EX-99.2

Exhibit 99.2

LOGO

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022


Table of Contents	Page
Investor Letter .		3
Use of Non-GAAP Measures.		4
Results of Operations and Selected Operating Performance Measures ..		5
Financial Highlights		6

*Consolidated Quarterly Results*
Consolidated Net Income by Quarter		8
Reconciliation of Net Income to Adjusted Operating Income		9
Consolidated Balance Sheets.		10-11
Consolidated Balance Sheets by Segment.		12-13
Deferred Acquisition Costs (DAC) Rollforward		14

*Quarterly Results by Business*
Adjusted Operating Income and Sales - Enact Segment		16-21
Adjusted Operating Income (Loss) - U.S. Life Insurance Segment		23-26
Adjusted Operating Income - Runoff Segment		28
Adjusted Operating Income (Loss) - Corporate and Other Activities		30

*Additional Financial Data*
Investments Summary		32
Fixed Maturity Securities Summary		33
General Account U.S. GAAP Net Investment Income Yields		34
Net Investment Gains (Losses), Net—Detail		35

*Reconciliations of Non-GAAP Measures*
Reconciliation of Operating Return On Equity (ROE)		37
Reconciliation of Consolidated Expense Ratio		38
Reconciliation of Reported Yield to Core Yield		39

*Corporate Information*
Financial Strength Ratings.		41

Note:

Unless otherwise stated, all references in this financial supplement to income (loss) from continuing operations, income (loss) from continuing operations per share, net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share, book value and book value per share should be read as income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders, income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share, net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, non-U.S. Generally Accepted Accounting Principles (U.S. GAAP) adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, non-GAAP adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share, book value available to Genworth Financial, Inc.’s common stockholders and book value available to Genworth Financial, Inc.’s common stockholders per share, respectively.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Dear Investor,

On March 11, 2022, S&P Global Ratings upgraded the credit rating of Genworth Financial, Inc. and Genworth Holdings, Inc. (Genworth Holdings) to “B+” (Speculative) from “B” (Speculative) and maintained a Positive outlook. The ratings upgrade is mostly due to the reduction in Genworth Holdings’ debt and other obligations over the past 12 months, resulting in the company’s improved financial flexibility and lower liquidity risk. For information related to the financial strength ratings of the company’s primary insurance subsidiaries, see page 41 of this financial supplement.

The company has added a new non-GAAP financial measure entitled “adjusted expense ratio” on page 38 of this financial supplement. Management believes that this expense ratio analysis enhances understanding of the operating performance of the company.

Thank you for your continued interest in Genworth Financial, Inc.

Regards,

Investor Relations

InvestorInfo@genworth.com

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Use of Non-GAAP Measures

This financial supplement includes the non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss) per share.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company’s segments and Corporate and Other activities. A component of the company’s net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company’s opinion, they are not indicative of overall operating trends.

While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, the company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.’s common stockholders or net income (loss) available to Genworth Financial, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35).

In the first quarter of 2022, the company repurchased $82 million principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $3 million. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.

The company recorded a pre-tax expense of $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continued to evaluate and appropriately size its organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income (loss) during the periods presented.

The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the periods presented and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting. This financial supplement includes other non-GAAP measures management believes enhances the understanding and comparability of performance by highlighting underlying business activity and profitability drivers. These additional non-GAAP measures are on pages 37 to 39 of this financial supplement.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Results of Operations and Selected Operating Performance Measures

The company’s chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the periods presented and reflects adjusted operating income as determined in accordance with accounting guidance related to segment reporting.

The company taxes its businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities.

The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year.

This financial supplement contains selected operating performance measures including “sales” and “insurance in-force” or “risk in-force” which are commonly used in the insurance industry as measures of operating performance.

Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company’s Enact segment. The company considers new insurance written to be a measure of the operating performance of its Enact segment because it represents a measure of new sales of insurance policies during a specified period, rather than a measure of revenues or profitability during that period.

Management regularly monitors and reports insurance in-force and risk in-force for the company’s Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by the company’s U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. The company considers insurance in-force and risk in-force to be measures of the operating performance of its Enact segment because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period.

Management also regularly monitors and reports a loss ratio for the company’s businesses. For the U.S. mortgage insurance business included in the company’s Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company’s U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.

These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Financial Highlights

(amounts in millions, except per share data)


Balance Sheet Data	March 31, 2022			December 31, 2021	September 30, 2021			June 30, 2021			March 31, 2021
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income	$	11,797		$ 11,649	$	11,476		$	11,330		$	11,083
Total accumulated other comprehensive income		2,610		3,861		3,800			3,834			3,675

Total Genworth Financial, Inc.’s stockholders’ equity	$	14,407		$ 15,510	$	15,276		$	15,164		$	14,758

Book value per share	$	28.23		$30.57	$	30.11		$	29.89		$	29.14
Book value per share, excluding accumulated other comprehensive income	$	23.12		$22.96	$	22.62		$	22.33		$	21.88
Common shares outstanding as of the balance sheet date		510.3		507.4		507.4			507.4			506.5

	Twelve months ended
Twelve Month Rolling Average ROE	March 31, 2022			December 31, 2021	September 30, 2021			June 30, 2021			March 31, 2021
U.S. GAAP Basis ROE		7.6	%	8.0%		9.1	%		10.3	%		4.0	%
Operating ROE⁽¹⁾		6.3	%	6.8%		7.1	%		6.2	%		4.3	%

	Three months ended
Quarterly Average ROE	March 31, 2022			December 31, 2021	September 30, 2021			June 30, 2021			March 31, 2021
U.S. GAAP Basis ROE		5.1	%	5.6%		11.0	%		8.6	%		6.8	%
Operating ROE⁽¹⁾		4.5	%	5.7%		8.4	%		6.9	%		6.1	%


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

Weighted-average common shares used in diluted earnings per share calculations		517.4

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

Consolidated Quarterly Results

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Net Income by Quarter

(amounts in millions, except per share amounts)


	2022			2021
	1Q			4Q			3Q		2Q			1Q		Total
REVENUES:
Premiums	$	931		$	576		$	944	$	947		$	968	$	3,435
Net investment income		764			866			859		844			801		3,370
Net investment gains (losses)		28			132			88		70			33		323
Policy fees and other income		169			162			179		180			183		704

Total revenues		1,892			1,736			2,070		2,041			1,985		7,832

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,139			861			1,143		1,161			1,218		4,383
Interest credited		125			127			123		127			131		508
Acquisition and operating expenses, net of deferrals		271			354			290		304			275		1,223
Amortization of deferred acquisition costs and intangibles		92			108			106		86			77		377
Interest expense		26			31			35		43			51		160

Total benefits and expenses		1,653			1,481			1,697		1,721			1,752		6,651

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		239			255			373		320			233		1,181
Provision for income taxes		58			62			67		75			59		263

INCOME FROM CONTINUING OPERATIONS		181			193			306		245			174		918
Income (loss) from discontinued operations, net of taxes⁽¹⁾		(2	)		(1	)		12		(5	)		21		27

