-K (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
 
Item 9.01	Financial Statements and Exhibits.	
The following materials are furnished as exhibits to this Current Report on Form 8-K:

Exhibit
Number	  		Description of Exhibit	
			
99.1	  	Press Release dated May 3, 2022		
			
99.2	  	Financial Supplement for the quarter ended March 31, 2022		
			
104	  	Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)		

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

	 		 	GENWORTH FINANCIAL, INC.	
				
Date: May 3, 2022	 		 	By:	 	/s/ Jerome T. Upton	
	 		 		 	Jerome T. Upton	
	 		 		 	Senior Vice President and Controller	
	 		 		 	(Principal Accounting Officer)	

Exhibit 99.1

Genworth Financial Announces First Quarter 2022 Results
First Quarter Net Income of $149 Million and Adjusted Operating Income of $131 Million
Announced $350 Million Share Repurchase Authorization, The First Shareholder Return Program In Over 13 Years
 
 	•	 	Enact segment adjusted operating income of $135 million, with 10 percent annual growth in insurance in-force and strong loss performance	
 
 	•	 	Enact’s Board initiated a quarterly dividend program and declared a $0.14 dividend per share payable in the second quarter	
 
 	•	 	U.S. Life Insurance segment adjusted operating loss of $4 million driven by unfavorable life insurance results, partially offset by strong long-term care insurance (LTC) performance	
 
 	•	 	$101 million in annual premium rate increases approved, increasing net present value from achieved LTC rate actions since 2012 by approximately $800 million, bringing the total to $20.4 billion	
 
 	•	 	Strong U.S. life insurance companies’ statutory income driving estimated risk-based capital ratio to 296%	
 
 	•	 	Retired $82 million of debt, bringing total debt to $1.1 billion; cash and liquid assets of $215 million	
 
 	•	 	S&P Global Ratings upgraded the credit ratings of Genworth Financial, Inc. and Genworth Holdings, Inc.	
Richmond, VA (May 3, 2022) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2022. The company reported net income1 of $149 million, or $0.29 per diluted share, in the first quarter of 2022, compared with net income of $187 million, or $0.37 per diluted share, in the first quarter of 2021. The company reported adjusted operating income2 of $131 million, or $0.25 per diluted share, in the first quarter of 2022, compared with adjusted operating income of $168 million, or $0.33 per diluted share, in the first quarter of 2021.
“Genworth had a strong start to the year, with solid operating performance, an improved balance sheet and significant progress on our strategic plan that will drive value for shareholders,” said Tom McInerney, Genworth President and CEO. “Genworth’s financial position is stronger than it has been in over a decade, and as a result, we announced a share repurchase program of up to $350 million.”

1 	Unless otherwise stated, all references in this press release to net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share and book value per share should be read as net income (loss) available to Genworth’s common stockholders, net income (loss) available to Genworth’s common stockholders per diluted share, adjusted operating income (loss) available to Genworth’s common stockholders, adjusted operating income (loss) available to Genworth’s common stockholders per diluted share and book value available to Genworth’s common stockholders per share, respectively.	
2 	This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles (Non-GAAP). See the Use of Non-GAAP Measures section of this press release for additional information.	

Financial Performance

Consolidated Net Income & Adjusted Operating Income	 		
				
 	  	Three months ended March 31	 	  	 	 		
 	  	2022	 	  	2021	 	  	 	 		
	(Amounts in millions, except per share)	  	Total	 	  	Per
diluted
share	 	  	Total	 	  	Per
diluted
share	 	  	Total
% change	 	
Net income available to Genworth’s common stockholders	  	$	149	 	  	$	0.29	 	  	$	187	 	  	$	0.37	 	  	 	(20	)% 		
Adjusted operating income	  	$	131	 	  	$	0.25	 	  	$	168	 	  	$	0.33	 	  	 	(22	)% 		
Weighted-average diluted shares	  	 	517.4	 	  				  	 	513.8	 	  				  					

 	  	As of March 31	 	
 	  	2022	 	  	2021	 	
Book value per share	  	$	28.23	 	  	$	29.14	 	
Book value per share, excluding accumulated other comprehensive income (loss)	  	$	23.12	 	  	$	21.88	 	
Net investment gains, net of taxes and other adjustments, increased net income by $22 million in the current quarter, compared with $26 million in the first quarter of 2021. The investment gains in the current quarter were primarily from mark-to-market gains on limited partnership investments held in the LTC business.
Net investment income was $764 million in the quarter, compared to $866 million in the prior quarter and $801 million in the prior year. Net investment income was lower compared to both the prior quarter and the prior year as a result of lower variable investment income, primarily driven by lower income from limited partnerships in the LTC business. The reported yield and the core yield2 for the current quarter were 4.67 percent and 4.61 percent, respectively, compared to 5.26 percent and 5.01 percent, respectively, in the prior quarter.
Genworth’s effective tax rate on income from continuing operations for the current quarter was approximately 24.3 percent. The effective tax rate was increased by the tax effect of forward starting swap gains settled prior to the change in the corporate tax rate under the 2017 Tax Cuts and Jobs Act.
The table below shows adjusted operating income (loss) by segment and for Corporate and Other activities:

Adjusted Operating Income (Loss)	
(Amounts in millions)                         	  	Q1 22	 	  	Q4 21	 	  	Q1 21	 	
Enact3	  	$	135	 	  	$	125	 	  	$	126	 		
U.S. Life Insurance	  	 	(4	) 	  	 	41	 	  	 	62	 		
Runoff	  	 	9	 	  	 	16	 	  	 	12	 		
Corporate and Other	  	 	(9	) 	  	 	(18	) 	  	 	(32	) 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Total Adjusted Operating Income	  	$	131	 	  	$	164	 	  	$	168	 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Adjusted operating income (loss) represents income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and other adjustments. A reconciliation of net income to adjusted operating income is included at the end of this press release.

3 	Reflects Genworth’s ownership amount excluding noncontrolling interests of $30 million and $29 million in the first quarter of 2022 and fourth quarter of 2021, respectively.	

Enact

Operating Metrics	
(Dollar amounts in millions)	  	Q1 22	 	 	Q4 21	 	 	Q1 21	 	
Adjusted operating income3	  	$	135	 	 	$	125	 	 	$	126	 		
Primary new insurance written	  	$	18,823	 	 	$	21,441	 	 	$	24,934	 		
Loss ratio	  	 	(4	)% 	 	 	3	% 	 	 	22	% 		
Enact reported adjusted operating income of $135 million, compared with $125 million in the prior quarter and $126 million in the prior year. Enact’s primary insurance in-force increased ten percent versus the prior year, driven by strong new insurance written (NIW) and higher persistency given the rise in interest rates. Primary NIW decreased 12 percent from the prior quarter. It was also down 25 percent versus the prior year primarily from a smaller private mortgage insurance market. Earned premiums in the current quarter were lower compared to both the prior quarter and the prior year as higher insurance in-force growth was offset by the continued lapse of older, higher-priced policies and lower single premium policy cancellations, as well as higher ceded premiums versus the prior year. Enact’s expenses in the current quarter were $57 million, resulting in an expense ratio of 24 percent.
Enact’s current quarter results reflect a benefit of $10 million from incurred losses driven by a favorable $50 million pre-tax reserve release, primarily related to 2020 COVID-19 delinquencies, which reduced the loss ratio by 21 percentage points to negative four percent. Results in the prior quarter and prior year reflected losses of $6 million and $55 million, and a loss ratio of three percent and 22 percent, respectively. New delinquencies in the current quarter were 8,724, an increase of five percent from 8,282 in the prior quarter, driven by recent large books entering their expected loss development pattern. Current quarter new delinquencies decreased 13 percent from 10,053 in the prior year. Losses in the prior quarter included a $32 million pre-tax reserve release on pre-COVID-19 delinquencies, while losses in the prior year included a $10 million pre-tax reserve strengthening on pre-COVID-19 delinquencies. The current quarter new delinquency rate of 0.9 percent remained consistent with pre-pandemic levels. Approximately 27 percent of new primary delinquencies in the current quarter were reported in forbearance plans which may cure at elevated rates.

U.S. Life Insurance

Adjusted Operating Income (Loss)	
(Amounts in millions)	  	Q1 22	 	  	Q4 21	 	  	Q1 21	 	
Long-Term Care Insurance	  	$	59	 	  	$	119	 	  	$	95	 		
Life Insurance	  	 	(79	) 	  	 	(98	) 	  	 	(63	) 		
Fixed Annuities	  	 	16	 	  	 	20	 	  	 	30	 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Total U.S. Life Insurance	  	$	(4	) 	  	$	41	 	  	$	62	 		

Long-Term Care Insurance In-Force Rate Action Performance	
(Amounts in millions)	  	Q1 22	 	  	Q4 21	 	  	Q1 21	 	
Adjusted Operating Income from In-Force Rate Actions4, 5	  	$	304	 	  	$	296	 	  	$	243	 		
	  	 	 	 	  	 	 	 	  	 	 	 		
Long-Term Care Insurance
Long-term care insurance reported adjusted operating income of $59 million, compared with $119 million in the prior quarter and $95 million in the prior year. LTC results reflected lower net investment income of $67 million after-tax versus the prior quarter and $14 million after-tax versus the prior year primarily due to the impact of lower income from limited partnerships, bond calls and commercial mortgage loan prepayments.
Claim terminations in the current quarter remained elevated versus pre-pandemic levels and were higher compared to the prior quarter but lower compared to the prior year. The company released $9 million pre-tax of its COVID-19 mortality reserve in the current quarter, leaving a pre-tax balance of $125 million as of March 31, 2022. In the prior year, the company strengthened this reserve by $67 million pre-tax.
New claims increased versus the prior quarter and prior year driven by both higher severity and frequency as the blocks age. Development of incurred but not reported (IBNR) claims was less favorable as new claim incidence increased versus the prior year but remained lower than pre-pandemic levels. In the prior year, the company strengthened IBNR claim reserves by $29 million pre-tax as the decrease in incidence was assumed to be driven by the COVID-19 pandemic and temporary in nature. As incidence continues to trend back to historical levels, IBNR claim reserves were reduced by $29 million pre-tax in the current quarter, leaving a pre-tax balance of $46 million as of March 31, 2022.
Renewal premiums decreased versus the prior year driven by policy terminations and policies entering paid-up status because of higher non-forfeiture and reduced benefit elections by policyholders. Renewal premiums also decreased compared to the prior quarter, primarily reflecting the seasonality of the timing of policyholder anniversaries.
Adjusted operating income of $304 million4 from cumulative in-force rate actions was more favorable than the prior year and prior quarter, driven primarily by reserve releases from higher benefit reductions.

4 	Excludes reserve updates resulting from profits followed by losses.	
5 	Adjusted operating income from in-force rate actions includes estimated impacts from a legal settlement, net of tax and litigation expenses, of $58 million, $57 million and $15 million in the first quarter of 2022, fourth quarter of 2021 and first quarter of 2021, respectively.	

Life Insurance
Life insurance reported an adjusted operating loss of $79 million, compared with adjusted operating losses of $98 million in the prior quarter and $63 million in the prior year. Mortality, attributable in part to the COVID-19 pandemic, was lower than the prior year but higher compared to the prior quarter. During the current quarter, the company accrued $20 million after-tax related to a legal settlement.
Current quarter results also included a lower charge of $13 million after-tax related to deferred acquisition costs (DAC) recoverability testing versus the prior quarter. In the prior quarter, the company completed its annual review of life insurance assumptions and recorded an unfavorable charge of $70 million after-tax, driven by assumption changes primarily related to unfavorable pre-COVID-19 mortality experience.
Fixed Annuities
Fixed annuities reported adjusted operating income of $16 million, compared with $20 million in the prior quarter and $30 million in the prior year. Results in the current quarter reflected lower net investment spreads because of lower bond calls and commercial mortgage loan prepayments, as well as anticipated block runoff. Mortality in the single premium immediate annuity product was less favorable than the prior year.
Runoff
Runoff reported adjusted operating income of $9 million, compared with $16 million in the prior quarter and $12 million in the prior year. Current quarter results in the variable annuity products were impacted by unfavorable equity market performance compared to the prior quarter and prior year.
Corporate And Other
Corporate and Other reported an adjusted operating loss of $9 million, compared with adjusted operating losses of $18 million in the prior quarter and $32 million in the prior year. Current quarter results included lower interest expense from the reduction of Genworth holding company debt.

Capital & Liquidity
Genworth maintains the following capital positions in its operating subsidiaries:

Key Capital & Liquidity Metrics	
(Dollar amounts in millions)          	  	Q1 22	 	 	Q4 21	 	 	Q1 21	 	
Enact	  				 				 					
Consolidated Risk-To-Capital Ratio6	  	 	12.1:1	 	 	 	12.2:1	 	 	 	11.7:1	 		
Enact Mortgage Insurance Corporation Risk-To-Capital Ratio6	  	 	12.2:1	 	 	 	12.3:1	 	 	 	11.9:1	 		
Private Mortgage Insurer Eligibility Requirements Sufficiency Ratio (PMIERs)6, 7	  	 	176	% 	 	 	165	% 	 	 	159	% 		
U.S. Life Insurance Companies	  				 				 					
Consolidated Risk-Based Capital Ratio6	  	 	296	% 	 	 	289	% 	 	 	254	% 		
Holding Company Cash and Liquid Assets8, 9	  	$	215	 	 	$	356	 	 	$	757	 		
Key Points
 
 	•	 	Enact’s PMIERs sufficiency ratio is estimated to be 176 percent, $2,261 million above published PMIERs requirements10. The PMIERs sufficiency ratio increased 11 points, or by $258 million, sequentially, driven by execution of reinsurance transactions, lapses, business cash flows and lower delinquencies, partially offset by NIW and amortization of existing reinsurance transactions;	
 
 	•	 	PMIERs sufficiency benefited from a 0.30 multiplier applied to the risk based required asset factor for certain non-performing loans, which resulted in a reduction of the published PMIERs required assets by an estimated $272 million at the end of the current quarter, compared to $390 million at the end of the prior quarter and $1,012 million at the end of the first quarter of 2021. These amounts are gross of incremental reinsurance benefits from the elimination of the 0.30 multiplier;	
 
 	•	 	Enact completed two excess of loss reinsurance transactions during the current quarter, which will provide approximately $325 million of reinsurance coverage on a portion of the 2021 book year and will provide up to $294 million of reinsurance coverage on expected new insurance written for the 2022 book year;	
 
 	•	 	U.S. life insurance companies’ consolidated statutory risk-based capital ratio is estimated to be 296 percent at the end of the current quarter, up from 289 percent in the prior quarter primarily from strong statutory earnings in the current quarter driven by LTC premium increases and benefit reductions from in-force rate actions;	

6 	Company estimate for the first quarter of 2022 due to timing of the preparation and filing of statutory statements.	
7 	The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within the published PMIERs. As of March 31, 2022, December 31, 2021 and March 31, 2021, the PMIERs sufficiency ratios were $2,261 million, $2,003 million and $1,764 million, respectively, of available assets above the published PMIERs requirements.	
8 	Holding company cash and liquid assets comprises assets held in Genworth Holdings, Inc. (the issuer of outstanding public debt) which is a wholly-owned subsidiary of Genworth Financial, Inc.	
9 	Genworth Holdings, Inc. had $140 million, $331 million and $757 million of cash, cash equivalents and restricted cash as of March 31, 2022, December 31, 2021 and March 31, 2021, respectively, which included $60 million of restricted cash and cash equivalents as of March 31, 2021. Genworth Holdings, Inc. also held $75 million and $25 million in U.S. government securities as of March 31, 2022 and December 31, 2021, respectively, which included $1 million and $3 million, respectively, of restricted assets.	
10 	The government-sponsored enterprises (GSEs) have imposed certain capital restrictions which remain in effect until certain conditions are met. These restrictions required Enact Mortgage Insurance Corporation, the company’s principal U.S. mortgage insurance subsidiary, to maintain 120 percent and 115 percent of PMIERs minimum required assets among other restrictions as of March 31, 2022 and December 31, 2021, respectively.	

