falseQ20001276520--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 indexed universal life liabilities.Represents the embedded derivatives associated with our fixed index annuity liabilities.Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.Does not include amounts related to embedded derivatives as of June 30, 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. These financial instruments do not have notional amounts.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, 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.Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.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.Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.See note 5 for additional information.Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.The six months ended June 30, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million.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.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 June 30, 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 July

27

, 2022, 503,715,868 shares of Class A Common Stock, par value $0.001 per share, were outstanding.

 

 

 

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Table of Contents

TABLE OF CONTENTS

 

				Page
PART I—FINANCIAL INFORMATION
Item 1.		Financial Statements			3
		Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021			3
		Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021 (Unaudited)			4
		Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021 (Unaudited)			5
		Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2022 and 2021 (Unaudited)			6
		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (Unaudited)			8
		Notes to Condensed Consolidated Financial Statements (Unaudited)			9
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations			74
Item 3.		Quantitative and Qualitative Disclosures About Market Risk			145
Item 4.		Controls and Procedures			145
PART II—OTHER INFORMATION
Item 1.		Legal Proceedings			147
Item 1A.		Risk Factors			147
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds			147
Item 6.		Exhibits			148
Signatures					149

 

2

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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)

 

		June 30, 2022				December 31, 2021
		(Unaudited)
Assets
Investments:
Fixed maturity securities available-for-sale, at fair value (amortized cost of $ 51,248 and $ 52,611 and allowance for credit losses of $ — as of June 30, 2022 and December 31, 2021)		$	49,286			$	60,480
Equity securities, at fair value			243				198
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of June 30, 2022 and December 31, 2021)			7,088				6,856
Less: Allowance for credit losses			(23	)			(26	)
Commercial mortgage loans, net			7,065				6,830
Policy loans			2,178				2,050
Limited partnerships			2,123				1,900
Other invested assets			573				820
Total investments			61,468				72,278
Cash, cash equivalents and restricted cash			1,724				1,571
Accrued investment income			553				647
Deferred acquisition costs			2,314				1,146
Intangible assets			236				143
Reinsurance recoverable			16,691				16,868
Less: Allowance for credit losses			(60	)			(55	)
Reinsurance recoverable, net			16,631				16,813
Other assets			412				388
Deferred tax asset			1,047				119
Separate account assets			4,683				6,066
Total assets		$	89,068			$	99,171
Liabilities and equity
Liabilities:
Future policy benefits		$	38,133			$	41,528
Policyholder account balances			17,907				19,354
Liability for policy and contract claims			11,915				11,841
Unearned premiums			614				672
Other liabilities			1,468				1,511
Long-term borrowings			1,773				1,899
Separate account liabilities			4,683				6,066
Liabilities related to discontinued operations			4				34
Total liabilities			76,497				82,905
Commitments and contingencies
Equity:
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 600 million and 596 million shares issued as of June 30, 2022 and December 31, 2021, respectively; 508 million shares outstanding as of June 30, 2022 and December 31, 2021			1				1
Additional paid-in capital			11,859				11,858
Accumulated other comprehensive income (loss)			(145	)			3,861
Retained earnings			2,820				2,490
Treasury stock, at cost (92 million and 88 million shares as of June 30, 2022 and December 31, 2021, respectively)			(2,715	)			(2,700	)
Total Genworth Financial, Inc.’s stockholders’ equity			11,820				15,510
Noncontrolling interests			751				756
Total equity			12,571				16,266
Total liabilities and equity		$	89,068			$	99,171

See Notes to Condensed Consolidated Financial Statements

 

3

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GENWORTH FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in millions, except per share amounts)

(Unaudited)

 