NET INCOME		179			192			318		240			195		945
Less: net income from continuing operations attributable to noncontrolling interests		30			29			4		—			—		33
Less: net income from discontinued operations attributable to noncontrolling interests		—			—			—		—			8		8

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	149		$	163		$	314	$	240		$	187	$	904

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	151		$	164		$	302	$	245		$	174	$	885
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		(2	)		(1	)		12		(5	)		13		19

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	149		$	163		$	314	$	240		$	187	$	904


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

⁽¹⁾

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Net Income to Adjusted Operating Income

(amounts in millions, except per share amounts)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	149		$	163		$	314		$	240		$	187		$	904
Add: net income from continuing operations attributable to noncontrolling interests		30			29			4			—			—			33
Add: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			8			8

NET INCOME		179			192			318			240			195			945
Less: income (loss) from discontinued operations, net of taxes		(2	)		(1	)		12			(5	)		21			27

INCOME FROM CONTINUING OPERATIONS		181			193			306			245			174			918
Less: net income from continuing operations attributable to noncontrolling interests		30			29			4			—			—			33

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		151			164			302			245			174			885

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		(28	)		(133	)		(88	)		(70	)		(33	)		(324	)
(Gains) losses on early extinguishment of debt		3			35			6			—			4			45
Initial loss from life block transaction		—			92			—			—			—			92
Expenses related to restructuring		—			5			3			5			21			34
Taxes on adjustments		5			1			16			14			2			33

ADJUSTED OPERATING INCOME	$	131		$	164		$	239		$	194		$	168		$	765

ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	135		$	125		$	134		$	135		$	126		$	520
U.S. Life Insurance segment:
Long-Term Care Insurance		59			119			133			98			95			445
Life Insurance		(79	)		(98	)		(68	)		(40	)		(63	)		(269	)
Fixed Annuities		16			20			28			13			30			91

Total U.S. Life Insurance segment		(4	)		41			93			71			62			267

Runoff segment		9			16			11			15			12			54
Corporate and Other		(9	)		(18	)		1			(27	)		(32	)		(76	)

ADJUSTED OPERATING INCOME	$	131		$	164		$	239		$	194		$	168		$	765


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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheets

(amounts in millions)


	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value⁽¹⁾	$	55,027		$	60,480		$	61,274		$	61,649		$	60,231
Equity securities, at fair value		230			198			156			147			238
Commercial mortgage loans⁽²⁾		6,938			6,856			6,916			6,912			6,787
Less: Allowance for credit losses		(25	)		(26	)		(30	)		(33	)		(32	)

Commercial mortgage loans, net		6,913			6,830			6,886			6,879			6,755
Policy loans		2,028			2,050			2,067			2,083			1,976
Limited partnerships		2,007			1,900			1,617			1,354			1,160
Other invested assets		671			820			718			906			599

Total investments		66,876			72,278			72,718			73,018			70,959
Cash, cash equivalents and restricted cash		1,291			1,571			1,937			2,214			1,964
Accrued investment income		696			647			626			573			704
Deferred acquisition costs		1,310			1,146			1,193			1,212			1,247
Intangible assets		159			143			147			151			155
Reinsurance recoverable		16,821			16,868			16,722			16,716			16,788
Less: Allowance for credit losses		(57	)		(55	)		(51	)		(50	)		(44	)

Reinsurance recoverable, net		16,764			16,813			16,671			16,666			16,744
Other assets		440			388			396			403			439
Deferred tax asset		421			119			209			211			314
Separate account assets		5,530			6,066			5,978			6,202			6,032

Total assets	$	93,487		$	99,171		$	99,875		$	100,650		$	98,558

⁽¹⁾

Amortized cost of $52,280 million, $52,611 million, $53,181 million, $53,111 million and $53,470 million as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, and allowance for credit losses of $^___ as of March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 and $3 million as of March 31, 2021.

⁽²⁾	Net of unamortized balance of loan origination fees and costs of $4 million as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheets

(amounts in millions)


	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	38,897		$	41,528		$	41,794		$	42,165		$	40,634
Policyholder account balances		18,197			19,354			19,607			19,944			19,999
Liability for policy and contract claims		11,833			11,841			11,743			11,546			11,415
Unearned premiums		639			672			685			695			728
Other liabilities		1,416			1,511			1,568			1,664			1,710
Long-term borrowings		1,819			1,899			2,412			2,924			2,922
Separate account liabilities		5,530			6,066			5,978			6,202			6,032
Liabilities related to discontinued operations⁽¹⁾		4			34			36			346			360

Total liabilities		78,335			82,905			83,823			85,486			83,800

Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,857			11,858			11,850			12,018			12,011
Accumulated other comprehensive income (loss)		2,610			3,861			3,800			3,834			3,675
Retained earnings		2,639			2,490			2,325			2,011			1,771
Treasury stock, at cost		(2,700	)		(2,700	)		(2,700	)		(2,700	)		(2,700	)

Total Genworth Financial, Inc.’s stockholders’ equity		14,407			15,510			15,276			15,164			14,758
Noncontrolling interests		745			756			776			—			—

Total equity		15,152			16,266			16,052			15,164			14,758

Total liabilities and equity	$	93,487		$	99,171		$	99,875		$	100,650		$	98,558

⁽¹⁾

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheet by Segment

(amounts in millions)


	March 31, 2022
	Enact			U.S. Life Insurance			Runoff		Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,579		$	59,149		$	2,595	$	1,540		$	68,863
Deferred acquisition costs and intangible assets		36			1,298			127		8			1,469
Reinsurance recoverable, net		—			16,118			646		—			16,764
Deferred tax and other assets		175			(83	)		62		707			861
Separate account assets		—			—			5,530		—			5,530

Total assets	$	5,790		$	76,482		$	8,960	$	2,255		$	93,487

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	38,895		$	2	$	—		$	38,897
Policyholder account balances		—			15,190			3,007		—			18,197
Liability for policy and contract claims		625			11,186			14		8			11,833
Unearned premiums		236			400			3		—			639
Other liabilities		123			705			43		545			1,416
Borrowings		741			—			—		1,078			1,819
Separate account liabilities		—			—			5,530		—			5,530
Liabilities related to discontinued operations		—			—			—		4			4

Total liabilities		1,725			66,376			8,599		1,635			78,335

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,436			7,238			361		762			11,797
Allocated accumulated other comprehensive income (loss)		(116	)		2,868			—		(142	)		2,610

Total Genworth Financial, Inc.’s stockholders’ equity		3,320			10,106			361		620			14,407
Noncontrolling interests		745			—			—		—			745

Total equity		4,065			10,106			361		620			15,152

Total liabilities and equity	$	5,790		$	76,482		$	8,960	$	2,255		$	93,487

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Consolidated Balance Sheet by Segment

(amounts in millions)


