false2020Q10001276520--12-31Under 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 March 31, 2020, we were required to use basic weighted-average common shares outstanding as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 5.4 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 March 31, 2020, dilutive potential weighted-average common shares outstanding would have been 509.7 million.May not total due to whole number calculation.See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities. Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. Represents the embedded derivatives associated with our fixed index annuity liabilities. Represents the embedded derivatives associated with our indexed universal life liabilities. We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited, our indirect majority-owned subsidiary. Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. 45Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.For the three months ended March 31, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(11) and $(2) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $(26) million and $6 million, respectively.Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.See note 5 for additional information.Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.Tax Cuts and Jobs ActIncluded $1 million of accruals on derivatives classified as other assets as of March 31, 2020 and December 31, 2019 and does not include amounts related to embedded derivatives as of March 31, 2020 and December 31, 2019.Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.Does not include amounts related to embedded derivatives as of March 31, 2020 and December 31, 2019.Unobservable inputs weighted by the policyholder account balances associated with the instrument.Interest on debt assumed by Brookfield and interest on debt that was repaid as a result of the sale of Genworth Canada was allocated and reported in discontinued operations. A senior secured term loan facility (“Term Loan”), owed by Genworth Holdings and secured by GFIH’s ownership interest in Genworth Canada’s outstanding common shares, was repaid in connection with the close of the Genworth Canada sale. 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
For the transition period from
                    
to
                    
Commission file number
001-32195
 
 
 
GENWORTH FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
80-0873306
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
 
 
6620 West Broad Street
Richmond
, Virginia
 
23230
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
(804
)
281-6000
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
 S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes
 
 
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
           
Large accelerated filer
 
 
Accelerated filer
           
Non-accelerated
 filer
 
 
Smaller reporting company
           
 
 
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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes   
    No  
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
 
 
 
 
 
 
 
 
 
 
 
 
As of April
27
, 2020, 505,126,098 shares of Class A Common Stock, par value $0.001 per share, were outstanding.
 
 

Table of Contents
TABLE OF CONTENTS
             
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
3
 
 
 
3
 
 
 
4
 
 
 
5
 
 
 
6
 
 
 
7
 
 
 
8
 
 
 
 
 
 
 
 
Item 2.
 
 
 
67
 
 
 
 
 
 
 
 
Item 3.
 
 
 
140
 
 
 
 
 
 
 
 
Item 4.
 
 
 
140
 
 
 
 
 
 
 
 
141
 
 
 
 
 
 
 
 
Item 1.
 
 
 
141
 
 
 
 
 
 
 
 
Item 1A.
 
 
 
141
 
 
 
 
 
 
 
 
Item 6.
 
 
 
142
 
 
 
 
 
 
 
 
143
 
 
 
 
 
 
 
 
 
2

Table of Contents
PART I—FINANCIAL INFORMATION
Item 1.     Financial Statements
 
 
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except per share amounts)
                 
 
March 31,
2020
 
 
December 31,
2019
 
 
(Unaudited)
 
 
 
Assets
   
     
 
Investments:
   
     
 
Fixed maturity securities
available-for-sale,
at fair value (amortized cost of $54,136 and allowance for credit losses of $ as of March 31, 2020)
  $
59,051
    $
60,339
 
Equity securities, at fair value
   
188
     
239
 
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of March 31, 2020 and December 31, 2019)
   
6,944
     
6,976
 
Less: Allowance for credit losses
   
(29
)    
(13
)
                 
Commercial mortgage loans, net
   
6,915
     
6,963
 
Policy loans
   
2,052
     
2,058
 
Other invested assets
   
2,465
     
1,632
 
                 
Total investments
   
70,671
     
71,231
 
Cash, cash equivalents and restricted cash
   
2,483
     
3,341
 
Accrued investment income
   
707
     
654
 
Deferred acquisition costs
   
1,898
     
1,836
 
Intangible assets and goodwill
   
263
     
201
 
Reinsurance recoverable
   
17,122
     
17,103
 
Less: Allowance for credit losses
   
(42
)    
 
                 
Reinsurance recoverable, net
   
17,080
     
17,103
 
Other assets
   
456
     
443
 
Deferred tax asset
   
319
     
425
 
Separate account assets
   
4,967
     
6,108
 
                 
Total assets
  $
98,844
    $
101,342
 
                 
Liabilities and equity
   
     
 
Liabilities:
   
     
 
Future policy benefits
  $
39,339
    $
40,384
 
Policyholder account balances
   
22,313
     
22,217
 
Liability for policy and contract claims
   
11,132
     
10,958
 
Unearned premiums
   
1,722
     
1,893
 
Other liabilities
   
1,686
     
1,562
 
Non-recourse
funding obligations
   
—  
     
311
 
Long-term borrowings
   
2,851
     
3,277
 
Separate account liabilities
   
4,967
     
6,108
 
                 
Total liabilities
   
84,010
     
86,710
 
                 
Commitments and contingencies
   
     
 
Equity:
   
     
 
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 593 million and 592 million shares issued as of March 31, 2020 and December 31, 2019, respectively; 505 million and 504 million shares outstanding as of March 31, 2020 and December 31, 2019, respectively
   
1
     
1
 
Additional
paid-in
capital
   
11,993
     
11,990
 
Accumulated other comprehensive income (loss)
   
3,815
     
3,433
 
Retained earnings
   
1,340
     
1,461
 
Treasury stock, at cost (88 million shares as of March 31, 2020 and December 31, 2019)
   
(2,700
)    
(2,700
)
                 
Total Genworth Financial, Inc.’s stockholders’ equity
   
14,449
     
14,185
 
Noncontrolling interests
   
385
     
447
 
                 
Total equity
   
14,834
     
14,632
 
                 
Total liabilities and equity
  $
98,844
    $
101,342
 
                 
 
 
 
See Notes to Condensed Consolidated Financial Statements
3

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions, except per share amounts)
(Unaudited)
                 
 
Three months ended
March 31,
 
 
2020
 
 
2019
 
Revenues:
 
 
 
 
 
 
Premiums
 
$
  1,015
 
 
$
988
 
Net investment income
 
 
793
 
 
 
794
 
Net investment gains (losses)
 
 
(152
)
 
 
75
 
Policy fees and other income
 
 
181
 
 
 
187
 
                 
Total revenues
 
 
1,837
 
 
 
2,044
 
                 
Benefits and expenses:
 
 
 
 
 
 
Benefits and other changes in policy reserves
 
 
1,361
 
 
 
1,282
 
Interest credited
 
 
141
 
 
 
147
 
Acquisition and operating expenses, net of deferrals
 
 
249
 
 
 
237
 
Amortization of deferred acquisition costs and intangibles
 
 
116
 
 
 
81
 
Interest expense
 
 
52
 
 
 
60
 
                 
Total benefits and expenses
 
 
1,919
 
 
 
1,807
 
                 
Income (loss) from continuing operations before income taxes
 
 
(82
)
 
 
237
 
Provision (benefit) for income taxes
 
 
(10
)
 
 
69
 
                 
Income (loss) from continuing operations
 
 
(72
)
 
 
168
 
Income from discontinued operations, net of taxes
 
 
 
 
 
62
 
                 
Net income (loss)
 
 
(72
)
 
 
230
 
Less: net income (loss) from continuing operations attributable to noncontrolling interests
 
 
(6
)
 
 
20
 
Less: net income from discontinued operations attributable to noncontrolling interests
 
 
 
 
 
36
 
                 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
 
$
(66
)
 
$
174
 
                 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders:
 
 
 
 
 
 
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders
 
 
(66
)
 
 
148
 
Income from discontinued operations available to Genworth Financial, Inc.’s common common stockholders
 
 
 
 
 
26
 
                 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
 
$
(66
)
 
$
174
 
                 
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
 
 
 
 
 
 
Basic
 
$
(0.13
)
 
$
 
0.29
 
                 
Diluted
 
$
(0.13
)
 
$
0.29
 
                 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
 
 
 
 
 
 
Basic
 
$
(0.13
)
 
$
0.35
 
                 
Diluted
 
$
(0.13
)
 
$
0.34
 
                 
Weighted-average common shares outstanding:
 
 
 
 
 
 
Basic
 
 
504.3
 
 
 
501.2
 
                 
Diluted
 
 
504.3
 
 
 
508.6
 
                 
 
 
 
 
See Notes to Condensed Consolidated Financial Statements
4

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
                 
 
Three months ended
March 31,
 
 
2020
 
 
2019
 
Net income (loss)
   
$
  (72
)    
$
  230
 
                 
Other comprehensive income (loss), net of taxes:
   
     
 
Net unrealized gains (losses) on securities without an allowance for credit losses
   
(320
)    
 
Net unrealized gains (losses) on securities with an allowance for credit losses
   
     
 
Net unrealized gains (losses) on securities not other-than-temporarily impaired
   
     
    379
 
Net unrealized gains (losses) on other-than-temporarily impaired securities
   
—  
     
1
 
Derivatives qualifying as hedges
   
    753
     
69
 
Foreign currency translation and other adjustments
   
(98
)    
54
 
                 
Total other comprehensive income (loss)
   
335
     
503
 
                 
Total comprehensive income
   
263
     
733
 
Less: comprehensive income (loss) attributable to noncontrolling interests
   
(53
)    
111
 
                 
Total comprehensive income available to Genworth Financial, Inc.’s common stockholders
   
316
     
622
 
                 
 
 
 
See Notes to Condensed Consolidated Financial Statements
5

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in millions)
(Unaudited)
                                                                 
 
Three months ended March 31, 2020
 
 
Common
stock
 
 
Additional
paid-in

capital
 
 
Accumulated
other
comprehensive
income (loss)
 
 
Retained
earnings
 
 
Treasury
stock, at
cost
 
 
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
 
 
Noncontrolling
interests
 
 
Total
equity
 
Balances as of December 31, 2019
  $
1
    $
11,990
    $
3,433
    $
1,461
    $
(2,700)
    $
14,185
    $
447
    $
14,632
 
Cumulative effect of change in accounting, net of taxes
   
—  
     
—  
     
—  
     
(55
)    
—  
     
(55
)    
—  
     
(55
)
Comprehensive income (loss):
   
     
     
     
     
     
     
     
 
Net loss
   
—  
     
—  
     
—  
     
(66
)    
—  
     
(66
)    
(6
)    
(72
)
Other comprehensive income (loss), net of taxes
   
—  
     
—  
     
382
     
—  
     
—  
     
382
     
(47
)    
335
 
                                                                 
Total comprehensive income (loss)
   
