falseQ10001276520--12-31P5YP10YP10YMay 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. Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021. 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. Genworth Holdings has 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.Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest.These financial instruments do not have notional amounts.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.Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. Excludes foreign exchange. 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 our GMWB liabilities, excluding the impact of reinsurance.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.The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million.Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.Unobservable inputs weighted by the policyholder account balances associated with the instrument.This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.On March 3, 2021, we completed the sale of Genworth Australia and received net proceeds of approximately AUD483 million ($370 million). The sale of Genworth Australia resulted in a mandatory principal payment of approximately £176 million ($245 million) related to our outstanding secured promissory note issued to AXA, dated as of July 20, 2020, as amended by the parties in connection with the Genworth Australia 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, 2022
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 26, 2022, 510,505,341 shares of Class A Common Stock, par value $0.001 per share, were outstanding.
 
 
 

Table of Contents
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Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except par value and share amounts)
 
    
March 31,
2022
   
December 31,
2021
 
    
(Unaudited)
       
Assets
                
Investments:
                
Fixed maturity securities available-for-sale, at fair value (amortized cost of $52,280 and $52,611 and allowance for credit losses of $ as of March 31, 2022 and December 31, 2021)
   $ 55,027     $ 60,480  
Equity securities, at fair value
     230       198  
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of March 31, 2022 and December 31, 2021)
     6,938       6,856  
Less: Allowance for credit losses
     (25     (26
    
 
 
   
 
 
 
Commercial mortgage loans, net
     6,913       6,830  
Policy loans
     2,028       2,050  
Limited partnerships
     2,007       1,900  
Other invested assets
     671       820  
    
 
 
   
 
 
 
Total investments
     66,876       72,278  
Cash, cash equivalents and restricted cash
     1,291       1,571  
Accrued investment income
     696       647  
Deferred acquisition costs
     1,310       1,146  
Intangible assets
     159       143  
Reinsurance recoverable
     16,821       16,868  
Less: Allowance for credit losses
     (57     (55
    
 
 
   
 
 
 
Reinsurance recoverable, net
     16,764       16,813  
Other assets
     440       388  
Deferred tax asset
     421       119  
Separate account assets
     5,530       6,066  
    
 
 
   
 
 
 
Total assets
   $ 93,487     $ 99,171  
    
 
 
   
 
 
 
Liabilities and equity
                
Liabilities:
                
Future policy benefits
   $ 38,897     $ 41,528  
Policyholder account balances
     18,197       19,354  
Liability for policy and contract claims
     11,833       11,841  
Unearned premiums
     639       672  
Other liabilities
     1,416       1,511  
Long-term borrowings
     1,819       1,899  
Separate account liabilities
     5,530       6,066  
Liabilities related to discontinued operations
     4       34  
    
 
 
   
 
 
 
Total liabilities
     78,335       82,905  
    
 
 
   
 
 
 
Commitments and contingencies
                
     
Equity:
                
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 598 million and 596 million shares issued as of March 31, 2022 and December 31, 2021, respectively; 510 million and 508 million shares outstanding as of March 31, 2022 and December 31, 2021, respectively
     1       1  
Additional paid-in capital
     11,857       11,858  
Accumulated other comprehensive income (loss)
     2,610       3,861  
Retained earnings
     2,639       2,490  
Treasury stock, at cost (88 million shares as of March 31, 2022 and December 31, 2021)
     (2,700     (2,700
    
 
 
   
 
 
 
Total Genworth Financial, Inc.’s stockholders’ equity
     14,407       15,510  
Noncontrolling interests
     745       756  
    
 
 
   
 
 
 
Total equity
     15,152       16,266  
    
 
 
   
 
 
 
Total liabilities and equity
   $ 93,487     $ 99,171  
    
 
 
   
 
 
 
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,
 
    
    2022    
   
    2021    
 
Revenues:
                
Premiums
   $ 931     $ 968  
Net investment income
     764       801  
Net investment gains (losses)
     28       33  
Policy fees and other income
     169       183  
    
 
 
   
 
 
 
Total revenues
     1,892       1,985  
    
 
 
   
 
 
 
Benefits and expenses:
                
Benefits and other changes in policy reserves
     1,139       1,218  
Interest credited
     125       131  
Acquisition and operating expenses, net of deferrals
     271       275  
Amortization of deferred acquisition costs and intangibles
     92       77  
Interest expense
     26       51  
    
 
 
   
 
 
 
Total benefits and expenses
     1,653       1,752  
    
 
 
   
 
 
 
Income from continuing operations before income taxes
     239       233  
Provision for income taxes
     58       59  
    
 
 
   
 
 
 
Income from continuing operations
     181       174  
Income (loss) from discontinued operations, net of taxes
     (2     21  
    
 
 
   
 
 
 
Net income
     179       195  
Less: net income from continuing operations attributable to noncontrolling interests
     30           
Less: net income from discontinued operations attributable to noncontrolling interests
              8  
    
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 149     $ 187  
    
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders:
                
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
   $ 151     $ 174  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
     (2     13  
    
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 149     $ 187  
    
 
 
   
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
                
Basic
   $ 0.30     $ 0.35  
    
 
 
   
 
 
 
Diluted
   $ 0.29     $ 0.34  
    
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders per share:
                
Basic
   $ 0.29     $ 0.37  
    
 
 
   
 
 
 
Diluted
   $ 0.29     $ 0.37  
    
 
 
   
 
 
 
Weighted-average common shares outstanding:
                
Basic
     508.3       506.0  
    
 
 
   
 
 
 
Diluted
     517.4       513.8  
    
 
 
   
 
 
 
                  
See Notes to Condensed Consolidated Financial Statements
 
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GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
                 
    
Three months ended
 
    
March 31,
 
    
    2022    
   
    2021    
 
Net income
   $ 179     $ 195  
     
Other comprehensive income (loss), net of taxes:
                
Net unrealized gains (losses) on securities without an allowance for credit losses
     (1,051     (322
Net unrealized gains (losses) on securities with an allowance for credit losses
              2  
Derivatives qualifying as hedges
     (236     (419
Foreign currency translation and other adjustments
     (5     136  
    
 
 
   
 
 
 
Total other comprehensive income (loss)
     (1,292     (603
    
 
 
   
 
 
 
Total comprehensive loss
     (1,113     (408
Less: comprehensive income (loss) attributable to noncontrolling interests
     (11     155  
    
 
 
   
 
 
 
Total comprehensive loss available to Genworth Financial, Inc.’s common stockholders
   $ (1,102   $ (563
    
 
 
   
 
 
 
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, 2022
 
                                 
Total
             
                                 
Genworth
             
               
Accumulated
               
Financial,
             
         
Additional
   
other
         
Treasury
   
Inc.’s
             
   
Common
   
paid-in
   
comprehensive
   
Retained
   
stock, at
   
stockholders’
   
Noncontrolling
   
Total
 
   
stock
   
capital
   
income (loss)
   
earnings
   
cost
   
equity
   
interests
   
equity
 
Balances as of December 31, 2021
  $ 1     $ 11,858     $ 3,861     $ 2,490     $ (2,700   $ 15,510     $ 756     $ 16,266  
Comprehensive income (loss):
                                                               
Net income
                               149                149       30       179  
Other comprehensive loss, net of taxes
                      (1,251                       (1,251     (41     (1,292
                                           
 
 
   
 
 
   
 
 
 
Total comprehensive loss
                                            (1,102     (11     (1,113
Stock-based compensation expense and exercises and other
             (1                                (1              (1
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of March 31, 2022
  $ 1     $ 11,857     $ 2,610     $ 2,639     $ (2,700   $ 14,407     $ 745     $ 15,152  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
   
Three months ended March 31, 2021
 
                                 
Total
             
                                 
Genworth
             
               
Accumulated
               
Financial,
             
         
Additional
   
other
         
Treasury
   
Inc.’s
             
   
Common
   
paid-in
   
comprehensive
   
Retained
   
stock, at
   
stockholders’
   
Noncontrolling
   
Total
 
   
stock
   
capital
   
income (loss)
   
earnings
   
cost
   
equity
   
interests
   
equity
 
Balances as of December 31, 2020
  $ 1     $ 12,008     $ 4,425     $ 1,584     $ (2,700   $ 15,318     $ 502     $ 15,820  
Sale of business that included noncontrolling interests
                                                          (657     (657
Comprehensive income (loss):
                                                               