	December 31, 2021
	Enact		U.S. Life Insurance			Runoff		Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,723	$	64,084		$	2,574	$	2,115		$	74,496
Deferred acquisition costs and intangible assets		37		1,129			113		10			1,289
Reinsurance recoverable, net		—		16,168			645		—			16,813
Deferred tax and other assets		90		(171	)		62		526			507
Separate account assets		—		—			6,066		—			6,066

Total assets	$	5,850	$	81,210		$	9,460	$	2,651		$	99,171

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—	$	41,526		$	2	$	—		$	41,528
Policyholder account balances		—		16,343			3,011		—			19,354
Liability for policy and contract claims		641		11,183			8		9			11,841
Unearned premiums		246		423			3		—			672
Other liabilities		123		765			40		583			1,511
Borrowings		740		—			—		1,159			1,899
Separate account liabilities		—		—			6,066		—			6,066
Liabilities related to discontinued operations		—		—			—		34			34

Total liabilities		1,750		70,240			9,130		1,785			82,905

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,276		7,159			324		890			11,649
Allocated accumulated other comprehensive income (loss)		68		3,811			6		(24	)		3,861

Total Genworth Financial, Inc.’s stockholders’ equity		3,344		10,970			330		866			15,510
Noncontrolling interests		756		—			—		—			756

Total equity		4,100		10,970			330		866			16,266

Total liabilities and equity	$	5,850	$	81,210		$	9,460	$	2,651		$	99,171

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Deferred Acquisition Costs Rollforward

(amounts in millions)


	Enact			U.S. Life Insurance			Runoff			Total
Unamortized balance as of December 31, 2021	$	27		$	2,279		$	132		$	2,438
Costs deferred		2			—			—			2
Amortization, net of interest accretion		(2	)		(67	)		(6	)		(75	)

Unamortized balance as of March 31, 2022		27			2,212			126			2,365
Effect of accumulated net unrealized investment (gains) losses		—			(1,054	)		(1	)		(1,055	)

Balance as of March 31, 2022	$	27		$	1,158		$	125		$	1,310

Enact Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income and Sales—Enact Segment

(amounts in millions)


	2022			2021
	1Q			4Q		3Q			2Q			1Q			Total
REVENUES:
Premiums	$	234		$	237	$	243		$	243		$	252		$	975
Net investment income		35			35		36			35			35			141
Net investment gains (losses)		—			—		1			(2	)		(1	)		(2	)
Policy fees and other income		1			1		1			—			2			4

Total revenues		270			273		281			276			288			1,118

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(10	)		6		34			30			55			125
Acquisition and operating expenses, net of deferrals		54			55		55			63			57			230
Amortization of deferred acquisition costs and intangibles		3			4		3			4			4			15
Interest expense		13			13		13			12			13			51

Total benefits and expenses		60			78		105			109			129			421

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		210			195		176			167			159			697
Provision for income taxes		45			41		38			35			34			148

INCOME FROM CONTINUING OPERATIONS		165			154		138			132			125			549
Less: net income from continuing operations attributable to noncontrolling interests		30			29		4			—			—			33

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		135			125		134			132			125			516

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses		—			—		(1	)		2			1			2
Expenses related to restructuring		—			—		1			2			—			3
Taxes on adjustments		—			—		—			(1	)		—			(1	)

ADJUSTED OPERATING INCOME	$	135		$	125	$	134		$	135		$	126		$	520


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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Primary New Insurance Written Metrics—Enact Segment

(amounts in millions)


	2022					2021
	1Q					4Q					3Q					2Q					1Q
	Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW
Payment Type
Monthly	$	17,071		91	%	$	19,395		91	%	$	21,475		90	%	$	24,887		93	%	$	23,358		94	%
Single		1,690		9			1,991		9			2,431		10			1,686		7			1,446		6
Other⁽¹⁾		62		—			55		—			66		—			84		—			130		—

Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

Origination
Purchase	$	17,326		92	%	$	19,284		90	%	$	20,988		88	%	$	21,143		79	%	$	15,500		62	%
Refinance		1,497		8			2,157		10			2,984		12			5,514		21			9,434		38

Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

FICO Scores
Over 760	$	8,359		45	%	$	9,401		44	%	$	10,708		45	%	$	11,762		44	%	$	10,520		42	%
740 - 759		3,085		16			3,406		16			3,830		16			3,995		15			3,836		15
720 - 739		2,515		13			2,844		13			3,177		13			3,467		13			3,423		14
700 - 719		1,952		10			2,257		11			2,702		11			3,131		12			2,979		12
680 - 699		1,316		7			1,589		7			1,875		8			2,513		9			2,480		10
660 - 679⁽²⁾		931		5			1,106		5			1,010		4			1,068		4			983		4
640 - 659		486		3			611		3			504		2			547		2			511		2
620 - 639		173		1			223		1			166		1			174		1			202		1
<620		6		—			4		—			—		—			—		—			—		—

Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

Loan-To-Value Ratio
95.01% and above	$	3,146		17	%	$	3,660		17	%	$	3,396		14	%	$	2,767		11	%	$	2,241		9	%
90.01% to 95.00%		6,682		35			7,548		35			8,838		37			10,758		40			9,453		38
85.01% to 90.00%		5,620		30			6,253		29			7,454		31			8,618		32			8,392		34
85.00% and below		3,375		18			3,980		19			4,284		18			4,514		17			4,848		19

Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

Debt-To-Income Ratio
45.01% and above	$	4,452		24	%	$	4,977		23	%	$	4,167		17	%	$	3,269		12	%	$	2,566		10	%
38.01% to 45.00%		6,361		34			7,047		33			7,949		33			9,204		35			8,746		35
38.00% and below		8,010		42			9,417		44			11,856		50			14,184		53			13,622		55

Total Primary	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

⁽¹⁾	Includes loans with annual and split payment types.

⁽²⁾	Loans with unknown FICO scores are included in the 660-679 category.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Other Metrics—Enact Segment

(dollar amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total

Primary Insurance In-Force⁽¹⁾	$	231,853		$	226,514		$	222,464		$	217,477		$	210,187

Risk In-Force
Primary⁽²⁾	$	58,295		$	56,881		$	55,866		$	54,643		$	52,866
Pool		97			105			117			123			134

Total Risk In-Force	$	58,392		$	56,986		$	55,983		$	54,766		$	53,000


Expense Ratio⁽³⁾		24	%		25	%		24	%		27	%		24	%		25	%

Primary Persistency		76	%		69	%		65	%		63	%		56	%		62	%

Combined Risk To Capital Ratio⁽⁴⁾		12.1:1			12.2:1			11.8:1			11.8:1			11.7:1

EMICO Risk To Capital Ratio^(4),(5)		12.2:1			12.3:1			11.9:1			12.0:1			11.9:1

PMIERs Available Assets⁽⁶⁾	$	5,222		$	5,077		$	5,126		$	4,926		$	4,769

PMIERs Required Assets⁽⁶⁾	$	2,961		$	3,074		$	2,839		$	2,985		$	3,005

Available Assets Above PMIERs Requirements⁽⁶⁾	$	2,261		$	2,003		$	2,287		$	1,941		$	1,764

PMIERs Sufficiency Ratio⁽⁶⁾		176	%		165	%		181	%		165	%		159	%

Average Primary Loan Size (in thousands)	$	246		$	242		$	237		$	233		$	228

The expense ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

⁽¹⁾	Primary insurance in-force represents aggregate unpaid balance for loans the company’s U.S. mortgage insurance subsidiaries insure. Original loan balances are primarily used to determine premiums.