		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
Revenues:
Premiums		$	927			$	947			$	1,858			$	1,915
Net investment income			787				844				1,551				1,645
Net investment gains (losses)			8				70				36				103
Policy fees and other income			159				180				328				363
Total revenues			1,881				2,041				3,773				4,026
Benefits and expenses:
Benefits and other changes in policy reserves			764				1,161				1,903				2,379
Interest credited			125				127				250				258
Acquisition and operating expenses, net of deferrals			589				304				860				579
Amortization of deferred acquisition costs and intangibles			84				86				176				163
Interest expense			26				43				52				94
Total benefits and expenses			1,588				1,721				3,241				3,473
Income from continuing operations before income taxes			293				320				532				553
Provision for income taxes			73				75				131				134
Income from continuing operations			220				245				401				419
Income (loss) from discontinued operations, net of taxes			(1	)			(5	)			(3	)			16
Net income			219				240				398				435
Less: net income from continuing operations attributable to noncontrolling interests			38				—				68				—
Less: net income from discontinued operations attributable to noncontrolling interests			—				—				—				8
Net income available to Genworth Financial, Inc.’s common stockholders		$	181			$	240			$	330			$	427
Net income available to Genworth Financial, Inc.’s common stockholders:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders		$	182			$	245			$	333			$	419
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders			(1	)			(5	)			(3	)			8
Net income available to Genworth Financial, Inc.’s common stockholders		$	181			$	240			$	330			$	427
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic		$	0.36			$	0.48			$	0.65			$	0.83
Diluted		$	0.36			$	0.47			$	0.65			$	0.82
Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic		$	0.36			$	0.47			$	0.65			$	0.84
Diluted		$	0.35			$	0.47			$	0.64			$	0.83
Weighted-average common shares outstanding:
Basic			509.0				507.0				508.6				506.5
Diluted			514.2				515.0				515.8				514.4

See Notes to Condensed Consolidated Financial Statements

 

4

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Table of Contents

GENWORTH FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in millions)

(Unaudited)

 

		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
Net income		$	219			$	240			$	398			$	435
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses			(2,432	)			(58	)			(3,483	)			(380	)
Net unrealized gains (losses) on securities with an allowance for credit losses			—				4				—				6
Derivatives qualifying as hedges			(344	)			211				(580	)			(208	)
Foreign currency translation and other adjustments			(7	)			2				(12	)			138
Total other comprehensive income (loss)			(2,783	)			159				(4,075	)			(444	)
Total comprehensive income (loss)			(2,564	)			399				(3,677	)			(9	)
Less: comprehensive income (loss) attributable to noncontrolling interests			10				—				(1	)			155
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders		$	(2,574	)		$	399			$	(3,676	)		$	(164	)

See Notes to Condensed Consolidated Financial Statements

 

5

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GENWORTH FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in millions)

(Unaudited)

 

		Three months ended June 30, 2022
		Common stock				Additional paid-in capital				Accumulated other comprehensive income (loss)				Retained earnings				Treasury stock, at cost				Total Genworth Financial, Inc.’s stockholders’ equity				Noncontrolling interests				Total equity
Balances as of March 31, 2022		$	1			$	11,857			$	2,610			$	2,639			$	(2,700	)		$	14,407			$	745			$	15,152
Comprehensive income (loss):
Net income			—				—				—				181				—				181				38				219
Other comprehensive loss, net of taxes			—				—				(2,755	)			—				—				(2,755	)			(28	)			(2,783	)
Total comprehensive income (loss)																							(2,574	)			10				(2,564	)
Treasury stock acquired in connection with share repurchases			—				—				—				—				(15	)			(15	)			—				(15	)
Dividends to noncontrolling interests			—				—				—				—				—				—				(4	)			(4	)
Stock-based compensation expense and exercises and other			—				2				—				—				—				2				—				2
Balances as of June 30, 2022		$	1			$	11,859			$	(145	)		$	2,820			$	(2,715	)		$	11,820			$	751			$	12,571
		Three months ended June 30, 2021
		Common stock				Additional paid-in capital				Accumulated other comprehensive income (loss)				Retained earnings				Treasury stock, at cost				Total Genworth Financial, Inc.’s stockholders’ equity				Noncontrolling interests				Total equity
Balances as of March 31, 2021		$	1			$	12,011			$	3,675			$	1,771			$	(2,700	)		$	14,758			$	—			$	14,758
Comprehensive income:
Net income			—				—				—				240				—				240				—				240
Other comprehensive income, net of taxes			—				—				159				—				—				159				—				159
Total comprehensive income																							399				—				399
Stock-based compensation expense and exercises and other			—				7				—				—				—				7				—				7
Balances as of June 30, 2021		$	1			$	12,018			$	3,834			$	2,011			$	(2,700	)		$	15,164			$	—			$	15,164

 

6

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Table of Contents

GENWORTH FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY, CONTINUED

(Amounts in millions)

(Unaudited)

 