Net income
                               187                187       8       195  
Other comprehensive income (loss), net of taxes
                      (750                       (750     147       (603
                                           
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss)
                                            (563     155       (408
Stock-based compensation expense and exercises and other
             3                                  3                3  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of March 31, 2021
  $ 1     $ 12,011     $ 3,675     $ 1,771     $ (2,700   $ 14,758     $        $ 14,758  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
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Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
 
    
Three months ended
 
    
March 31,
 
    
    2022    
   
    2021    
 
Cash flows from (used by) operating activities:
                
Net income
   $ 179     $ 195  
Less (income) loss from discontinued operations, net of taxes
     2       (21
Adjustments to reconcile net income to net cash used by operating activities:
                
Amortization of fixed maturity securities discounts and premiums
     (34     (32
Net investment (gains) losses
     (28     (33
Charges assessed to policyholders
     (150     (159
Acquisition costs deferred
     (2     (2
Amortization of deferred acquisition costs and intangibles
     92       77  
Deferred income taxes
     57       59  
Derivative instruments, limited partnerships and other
     (105     (113
Stock-based compensation expense
     10       11  
Change in certain assets and liabilities:
                
Accrued investment income and other assets
     (43     (58
Insurance reserves
     249       326  
Current tax liabilities
              (4
Other liabilities, policy and contract claims and other policy-related balances
     (289     (319
Cash used by operating activities — discontinued operations
     (30     (174
    
 
 
   
 
 
 
Net cash used by operating activities
     (92     (247
    
 
 
   
 
 
 
Cash flows from (used by) investing activities:
                
Proceeds from maturities and repayments of investments:
                
Fixed maturity securities
     730       1,031  
Commercial mortgage loans
     115       129  
Limited partnerships and other invested assets
     51       44  
Proceeds from sales of investments:
                
Fixed maturity and equity securities
     581       777  
Purchases and originations of investments:
                
Fixed maturity and equity securities
     (969     (1,647
Commercial mortgage loans
     (197     (142
Limited partnerships and other invested assets
     (137     (91
Short-term investments, net
     (50     28  
Policy loans, net
     14       3  
Proceeds from sale of business, net of cash transferred
              270  
Cash used by investing activities — discontinued operations
              (67
    
 
 
   
 
 
 
Net cash from investing activities
     138       335  
    
 
 
   
 
 
 
Cash flows from (used by) financing activities:
                
Deposits to universal life and investment contracts
     159       176  
Withdrawals from universal life and investment contracts
     (418     (578
Repayment and repurchase of long-term debt
     (82     (470
Other, net
     15       92  
    
 
 
   
 
 
 
Net cash used by financing activities
     (326     (780
    
 
 
   
 
 
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $ and $(1) related to discontinued operations)
                  
    
 
 
   
 
 
 
Net change in cash, cash equivalents and restricted cash
     (280     (692
Cash, cash equivalents and restricted cash at beginning of period
     1,571       2,656  
    
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of period
     1,291       1,964  
Less cash, cash equivalents and restricted cash of discontinued operations at end of period
                  
    
 
 
   
 
 
 
Cash, cash equivalents and restricted cash of continuing operations at end of period
   $ 1,291     $ 1,964  
    
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
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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 its 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.
The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities (“VIE”), which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries.
We operate our business through the following three operating segments:
 
   
Enact.
Our Enact segment predominantly includes Enact Holdings, Inc., (“Enact Holdings”) and its mortgage insurance subsidiaries. Through Enact Holdings, we offer mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans at specified coverage percentages (“primary mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”).
 
   
U.S. Life Insurance.
Through our principal U.S. life insurance subsidiaries, 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.
In addition to our three 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 reported outside of our operating segments, including certain international mortgage insurance businesses and 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. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
statements and related notes contained in our 2021 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation.
The impact of the ongoing coronavirus pandemic (“COVID-19”) is very difficult to predict. Its related outcomes and impact on our business and the capital markets, and our ability to raise capital will depend on economic impacts from social, global and political influences as a result of the pandemic, and the shape of the economic recovery, among other factors and uncertainties.
(2) Accounting Changes
In March 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. The guidance is currently effective for us on January 1, 2023 using the prospective method, with an option to use the modified retrospective method for the recognition and measurement of troubled debt restructurings. We are permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. We do not expect any significant impact from this guidance 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 deferred acquisition costs (“DAC”) and liabilities in our U.S. life insurance companies. 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.
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 
T
his guidance is effective for us on January 1, 2023 using the modified
retrospective
method (with transition adjustments as of January 1, 2021) for all topics except for market risk benefits, which is required to be applied using the retrospective method, with early adoption permitted, which we do not intend to elect. We are currently in the process of obtaining necessary data, modifying systems, identifying and developing key inputs and assumptions and establishing policies, systems and internal controls necessary to implement this new accounting guidance. Given the nature and extent of the changes, this guidance is expected to have a significant impact on our consolidated financial statements and significantly reduce our equity at transition primarily due to the change in the discount rate used to determine our liability for future policy benefits.
(3) Earnings Per Share
Basic and diluted earnings 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)
  
    2022    
   
    2021    
 
Weighted-average shares used in basic earnings per share calculations
     508.3       506.0  
Potentially dilutive securities:
                
Stock options, restricted stock units and other equity-based compensation

     9.1       7.8  
    
 
 
   
 
 
 
Weighted-average shares used in diluted earnings per share calculations
     517.4       513.8  
    
 
 
   
 
 
 
Income from continuing operations:
                
Income from continuing operations
   $ 181     $ 174  
Less: net income from continuing operations attributable to noncontrolling interests
     30           
    
 
 
   
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
   $ 151     $ 174  
    
 
 
   
 
 
 
Basic per share
   $ 0.30     $ 0.35  
    
 
 
   
 
 
 
Diluted per share
   $ 0.29     $ 0.34  
    
 
 
   
 
 
 
Income (loss) from discontinued operations:
                
Income (loss) from discontinued operations, net of taxes
   $ (2   $ 21  
Less: net income (loss) from discontinued operations attributable to noncontrolling interests
              8  
    
 
 
   
 
 
 
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
   $ (2   $ 13  
    
 
 
   
 
 
 
Basic per share
   $        $ 0.02  
    
 
 
   
 
 
 
Diluted per share
   $        $ 0.02  
    
 
 
   
 
 
 
Net income:
                
Income from continuing operations
   $ 181     $ 174  
Income (loss) from discontinued operations, net of taxes
     (2     21  
    
 
 
   
 
 
 
Net income
     179       195  
Less: net income attributable to noncontrolling interests
     30       8  
    
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 149     $ 187  
    
 
 
   
 
 
 
Basic per share
(1)
   $ 0.29     $ 0.37  
    
 
 
   
 
 
 
Diluted per share
(1)
   $ 0.29     $ 0.37  
    
 
 
   
 
 
 
 
(1)
 
May not total due to whole number calculation.
 
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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)
  
    2022    
    
    2021    
 
Fixed maturity securities—taxable
   $ 580      $ 599  
Fixed maturity securities—non-taxable
     1        2  
Equity securities
     2        3  
Commercial mortgage loans
     81        78  
Policy loans
     50        50  
Limited partnerships
     7        31  
Other invested assets
     63        58  
    
 
 
    
 
 
 
Gross investment income before expenses and fees
     784        821  
Expenses and fees
     (20      (20
    
 
 
    
 
 
 
Net investment income
   $ 764      $ 801  
    
 
 
    
 
 
 

(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)
  
    2022    
   
    2021    
 
Realized investment gains (losses):
                
Available-for-sale fixed maturity securities:
                
Realized gains
   $ 10     $ 7  
Realized losses
     (18     (3
    
 
 
   
 
 
 
Net realized gains (losses) on available-for-sale fixed maturity securities
     (8     4  
Net realized gains (losses) on equity securities sold
              (5
Net realized gains (losses) on limited partnerships
              3  
    
 
 
   
 
 
 
Total net realized investment gains (losses)
     (8     2  
    
 
 
   
 
 
 
Net change in allowance for credit losses on available-for-sale fixed maturity securities
              (2
Write-down of available-for-sale fixed maturity securities
(1)
     (2     (1
Net unrealized gains (losses) on equity securities still held
     (6     (8
Net unrealized gains (losses) on limited partnerships
     35       34  
Commercial mortgage loans
     1       (1
Derivative instruments
(2)
     4       8  
Other
     4       1  
    