⁽²⁾	Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors.

⁽³⁾

The ratio of an insurer’s general expenses to net earned premiums. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by two percentage points for the three months ended June 30, 2021.

⁽⁴⁾

Certain states limit a private mortgage insurer’s risk in-force to 25 times the total of the insurer’s policyholders’ surplus plus the statutory contingency reserve, commonly known as the “risk to capital” requirement. The current period risk to capital ratio is an estimate due to the timing of the filing of statutory statements and is prepared consistent with the presentation of the statutory financial statements in the combined annual statement of the company’s U.S. mortgage insurance subsidiaries.

⁽⁵⁾	Enact Mortgage Insurance Corporation (EMICO), the company’s principal U.S. mortgage insurance subsidiary.

⁽⁶⁾

The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing and does not take into consideration the impact of restrictions recently imposed by the government-sponsored enterprises (GSEs). The GSEs have imposed certain capital restrictions on the company’s U.S. mortgage insurance subsidiaries which remain in effect until certain conditions are met. These restrictions required EMICO to maintain 115% of published PMIERs minimum required assets among other restrictions as of December 31, 2021. Effective January 1, 2022, these requirements increased to 120%.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Loss Metrics—Enact Segment

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Average Paid Claim (in thousands)⁽¹⁾	$	51.6		$	27.2		$	26.7		$	63.1		$	54.7
Average Reserve Per Primary Delinquency (in thousands)⁽²⁾	$	26.2		$	24.4		$	21.2		$	17.5		$	13.7

Reserves:
Primary direct case	$	591		$	606		$	613		$	589		$	564
All other⁽³⁾		34			35			35			35			39

Total Reserves	$	625		$	641		$	648		$	624		$	603


Beginning Reserves	$	641		$	648		$	624		$	603		$	555		$	555
Paid claims		(6	)		(13	)		(10	)		(9	)		(7	)		(39	)
Increase (decrease) in reserves		(10	)		6			34			30			55			125

Ending Reserves	$	625		$	641		$	648		$	624		$	603		$	641

Loss Ratio⁽⁴⁾		(4	)%		3	%		14	%		12	%		22	%		13	%

The loss ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

⁽¹⁾	Average paid claim in the fourth and third quarters of 2021 includes payments in relation to agreements on non-performing loans.

⁽²⁾	Primary direct case reserves divided by primary delinquency count.

⁽³⁾	Other includes loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

⁽⁴⁾	The ratio of benefits and other changes in policy reserves to net earned premiums. The company recorded a favorable reserve adjustment of $50 million in the first quarter of 2022, which reduced the loss ratio by 21 percentage points for the three months ended March 31, 2022.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Delinquency Metrics—Enact Segment

(dollar amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		941,689			937,350			936,934			933,616			922,186
Primary delinquent loans		22,571			24,820			28,904			33,568			41,332
Primary delinquency rate		2.40	%		2.65	%		3.08	%		3.60	%		4.48	%

Beginning Number of Primary Delinquencies		24,820			28,904			33,568			41,332			44,904			44,904
New delinquencies		8,724			8,282			7,427			6,862			10,053			32,624
Delinquency cures		(10,860	)		(11,929	)		(11,746	)		(14,473	)		(13,478	)		(51,626	)
Paid claims		(107	)		(430	)		(343	)		(143	)		(134	)		(1,050	)
Rescissions and claim denials		(6	)		(7	)		(2	)		(10	)		(13	)		(32	)

Ending Number of Primary Delinquencies		22,571			24,820			28,904			33,568			41,332			24,820


Composition of Cures
Reported delinquent and cured-intraquarter		1,581			1,274			1,143			1,149			1,549
Number of missed payments delinquent prior to cure:
3 payments or less		3,902			3,563			3,080			4,179			4,812
4 - 11 payments		2,315			2,691			3,492			6,055			6,849
12 payments or more		3,062			4,401			4,031			3,090			268

Total		10,860			11,929			11,746			14,473			13,478

Primary Delinquencies by Missed Payment Status
3 payments or less		6,837			6,586			6,192			6,030			8,296
4 - 11 payments		6,875			7,360			9,021			12,378			21,011
12 payments or more		8,859			10,874			13,691			15,160			12,025

Primary Delinquencies		22,571			24,820			28,904			33,568			41,332




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

Total	$	591		$	1,266			47	%


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

Total	$	606		$	1,409			43	%

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Portfolio Quality Metrics—Enact Segment

(amounts in millions)


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

Total		100	%	$	231,853			100	%	$	58,295			100	%		2.40	%


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

Total	$	58,295			100	%	$	56,881			100	%	$	52,866			100	%


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

Total	$	58,295			100	%	$	56,881			100	%	$	52,866			100	%

⁽¹⁾	Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

⁽²⁾	Loans with unknown FICO scores are included in the 660-679 category.

U.S. Life Insurance Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income (Loss)—U.S. Life Insurance Segment

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	695		$	338		$	699		$	703		$	714		$	2,454
Net investment income		676			777			773			763			716			3,029
Net investment gains (losses)		56			134			87			66			42			329
Policy fees and other income		137			128			144			145			148			565

Total revenues		1,564			1,377			1,703			1,677			1,620			6,377

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,141			849			1,097			1,129			1,155			4,230
Interest credited		82			84			85			87			90			346
Acquisition and operating expenses, net of deferrals		199			243			211			219			192			865
Amortization of deferred acquisition costs and intangibles		83			99			96			77			68			340

Total benefits and expenses		1,505			1,275			1,489			1,512			1,505			5,781

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		59			102			214			165			115			596
Provision for income taxes		20			28			53			42			32			155

INCOME FROM CONTINUING OPERATIONS		39			74			161			123			83			441

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net⁽¹⁾		(55	)		(135	)		(87	)		(67	)		(41	)		(330	)
Initial loss from life block transaction		—			92			—			—			—			92
Expenses related to restructuring		—			—			1			2			14			17
Taxes on adjustments		12			10			18			13			6			47

ADJUSTED OPERATING INCOME (LOSS)	$	(4	)	$	41		$	93		$	71		$	62		$	267


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

Net investment (gains) losses, net	$	(55	)	$	(135	)	$	(87	)	$	(67	)	$	(41	)	$	(330	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income—U.S. Life Insurance Segment—Long-Term Care Insurance

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	621		$	644		$	652		$	648		$	646		$	2,590
Net investment income		447			532			521			509			465			2,027
Net investment gains (losses)		41			83			80			67			27			257
Policy fees and other income		—			(6	)		3			2			2			1