     
     
     
     
     
316
     
(53
)    
263
 
Dividends to noncontrolling interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
(9
)    
(9
)
Stock-based compensation expense and exercises and other
   
—  
     
3
     
—  
     
—  
     
—  
     
3
     
—  
     
3
 
                                                                 
Balances as of March 31, 2020
  $
1
    $
11,993
    $
3,815
    $
1,340
    $
(2,700
)   $
14,449
    $
385
    $
 
14,834
 
                                                                 
 
 
 
 
                                                                 
 
Three months ended March 31, 2019
 
 
Common
stock
 
 
Additional
paid-in

capital
 
 
Accumulated
other
comprehensive
income (loss)
 
 
Retained
earnings
 
 
Treasury
stock, at
cost
 
 
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
 
 
Noncontrolling
interests
 
 
Total
equity
 
Balances as of December 31, 2018
  $
1
    $
11,987
    $
2,044
    $
1,118
    $
(2,700
)   $
12,450
    $
1,739
    $
14,189
 
Repurchase of subsidiary shares
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
(12
)    
(12
)
Comprehensive income:
   
     
     
     
     
     
     
     
 
Net income
   
—  
     
—  
     
—  
     
174
     
—  
     
174
     
56
     
230
 
Other comprehensive income, net of taxes
   
—  
     
—  
     
448
     
—  
     
—  
     
448
     
55
     
503
 
                                                                 
Total comprehensive income
   
     
     
     
     
     
622
     
111
     
733
 
Dividends to noncontrolling interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
(28
)    
(28
)
Stock-based compensation expense and exercises and other
   
—  
     
2
     
—  
     
—  
     
—  
     
2
     
(2
)    
—  
 
                                                                 
Balances as of March 31, 2019
  $
1
    $
11,989
    $
2,492
    $
1,292
    $
(2,700
)   $
13,074
    $
1,808
    $
 
14,882
 
                                                                 
 
 
 
 
See Notes to Condensed Consolidated Financial Statements
6

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
                 
 
 
Three months
ended March 31,
 
 
2020
 
 
2019
 
Cash flows from operating activities:
   
     
 
Net income (loss)
  $
(72
)   $
        230
 
Less income from discontinued operations, net of taxes
   
—  
     
(62
)
Adjustments to reconcile net income (loss) to net cash from operating activities:
   
     
 
Amortization of fixed maturity securities discounts and premiums
   
(35
)    
(18
)
Net investment (gains) losses
   
152
     
(75
)
Charges assessed to policyholders
   
(158
)    
(165
)
Acquisition costs deferred
   
(4
)    
(9
)
Amortization of deferred acquisition costs and intangibles
   
116
     
81
 
Deferred income taxes
   
(11
)    
51
 
Derivative instruments, limited partnerships and other
   
347
     
(32
)
Stock-based compensation expense
   
11
     
6
 
Change in certain assets and liabilities:
   
     
 
Accrued investment income and other assets
   
(107
)    
(242
)
Insurance reserves
   
328
     
301
 
Current tax liabilities
   
(5
)    
9
 
Other liabilities, policy and contract claims and other policy-related balances
   
118
     
27
 
Cash from operating activities—discontinued operations
   
—  
     
32
 
                 
Net cash from operating activities
   
680
     
134
 
                 
Cash flows from (used by) investing activities:
   
     
 
Proceeds from maturities and repayments of investments:
   
     
 
Fixed maturity securities
   
921
     
871
 
Commercial mortgage loans
   
139
     
130
 
Other invested assets
   
34
     
20
 
Proceeds from sales of investments:
   
     
 
Fixed maturity and equity securities
   
369
     
1,592
 
Purchases and originations of investments:
   
     
 
Fixed maturity and equity securities
   
(1,804
)    
(1,976
)
Commercial mortgage loans
   
(107
)    
(370
)
Other invested assets
   
(160
)    
(94
)
Short-term investments, net
   
48
     
98
 
Policy loans, net
   
9
     
12
 
Cash used by investing activities—discontinued operations
   
—  
     
(6
)
                 
Net cash from (used by) investing activities
   
(551
)    
277
 
                 
Cash flows used by financing activities:
   
     
 
Deposits to universal life and investment contracts
   
180
     
198
 
Withdrawals from universal life and investment contracts
   
(493
)    
(581
)
Redemption of
non-recourse
funding obligations
   
(315
)    
 
Repayment and repurchase of long-term debt
   
(420
)    
—  
 
Repurchase of subsidiary shares
   
—  
     
(12
)
Dividends paid to noncontrolling interests
   
(9
)    
(14
)
Other, net
   
100
     
48
 
Cash used by financing activities—discontinued operations
   
—  
     
(14
)
                 
Net cash used by financing activities
   
(957
)    
(375
)
                 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $ and $5 related to discontinued operations)
   
(30
)    
8
 
                 
Net change in cash, cash equivalents and restricted cash
   
(858
)    
44
 
Cash, cash equivalents and restricted cash at beginning of period
   
3,341
     
2,177
 
                 
Cash, cash equivalents and restricted cash at end of period
   
2,483
     
2,221
 
Less cash, cash equivalents and restricted cash of discontinued operations at end of period
   
     
201
 
                 
Cash, cash equivalents and restricted cash of continuing operations at end of period
  $
  2,483
    $
  2,020
 
                 
 
 
 
 
See Notes to Condensed Consolidated Financial Statements
7

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Formation of Genworth and Basis of Presentation
Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of Genworth’s common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization.
On October 21, 2016, Genworth Financial entered into an agreement and plan of merger (the “Merger Agreement”) with Asia Pacific Global Capital Co., Ltd. (“Parent”), a limited liability company incorporated in the People’s Republic of China and a subsidiary of China Oceanwide Holdings Group Co., Ltd., a limited liability company incorporated in the People’s Republic of China (together with its affiliates, “China Oceanwide”), and Asia Pacific Global Capital USA Corporation (“Merger Sub”), a Delaware corporation and a direct, wholly-owned subsidiary of Asia Pacific Insurance USA Holdings LLC (“Asia Pacific Insurance”), which is a Delaware limited liability company and owned by China Oceanwide, pursuant to which, subject to the terms and conditions set forth therein, Merger Sub would merge with and into Genworth Financial with Genworth Financial surviving the merger as a direct, wholly-owned subsidiary of Asia Pacific Insurance. China Oceanwide has agreed to acquire all of our outstanding common stock for a total transaction value of approximately $2.7 billion, or $5.43 per share in cash. At a special meeting held on March 7, 2017, Genworth Financial’s stockholders voted on and approved a proposal to adopt the Merger Agreement. The closing of the transaction remains subject to other closing conditions.
The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and the affiliate companies in which it holds a majority voting interest or where it is the primary beneficiary of a variable interest entity (“VIE”). All intercompany accounts and transactions have been eliminated in consolidation.
References to “Genworth Financial,” “Genworth,” the “Company,” “we” or “our” in the accompanying unaudited condensed consolidated financial statements and the notes thereto are, unless the context otherwise requires, to Genworth Financial, Inc. on a consolidated basis.
We operate our business through the following four operating segments:
 
U.S. Mortgage Insurance.
In the United States, we offer mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans (“flow mortgage insurance”). We selectively provide mortgage insurance on a bulk basis (“bulk mortgage insurance”) with essentially all of our bulk writings being prime-based.
 
 
 
 
Australia Mortgage Insurance.
In Australia, we offer flow mortgage insurance and selectively provide bulk mortgage insurance that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk.
 
 
 
 
U.S. Life Insurance.
We offer long-term care insurance products as well as service traditional life insurance and fixed annuity products in the United States.
 
 
 
 
Runoff.
The Runoff segment includes the results of products which have not been actively sold since 2011, but we continue to service our existing blocks of business. These products primarily include variable annuity, variable life insurance and corporate-owned life insurance, as well as funding agreements.
 
 
 
8

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In addition to our four operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of our operating segments, including certain smaller international mortgage insurance businesses and discontinued operations.
On December 12, 2019, we completed the sale of Genworth MI Canada Inc. (“Genworth Canada”), our former Canada mortgage insurance business, to an affiliate of Brookfield Business Partners L.P. (“Brookfield”) and received approximately $1.7 
billion in net cash proceeds. Prior to the sale, in the third quarter of 2019, Genworth Canada was reported as discontinued operations and its financial position, results of operations and cash flows were separately reported for all periods presented. All prior periods reflected herein have been
re-presented
on this basis.
See note 14 for additional information related to discontinued operations.
Unless otherwise indicated, references to the condensed consolidated balance sheets, the condensed consolidated statements of income, the condensed consolidated statements of cash flows and the notes to the condensed consolidated financial statements, exclude amounts related to discontinued operations.
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Potential impacts, risks and uncertainties of the coronavirus pandemic (“COVID-19”) may include investment valuations and impairments, commercial mortgage loan restructurings, deferred acquisition cost or intangible assets impairments or the acceleration of amortization, deferred tax asset recoverability
 and
 increases to insurance reserves, including higher claims reserves in our mortgage insurance businesses, among other matters. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes
contained in our 2019 Annual Report on Form
 
10-K.
 