 
 
   
 
 
 
Net investment gains (losses)
   $ 28     $ 33  
    
 
 
   
 
 
 
 
(1)
 
Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
 
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. There was no allowance for credit losses related to our available-for-sale fixed maturity investments as of and for the three months ended March 31, 2022. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the three months ended March 31, 2021:
 
(Amounts in millions)
 
Beginning
balance
   
Increase
from
securities
without
allowance in
previous
periods
   
Increase
(decrease)
from securities
with allowance
in previous
periods
   
Securities
sold
   
Decrease
due to
change in
intent or
requirement
to sell
   
Write-offs
   
Recoveries
   
Ending
balance
 
Fixed maturity securities:
                                                               
Non-U.S. corporate
  $ 1     $        $ 2     $        $        $        $        $ 3  
Commercial mortgage-backed
    3                                           (3                  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
  $ 4     $        $ 2     $        $        $ (3   $        $ 3  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(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,
2022
   
December 31,
2021
 
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
   $ 2,747     $ 7,869  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
                  
Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances
     (1,700     (5,487
Income taxes, net
     (223     (507
    
 
 
   
 
 
 
Net unrealized investment gains (losses)
     824       1,875  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
     (26     15  
    
 
 
   
 
 
 
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
   $ 850     $ 1,860  
    
 
 
   
 
 
 
 
(1)
 
Excludes foreign exchange.
 
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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)
  
2022
   
2021
 
Beginning balance
   $ 1,860     $ 2,214  
Unrealized gains (losses) arising during the period:
                
Unrealized gains (losses) on fixed maturity securities
     (5,130     (3,383
Adjustment to DAC
     237       (174
Adjustment to present value of future profits
     1       1  
Adjustment to sales inducements
     22       3  
Adjustment to benefit reserves and policyholder contract balances
     3,527       3,145  
Provision for income taxes
     286       92  
    
 
 
   
 
 
 
Change in unrealized gains (losses) on investment securities
     (1,057     (316
Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1
     6       (4
    
 
 
   
 
 
 
Change in net unrealized investment gains (losses)
     (1,051     (320
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     (41     (25
    
 
 
   
 
 
 
Ending balance
   $ 850     $ 1,919  
    
 
 
   
 
 
 
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.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(d) Fixed Maturity Securities
As of March 31, 2022, 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
   $ 3,356      $ 744      $ (3   $         $ 4,097  
State and political subdivisions
     3,009        206        (81               3,134  
Non-U.S. government
     778        48        (42               784  
U.S. corporate:
                                           
Utilities
     4,345        355        (66               4,634  
Energy
     2,572        175        (48               2,699  
Finance and insurance
     8,026        406        (203               8,229  
Consumer—non-cyclical
     5,070        488        (70               5,488  
Technology and communications
     3,371        213        (87               3,497  
Industrial
     1,301        73        (26               1,348  
Capital goods
     2,346        205        (39               2,512  
Consumer—cyclical
     1,725        86        (44               1,767  
Transportation
     1,133        124        (9               1,248  
Other
     381        24        (4               401  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total U.S. corporate
     30,270        2,149        (596               31,823  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Non-U.S. corporate:
                                           
Utilities
     874        19        (15               878  
Energy
     1,158        102        (19               1,241  
Finance and insurance
     2,129        132        (70               2,191  
Consumer—non-cyclical
     665        28        (22               671  
Technology and communications
     1,055        61        (17               1,099  
Industrial
     918        56        (21               953  
Capital goods
     610        25        (16               619  
Consumer—cyclical
     316        5        (9               312  
Transportation
     392        38        (7               423  
Other
     996        86        (16               1,066  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total non-U.S. corporate
     9,113        552        (212               9,453  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Residential mortgage-backed
     1,277        57        (14               1,320  
Commercial mortgage-backed
     2,369        36        (44               2,361  
Other asset-backed
     2,108        7        (60               2,055  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total available-for-sale fixed maturity securities
   $ 52,280      $ 3,799      $ (1,052   $         $ 55,027  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
As of December 31, 2021, 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
   $ 3,368      $ 1,184      $        $         $ 4,552  
State and political subdivisions
     2,982        474        (6               3,450  
Non-U.S. government
     762        86        (13               835  
U.S. corporate:
                                           
Utilities
     4,330        783        (9               5,104  
Energy
     2,581        363        (10               2,934  
Finance and insurance
     8,003        1,012        (24               8,991  
Consumer—non-cyclical
     5,138        1,029        (8               6,159  
Technology and communications
     3,345        476        (13               3,808  
Industrial
     1,322        175        (3               1,494  
Capital goods
     2,334        415        (4               2,745  
Consumer—cyclical
     1,703        203        (7               1,899  
Transportation
     1,122        249                           1,371  
Other
     379        41        (1               419  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total U.S. corporate
     30,257        4,746        (79               34,924  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Non-U.S. corporate:
                                           
Utilities
     867        63        (2               928  
Energy
     1,194        190        (1               1,383  
Finance and insurance
     2,171        270        (9               2,432  
Consumer—non-cyclical
     664        81        (2               743  
Technology and communications
     1,085        166        (1               1,250  
Industrial
     933        117        (3               1,047  
Capital goods
     640        66        (1               705  
Consumer—cyclical
     316        27        (2               341  
Transportation
     422        68        (1               489  
Other
     1,052        169        (4               1,217  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total non-U.S. corporate
     9,344        1,217        (26               10,535  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Residential mortgage-backed
     1,325        116        (1               1,440  
Commercial mortgage-backed
     2,435        152        (3               2,584  
Other asset-backed
     2,138        29        (7               2,160  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total available-for-sale fixed maturity securities
   $ 52,611      $ 8,004      $ (135   $         $ 60,480  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
 
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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 for which an allowance for credit losses has not been recorded, 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, 2022:
 
   
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:
                                                                       
U.S. government, agencies and government-sponsored enterprises
  $ 67     $ (2     17     $ 10     $ (1     3     $ 77     $ (3     20  
State and political subdivisions
    902       (78     157       25       (3     5       927       (81     162  
Non-U.S. government
    305       (27     46       80       (15     10       385       (42     56  
U.S. corporate
    8,109       (505     995       627       (91     65       8,736       (596     1,060  
Non-U.S. corporate
    2,672       (173     355       258       (39     31       2,930       (212     386  
Residential mortgage-backed
    304       (13     78       5       (1     5       309       (14     83  
Commercial mortgage-backed
    1,098       (40     160       43       (4     6       1,141       (44     166  
Other asset-backed
    1,500       (57     254       66       (3     15       1,566       (60     269  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 14,957     $ (895     2,062     $ 1,114     $ (157     140     $ 16,071     $ (1,052     2,202  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% Below cost:
                                                                       
<20% Below cost
  $ 14,957     $ (895     2,062     $ 1,066     $ (142     134     $ 16,023     $ (1,037     2,196  
20%-50% Below cost
                               48       (15     6       48       (15     6  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 14,957     $ (895     2,062     $ 1,114     $ (157     140     $ 16,071     $ (1,052     2,202  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Investment grade
  $ 13,796     $ (823     1,896     $ 1,031     $ (140     129     $ 14,827     $ (963     2,025  
Below investment grade
    1,161       (72     166       83       (17     11       1,244       (89     177  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 14,957     $ (895     2,062     $ 1,114     $ (157     140     $ 16,071     $ (1,052     2,202  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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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 for which an allowance for credit losses has not been recorded, 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, 2022:
 