 	•	 	Genworth’s holding company ended the quarter with $215 million of cash and liquid assets, including $1 million that is restricted. Cash sources in the quarter included $64 million from intercompany tax payments. During the current quarter, the company reduced its February 2024 debt obligation by $82 million through open market repurchases, leaving $200 million of principal remaining. Genworth’s parent holding company public debt outstanding was $1.1 billion as of March 31, 2022; and	
 
 	•	 	The company’s Board of Directors authorized a $350 million share repurchase program to be funded from holding company capital, as well as future cash flow generation, including expected future dividends from the company’s ownership in Enact. The company expects the majority of share repurchases to occur following the repayment of its remaining 2024 debt.	
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 provider of products, services and solutions that help families address the financial challenges of aging. Headquartered in Richmond, Virginia, we apply our nearly 150 years of experience each day to helping people navigate caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit genworth.com, for more information on Enact Holdings, Inc. visit enactmi.com.
From time to time, Genworth releases important information via postings on its website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found at http://investor.genworth.com.

Conference Call And Financial Supplement Information
This press release, summary presentation and financial supplement for the first quarter 2022 are now posted on the company’s website, http://investor.genworth.com. Investors are encouraged to review these materials.
Genworth will conduct a conference call on May 4, 2022 at 9:00 a.m. (ET) to discuss the quarter’s results. Genworth’s conference call will be accessible via telephone and Internet. The dial-in number for Genworth’s May 4th conference call is 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID #8305163. To participate in the call by webcast, register at http://investor.genworth.com at least 15 minutes prior to the webcast to download and install any necessary software.
A replay of the call will be available at 888-203-1112 or 719-457-0820 (outside the U.S.); conference ID #8305163 through May 18, 2022. The webcast will also be archived on the company’s website for one year.
Prior to Genworth’s conference call, Enact will hold a conference call on May 4, 2022 at 8:00 a.m. (ET) to discuss its results from the first quarter. Enact’s conference call will be accessible via telephone and Internet. The dial-in number for Enact’s May 4th conference call is 833-730-3978 or 720-405-2123 (outside the U.S.); conference ID #6293684. To participate in the call by webcast, register at http://ir.enactmi.com/news-and-events/events at least 15 minutes prior to the webcast to download and install any necessary software.

Use of Non-GAAP Measures
This press release includes the non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss) per share.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company’s segments and Corporate and Other activities. A component of the company’s net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends.
While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, the company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21 percent tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.
In the first quarter of 2022, the company repurchased $82 million principal amount of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes due in February 2024 for a pre-tax loss of $3 million. In the fourth quarter of 2021, the company paid a pre-tax make-whole premium of $20 million related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.
The company recorded a pre-tax expense of $5 million and $21 million in the fourth and first quarters of 2021, respectively, related to restructuring costs as it continued to evaluate and appropriately size its organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income during the periods presented.
The tables at the end of this press release provide a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the three months ended March 31, 2022 and 2021, as well as for the three months ended December 31, 2021, and reflect adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.
This press release includes the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP. In addition, the company’s definition of core yield may differ from the definitions used by other companies. A reconciliation of reported U.S. GAAP yield to core yield is included in a table at the end of this press release.

Definition of Selected Operating Performance Measures
The company taxes its businesses at the U.S. corporate federal income tax rate of 21 percent. Each segment is then adjusted to reflect the unique tax attributes of that segment such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities.
The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year.
The company reports selected operating performance measures including “sales” and “insurance in-force” or “risk in-force” which are commonly used in the insurance industry as measures of operating performance.
Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company’s Enact segment. The company considers new insurance written to be a measure of the operating performance of its Enact segment because it represents a measure of new sales of insurance policies during a specified period, rather than a measure of revenues or profitability during that period.
Management regularly monitors and reports insurance in-force and risk in-force for the company’s Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by the company’s U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. The company considers insurance in-force and risk in-force to be measures of the operating performance of its Enact segment because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period.
Management also regularly monitors and reports a loss ratio for the company’s businesses. For the U.S. mortgage insurance business included in the company’s Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company’s U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.
Management also regularly monitors and reports adjusted operating income from in-force rate actions in the long-term care insurance business included in the company’s U.S. Life Insurance segment. Adjusted operating income from in-force rate actions includes premium rate increases and associated benefit reductions on its long-term care insurance products implemented since 2012, which are net of estimated premium tax, commissions, and other expenses on an after-tax basis. Estimates for in-force rate actions reflect certain simplifying assumptions that may vary materially from actual historical results, including but not limited to a uniform rate of coinsurance and premium taxes in addition to consistent policyholder behavior over time. Actual behavior may differ significantly from these assumptions. In addition, estimates exclude reserve updates resulting from profits followed by losses. The company considers adjusted operating income from in-force rate actions to be a measure of its operating performance because it helps bring older generation long-term care insurance blocks closer to a break-even point over time and helps bring the loss ratios on newer long-term care insurance blocks back towards their original pricing.
These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.

Statutory Accounting Data
The company presents certain supplemental statutory data for Genworth Life Insurance Company (GLIC) and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and U.S. GAAP, the values for assets, liabilities and equity reflected in financial statements prepared in accordance with U.S. GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to U.S. GAAP or used in lieu of U.S. GAAP.
This supplemental statutory data includes risk-based capital ratios for GLIC and its consolidating life insurance subsidiaries as well as statutory earnings. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of among other things the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance businesses with internally generated capital.

Cautionary Note Regarding Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company’s future business and financial performance. Examples of forward-looking statements include statements the company makes relating to future reductions of debt, potential dividends or share repurchases, future Enact Holdings, Inc. (Enact Holdings) dividends, the cumulative amount of rate action benefits required for the company’s long-term care insurance business to achieve break-even, future financial performance of the company’s businesses, liquidity and future strategic investments, including new products and services designed to assist individuals with navigating and financing long-term care, and potential third-party relationships or business arrangements relating thereto, as well as statements the company makes regarding the potential impacts of the coronavirus pandemic (COVID-19). Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, business, competitive, market, regulatory and other factors and risks, including, but not limited to, the following:
 
 	•	 	the company may be unable to successfully execute its strategic plans: to strengthen the company’s financial position and create long-term shareholder value, including with respect to reducing debt of Genworth Holdings; maximizing the value of Enact Holdings; achieving economic breakeven on and stabilizing the legacy long-term care insurance in-force block; advancing the company’s long-term care growth initiatives, including launching either unilaterally or with a strategic partner new product and service offerings designed to assist individuals with navigating and financing long-term care; and returning capital to Genworth Financial shareholders, due to numerous risks and constraints, including but not limited to: Enact Holdings’ ability to pay dividends as a result of the GSEs amendments to PMIERs in response to COVID-19 as well as additional PMIERs requirements or other restrictions that the GSEs may place on the ability of Enact Holdings to pay dividends; an inability to increase the capital needed in the company’s businesses in a timely manner and on anticipated terms, including through improved business performance, reinsurance or similar transactions, asset sales, debt issuances, securities offerings or otherwise, in each case as and when required; the company’s strategic priorities change or become more costly or difficult to successfully achieve than currently anticipated or the benefits achieved being less than anticipated; an inability to identify and contract with a strategic partner regarding a new long-term care insurance business; an inability to establish a new long-term care insurance business or product offerings due to commercial and/or regulatory challenges; an inability to reduce costs proportionate with Genworth’s reduced business activity, including as forecasted and in a timely manner; and adverse tax or accounting charges, including new accounting guidance (that is effective for the company on January 1, 2023) related to long-duration insurance contracts;	
 
 	•	 	risks relating to estimates, assumptions and valuations including: inadequate reserves and the need to increase reserves (including as a result of any changes the company may make in the future to its assumptions, methodologies or otherwise in connection with periodic or other reviews); risks related to the impact of the company’s annual review of assumptions and methodologies related to its long-term care insurance claim reserves and margin reviews, including risks that additional information obtained in the future or other changes to assumptions or methodologies materially affect margins; or other changes to assumptions or methodologies materially affect margins; the inability to accurately estimate the impacts of COVID-19; inaccurate models; the need to increase the company’s reserves as a result of deviations from its estimates and actuarial assumptions or other reasons; accelerated amortization of deferred acquisition costs (DAC) and present value of future profits (PVFP) (including as a result of any future changes it may make to its assumptions, methodologies or otherwise in connection with periodic or other reviews); adverse impact on the company’s financial results as a result of projected profits followed by projected losses (as is currently the case with its long-term care insurance business); changes in valuation of fixed maturity and equity securities; and the benefits Enact Holdings realizes from its future loss mitigation actions or programs may be limited;	

 	•	 	liquidity, financial strength and credit ratings, and counterparty and credit risks including: the impact on Genworth Financial’s and Genworth Holdings’ liquidity caused by the inability to receive dividends or other returns of capital from Enact Holdings, including as a result of COVID-19; limited sources of capital and financing, including under certain conditions the company may seek additional capital on unfavorable terms; future adverse rating agency actions against the company or Enact Holdings, including with respect to rating downgrades or potential downgrades or being put on review for potential downgrade, all of which could have adverse implications, including with respect to key business relationships, product offerings, business results of operations, financial condition and capital needs, strategic plans, collateral obligations and availability and terms of hedging, reinsurance and borrowings; defaults by counterparties to reinsurance arrangements or derivative instruments; and defaults or other events impacting the value of the company’s invested assets, including but not limited to, its fixed maturity and equity securities, commercial mortgage loans, policy loans and limited partnership investments;	
 
 	•	 	risks relating to economic, market and political conditions including: downturns and volatility in global economies and equity and credit markets, including as a result of inflation and supply chain disruptions, continued labor shortages and other displacements caused by COVID-19; interest rates and changes in rates could adversely affect the company’s business and profitability; deterioration in economic conditions or a decline in home prices or home sales that adversely affect Enact Holdings’ loss experience and/or business levels; political and economic instability or changes in government policies; and fluctuations in international securities markets;	
 
 	•	 	regulatory and legal risks including: extensive regulation of the company’s businesses and changes in applicable laws and regulations (including changes to tax laws and regulations); litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties; heightened regulatory restrictions and other insurance, regulatory or corporate law restrictions; the inability to successfully seek in-force rate action increases (including increased premiums and associated benefit reductions) in the company’s long-term care insurance business, including as a result of COVID-19; adverse changes in regulatory requirements, including risk-based capital; inability of Enact Holdings to continue to meet the requirements mandated by PMIERs, including as a result of increased delinquencies caused by COVID-19; inability of Enact Holdings’ U.S. mortgage insurance subsidiaries to meet minimum statutory capital requirements; the influence of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and a small number of large mortgage lenders in the U.S. mortgage insurance market and adverse changes to the role or structure of Fannie Mae and Freddie Mac; adverse changes in regulations affecting Enact Holdings, including any additional restrictions placed on Enact Holdings by government and government-owned enterprises and the GSEs in connection with additional capital transactions; inability to continue to implement actions to mitigate the impact of statutory reserve requirements; changes in accounting and reporting standards, including new accounting guidance (that is effective for the company on January 1, 2023) related to long-duration insurance contracts;	
 
 	•	 	operational risks including: the inability to retain, attract and motivate qualified employees or senior management; Enact Holdings’ reliance on, and loss of, key customers or distribution relationships; competition with government-owned and government-sponsored enterprises may put Enact Holdings at a competitive disadvantage on pricing and other terms and conditions; the design and effectiveness of the company’s disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations; and failure or any compromise of the security of the company’s computer systems, disaster recovery systems, business continuity plans and failures to safeguard or breaches of confidential information;	
 
 	•	 	insurance and product-related risks including: Enact Holdings’ inability to maintain or increase capital in its mortgage insurance subsidiaries in a timely manner; the company’s inability to increase premiums and reduce benefits sufficiently, and in a timely manner, on its in-force long-term care insurance policies, in each case, as currently anticipated and as may be required from time to time in the future (including as a result of a delay or failure to obtain any necessary regulatory approvals, including as a result of COVID-19, or unwillingness or inability of policyholders to pay increased premiums and/or accept reduced benefits),	

 	including to offset any negative impact on the company’s long-term care insurance margins; availability, affordability and adequacy of reinsurance to protect the company against losses; decreases in the volume of mortgage originations or increases in mortgage insurance cancellations; increases in the use of alternatives to private mortgage insurance and reductions in the level of coverage selected; potential liabilities in connection with Enact Holdings’ U.S. contract underwriting services; Enact Holdings’ delegated underwriting program may subject its mortgage insurance subsidiaries to unanticipated claims; and medical advances, such as genetic research and diagnostic imaging, and related legislation that impact policyholder behavior in ways adverse to the company; and	
 
 	•	 	other general risks including: the occurrence of natural or man-made disasters, including geopolitical tensions and war, or a public health emergency, including pandemics, could materially adversely affect the company’s financial condition and results of operations.	
The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. This press release does not constitute an offering of any securities.
# # #

Contact Information:	

Investors:	  	Sarah Crews	
	  	InvestorInfo@genworth.com	
		
Media:	  	Amy Rein	
	  	Amy.Rein@genworth.com	

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

 	  	Three months ended
March 31,	 	  	Three months
ended
December 31,	 	
 	  	2022	 	 	2021	 	  	2021	 	
Revenues:	  				 				  				
Premiums	  	$	931	 	 	$	968	 	  	$	576	 	
Net investment income	  	 	764	 	 	 	801	 	  	 	866	 	
Net investment gains (losses)	  	 	28	 	 	 	33	 	  	 	132	 	
Policy fees and other income	  	 	169	 	 	 	183	 	  	 	162	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	1,892	 	 	 	1,985	 	  	 	1,736	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Benefits and expenses:	  				 				  				
Benefits and other changes in policy reserves	  	 	1,139	 	 	 	1,218	 	  	 	861	 	
Interest credited	  	 	125	 	 	 	131	 	  	 	127	 	
Acquisition and operating expenses, net of deferrals	  	 	271	 	 	 	275	 	  	 	354	 	
Amortization of deferred acquisition costs and intangibles	  	 	92	 	 	 	77	 	  	 	108	 	
Interest expense	  	 	26	 	 	 	51	 	  	 	31	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	1,653	 	 	 	1,752	 	  	 	1,481	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Income from continuing operations before income taxes	  	 	239	 	 	 	233	 	  	 	255	 	
Provision for income taxes	  	 	58	 	 	 	59	 	  	 	62	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Income from continuing operations	  	 	181	 	 	 	174	 	  	 	193	 	
Income (loss) from discontinued operations, net of taxes	  	 	(2	) 	 	 	21	 	  	 	(1	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income	  	 	179	 	 	 	195	 	  	 	192	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	30	 	 	 	—  	 	  	 	29	 	
Less: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	 	 	8	 	  	 	—  	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders	  	$	149	 	 	$	187	 	  	$	163	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders:	  				 				  				
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	$	151	 	 	$	174	 	  	$	164	 	
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	  	 	(2	) 	 	 	13	 	  	 	(1	) 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders	  	$	149	 	 	$	187	 	  	$	163	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:	  				 				  				
Basic	  	$	0.30	 	 	$	0.35	 	  	$	0.32	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	$	0.29	 	 	$	0.34	 	  	$	0.32	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders per share:	  				 				  				
Basic	  	$	0.29	 	 	$	0.37	 	  	$	0.32	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	$	0.29	 	 	$	0.37	 	  	$	0.32	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Weighted-average common shares outstanding:	  				 				  				
Basic	  	 	508.3	 	 	 	506.0	 	  	 	507.4	 	
	  	 	 	 	 	 	 	 	  	 	 	 	