		Six months ended June 30, 2022
		Common stock				Additional paid-in capital				Accumulated other comprehensive income (loss)				Retained earnings				Treasury stock, at cost				Total Genworth Financial, Inc.’s stockholders’ equity				Noncontrolling interests				Total equity
Balances as of December 31, 2021		$	1			$	11,858			$	3,861			$	2,490			$	(2,700	)		$	15,510			$	756			$	16,266
Comprehensive income (loss):
Net income			—				—				—				330				—				330				68				398
Other comprehensive loss, net of taxes			—				—				(4,006	)			—				—				(4,006	)			(69	)			(4,075	)
Total comprehensive loss																							(3,676	)			(1	)			(3,677	)
Treasury stock acquired in connection with share repurchases			—				—				—				—				(15	)			(15	)			—				(15	)
Dividends to noncontrolling interests			—				—				—				—				—				—				(4	)			(4	)
Stock-based compensation expense and exercises and other			—				1				—				—				—				1				—				1
Balances as of June 30, 2022		$	1			$	11,859			$	(145	)		$	2,820			$	(2,715	)		$	11,820			$	751			$	12,571
		Six months ended June 30, 2021
		Common stock				Additional paid-in capital				Accumulated other comprehensive income (loss)				Retained earnings				Treasury stock, at cost				Total Genworth Financial, Inc.’s stockholders’ equity				Noncontrolling interests				Total equity
Balances as of December 31, 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			—				—				—				427				—				427				8				435
Other comprehensive income (loss), net of taxes			—				—				(591	)			—				—				(591	)			147				(444	)
Total comprehensive income (loss)																							(164	)			155				(9	)
Stock-based compensation expense and exercises and other			—				10				—				—				—				10				—				10
Balances as of June 30, 2021		$	1			$	12,018			$	3,834			$	2,011			$	(2,700	)		$	15,164			$	—			$	15,164

See Notes to Condensed Consolidated Financial Statements

 

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GENWORTH FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in millions)

(Unaudited)

 

		Six months ended June 30,
		2022				2021
Cash flows from (used by) operating activities:
Net income		$	398			$	435
Less (income) loss from discontinued operations, net of taxes			3				(16	)
Adjustments to reconcile net income to net cash from operating activities:
Amortization of fixed maturity securities discounts and premiums			(84	)			(80	)
Net investment (gains) losses			(36	)			(103	)
Charges assessed to policyholders			(292	)			(317	)
Acquisition costs deferred			(1	)			(3	)
Amortization of deferred acquisition costs and intangibles			176				163
Deferred income taxes			128				132
Derivative instruments, limited partnerships and other			(163	)			(189	)
Stock-based compensation expense			20				25
Change in certain assets and liabilities:
Accrued investment income and other assets			(70	)			(69	)
Insurance reserves			494				507
Current tax liabilities			—				(4	)
Other liabilities, policy and contract claims and other policy-related balances			(205	)			(60	)
Cash used by operating activities—discontinued operations			(31	)			(192	)
Net cash from operating activities			337				229
Cash flows from (used by) investing activities:
Proceeds from maturities and repayments of investments:
Fixed maturity securities			1,495				2,220
Commercial mortgage loans			314				392
Limited partnerships and other invested assets			99				107
Proceeds from sales of investments:
Fixed maturity and equity securities			1,302				1,306
Purchases and originations of investments:
Fixed maturity and equity securities			(1,800	)			(2,868	)
Commercial mortgage loans			(568	)			(531	)
Limited partnerships and other invested assets			(297	)			(240	)
Short-term investments, net			(24	)			(76	)
Policy loans, net			14				28
Proceeds from sale of business, net of cash transferred			—				270
Cash used by investing activities—discontinued operations			—				(67	)
Net cash from investing activities			535				541
Cash flows from (used by) financing activities:
Deposits to universal life and investment contracts			314				349
Withdrawals from universal life and investment contracts			(779	)			(1,143	)
Repayment and repurchase of long-term debt			(130	)			(484	)
Dividends paid to noncontrolling interests			(4	)			—
Treasury stock acquired in connection with share repurchases			(15	)			—
Other, net			(105	)			65
Net cash used by financing activities			(719	)			(1,213	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $— and $(1) related to discontinued operations)			—				1
Net change in cash, cash equivalents and restricted cash			153				(442	)
Cash, cash equivalents and restricted cash at beginning of period			1,571				2,656
Cash, cash equivalents and restricted cash at end of period			1,724				2,214
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		$	1,724			$	2,214

See Notes to Condensed Consolidated Financial Statements

 

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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

 

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

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 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.