   
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
  $ 1,089     $ (56     142     $ 59     $ (10     13     $ 1,148     $ (66     155  
Energy
    740       (40     87       63       (8     7       803       (48     94  
Finance and insurance
    2,529       (173     293       203       (30     17       2,732       (203     310  
Consumer—non-cyclical
    916       (56     109       86       (14     7       1,002       (70     116  
Technology and communications
    1,094       (73     147       93       (14     8       1,187       (87     155  
Industrial
    361       (26     46                                  361       (26     46  
Capital goods
    553       (35     65       27       (4     4       580       (39     69  
Consumer—cyclical
    507       (34     65       78       (10     7       585       (44     72  
Transportation
    247       (9     32                                  247       (9     32  
Other
    73       (3     9       18       (1     2       91       (4     11  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, U.S. corporate securities
    8,109       (505     995       627       (91     65       8,736       (596     1,060  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                                                                       
Utilities
    272       (13     28       12       (2     1       284       (15     29  
Energy
    291       (18     27       4       (1     1       295       (19     28  
Finance and insurance
    685       (47     96       157       (23     16       842       (70     112  
Consumer—non-cyclical
    253       (21     32       6       (1     1       259       (22     33  
Technology and communications
    269       (17     41                                  269       (17     41  
Industrial
    274       (19     35       18       (2     2       292       (21     37  
Capital goods
    231       (16     30                                  231       (16     30  
Consumer—cyclical
    128       (7     25       20       (2     4       148       (9     29  
Transportation
    125       (7     19                                  125       (7     19  
Other
    144       (8     22       41       (8     6       185       (16     28  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, non-U.S. corporate securities
    2,672       (173     355       258       (39     31       2,930       (212     386  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for corporate securities in an unrealized loss position
  $ 10,781     $ (678     1,350     $ 885     $ (130     96     $ 11,666     $ (808     1,446  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increasing interest rates and widening credit spreads and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, 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 for which an allowance for credit losses has not been recorded, 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, 2021:
 
   
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
  $ 339     $ (6     67     $        $                 $ 339     $ (6     67  
Non-U.S. government
    173       (9     28       19       (4     1       192       (13     29  
U.S. corporate
    2,593       (64     266       196       (15     22       2,789       (79     288  
Non-U.S. corporate
    912       (21     124       62       (5     8       974       (26     132  
Residential mortgage-backed
    97       (1     22                                  97       (1     22  
Commercial mortgage-backed
    113       (2     17       31       (1     4       144       (3     21  
Other asset-backed
    764       (7     111                                  764       (7     111  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 4,991     $ (110     635     $ 308     $ (25     35     $ 5,299     $ (135     670  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% Below cost:
                                                                       
<20% Below cost
  $ 4,991     $ (110     635     $ 297     $ (20     33     $ 5,288     $ (130     668  
20%-50% Below cost
                               11       (5     2       11       (5     2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 4,991     $ (110     635     $ 308     $ (25     35     $ 5,299     $ (135     670  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Investment grade
  $ 4,644     $ (101     587     $ 241     $ (12     25     $ 4,885     $ (113     612  
Below investment grade
    347       (9     48       67       (13     10       414       (22     58  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 4,991     $ (110     635     $ 308     $ (25     35     $ 5,299     $ (135     670  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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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 for which an allowance for credit losses has not been recorded, 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, 2021:
 
   
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
  $ 211     $ (7     32     $ 29     $ (2     7     $ 240     $ (9     39  
Energy
    166       (3     18       25       (7     4       191       (10     22  
Finance and insurance
    960       (22     89       62       (2     3       1,022       (24     92  
Consumer—non-cyclical
    296       (7     30       14       (1     2       310       (8     32  
Technology and communications
    378       (12     37       29       (1     2       407       (13     39  
Industrial
    143       (3     18                                  143       (3     18  
Capital goods
    171       (3     16       18       (1     2       189       (4     18  
Consumer—cyclical
    268       (7     26                                  268       (7     26  
Other
                               19       (1     2       19       (1     2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, U.S. corporate securities
    2,593       (64     266       196       (15     22       2,789       (79     288  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                                                                       
Utilities
    69       (2     9                                  69       (2     9  
Energy
    64       (1     10                                  64       (1     10  
Finance and insurance
    366       (8     43       18       (1     2       384       (9     45  
Consumer—non-cyclical
    67       (1     12       6       (1     1       73       (2     13  
Technology and communications
    48       (1     8                                  48       (1     8  
Industrial
    122       (3     14                                  122       (3     14  
Capital goods
    78       (1     8                                  78       (1     8  
Consumer—cyclical
    22       (1     8       15       (1     3       37       (2     11  
Transportation
    37       (1     7                                  37       (1     7  
Other
    39       (2     5       23       (2     2       62       (4     7  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, non-U.S. corporate securities
    912       (21     124       62       (5     8       974       (26     132  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for corporate securities in an unrealized loss position
  $ 3,505     $ (85     390     $ 258     $ (20     30     $ 3,763     $ (105     420  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The scheduled maturity distribution of fixed maturity securities as of March 31, 2022 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
   $ 1,407      $ 1,420  
Due after one year through five years
     8,339        8,501  
Due after five years through ten years
     13,771        13,943  
Due after ten years
     23,009        25,427  
    
 
 
    
 
 
 
Subtotal
     46,526        49,291  
Residential mortgage-backed
     1,277        1,320  
Commercial mortgage-backed
     2,369        2,361  
Other asset-backed
     2,108        2,055  
    
 
 
    
 
 
 
Total
   $ 52,280      $ 55,027  
    
 
 
    
 
 
 
As of March 31, 2022, securities issued by finance and insurance, consumer—non-cyclical, utilities and technology and communications industry groups represented approximately 24%, 15%, 13% and 11%, 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, 2022, 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.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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, 2022
   
December 31, 2021
 
(Amounts in millions)
  
Carrying
value
    
% of
total
   
Carrying
value
    
% of
total
 
Property type:
                                  
Retail
   $ 2,837        41   $ 2,774        40
Office
     1,527        22       1,526        22  
Industrial
     1,461        21       1,420        21  
Apartments
     577        8       585        9  
Mixed use
     327        5       330        5  
Other
     209        3       221        3  
    
 
 
    
 
 
   
 
 
    
 
 
 
Subtotal
     6,938        100     6,856        100
             
 
 
            
 
 
 
Allowance for credit losses
     (25              (26         
    
 
 
            
 
 
          
Total
   $ 6,913              $ 6,830           
    
 
 
            
 
 
          
 
    
March 31, 2022
   
December 31, 2021
 
(Amounts in millions)
  
Carrying
value
    
% of
total
   
Carrying
value
    
% of
total
 
Geographic region:
                                  
South Atlantic
   $ 1,806        26   $ 1,770        26
Pacific
     1,357        20       1,360        20  
Middle Atlantic
     964        14       964        14  
Mountain
     932        13       892        13  
West South Central
     493        7       483        7  
West North Central
     466        7       461        7  
East North Central
     464        7       465        7  
New England
     235        3       237        3  
East South Central
     221        3       224        3  
    
 
 
    
 
 
   
 
 
    
 
 
 
Subtotal
     6,938        100     6,856        100
             
 
 
            
 
 
 
Allowance for credit losses
     (25              (26         
    
 
 
            
 
 
          
Total
   $ 6,913              $ 6,830           
    
 
 
            
 
 
          
As of December 31, 2021, we had one commercial mortgage loan with an amortized cost of $22 million that was 31 to 60 days past due in the office property type. We wrote off $8 million of this commercial mortgage loan during the year ended December 31, 2021 and it was placed on non-accrual status as of December 31, 2021. The carrying value of this commercial mortgage loan was written down to the fair value of its collateral and this loan did not have an allowance for credit losses as of December 31, 2021. As of March 31, 2022, this commercial mortgage loan was more than 90 days past due with an amortized cost of $22 million and was on non-accrual status. As of March 31, 2022, we had no other commercial mortgage loans past due or on non-accrual status. 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 2021 Annual Report on Form 10-K.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
During the three months ended March 31, 2022 and the year ended December 31, 2021, 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)
  
    2022    
    
    2021    
 
Allowance for credit losses:
                 
Beginning balance
   $ 26      $ 31  
Provision
     (1      1  
Write-offs
                   
Recoveries
                   
    
 
 
    
 
 
 
Ending balance
   $ 25      $ 32  
    
 
 
    
 
 
 
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 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.
 