Certain prior year amounts have been reclassified to conform to the current year presentation.
(2) Accounting Changes
Accounting Pronouncements Recently Adopted
On January 1, 2020, we adopted new accounting guidance related to disclosure requirements for defined benefit plans as part of the Financial Accounting Standards Board’s (the “FASB”) disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for defined benefit pension and other postretirement benefit plans. We adopted this new accounting guidance using the retrospective method, which did not have a significant impact on our condensed consolidated financial statements and disclosures.
On January 1, 2020, we adopted new accounting guidance related to fair value disclosure requirements as part of the FASB’s disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for fair value measurements. The guidance includes new disclosure requirements related to changes
9

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. We adopted this new accounting guidance using the prospective method for disclosures related to changes in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty and the retrospective method for all other disclosures. This accounting guidance did not impact our condensed consolidated financial statements but impacted our fair value disclosures.
In March 2020, the FASB issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. The guidance provides optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate (“LIBOR”). This new guidance provides practical expedients for contracts affected by reference rate reform that impact the assessment of derivative hedge effectiveness and contract modifications, to include continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain effectiveness assessments to exclude certain potential sources of ineffectiveness, and is effective through December 31, 2022. We adopted this guidance prospectively and it did not have a significant impact on our condensed consolidated financial statements or disclosures but may impact our process for assessing the effectiveness of our cash flow hedging relationships, determined on an individual hedge basis, as we implement measures to transition away from LIBOR.
On January 1, 2020,
we adopted new accounting guidance related to accounting for credit losses on financial instruments. The guidance requires entities to recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most financial instruments not measured at fair value, which primarily includes our commercial mortgage loans, bank loan investments and reinsurance recoverables. The new guidance also requires the recognition of an allowance for expected credit losses as a liability in our consolidated balance sheet for
off-balance
credit exposures, including commitments to fund bank loan investments, private placement investments and commercial mortgage loans. The new guidance did not have a significant impact on other assets not measured at fair value. The FASB also issued an amendment to the guidance allowing entities to irrevocably elect the fair value option on an
instrument-by-instrument
basis for eligible instruments, which we did not elect.
For our commercial mortgage loans, we determine the adequacy of the allowance for credit losses utilizing an analytical model that provides various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. The allowance for credit losses is measured on a collective basis with consideration for debt service coverage ratio,
debt-to-value,
property-type and geographic location. Key inputs into the analytical model include exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over time could differ from the amounts estimated for the allowance for credit losses reported in the condensed consolidated financial statements. Commercial mortgage loans are written off against the allowance to the extent principal or interest is deemed uncollectible. Accrued interest related to commercial mortgage loans is included in accrued investment income in our condensed consolidated balance sheet and had a carrying value of $24 
million as of March 31, 2020. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrued interest related to our commercial mortgage loans are written off after 90 days and once collectability is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).
10

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
We adopted the guidance related to our investments carried at amortized cost using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $23 million, net of deferred taxes of $6 million, for commercial mortgage loans and bank loan investments, with an offset to cumulative effect of change in accounting within retained earnings. See note 4 for additional disclosures related to commercial mortgage loans. We adopted the guidance related to our
off-balance
sheet credit exposures using the modified retrospective method and recorded an allowance related to lifetime expected credit losses
of $1 million, included in other liabilities in our condensed consolidated balance sheet, with an offset to cumulative effect of change in accounting within retained earnings.
The allowance for credit losses for reinsurance recoverables is evaluated based on historical loss experience adjusted for current events and reasonable and supportable forecasts from both internal and external sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and collateral type, and is calculated based on an externally reported probability of default corresponding to the reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the reinsurance recoverable is assessed on a separate basis. Write-offs of reinsurance recoverables are deducted from the allowance in the period the reinsurance recoverable is determined to be uncollectible. We adopted the guidance related to our reinsurance recoverables using the modified retrospective method and recorded an allowance related to lifetime expected credit losses
 
of $
31
 million, net of deferred taxes of $
9
 
million, with an offset to cumulative effect of change in accounting within retained earnings. See note 8 for additional disclosures related to reinsurance recoverables.
The new guidance retains most of the existing impairment guidance for
available-for-sale
fixed maturity securities but amends the presentation of credit losses to reflect an allowance for credit losses as opposed to a write-down of the amortized cost of the investment and permits the reversal of credit losses through net income (loss) when reassessing changes in credit losses each reporting period.
Available-for-sale
fixed maturity securities in an unrealized loss position are evaluated to determine whether the decline in fair value is related to credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency/agencies and adverse conditions specifically related to the security, among other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments. When developing the estimate of cash flows expected to be collected, we utilize an analytical model that provides for various loss scenarios and consider the industry sector, current levels of subordination, geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable and supportable forecasts. Losses are written off against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a security prior to recovering our amortized cost. We exclude accrued interest related to
available-for-sale
fixed maturity
11

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
securities from the estimate of allowance for credit losses. Accrued interest is included in accrued investment income in our condensed consolidated balance sheet and had a carrying value of $555 million as of March 31, 2020. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrued interest related to our
available-for-
sale fixed maturity securities are written off after 90 days and once collectability is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses). We adopted the guidance related to our
available-for-sale
fixed maturity securities for which a previous other-than-temporary impairment was recognized prior to the date of adoption using the prospective method and the modified retrospective method for all other
available-for-sale
fixed maturity securities, which did not have any impact upon adoption.
Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued new accounting guidance related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance is currently effective for us on January 1, 2021 using the retrospective method or modified retrospective method for certain changes and prospective method for all other changes, with early adoption permitted. We are in process of evaluating the impact the guidance may have on our consolidated financial statements and disclosures.
In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts our life insurance deferred acquisition costs (“DAC”) and liabilities. In accordance with the guidance, the more significant changes include:
  assumptions will no longer be
locked-in
at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative
catch-up
adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions;
 
 
 
 
 
 
 
 
  the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a
single-A
rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss);
 
 
 
 
 
 
 
 
  the provision for adverse deviation and the premium deficiency test will be eliminated;
 
 
 
 
 
 
 
 
  market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss);
 
 
 
 
 
 
 
 
  the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and
 
 
 
 
 
 
 
 
  disclosures will be greatly expanded to include significant assumptions and product liability rollforwards.
 
 
 
 
 
 
 
 
This guidance is effective for us on January 1, 2022 using the modified retrospective method, with early adoption permitted. Given the nature and extent of the changes to our operations, this guidance is expected to have a significant impact on our condensed consolidated financial statements.
12

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(3) Earnings (Loss) Per Share
Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
                 
 
Three months
 
ended
March 31,
 
(Amounts in millions, except per share amounts)
 
2020
 
 
2019
 
Weighted-average shares used in basic earnings (loss) per share calculations
   
504.3
     
501.2
 
Potentially dilutive securities:
   
     
 
Stock options, restricted stock units and stock appreciation rights
   
     
7.4
 
Weighted-average shares used in diluted earnings (loss) per share calculations
(1)
   
504.3
     
508.6
 
Income (loss) from continuing operations:
   
     
 
Income (loss) from continuing operations
  $
(72
)   $
 
 
 
 
168
 
Less: net income (loss) from continuing operations attributable to noncontrolling interests
   
(6
)    
20
 
Income (loss) from continuing operations available to Genworth Financial, Inc.’s
common
stockholders
  $
(66
)   $
148
 
Basic per share
  $
  (0.13
)   $
  0.29
 
Diluted per share
  $
  (0.13
)   $
  0.29
 
Income from discontinued operations:
   
     
 
Income from discontinued operations, net of taxes
  $
 
 
 
    $
62
 
Less: net income from discontinued operations attributable to noncontrolling interests
   
     
36
 
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders
  $
    $
26
 
Basic per share
  $
    $
0.05
 
Diluted per share
  $
    $
0.05
 
Net income (loss):
   
     
 
Income (loss) from continuing operations
  $
(72
)   $
168
 
Income from discontinued operations, net of taxes
   
     
62
 
Net income (loss)
   
(72
)    
230
 
Less: net income (loss) attributable to noncontrolling interests
   
(6
)    
56
 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
  $
(66
)   $
174
 
Basic per share
 (2)
  $
  (0.13
)   $
0.35
 
Diluted per share
  $
  (0.13
)   $
0.34
 
 
 
 
 
 
 
 
 
 
(1)
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 March 31, 2020, we were required to use basic weighted-average common shares outstanding as the inclusion of shares for stock options, restricted stock units and stock appreciation rights of 5.4 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 March 31, 2020, dilutive potential weighted-average common shares outstanding would have been 509.7 million.
 
 
 
 
 
 
 
 
(2)
May not total due to whole number calculation.
 
 
 
 
 
 
 
 
13

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(4) Investments
(a) Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 
Three months ended
March 31,
 
(Amounts in millions)
 
2020
 
 
2019
 
Fixed maturity securities—taxable
  $
     622
    $
     613
 
Fixed maturity
securities—non-taxable
   
2
     
2
 
Equity securities
   
2
     
4
 
Commercial mortgage loans
   
85
     
82
 
Policy loans
   
49
     
46
 
Other invested assets
   
47
     
59
 
Cash, cash equivalents, restricted cash and short-term investments
   
11
     
11
 
                 
Gross investment income before expenses and fees
   
818
     
817
 
Expenses and fees
   
(25
)    
(23
)
                 
Net investment income
  $
793
    $
794
 
                 
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
Three months ended
March 31,
 
(Amounts in millions)
 
2020
 
 
2019
 
Available-for-sale
fixed maturity securities:
   
     
 
Realized gains
  $
         14
    $
         79
 
Realized losses
   
(1
)    
(21
)
                 
Net realized gains (losses) on
available-for-sale
fixed maturity securities
   
13
     
58
 
                 
Impairments:
   
     
 
Total other-than-temporary impairments
   
  
     
  
 
Portion of other-than-temporary impairments included in othercomprehensive income
   
  
     
  
 
                 
Net other-than-temporary impairments
   
  
     
  
 
                 
Net change in allowance for credit losses on
available-for-sale
fixed maturity
securities
   
     
 
Net realized gains (losses) on equity securities sold
   
  
     
3
 
Net unrealized gains (losses) on equity securities still held
   
(19
)    
12
 
Limited partnerships
   
(40
)    
15
 
Commercial mortgage loans
   
  
     
(1
)
Derivative instruments
(1)
   
(105
)    
(12
)
Other
   
(1
)    
  
 
                 
Net investment gains (losses)
  $
(152
)   $
75
 
                 
 
(1)
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
14

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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following represents the activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (“OCI”) as of and for the three months ended March 31, 2019:
(Amounts in millions)
 
 
Beginning balance
  $
         24
 
Other-than-temporary impairments not previously recognized
   
 
Increases related to other-than-temporary impairments previously recognized
   
 
Reductions:
   
 
Securities sold, paid down or disposed
   
(1
)
         
Ending balance
  $
23
 
         
(c) Unrealized Investment Gains and Losses
Net unrealized gains and losses on
available-for-sale
investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
(Amounts in millions)
 
March 31, 2020
 
 
December 31, 2019
 
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
 
(1)
 
$
4,957
 
 
$
6,676
 
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
   
  
     
 
Adjustments to deferred acquisition costs, present value of future profits, sales inducements
and benefit reserves
   
(3,478
)    
(4,789
)
Income taxes, net
   
(318
)    
(406
)
                 
Net unrealized investment gains (losses)
   
1,161
     
1,481
 
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
   
21
     
25
 
                 
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
 
$
1,140
 
 
$
1,456
 
                 
 
(1)
Excludes foreign exchange.
15

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The change in net unrealized gains (losses) on
available-for-sale
investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31:
                 
(Amounts in millions)
 