Total revenues		1,109			1,253			1,256			1,226			1,140			4,875

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		812			817			802			822			829			3,270
Interest credited		—			—			—			—			—			—
Acquisition and operating expenses, net of deferrals		143			163			165			176			141			645
Amortization of deferred acquisition costs and intangibles		29			30			31			27			24			112

Total benefits and expenses		984			1,010			998			1,025			994			4,027

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		125			243			258			201			146			848
Provision for income taxes		34			59			63			50			38			210

INCOME FROM CONTINUING OPERATIONS		91			184			195			151			108			638

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(41	)		(83	)		(80	)		(67	)		(27	)		(257	)
Expenses related to restructuring		—			—			1			1			10			12
Taxes on adjustments		9			18			17			13			4			52

ADJUSTED OPERATING INCOME	$	59		$	119		$	133		$	98		$	95		$	445


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

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

⁽²⁾	The gross benefits ratio was calculated by dividing benefits and other changes in policy reserves by net earned premiums.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Loss—U.S. Life Insurance Segment—Life Insurance

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums⁽¹⁾	$	74		$	(306	)	$	47		$	55		$	68		$	(136	)
Net investment income		121			124			128			126			125			503
Net investment gains (losses)		9			50			6			6			12			74
Policy fees and other income		135			131			139			142			143			555

Total revenues		339			(1	)		320			329			348			996

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves⁽¹⁾		282			(14	)		252			245			282			765
Interest credited		52			53			53			53			56			215
Acquisition and operating expenses, net of deferrals		47			66			36			34			40			176
Amortization of deferred acquisition costs and intangibles		50			62			59			43			41			205

Total benefits and expenses		431			167			400			375			419			1,361

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(92	)		(168	)		(80	)		(46	)		(71	)		(365	)
Benefit for income taxes		(20	)		(37	)		(17	)		(10	)		(15	)		(79	)

LOSS FROM CONTINUING OPERATIONS		(72	)		(131	)		(63	)		(36	)		(56	)		(286	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(9	)		(50	)		(6	)		(6	)		(12	)		(74	)
Initial loss from life block transaction		—			92			—			—			—			92
Expenses related to restructuring		—			—			—			1			3			4
Taxes on adjustments		2			(9	)		1			1			2			(5	)

ADJUSTED OPERATING LOSS	$	(79	)	$	(98	)	$	(68	)	$	(40	)	$	(63	)	$	(269	)

⁽¹⁾

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income—U.S. Life Insurance Segment—Fixed Annuities

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	—		$	—		$	—		$	—		$	—		$	—
Net investment income		108			121			124			128			126			499
Net investment gains (losses)		6			1			1			(7	)		3			(2	)
Policy fees and other income		2			3			2			1			3			9

Total revenues		116			125			127			122			132			506

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		47			46			43			62			44			195
Interest credited		30			31			32			34			34			131
Acquisition and operating expenses, net of deferrals		9			14			10			9			11			44
Amortization of deferred acquisition costs and intangibles		4			7			6			7			3			23

Total benefits and expenses		90			98			91			112			92			393

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		26			27			36			10			40			113
Provision for income taxes		6			6			7			2			9			24

INCOME FROM CONTINUING OPERATIONS		20			21			29			8			31			89

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net⁽¹⁾		(5	)		(2	)		(1	)		6			(2	)		1
Expenses related to restructuring		—			—			—			—			1			1
Taxes on adjustments		1			1			—			(1	)		—			—

ADJUSTED OPERATING INCOME	$	16		$	20		$	28		$	13		$	30		$	91


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

Net investment (gains) losses, net	$	(5	)	$	(2	)	$	(1	)	$	6		$	(2	)	$	1

Runoff Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income—Runoff Segment

(amounts in millions)



	2022			2021
	1Q			4Q		3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	50		$	53	$	49		$	43		$	49		$	194
Net investment gains (losses)		(15	)		—		(1	)		10			(6	)		3
Policy fees and other income		31			33		33			35			33			134

Total revenues		66			86		81			88			76			331

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		8			5		12			2			8			27
Interest credited		43			43		38			40			41			162
Acquisition and operating expenses, net of deferrals		12			14		12			14			13			53
Amortization of deferred acquisition costs and intangibles		6			4		7			4			5			20

Total benefits and expenses		69			66		69			60			67			262

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(3	)		20		12			28			9			69
Provision (benefit) for income taxes		(1	)		4		2			6			1			13

INCOME (LOSS) FROM CONTINUING OPERATIONS		(2	)		16		10			22			8			56

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net⁽¹⁾		14			—		1			(9	)		5			(3	)
Taxes on adjustments		(3	)		—		—			2			(1	)		1

ADJUSTED OPERATING INCOME	$	9		$	16	$	11		$	15		$	12		$	54


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

Net investment (gains) losses, net	$	14		$	—	$	1		$	(9	)	$	5		$	(3	)

Corporate and Other

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Adjusted Operating Income (Loss)—Corporate and Other⁽¹⁾

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	2		$	1		$	2		$	1		$	2		$	6
Net investment income		3			1			1			3			1			6
Net investment gains (losses)		(13	)		(2	)		1			(4	)		(2	)		(7	)
Policy fees and other income		—			—			1			—			—			1

Total revenues		(8	)		—			5			—			1			6

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		—			1			—			—			—			1
Acquisition and operating expenses, net of deferrals		6			42			12			8			13			75
Amortization of deferred acquisition costs and intangibles		—			1			—			1			—			2
Interest expense		13			18			22			31			38			109

Total benefits and expenses		19			62			34			40			51			187

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(27	)		(62	)		(29	)		(40	)		(50	)		(181	)
Benefit for income taxes		(6	)		(11	)		(26	)		(8	)		(8	)		(53	)

LOSS FROM CONTINUING OPERATIONS		(21	)		(51	)		(3	)		(32	)		(42	)		(128	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		13			2			(1	)		4			2			7
(Gains) losses on early extinguishment of debt		3			35			6			—			4			45
Expenses related to restructuring		—			5			1			1			7			14
Taxes on adjustments		(4	)		(9	)		(2	)		—			(3	)		(14	)

ADJUSTED OPERATING INCOME (LOSS)	$	(9	)	$	(18	)	$	1		$	(27	)	$	(32	)	$	(76	)

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

Additional Financial Data

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Investments Summary

(amounts in millions)