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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, 2022:
 
(Amounts in millions)
  
2022
    
2021
    
2020
    
2019
    
2018
    
2017 and
prior
    
Total
 
Debt-to-value:
                                                              
0% - 50%
   $         $ 23      $ 72      $ 60      $ 161      $ 2,136      $ 2,452  
51% - 60%
               40        30        161        272        991        1,494  
61% - 75%
     197        884        420        505        438        526        2,970  
76% - 100%
                                                                     
Greater than 100%
                                                       22        22  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total amortized cost
   $ 197      $ 947      $ 522      $ 726      $ 871      $ 3,675      $ 6,938  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Debt service coverage ratio:
                                                              
Less than 1.00
   $         $         $ 10      $ 19      $ 41      $ 150      $ 220  
1.00 - 1.25
     13        2        69        73        75        317        549  
1.26 - 1.50
     20        118        32        167        134        333        804  
1.51 - 2.00
     148        724        219        269        441        1,270        3,071  
Greater than 2.00
     16        103        192        198        180        1,605        2,294  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total amortized cost
   $ 197      $ 947      $ 522      $ 726      $ 871      $ 3,675      $ 6,938  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2022
 
(Amounts in millions)
  
0% - 50%
   
51% - 60%
   
61% - 75%
   
76% - 100%
   
Greater
than 100%
   
Total
 
Property type:
                                                
Retail
   $ 849     $ 594     $ 1,394     $        $        $ 2,837  
Office
     492       387       626                22       1,527  
Industrial
     738       233       490                         1,461  
Apartments
     196       99       282                         577  
Mixed use
     121       67       139                         327  
Other
     56       114       39                         209  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 2,452     $ 1,494     $ 2,970     $        $ 22     $ 6,938  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     35     22     43                   100
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt service coverage ratio
     2.35       1.84       1.62                         1.92  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 2021
 
(Amounts in millions)
  
0% - 50%
   
51% - 60%
   
61% - 75%
   
76% - 100%
   
Greater
than 100%
   
Total
 
Property type:
                                                
Retail
   $ 853     $ 611     $ 1,310     $        $        $ 2,774  
Office
     505       395       604                22       1,526  
Industrial
     745       240       435                         1,420  
Apartments
     200       102       283                         585  
Mixed use
     120       70       140                         330  
Other
     57       121       43                         221  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 2,480     $ 1,539     $ 2,815     $        $ 22     $ 6,856  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     36     23     41                   100
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt service coverage ratio
     2.36       1.83       1.61                0.68       1.93  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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, 2022
 
(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
   $ 100     $ 157     $ 426     $ 1,441     $ 713     $ 2,837  
Office
     67       108       165       609       578       1,527  
Industrial
     8       77       80       629       667       1,461  
Apartments
     17       62       77       230       191       577  
Mixed use
     23       31       40       118       115       327  
Other
     5       114       16       44       30       209  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 220     $ 549     $ 804     $ 3,071     $ 2,294     $ 6,938  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     3     8     12     44     33     100
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt-to-value
     68     60     62     60     44     55
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 2021
 
(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
   $ 102     $ 166     $ 405     $ 1,375     $ 726     $ 2,774  
Office
     67       109       167       593       590       1,526  
Industrial
     9       64       82       599       666       1,420  
Apartments
     17       62       84       225       197       585  
Mixed use
     24       32       40       118       116       330  
Other
     4       126       13       48       30       221  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 223     $ 559     $ 791     $ 2,958     $ 2,325     $ 6,856  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     3     8     12     43     34     100
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt-to-value
     68     61     61     60     43     55
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(f) Limited Partnerships or Similar Entities
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, 2022 and December 31, 2021, the total carrying value of these investments was $1,936 million and $1,829 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.
(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.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
   
Derivative assets
   
Derivative liabilities
 
         
Fair value
         
Fair value
 
(Amounts in millions)
 
Balance
sheet classification
   
March 31,
2022
   
December 31,
2021
   
Balance sheet
classification
   
March 31,
2022
   
December 31,
2021
 
Derivatives designated as
                                               
hedges
                                               
Cash flow hedges:
                                               
Interest rate swaps
    Other invested assets     $ 162     $ 364       Other liabilities     $ 76     $ 26  
Foreign currency swaps
    Other invested assets       5       6       Other liabilities       1           
           
 
 
   
 
 
           
 
 
   
 
 
 
Total cash flow hedges
            167       370               77       26  
           
 
 
   
 
 
           
 
 
   
 
 
 
Total derivatives designated as hedges
            167       370               77       26  
           
 
 
   
 
 
           
 
 
   
 
 
 
Derivatives not designated as hedges
                                               
Equity index options
    Other invested assets       30       42       Other liabilities                    
Financial futures
    Other invested assets                         Other liabilities                    
Other foreign currency contracts
    Other invested assets                2       Other liabilities                    
GMWB embedded derivatives
    Reinsurance
recoverable
(1)
 
 
    17       19       Policyholder
account balances
 (2)
 
 
    243       271  
Fixed index annuity embedded derivatives
    Other assets                         Policyholder
account balances
 (3)
 
 
    261       294  
Indexed universal life embedded derivatives
    Reinsurance
recoverable
 
 
                      Policyholder
account balances
 (4)
 
 
    21       25  
           
 
 
   
 
 
           
 
 
   
 
 
 
Total derivatives not designated as hedges
            47       63               525       590  
           
 
 
   
 
 
           
 
 
   
 
 
 
Total derivatives
          $ 214     $ 433             $ 602     $ 616  
           
 
 
   
 
 
           
 
 
   
 
 
 
 
(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.
The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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,
2021
    
Additions
    
Maturities/
terminations
   
March 31,
2022
 
Derivatives designated as hedges
                                           
Cash flow hedges:
                                           
Interest rate swaps
     Notional      $ 7,653      $         $ (58   $ 7,595  
Foreign currency swaps
     Notional        127                           127  
             
 
 
    
 
 
    
 
 
   
 
 
 
Total cash flow hedges
              7,780                  (58     7,722  
             
 
 
    
 
 
    
 
 
   
 
 
 
Total derivatives designated as hedges
              7,780                  (58     7,722  
             
 
 
    
 
 
    
 
 
   
 
 
 
Derivatives not designated as hedges
                                           
Equity index options
     Notional        1,446        300        (368     1,378  
Financial futures
     Notional        946        994        (1,042     898  
Other foreign currency contracts
     Notional        83                  (59     24  
             
 
 
    
 
 
    
 
 
   
 
 
 
Total derivatives not designated as hedges
              2,475        1,294        (1,469     2,300  
             
 
 
    
 
 
    
 
 
   
 
 
 
Total derivatives
            $ 10,255      $ 1,294      $ (1,527   $ 10,022  
             
 
 
    
 
 
    
 
 
   
 
 
 
           
(Number of policies)
  
Measurement
    
December 31,
2021
    
Additions
    
Maturities/
terminations
   
March 31,
2022
 
Derivatives not designated as hedges
                                           
GMWB embedded derivatives
     Policies        21,804                  (477     21,327  
Fixed index annuity embedded derivatives
     Policies        9,344                  (568     8,776  
Indexed universal life embedded derivatives
     Policies        806                  (7     799  
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 other comprehensive income (loss) (“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.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2022:
 
(Amounts in millions)
 
Gain (loss)
recognized in OCI
   
Gain (loss)
reclassified into
net income
from OCI
   
Classification of gain
(loss) reclassified
into net income
   
Gain (loss)
recognized in
net income
   
Classification of gain
(loss) recognized in
net income
 
Interest rate swaps hedging assets
  $ (250   $ 55       Net investment
income
 
 
  $         
Net investment
gains (losses)
 
 
Interest rate swaps hedging assets
             2       Net investment
gains (losses)
 
 
             Net investment
gains (losses)
 
 
Interest rate swaps hedging liabilities
             (1     Interest
expense
 
 
             Net investment
gains (losses)
 
 
Foreign currency swaps
    (2     1       Net investment
income
 
 
             Net investment
gains (losses)
 
 
   
 
 
   
 
 
           
 
 
         
Total
  $ (252   $ 57             $             
   
 
 
   
 
 
           
 
 
         
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2021:
 
(Amounts in millions)
 
Gain (loss)

recognized in OCI
   
Gain (loss)
reclassified into
net income
from OCI
   
Classification of gain
(loss) reclassified
into net income
 
Gain (loss)
recognized in
net income
   
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
  $ (529   $ 52     Net investment income   $        Net investment gains (losses)
Interest rate swaps hedging liabilities
    44              Interest expense            Net investment gains (losses)
Foreign currency swaps
    (2            Net investment income            Net investment gains (losses)
   
 
 
   
 
 
       
 
 
     
Total
  $ (487   $ 52         $         
   
 
 
   
 
 
       
 
 
     
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)
  
2022
   
2021
 
Derivatives qualifying as effective accounting hedges as of January 1
   $ 2,025     $ 2,211  
Current period increases (decreases) in fair value, net of deferred taxes of $53 and $102
     (199     (385
Reclassification to net (income), net of deferred taxes of $20 and $18
     (37     (34
    
 
 
   
 
 
 
Derivatives qualifying as effective accounting hedges as of March 31
   $ 1,789     $ 1,792  
    