2020
 
 
2019
 
Beginning balance
 
$
     1,456
 
 
$
         595
 
Unrealized gains (losses) arising during the period:
   
     
 
Unrealized gains (losses) on fixed maturity securities
   
(1,712
)    
1,999
 
Adjustment to deferred acquisition costs
   
168
     
(989
)
Adjustment to present value of future profits
   
(1
)    
(53
)
Adjustment to sales inducements
   
36
     
(19
)
Adjustment to benefit reserves
   
1,108
     
(388
)
Provision for income taxes
   
87
     
(123
)
                 
Change in unrealized gains (losses) on investment securities
   
(314
)    
427
 
Reclassification adjustments to net investment (gains) losses, net of taxes of $1 and $13
   
(6
)    
(47
)
                 
Change in net unrealized investment gains (losses)
   
(320
)    
380
 
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
   
(4
)    
32
 
                 
Ending balance
 
$
1,140
 
 
$
943
 
                 
 
 
 
Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.
16

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(d) Fixed Maturity Securities
As of March 31, 2020, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as
available-for-sale
were as follows:
                                         
(Amounts in millions)
 
Amortized
cost or
cost
 
 
Gross
unrealized
gains
 
 
Gross
unrealized
losses
 
 
Allowance
for credit
losses
 
 
Fair
value
 
Fixed maturity securities:
   
     
     
     
     
 
U.S. government, agencies and government-sponsored enterprises
  $
4,041
    $
1,730
    $
    $
    $
5,771
 
State and political subdivisions
   
2,495
     
374
     
(5
)    
     
2,864
 
Non-U.S.
government
   
1,118
     
92
     
(9
)    
     
1,201
 
U.S. corporate:
   
     
     
     
     
 
Utilities
   
4,333
     
556
     
(22
)    
     
4,867
 
Energy
   
2,426
     
51
     
(385
)    
     
2,092
 
Finance and insurance
   
7,179
     
548
     
(104
)    
     
7,623
 
Consumer—non-cyclical
   
5,006
     
725
     
(46
)    
     
5,685
 
Technology and communications
   
3,000
     
312
     
(37
)    
     
3,275
 
Industrial
   
1,304
     
72
     
(31
)    
     
1,345
 
Capital goods
   
2,420
     
272
     
(28
)    
     
2,664
 
Consumer—cyclical
   
1,628
     
134
     
(43
)    
     
1,719
 
Transportation
   
1,344
     
152
     
(23
)    
     
1,473
 
Other
   
295
     
40
     
(1
)    
     
334
 
                                         
Total U.S. corporate
   
28,935
     
2,862
     
(720
)    
     
31,077
 
                                         
Non-U.S.
corporate:
   
     
     
     
     
 
Utilities
   
757
     
24
     
(16
)    
     
765
 
Energy
   
1,158
     
42
     
(102
)    
     
1,098
 
Finance and insurance
   
2,023
     
128
     
(40
)    
     
2,111
 
Consumer—non-cyclical
   
639
     
43
     
(8
)    
     
674
 
Technology and communications
   
1,021
     
96
     
(8
)    
     
1,109
 
Industrial
   
877
     
63
     
(29
)    
     
911
 
Capital goods
   
546
     
25
     
(10
)    
     
561
 
Consumer—cyclical
   
362
     
12
     
(12
)    
     
362
 
Transportation
   
554
     
62
     
(13
)    
     
603
 
Other
   
1,475
     
155
     
(25
)    
     
1,605
 
                                         
Total
non-U.S.
corporate
   
9,412
     
650
     
(263
)    
     
9,799
 
                                         
Residential mortgage-backed
   
2,032
     
258
     
(17
)    
     
2,273
 
Commercial mortgage-backed
   
2,876
     
169
     
(64
)    
     
2,981
 
Other asset-backed
   
3,227
     
12
     
(154
)    
     
3,085
 
                                         
Total
available-for-sale
fixed maturity securities
  $
54,136
    $
6,147
    $
(1,232
)   $
    $
 
 
59,051
 
                                         
 
 
 
17

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of December 31, 2019, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity securities classified as
available-for-sale
were as follows:
 
 
 
   
Gross unrealized gains
   
Gross unrealized losses
   
 
 
(Amounts in millions)
 
Amortized
cost or
cost
   
Not
 other-than-

temporarily
impaired
   
Other-than-

temporarily
impaired
   
Not
 other-than-

temporarily
impaired
   
Other-than-

temporarily
impaired
   
Fair
value
 
Fixed maturity securities:
   
     
     
     
     
     
 
U.S. government, agencies and government-sponsored enterprises
  $
4,073
    $
952
    $
       
    $
       
    $
       
    $
5,025
 
State and political subdivisions
   
2,394
     
355
     
  
     
(2
)    
  
     
2,747
 
Non-U.S.
government
   
1,235
     
117
     
  
     
(2
)    
  
     
1,350
 
U.S. corporate:
   
     
     
     
     
     
 
Utilities
   
4,322
     
675
     
  
     
  
     
  
     
4,997
 
Energy
   
2,404
     
303
     
  
     
(8
)    
  
     
2,699
 
Finance and insurance
   
6,977
     
798
     
  
     
(1
)    
  
     
7,774
 
Consumer—non-cyclical
   
4,909
     
796
     
  
     
(4
)    
  
     
5,701
 
Technology and communications
   
2,883
     
363
     
  
     
(1
)    
  
     
3,245
 
Industrial
   
1,271
     
125
     
  
     
  
     
  
     
1,396
 
Capital goods
   
2,345
     
367
     
  
     
(1
)    
  
     
2,711
 
Consumer—cyclical
   
1,590
     
172
     
  
     
(2
)    
  
     
1,760
 
Transportation
   
1,320
     
187
     
  
     
(1
)    
  
     
1,506
 
Other
   
292
     
30
     
  
     
  
     
  
     
322
 
                                                 
Total U.S. corporate
   
28,313
     
3,816
     
  
     
(18
)    
  
     
32,111
 
                                                 
Non-U.S.
corporate:
   
     
     
     
     
     
 
Utilities
   
779
     
50
     
  
     
  
     
  
     
829
 
Energy
   
1,140
     
179
     
  
     
  
     
  
     
1,319
 
Finance and insurance
   
2,087
     
232
     
  
     
  
     
  
     
2,319
 
Consumer—non-cyclical
   
631
     
55
     
  
     
(2
)    
  
     
684
 
Technology and communications
   
1,010
     
128
     
  
     
  
     
  
     
1,138
 
Industrial
   
896
     
92
     
  
     
  
     
  
     
988
 
Capital goods
   
565
     
40
     
  
     
  
     
  
     
605
 
Consumer—cyclical
   
373
     
24
     
  
     
  
     
  
     
397
 
Transportation
   
557
     
73
     
  
     
(1
)    
  
     
629
 
Other
   
1,431
     
188
     
  
     
(2
)    
  
     
1,617
 
                                                 
Total
non-U.S.
corporate
   
9,469
     
1,061
     
  
     
(5
)    
  
     
10,525
 
                                                 
Residential mortgage-backed
   
2,057
     
199
     
15
     
(1
)    
  
     
2,270
 
Commercial mortgage-backed
   
2,897
     
137
     
  
     
(8
)    
  
     
3,026
 
Other asset-backed
   
3,262
     
30
     
  
     
(7
)    
  
     
3,285
 
                                                 
Total
available-for-sale
fixed maturity securities
  $
53,700
    $
6,667
    $
15
    $
(43
)   $
  
    $
 
 
60,339
 
                                                 
18

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2020:
 
Less than 12 months
   
12 months or more
   
Total
 
(Dollar amounts in millions)
 
Fair
value
   
Gross
unrealized
losses
   
Number of
securities
   
Fair
value
   
Gross
unrealized
losses
   
Number of
securities
   
Fair
value
   
Gross
unrealized
losses
   
Number of
securities
 
Description of Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
   
     
     
     
     
     
     
     
     
 
State and political subdivisions
 
  $
106
    $
(5
)    
18
    $
    
    $
     
  
    $
106
    $
(5
)
   
18
 
Non-U.S.
government
   
156
     
(9
)    
27
     
  
     
     
  
     
156
     
(9
)
   
27
 
U.S. corporate
   
7,358
     
(685
)    
1,157
     
139
     
(35
)
   
16
     
7,497
     
(720
)
   
1,173
 
Non-U.S.
corporate
   
3,257
     
(258
)    
537
     
17
     
(5
)
   
3
     
3,274
     
(263
)
   
540
 
Residential mortgage-backed
   
304
     
(16
)    
59
     
13
     
(1
)
   
6
     
317
     
(17
)
   
65
 
Commercial mortgage-backed
   
894
     
(60
)    
152
     
9
     
(4
)
   
3
     
903
     
(64
)
   
155
 
Other asset-backed
   
2,353
     
(130
)    
455
     
245
     
(24
)
   
64
     
2,598
     
(154
)
   
519
 
                                                                         
Total for fixed maturity securities inan unrealized loss position
  $
14,428
    $
(1,163
)    
2,405
    $
423
    $
(69
)    
92
    $
14,851
    $
(1,232
)    
2,497
 
                                                                         
% Below cost:
   
     
     
     
     
     
     
     
     
 
<20% Below cost
  $
13,585
    $
(752
)    
2,258
    $
357
    $
(38
)    
79
    $
13,942
    $
(790
)
   
2,337
 
20%-50%
Below cost
   
784
     
(338
)    
134
     
63
     
(28
)
   
11
     
847
     
(366
)
   
145
 
>50% Below cost
   
59
     
(73
)    
13
     
3
     
(3
)
   
2
     
62
     
(76
)
   
15
 
                                                                         
Total for fixed maturity securities inan unrealized loss position
  $
14,428
    $
(1,163
)    
2,405
    $
423
    $
(69
)    
92
    $
14,851
    $
(1,232
)    
2,497
 
                                                                         
Investment grade
  $
13,122
    $
(927
)    
2,171
    $
313
    $
(42
)    
77
    $
13,435
    $
(969
)
   
2,248
 
Below investment grade
   
1,306
     
(236
)    
234
     
110
     
(27
)
   
15
     
1,416
     
(263
)
   
249
 
                                                                         
Total for fixed maturity securities inan unrealized loss position
  $
 
 
14,428
    $
(1,163
)    
2,405
    $
423
    $
(69
)    
92
    $
 
 
14,851
    $
(1,232
)    
2,497
 
                                                                         
19

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the gross unrealized losses and fair values of our corporate securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of March 31, 2020:
 