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under which Genworth Financial may repurchase up to $350 million of its outstanding Class A common stock. Pursuant to the program, in the second quarter of 2022, Genworth Financial repurchased 3,869,494 shares of its common stock at an average price of $3.88 per share for a total cash outlay of $15 million, including costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our consolidated balance sheet. Genworth Financial

also

authorized share repurchases through a Rule

10b5-1

trading plan under which 4,034,794

shares of its common stock were repurchased during July 2022 at an average price of

$3.72 per share for a total cash outlay of $15 million, leaving approximately $320 million that may yet be purchased under the share repurchase program.

 

Under the program, share repurchases may be made at the Company’s discretion from time to time in open market transactions, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and number of

 future

shares repurchased under the program will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The authorization has no expiration date and may be modified, suspended or terminated at any time.

(2) Accounting Changes

Accounting Pronouncements Recently Adopted

On April 1, 2022, we elected to early adopt 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. We were 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. In accordance with the new accounting guidance, we adopted this guidance prospectively as of January 1, 2022; therefore, the guidance did not have any impact at adoption.

Accounting Pronouncements Not Yet Adopted

In June 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. This guidance is currently effective for us on January 1, 2024 using the prospective method, with early adoption permitted. We do not expect a significant impact from this guidance on our condensed 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

 

10

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

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 updated quarterly, with the impact of changes in the discount rate recorded in other comprehensive income (loss);

 

•

the provision for adverse deviation and the premium deficiency test will be eliminated;

 

•

market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss);

 

•

the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and

 

•

disclosures will be greatly expanded to include significant assumptions and product liability rollforwards.

This guidance is effective for us on January 1, 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. Our implementation efforts continue to progress and corporate governance has been established to support the implementation of this new standard. We remain focused on 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 condensed consolidated financial statements and disclosures. The requirement to remeasure the liability for future policy benefits using an updated

single-A

rated bond rate is expected to result in a significant reduction to our equity at transition. However, with the recent rise in interest rates and the associated impact on

single-A

rated bond rates, we expect the initial reduction in our equity to partially reverse in periods subsequent to the transition date.

 

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(3) Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:

 

		Three months ended June 30,								Six months ended June 30,
(Amounts in millions, except per share amounts)		2022				2021				2022				2021
Weighted-average shares used in basic earnings per share calculations			509.0				507.0				508.6				506.5
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based awards			5.2				8.0				7.2				7.9
Weighted-average shares used in diluted earnings per share calculations			514.2				515.0				515.8				514.4
Income from continuing operations:
Income from continuing operations		$	220			$	245			$	401			$	419
Less: net income from continuing operations attributable to noncontrolling interests			38				—				68				—
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders		$	182			$	245			$	333			$	419
Basic per share		$	0.36			$	0.48			$	0.65			$	0.83
Diluted per share		$	0.36			$	0.47			$	0.65			$	0.82
Income (loss) from discontinued operations:
Income (loss) from discontinued operations, net of taxes		$	(1	)		$	(5	)		$	(3	)		$	16
Less: net income from discontinued operations attributable to noncontrolling interests			—				—				—				8
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		$	(1	)		$	(5	)		$	(3	)		$	8
Basic per share		$	—			$	(0.01	)		$	(0.01	)		$	0.02
Diluted per share		$	—			$	(0.01	)		$	(0.01	)		$	0.02
Net income:
Income from continuing operations		$	220			$	245			$	401			$	419
Income (loss) from discontinued operations, net of taxes			(1	)			(5	)			(3	)			16
Net income			219				240				398				435
Less: net income attributable to noncontrolling interests			38				—				68				8
Net income available to Genworth Financial, Inc.’s common stockholders		$	181			$	240			$	330			$	427
Basic per share (1)		$	0.36			$	0.47			$	0.65			$	0.84
Diluted per share (1)		$	0.35			$	0.47			$	0.64			$	0.83

 

(1)	May not total due to whole number calculation.