 
 
   
 
 
 
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The total of derivatives designated as cash flow hedges of $1,789 million, net of taxes, recorded in stockholders’ equity as of March 31, 2022 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, $143 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, 2022 and 2021, we reclassified $3 million and $2 million, respectively, to net income 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, 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; and (iii) foreign currency options and forward contracts to mitigate currency risk associated with dividends, cash payments to AXA S.A. (“AXA”) reported as discontinued operations and/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.
The following table provides the pre-tax gain (loss) recognized in net income 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
(Amounts in millions)
  
    2022    
   
    2021    
 
Interest rate swaps
   $        $ 4     Net investment gains (losses)
Equity index options
     (6     3     Net investment gains (losses)
Financial futures
     (47     (110   Net investment gains (losses)
GMWB embedded derivatives
     32       105     Net investment gains (losses)
Fixed index annuity embedded derivatives
     12       (4   Net investment gains (losses)
Indexed universal life embedded derivatives
     11       10     Net investment gains (losses)
    
 
 
   
 
 
     
Total derivatives not designated as hedges
   $ 2     $ 8      
    
 
 
   
 
 
     
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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, 2022
   
December 31, 2021
 
(Amounts in millions)
  
Derivative
assets 
(1)
   
Derivative
liabilities 
(1)
   
Net
derivatives
   
Derivative
assets
(1)
   
Derivative
liabilities 
(1)
   
Net
derivatives
 
Amounts presented in the balance sheet:
                                                
Gross amounts recognized
   $ 198     $ 77     $ 121     $ 414     $ 26     $ 388  
Gross amounts offset in the balance sheet
                                                      
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net amounts presented in the balance sheet
     198       77       121       414       26       388  
Gross amounts not offset in the balance sheet:
                                                
Financial instruments
(2)
     (49     (49              (20     (20         
Collateral received
     (110              (110     (308              (308
Collateral pledged
              (567     567                (536     536  
Over collateralization
     13       539       (526     2       530       (528
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net amount
   $ 52     $        $ 52     $ 88     $        $ 88  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021.
(2)
 
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.
 
(6)
Fair Value of Financial Instruments
Recurring Fair Value Measurements
We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, 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, that security is valued using market information for similar securities, which is also a market approach. When market
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
information is not available for a specific security (or similar securities) 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 for public securities, 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 similar 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, 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, 2022.
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.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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 pricing services 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, 89% of our portfolio was priced using third-party pricing services as of March 31, 2022. 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 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 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 pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2022:
 
(Amounts in millions)
 
Fair value
   
Primary methodologies
 
Significant inputs
U.S. government, agencies
and government-sponsored
enterprises
    $4,097     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
    $3,063     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. government
    $783     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
    $27,876     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
    $7,414     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 mortgage-backed
    $1,287     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
    $2,346     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
    $1,955     Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers   Spreads to daily updated swap 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
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

   
Internal models:
A portion of our U.S. corporate and non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $1,678 million and $999 million, respectively, as of March 31, 2022. 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.
Short-term investments.
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by 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, commercial 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 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 $269 million as of March 31, 2022.
 
   
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, 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 $3,260 million as of March 31, 2022.
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.
Limited partnerships.
The fair value of limited partnerships classified as Level 3 is determined based on third-party valuation sources that utilize unobservable inputs, such as a reference to public market or private transactions, valuations for comparable companies or assets, discounted cash flows and/or recent transactions.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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”) from 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.
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, 2022, a significant increase (decrease) in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value measurement.
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.
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
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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, 2022 and December 31, 2021, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $42 million and $49 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, 2022, 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 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, 2022, 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.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
 

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7

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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, 2022
 
(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
   $ 4,097      $         $ 4,097      $         $     
State and political subdivisions
     3,134                  3,063        71            
Non-U.S. government
     784                  783        1            
U.S. corporate:
                                            
Utilities
     4,634                  3,722        912            
Energy
     2,699                  2,627        72            
Finance and insurance
     8,229                  7,553        676            
Consumer—non-cyclical
     5,488                  5,396        92            
Technology and communications
     3,497                  3,469        28            
Industrial
     1,348                  1,313        35            
Capital goods
     2,512                  2,471        41            
Consumer—cyclical
     1,767                  1,640        127            
Transportation
     1,248                  1,184        64            
Other
     401                  179        222            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. corporate
     31,823                  29,554        2,269            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Non-U.S. corporate:
                                            
Utilities
     878                  544        334            
Energy
     1,241                  1,103        138            
Finance and insurance
     2,191                  2,048        143            
Consumer—non-cyclical
     671                  611        60            
Technology and communications
     1,099                  1,072        27            
Industrial
     953                  879        74            
Capital goods
     619                  487        132            
Consumer—cyclical
     312                  226        86            
Transportation
     423                  401        22            
Other
     1,066                  1,042        24            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total non-U.S. corporate
     9,453                  8,413        1,040            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Residential mortgage-backed
     1,320                  1,287        33            
Commercial mortgage-backed
     2,361                  2,346        15            
Other asset-backed
     2,055                  1,955        100            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fixed maturity securities
     55,027                  51,498        3,529            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Equity securities
     230        137        57        36            
Limited partnerships
     1,558                            26        1,532  
Other invested assets:
                                            
Derivative assets:
                                            
Interest rate swaps
     162                  162                      
Foreign currency swaps
     5                  5                      
Equity index options
     30                            30            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative assets
     197                  167        30            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Short-term investments
     76                  76                      
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total other invested assets
     273                  243        30            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Reinsurance recoverable
(2)
     17                            17            
Separate account assets
     5,530        5,530                                
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 62,635      $ 5,667      $ 51,798      $ 3,638      $ 1,532  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
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.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 2021
 
(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
   $ 4,552      $         $ 4,552      $         $     
State and political subdivisions
     3,450                  3,368        82            
Non-U.S. government
     835                  833        2            
U.S. corporate:
                                            
Utilities
     5,104                  4,154        950            
Energy
     2,934                  2,858        76            
Finance and insurance
     8,991                  8,306        685            
Consumer—non-cyclical
     6,159                  6,055        104            
Technology and communications
     3,808                  3,779        29            
Industrial
     1,494                  1,457        37            
Capital goods
     2,745                  2,700        45            
Consumer—cyclical
     1,899                  1,762        137            
Transportation
     1,371                  1,307        64            
Other
     419                  165        254            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. corporate
     34,924                  32,543        2,381            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Non-U.S. corporate:
                                            
Utilities
     928                  583        345            
Energy
     1,383                  1,238        145            
Finance and insurance
     2,432                  2,272        160            
Consumer—non-cyclical
     743                  680        63            
Technology and communications
     1,250                  1,222        28            
Industrial
     1,047                  954        93            
Capital goods
     705                  532        173            
Consumer—cyclical
     341                  265        76            
Transportation
     489                  436        53            
Other
     1,217                  1,191        26            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total non-U.S. corporate
     10,535                  9,373        1,162            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Residential mortgage-backed
     1,440                  1,413        27            
Commercial mortgage-backed
     2,584                  2,568        16            
Other asset-backed
     2,160                  2,022        138            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fixed maturity securities
     60,480                  56,672        3,808            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Equity securities
     198        101        60        37            
Limited partnerships
     1,462                            26        1,436  
Other invested assets:
                                            
Derivative assets:
                                            
Interest rate swaps
     364                  364                      
Foreign currency swaps
     6                  6                      
Equity index options
     42                            42            
Other foreign currency contracts
     2                  2                      
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative assets
     414                  372        42            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Short-term investments
     26                  26                      
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total other invested assets
     440                  398        42            
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Reinsurance recoverable
(2)
     19                            19            
Separate account assets
     6,066        6,066                                
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 68,665      $ 6,167      $ 57,130      $ 3,932      $ 1,436  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
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.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
   
Beginning

balance

as of
January 1,
2022
   
Total realized and

unrealized gains

(losses)
                                       
Ending

balance

as of
March 31,
2022
   
Total gains
(losses)

attributable to

assets still held
 
(Amounts in millions)
 
Included
in net
income
   
Included
in OCI
   
Purchases
   
Sales
   
Issuances
   
Settlements
   
Transfer
into
Level 3 
(1)
   
Transfer
out of
Level 3 
(1
)
   
Included
in net
income
   
Included
in OCI
 
Fixed maturity securities:
                                                                                               