Less than 12 months
   
12 months or more
   
Total
 
(Dollar amounts in millions)
 
Fair value
   
Gross
unrealized
losses
   
Number of
securities
   
Fair
value
   
Gross
unrealized
losses
   
Number of
securities
   
Fair
value
   
Gross
unrealized
losses
   
Number of
securities
 
Description of Securities
   
     
     
     
     
     
     
     
     
 
U.S. corporate:
   
     
     
     
     
     
     
     
     
 
Utilities
  $
582
    $
(22
)    
112
    $
    $
     
    $
582
    $
(22
)    
112
 
Energy
   
1,443
     
(364
)    
240
     
56
     
(21
)    
9
     
1,499
     
(385
)    
249
 
Finance and insurance
   
1,911
     
(104
)    
259
     
     
     
     
1,911
     
(104
)    
259
 
Consumer—non-
 
cyclical
   
678
     
(39
)    
108
     
36
     
(7
)    
2
     
714
     
(46
)    
110
 
Technology andcommunications
   
772
     
(37
)    
116
     
     
     
     
772
     
(37
)    
116
 
Industrial
   
473
     
(31
)    
63
     
     
     
     
473
     
(31
)    
63
 
Capital goods
   
489
     
(25
)    
84
     
12
     
(3
)    
1
     
501
     
(28
)    
85
 
Consumer—cyclical
   
585
     
(39
)    
102
     
35
     
(4
)    
4
     
620
     
(43
)    
106
 
Transportation
   
420
     
(23
)    
71
     
     
     
     
420
     
(23
)    
71
 
Other
   
5
     
(1
)    
2
     
     
     
     
5
     
(1
)    
2
 
                                                                         
Subtotal, U.S. corporate
securities
   
7,358
     
(685
)    
1,157
     
139
     
(35
)    
16
     
7,497
     
(720
)    
1,173
 
                                                                         
Non-U.S.
corporate:
   
     
     
     
     
     
     
     
     
 
Utilities
   
279
     
(16
)    
37
     
     
     
     
279
     
(16
)    
37
 
Energy
   
591
     
(102
)    
66
     
     
     
     
591
     
(102
)    
66
 
Finance and insurance
   
649
     
(40
)    
117
     
     
     
     
649
     
(40
)    
117
 
Consumer—non-
 
cyclical
   
136
     
(6
)    
50
     
5
     
(2
)    
1
     
141
     
(8
)    
51
 
Technology andcommunications
   
189
     
(8
)    
48
     
     
     
     
189
     
(8
)    
48
 
Industrial
   
384
     
(29
)    
57
     
     
     
     
384
     
(29
)    
57
 
Capital goods
   
208
     
(10
)    
24
     
     
     
     
208
     
(10
)    
24
 
Consumer—cyclical
   
197
     
(12
)    
43
     
     
     
     
197
     
(12
)    
43
 
Transportation
   
162
     
(12
)    
33
     
7
     
(1
)    
1
     
169
     
(13
)    
34
 
Other
   
462
     
(23
)    
62
     
5
     
(2
)    
1
     
467
     
(25
)    
63
 
                                                                         
Subtotal,
non-U.S.
corporate
securities
   
3,257
     
(258
)    
537
     
17
     
(5
)    
3
     
3,274
     
(263
)    
540
 
                                                                         
Total for corporate securities in anunrealized loss position
  $
 
 
10,615
    $
(943
)    
1,694
    $
156
    $
(40
)    
19
    $
 
 
10,771
    $
(983
)    
1,713
 
                                                                         
We did not recognize an allowance for credit losses on securities in an unrealized loss position. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value is largely
20

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
due to recent market volatility and is not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2019:
 
Less than 12 months
   
12 months or more
   
Total
 
(Dollar amounts in millions)
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
Description of Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
   
     
     
     
     
     
     
     
     
 
State and political subdivisions
  $
91
    $
(2
)    
14
    $
  
    $
  
     
  
    $
91
    $
(2
)
   
14
 
Non-U.S.
government
   
224
     
(2
)    
20
     
  
     
  
     
  
     
224
     
(2
)
   
20
 
U.S. corporate
   
123
     
(5
)    
27
     
302
     
(13
)
   
33
     
425
     
(18
)
   
60
 
Non-U.S.
corporate
   
79
     
(1
)    
12
     
62
     
(4
)
   
7
     
141
     
(5
)
   
19
 
Residential mortgage-backed
   
22
     
(1
)    
10
     
  
     
  
     
  
     
22
     
(1
)
   
10
 
Commercial mortgage-backed
   
381
     
(5
)    
51
     
14
     
(3
)
   
3
     
395
     
(8
)
   
54
 
Other asset-backed
   
532
     
(2
)    
97
     
439
     
(5
)
   
115
     
971
     
(7
)
   
212
 
                                                                         
Total for fixed maturity securities in
an unrealized loss position
  $
1,452
    $
(18
)    
231
    $
817
    $
(25
)    
158
    $
2,269
    $
(43
)    
389
 
                                                                         
% Below cost:
   
     
     
     
     
     
     
     
     
 
<20% Below cost
  $
1,452
    $
(18
)    
231
    $
807
    $
(20
)    
155
    $
2,259
    $
(38
)    
386
 
20%-50%
Below cost
   
  
     
  
     
  
     
10
     
(5
)
   
3
     
10
     
(5
)
   
3
 
                                                                         
Total for fixed maturity securities in
an unrealized loss position
  $
1,452
    $
(18
)    
231
    $
817
    $
(25
)    
158
    $
2,269
    $
(43
)    
389
 
                                                                         
Investment grade
  $
1,408
    $
(14
)    
223
    $
702
    $
(15
)    
145
    $
2,110
    $
(29
)    
368
 
Below investment grade
   
44
     
(4
)    
8
     
115
     
(10
)
   
13
     
159
     
(14
)
   
21
 
                                                                         
Total for fixed maturity securities in
an unrealized loss position
  $
1,452
    $
(18
)    
231
    $
817
    $
(25
)    
158
    $
2,269
    $
(43
)    
389
 
                                                                         
21

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the gross unrealized losses and fair values of our corporate securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2019:
 
Less than 12 months
   
12 months or more
   
Total
 
(Dollar amounts in millions)
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
Description of Securities
   
     
     
     
     
     
     
     
     
 
U.S. corporate:
   
     
     
     
     
     
     
     
     
 
Energy
  $
  54
    $
  (3
)    
10
    $
  80
    $
  (5
)    
10
    $
  134
    $
  (8
)    
20
 
Finance and insurance
   
  
     
  
     
  
     
34
     
(1
)    
4
     
34
     
(1
)    
4
 
Consumer—non-cyclical
   
34
     
(1
)    
9
     
93
     
(3
)    
9
     
127
     
(4
)    
18
 
Technology and
 
communications
   
  
     
  
     
  
     
18
     
(1
)    
2
     
18
     
(1
)    
2
 
Capital goods
   
35
     
(1
)    
8
     
  
     
  
     
  
     
35
     
(1
)    
8
 
Consumer—cyclical
   
  
     
  
     
  
     
54
     
(2
)    
6
     
54
     
(2
)    
6
 
Transportation
   
  
     
  
     
  
     
23
     
(1
)    
2
     
23
     
(1
)    
2
 
                                                                         
Subtotal, U.S. corporate
securities
   
123
     
(5
)    
27
     
302
     
(13
)    
33
     
425
     
(18
)    
60
 
                                                                         
Non-U.S.
corporate:
   
     
     
     
     
     
     
     
     
 
Consumer—non-cyclical
   
  
     
  
     
  
     
31
     
(2
)    
3
     
31
     
(2
)    
3
 
Transportation
   
  
     
  
     
  
     
25
     
(1
)    
3
     
25
     
(1
)    
3
 
Other
   
79
     
(1
)    
12
     
6
     
(1
)    
1
     
85
     
(2
)    
13
 
                                                                         
Subtotal,
non-U.S.
corporate
securities
   
79
     
(1
)    
12
     
62
     
(4
)    
7
     
141
     
(5
)    
19
 
                                                                         
Total for corporate securities in anunrealized loss position
  $
 
 
  202
    $
  (6
)    
39
    $
 
 
  364
    $
  (17
)    
40
    $
  566
    $
  (23
)    
79
 
                                                                         
The scheduled maturity distribution of fixed maturity securities as of March 31, 2020 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in millions)
 
Amortized
cost or
cost
 
 
Fair value
 
Due one year or less
 
$
  1,415
 
 
$
  1,421
 
Due after one year through five years
   
8,835
     
8,949
 
Due after five years through ten years
   
12,207
     
12,642
 
Due after ten years
   
23,544
     
27,700
 
                 
Subtotal
   
46,001
     
50,712
 
Residential mortgage-backed
   
2,032
     
2,273
 
Commercial mortgage-backed
   
2,876
     
2,981
 
Other asset-backed
   
3,227
     
3,085
 
                 
Total
 
$
  54,136
 
 
$
  59,051
 
                 
As of March 31, 2020, securities issued by finance and insurance,
consumer—non-cyclical,
utilities and technology and communications industry groups represented approximately 23%, 15%, 14% and 11%,
22

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio.
As of March 31, 2020, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.
(e) Commercial Mortgage Loans
Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.
We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
 
March 31, 2020
   
December 31, 2019
 
(Amounts in millions)
 
Carrying
value
 
 
% of
total
 
 
Carrying
value
 
 
% of
total
 
Property type:
   
     
     
     
 
Retail
  $
  2,566
     
37
%   $
  2,590
     
37
%
Industrial
   
1,646
     
24
     
1,670
     
24
 
Office
   
1,641
     
23
     
1,632
     
23
 
Apartments
   
548
     
8
     
541
     
8
 
Mixed use
   
279
     
4
     
281
     
4
 
Other
   
264
     
4
     
266
     
4
 
                                 
Subtotal
   
6,944
     
100
%    
6,980
   
 
100
%
                                 
Unamortized balance of loan origination fees
   
  
     
     
(4
)    
 
Allowance for credit losses
   
(29
)    
     
(13
)    
 
                                 
Total
  $
6,915
     
    $
6,963
     
 
                                 
23

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
                                 
 
March 31, 2020
   
December 31, 2019
 
(Amounts in millions)
 
Carrying
value
 
 
% of
total
 
 
Carrying
value
 
 
% of
total
 
Geographic region:
   
     
     
     
 