Diluted	  	 	517.4	 	 	 	513.8	 	  	 	515.6	 	

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

 	  	Three
months ended
March 31,	 	 	Three
months ended
December 31,	 	
 	  	2022	 	 	2021	 	 	2021	 	
Net income available to Genworth Financial, Inc.’s common stockholders	  	$	149	 	 	$	187	 	 	$	163	 	
Add: net income from continuing operations attributable to noncontrolling interests	  	 	30	 	 	 	—  	 	 	 	29	 	
Add: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	 	 	8	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	179	 	 	 	195	 	 	 	192	 	
Less: income (loss) from discontinued operations, net of taxes	  	 	(2	) 	 	 	21	 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	  	 	181	 	 	 	174	 	 	 	193	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	30	 	 	 	—  	 	 	 	29	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	 	151	 	 	 	174	 	 	 	164	 	
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:	  				 				 				
Net investment (gains) losses, net11	  	 	(28	) 	 	 	(33	) 	 	 	(133	) 	
(Gains) losses on early extinguishment of debt	  	 	3	 	 	 	4	 	 	 	35	 	
Initial loss from life block transaction	  	 	—  	 	 	 	—  	 	 	 	92	 	
Expenses related to restructuring	  	 	—  	 	 	 	21	 	 	 	5	 	
Taxes on adjustments	  	 	5	 	 	 	2	 	 	 	1	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	131	 	 	$	168	 	 	$	164	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income (loss):	  				 				 				
Enact segment	  	$	135	 	 	$	126	 	 	$	125	 	
U.S. Life Insurance segment:	  				 				 				
Long-Term Care Insurance	  	 	59	 	 	 	95	 	 	 	119	 	
Life Insurance	  	 	(79	) 	 	 	(63	) 	 	 	(98	) 	
Fixed Annuities	  	 	16	 	 	 	30	 	 	 	20	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Life Insurance segment	  	 	(4	) 	 	 	62	 	 	 	41	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Runoff segment	  	 	9	 	 	 	12	 	 	 	16	 	
Corporate and Other	  	 	(9	) 	 	 	(32	) 	 	 	(18	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	131	 	 	$	168	 	 	$	164	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Net income available to Genworth Financial, Inc.’s common stockholders per share:	  				 				 				
Basic	  	$	0.29	 	 	$	0.37	 	 	$	0.32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.29	 	 	$	0.37	 	 	$	0.32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income per share:	  				 				 				
Basic	  	$	0.26	 	 	$	0.33	 	 	$	0.32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.25	 	 	$	0.33	 	 	$	0.32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding:	  				 				 				
Basic	  	 	508.3	 	 	 	506.0	 	 	 	507.4	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	517.4	 	 	 	513.8	 	 	 	515.6	 	

 

11 	For the three months ended December 31, 2021, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(1) million.	

Condensed Consolidated Balance Sheets
(Amounts in millions)

 	  	March 31,	 	 	December 31,	 	
 	  	2022	 	 	2021	 	
 	  	(Unaudited)	 	 	 	 	
Assets	  				 				
Cash, cash equivalents, restricted cash and invested assets	  	$	68,863	 	 	$	74,496	 	
Deferred acquisition costs	  	 	1,310	 	 	 	1,146	 	
Intangible assets	  	 	159	 	 	 	143	 	
Reinsurance recoverable, net	  	 	16,764	 	 	 	16,813	 	
Deferred tax and other assets	  	 	861	 	 	 	507	 	
Separate account assets	  	 	5,530	 	 	 	6,066	 	
	  	 	 	 	 	 	 	 	
Total assets	  	$	93,487	 	 	$	99,171	 	
	  	 	 	 	 	 	 	 	
Liabilities and equity	  				 				
Liabilities:	  				 				
Future policy benefits	  	$	38,897	 	 	$	41,528	 	
Policyholder account balances	  	 	18,197	 	 	 	19,354	 	
Liability for policy and contract claims	  	 	11,833	 	 	 	11,841	 	
Unearned premiums	  	 	639	 	 	 	672	 	
Other liabilities	  	 	1,416	 	 	 	1,511	 	
Long-term borrowings	  	 	1,819	 	 	 	1,899	 	
Separate account liabilities	  	 	5,530	 	 	 	6,066	 	
Liabilities related to discontinued operations	  	 	4	 	 	 	34	 	
	  	 	 	 	 	 	 	 	
Total liabilities	  	 	78,335	 	 	 	82,905	 	
	  	 	 	 	 	 	 	 	
Equity:	  				 				
Common stock	  	 	1	 	 	 	1	 	
Additional paid-in capital	  	 	11,857	 	 	 	11,858	 	
Accumulated other comprehensive income (loss)	  	 	2,610	 	 	 	3,861	 	
Retained earnings	  	 	2,639	 	 	 	2,490	 	
Treasury stock, at cost	  	 	(2,700	) 	 	 	(2,700	) 	
	  	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	14,407	 	 	 	15,510	 	
Noncontrolling interests	  	 	745	 	 	 	756	 	
	  	 	 	 	 	 	 	 	
Total equity	  	 	15,152	 	 	 	16,266	 	
	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	93,487	 	 	$	99,171	 	

Reconciliation of Reported Yield to Core Yield

 	  	Three	 		
 	  	months ended	 		
 	  	March 31,	 	 	December 31,	 		
	(Assets - amounts in billions)	  	2022	 	 	2021	 	
Reported Total Invested Assets and Cash	  	$	68.2	 	 	$	73.8	 		
Subtract:	  				 					
Unrealized gains (losses)	  	 	3.0	 	 	 	8.2	 		
	  	 	 	 	 	 	 	 		
Adjusted End of Period Invested Assets and Cash	  	$	65.2	 	 	$	65.6	 		
	  	 	 	 	 	 	 	 		
Average Invested Assets and Cash Used in Reported and Core Yield Calculation	  	$	65.4	 	 	$	65.9	 		

	(Income - amounts in millions)	  	 	 	 	 	 	
Reported Net Investment Income	  	$	764	 	 	$	866	 		
Subtract:	  				 					
Bond calls and commercial mortgage loan prepayments	  	 	10	 	 	 	38	 		
Other non-core items12	  	 	—  	 	 	 	2	 		
	  	 	 	 	 	 	 	 		
Core Net Investment Income	  	$	754	 	 	$	826	 		
	  	 	 	 	 	 	 	 		
Reported Yield	  	 	4.67	% 	 	 	5.26	% 		
	  	 	 	 	 	 	 	 		
Core Yield	  	 	4.61	% 	 	 	5.01	% 		

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

			
	  	Exhibit 99.2

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2022

	Table of Contents	  	Page	 	
Investor Letter .	  	 	3	 		
Use of Non-GAAP Measures.	  	 	4	 		
Results of Operations and Selected Operating Performance Measures .	  	 	5	 		
Financial Highlights	  	 	6	 		
			
Consolidated Quarterly Results	  					
Consolidated Net Income by Quarter	  	 	8	 		
Reconciliation of Net Income to Adjusted Operating Income	  	 	9	 		
Consolidated Balance Sheets.	  	 	10-11	 		
Consolidated Balance Sheets by Segment.	  	 	12-13	 		
Deferred Acquisition Costs (DAC) Rollforward	  	 	14	 		
			
Quarterly Results by Business	  					
Adjusted Operating Income and Sales - Enact Segment	  	 	16-21	 		
Adjusted Operating Income (Loss) - U.S. Life Insurance Segment	  	 	23-26	 		
Adjusted Operating Income - Runoff Segment	  	 	28	 		
Adjusted Operating Income (Loss) - Corporate and Other Activities	  	 	30	 		
			
Additional Financial Data	  					
Investments Summary	  	 	32	 		
Fixed Maturity Securities Summary	  	 	33	 		
General Account U.S. GAAP Net Investment Income Yields	  	 	34	 		
Net Investment Gains (Losses), Net—Detail	  	 	35	 		
			
Reconciliations of Non-GAAP Measures	  					
Reconciliation of Operating Return On Equity (ROE)	  	 	37	 		
Reconciliation of Consolidated Expense Ratio	  	 	38	 		
Reconciliation of Reported Yield to Core Yield	  	 	39	 		
			
Corporate Information	  					
Financial Strength Ratings.	  	 	41	 		
Note:
Unless otherwise stated, all references in this financial supplement to income (loss) from continuing operations, income (loss) from continuing operations per share, net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share, book value and book value per share should be read as income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders, income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share, net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, non-U.S. Generally Accepted Accounting Principles (U.S. GAAP) adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, non-GAAP adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share, book value available to Genworth Financial, Inc.’s common stockholders and book value available to Genworth Financial, Inc.’s common stockholders per share, respectively.
 
2

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2022
Dear Investor,
On March 11, 2022, S&P Global Ratings upgraded the credit rating of Genworth Financial, Inc. and Genworth Holdings, Inc. (Genworth Holdings) to “B+” (Speculative) from “B” (Speculative) and maintained a Positive outlook. The ratings upgrade is mostly due to the reduction in Genworth Holdings’ debt and other obligations over the past 12 months, resulting in the company’s improved financial flexibility and lower liquidity risk. For information related to the financial strength ratings of the company’s primary insurance subsidiaries, see page 41 of this financial supplement.
The company has added a new non-GAAP financial measure entitled “adjusted expense ratio” on page 38 of this financial supplement. Management believes that this expense ratio analysis enhances understanding of the operating performance of the company.
Thank you for your continued interest in Genworth Financial, Inc.
Regards,
Investor Relations
InvestorInfo@genworth.com
 
3

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

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

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

	Balance Sheet Data	  	March 31,
        2022        	 	 	December 31,
        2021        	 	September 30,
        2021        	 	 	June 30,
        2021        	 	 	March 31,
        2021        	 	
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other
comprehensive income	  	$	11,797	 	 	$ 11,649	 	$	11,476	 	 	$	11,330	 	 	$	11,083	 		
Total accumulated other comprehensive income	  	 	2,610	 	 	3,861	 	 	3,800	 	 	 	3,834	 	 	 	3,675	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total Genworth Financial, Inc.’s stockholders’ equity	  	$	14,407	 	 	$ 15,510	 	$	15,276	 	 	$	15,164	 	 	$	14,758	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Book value per share	  	$	28.23	 	 	$30.57	 	$	30.11	 	 	$	29.89	 	 	$	29.14	 		
Book value per share, excluding accumulated other comprehensive income	  	$	23.12	 	 	$22.96	 	$	22.62	 	 	$	22.33	 	 	$	21.88	 		
Common shares outstanding as of the balance sheet date	  	 	510.3	 	 	507.4	 	 	507.4	 	 	 	507.4	 	 	 	506.5	 		
			
 	  	Twelve months ended	 		
	Twelve Month Rolling Average ROE	  	March 31,
2022	 	 	December 31,
2021	 	September 30,
2021	 	 	June 30,
2021	 	 	March 31,
2021	 	
U.S. GAAP Basis ROE	  	 	7.6	% 	 	8.0%	 	 	9.1	% 	 	 	10.3	% 	 	 	4.0	% 		
Operating ROE(1)	  	 	6.3	% 	 	6.8%	 	 	7.1	% 	 	 	6.2	% 	 	 	4.3	% 		
			
 	  	Three months ended	 		
	Quarterly Average ROE	  	March 31,
2022	 	 	December 31,
2021	 	September 30,
2021	 	 	June 30,
2021	 	 	March 31,
2021	 	
U.S. GAAP Basis ROE	  	 	5.1	% 	 	5.6%	 	 	11.0	% 	 	 	8.6	% 	 	 	6.8	% 		
Operating ROE(1)	  	 	4.5	% 	 	5.7%	 	 	8.4	% 	 	 	6.9	% 	 	 	6.1	% 		

	Basic and Diluted Shares	  	Three months ended
March 31, 2022	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares used in basic earnings per share calculations	  	 	508.3	 													
Potentially dilutive securities:	  																
Stock options, restricted stock units and other equity-based compensation	  	 	9.1	 													
	  	 	 	 													
Weighted-average common shares used in diluted earnings per share calculations	  	 	517.4	 													

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

Consolidated Quarterly Results

 

7

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	  	2Q	 	 	1Q	 	  	Total	 	
REVENUES:	  			 	  				 				  				 				  				
Premiums	  	$	931	 	  	$	576	 	 	$	944	 	  	$	947	 	 	$	968	 	  	$	3,435	 	
Net investment income	  	 	764	 	  	 	866	 	 	 	859	 	  	 	844	 	 	 	801	 	  	 	3,370	 	
Net investment gains (losses)	  	 	28	 	  	 	132	 	 	 	88	 	  	 	70	 	 	 	33	 	  	 	323	 	
Policy fees and other income	  	 	169	 	  	 	162	 	 	 	179	 	  	 	180	 	 	 	183	 	  	 	704	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	1,892	 	  	 	1,736	 	 	 	2,070	 	  	 	2,041	 	 	 	1,985	 	  	 	7,832	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				  				 				  				
Benefits and other changes in policy reserves	  	 	1,139	 	  	 	861	 	 	 	1,143	 	  	 	1,161	 	 	 	1,218	 	  	 	4,383	 	
Interest credited	  	 	125	 	  	 	127	 	 	 	123	 	  	 	127	 	 	 	131	 	  	 	508	 	
Acquisition and operating expenses, net of deferrals	  	 	271	 	  	 	354	 	 	 	290	 	  	 	304	 	 	 	275	 	  	 	1,223	 	
Amortization of deferred acquisition costs and intangibles	  	 	92	 	  	 	108	 	 	 	106	 	  	 	86	 	 	 	77	 	  	 	377	 	
Interest expense	  	 	26	 	  	 	31	 	 	 	35	 	  	 	43	 	 	 	51	 	  	 	160	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	1,653	 	  	 	1,481	 	 	 	1,697	 	  	 	1,721	 	 	 	1,752	 	  	 	6,651	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	239	 	  	 	255	 	 	 	373	 	  	 	320	 	 	 	233	 	  	 	1,181	 	
Provision for income taxes	  	 	58	 	  	 	62	 	 	 	67	 	  	 	75	 	 	 	59	 	  	 	263	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	181	 	  	 	193	 	 	 	306	 	  	 	245	 	 	 	174	 	  	 	918	 	
Income (loss) from discontinued operations, net of taxes(1)	  	 	(2	) 	  	 	(1	) 	 	 	12	 	  	 	(5	) 	 	 	21	 	  	 	27	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME	  	 	179	 	  	 	192	 	 	 	318	 	  	 	240	 	 	 	195	 	  	 	945	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	30	 	  	 	29	 	 	 	4	 	  	 	—  	 	 	 	—  	 	  	 	33	 	
Less: net income from discontinued operations attributable to noncontrolling interests	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	8	 	  	 	8	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	$	149	 	  	$	163	 	 	$	314	 	  	$	240	 	 	$	187	 	  	$	904	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	  				 				  				 				  				
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	  	$	151	 	  	$	164	 	 	$	302	 	  	$	245	 	 	$	174	 	  	$	885	 	
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders	  	 	(2	) 	  	 	(1	) 	 	 	12	 	  	 	(5	) 	 	 	13	 	  	 	19	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	$	149	 	  	$	163	 	 	$	314	 	  	$	240	 	 	$	187	 	  	$	904	 	

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

(1) 	Income (loss) from discontinued operations relates the company’s former lifestyle protection insurance business that was sold on December 1, 2015 and its former Australia mortgage insurance business that was sold on March 3, 2021. The company recorded after-tax income (loss) of $(1) million in the first quarter of 2022 and $(1) million and $11 million in the fourth and first quarters of 2021, respectively, associated with refinements to its tax matters agreement liability. During the first quarter of 2022 and the third, second and first quarters of 2021, the company recorded after-tax income (loss) of $(1) million, $9 million, $(4) million and $(1) million, respectively, related to a secured promissory note with AXA S.A. (AXA) resulting from a settlement agreement regarding a dispute over payment protection insurance claims sold by the company’s former lifestyle protection insurance business. During the first quarter of 2021, based on an updated estimate, the company adjusted a liability associated with underwriting losses on a product sold by a distributor in the company’s former lifestyle protection insurance business which resulted in an after-tax loss of $4 million.	
 