State and political subdivisions
  $ 82     $ 1     $ (12   $        $        $        $        $        $        $ 71     $ 1     $ (12
Non-U.S. government
    2                                  (1                                         1                    
U.S. corporate:
                                                                                               
Utilities
    950                (73     35                                                    912                (73
Energy
    76                (4                                                           72                (4
Finance and insurance
    685                (56     66                         (2              (17     676                (55
Consumer—non-cyclical
    104                (5                                (7                       92                (6
Technology and communications
    29                (1                                                           28                (1
Industrial
    37                (2                                                           35                (2
Capital goods
    45                (4                                                           41                (3
Consumer—cyclical
    137                (8                                (2                       127                (8
Transportation
    64                (3     5                         (2                       64                (3
Other
    254                (11                                (4              (17     222                (10
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total U.S. corporate
    2,381                (167     106                         (17              (34     2,269                (165
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                                                                                               
Utilities
    345                (21     10                                                    334                (21
Energy
    145                (7                                                           138                (7
Finance and insurance
    160       1       (18                                                           143       1       (18
Consumer—non-cyclical
    63                (3                                                           60                (3
Technology and communications
    28                (1                                                           27                (1
Industrial
    93                (6                                                  (13     74                (4
Capital goods
    173                (8                                (33                       132                (8
Consumer—cyclical
    76                (7                                         17                86                (7
Transportation
    53                (2                                (29                       22                (2
Other
    26                (2                                                           24                (2
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
    1,162       1       (75     10                         (62     17       (13     1,040       1       (73
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
    27                (1     9                         (1     4       (5     33                    
Commercial mortgage-backed
    16                (1                                                           15                (1
Other asset-backed
    138                (7     6                         (3              (34     100                (5
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total fixed maturity securities
    3,808       2       (263     131       (1              (83     21       (86     3,529       2       (256
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity securities
    37                                                                      (1     36                    
Limited partnerships
    26                                                                               26                    
Other invested assets:
                                                                                               
Derivative assets:
                                                                                               
Equity index options
    42       (6              5                         (11                       30       (3         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative assets
    42       (6              5                         (11                       30       (3         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total other invested assets
    42       (6              5                         (11                       30       (3         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Reinsurance recoverable
(2)
    19       (2                                                                    17       (2         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 assets
  $ 3,932     $ (6   $ (263   $ 136     $ (1   $        $ (94   $ 21     $ (87   $ 3,638     $ (3   $ (256
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
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.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
4
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
   
Beginning
balance

as of
January 1,
2021
   
Total realized and
unrealized gains
(losses)
                                       
Ending
balance

as of
March 31,
2021
   
Total gains
(losses)
attributable to
assets still held
 
(Amounts in millions)
 
Included
in net
income
   
Included
in OCI
   
Purchases
   
Sales
   
Issuances
   
Settlements
   
Transfer
into
Level 3 
(1)
   
Transfer
out of
Level 3 
(1)
   
Included
in net
income
   
Included
in OCI
 
Fixed maturity securities:
                                                                                               
State and political subdivisions
  $ 66     $ 1     $ 1     $        $        $        $        $        $        $ 68     $ 1     $ 1  
U.S. corporate:
                                                                                               
Utilities
    842                (30     8                         (13              (14     793                (29
Energy
    128                (4                                (2                       122                (4
Finance and insurance
    607                (22     18                         (17     17       (6     597                (22
Consumer—non-cyclical
    109                (3                                                           106                (3
Technology and communications
    47                (2     12                                  4       (21     40                (2
Industrial
    40                                                    (20                       20                    
Capital goods
    60                (2                                                           58                (2
Consumer—cyclical
    150                (2                                (1                       147                (2
Transportation
    70                (1                                (2                       67                (1
Other
    219                (2                                (3     6       (20     200                (1
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total U.S. corporate
    2,272                (68     38                         (58     27       (61     2,150                (66
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                                                                                               
Utilities
    352                (7     30                                                    375                (7
Energy
    245                (2                                                           243                (2
Finance and insurance
    305       1       (16                                                           290       1       (16
Consumer—non-cyclical
    67                (1                                                           66                (1
Technology and communications
    28                                                                               28                    
Industrial
    95                (2                                                           93                (2
Capital goods
    178                (3                                                           175                (3
Consumer—cyclical
    146                (2     16                                           (16     144                (2
Transportation
    109                (1                                (19              (7     82                (1
Other
    83                (2                                (1                       80                (2
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
    1,608       1       (36     46                         (20              (23     1,576       1       (36
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
    14                (1                                                           13                    
Commercial mortgage-backed
    20                (1                                                           19                (2
Other asset-backed
    109                         3                         (4     2       (14     96                    
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total fixed maturity securities
    4,089       2       (105     87                         (82     29       (98     3,922       2       (103
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity securities
    51                                  (8                                         43                    
Limited partnerships
    17                         8                                                    25                    
Other invested assets:
                                                                                               
Derivative assets:
                                                                                               
Equity index options
    63       3                5                         (18                       53       2           
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative assets
    63       3                5                         (18                       53       2           
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total other invested assets
    63       3                5                         (18                       53       2           
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Reinsurance recoverable
(2)
    26       (8                                                                    18       (8         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 assets
  $ 4,246     $ (3   $ (105   $ 100     $ (8   $        $ (100   $ 29     $ (98   $ 4,061     $ (4   $ (103
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
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.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
4
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31:
 
(Amounts in millions)
  
2022
    
2021
 
Total realized and unrealized gains (losses) included in net income:
                 
Net investment income
   $ 2      $ 2  
Net investment gains (losses)
     (8      (5
    
 
 
    
 
 
 
Total
   $ (6    $ (3
    
 
 
    
 
 
 
     
Net gains (losses) included in net income attributable to assets still held:
                 
Net investment income
   $ 2      $ 2  
Net investment gains (losses)
     (5      (6
    
 
 
    
 
 
 
Total
   $ (3    $ (4
    
 
 
    
 
 
 
The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities.
 
4
2

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022:
 
(Amounts in millions)
  
Valuation technique
  
Fair value
 
  
Unobservable input
  
Range
  
Weighted-average 
(1)
Fixed maturity securities:
  
 
  
     
  
 
  
 
  
 
U.S. corporate:
  
 
  
     
  
 
  
 
  
 
Utilities
  
Internal models
  
$
880
 
  
Credit spreads
  
49bps - 227bps
  
148bps
Energy
  
Internal models
  
 
57
 
  
Credit spreads
  
108bps - 248bps
  
173bps
Finance and insurance
  
Internal models
  
 
670
 
  
Credit spreads
  
54bps - 218bps
  
158bps
Consumer—non-cyclical
  
Internal models
  
 
92
 
  
Credit spreads
  
54bps - 248bps
  
132bps
Technology and communications
  
Internal models
  
 
27
 
  
Credit spreads
  
87bps - 162bps
  
133bps
Industrial
  
Internal models
  
 
35
 
  
Credit spreads
  
98bps - 203bps
  
136bps
Capital goods
  
Internal models
  
 
41
 
  
Credit spreads
  
67bps - 190bps
  
145bps
Consumer—cyclical
  
Internal models
  
 
127
 
  
Credit spreads
  
85bps - 184bps
  
137bps
Transportation
  
Internal models
  
 
53
 
  
Credit spreads
  
32bps - 156bps
  
103bps
Other
  
Internal models
  
 
158
 
  
Credit spreads
  
90bps - 170bps
  
109bps
 
  
 
  
 
 
 
  
 
  
 
  
 
Total U.S. corporate
  
Internal models
  
$
2,140
 
  
Credit spreads
  
32bps - 248bps
  
146bps
 
  
 
  
 
 
 
  
 
  
 
  
 
Non-U.S. corporate:
  
 
  
     
  
 
  
 
  
 
Utilities
  
Internal models
  
$
333
 
  
Credit spreads
  
75bps - 218bps
  
129bps
Energy
  
Internal models
  
 
129
 
  
Credit spreads
  
83bps - 203bps
  
138bps
Finance and insurance
  
Internal models
  
 
143
 
  
Credit spreads
  
88bps - 150bps
  
135bps
Consumer—non-cyclical
  
Internal models
  
 
58
 
  
Credit spreads
  
54bps - 154bps
  
103bps
Technology and communications
  
Internal models
  
 
27
 
  
Credit spreads
  
83bps - 139bps
  
108bps
Industrial
  
Internal models
  
 
74
 
  
Credit spreads
  
67bps - 182bps
  
113bps
Capital goods
  
Internal models
  
 
132
 
  
Credit spreads
  
54bps - 236bps
  
137bps
Consumer—cyclical
  
Internal models
  
 
57
 
  
Credit spreads
  
98bps - 203bps
  
137bps
Transportation
  
Internal models
  
 
21
 
  
Credit spreads
  
126bps - 203bps
  
141bps
Other
  
Internal models
  
 
24
 
  
Credit spreads
  
55bps - 130bps
  
106bps
 
  
 
  
 
 
 
  
 
  
 
  
 
Total non-U.S. corporate
  
Internal models
  
$
998
 
  
Credit spreads
  
54bps - 236bps
  
129bps
 
  
 
  
 
 
 
  
 
  
 
  
 
Derivative assets:
  
 
  
     
  
 
  
 
  
 

Equity index options
  
Discounted cash flows
  
$
30
 
  
Equity index
volatility
  
6% - 56%
  
21%
 
(1)
 
Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.
 