		March 31, 2022					December 31, 2021					September 30, 2021					June 30, 2021					March 31, 2021
		Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total
Composition of Investment Portfolio
Fixed maturity securities:
Investment grade:
Public fixed maturity securities		$	30,897		45	%	$	34,181		46	%	$	34,382		46	%	$	34,610		47	%	$	33,376		47	%
Private fixed maturity securities			12,873		19			13,872		19			13,742		18			13,722		18			13,402		18
Residential mortgage-backed securities⁽¹⁾			1,320		2			1,440		2			1,572		2			1,683		2			1,766		2
Commercial mortgage-backed securities			2,349		3			2,570		3			2,656		4			2,714		4			2,770		4
Other asset-backed securities			2,016		3			2,127		3			2,374		3			2,500		3			2,806		4
State and political subdivisions			3,134		5			3,450		5			3,418		5			3,371		4			3,135		4
Non-investment grade fixed maturity securities			2,438		4			2,840		4			3,130		4			3,049		4			2,976		4
Equity securities:
Common stocks and mutual funds			151		—			115		—			72		—			63		—			155		—
Preferred stocks			79		—			83		—			84		—			84		—			83		—
Commercial mortgage loans, net			6,913		10			6,830		9			6,886		9			6,879		9			6,755		9
Policy loans			2,028		3			2,050		3			2,067		3			2,083		3			1,976		3
Limited partnerships			2,007		3			1,900		3			1,617		2			1,354		2			1,160		2
Cash, cash equivalents, restricted cash and short-term investments			1,367		2			1,597		2			2,006		3			2,335		3			1,981		3
Securities lending			—		—			—		—			—		—			105		—			68		—
Other invested assets:	Derivatives:
	Interest rate swaps		162		—			364		—			298		—			280		—			84		—
	Foreign currency swaps		5		—			6		—			5		—			2		—			—		—
	Equity index options		30		—			42		—			33		—			47		—			53		—
	Other foreign currency contracts		—		—			2		—			2		—			24		—			27		—
	Other		398		1			380		1			311		1			327		1			350		—

Total invested assets and cash		$	68,167		100	%	$	73,849		100	%	$	74,655		100	%	$	75,232		100	%	$	72,923		100	%

Public Fixed Maturity Securities—Credit Quality:
NRSRO⁽²⁾ Designation
AAA		$	7,484		20	%	$	8,316		20	%	$	8,393		19	%	$	8,505		20	%	$	8,308		20	%
AA			3,538		9			3,872		9			3,907		9			3,872		9			3,500		8
A			9,880		26			11,039		26			11,134		26			11,158		26			10,986		26
BBB			16,177		42			17,789		42			17,980		42			18,208		41			17,581		42
BB			1,079		3			1,443		3			1,658		4			1,637		4			1,579		4
B			61		—			42		—			53		—			45		—			69		—
CCC and lower			—		—			—		—			—		—			6		—			6		—

Total public fixed maturity securities		$	38,219		100	%	$	42,501		100	%	$	43,125		100	%	$	43,431		100	%	$	42,029		100	%

Private Fixed Maturity Securities—Credit Quality:
NRSRO⁽²⁾ Designation
AAA		$	775		5	%	$	821		5	%	$	856		5	%	$	862		5	%	$	973		5	%
AA			1,554		9			1,718		9			1,831		10			1,850		10			1,882		10
A			4,773		28			5,224		29			5,240		29			5,183		28			5,188		29
BBB			8,408		50			8,861		49			8,803		48			8,962		49			8,837		49
BB			1,159		7			1,186		7			1,252		7			1,190		7			1,117		6
B			131		1			161		1			158		1			162		1			197		1
CCC and lower			8		—			8		—			9		—			9		—			8		—

Total private fixed maturity securities		$	16,808		100	%	$	17,979		100	%	$	18,149		100	%	$	18,218		100	%	$	18,202		100	%

⁽¹⁾	The company does not have any material exposure to residential mortgage-backed securities collateralized debt obligations (CDOs).

⁽²⁾	Nationally Recognized Statistical Rating Organizations

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Fixed Maturity Securities Summary

(amounts in millions)


	March 31, 2022					December 31, 2021					September 30, 2021					June 30, 2021					March 31, 2021
	Fair Value		% of Total			Fair Value		% of Total			Fair Value		% of Total			Fair Value		% of Total			Fair Value		% of Total
Fixed Maturity Securities—Security Sector:

U.S. government, agencies and government-sponsored enterprises	$	4,097		8	%	$	4,552		8	%	$	4,500		7	%	$	4,484		7	%	$	4,273		7	%
State and political subdivisions		3,134		6			3,450		6			3,418		6			3,371		6			3,135		5
Foreign government		784		1			835		1			835		1			802		1			820		1
U.S. corporate		31,823		58			34,924		58			35,132		57			35,289		57			34,107		57
Foreign corporate		9,453		17			10,535		17			10,740		18			10,744		18			10,485		17
Residential mortgage-backed securities		1,320		2			1,440		2			1,572		3			1,691		3			1,774		3
Commercial mortgage-backed securities		2,361		4			2,584		4			2,670		4			2,734		4			2,794		5
Other asset-backed securities		2,055		4			2,160		4			2,407		4			2,534		4			2,843		5

Total fixed maturity securities	$	55,027		100	%	$	60,480		100	%	$	61,274		100	%	$	61,649		100	%	$	60,231		100	%

Corporate Bond Holdings—Industry Sector:

Investment Grade:
Finance and insurance	$	10,235		25	%	$	11,204		25	%	$	11,231		25	%	$	11,155		24	%	$	10,807		25	%
Utilities		5,450		14			5,963		13			5,953		13			5,948		13			5,736		13
Energy		3,372		8			3,622		8			3,645		8			3,592		8			3,417		8
Consumer - non-cyclical		5,967		15			6,635		15			6,703		15			6,726		15			6,545		15
Consumer - cyclical		1,758		4			1,877		4			1,891		4			1,979		4			1,922		4
Capital goods		2,972		7			3,291		7			3,349		7			3,371		7			3,275		7
Industrial		2,092		5			2,278		5			2,251		5			2,344		5			2,299		5
Technology and communications		4,224		10			4,612		10			4,547		10			4,518		10			4,376		10
Transportation		1,642		4			1,832		4			1,836		4			1,924		4			1,877		4
Other		1,298		3			1,473		3			1,510		3			1,596		4			1,516		3

Subtotal		39,010		95			42,787		94			42,916		94			43,153		94			41,770		94

Non-Investment Grade:
Finance and insurance		185		—			219		—			226		—			234		1			243		1
Utilities		62		—			69		—			95		—			88		—			94		—
Energy		568		1			695		2			782		2			759		1			712		1
Consumer - non-cyclical		192		1			267		1			270		1			243		1			243		1
Consumer - cyclical		321		1			363		1			369		1			368		1			389		1
Capital goods		159		—			159		—			163		—			141		—			152		—
Industrial		209		1			263		1			366		1			368		1			356		1
Technology and communications		372		1			446		1			490		1			520		1			488		1
Transportation		29		—			28		—			26		—			26		—			18		—
Other		169		—			163		—			169		—			133		—			127		—

Subtotal		2,266		5			2,672		6			2,956		6			2,880		6			2,822		6

Total	$	41,276		100	%	$	45,459		100	%	$	45,872		100	%	$	46,033		100	%	$	44,592		100	%

Fixed Maturity Securities—Contractual Maturity Dates:

Due in one year or less	$	1,420		3	%	$	1,499		2	%	$	1,449		2	%	$	1,291		2	%	$	1,291		2	%
Due after one year through five years		8,501		15			8,807		15			9,039		15			9,030		15			8,926		15
Due after five years through ten years		13,943		25			15,053		25			14,956		24			15,158		25			14,904		24
Due after ten years		25,427		47			28,937		48			29,181		48			29,211		47			27,699		46

Subtotal		49,291		90			54,296		90			54,625		89			54,690		89			52,820		87
Mortgage and asset-backed securities		5,736		10			6,184		10			6,649		11			6,959		11			7,411		13

Total fixed maturity securities	$	55,027		100	%	$	60,480		100	%	$	61,274		100	%	$	61,649		100	%	$	60,231		100	%

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

General Account U.S. GAAP Net Investment Income Yields

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	580		$	590		$	614		$	608		$	599		$	2,411
Fixed maturity securities - non-taxable		1			2			2			1			2			7
Equity securities		2			2			2			2			3			9
Commercial mortgage loans		81			102			93			103			78			376
Policy loans		50			52			47			40			50			189
Limited partnerships		7			79			59			54			31			223
Other invested assets		63			62			63			58			58			241
Cash, cash equivalents, restricted cash and short-term investments		—			—			1			—			—			1

Gross investment income before expenses and fees		784			889			881			866			821			3,457
Expenses and fees		(20	)		(23	)		(22	)		(22	)		(20	)		(87	)

Net investment income	$	764		$	866		$	859		$	844		$	801		$	3,370

Annualized Yields
Fixed maturity securities - taxable		4.4	%		4.5	%		4.6	%		4.6	%		4.5	%		4.5	%
Fixed maturity securities - non-taxable		3.6	%		6.7	%		6.3	%		3.1	%		6.3	%		5.6	%
Equity securities		3.7	%		4.5	%		5.3	%		4.1	%		3.8	%		4.0	%
Commercial mortgage loans		4.7	%		5.9	%		5.4	%		6.0	%		4.6	%		5.5	%
Policy loans		9.8	%		10.1	%		9.1	%		7.9	%		10.1	%		9.3	%
Limited partnerships⁽¹⁾		1.4	%		18.0	%		15.9	%		17.2	%		11.2	%		15.7	%
Other invested assets⁽²⁾		64.8	%		71.9	%		79.5	%		68.6	%		65.0	%		69.7	%
Cash, cash equivalents, restricted cash and short-term investments		—	%		—	%		0.2	%		—	%		—	%		—	%

Gross investment income before expenses and fees		4.8	%		5.4	%		5.3	%		5.2	%		5.0	%		5.2	%
Expenses and fees		(0.1	)%		(0.1	)%		(0.1	)%		(0.1	)%		(0.2	)%		(0.1	)%

Net investment income		4.7	%		5.3	%		5.2	%		5.1	%		4.8	%		5.1	%

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

⁽¹⁾	Limited partnership investments are primarily equity-based and do not have fixed returns by period.

⁽²⁾	Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Net Investment Gains (Losses), Net—Detail

(amounts in millions)


	2022			2021
	1Q			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(12	)	$	28		$	8		$	2		$	4		$	42
U.S. government, agencies and government-sponsored enterprises		6			—			—			—			—			—
Foreign corporate		(2	)		10			1			(2	)		1			10
Foreign government		—			—			(1	)		1			—			—
Mortgage-backed securities		—			3			3			—			(1	)		5

Total net realized gains (losses) on available-for-sale securities		(8	)		41			11			1			4			57
Net realized gains (losses) on equity securities sold		—			—			—			(2	)		(5	)		(7	)
Net realized gains (losses) on limited partnerships		—			—			—			—			3			3

Total net realized investment gains (losses)		(8	)		41			11			(1	)		2			53

Net change in allowance for credit losses on available-for-sale fixed maturity securities		—			—			—			(4	)		(2	)		(6	)
Write-down of available-for-sale fixed maturity securities		(2	)		—			—			—			(1	)		(1	)
Net unrealized gains (losses) on equity securities still held		(6	)		4			(1	)		6			(8	)		1
Net unrealized gains (losses) on limited partnerships		35			90			75			65			34			264
Commercial mortgage loans		1			(4	)		3			(1	)		(1	)		(3	)
Derivative instruments		4			5			(3	)		4			8			14
Other		4			(4	)		3			1			1			1

Net investment gains (losses), gross		28			132			88			70			33			323
Adjustment for DAC and other intangible amortization and certain benefit reserves		—			1			—			—			—			1

Net investment gains (losses), net	$	28		$	133		$	88		$	70		$	33		$	324

Reconciliations of Non-GAAP Measures

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Operating ROE

(amounts in millions)


Twelve Month Rolling Average ROE	Twelve months ended
U.S. GAAP Basis ROE	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended⁽¹⁾	$	866		$	904		$	1,008		$	1,112		$	431
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income⁽²⁾	$	11,467		$	11,286		$	11,079		$	10,823		$	10,684
U.S. GAAP Basis ROE ^(1)/(2)		7.6	%		8.0	%		9.1	%		10.3	%		4.0	%

Operating ROE
Adjusted operating income for the twelve months ended⁽¹⁾	$	728		$	765		$	789		$	675		$	458
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income⁽²⁾	$	11,467		$	11,286		$	11,079		$	10,823		$	10,684
Operating ROE ^(1)/(2)		6.3	%		6.8	%		7.1	%		6.2	%		4.3	%

Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended⁽³⁾	$	149		$	163		$	314		$	240		$	187
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income⁽⁴⁾	$	11,723		$	11,563		$	11,403		$	11,207		$	10,988
Annualized U.S. GAAP Quarterly Basis ROE ^(3)/(4)		5.1	%		5.6	%		11.0	%		8.6	%		6.8	%

Operating ROE
Adjusted operating income for the period ended⁽³⁾	$	131		$	164		$	239		$	194		$	168
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income⁽⁴⁾	$	11,723		$	11,563		$	11,403		$	11,207		$	10,988
Annualized Operating Quarterly Basis ROE ^(3)/(4)		4.5	%		5.7	%		8.4	%		6.9	%		6.1	%

Non-GAAP Definition for Operating ROE

The company references the non-GAAP financial measure entitled “operating return on equity” or “operating ROE.” The company defines operating ROE as adjusted operating income (loss) divided by average ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss) in average ending Genworth Financial, Inc.’s stockholders’ equity. Management believes that analysis of operating ROE enhances understanding of the efficiency with which the company deploys its capital. However, operating ROE is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders divided by average ending Genworth Financial, Inc.’s stockholders’ equity determined in accordance with U.S. GAAP.

⁽¹⁾	The twelve months ended information is derived by adding the four quarters of net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein.

⁽²⁾	Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income, is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income, for the most recent five quarters.

⁽³⁾	Net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein.