South Atlantic
  $
  1,699
     
24
%   $
  1,715
     
25
%
Pacific
   
1,648
     
24
     
1,673
     
24
 
Middle Atlantic
   
980
     
14
     
992
     
14
 
Mountain
   
763
     
11
     
753
     
11
 
West North Central
   
485
     
7
     
488
     
7
 
East North Central
   
453
     
7
     
455
     
6
 
West South Central
   
451
     
6
     
433
     
6
 
New England
   
255
     
4
     
257
     
4
 
East South Central
   
210
     
3
     
214
     
3
 
                                 
Subtotal
   
6,944
     
100
%    
6,980
     
100
%
                                 
Unamortized balance of loan origination fees
   
  
     
     
(4
)    
 
Allowance for credit losses
   
(29
)    
     
(13
)    
 
                                 
Total
  $
  6,915
     
    $
  6,963
     
 
                                 
 
 
 
 
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:
                                                 
 
March 31, 2020
 
(Amounts in millions)
 
31
 -
 60 days
past due
 
 
61 - 90 days
past due
 
 
Greater than
90 days past
due
 
 
Total
past due
 
 
Current
 
 
Total
 
Property type:
   
     
     
     
     
     
 
Retail
  $
   
    $
   
    $
   
    $
   
    $
  2,566
    $
  2,566
 
Industrial
   
  
     
  
     
  
     
  
     
1,646
     
1,646
 
Office
   
  
     
  
     
  
     
  
     
1,641
     
1,641
 
Apartments
   
  
     
  
     
  
     
  
     
548
     
548
 
Mixed use
   
  
     
  
     
  
     
  
     
279
     
279
 
Other
   
  
     
  
     
  
     
  
     
264
     
264
 
                                                 
Total amortized cost
  $
  
    $
  
    $
  
    $
  
    $
 
  6,944
    $
 
  6,944
 
                                                 
% of total commercial mortgage loans
   
  
%    
  
%    
  
%    
  
%    
100
%    
100
%
                                                 
 
 
 
 
24

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
                                                 
 
December 31, 2019
 
(Amounts in millions)
 
31
 -
 60 days
past due
 
 
61
 -
 90 days
past due
 
 
Greater than
90 days past
due
 
 
Total
past due
 
 
Current
 
 
Total
 
Property type:
   
     
     
     
     
     
 
Retail
  $
    
    $
    
    $
    
    $
    
    $
  2,590
    $
2,590
 
Industrial
   
  
     
  
     
  
     
  
     
1,670
     
1,670
 
Office
   
  
     
  
     
  
     
  
     
1,632
     
1,632
 
Apartments
   
  
     
  
     
  
     
  
     
541
     
541
 
Mixed use
   
  
     
  
     
  
     
  
     
281
     
281
 
Other
   
  
     
  
     
  
     
  
     
266
     
266
 
                                                 
Total recorded investment
  $
    
    $
    
    $
    
    $
 
 
    
    $
  6,980
    $
6,980
 
                                                 
% of total commercial mortgage loans
   
  
%    
  
%    
  
%    
  
%    
100
%    
100
%
                                                 
 
 
 
 
For a discussion of our policy related to placing commercial mortgage loans on
non-accrual
status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2019 Annual Report on Form
10-K.
As of March 31, 2020 and December 31, 2019, we had no commercial mortgage loans on
non-accrual
status.
During the three months ended March 31, 2020 and the year ended December 31, 2019, we did not have any modifications or extensions that were considered troubled debt restructurings.
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated:
                 
 
Three months ended
March 31,
 
(Amounts in millions)
 
2020
 
 
2019
 
Allowance for credit losses:
   
     
 
Beginning balance
  $
13
    $
9
 
Cumulative effect of change in accounting
   
16
     
 
Provision
   
     
 
Write-offs
   
     
 
Recoveries
   
     
1
 
                 
Ending balance
  $
29
    $
10
 
                 
 
 
 
 
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the
debt-to-value
and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average
debt-to-value
ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower
debt-to-value
indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the
25

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
loan. Normalization allows for the removal of annual
one-time
events such as capital expenditures, prepaid or late real estate tax payments or
non-recurring
third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.
The following tables set forth the
debt-to-value
of commercial mortgage loans by property type as of the dates indicated:
                                                 
 
March 31, 2020
 
(Amounts in millions)
 
0%
 -
 50%
 
 
51%
 -
 60%
 
 
61%
 -
 75%
 
 
76%
 -
 100%
 
 
Greater
 
than 100%
 
 
Total
 
Property type:
   
     
     
     
     
     
 
Retail
  $
956
    $
587
    $
  1,023
    $
    
    $
    
    $
  2,566
 
Industrial
   
787
     
323
     
536
     
  
     
  
     
1,646
 
Office
   
550
     
353
     
738
     
  
     
  
     
1,641
 
Apartments
   
220
     
110
     
218
     
  
     
  
     
548
 
Mixed use
   
103
     
70
     
106
     
  
     
  
     
279
 
Other
   
55
     
69
     
140
     
  
     
  
     
264
 
                                                 
Total amortized cost
  $
  2,671
    $
  1,512
    $
  2,761
    $
    
    $
    
    $
  6,944
 
                                                 
% of total
   
38
%    
22
%    
40
%    
  
%    
  
%    
100
%
                                                 
Weighted-average debt service coverage ratio
   
2.31
     
1.82
     
1.55
     
  
     
  
     
1.90
 
                                                 
 
                                                 
 
December 31, 2019
 
(Amounts in millions)
 
0%
 -
 50%
 
 
51%
 -
 60%
 
 
61%
 -
 75%
 
 
76%
 -
 100%
 
 
Greater
than 100%
 
 
Total
 
Property type:
   
     
     
     
     
     
 
Retail
  $
986
    $
579
    $
  1,025
    $
    
    $
    
    $
  2,590
 
Industrial
   
808
     
337
     
525
     
  
     
  
     
1,670
 
Office
   
529
     
380
     
723
     
  
     
  
     
1,632
 
Apartments
   
211
     
110
     
220
     
  
     
  
     
541
 
Mixed use
   
104
     
70
     
107
     
  
     
  
     
281
 
Other
   
56
     
69
     
141
     
  
     
  
     
266
 
                                                 
Total recorded investment
  $
  2,694
    $
  1,545
    $
  2,741
    $
    
    $
    
    $
  6,980
 
                                                 
% of total
   
39
%    
22
%    
39
%    
  
%    
  
%    
100
%
                                                 
Weighted-average debt service coverage ratio
   
2.32
     
1.81
     
1.55
     
  
     
  
     
1.90
 
                                                 
 
26

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
                                                 
 
March 31, 2020
 
(Amounts in millions)
 
Less than
1.00
   
1.00
 -
 1.25
   
1.26
 -
 1.50
   
1.51
 -
 2.00
   
Greater
than 2.00
   
Total
 
Property type:
   
     
     
     
     
     
 
Retail
  $
65
    $
138
    $
601
    $
1,126
    $
636
    $
2,566
 
Industrial
   
24
     
50
     
217
     
655
     
700
     
1,646
 
Office
   
41
     
113
     
273
     
745
     
469
     
1,641
 
Apartments
   
16
     
31
     
130
     
186
     
185
     
548
 
Mixed use
   
3
     
18
     
37
     
105
     
116
     
279
 
Other
   
34
     
146
     
19
     
31
     
34
     
264
 
                                                 
Total amortized cost
  $
183
    $
496
    $
1,277
    $
2,848
    $
2,140
    $
6,944
 
                                                 
% of total
   
3
%    
7
%    
18
%    
41
%    
31
%    
100
%
                                                 
Weighted-average
debt-to-value
   
58
%    
61
%    
63
%    
58
%    
41
%    
54
%
                                                 
       
 
December 31, 2019
 
(Amounts in millions)
 
Less than
1.00
   
1.00
 -
 1.25
   
1.26
 -
 1.50
   
1.51
 -
 2.00
   
Greater
than 2.00
   
Total
 
Property type:
   
     
     
     
     
     
 
Retail
  $
68
    $
141
    $
596
    $
1,148
    $
637
    $
 
 
2,590
 
Industrial
   
24
     
51
     
221
     
658
     
716
     
1,670
 
Office
   
44
     
89
     
277
     
751
     
471
     
1,632
 
Apartments
   
16
     
32
     
129
     
175
     
189
     
541
 
Mixed use
   
4
     
16
     
37
     
107
     
117
     
281
 
Other
   
34
     
147
     
20
     
31
     
34
     
266
 
                                                 
Total recorded investment
  $
190
    $
476
    $
1,280
    $
2,870
    $
2,164
    $
6,980
 
                                                 
% of total
   
3
%    
7
%    
18
%    
41
%    
31
%    
100
%
                                                 
Weighted-average
debt-to-value
   
59
%    
61
%    
63
%    
58
%    
41
%    
54
%
                                                 
 
27

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2020:
(Amounts in millions)
 
2020
 
 
2019
 
 
2018
 
 
2017
 
 
2016
 
 
2015 and
prior
 
 
Total
 
Debt-to-value:
   
     
     
     
     
     
     
 
0% - 50%
  $
4
    $
11
    $
33
    $
104
    $
118
    $
2,401
    $
2,671
 
51% - 60%
   
12
     
29
     
170
     
280
     
149
     
872
     
1,512
 
61% - 75%
   
91
     
763
     
800
     
351
     
240
     
516
     
2,761
 
76% - 100%
   
     
     
     
     
     
     
 
Greater than 100%
   
     
     
     
     
     
     
 
                                                         
Total amortized cost
  $
 
107
    $
 
803
    $
 
1,003
    $
 
735
    $
 
507
    $
3,789
    $
 
6,944
 
                                                         
                                                         
Debt service coverage ratio:
   
     
     
     
     
     
     
 
Less than 1.00
  $
    $
    $
34
    $
3
    $
    $
146
    $
183
 
1.00 - 1.25
   
24
     
12
     
107
     
74
     
13
     
266
     
496
 
1.26 - 1.50
   
16
     
360
     
261
     
97
     
88
     
455
     
1,277
 
1.51 - 2.00
   
53
     
358
     
507
     
324
     
275
     
1,331
     
2,848
 
Greater than 2.00
   
14
     
73
     
94
     
237
     
131
     
1,591
     
2,140
 
                                                         
Total amortized cost
  $
107
    $
803
    $
1,003
    $
735
    $
507
    $
3,789
    $
6,944
 
                                                         
                                                         
Write-offs, gross
  $
    $
    $
    $
    $
    $
    $
 
Recoveries
   
     
     