 

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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 June 30,								Six months ended June 30,
(Amounts in millions)		2022				2021				2022				2021
Fixed maturity securities—taxable		$	578			$	608			$	1,158			$	1,207
Fixed maturity securities—non-taxable			1				1				2				3
Equity securities			2				2				4				5
Commercial mortgage loans			78				103				159				181
Policy loans			51				40				101				90
Limited partnerships			32				54				39				85
Other invested assets			66				58				129				116
Cash, cash equivalents, restricted cash and short-term investments			1				—				1				—
Gross investment income before expenses and fees			809				866				1,593				1,687
Expenses and fees			(22	)			(22	)			(42	)			(42	)
Net investment income		$	787			$	844			$	1,551			$	1,645

(b) Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the periods indicated:

 

		Three months ended June 30,								Six months ended June 30,
(Amounts in millions)		2022				2021				2022				2021
Realized investment gains (losses):
Available-for-sale fixed maturity securities:
Realized gains		$	5			$	5			$	15			$	12
Realized losses			(9	)			(4	)			(27	)			(7	)
Net realized gains (losses) on available-for-sale fixed maturity securities			(4	)			1				(12	)			5
Net realized gains (losses) on equity securities sold			—				(2	)			—				(7	)
Net realized gains (losses) on limited partnerships			—				—				—				3
Total net realized investment gains (losses)			(4	)			(1	)			(12	)			1
Net change in allowance for credit losses on available-for-sale fixed maturity securities			—				(4	)			—				(6	)
Write-down of available-for-sale fixed maturity securities (1)			—				—				(2	)			(1	)
Net unrealized gains (losses) on equity securities still held			(27	)			6				(33	)			(2	)
Net unrealized gains (losses) on limited partnerships			24				65				59				99
Commercial mortgage loans			2				(1	)			3				(2	)
Derivative instruments (2)			9				4				13				12
Other			4				1				8				2
Net investment gains (losses)		$	8			$	70			$	36			$	103

 

(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 and six months ended June 30, 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 June 30, 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		$	3			$	—			$	4			$	(7	)		$	—			$	—			$	—			$	—
Total available-for-sale fixed maturity securities		$	3			$	—			$	4			$	(7	)		$	—			$	—			$	—			$	—

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 six months ended June 30, 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			$	—			$	6			$	(7	)		$	—			$	—			$	—			$	—
Commercial mortgage-backed			3				—				—				—				—				(3	)			—				—
Total available-for-sale fixed maturity securities		$	4			$	—			$	6			$	(7	)		$	—			$	(3	)		$	—			$	—

 

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(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)		June 30, 2022				December 31, 2021
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses  (1)		$	(1,961	)		$	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			(17	)			(5,487	)
Income taxes, net			370				(507	)
Net unrealized investment gains (losses)			(1,608	)			1,875
Less: net unrealized investment gains (losses) attributable to noncontrolling interests			(54	)			15
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.		$	(1,554	)		$	1,860

 

(1)	Excludes foreign exchange.

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 periods indicated:

 

		As of or for the three months ended June 30,
(Amounts in millions)		2022				2021
Beginning balance		$	850			$	1,919
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities			(4,713	)			1,774
Adjustment to deferred acquisition costs			1,082				42
Adjustment to present value of future profits			80				1
Adjustment to sales inducements			2				2
Adjustment to benefit reserves			519				(1,887	)
Provision for income taxes			594				14
Change in unrealized gains (losses) on investment securities			(2,436	)			(54	)
Reclassification adjustments to net investment (gains) losses, net of taxes of $(1) and $—			4				—
Change in net unrealized investment gains (losses)			(2,432	)			(54	)
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests			(28	)			—
Ending balance		$	(1,554	)		$	1,865

 

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

		As of or for the six months ended June 30,
(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			(9,843	)			(1,609	)
Adjustment to deferred acquisition costs			1,319				(132	)
Adjustment to present value of future profits			81				2
Adjustment to sales inducements			24				5
Adjustment to benefit reserves			4,046				1,258
Provision for income taxes			880				106
Change in unrealized gains (losses) on investment securities			(3,493	)			(370	)
Reclassification adjustments to net investment (gains) losses, net of taxes of $ (3) and $1			10				(4	)
Change in net unrealized investment gains (losses)			(3,483	)			(374	)
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests			(69	)			(25	)
Ending balance		$	(1,554	)		$	1,865

