QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1


Genworth Financial, Inc.
Computation Of Ratio Of Earnings To Fixed Charges
(Dollar amounts in millions)

 
    
    
    
    
    
   Pro Forma

  
 
   Historical

   Year ended
December 31,
  
 
   Year ended December 31,
  
 
   2003
   2002
   2001
   2000
   1999
   2003
  
Net earnings from continuing operations before income taxes and accounting changes   $ 1,382   $ 1,791   $ 1,821   $ 1,851   $ 1,589   $ 1,330  

Fixed charges included in earnings from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
140
 
 
124
 
 
126
 
 
126
 
 
78
 
 
138
 
  Interest portion of rental expense     23     25     23     25     24     23  
  Interest credited to contractholder     1,624     1,645     1,620     1,456     1,290     1,358  
   
 
 
 
 
 
 
    Subtotal     1,787     1,794     1,769     1,607     1,392     1,519  

Fixed charges included in earnings from discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
12
 
 
16
 
 
15
 
 
17
 
 
17
 
 
12
 
  Interest portion of rental expense     8     12     12     12     9     8  
  Interest credited to contractholder     68     79     51     41     6     68  
   
 
 
 
 
 
 
    Subtotal     88     107     78     70     32     88  
   
 
 
 
 
 
 

Total fixed charges
 
$
1,875
 
$
1,901
 
$
1,847
 
$
1,677
 
$
1,424
 
$
1,607
 
   
 
 
 
 
 
 

Earnings available for fixed charges (including interest credited to contractholders)
 
$
3,257
 
$
3,692
 
$
3,668
 
$
3,528
 
$
3,013
 
$
2,937
 
   
 
 
 
 
 
 

Ratio of earnings to fixed charges (including interest credited to contractholders) (1)
 
 
1.74
 
 
1.94
 
 
1.99
 
 
2.10
 
 
2.12
 
 
1.83  
(2)
(1)
For purposes of determining the historical ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before taxes and accounting changes plus fixed charges from continuing and discontinued operations. Fixed charges consist of (a) interest expense on short-term and long-term borrowings; (b) interest credited to policyholders on annuities and financial products; and (c) the portion of operating leases that are representative of the interest factor.

(2)
For purposes of determining the ratio of pro forma earnings to pro forma fixed charges, pro forma earnings consist of pro forma earnings from continuing operations before taxes plus pro forma fixed charges from continuing operations and fixed charges from discontinued operations. Pro Forma fixed charges consist of (a) pro forma interest expense on short-term and long-term borrowings, including dividends on Series A Preferred Stock; (b) pro forma interest credited to policyholders on annuities and financial products; and (c) the portion of operating leases that are representative of the interest factor.



QuickLinks

Genworth Financial, Inc. Computation Of Ratio Of Earnings To Fixed Charges (Dollar amounts in millions)