8

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

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

Earnings Per Share Data:	  				  				 				 				 				 				
Net income available to Genworth Financial, Inc.’s common stockholders per share	  				  				 				 				 				 				
Basic	  	$	0.29	 	  	$	0.32	 	 	$	0.62	 	 	$	0.47	 	 	$	0.37	 	 	$	1.78	 	
Diluted	  	$	0.29	 	  	$	0.32	 	 	$	0.61	 	 	$	0.47	 	 	$	0.37	 	 	$	1.76	 	
Adjusted operating income per share	  				  				 				 				 				 				
Basic	  	$	0.26	 	  	$	0.32	 	 	$	0.47	 	 	$	0.38	 	 	$	0.33	 	 	$	1.51	 	
Diluted	  	$	0.25	 	  	$	0.32	 	 	$	0.46	 	 	$	0.38	 	 	$	0.33	 	 	$	1.48	 	
Weighted-average common shares outstanding	  				  				 				 				 				 				
Basic	  	 	508.3	 	  	 	507.4	 	 	 	507.4	 	 	 	507.0	 	 	 	506.0	 	 	 	506.9	 	
Diluted	  	 	517.4	 	  	 	515.6	 	 	 	514.2	 	 	 	515.0	 	 	 	513.8	 	 	 	514.7	 	

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

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

 	  	March 31,
2022	 	  	December 31,
2021	 	 	September 30,
2021	 	 	June 30,
2021	 	 	March 31,
2021	 	
ASSETS	  			 	  				 				 				 				
Investments:	  			 	  				 				 				 				
Fixed maturity securities available-for-sale, at fair value(1)	  	$	55,027	 	  	$	60,480	 	 	$	61,274	 	 	$	61,649	 	 	$	60,231	 	
Equity securities, at fair value	  	 	230	 	  	 	198	 	 	 	156	 	 	 	147	 	 	 	238	 	
Commercial mortgage loans(2)	  	 	6,938	 	  	 	6,856	 	 	 	6,916	 	 	 	6,912	 	 	 	6,787	 	
Less: Allowance for credit losses	  	 	(25	) 	  	 	(26	) 	 	 	(30	) 	 	 	(33	) 	 	 	(32	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial mortgage loans, net	  	 	6,913	 	  	 	6,830	 	 	 	6,886	 	 	 	6,879	 	 	 	6,755	 	
Policy loans	  	 	2,028	 	  	 	2,050	 	 	 	2,067	 	 	 	2,083	 	 	 	1,976	 	
Limited partnerships	  	 	2,007	 	  	 	1,900	 	 	 	1,617	 	 	 	1,354	 	 	 	1,160	 	
Other invested assets	  	 	671	 	  	 	820	 	 	 	718	 	 	 	906	 	 	 	599	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	66,876	 	  	 	72,278	 	 	 	72,718	 	 	 	73,018	 	 	 	70,959	 	
Cash, cash equivalents and restricted cash	  	 	1,291	 	  	 	1,571	 	 	 	1,937	 	 	 	2,214	 	 	 	1,964	 	
Accrued investment income	  	 	696	 	  	 	647	 	 	 	626	 	 	 	573	 	 	 	704	 	
Deferred acquisition costs	  	 	1,310	 	  	 	1,146	 	 	 	1,193	 	 	 	1,212	 	 	 	1,247	 	
Intangible assets	  	 	159	 	  	 	143	 	 	 	147	 	 	 	151	 	 	 	155	 	
Reinsurance recoverable	  	 	16,821	 	  	 	16,868	 	 	 	16,722	 	 	 	16,716	 	 	 	16,788	 	
Less: Allowance for credit losses	  	 	(57	) 	  	 	(55	) 	 	 	(51	) 	 	 	(50	) 	 	 	(44	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable, net	  	 	16,764	 	  	 	16,813	 	 	 	16,671	 	 	 	16,666	 	 	 	16,744	 	
Other assets	  	 	440	 	  	 	388	 	 	 	396	 	 	 	403	 	 	 	439	 	
Deferred tax asset	  	 	421	 	  	 	119	 	 	 	209	 	 	 	211	 	 	 	314	 	
Separate account assets	  	 	5,530	 	  	 	6,066	 	 	 	5,978	 	 	 	6,202	 	 	 	6,032	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	93,487	 	  	$	99,171	 	 	$	99,875	 	 	$	100,650	 	 	$	98,558	 	

 

(1) 	Amortized cost of $52,280 million, $52,611 million, $53,181 million, $53,111 million and $53,470 million as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, and allowance for credit losses of $___ as of March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 and $3 million as of March 31, 2021.	
(2) 	Net of unamortized balance of loan origination fees and costs of $4 million as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021.	
 
10

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

 	  	March 31,
2022	 	  	December 31,
2021	 	 	September 30,
2021	 	 	June 30,
2021	 	 	March 31,
2021	 	
LIABILITIES AND EQUITY	  			 	  				 				 				 				
Liabilities:	  			 	  				 				 				 				
Future policy benefits	  	$	38,897	 	  	$	41,528	 	 	$	41,794	 	 	$	42,165	 	 	$	40,634	 	
Policyholder account balances	  	 	18,197	 	  	 	19,354	 	 	 	19,607	 	 	 	19,944	 	 	 	19,999	 	
Liability for policy and contract claims	  	 	11,833	 	  	 	11,841	 	 	 	11,743	 	 	 	11,546	 	 	 	11,415	 	
Unearned premiums	  	 	639	 	  	 	672	 	 	 	685	 	 	 	695	 	 	 	728	 	
Other liabilities	  	 	1,416	 	  	 	1,511	 	 	 	1,568	 	 	 	1,664	 	 	 	1,710	 	
Long-term borrowings	  	 	1,819	 	  	 	1,899	 	 	 	2,412	 	 	 	2,924	 	 	 	2,922	 	
Separate account liabilities	  	 	5,530	 	  	 	6,066	 	 	 	5,978	 	 	 	6,202	 	 	 	6,032	 	
Liabilities related to discontinued operations(1)	  	 	4	 	  	 	34	 	 	 	36	 	 	 	346	 	 	 	360	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	78,335	 	  	 	82,905	 	 	 	83,823	 	 	 	85,486	 	 	 	83,800	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  			 	  				 				 				 				
Common stock	  	 	1	 	  	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	
Additional paid-in capital	  	 	11,857	 	  	 	11,858	 	 	 	11,850	 	 	 	12,018	 	 	 	12,011	 	
Accumulated other comprehensive income (loss)	  	 	2,610	 	  	 	3,861	 	 	 	3,800	 	 	 	3,834	 	 	 	3,675	 	
Retained earnings	  	 	2,639	 	  	 	2,490	 	 	 	2,325	 	 	 	2,011	 	 	 	1,771	 	
Treasury stock, at cost	  	 	(2,700	) 	  	 	(2,700	) 	 	 	(2,700	) 	 	 	(2,700	) 	 	 	(2,700	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	14,407	 	  	 	15,510	 	 	 	15,276	 	 	 	15,164	 	 	 	14,758	 	
Noncontrolling interests	  	 	745	 	  	 	756	 	 	 	776	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	15,152	 	  	 	16,266	 	 	 	16,052	 	 	 	15,164	 	 	 	14,758	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	93,487	 	  	$	99,171	 	 	$	99,875	 	 	$	100,650	 	 	$	98,558	 	

 

(1) 	Liabilities related to discontinued operations relates to a liability recorded in connection with a settlement agreement reached with AXA involving the sale of the company’s former lifestyle protection insurance business and includes an unrelated liability associated with underwriting losses on a product sold by a distributor in the company’s former lifestyle protection insurance business.	
 
11

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

 	  	March 31, 2022	 	
 	  	Enact	 	 	U.S. Life
Insurance	 	 	Runoff	 	  	Corporate
and
Other(1)	 	 	Total	 	
ASSETS	  				 				 				  				 				
Cash and investments	  	$	5,579	 	 	$	59,149	 	 	$	2,595	 	  	$	1,540	 	 	$	68,863	 	
Deferred acquisition costs and intangible assets	  	 	36	 	 	 	1,298	 	 	 	127	 	  	 	8	 	 	 	1,469	 	
Reinsurance recoverable, net	  	 	—  	 	 	 	16,118	 	 	 	646	 	  	 	—  	 	 	 	16,764	 	
Deferred tax and other assets	  	 	175	 	 	 	(83	) 	 	 	62	 	  	 	707	 	 	 	861	 	
Separate account assets	  	 	—  	 	 	 	—  	 	 	 	5,530	 	  	 	—  	 	 	 	5,530	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total assets	  	$	5,790	 	 	$	76,482	 	 	$	8,960	 	  	$	2,255	 	 	$	93,487	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				 				  				 				
Liabilities:	  				 				 				  				 				
Future policy benefits	  	$	—  	 	 	$	38,895	 	 	$	2	 	  	$	—  	 	 	$	38,897	 	
Policyholder account balances	  	 	—  	 	 	 	15,190	 	 	 	3,007	 	  	 	—  	 	 	 	18,197	 	
Liability for policy and contract claims	  	 	625	 	 	 	11,186	 	 	 	14	 	  	 	8	 	 	 	11,833	 	
Unearned premiums	  	 	236	 	 	 	400	 	 	 	3	 	  	 	—  	 	 	 	639	 	
Other liabilities	  	 	123	 	 	 	705	 	 	 	43	 	  	 	545	 	 	 	1,416	 	
Borrowings	  	 	741	 	 	 	—  	 	 	 	—  	 	  	 	1,078	 	 	 	1,819	 	
Separate account liabilities	  	 	—  	 	 	 	—  	 	 	 	5,530	 	  	 	—  	 	 	 	5,530	 	
Liabilities related to discontinued operations	  	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	4	 	 	 	4	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	1,725	 	 	 	66,376	 	 	 	8,599	 	  	 	1,635	 	 	 	78,335	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Equity:	  				 				 				  				 				
Allocated equity, excluding accumulated other comprehensive income (loss)	  	 	3,436	 	 	 	7,238	 	 	 	361	 	  	 	762	 	 	 	11,797	 	
Allocated accumulated other comprehensive income (loss)	  	 	(116	) 	 	 	2,868	 	 	 	—  	 	  	 	(142	) 	 	 	2,610	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	3,320	 	 	 	10,106	 	 	 	361	 	  	 	620	 	 	 	14,407	 	
Noncontrolling interests	  	 	745	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	745	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total equity	  	 	4,065	 	 	 	10,106	 	 	 	361	 	  	 	620	 	 	 	15,152	 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	5,790	 	 	$	76,482	 	 	$	8,960	 	  	$	2,255	 	 	$	93,487	 	

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

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

 	  	December 31, 2021	 	
 	  	Enact	 	  	U.S. Life
Insurance	 	 	Runoff	 	  	Corporate
and
Other(1)	 	 	Total	 	
ASSETS	  				  				 				  				 				
Cash and investments	  	$	5,723	 	  	$	64,084	 	 	$	2,574	 	  	$	2,115	 	 	$	74,496	 	
Deferred acquisition costs and intangible assets	  	 	37	 	  	 	1,129	 	 	 	113	 	  	 	10	 	 	 	1,289	 	
Reinsurance recoverable, net	  	 	—  	 	  	 	16,168	 	 	 	645	 	  	 	—  	 	 	 	16,813	 	
Deferred tax and other assets	  	 	90	 	  	 	(171	) 	 	 	62	 	  	 	526	 	 	 	507	 	
Separate account assets	  	 	—  	 	  	 	—  	 	 	 	6,066	 	  	 	—  	 	 	 	6,066	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total assets	  	$	5,850	 	  	$	81,210	 	 	$	9,460	 	  	$	2,651	 	 	$	99,171	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				  				 				  				 				
Liabilities:	  				  				 				  				 				
Future policy benefits	  	$	—  	 	  	$	41,526	 	 	$	2	 	  	$	—  	 	 	$	41,528	 	
Policyholder account balances	  	 	—  	 	  	 	16,343	 	 	 	3,011	 	  	 	—  	 	 	 	19,354	 	
Liability for policy and contract claims	  	 	641	 	  	 	11,183	 	 	 	8	 	  	 	9	 	 	 	11,841	 	
Unearned premiums	  	 	246	 	  	 	423	 	 	 	3	 	  	 	—  	 	 	 	672	 	
Other liabilities	  	 	123	 	  	 	765	 	 	 	40	 	  	 	583	 	 	 	1,511	 	
Borrowings	  	 	740	 	  	 	—  	 	 	 	—  	 	  	 	1,159	 	 	 	1,899	 	
Separate account liabilities	  	 	—  	 	  	 	—  	 	 	 	6,066	 	  	 	—  	 	 	 	6,066	 	
Liabilities related to discontinued operations	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	34	 	 	 	34	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	1,750	 	  	 	70,240	 	 	 	9,130	 	  	 	1,785	 	 	 	82,905	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Equity:	  				  				 				  				 				
Allocated equity, excluding accumulated other comprehensive income (loss)	  	 	3,276	 	  	 	7,159	 	 	 	324	 	  	 	890	 	 	 	11,649	 	
Allocated accumulated other comprehensive income (loss)	  	 	68	 	  	 	3,811	 	 	 	6	 	  	 	(24	) 	 	 	3,861	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Genworth Financial, Inc.’s stockholders’ equity	  	 	3,344	 	  	 	10,970	 	 	 	330	 	  	 	866	 	 	 	15,510	 	
Noncontrolling interests	  	 	756	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	756	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total equity	  	 	4,100	 	  	 	10,970	 	 	 	330	 	  	 	866	 	 	 	16,266	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	5,850	 	  	$	81,210	 	 	$	9,460	 	  	$	2,651	 	 	$	99,171	 	