     
     
     
     
 
                                                         
Write-offs, net
  $
    $
    $
    $
    $
    $
    $
 
                                                         
(f) Limited Partnerships or Similar Entities
Limited partnerships are accounted for at fair value when our partnership interest is considered minor (generally less than 3% ownership in the limited partnerships) and we exercise no influence over operating and financial policies. If our ownership percentage exceeds that threshold, limited partnerships are accounted for using the equity method of accounting. In applying either method, we use financial information provided by the investee generally on a
one-to-three
month lag. However, we consider whether an adjustment to the estimated fair value is necessary when the measurement date is not aligned with our reporting date.
Investments in limited partnerships or similar entities are generally considered VIEs when the equity group lacks sufficient financial control. Generally, these investments are limited partner or
non-managing
member equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of March 31, 2020 and December 31, 2019, the total carrying value of these investments was $654 million and $616 million, respectively. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We have not contributed, and do not plan to contribute, any additional financial or other support outside of what is contractually obligated.
28

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(5) Derivative Instruments
Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges.
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
Derivative assets
 
Derivative liabilities
 
 
Balance
 
sheet
classification
 
Fair value
   
Balance
 
sheet
classification
 
Fair value
 
(Amounts in millions)
March 31,
2020
 
 
 
December 31,
2019
 
March 31,
2020
 
 
 
December 31,
2019
 
Derivatives designated as
 
hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
   
     
   
   
     
 
Interest rate swaps
 
Other invested assets
  $
1,002
    $
197
   
Other liabilities
  $
  
    $
10
 
Foreign currency swaps
 
Other invested assets
   
21
     
4
   
Other liabilities
   
  
     
  
 
                                         
Total cash flow
 
hedges
 
   
1,023
     
201
   
   
  
     
10
 
                                         
Total derivatives
designated
 
as hedges
 
   
1,023
     
201
   
   
  
     
10
 
                                         
Derivatives not designated as
 
hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity index options
 
Other invested assets
   
62
     
81
   
Other liabilities
   
  
     
  
 
Financial futures
 
Other invested assets
   
  
     
  
   
Other liabilities
   
  
     
  
 
Other foreign currency
contracts
 
Other invested assets
   
16
     
8
   
Other liabilities
   
14
     
1
 
GMWB embeddedderivatives
 
Reinsurance
recoverable
(1)
   
47
     
20
   
Policyholder
account balances
 
(2)
   
691
     
323
 
Fixed index annuity embedded
 
derivatives
 
Other assets
   
  
     
  
   
Policyholder
account balances 
(3)
   
413
     
452
 
Indexed universal lifeembedded
 
derivatives
 
Reinsurance
recoverable
   
  
     
  
   
Policyholder
account balances 
(4)
   
21
     
19
 
                                         
Total derivatives not
designated as
 
hedges
 
   
125
     
109
   
   
1,139
     
795
 
                                         
Total derivatives
 
  $
     1,148
    $
     310
   
  $
     1,139
    $
     805
 
                                         
 
(1)
Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
(2)
Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
(3)
Represents the embedded derivatives associated with our fixed index annuity liabilities.
(4)
Represents the embedded derivatives associated with our indexed universal life liabilities.
 
29

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.
The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, fixed index annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated:
(Notional in millions)
 
Measurement
 
 
December 31,
2019
 
 
Additions
 
 
Maturities/
terminations
 
 
March 31,
2020
 
Derivatives designated as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
   
     
     
     
     
 
Interest rate swaps
   
Notional
    $
8,968
    $
1,158
    $
(1,102
)   $
9,024
 
Foreign currency swaps
   
Notional
     
110
     
     
     
110
 
                                         
Total cash flow hedges
   
     
9,078
     
1,158
     
(1,102
)    
9,134
 
                                         
Total derivatives designated as hedges
   
     
9,078
     
1,158
     
(1,102
)    
9,134
 
                                         
Derivatives not designated as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
   
Notional
     
4,674
     
     
     
4,674
 
Equity index options
   
Notional
     
2,451
     
509
     
(531
)    
2,429
 
Financial futures
   
Notional
     
1,182
     
1,651
     
(1,266
)    
1,567
 
Other foreign currency contracts
   
Notional
     
628
     
1,819
     
(1,308
)    
1,139
 
                                         
Total derivatives not designated as hedges
   
     
8,935
     
3,979
     
(3,105
)    
9,809
 
                                         
Total derivatives
   
    $
18,013
    $
5,137
    $
(4,207
)   $
18,943
 
                                         
                               
(Number of policies)
 
Measurement
 
 
December 31,
2019
 
 
Additions
 
 
Maturities/
terminations
 
 
March 31,
2020
 
Derivatives not designated as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMWB embedded derivatives
   
Policies
     
25,623
     
     
(561
)    
25,062
 
Fixed index annuity embedded derivatives
   
Policies
     
15,441
     
     
(317
)    
15,124
 
Indexed universal life embedded derivatives
   
Policies
     
884
     
     
(18
)    
866
 
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of OCI. We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; and (v) other instruments to hedge the cash flows of various forecasted transactions.
30

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the three months ended March 31, 2020:
(Amounts in millions)
 
Gain (loss)
recognized in OCI
 
 
Gain (loss)
reclassified into net
income (loss)
from OCI
 
 
Classification of gain 
(loss) reclassified into
net income (loss)
 
 
Gain (loss)
recognized in
net income (loss)
 
 
Classification of gain
(loss) recognized in
net income (loss)
 
Interest rate swaps hedging assets
  $
1,041
    $
43
     
Net investment income
    $
     
Net investment gains (losses)
 
Interest rate swaps hedging assets
   
  
     
4
     
Net investment gains (losses)
     
     
Net investment gains (losses)
 
Interest rate swaps hedging liabilities
   
(63
)    
  
     
Interest expense
     
     
Net investment gains (losses)
 
Foreign currency swaps
   
17
     
  
     
Net investment income
     
     
Net investment gains (losses)
 
                                         
Total
  $
995
    $
47
     
    $
     
 
                                         
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the three months ended March 31, 2019:
(Amounts in millions)
 
Gain (loss)
recognized in OCI
 
 
Gain (loss)
reclassified into
net income (loss)
from OCI
 
 
Classification of gain
(loss) reclassified into
net income (loss)
 
 
Gain (loss)
recognized in
net income (loss)
 
 
Classification of gain
(loss) recognized in
net income (loss)
 
Interest rate swaps hedging assets
  $
137
    $
38
     
Net investment income
    $
     
Net investment gains (losses)
 
Interest rate swaps hedging assets
   
  
     
6
     
Net investment gains (losses)
     
     
Net investment gains (losses)
 
Interest rate swaps hedging liabilities
   
(12
)    
  
     
Interest expense
     
     
Net investment gains (losses)
 
Foreign currency swaps
   
(3
)    
  
     
Net investment income
     
     
Net investment gains (losses)
 
Forward currency swaps
   
     
     
Net investment gains (losses)
     
2
     
Net investment gains (losses)
 
                                         
Total
  $
     122
    $
     44
     
    $
2
     
 
                                         
31

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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated:
                 
 
Three months ended
March 31,
 
(Amounts in millions)
 
2020
 
 
2019
 
Derivatives qualifying as effective accounting hedges as of January 1
  $
     2,002
    $
     1,781
 
Current period increases (decreases) in fair value, net of deferred taxes of $(212) and $(25)
   
783
     
97
 
Reclassification to net (income) loss, net of deferred taxes of $17 and $16
   
(30
)    
(28
)
                 
Derivatives qualifying as effective accounting hedges as of March 31
  $
2,755
    $
1,850
 
                 
 
 
 
The total of derivatives designated as cash flow hedges of $2,755 million, net of taxes, recorded in stockholders’ equity as of March 31, 2020 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $120 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the three months ended March 31, 2020 and 2019, we reclassified $2 million and $4 million, respectively, to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring.
Derivatives Not Designated As Hedges
We also enter into certain
non-qualifying
derivative instruments such as: (i) interest rate swaps and financial futures to mitigate interest rate risk as part of managing regulatory capital positions; (ii) equity index options, equity return swaps, interest rate swaps and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed index annuities and indexed universal life; (iii) interest rate caps where the hedging relationship does not qualify for hedge accounting; (iv) foreign currency forward contracts to mitigate currency risk associated with
non-functional
currency investments held by certain foreign subsidiaries; and (v) foreign currency options and forward contracts to mitigate currency risk associated with future dividends or other cash flows from certain foreign subsidiaries to our holding company. Additionally, we provide GMWBs on certain variable annuities that are required to be bifurcated as embedded derivatives. We also offer fixed index annuity and indexed universal life insurance products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives.
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides the
pre-tax
gain (loss) recognized in net income (loss) for the effects of derivatives not designated as hedges for the periods indicated:
                         
 
 
Three months ended March 31,
   
Classification of gain (loss) recognized 
in net income (loss)
 
(Amounts in millions)
 
2020
 
 
2019
 
Interest rate swaps
  $
(10
)   $
(1
)    
Net investment gains (losses)
 
Equity index options
   
(13
)    
17
     
Net investment gains (losses)
 
Financial futures
   
261
     
(44
)    
Net investment gains (losses)
 
Other foreign currency contracts
   
(47
)    
     
Net investment gains (losses)
 
GMWB embedded derivatives
   
(336
)    
45
     
Net investment gains (losses)
 
Fixed index annuity embedded derivatives
   
32
     
(38
)    
Net investment gains (losses)
 
Indexed universal life embedded derivatives
   
4
     
1
     
Net investment gains (losses)
 
                         
Total derivatives not designated as hedges
  $
 
 
(109
)   $
 
 
(20
)    
 
                         
 
 
 
Derivative Counterparty Credit Risk
Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated:
                                                 
 
March 31, 2020
   
December 31, 2019
 
(Amounts in millions)
 
Derivative
assets
(1)
 
 
Derivative
liabilities 
(2)
 
 
Net
derivatives
 
 
Derivative
assets
(1)
 
 
Derivative
liabilities 
(2)
 
 
Net
derivatives
 
Amounts presented in the balance sheet:
   
     
     
     
     
     
 
Gross amounts recognized
  $
1,102
    $
14
    $
1,088
    $
291
    $
11
    $
280
 
Gross amounts offset in the balance sheet
   
     
     
     
     
     
 
                                                 
Net amounts presented in the balance sheet
   
1,102
     
14
     
1,088
     
291
     
11
     
280
 
Gross amounts not offset in the balance sheet:
   
     
     
     
     
     
 
Financial instruments
(3)
   
     
     
     
(7
)
   
(7
)
   
 
Collateral received
   
(1,016
)
   
     
(1,016
)    
(179
)
   
     
(179
)
Collateral pledged
   
     
(451
)
   
451
     
     
(405
)
   
405
 
Over collateralization
   
42
     
437
     
(395
)    
18
     
401
     
(383
)
                                                 
Net amount
  $
128
    $
    $
128
    $
123
    $
    $
123
 
                                                 
 
 
 
 
(1)
Included $1 million of accruals on derivatives classified as other assets as of March 31, 2020 and December 31, 2019 and does not include amounts related to embedded derivatives as of March 31, 2020 and December 31, 2019.
 