The net unrealized losses on fixed maturity securities recognized during the three and six months ended June 30, 2022 was largely due to increasing interest rates and widening credit spreads. 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 June 30, 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		$	3,387			$	274			$	(34	)		$	—			$	3,627
State and political subdivisions			2,971				74				(196	)			—				2,849
Non-U.S. government			762				17				(97	)			—				682
U.S. corporate:
Utilities			4,253				135				(285	)			—				4,103
Energy			2,496				54				(173	)			—				2,377
Finance and insurance			7,947				126				(604	)			—				7,469
Consumer—non-cyclical			4,912				172				(292	)			—				4,792
Technology and communications			3,224				60				(260	)			—				3,024
Industrial			1,263				22				(98	)			—				1,187
Capital goods			2,326				77				(145	)			—				2,258
Consumer—cyclical			1,679				27				(125	)			—				1,581
Transportation			1,113				52				(61	)			—				1,104
Other			353				8				(13	)			—				348
Total U.S. corporate			29,566				733				(2,056	)			—				28,243
Non-U.S. corporate:
Utilities			864				3				(57	)			—				810
Energy			1,123				36				(62	)			—				1,097
Finance and insurance			2,103				62				(153	)			—				2,012
Consumer—non-cyclical			630				4				(64	)			—				570
Technology and communications			1,007				10				(74	)			—				943
Industrial			903				21				(63	)			—				861
Capital goods			609				6				(50	)			—				565
Consumer—cyclical			314				—				(29	)			—				285
Transportation			392				20				(22	)			—				390
Other			960				39				(50	)			—				949
Total non-U.S. corporate			8,905				201				(624	)			—				8,482
Residential mortgage-backed			1,214				36				(37	)			—				1,213
Commercial mortgage-backed			2,272				7				(142	)			—				2,137
Other asset-backed			2,171				1				(119	)			—				2,053
Total available-for-sale fixed maturity securities		$	51,248			$	1,343			$	(3,305	)		$	—			$	49,286

 

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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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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 June 30, 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		$	797			$	(33	)			49			$	10			$	(1	)			3			$	807			$	(34	)			52
State and political subdivisions			1,531				(193	)			272				25				(3	)			5				1,556				(196	)			277
Non-U.S. government			389				(73	)			64				73				(24	)			12				462				(97	)			76
U.S. corporate			17,949				(1,896	)			2,235				622				(160	)			72				18,571				(2,056	)			2,307
Non-U.S. corporate			5,407				(558	)			691				248				(66	)			35				5,655				(624	)			726
Residential mortgage-backed			474				(36	)			121				4				(1	)			5				478				(37	)			126
Commercial mortgage-backed			1,882				(137	)			265				42				(5	)			6				1,924				(142	)			271
Other asset-backed			1,798				(113	)			319				78				(6	)			19				1,876				(119	)			338
Total for fixed maturity securities in an unrealized loss position		$	30,227			$	(3,039	)			4,016			$	1,102			$	(266	)			157			$	31,329			$	(3,305	)			4,173
% Below cost:
<20% Below cost		$	28,164			$	(2,402	)			3,756			$	627			$	(101	)			98			$	28,791			$	(2,503	)			3,854
20%-50% Below cost			2,063				(637	)			260				475				(165	)			59				2,538				(802	)			319
Total for fixed maturity securities in an unrealized loss position		$	30,227			$	(3,039	)			4,016			$	1,102			$	(266	)			157			$	31,329			$	(3,305	)			4,173
Investment grade		$	28,568			$	(2,801	)			3,763			$	1,023			$	(241	)			144			$	29,591			$	(3,042	)			3,907
Below investment grade			1,659				(238	)			253				79				(25	)			13				1,738				(263	)			266
Total for fixed maturity securities in an unrealized loss position		$	30,227			$	(3,039	)			4,016			$	1,102			$	(266	)			157			$	31,329			$	(3,305	)			4,173

 