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

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

 	  	Enact	 	 	U.S. Life
Insurance	 	 	Runoff	 	 	Total	 	
Unamortized balance as of December 31, 2021	  	$	27	 	 	$	2,279	 	 	$	132	 	 	$	2,438	 	
Costs deferred	  	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	
Amortization, net of interest accretion	  	 	(2	) 	 	 	(67	) 	 	 	(6	) 	 	 	(75	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unamortized balance as of March 31, 2022	  	 	27	 	 	 	2,212	 	 	 	126	 	 	 	2,365	 	
Effect of accumulated net unrealized investment (gains) losses	  	 	—  	 	 	 	(1,054	) 	 	 	(1	) 	 	 	(1,055	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of March 31, 2022	  	$	27	 	 	$	1,158	 	 	$	125	 	 	$	1,310	 	

14

 
Enact Segment

 

15

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	  	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				  				 				 				 				
Premiums	  	$	234	 	  	$	237	 	  	$	243	 	 	$	243	 	 	$	252	 	 	$	975	 	
Net investment income	  	 	35	 	  	 	35	 	  	 	36	 	 	 	35	 	 	 	35	 	 	 	141	 	
Net investment gains (losses)	  	 	—  	 	  	 	—  	 	  	 	1	 	 	 	(2	) 	 	 	(1	) 	 	 	(2	) 	
Policy fees and other income	  	 	1	 	  	 	1	 	  	 	1	 	 	 	—  	 	 	 	2	 	 	 	4	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	270	 	  	 	273	 	  	 	281	 	 	 	276	 	 	 	288	 	 	 	1,118	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				  				 				 				 				
Benefits and other changes in policy reserves	  	 	(10	) 	  	 	6	 	  	 	34	 	 	 	30	 	 	 	55	 	 	 	125	 	
Acquisition and operating expenses, net of deferrals	  	 	54	 	  	 	55	 	  	 	55	 	 	 	63	 	 	 	57	 	 	 	230	 	
Amortization of deferred acquisition costs and intangibles	  	 	3	 	  	 	4	 	  	 	3	 	 	 	4	 	 	 	4	 	 	 	15	 	
Interest expense	  	 	13	 	  	 	13	 	  	 	13	 	 	 	12	 	 	 	13	 	 	 	51	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	60	 	  	 	78	 	  	 	105	 	 	 	109	 	 	 	129	 	 	 	421	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	210	 	  	 	195	 	  	 	176	 	 	 	167	 	 	 	159	 	 	 	697	 	
Provision for income taxes	  	 	45	 	  	 	41	 	  	 	38	 	 	 	35	 	 	 	34	 	 	 	148	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	165	 	  	 	154	 	  	 	138	 	 	 	132	 	 	 	125	 	 	 	549	 	
Less: net income from continuing operations attributable to noncontrolling interests	  	 	30	 	  	 	29	 	  	 	4	 	 	 	—  	 	 	 	—  	 	 	 	33	 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	  	 	135	 	  	 	125	 	  	 	134	 	 	 	132	 	 	 	125	 	 	 	516	 	
	 						
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:	  			 	  				  				 				 				 				
Net investment (gains) losses	  	 	—  	 	  	 	—  	 	  	 	(1	) 	 	 	2	 	 	 	1	 	 	 	2	 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	  	 	1	 	 	 	2	 	 	 	—  	 	 	 	3	 	
Taxes on adjustments	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	  	$	135	 	  	$	125	 	  	$	134	 	 	$	135	 	 	$	126	 	 	$	520	 	

SALES:	  				  				  				 				 				 				
Primary New Insurance Written (NIW)	  	$	18,823	 	  	$	21,441	 	  	$	23,972	 	 	$	26,657	 	 	$	24,934	 	 	$	97,004	 	

16

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	
 	  	Primary
NIW	 	  	% of
Primary
NIW	 	  	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	 	Primary
NIW	 	  	% of
Primary
NIW	 	
Payment Type	  				  			 	  				  				 				  				 				  				 				  				
Monthly	  	$	17,071	 	  	 	91	% 	  	$	19,395	 	  	 	91	% 	 	$	21,475	 	  	 	90	% 	 	$	24,887	 	  	 	93	% 	 	$	23,358	 	  	 	94	% 	
Single	  	 	1,690	 	  	 	9	 	  	 	1,991	 	  	 	9	 	 	 	2,431	 	  	 	10	 	 	 	1,686	 	  	 	7	 	 	 	1,446	 	  	 	6	 	
Other(1)	  	 	62	 	  	 	—  	 	  	 	55	 	  	 	—  	 	 	 	66	 	  	 	—  	 	 	 	84	 	  	 	—  	 	 	 	130	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	18,823	 	  	 	100	% 	  	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Origination	  				  			 	  				  				 				  				 				  				 				  				
Purchase	  	$	17,326	 	  	 	92	% 	  	$	19,284	 	  	 	90	% 	 	$	20,988	 	  	 	88	% 	 	$	21,143	 	  	 	79	% 	 	$	15,500	 	  	 	62	% 	
Refinance	  	 	1,497	 	  	 	8	 	  	 	2,157	 	  	 	10	 	 	 	2,984	 	  	 	12	 	 	 	5,514	 	  	 	21	 	 	 	9,434	 	  	 	38	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	18,823	 	  	 	100	% 	  	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
FICO Scores	  				  			 	  				  				 				  				 				  				 				  				
Over 760	  	$	8,359	 	  	 	45	% 	  	$	9,401	 	  	 	44	% 	 	$	10,708	 	  	 	45	% 	 	$	11,762	 	  	 	44	% 	 	$	10,520	 	  	 	42	% 	
740 - 759	  	 	3,085	 	  	 	16	 	  	 	3,406	 	  	 	16	 	 	 	3,830	 	  	 	16	 	 	 	3,995	 	  	 	15	 	 	 	3,836	 	  	 	15	 	
720 - 739	  	 	2,515	 	  	 	13	 	  	 	2,844	 	  	 	13	 	 	 	3,177	 	  	 	13	 	 	 	3,467	 	  	 	13	 	 	 	3,423	 	  	 	14	 	
700 - 719	  	 	1,952	 	  	 	10	 	  	 	2,257	 	  	 	11	 	 	 	2,702	 	  	 	11	 	 	 	3,131	 	  	 	12	 	 	 	2,979	 	  	 	12	 	
680 - 699	  	 	1,316	 	  	 	7	 	  	 	1,589	 	  	 	7	 	 	 	1,875	 	  	 	8	 	 	 	2,513	 	  	 	9	 	 	 	2,480	 	  	 	10	 	
660 - 679(2)	  	 	931	 	  	 	5	 	  	 	1,106	 	  	 	5	 	 	 	1,010	 	  	 	4	 	 	 	1,068	 	  	 	4	 	 	 	983	 	  	 	4	 	
640 - 659	  	 	486	 	  	 	3	 	  	 	611	 	  	 	3	 	 	 	504	 	  	 	2	 	 	 	547	 	  	 	2	 	 	 	511	 	  	 	2	 	
620 - 639	  	 	173	 	  	 	1	 	  	 	223	 	  	 	1	 	 	 	166	 	  	 	1	 	 	 	174	 	  	 	1	 	 	 	202	 	  	 	1	 	
<620	  	 	6	 	  	 	—  	 	  	 	4	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	18,823	 	  	 	100	% 	  	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Loan-To-Value Ratio	  				  			 	  				  				 				  				 				  				 				  				
95.01% and above	  	$	3,146	 	  	 	17	% 	  	$	3,660	 	  	 	17	% 	 	$	3,396	 	  	 	14	% 	 	$	2,767	 	  	 	11	% 	 	$	2,241	 	  	 	9	% 	
90.01% to 95.00%	  	 	6,682	 	  	 	35	 	  	 	7,548	 	  	 	35	 	 	 	8,838	 	  	 	37	 	 	 	10,758	 	  	 	40	 	 	 	9,453	 	  	 	38	 	
85.01% to 90.00%	  	 	5,620	 	  	 	30	 	  	 	6,253	 	  	 	29	 	 	 	7,454	 	  	 	31	 	 	 	8,618	 	  	 	32	 	 	 	8,392	 	  	 	34	 	
85.00% and below	  	 	3,375	 	  	 	18	 	  	 	3,980	 	  	 	19	 	 	 	4,284	 	  	 	18	 	 	 	4,514	 	  	 	17	 	 	 	4,848	 	  	 	19	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	18,823	 	  	 	100	% 	  	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Debt-To-Income Ratio	  				  			 	  				  				 				  				 				  				 				  				
45.01% and above	  	$	4,452	 	  	 	24	% 	  	$	4,977	 	  	 	23	% 	 	$	4,167	 	  	 	17	% 	 	$	3,269	 	  	 	12	% 	 	$	2,566	 	  	 	10	% 	
38.01% to 45.00%	  	 	6,361	 	  	 	34	 	  	 	7,047	 	  	 	33	 	 	 	7,949	 	  	 	33	 	 	 	9,204	 	  	 	35	 	 	 	8,746	 	  	 	35	 	
38.00% and below	  	 	8,010	 	  	 	42	 	  	 	9,417	 	  	 	44	 	 	 	11,856	 	  	 	50	 	 	 	14,184	 	  	 	53	 	 	 	13,622	 	  	 	55	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total Primary	  	$	18,823	 	  	 	100	% 	  	$	21,441	 	  	 	100	% 	 	$	23,972	 	  	 	100	% 	 	$	26,657	 	  	 	100	% 	 	$	24,934	 	  	 	100	% 	

 

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

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

 	 	2022	 	  	2021	 	
 	 	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
	 						
Primary Insurance In-Force(1)	 	$	231,853	 	  	$	226,514	 	 	$	222,464	 	 	$	217,477	 	 	$	210,187	 	 				
	 						
Risk In-Force	 			 	  				 				 				 				 				
Primary(2)	 	$	58,295	 	  	$	56,881	 	 	$	55,866	 	 	$	54,643	 	 	$	52,866	 	 				
Pool	 	 	97	 	  	 	105	 	 	 	117	 	 	 	123	 	 	 	134	 	 				
	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Risk In-Force	 	$	58,392	 	  	$	56,986	 	 	$	55,983	 	 	$	54,766	 	 	$	53,000	 	 				

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

(1) 	Primary insurance in-force represents aggregate unpaid balance for loans the company’s U.S. mortgage insurance subsidiaries insure. Original loan balances are primarily used to determine premiums.	
(2) 	Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors.	
(3) 	The ratio of an insurer’s general expenses to net earned premiums. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by two percentage points for the three months ended June 30, 2021.	
(4) 	Certain states limit a private mortgage insurer’s risk in-force to 25 times the total of the insurer’s policyholders’ surplus plus the statutory contingency reserve, commonly known as the “risk to capital” requirement. The current period risk to capital ratio is an estimate due to the timing of the filing of statutory statements and is prepared consistent with the presentation of the statutory financial statements in the combined annual statement of the company’s U.S. mortgage insurance subsidiaries.	
(5) 	Enact Mortgage Insurance Corporation (EMICO), the company’s principal U.S. mortgage insurance subsidiary.	
(6) 	The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing and does not take into consideration the impact of restrictions recently imposed by the government-sponsored enterprises (GSEs). The GSEs have imposed certain capital restrictions on the company’s U.S. mortgage insurance subsidiaries which remain in effect until certain conditions are met. These restrictions required EMICO to maintain 115% of published PMIERs minimum required assets among other restrictions as of December 31, 2021. Effective January 1, 2022, these requirements increased to 120%.	
 
18

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
Average Paid Claim (in thousands)(1)	  	$	    51.6	 	  	$	     27.2	 	 	$	     26.7	 	 	$	     63.1	 	 	$	     54.7	 	 				
Average Reserve Per Primary Delinquency (in thousands)(2)	  	$	26.2	 	  	$	24.4	 	 	$	21.2	 	 	$	17.5	 	 	$	13.7	 	 				
	 						
Reserves:	  			 	  				 				 				 				 				
Primary direct case	  	$	591	 	  	$	606	 	 	$	613	 	 	$	589	 	 	$	564	 	 				
All other(3)	  	 	34	 	  	 	35	 	 	 	35	 	 	 	35	 	 	 	39	 	 				
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Total Reserves	  	$	625	 	  	$	641	 	 	$	648	 	 	$	624	 	 	$	603	 	 				

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

(1) 	Average paid claim in the fourth and third quarters of 2021 includes payments in relation to agreements on non-performing loans.	
(2) 	Primary direct case reserves divided by primary delinquency count.	
(3) 	Other includes loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.	
(4) 	The ratio of benefits and other changes in policy reserves to net earned premiums. The company recorded a favorable reserve adjustment of $50 million in the first quarter of 2022, which reduced the loss ratio by 21 percentage points for the three months ended March 31, 2022.	
 
19

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

 	 	2022	 	 	2021	 		
 	 	1Q	 	 	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 		
	Primary Loans	 			 	 				 				 				 				 				
Primary loans in-force	 	 	941,689	 	 	 	937,350	 	 	 	936,934	 	 	 	933,616	 	 	 	922,186	 	 					
Primary delinquent loans	 	 	22,571	 	 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 					
Primary delinquency rate	 	 	2.40	% 	 	 	2.65	% 	 	 	3.08	% 	 	 	3.60	% 	 	 	4.48	% 	 					
	 							
Beginning Number of Primary Delinquencies	 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 	 	44,904	 	 	 	44,904	 		
New delinquencies	 	 	8,724	 	 	 	8,282	 	 	 	7,427	 	 	 	6,862	 	 	 	10,053	 	 	 	32,624	 		
Delinquency cures	 	 	(10,860	) 	 	 	(11,929	) 	 	 	(11,746	) 	 	 	(14,473	) 	 	 	(13,478	) 	 	 	(51,626	) 		
Paid claims	 	 	(107	) 	 	 	(430	) 	 	 	(343	) 	 	 	(143	) 	 	 	(134	) 	 	 	(1,050	) 		
Rescissions and claim denials	 	 	(6	) 	 	 	(7	) 	 	 	(2	) 	 	 	(10	) 	 	 	(13	) 	 	 	(32	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Ending Number of Primary Delinquencies	 	 	22,571	 	 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 	 	24,820	 		

Composition of Cures	 			 	 				 				 				 				 					
Reported delinquent and cured-intraquarter	 	 	1,581	 	 	 	1,274	 	 	 	1,143	 	 	 	1,149	 	 	 	1,549	 	 					
Number of missed payments delinquent prior to cure:	 			 	 				 				 				 				 					
3 payments or less	 	 	3,902	 	 	 	3,563	 	 	 	3,080	 	 	 	4,179	 	 	 	4,812	 	 					
4 - 11 payments	 	 	2,315	 	 	 	2,691	 	 	 	3,492	 	 	 	6,055	 	 	 	6,849	 	 					
12 payments or more	 	 	3,062	 	 	 	4,401	 	 	 	4,031	 	 	 	3,090	 	 	 	268	 	 					
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Total	 	 	10,860	 	 	 	11,929	 	 	 	11,746	 	 	 	14,473	 	 	 	13,478	 	 					
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Primary Delinquencies by Missed Payment Status	 			 	 				 				 				 				 					
3 payments or less	 	 	6,837	 	 	 	6,586	 	 	 	6,192	 	 	 	6,030	 	 	 	8,296	 	 					
4 - 11 payments	 	 	6,875	 	 	 	7,360	 	 	 	9,021	 	 	 	12,378	 	 	 	21,011	 	 					
12 payments or more	 	 	8,859	 	 	 	10,874	 	 	 	13,691	 	 	 	15,160	 	 	 	12,025	 	 					
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Primary Delinquencies	 	 	22,571	 	 	 	24,820	 	 	 	28,904	 	 	 	33,568	 	 	 	41,332	 	 					

	 	 	 	 	 				 				 				 				 					
						
 	 	March 31, 2022	 	 	 	 	 	 	 	 	 	 		
	Primary Direct Case Reserves(1) and Percentage
Reserved by Payment Status	 	Direct Case
Reserves	 	 	Risk
In-Force	 	 	Reserves as % of
Risk In-Force	 	 	 	 	 	 	 	 	 	 	
3 payments or less in default	 	$	38	 	 	$	359	 	 	 	11	% 	 				 				 					
4 - 11 payments in default	 	 	115	 	 	 	392	 	 	 	29	% 	 				 				 					
12 payments or more in default	 	 	438	 	 	 	515	 	 	 	85	% 	 				 				 					
	 	 	 	 	 	 	 	 	 				 				 				 					
Total	 	$	591	 	 	$	1,266	 	 	 	47	% 	 				 				 					

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

(1) 	Primary direct case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.	
 