4
3

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
    
March 31, 2022
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Liabilities
                                   
Policyholder account balances:
                                   
GMWB embedded derivatives
(1)
   $ 243      $         $         $ 243  
Fixed index annuity embedded derivatives
     261                            261  
Indexed universal life embedded derivatives
     21                            21  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total policyholder account balances
     525                            525  
    
 
 
    
 
 
    
 
 
    
 
 
 
Derivative liabilities:
                                   
Interest rate swaps
     76                  76            
Foreign currency swaps
     1                  1            
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative liabilities
     77                  77            
    
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
   $ 602      $         $ 77      $ 525  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
    
December 31, 2021
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Liabilities
                                   
Policyholder account balances:
                                   
GMWB embedded derivatives
(1)
   $ 271      $         $         $ 271  
Fixed index annuity embedded derivatives
     294                            294  
Indexed universal life embedded derivatives
     25                            25  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total policyholder account balances
     590                            590  
    
 
 
    
 
 
    
 
 
    
 
 
 
Derivative liabilities:
                                   
Interest rate swaps
     26                  26            
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative liabilities
     26                  26            
    
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
   $ 616      $         $ 26      $ 590  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
4
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
   
Beginning
balance
as of
January 1,

2022
   
Total realized and
unrealized (gains)
losses
                                       
Ending
balance

as of
March 31,
2022
   
Total (gains) losses
attributable to
liabilities still held
 
(Amounts in millions)
 
Included
in net
(income)
   
Included
in OCI
   
Purchases
   
Sales
   
Issuances
   
Settlements
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
Included
in net
(income)
   
Included
in OCI
 
Policyholder account balances:
                                                                                               
GMWB embedded derivatives
(1)
  $ 271     $ (34   $        $        $        $ 6     $        $        $        $ 243     $ (30   $     
Fixed index annuity embedded derivatives
    294       (12                                         (20              (1     261       (12         
Indexed universal life embedded derivatives
    25       (11                                7                                  21       (11         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total policyholder account balances
    590       (57                                13       (20              (1     525       (53         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 liabilities
  $ 590     $ (57   $        $        $        $ 13     $ (20   $        $ (1   $ 525     $ (53   $     
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
   
Beginning
balance

as of
January 1,
2021
   
Total realized and
unrealized (gains)
losses
                                       
Ending
balance

as of
March 31,
2021
   
Total (gains) losses
attributable to
liabilities still held
 
(Amounts in millions)
 
Included
in net
(income)
   
Included
in OCI
   
Purchases
   
Sales
   
Issuances
   
Settlements
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
Included
in net
(income)
   
Included
in OCI
 
Policyholder account balances:
                                                                                               
GMWB embedded derivatives
(1)
  $ 379     $ (113   $        $        $        $ 6     $        $        $        $ 272     $ (107   $     
Fixed index annuity embedded derivatives
    399       4                                           (41                       362       4           
Indexed universal life embedded derivatives
    26       (10                                7                                  23       (10         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total policyholder account balances
    804       (119                                13       (41                       657       (113         
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 liabilities
  $ 804     $ (119   $        $        $        $ 13     $ (41   $        $        $ 657     $ (113   $     
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31:
 
(Amounts in millions)
  
2022
    
2021
 
Total realized and unrealized (gains) losses included in net (income):
                 
Net investment income
   $         $     
Net investment (gains) losses
     (57      (119
    
 
 
    
 
 
 
Total
   $ (57    $ (119
    
 
 
    
 
 
 
Total (gains) losses included in net (income) attributable to liabilities still held:
                 
Net investment income
   $         $     
Net investment (gains) losses
     (53      (113
    
 
 
    
 
 
 
Total
   $ (53    $ (113
    
 
 
    
 
 
 
Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and equity securities and purchases, issuances and settlements of derivative instruments.
Issuances presented for GMWB embedded derivative liabilities are characterized as the change in fair value associated with the product fees recognized that are attributed to the embedded derivative to equal the expected future benefit costs upon issuance. Issuances for fixed index annuity and indexed universal life embedded derivative liabilities represent the amount of the premium received that is attributed to the value of the embedded derivative. Settlements of embedded derivatives are characterized as the change in fair value upon exercising the embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled “included in net (income)” in the tables presented above.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022:
 
(Amounts in millions)
 
Valuation technique
 
 
Fair value
 
 
Unobservable input
 
 
Range
 
 
Weighted-average 
(1)
 
Policyholder account balances:
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
 
Withdrawal
utilization rate
 
 
 
 
61% - 89%
 
 
 
77%
 
 
 
     
 
     
 
 
Lapse rate
 
 
 
2% - 9%
 
 
 
4%
 
 
 
     
 
     
 
 
Non-performance risk
(credit spreads)
 
 
 
 
23bps - 83bps
 
 
 
66bps
 
GMWB embedded derivatives
(2)
 
 
Stochastic cash flow model
 
 
 
 
$243
 
 
 
Equity index
volatility
 
 
 
 
18% - 27%
 
 
 
23%
 
Fixed index annuity embedded derivatives
 
 
Option budget method
 
 
 
 
$261
 
 
 
Expected future
interest credited
 
 
 
 
% - 3%
 
 
 
1%
 
Indexed universal life embedded derivatives
 
 
Option budget method
 
 
 
 
$21
 
 
 
Expected future
interest credited
 
 
 
 
3% - 12%
 
 
 
5%
 
 
(1)
 
Unobservable inputs weighted by the policyholder account balances associated with the instrument.
(2)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
Assets and Liabilities Not Required to Be Carried at Fair Value
Assets and liabilities that are reflected in the accompanying unaudited condensed consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash, cash equivalents and restricted cash, short-term investments, investment securities, separate accounts, securities held as collateral and derivative instruments. Apart from certain of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair values must often be determined using models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
 
    
March 31, 2022
 
    
Notional

amount
   
Carrying

amount
    
Fair value
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Assets:
                                                    
Commercial mortgage loans, net
             
(1)
 
  $ 6,913      $ 6,983      $         $ 22      $ 6,961  
Bank loan investments
             
(1)
 
    381        384                            384  
Liabilities:
                                                    
Long-term borrowings
             
(1)
 
    1,819        1,587                  1,587            
Investment contracts
             
(1)
 
    8,327        8,582                            8,582  
Other firm commitments:
                                                    
Commitments to fund bank loan investments
     108                                                   
Ordinary course of business lending commitments
     95                                                   
 
(1)
 
These financial instruments do not have notional amounts.
 
    
December 31, 2021
 
    
Notional

amount
   
Carrying

amount
    
Fair value
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Assets:
                                                    
Commercial mortgage loans, net
             
(1)
 
  $ 6,830      $ 7,224      $         $         $ 7,224  
Bank loan investments
             
(1)
 
    363        370                            370  
Liabilities:
                                                    
Long-term borrowings
             
(1)
 
    1,899        1,767                  1,767            
Investment contracts
             
(1)
 
    8,657        9,352                            9,352  
Other firm commitments:
                                                    
Commitments to fund bank loan investments
     141                                                   
Ordinary course of business lending commitments
     125                                                   
 
(1)
 
These financial instruments do not have notional amounts.
Assets Measured Using Net Asset Value
Limited partnerships include partnership interests accounted for using NAV per share (or its equivalent) or fair value for those interests considered minor and partnership interests accounted for under the equity method