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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 June 30, 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		$	2,176			$	(268	)			301			$	56			$	(17	)			15			$	2,232			$	(285	)			316
Energy			1,534				(162	)			205				53				(11	)			6				1,587				(173	)			211
Finance and insurance			5,276				(554	)			637				183				(50	)			17				5,459				(604	)			654
Consumer—non-cyclical			2,657				(268	)			284				76				(24	)			7				2,733				(292	)			291
Technology and communications			2,192				(227	)			282				123				(33	)			11				2,315				(260	)			293
Industrial			805				(96	)			101				11				(2	)			1				816				(98	)			102
Capital goods			1,340				(138	)			162				24				(7	)			4				1,364				(145	)			166
Consumer—cyclical			1,107				(111	)			156				73				(14	)			7				1,180				(125	)			163
Transportation			716				(60	)			87				5				(1	)			2				721				(61	)			89
Other			146				(12	)			20				18				(1	)			2				164				(13	)			22
Subtotal, U.S. corporate securities			17,949				(1,896	)			2,235				622				(160	)			72				18,571				(2,056	)			2,307
Non-U.S. corporate:
Utilities			596				(51	)			63				21				(6	)			3				617				(57	)			66
Energy			608				(61	)			65				4				(1	)			1				612				(62	)			66
Finance and insurance			1,282				(117	)			190				144				(36	)			16				1,426				(153	)			206
Consumer—non-cyclical			480				(61	)			51				8				(3	)			4				488				(64	)			55
Technology and communications			704				(74	)			83				—				—				—				704				(74	)			83
Industrial			475				(58	)			68				16				(5	)			2				491				(63	)			70
Capital goods			428				(50	)			54				—				—				—				428				(50	)			54
Consumer—cyclical			236				(26	)			38				19				(3	)			4				255				(29	)			42
Transportation			195				(22	)			25				—				—				—				195				(22	)			25
Other			403				(38	)			54				36				(12	)			5				439				(50	)			59
Subtotal, non-U.S. corporate securities			5,407				(558	)			691				248				(66	)			35				5,655				(624	)			726
Total for corporate securities in an unrealized loss position		$	23,356			$	(2,454	)			2,926			$	870			$	(226	)			107			$	24,226			$	(2,680	)			3,033

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.

 

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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 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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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

The scheduled maturity distribution of fixed maturity securities as of June 30, 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		$	1,310			$	1,314
Due after one year through five years			8,078				7,958
Due after five years through ten years			13,602				12,765
Due after ten years			22,601				21,846
Subtotal			45,591				43,883
Residential mortgage-backed			1,214				1,213
Commercial mortgage-backed			2,272				2,137
Other asset-backed			2,171				2,053
Total		$	51,248			$	49,286

As of June 30, 2022, securities issued by finance and insurance,

consumer—non-cyclical,

utilities and technology and communications industry groups represented approximately 25%, 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 June 30, 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:

 

		June 30, 2022								December 31, 2021
(Amounts in millions)		Carrying value				% of total				Carrying value				% of total
Property type:
Retail		$	2,901				41	%		$	2,774				40	%
Industrial			1,532				22				1,420				21
Office			1,512				21				1,526				22
Apartments			578				8				585				9
Mixed use			350				5				330				5
Other			215				3				221				3
Subtotal			7,088				100	%			6,856				100	%
Allowance for credit losses			(23	)							(26	)
Total		$	7,065							$	6,830

 

		June 30, 2022								December 31, 2021
(Amounts in millions)		Carrying value				% of total				Carrying value				% of total
Geographic region:
South Atlantic		$	1,816				26	%		$	1,770				26	%
Pacific			1,391				20				1,360				20
Middle Atlantic			990				14				964				14
Mountain			967				14				892				13
West South Central			556				8				483				7
East North Central			469				6				465				7
West North Central			462				6				461				7
East South Central			227				3				224				3
New England			210				3				237				3
Subtotal			7,088				100	%			6,856				100	%
Allowance for credit losses			(23	)							(26	)
Total		$	7,065							$	6,830

As of June 30, 2022, we had no commercial mortgage loans past due or on

non-accrual

status. 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. 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 six months ended June 30, 2022, we did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan. During the year ended December 31, 2021, prior to the adoption of new accounting guidance related to troubled debt restructurings, 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 June 30,								Six months ended June 30,
(Amounts in millions)		2022				2021				2022				2021
Allowance for credit losses:
Beginning balance		$	25			$	32			$	26			$	31
Provision			(3	)			1				(4	)			2
Write-offs			—				—				—				—
Recoveries			1				—				1				—
Ending balance		$	23			$	33			$	23			$	33

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 June 30, 2022:

 

(Amounts in millions)		2022				2021				2020				2019				2018				2017 and prior				Total
Debt-to-value:
0%—50%		$	2			$	25			$	72			$	62			$	165			$	2,062			$	2,388
51%—60%			31				37				33				178				293				934				1,506
61%—75%			532				875				414				482				394				497				3,194
76%—100%			—				—				—				—				—				—				—
Greater than 100%			—				—				—				—				—				—				—
Total amortized cost		$	565			$	937			$	519			$	722			$	852			$	3,493			$	7,088
Debt service coverage ratio:
Less than 1.00		$	—			$	—			$	10			$	19			$	40			$	114			$	183
1.00—1.25			13				2				69				72				74				296				526
1.26—1.50			138				117				31				166				133				318				903
1.51—2.00			368				716				217				268				425				1,248				3,242
Greater than 2.00			46				102				192				197				180				1,517				2,234
Total amortized cost		$	565			$	937			$	519			$	722			$	852			$	3,493			$	7,088