20

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

 	  	March 31, 2022	 		
	Policy Year	  	% of Direct
Case Reserves(1)	 	 	Primary Insurance
In-Force	 	 	% of Total	 	 	Primary Risk
In-Force	 	 	% of Total	 	 	Delinquency
Rate	 	
2008 and prior	  	 	25	% 	 	$	7,723	 	 	 	3	% 	 	$	1,991	 	 	 	3	% 	 	 	10.41	% 		
2009-2014	  	 	5	 	 	 	2,946	 	 	 	1	 	 	 	788	 	 	 	1	 	 	 	5.34	% 		
2015	  	 	5	 	 	 	3,960	 	 	 	2	 	 	 	1,058	 	 	 	2	 	 	 	4.06	% 		
2016	  	 	7	 	 	 	8,076	 	 	 	4	 	 	 	2,147	 	 	 	4	 	 	 	3.48	% 		
2017	  	 	10	 	 	 	8,023	 	 	 	4	 	 	 	2,094	 	 	 	4	 	 	 	4.43	% 		
2018	  	 	12	 	 	 	8,306	 	 	 	4	 	 	 	2,092	 	 	 	4	 	 	 	5.48	% 		
2019	  	 	17	 	 	 	19,609	 	 	 	8	 	 	 	4,935	 	 	 	8	 	 	 	3.44	% 		
2020	  	 	15	 	 	 	65,807	 	 	 	28	 	 	 	16,606	 	 	 	28	 	 	 	1.49	% 		
2021	  	 	4	 	 	 	88,757	 	 	 	38	 	 	 	21,959	 	 	 	38	 	 	 	0.58	% 		
2022	  	 	—  	 	 	 	18,646	 	 	 	    8	 	 	 	4,625	 	 	 	    8	 	 	 	0.04	% 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 					
Total	  	 	100	% 	 	$	231,853	 	 	 	100	% 	 	$	58,295	 	 	 	100	% 	 	 	2.40	% 		

 	  	March 31, 2022	 	 	December 31, 2021	 	 	March 31, 2021	 		
 	  	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 		
Loan-to-value ratio	  				 				 				 				 				 					
95.01% and above	  	$	10,379	 	 	 	18	% 	 	$	9,907	 	 	 	17	% 	 	$	9,151	 	 	 	17	% 		
90.01% to 95.00%	  	 	27,987	 	 	 	48	 	 	 	27,608	 	 	 	49	 	 	 	26,637	 	 	 	51	 		
85.01% to 90.00%	  	 	16,082	 	 	 	27	 	 	 	15,644	 	 	 	27	 	 	 	13,997	 	 	 	26	 		
85.00% and below	  	 	3,847	 	 	 	    7	 	 	 	3,722	 	 	 	    7	 	 	 	3,081	 	 	 	    6	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total	  	$	58,295	 	 	 	100	% 	 	$	56,881	 	 	 	100	% 	 	$	52,866	 	 	 	100	% 		

 	  	March 31, 2022	 	 	December 31, 2021	 	 	March 31, 2021	 		
 	  	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 	 	Primary Risk
In-Force	 	 	Percent of
Primary Risk
In-Force	 		
Credit Quality	  				 				 				 				 				 					
Over 760	  	$	23,326	 	 	 	40	% 	 	$	22,489	 	 	 	40	% 	 	$	19,829	 	 	 	37	% 		
740 - 759	  	 	9,267	 	 	 	16	 	 	 	9,009	 	 	 	16	 	 	 	8,442	 	 	 	16	 		
720 - 739	  	 	8,224	 	 	 	14	 	 	 	8,055	 	 	 	14	 	 	 	7,715	 	 	 	15	 		
700 - 719	  	 	6,974	 	 	 	12	 	 	 	6,907	 	 	 	12	 	 	 	6,678	 	 	 	13	 		
680 - 699	  	 	5,334	 	 	 	9	 	 	 	5,334	 	 	 	9	 	 	 	5,231	 	 	 	10	 		
660 - 679(2)	  	 	2,715	 	 	 	5	 	 	 	2,638	 	 	 	5	 	 	 	2,484	 	 	 	5	 		
640 - 659	  	 	1,550	 	 	 	3	 	 	 	1,530	 	 	 	3	 	 	 	1,485	 	 	 	3	 		
620 - 639	  	 	699	 	 	 	1	 	 	 	702	 	 	 	1	 	 	 	734	 	 	 	1	 		
<620	  	 	206	 	 	 	—  	 	 	 	217	 	 	 	—  	 	 	 	268	 	 	 	—  	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Total	  	$	58,295	 	 	 	100	% 	 	$	56,881	 	 	 	100	% 	 	$	52,866	 	 	 	100	% 		

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

 
U.S. Life Insurance Segment

 
22

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				
Premiums	  	$	695	 	  	$	338	 	 	$	699	 	 	$	703	 	 	$	714	 	 	$	2,454	 	
Net investment income	  	 	676	 	  	 	777	 	 	 	773	 	 	 	763	 	 	 	716	 	 	 	3,029	 	
Net investment gains (losses)	  	 	56	 	  	 	134	 	 	 	87	 	 	 	66	 	 	 	42	 	 	 	329	 	
Policy fees and other income	  	 	137	 	  	 	128	 	 	 	144	 	 	 	145	 	 	 	148	 	 	 	565	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,564	 	  	 	1,377	 	 	 	1,703	 	 	 	1,677	 	 	 	1,620	 	 	 	6,377	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				
Benefits and other changes in policy reserves	  	 	1,141	 	  	 	849	 	 	 	1,097	 	 	 	1,129	 	 	 	1,155	 	 	 	4,230	 	
Interest credited	  	 	82	 	  	 	84	 	 	 	85	 	 	 	87	 	 	 	90	 	 	 	346	 	
Acquisition and operating expenses, net of deferrals	  	 	199	 	  	 	243	 	 	 	211	 	 	 	219	 	 	 	192	 	 	 	865	 	
Amortization of deferred acquisition costs and intangibles	  	 	83	 	  	 	99	 	 	 	96	 	 	 	77	 	 	 	68	 	 	 	340	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,505	 	  	 	1,275	 	 	 	1,489	 	 	 	1,512	 	 	 	1,505	 	 	 	5,781	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	59	 	  	 	102	 	 	 	214	 	 	 	165	 	 	 	115	 	 	 	596	 	
Provision for income taxes	  	 	20	 	  	 	28	 	 	 	53	 	 	 	42	 	 	 	32	 	 	 	155	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	39	 	  	 	74	 	 	 	161	 	 	 	123	 	 	 	83	 	 	 	441	 	
	 						
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:	  			 	  				 				 				 				 				
Net investment (gains) losses, net(1)	  	 	(55	) 	  	 	(135	) 	 	 	(87	) 	 	 	(67	) 	 	 	(41	) 	 	 	(330	) 	
Initial loss from life block transaction	  	 	—  	 	  	 	92	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	92	 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	 	 	1	 	 	 	2	 	 	 	14	 	 	 	17	 	
Taxes on adjustments	  	 	12	 	  	 	10	 	 	 	18	 	 	 	13	 	 	 	6	 	 	 	47	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME (LOSS)	  	$	(4	) 	  	$	41	 	 	$	93	 	 	$	71	 	 	$	62	 	 	$	267	 	

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

23

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
REVENUES:	  			 	  				 				 				 				 				
Premiums	  	$	621	 	  	$	644	 	 	$	652	 	 	$	648	 	 	$	646	 	 	$	2,590	 	
Net investment income	  	 	447	 	  	 	532	 	 	 	521	 	 	 	509	 	 	 	465	 	 	 	2,027	 	
Net investment gains (losses)	  	 	41	 	  	 	83	 	 	 	80	 	 	 	67	 	 	 	27	 	 	 	257	 	
Policy fees and other income	  	 	—  	 	  	 	(6	) 	 	 	3	 	 	 	2	 	 	 	2	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,109	 	  	 	1,253	 	 	 	1,256	 	 	 	1,226	 	 	 	1,140	 	 	 	4,875	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BENEFITS AND EXPENSES:	  			 	  				 				 				 				 				
Benefits and other changes in policy reserves	  	 	812	 	  	 	817	 	 	 	802	 	 	 	822	 	 	 	829	 	 	 	3,270	 	
Interest credited	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Acquisition and operating expenses, net of deferrals	  	 	143	 	  	 	163	 	 	 	165	 	 	 	176	 	 	 	141	 	 	 	645	 	
Amortization of deferred acquisition costs and intangibles	  	 	29	 	  	 	30	 	 	 	31	 	 	 	27	 	 	 	24	 	 	 	112	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	984	 	  	 	1,010	 	 	 	998	 	 	 	1,025	 	 	 	994	 	 	 	4,027	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	125	 	  	 	243	 	 	 	258	 	 	 	201	 	 	 	146	 	 	 	848	 	
Provision for income taxes	  	 	34	 	  	 	59	 	 	 	63	 	 	 	50	 	 	 	38	 	 	 	210	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME FROM CONTINUING OPERATIONS	  	 	91	 	  	 	184	 	 	 	195	 	 	 	151	 	 	 	108	 	 	 	638	 	
	 						
ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:	  			 	  				 				 				 				 				
Net investment (gains) losses	  	 	(41	) 	  	 	(83	) 	 	 	(80	) 	 	 	(67	) 	 	 	(27	) 	 	 	(257	) 	
Expenses related to restructuring	  	 	—  	 	  	 	—  	 	 	 	1	 	 	 	1	 	 	 	10	 	 	 	12	 	
Taxes on adjustments	  	 	9	 	  	 	18	 	 	 	17	 	 	 	13	 	 	 	4	 	 	 	52	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
ADJUSTED OPERATING INCOME	  	$	59	 	  	$	119	 	 	$	133	 	 	$	98	 	 	$	95	 	 	$	445	 	

RATIOS:	  				  				 				 				 				 				
Loss Ratio(1)	  	 	64	% 	  	 	62	% 	 	 	58	% 	 	 	62	% 	 	 	62	% 	 	 	61	% 	
Gross Benefits Ratio(2)	  	 	131	% 	  	 	127	% 	 	 	123	% 	 	 	127	% 	 	 	128	% 	 	 	126	% 	

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

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

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

 

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

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

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

 
(1)  Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:	   	
Net investment (gains) losses, gross	 	$	(6	) 	  	$	(1	) 	 	$	(1	) 	 	$	7	 	 	$	(3	) 	 	$	2	 	
Adjustment for DAC and other intangible amortization and certain benefit reserves	 	 	1	 	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	1	 	 	 	(1	) 	
	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment (gains) losses, net	 	$	(5	) 	  	$	(2	) 	 	$	(1	) 	 	$	6	 	 	$	(2	) 	 	$	1	 	

26

 
Runoff Segment

 
27

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

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

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

28

 
Corporate and Other

 
29

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

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

 

