v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:                      
Premiums                 $ 3,636 $ 3,680 $ 3,406
Net investment income                 3,183 3,146 3,370
Net investment gains (losses)                 23 (2) 322
Policy fees and other income                 646 671 724
Total revenues $ 1,911 [1] $ 1,831 [1] $ 1,892 [1] $ 1,854 [1] $ 1,867 $ 1,848 $ 1,887 $ 1,893 7,488 7,495 7,822
Benefits and expenses:                      
Benefits and other changes in policy reserves                 4,783 4,303 4,575
Liability remeasurement (gains) losses                 587 (290) 242
Changes in fair value of market risk benefits and associated hedges                 (12) (104) (160)
Interest credited                 503 504 511
Acquisition and operating expenses, net of deferrals                 942 1,285 998
Amortization of deferred acquisition costs and intangibles                 264 326 384
Interest expense                 118 106 160
Total benefits and expenses 2,128 [2],[3],[4] 1,741 [2],[3],[4] 1,671 [2],[3],[4] 1,645 [2],[3],[4] 1,338 [5],[6] 1,628 [5],[6] 1,627 [5],[6] 1,537 [5],[6] 7,185 6,130 6,710
Income from continuing operations before income taxes                 303 1,365 1,112
Provision for income taxes                 104 319 248
Income from continuing operations (181) [1],[2],[3],[4] 60 [1],[2],[3],[4] 166 [1],[2],[3],[4] 154 [1],[2],[3],[4] 410 [5],[6] 166 [5],[6] 198 [5],[6] 272 [5],[6] 199 1,046 864
Income from discontinued operations, net of taxes (2) 0 2 0 (2) 5 (1) (2) 0 0 27
Net income (183) [1],[2],[3],[4] 60 [1],[2],[3],[4] 168 [1],[2],[3],[4] 154 [1],[2],[3],[4] 408 [5],[6] 171 [5],[6] 197 [5],[6] 270 [5],[6] 199 1,046 891
Less: net income from continuing operations attributable to noncontrolling interests 29 31 31 32 27 35 38 30 123 130 33
Less: net income from discontinued operations attributable to noncontrolling interests 0 0 0 0 0 0 0 0 0 0 8
Net income available to Genworth Financial, Inc.'s common stockholders (212) [1],[2],[3],[4] 29 [1],[2],[3],[4] 137 [1],[2],[3],[4] 122 [1],[2],[3],[4] 381 [5],[6] 136 [5],[6] 159 [5],[6] 240 [5],[6] 76 916 850
Net income available to Genworth Financial, Inc.'s common stockholders:                      
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders (210) 29 135 122 383 131 160 242 76 916 831
Income from discontinued operations available to Genworth Financial, Inc.'s common stockholders (2) 0 2 0 (2) 5 (1) (2) 0 0 19
Net income available to Genworth Financial, Inc.'s common stockholders $ (212) [1],[2],[3],[4] $ 29 [1],[2],[3],[4] $ 137 [1],[2],[3],[4] $ 122 [1],[2],[3],[4] $ 381 [5],[6] $ 136 [5],[6] $ 159 [5],[6] $ 240 [5],[6] $ 76 $ 916 $ 850
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share:                      
Basic $ (0.47) $ 0.06 $ 0.28 $ 0.25 $ 0.77 $ 0.26 $ 0.32 $ 0.48 $ 0.16 $ 1.82 $ 1.64
Diluted (0.47) 0.06 0.28 0.24 0.76 0.26 0.31 0.47 0.16 1.79 1.61
Net income available to Genworth Financial, Inc.'s common stockholders per share:                      
Basic (0.47) 0.06 0.29 0.25 0.77 0.27 0.31 0.47 0.16 [7] 1.82 [7] 1.68 [7]
Diluted $ (0.47) $ 0.06 $ 0.29 $ 0.24 $ 0.76 $ 0.27 $ 0.31 $ 0.46 $ 0.16 [7] $ 1.79 [7] $ 1.65 [7]
Weighted-average common shares outstanding:                      
Basic 449.4 460.5 473.2 492.3 496.5 503.8 508.9 508.3 468.8 504.4 506.9
Diluted 449.4 [8] 466.0 [8] 478.1 [8] 500.1 [8] 502.9 509.3 514.1 517.4 474.9 510.9 514.7
[1] Pre-tax net investment gains of $90 million associated with limited partnerships and changes in the fair value of equity securities resulted in an increase in total revenues in the fourth quarter of 2023.
[2] In the fourth quarter of 2023, our Enact segment recorded a favorable pre-tax reserve release of $53 million primarily related to cure performance on delinquencies from 2022 and earlier, including those related to COVID-19.
[3] In the fourth quarter of 2023, our life insurance products included adverse pre-tax cash flow assumption updates of $226 million reflecting unfavorable persistency and mortality assumption updates.
[4] In the fourth quarter of 2023, our long-term care insurance business had a pre-tax liability remeasurement loss of $188 million that included adverse pre-tax cash flow assumption updates of $61 million driven mostly by unfavorable updates to our healthy life assumptions to better reflect near-term experience related to cost of care, mortality, incidence and lapse, partially offset by a favorable update to our disabled life mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near term post COVID-19. The liability remeasurement loss also included pre-tax unfavorable actual versus expected experience of $127 million due primarily to higher claims and unfavorable timing impacts related to a second legal settlement.
[5] In the fourth quarter of 2022, our Enact segment recorded a net favorable pre-tax reserve release of $42 million primarily related to COVID-19 delinquencies from 2020 and 2021 curing at levels above original reserve expectations.
[6] In the fourth quarter of 2022, our long-term care insurance business had a pre-tax liability remeasurement gain of $255 million primarily from favorable pre-tax cash flow assumption updates of $303 million, which reflected an expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of a second legal settlement. This settlement primarily impacted older, unprofitable capped cohorts.
[7] May not total due to whole number calculation.
[8] Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three months ended December 31, 2023, we were required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share as the inclusion of shares for PSUs, RSUs and other equity-based awards of 6.3 million would have been antidilutive to the calculation. If we had not incurred a loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three months ended December 31, 2023, dilutive potential weighted-average common shares outstanding would have been 455.7 million.

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