 
 
(2)
Does not include amounts related to embedded derivatives as of March 31, 2020 and December 31, 2019.
 
 
 
(3)
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
 
 
 
33

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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(6) Fair Value of Financial Instruments
Recurring Fair Value Measurements
We have fixed maturity securities, short-term investments, equity securities, limited partnerships, derivatives, embedded derivatives, securities held as collateral, separate account assets and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument.
Fixed maturity, short-term investments and equity securities
The fair value of fixed maturity securities, short-term investments and equity securities are estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, a security is valued using that market information for similar securities, which is also a market approach. When market information is not available for a specific security or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. In addition, a combination of the results from market and income approaches may be used to estimate fair value. These valuation techniques may change from period to period, based on the relevance and availability of market data.
Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.
In general, we first obtain valuations from pricing services. If prices are unavailable from public pricing services, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for identical securities are not readily observable and these securities are not typically valued by pricing services.
Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3.
Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.
For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium,
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase)
in
the fair value for our fixed maturity securities as of March 31, 2020.
For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.
Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from third-party pricing sources to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.
A summary of the inputs used for our fixed maturity
 securities
, short-term investments and equity securities based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.
Level 1 measurements
Equity securities.
The primary inputs to the valuation of exchange-traded equity securities include quoted prices for the identical instrument.
Separate account assets.
The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing.
Level 2 measurements
Fixed maturity securities
 
Third-party pricing services:
In estimating the fair value of fixed maturity securities, approximately 91% of our portfolio was priced using third-party pricing sources as of March 31, 2020. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority
 
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
  and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by third-party pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our third-party pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.
 
 
 
The following table presents a summary of the significant inputs used by our third-party pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2020:
                         
(Amounts in millions)
 
Fair value
 
 
 
 
 
 
 
 
 
 
Primary methodologies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant inputs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government, agencies and government-sponsored enterprises
 
$
5,771
 
 
 
Price quotes from trading desk, broker feeds
 
 
 
Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
 
State and political subdivisions
 
$
2,781
 
 
 
Multi-dimensional attribute-based modeling systems, third-party pricing vendors
 
 
 
Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
 
Non-U.S.
go
v
ernment
 
$
1,185
 
 
 
Matrix pricing, spread priced to benchmark curves, price quotes from market makers
 
 
 
Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
 
U.S. corporate
 
$
27,844
 
 
 
Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-
based models
 
 
 
Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
 
Non-U.S.
corporate
 
$
7,702
 
 
 
Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers
 
 
 
Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
 
Residential m
o
rtgage-backed
 
$
2,249
 
 
 
OAS-based models, single factor binomial models, internally priced
 
 
 
Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
 
Commercial mortgage-backed
 
$
2,981
 
 
 
Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model
 
 
 
Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
 
Other asset-backed
 
$
2,967
 
 
 
Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers
 
 
 
Spreads to daily updated swaps curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
 
 
 
 
 
 
 
 
36

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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Internal models:
A portion of our
non-U.S.
government, U.S. corporate and
non-U.S.
corporate securities are valued using internal models. The fair value of these fixed maturity securities was $15 million, $1,120 million and $568 million, respectively, as of March 31, 2020. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.
 
 
Equity securities.
The primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active.
Securities lending collateral
The fair value of securities held as collateral is primarily based on Level 2 inputs from market information for the collateral that is held on our behalf by the custodian. We determine fair value after considering prices obtained by third-party pricing services.
Short-term investments
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by third-party pricing services.
Level 3 measurements
Fixed maturity securities
 
Broker quotes:
A portion of our state and political subdivisions,
non-U.S.
government, U.S. corporate,
non-U.S.
corporate, residential mortgage-backed and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by third-party pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $675 million as of March 31, 2020.
 
 
 
 
Internal models:
A portion of our state and political subdivisions, U.S. corporate,
non-U.S.
corporate, residential mortgage-backed and other asset-backed securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans,
 
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7

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $3,193 million as of March 31, 2020.
 
 
Equity securities.
The primary inputs to the valuation include broker quotes where the underlying inputs are unobservable and for internal models, structure of the security and issuer rating.
Net asset value
Limited partnerships
Limited partnerships are valued based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying instrument. We utilize the net asset value (“NAV”) f
rom
the underlying fund statements as a practical expedient for fair value.
Derivatives
We consider counterparty collateral arrangements and rights of
set-off
when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our
non-performance
risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our
non-performance
risk or the
non-performance
risk of the derivative counterparty for our derivative assets or liabilities.
Interest rate swaps.
The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2.
Interest rate caps.
The valuation of interest rate caps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, forward interest rate volatility and time value component associated with the optionality in the derivative which are generally considered observable inputs and results in the derivatives being classified as Level 2.
Foreign currency swaps.
The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered observable inputs, and results in the derivative being classified as Level 2.
Equity index options.
We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rates, equity index volatility, equity index and time value component associated with the optionality in the derivative. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3. As of March 31, 2020, a significant increase (decrease) in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value measurement.
3
8

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Financial futures.
The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis.
Equity return swaps.
The valuation of equity return swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and underlying equity index values, which are generally considered observable inputs, and results in the derivative being classified as Level 2.
Other foreign currency contracts.
We have certain foreign currency options classified as other foreign currency contracts. The valuation of foreign currency options is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, foreign currency exchange rates, forward interest rate, foreign currency exchange rate volatility and time value component associated with the optionality in the derivative, which are generally considered observable inputs and results in the derivative being classified as Level 2. We also have foreign currency forward contracts where the valuation is determined using an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2.
GMWB embedded derivatives
We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. We determine fair value using an internal model based on the various inputs noted above.
Non-performance
risk is integrated into the discount rate used to value GMWB liabilities. Our discount rate used to determine fair value of our GMWB liabilities includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the
non-performance
risk of the GMWB liabilities. As of March 31, 2020 and December 31, 2019, the impact of
non-performance
risk resulted in a lower fair value of our GMWB liabilities of $112 million and $62 million, respectively.
We classify the GMWB valuation as Level 3 based on having significant unobservable inputs, with equity index volatility and
non-performance
risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the GMWB liabilities will increase. Any increase in
non-performance
risk would increase the discount rate and would decrease the fair value of the GMWB liability. Additionally, we consider lapse and utilization assumptions to be significant unobservable inputs. An increase in our lapse assumption would decrease the fair value of the GMWB liability, whereas an increase in our utilization rate would increase the fair value. As of March 31, 2020, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
Fixed index annuity embedded derivatives
We have fixed indexed annuity products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs
39

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate
non-performance
risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of March 31, 2020, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
Indexed universal life embedded derivatives
We have indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate
non-performance
risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of March 31, 2020, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
40

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
                                         
 
March 31, 2020
 
(Amounts in millions)
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
NAV
(1)
 
Assets
   
     
     
     
     
 
Investments:
   
     
     
     
     
 
Fixed maturity securities:
   
     
     
     
     
 
U.S. government, agencies and government-sponsored enterprises
  $
5,771
    $
  
    $
5,771
    $
    $
  
 
State and political subdivisions
   
2,864
     
  
     
2,781
     
83
     
  
 
Non-U.S.
government
   
1,201
     
  
     
1,200
     
1
     
  
 
U.S. corporate:
   
     
     
     
     
 
Utilities
   
4,867
     
  
     
4,024
     
843
     
  
 
Energy
   
2,092
     
  
     
1,968
     
124
     
  
 
Finance and insurance
   
7,623
     
  
     
7,113
     
510
     
  
 
Consumer—non-cyclical
   
5,685
     
  
     
5,597
     
88
     
  
 
Technology and communications
   
3,275
     
  
     
3,214
     
61
     
  
 
Industrial
   
1,345
     
  
     
1,308
     
37
     
  
 
Capital goods
   
2,664
     
  
     
2,574
     
90
     
  
 
Consumer—cyclical
   
1,719
     
  
     
1,540
     
179
     
  
 
Transportation
   
1,473
     
  
     
1,430
     
43
     
  
 
Other
   
334
     
  
     
196
     
138
     
  
 
                                         
Total U.S. corporate
   
31,077
     
  
     
28,964
     
2,113
     
  
 
                                         
Non-U.S.
corporate:
   
     
     
     
     
 
Utilities
   
765
     
  
     
410
     
355
     
  
 
Energy
   
1,098
     
  
     
862
     
236
     
  
 
Finance and insurance
   
2,111
     
  
     
1,888
     
223
     
  
 
Consumer—non-cyclical
   
674
     
  
     
616
     
58
     
  
 
Technology and communications
   
1,109
     
  
     
1,082
     
27
     
  
 
Industrial
   
911
     
  
     
819
     
92
     
  
 
Capital goods
   
561
     
  
     
426
     
135
     
  
 
Consumer—cyclical
   
362
     
  
     
198
     
164
     
  
 
Transportation
   
603
     
  
     
495
     
108
     
  
 
Other
   
1,605
     
  
     
1,474
     
131
     
  
 
                                         
Total
non-U.S.
corporate
   
9,799
     
  
     
8,270
     
1,529
     
  
 
                                         
Residential mortgage-backed
   
2,273
     
  
     
2,249
     
24
     
  
 
Commercial mortgage-backed
   
2,981
     
  
     
2,981
     
  
     
  
 
Other asset-backed
   
3,085
     
  
     
2,967
     
118
     
  
 
                                         
Total fixed maturity securities
   
59,051
     
  
     
55,183
     
3,868
     
  
 
                                         
Equity securities
   
188
     
43
     
95
     
50
     
  
 
                                         
Other invested assets:
   
     
     
     
     
 
Derivative assets:
   
     
     
     
     
 
Interest rate swaps
   
1,002
     
  
     
1,002