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

 
Additional Financial Data

 
31

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

 	  	March 31, 2022	 	  	December 31, 2021	 	 	September 30, 2021	 	 	June 30, 2021	 	 	March 31, 2021	 		
 	  	Carrying
Amount	 	  	% of
Total	 	  	Carrying
Amount	 	  	% of
Total	 	 	Carrying
Amount	 	  	% of
Total	 	 	Carrying
Amount	 	  	% of
Total	 	 	Carrying
Amount	 	  	% of
Total	 		
	Composition of Investment Portfolio	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Fixed maturity securities:	  				  			 	  				  				 				  				 				  				 				  					
Investment grade:	  				  			 	  				  				 				  				 				  				 				  					
Public fixed maturity securities	  	$	30,897	 	  	 	45	% 	  	$	34,181	 	  	 	46	% 	 	$	34,382	 	  	 	46	% 	 	$	34,610	 	  	 	47	% 	 	$	33,376	 	  	 	47	% 		
Private fixed maturity securities	  	 	12,873	 	  	 	19	 	  	 	13,872	 	  	 	19	 	 	 	13,742	 	  	 	18	 	 	 	13,722	 	  	 	18	 	 	 	13,402	 	  	 	18	 		
Residential mortgage-backed securities(1)	  	 	1,320	 	  	 	2	 	  	 	1,440	 	  	 	2	 	 	 	1,572	 	  	 	2	 	 	 	1,683	 	  	 	2	 	 	 	1,766	 	  	 	2	 		
Commercial mortgage-backed securities	  	 	2,349	 	  	 	3	 	  	 	2,570	 	  	 	3	 	 	 	2,656	 	  	 	4	 	 	 	2,714	 	  	 	4	 	 	 	2,770	 	  	 	4	 		
Other asset-backed securities	  	 	2,016	 	  	 	3	 	  	 	2,127	 	  	 	3	 	 	 	2,374	 	  	 	3	 	 	 	2,500	 	  	 	3	 	 	 	2,806	 	  	 	4	 		
State and political subdivisions	  	 	3,134	 	  	 	5	 	  	 	3,450	 	  	 	5	 	 	 	3,418	 	  	 	5	 	 	 	3,371	 	  	 	4	 	 	 	3,135	 	  	 	4	 		
Non-investment grade fixed maturity securities	  	 	2,438	 	  	 	4	 	  	 	2,840	 	  	 	4	 	 	 	3,130	 	  	 	4	 	 	 	3,049	 	  	 	4	 	 	 	2,976	 	  	 	4	 		
Equity securities:	  				  			 	  				  				 				  				 				  				 				  					
Common stocks and mutual funds	  	 	151	 	  	 	—  	 	  	 	115	 	  	 	—  	 	 	 	72	 	  	 	—  	 	 	 	63	 	  	 	—  	 	 	 	155	 	  	 	—  	 		
Preferred stocks	  	 	79	 	  	 	—  	 	  	 	83	 	  	 	—  	 	 	 	84	 	  	 	—  	 	 	 	84	 	  	 	—  	 	 	 	83	 	  	 	—  	 		
Commercial mortgage loans, net	  	 	6,913	 	  	 	10	 	  	 	6,830	 	  	 	9	 	 	 	6,886	 	  	 	9	 	 	 	6,879	 	  	 	9	 	 	 	6,755	 	  	 	9	 		
Policy loans	  	 	2,028	 	  	 	3	 	  	 	2,050	 	  	 	3	 	 	 	2,067	 	  	 	3	 	 	 	2,083	 	  	 	3	 	 	 	1,976	 	  	 	3	 		
Limited partnerships	  	 	2,007	 	  	 	3	 	  	 	1,900	 	  	 	3	 	 	 	1,617	 	  	 	2	 	 	 	1,354	 	  	 	2	 	 	 	1,160	 	  	 	2	 		
Cash, cash equivalents, restricted cash and short-term investments	  	 	1,367	 	  	 	2	 	  	 	1,597	 	  	 	2	 	 	 	2,006	 	  	 	3	 	 	 	2,335	 	  	 	3	 	 	 	1,981	 	  	 	3	 		
Securities lending	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	105	 	  	 	—  	 	 	 	68	 	  	 	—  	 		
Other invested assets:	  	Derivatives:	  				  			 	  				  				 				  				 				  				 				  					
	  	Interest rate swaps	  	 	162	 	  	 	—  	 	  	 	364	 	  	 	—  	 	 	 	298	 	  	 	—  	 	 	 	280  	 	  	 	—  	 	 	 	84	 	  	 	—  	 		
	  	Foreign currency swaps	  	 	5	 	  	 	—  	 	  	 	6	 	  	 	—  	 	 	 	5	 	  	 	—  	 	 	 	2	 	  	 	—  	 	 	 	—  	 	  	 	—  	 		
	  	Equity index options	  	 	30	 	  	 	—  	 	  	 	42	 	  	 	—  	 	 	 	33	 	  	 	—  	 	 	 	47	 	  	 	—  	 	 	 	53	 	  	 	—  	 		
	  	Other foreign currency contracts	  	 	—  	 	  	 	—  	 	  	 	2	 	  	 	—  	 	 	 	2	 	  	 	—  	 	 	 	24	 	  	 	—  	 	 	 	27	 	  	 	—  	 		
	  	Other	  	 	398	 	  	 	1	 	  	 	380	 	  	 	1	 	 	 	311	 	  	 	1	 	 	 	327	 	  	 	1	 	 	 	350	 	  	 	—  	 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total invested assets and cash	  	$	68,167	 	  	 	100	% 	  	$	73,849	 	  	 	100	% 	 	$	74,655	 	  	 	100	% 	 	$	75,232	 	  	 	100	% 	 	$	72,923	 	  	 	100	% 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
	Public Fixed Maturity Securities—Credit Quality:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
	NRSRO(2) Designation	  	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
                           AAA	  	$	7,484	 	  	 	20	% 	  	$	8,316	 	  	 	20	% 	 	$	8,393	 	  	 	19	% 	 	$	8,505	 	  	 	20	% 	 	$	8,308	 	  	 	20	% 		
                             AA	  	 	3,538	 	  	 	9	 	  	 	3,872	 	  	 	9	 	 	 	3,907	 	  	 	9	 	 	 	3,872	 	  	 	9	 	 	 	3,500	 	  	 	8	 		
                               A	  	 	9,880	 	  	 	26	 	  	 	11,039	 	  	 	26	 	 	 	11,134	 	  	 	26	 	 	 	11,158	 	  	 	26	 	 	 	10,986	 	  	 	26	 		
                           BBB	  	 	16,177	 	  	 	42	 	  	 	17,789	 	  	 	42	 	 	 	17,980	 	  	 	42	 	 	 	18,208	 	  	 	41	 	 	 	17,581	 	  	 	42	 		
                             BB	  	 	1,079	 	  	 	3	 	  	 	1,443	 	  	 	3	 	 	 	1,658	 	  	 	4	 	 	 	1,637	 	  	 	4	 	 	 	1,579	 	  	 	4	 		
                               B	  	 	61	 	  	 	—  	 	  	 	42	 	  	 	—  	 	 	 	53	 	  	 	—  	 	 	 	45	 	  	 	—  	 	 	 	69	 	  	 	—  	 		
                     CCC and lower	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	6	 	  	 	—  	 	 	 	6	 	  	 	—  	 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total public fixed maturity securities	  	$	38,219	 	  	 	100	% 	  	$	42,501	 	  	 	100	% 	 	$	43,125	 	  	 	100	% 	 	$	43,431	 	  	 	100	% 	 	$	42,029	 	  	 	100	% 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
	Private Fixed Maturity Securities—Credit Quality:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
	NRSRO(2) Designation	  	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
                           AAA	  	$	775	 	  	 	5	% 	  	$	821	 	  	 	5	% 	 	$	856	 	  	 	5	% 	 	$	862	 	  	 	5	% 	 	$	973	 	  	 	5	% 		
                             AA	  	 	1,554	 	  	 	9	 	  	 	1,718	 	  	 	9	 	 	 	1,831	 	  	 	10	 	 	 	1,850	 	  	 	10	 	 	 	1,882	 	  	 	10	 		
                               A	  	 	4,773	 	  	 	28	 	  	 	5,224	 	  	 	29	 	 	 	5,240	 	  	 	29	 	 	 	5,183	 	  	 	28	 	 	 	5,188	 	  	 	29	 		
                           BBB	  	 	8,408	 	  	 	50	 	  	 	8,861	 	  	 	49	 	 	 	8,803	 	  	 	48	 	 	 	8,962	 	  	 	49	 	 	 	8,837	 	  	 	49	 		
                             BB	  	 	1,159	 	  	 	7	 	  	 	1,186	 	  	 	7	 	 	 	1,252	 	  	 	7	 	 	 	1,190	 	  	 	7	 	 	 	1,117	 	  	 	6	 		
                               B	  	 	131	 	  	 	1	 	  	 	161	 	  	 	1	 	 	 	158	 	  	 	1	 	 	 	162	 	  	 	1	 	 	 	197	 	  	 	1	 		
                     CCC and lower	  	 	8	 	  	 	—  	 	  	 	8	 	  	 	—  	 	 	 	9	 	  	 	—  	 	 	 	9	 	  	 	—  	 	 	 	8	 	  	 	—  	 		
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 		
Total private fixed maturity securities	  	$	16,808	 	  	 	100	% 	  	$	17,979	 	  	 	100	% 	 	$	18,149	 	  	 	100	% 	 	$	18,218	 	  	 	100	% 	 	$	18,202	 	  	 	100	% 		

 

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

32

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

 	  	March 31, 2022	 	  	December 31, 2021	 	 	September 30, 2021	 	 	June 30, 2021	 	 	March 31, 2021	 	
 	  	Fair Value	 	  	% of
Total	 	  	Fair Value	 	  	% of
Total	 	 	Fair Value	 	  	% of
Total	 	 	Fair Value	 	  	% of
Total	 	 	Fair Value	 	  	% of
Total	 	
Fixed Maturity Securities—Security Sector:	  				  			 	  				  				 				  				 				  				 				  				
	 	 									
U.S. government, agencies and government-sponsored enterprises	  	$	4,097	 	  	 	8	% 	  	$	4,552	 	  	 	8	% 	 	$	4,500	 	  	 	7	% 	 	$	4,484	 	  	 	7	% 	 	$	4,273	 	  	 	7	% 	
State and political subdivisions	  	 	3,134	 	  	 	6	 	  	 	3,450	 	  	 	6	 	 	 	3,418	 	  	 	6	 	 	 	3,371	 	  	 	6	 	 	 	3,135	 	  	 	5	 	
Foreign government	  	 	784	 	  	 	1	 	  	 	835	 	  	 	1	 	 	 	835	 	  	 	1	 	 	 	802	 	  	 	1	 	 	 	820	 	  	 	1	 	
U.S. corporate	  	 	31,823	 	  	 	58	 	  	 	34,924	 	  	 	58	 	 	 	35,132	 	  	 	57	 	 	 	35,289	 	  	 	57	 	 	 	34,107	 	  	 	57	 	
Foreign corporate	  	 	9,453	 	  	 	17	 	  	 	10,535	 	  	 	17	 	 	 	10,740	 	  	 	18	 	 	 	10,744	 	  	 	18	 	 	 	10,485	 	  	 	17	 	
Residential mortgage-backed securities	  	 	1,320	 	  	 	2	 	  	 	1,440	 	  	 	2	 	 	 	1,572	 	  	 	3	 	 	 	1,691	 	  	 	3	 	 	 	1,774	 	  	 	3	 	
Commercial mortgage-backed securities	  	 	2,361	 	  	 	4	 	  	 	2,584	 	  	 	4	 	 	 	2,670	 	  	 	4	 	 	 	2,734	 	  	 	4	 	 	 	2,794	 	  	 	5	 	
Other asset-backed securities	  	 	2,055	 	  	 	4	 	  	 	2,160	 	  	 	4	 	 	 	2,407	 	  	 	4	 	 	 	2,534	 	  	 	4	 	 	 	2,843	 	  	 	5	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	55,027	 	  	 	100	% 	  	$	60,480	 	  	 	100	% 	 	$	61,274	 	  	 	100	% 	 	$	61,649	 	  	 	100	% 	 	$	60,231	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Corporate Bond Holdings—Industry Sector:	  				  			 	  				  				 				  				 				  				 				  				
	 	 									
Investment Grade:	  				  			 	  				  				 				  				 				  				 				  				
Finance and insurance	  	$	10,235	 	  	 	25	% 	  	$	11,204	 	  	 	25	% 	 	$	11,231	 	  	 	25	% 	 	$	11,155	 	  	 	24	% 	 	$	10,807	 	  	 	25	% 	
Utilities	  	 	5,450	 	  	 	14	 	  	 	5,963	 	  	 	13	 	 	 	5,953	 	  	 	13	 	 	 	5,948	 	  	 	13	 	 	 	5,736	 	  	 	13	 	
Energy	  	 	3,372	 	  	 	8	 	  	 	3,622	 	  	 	8	 	 	 	3,645	 	  	 	8	 	 	 	3,592	 	  	 	8	 	 	 	3,417	 	  	 	8	 	
Consumer - non-cyclical	  	 	5,967	 	  	 	15	 	  	 	6,635	 	  	 	15	 	 	 	6,703	 	  	 	15	 	 	 	6,726	 	  	 	15	 	 	 	6,545	 	  	 	15	 	
Consumer - cyclical	  	 	1,758	 	  	 	4	 	  	 	1,877	 	  	 	4	 	 	 	1,891	 	  	 	4	 	 	 	1,979	 	  	 	4	 	 	 	1,922	 	  	 	4	 	
Capital goods	  	 	2,972	 	  	 	7	 	  	 	3,291	 	  	 	7	 	 	 	3,349	 	  	 	7	 	 	 	3,371	 	  	 	7	 	 	 	3,275	 	  	 	7	 	
Industrial	  	 	2,092	 	  	 	5	 	  	 	2,278	 	  	 	5	 	 	 	2,251	 	  	 	5	 	 	 	2,344	 	  	 	5	 	 	 	2,299	 	  	 	5	 	
Technology and communications	  	 	4,224	 	  	 	10	 	  	 	4,612	 	  	 	10	 	 	 	4,547	 	  	 	10	 	 	 	4,518	 	  	 	10	 	 	 	4,376	 	  	 	10	 	
Transportation	  	 	1,642	 	  	 	4	 	  	 	1,832	 	  	 	4	 	 	 	1,836	 	  	 	4	 	 	 	1,924	 	  	 	4	 	 	 	1,877	 	  	 	4	 	
Other	  	 	1,298	 	  	 	3	 	  	 	1,473	 	  	 	3	 	 	 	1,510	 	  	 	3	 	 	 	1,596	 	  	 	4	 	 	 	1,516	 	  	 	3	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	39,010	 	  	 	95	 	  	 	42,787	 	  	 	94	 	 	 	42,916	 	  	 	94	 	 	 	43,153	 	  	 	94	 	 	 	41,770	 	  	 	94	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Non-Investment Grade:	  				  			 	  				  				 				  				 				  				 				  				
Finance and insurance	  	 	185	 	  	 	—  	 	  	 	219	 	  	 	—  	 	 	 	226	 	  	 	—  	 	 	 	234	 	  	 	1	 	 	 	243	 	  	 	1	 	
Utilities	  	 	62	 	  	 	—  	 	  	 	69	 	  	 	—  	 	 	 	95	 	  	 	—  	 	 	 	88	 	  	 	—  	 	 	 	94	 	  	 	—  	 	
Energy	  	 	568	 	  	 	1	 	  	 	695	 	  	 	2	 	 	 	782	 	  	 	2	 	 	 	759	 	  	 	1	 	 	 	712	 	  	 	1	 	
Consumer - non-cyclical	  	 	192	 	  	 	1	 	  	 	267	 	  	 	1	 	 	 	270	 	  	 	1	 	 	 	243	 	  	 	1	 	 	 	243	 	  	 	1	 	
Consumer - cyclical	  	 	321	 	  	 	1	 	  	 	363	 	  	 	1	 	 	 	369	 	  	 	1	 	 	 	368	 	  	 	1	 	 	 	389	 	  	 	1	 	
Capital goods	  	 	159	 	  	 	—  	 	  	 	159	 	  	 	—  	 	 	 	163	 	  	 	—  	 	 	 	141	 	  	 	—  	 	 	 	152	 	  	 	—  	 	
Industrial	  	 	209	 	  	 	1	 	  	 	263	 	  	 	1	 	 	 	366	 	  	 	1	 	 	 	368	 	  	 	1	 	 	 	356	 	  	 	1	 	
Technology and communications	  	 	372	 	  	 	1	 	  	 	446	 	  	 	1	 	 	 	490	 	  	 	1	 	 	 	520	 	  	 	1	 	 	 	488	 	  	 	1	 	
Transportation	  	 	29	 	  	 	—  	 	  	 	28	 	  	 	—  	 	 	 	26	 	  	 	—  	 	 	 	26	 	  	 	—  	 	 	 	18	 	  	 	—  	 	
Other	  	 	169	 	  	 	—  	 	  	 	163	 	  	 	—  	 	 	 	169	 	  	 	—  	 	 	 	133	 	  	 	—  	 	 	 	127	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	2,266	 	  	 	5	 	  	 	2,672	 	  	 	6	 	 	 	2,956	 	  	 	6	 	 	 	2,880	 	  	 	6	 	 	 	2,822	 	  	 	6	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	41,276	 	  	 	100	% 	  	$	45,459	 	  	 	100	% 	 	$	45,872	 	  	 	100	% 	 	$	46,033	 	  	 	100	% 	 	$	44,592	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Fixed Maturity Securities—Contractual Maturity Dates:	  				  			 	  				  				 				  				 				  				 				  				
	 	 									