⁽⁴⁾	Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income, is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Consolidated Expense Ratio

(amounts in millions)


		2022			2021
	GAAP Basis Expense Ratio	1Q			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	271		$	354		$	290		$	304		$	275		$	1,223
(B)	Premiums	$	931		$	576		$	944		$	947		$	968		$	3,435

(A) / (B)	GAAP Basis Expense Ratio		29	%		61	%		31	%		32	%		28	%		36	%

	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	271		$	354		$	290		$	304		$	275		$	1,223
	Less: Legal settlement expenses⁽¹⁾		43			59			57			70			23			209

(C)	Adjusted acquisition and operating expenses, net of deferrals	$	228		$	295		$	233		$	234		$	252		$	1,014


	Premiums	$	931		$	576		$	944		$	947		$	968		$	3,435
	Add: Policy fees and other income		169			162			179			180			183			704
	Add: Initial ceded premiums from a life block transaction⁽²⁾		—			360			—			—			—			360

(D)	Adjusted revenues	$	1,100		$	1,098		$	1,123		$	1,127		$	1,151		$	4,499


(C) / (D)	Adjusted expense ratio⁽³⁾		21	%		27	%		21	%		21	%		22	%		23	%

Non-GAAP Definition for Adjusted Expense Ratio

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

⁽¹⁾

Estimated pre-tax impact of expenses related to policyholder benefit reduction elections made as part of a legal settlement in the company’s long-term care insurance business, which includes cash damages of $43 million, $54 million, $50 million, $61 million and $20 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

⁽²⁾	In the fourth quarter of 2021, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies as part of a life block transaction. Under this new reinsurance agreement, the company initially ceded $360 million of certain term life insurance premiums.

⁽³⁾	In the first quarter of 2022, the company recorded a legal settlement accrual of $25 million in its life insurance business, which increased the adjusted expense ratio by three percentage points for the three months ended March 31, 2022.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Reconciliation of Reported Yield to Core Yield


		2022			2021
	(Assets - amounts in billions)	1Q			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	68.2		$	73.8		$	74.7		$	75.2		$	72.9		$	73.8
	Subtract:
	Securities lending		—			—			—			0.1			0.1			—
	Unrealized gains (losses)		3.0			8.2			8.5			8.9			6.9			8.2

	Adjusted end of period invested assets and cash	$	65.2		$	65.6		$	66.2		$	66.2		$	65.9		$	65.6

(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	65.4		$	65.9		$	66.2		$	66.1		$	66.2		$	66.1

	(Income - amounts in millions)

(B)	Reported - Net Investment Income	$	764		$	866		$	859		$	844		$	801		$	3,370
	Subtract:
	Bond calls and commercial mortgage loan prepayments		10			38			43			39			15			135
	Other non-core items⁽¹⁾		—			2			(4	)		3			2			3

(C)	Core Net Investment Income	$	754		$	826		$	820		$	802		$	784		$	3,232


(B) / (A)	Reported Yield		4.67	%		5.26	%		5.19	%		5.11	%		4.84	%		5.10	%
(C) / (A)	Core Yield		4.61	%		5.01	%		4.95	%		4.85	%		4.73	%		4.89	%

Note: Yields have been annualized.

Non-GAAP Definition for Core Yield

The company references the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP.

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

Corporate Information

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

Financial Strength Ratings As Of May 2, 2022


Company	S&P Global Ratings (S&P)	Moody’s Investors Service, Inc. (Moody’s)	Fitch Ratings, Inc. (Fitch)	A.M. Best Company, Inc. (A.M. Best)
Enact Mortgage Insurance Corporation	BBB (Good)	Baa2 (Adequate)	BBB+ (Good)	N/A
Genworth Life Insurance Company	N/A	N/A	N/A	C++ (Marginal)
Genworth Life and Annuity Insurance Company	N/A	N/A	N/A	B (Fair)
Genworth Life Insurance Company of New York	N/A	N/A	N/A	C++ (Marginal)

The ratings included herewith represent those solicited by the company and are not designed to be, and do not serve as, measures of protection or valuation offered to investors. These financial strength ratings should not be relied on with respect to making an investment in the company’s securities.

S&P states that an insurer rated “BBB” (Good) has good financial security characteristics. The “BBB” rating is the fourth-highest of nine financial strength rating ranges assigned by S&P, which range from “AAA” to “R.” A plus (+) or minus (-) shows relative standing within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “CCC” category. Accordingly, the “BBB” rating is the ninth-highest of S&P’s 21 ratings categories.

Moody’s states that insurance companies rated “Baa” (Adequate) offer adequate financial security. The “Baa” rating is the fourth-highest of nine financial strength rating ranges assigned by Moody’s, which range from “Aaa” to “C.” Numeric modifiers are used to refer to the ranking within the groups, with 1 being the highest and 3 being the lowest. These modifiers are not added to ratings in the “Aaa” category or to ratings below the “Caa” category. Accordingly, the “Baa2” rating is the ninth-highest of Moody’s 21 ratings categories.

Fitch states that “BBB” (Good) rated insurance companies are viewed as possessing good capacity to meet policyholder and contract obligations. The “BBB” rating category is the fourth-highest of nine financial strength rating categories, which range from “AAA” to “C.” The symbol (+) or (-) may be appended to a rating to indicate the relative position within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “B” category. Accordingly, the “BBB+” rating is the eighth-highest of Fitch’s 19 ratings categories.

A.M. Best states that its “B” (Fair) rating is assigned to companies that have a fair ability to meet their ongoing insurance obligations while “C++” (Marginal) is assigned to those companies that have a marginal ability to meet their ongoing insurance obligations. The “B” and “C++” ratings are the seventh- and ninth-highest of 15 ratings assigned by A.M. Best, which range from “A++” to “F.”

The company also solicits a rating from HR Ratings on a local scale for Genworth Seguros de Credito a la Vivienda S.A. de C.V., its Mexican mortgage insurance subsidiary, with a short-term rating of “HR1” and long-term rating of “HR AA.” For short-term ratings, HR Ratings states that “HR1” rated companies are viewed as exhibiting high capacity for timely payment of debt obligations in the short-term and maintain low credit risk. The “HR1” short-term rating category is the highest of six short-term rating categories, which range from “HR1” to “HR D.” For long-term ratings, HR Ratings states that “HR AA” rated companies are viewed as having high credit quality and offer high safety for timely payment of debt obligations and maintain low credit risk under adverse economic scenarios. The “HR AA” long-term rating is the second-highest of HR Ratings’ eight long-term rating categories, which range from “HR AAA” to “HR D.”

S&P, Moody’s, Fitch, A.M. Best and HR Ratings review their ratings periodically and the company cannot assure you that it will maintain the current ratings in the future. These and other agencies may also rate the company or its insurance subsidiaries on a solicited or an unsolicited basis. The company does not provide non-public information to agencies issuing unsolicited ratings and cannot ensure that any agencies that rate the company or its insurance subsidiaries on an unsolicited basis will continue to do so.