Due in one year or less	  	$	1,420	 	  	 	3	% 	  	$	1,499	 	  	 	2	% 	 	$	1,449	 	  	 	2	% 	 	$	1,291	 	  	 	2	% 	 	$	1,291	 	  	 	2	% 	
Due after one year through five years	  	 	8,501	 	  	 	15	 	  	 	8,807	 	  	 	15	 	 	 	9,039	 	  	 	15	 	 	 	9,030	 	  	 	15	 	 	 	8,926	 	  	 	15	 	
Due after five years through ten years	  	 	13,943	 	  	 	25	 	  	 	15,053	 	  	 	25	 	 	 	14,956	 	  	 	24	 	 	 	15,158	 	  	 	25	 	 	 	14,904	 	  	 	24	 	
Due after ten years	  	 	25,427	 	  	 	47	 	  	 	28,937	 	  	 	48	 	 	 	29,181	 	  	 	48	 	 	 	29,211	 	  	 	47	 	 	 	27,699	 	  	 	46	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	49,291	 	  	 	90	 	  	 	54,296	 	  	 	90	 	 	 	54,625	 	  	 	89	 	 	 	54,690	 	  	 	89	 	 	 	52,820	 	  	 	87	 	
Mortgage and asset-backed securities	  	 	5,736	 	  	 	10	 	  	 	6,184	 	  	 	10	 	 	 	6,649	 	  	 	11	 	 	 	6,959	 	  	 	11	 	 	 	7,411	 	  	 	13	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	55,027	 	  	 	100	% 	  	$	60,480	 	  	 	100	% 	 	$	61,274	 	  	 	100	% 	 	$	61,649	 	  	 	100	% 	 	$	60,231	 	  	 	100	% 	

 
33

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

 	  	2022	 	  	2021	 	
 	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
U.S. GAAP Net Investment Income	  			 	  				 				 				 				 				
Fixed maturity securities - taxable	  	$	580	 	  	$	590	 	 	$	614	 	 	$	608	 	 	$	599	 	 	$	2,411	 	
Fixed maturity securities - non-taxable	  	 	1	 	  	 	2	 	 	 	2	 	 	 	1	 	 	 	2	 	 	 	7	 	
Equity securities	  	 	2	 	  	 	2	 	 	 	2	 	 	 	2	 	 	 	3	 	 	 	9	 	
Commercial mortgage loans	  	 	81	 	  	 	102	 	 	 	93	 	 	 	103	 	 	 	78	 	 	 	376	 	
Policy loans	  	 	50	 	  	 	52	 	 	 	47	 	 	 	40	 	 	 	50	 	 	 	189	 	
Limited partnerships	  	 	7	 	  	 	79	 	 	 	59	 	 	 	54	 	 	 	31	 	 	 	223	 	
Other invested assets	  	 	63	 	  	 	62	 	 	 	63	 	 	 	58	 	 	 	58	 	 	 	241	 	
Cash, cash equivalents, restricted cash and short-term investments	  	 	—  	 	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	1	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income before expenses and fees	  	 	784	 	  	 	889	 	 	 	881	 	 	 	866	 	 	 	821	 	 	 	3,457	 	
Expenses and fees	  	 	(20	) 	  	 	(23	) 	 	 	(22	) 	 	 	(22	) 	 	 	(20	) 	 	 	(87	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	$	764	 	  	$	866	 	 	$	859	 	 	$	844	 	 	$	801	 	 	$	3,370	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized Yields	  			 	  				 				 				 				 				
Fixed maturity securities - taxable	  	 	4.4	% 	  	 	4.5	% 	 	 	4.6	% 	 	 	4.6	% 	 	 	4.5	% 	 	 	4.5	% 	
Fixed maturity securities - non-taxable	  	 	3.6	% 	  	 	6.7	% 	 	 	6.3	% 	 	 	3.1	% 	 	 	6.3	% 	 	 	5.6	% 	
Equity securities	  	 	3.7	% 	  	 	4.5	% 	 	 	5.3	% 	 	 	4.1	% 	 	 	3.8	% 	 	 	4.0	% 	
Commercial mortgage loans	  	 	4.7	% 	  	 	5.9	% 	 	 	5.4	% 	 	 	6.0	% 	 	 	4.6	% 	 	 	5.5	% 	
Policy loans	  	 	9.8	% 	  	 	10.1	% 	 	 	9.1	% 	 	 	7.9	% 	 	 	10.1	% 	 	 	9.3	% 	
Limited partnerships(1)	  	 	1.4	% 	  	 	18.0	% 	 	 	15.9	% 	 	 	17.2	% 	 	 	11.2	% 	 	 	15.7	% 	
Other invested assets(2)	  	 	64.8	% 	  	 	71.9	% 	 	 	79.5	% 	 	 	68.6	% 	 	 	65.0	% 	 	 	69.7	% 	
Cash, cash equivalents, restricted cash and short-term investments	  	 	—  	% 	  	 	—  	% 	 	 	0.2	% 	 	 	—  	% 	 	 	—  	% 	 	 	—  	% 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income before expenses and fees	  	 	4.8	% 	  	 	5.4	% 	 	 	5.3	% 	 	 	5.2	% 	 	 	5.0	% 	 	 	5.2	% 	
Expenses and fees	  	 	(0.1	)% 	  	 	(0.1	)% 	 	 	(0.1	)% 	 	 	(0.1	)% 	 	 	(0.2	)% 	 	 	(0.1	)% 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	 	4.7	% 	  	 	5.3	% 	 	 	5.2	% 	 	 	5.1	% 	 	 	4.8	% 	 	 	5.1	% 	

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

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

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

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

 
35

 
Reconciliations of Non-GAAP Measures

 
36

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

	Twelve Month Rolling Average ROE	  	Twelve months ended	 	
U.S. GAAP Basis ROE	  	March 31,
2022	 	 	December 31,
2021	 	 	September 30,
2021	 	 	June 30,
2021	 	 	March 31,
2021	 		
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended(1)	  	$	866	 	 	$	904	 	 	$	1,008	 	 	$	1,112	 	 	$	431	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income(2)	  	$	11,467	 	 	$	11,286	 	 	$	11,079	 	 	$	10,823	 	 	$	10,684	 		
U.S. GAAP Basis ROE (1)/(2)	  	 	7.6	% 	 	 	8.0	% 	 	 	9.1	% 	 	 	10.3	% 	 	 	4.0	% 		
							
Operating ROE	  				 				 				 				 					
Adjusted operating income for the twelve months ended(1)	  	$	728	 	 	$	765	 	 	$	789	 	 	$	675	 	 	$	458	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income(2)	  	$	11,467	 	 	$	11,286	 	 	$	11,079	 	 	$	10,823	 	 	$	10,684	 		
Operating ROE (1)/(2)	  	 	6.3	% 	 	 	6.8	% 	 	 	7.1	% 	 	 	6.2	% 	 	 	4.3	% 		
			
	Quarterly Average ROE	  	Three months ended	 	
U.S. GAAP Basis ROE	  	March 31,
2022	 	 	December 31,
2021	 	 	September 30,
2021	 	 	June 30,
2021	 	 	March 31,
2021	 		
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended(3)	  	$	149	 	 	$	163	 	 	$	314	 	 	$	240	 	 	$	187	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income(4)	  	$	11,723	 	 	$	11,563	 	 	$	11,403	 	 	$	11,207	 	 	$	10,988	 		
Annualized U.S. GAAP Quarterly Basis ROE (3)/(4)	  	 	5.1	% 	 	 	5.6	% 	 	 	11.0	% 	 	 	8.6	% 	 	 	6.8	% 		
							
Operating ROE	  				 				 				 				 					
Adjusted operating income for the period ended(3)	  	$	131	 	 	$	164	 	 	$	239	 	 	$	194	 	 	$	168	 		
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income(4)	  	$	11,723	 	 	$	11,563	 	 	$	11,403	 	 	$	11,207	 	 	$	10,988	 		
Annualized Operating Quarterly Basis ROE (3)/(4)	  	 	4.5	% 	 	 	5.7	% 	 	 	8.4	% 	 	 	6.9	% 	 	 	6.1	% 		
Non-GAAP Definition for Operating ROE
The company references the non-GAAP financial measure entitled “operating return on equity” or “operating ROE.” The company defines operating ROE as adjusted operating income (loss) divided by average ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss) in average ending Genworth Financial, Inc.’s stockholders’ equity. Management believes that analysis of operating ROE enhances understanding of the efficiency with which the company deploys its capital. However, operating ROE is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders divided by average ending Genworth Financial, Inc.’s stockholders’ equity determined in accordance with U.S. GAAP.

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

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

 	  	 	  	2022	 	  	2021	 	
 	  	GAAP Basis Expense Ratio	  	1Q	 	  	4Q	 	 	3Q	 	 	2Q	 	 	1Q	 	 	Total	 	
(A)	  	Acquisition and operating expenses, net of deferrals	  	$	271	 	  	$	354	 	 	$	290	 	 	$	304	 	 	$	275	 	 	$	 1,223	 	
(B)	  	Premiums	  	$	931	 	  	$	576	 	 	$	944	 	 	$	947	 	 	$	968	 	 	$	3,435	 	
		 						
(A) / (B)	  	GAAP Basis Expense Ratio	  	 	29	% 	  	 	61	% 	 	 	31	% 	 	 	32	% 	 	 	28	% 	 	 	36	% 	
		 						
	  	Adjusted Expense Ratio	  			 	  				 				 				 				 				
	  	Acquisition and operating expenses, net of deferrals	  	$	271	 	  	$	354	 	 	$	290	 	 	$	304	 	 	$	275	 	 	$	1,223	 	
	  	Less: Legal settlement expenses(1)	  	 	43	 	  	 	59	 	 	 	57	 	 	 	70	 	 	 	23	 	 	 	209	 	
	  		  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(C)	  	Adjusted acquisition and operating expenses, net of deferrals	  	$	228	 	  	$	295	 	 	$	233	 	 	$	234	 	 	$	252	 	 	$	 1,014	 	

	  	Premiums	  	$	931	 	  	$	576	 	 	$	944	 	 	$	947	 	 	$	968	 	 	$	3,435	 	
	  	Add: Policy fees and other income	  	 	169	 	  	 	162	 	 	 	179	 	 	 	180	 	 	 	183	 	 	 	704	 	
	  	Add: Initial ceded premiums from a life block transaction(2)	  	 	—  	 	  	 	360	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	360	 	
	  		  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(D)	  	Adjusted revenues	  	$	1,100	 	  	$	1,098	 	 	$	1,123	 	 	$	1,127	 	 	$	1,151	 	 	$	4,499	 	

(C) / (D)	  	Adjusted expense ratio(3)	  	 	21	% 	  	 	27	% 	 	 	21	% 	 	 	21	% 	 	 	22	% 	 	 	23	% 	
Non-GAAP Definition for Adjusted Expense Ratio
The company references the non-GAAP financial measure entitled “adjusted expense ratio” as a measure of its operating performance. The company defines adjusted expense ratio as acquisition and operating expenses, net of deferrals, less legal settlement expenses incurred in the company’s long-term care insurance business divided by the sum of premiums, policy fees and other income and premiums initially ceded under life block transactions. Management believes that the expense ratio analysis enhances understanding of the operating performance of the company. However, the adjusted expense ratio as defined by the company should not be viewed as a substitute for the GAAP basis expense ratio.

(1) 	Estimated pre-tax impact of expenses related to policyholder benefit reduction elections made as part of a legal settlement in the company’s long-term care insurance business, which includes cash damages of $43 million, $54 million, $50 million, $61 million and $20 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.	
(2) 	In the fourth quarter of 2021, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies as part of a life block transaction. Under this new reinsurance agreement, the company initially ceded $360 million of certain term life insurance premiums.	
(3) 	In the first quarter of 2022, the company recorded a legal settlement accrual of $25 million in its life insurance business, which increased the adjusted expense ratio by three percentage points for the three months ended March 31, 2022.	
 
38

GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2022
 
Reconciliation of Reported Yield to Core Yield

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

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

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

 
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GENWORTH FINANCIAL, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2022
Financial Strength Ratings As Of May 2, 2022

	Company	  	S&P Global Ratings
(S&P)	  	Moody’s Investors Service,
Inc. (Moody’s)	  	Fitch Ratings, Inc. (Fitch)	  	A.M. Best Company, Inc.
(A.M. Best)	
Enact Mortgage Insurance Corporation	  	BBB (Good)	  	Baa2 (Adequate)	  	BBB+ (Good)	  	N/A		
Genworth Life Insurance Company	  	N/A	  	N/A	  	N/A	  	C++ (Marginal)		
Genworth Life and Annuity Insurance Company	  	N/A	  	N/A	  	N/A	  	B (Fair)		
Genworth Life Insurance Company of New York	  	N/A	  	N/A	  	N/A	  	C++ (Marginal)		
The ratings included herewith represent those solicited by the company and are not designed to be, and do not serve as, measures of protection or valuation offered to investors. These financial strength ratings should not be relied on with respect to making an investment in the company’s securities.
S&P states that an insurer rated “BBB” (Good) has good financial security characteristics. The “BBB” rating is the fourth-highest of nine financial strength rating ranges assigned by S&P, which range from “AAA” to “R.” A plus (+) or minus (-) shows relative standing within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “CCC” category. Accordingly, the “BBB” rating is the ninth-highest of S&P’s 21 ratings categories.
Moody’s states that insurance companies rated “Baa” (Adequate) offer adequate financial security. The “Baa” rating is the fourth-highest of nine financial strength rating ranges assigned by Moody’s, which range from “Aaa” to “C.” Numeric modifiers are used to refer to the ranking within the groups, with 1 being the highest and 3 being the lowest. These modifiers are not added to ratings in the “Aaa” category or to ratings below the “Caa” category. Accordingly, the “Baa2” rating is the ninth-highest of Moody’s 21 ratings categories.
Fitch states that “BBB” (Good) rated insurance companies are viewed as possessing good capacity to meet policyholder and contract obligations. The “BBB” rating category is the fourth-highest of nine financial strength rating categories, which range from “AAA” to “C.” The symbol (+) or (-) may be appended to a rating to indicate the relative position within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “B” category. Accordingly, the “BBB+” rating is the eighth-highest of Fitch’s 19 ratings categories.
A.M. Best states that its “B” (Fair) rating is assigned to companies that have a fair ability to meet their ongoing insurance obligations while “C++” (Marginal) is assigned to those companies that have a marginal ability to meet their ongoing insurance obligations. The “B” and “C++” ratings are the seventh- and ninth-highest of 15 ratings assigned by A.M. Best, which range from “A++” to “F.”
The company also solicits a rating from HR Ratings on a local scale for Genworth Seguros de Credito a la Vivienda S.A. de C.V., its Mexican mortgage insurance subsidiary, with a short-term rating of “HR1” and long-term rating of “HR AA.” For short-term ratings, HR Ratings states that “HR1” rated companies are viewed as exhibiting high capacity for timely payment of debt obligations in the short-term and maintain low credit risk. The “HR1” short-term rating category is the highest of six short-term rating categories, which range from “HR1” to “HR D.” For long-term ratings, HR Ratings states that “HR AA” rated companies are viewed as having high credit quality and offer high safety for timely payment of debt obligations and maintain low credit risk under adverse economic scenarios. The “HR AA” long-term rating is the second-highest of HR Ratings’ eight long-term rating categories, which range from “HR AAA” to “HR D.”
S&P, Moody’s, Fitch, A.M. Best and HR Ratings review their ratings periodically and the company cannot assure you that it will maintain the current ratings in the future. These and other agencies may also rate the company or its insurance subsidiaries on a solicited or an unsolicited basis. The company does not provide non-public information to agencies issuing unsolicited ratings and cannot ensure that any agencies that rate the company or its insurance subsidiaries on an unsolicited basis will continue to do so.
 
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