The following tables set forth the

debt-to-value

of commercial mortgage loans by property type as of the dates indicated:

 

		June 30, 2022
(Amounts in millions)		0%—50%				51%—60%				61%—75%				76%—100%				Greater than 100%				Total
Property type:
Retail		$	838			$	598			$	1,465			$	—			$	—			$	2,901
Industrial			720				229				583				—				—				1,532
Office			472				389				651				—				—				1,512
Apartments			184				96				298				—				—				578
Mixed use			118				74				158				—				—				350
Other			56				120				39				—				—				215
Total amortized cost		$	2,388			$	1,506			$	3,194			$	—			$	—			$	7,088
% of total			34	%			21	%			45	%			—	%			—	%			100	%
Weighted-average debt service coverage ratio			2.34				1.88				1.61				—				—				1.91

 

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		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
Industrial			745				240				435				—				—				1,420
Office			505				395				604				—				22				1,526
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:

 

		June 30, 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		$	94			$	150			$	429			$	1,534			$	694			$	2,901
Industrial			6				76				134				663				653				1,532
Office			38				106				179				630				559				1,512
Apartments			17				62				84				239				176				578
Mixed use			23				31				40				137				119				350
Other			5				101				37				39				33				215
Total amortized cost		$	183			$	526			$	903			$	3,242			$	2,234			$	7,088
% of total			3	%			7	%			13	%			46	%			31	%			100	%
Weighted-average debt-to-value			60	%			60	%			63	%			61	%			44	%			56	%

 

		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
Industrial			9				64				82				599				666				1,420
Office			67				109				167				593				590				1,526
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	%

 

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(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 June 30, 2022 and December 31, 2021, the total carrying value of these investments was $2,036 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.

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		June 30, 2022				December 31, 2021				Balance sheet classification		June 30, 2022				December 31, 2021
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps		Other invested assets		$	30			$	364			Other liabilities		$	342			$	26
Foreign currency swaps		Other invested assets			17				6			Other liabilities			—				—
Total cash flow hedges					47				370						342				26
Total derivatives designated as hedges					47				370						342				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)			19				19			Policyholder account balances  (2)			277				271
Fixed index annuity embedded derivatives		Other assets			—				—			Policyholder account balances  (3)			233				294
Indexed universal life embedded derivatives		Reinsurance recoverable			—				—			Policyholder account balances  (4)			16				25
Total derivatives not designated as hedges					49				63						526				590
Total derivatives				$	96			$	433					$	868			$	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.

 

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The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.

The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, fixed index annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated:

 

(Notional in millions)		Measurement				December 31, 2021				Additions				Maturities/ terminations				June 30, 2022
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps			Notional			$	7,653			$	262			$	(102	)		$	7,813
Foreign currency swaps			Notional				127				—				—				127
Total cash flow hedges							7,780				262				(102	)			7,940
Total derivatives designated as hedges							7,780				262				(102	)			7,940
Derivatives not designated as hedges
Equity index options			Notional				1,446				495				(628	)			1,313
Financial futures			Notional				946				1,973				(1,969	)			950
Other foreign currency contracts			Notional				83				—				(83	)			—
Total derivatives not designated as hedges							2,475				2,468				(2,680	)			2,263
Total derivatives						$	10,255			$	2,730			$	(2,782	)		$	10,203

 

(Number of policies)		Measurement				December 31, 2021				Additions				Maturities/ terminations				June 30, 2022
Derivatives not designated as hedges
GMWB embedded derivatives			Policies				21,804				—				(906	)			20,898
Fixed index annuity embedded derivatives			Policies				9,344				—				(1,055	)			8,289
Indexed universal life embedded derivatives			Policies				806				—				(20	)			786

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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The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 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		$	(405	)		$	57			Net investment income		$	—			Net investment gains (losses)
Interest rate swaps hedging liabilities			—				(1	)		Interest expense			—			Net investment gains (losses)
Foreign currency swaps			14				—			Net investment income			—			Net investment gains (losses)
Total		$	(391	)		$	56					$	—

The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 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		$	314			$	52			Net investment income		$	—			Net investment gains (losses)
Interest rate swaps hedging liabilities			(8	)			—			Interest expense			—			Net investment gains (losses)
Foreign currency swaps			3				—			Net investment income			—			Net investment gains (losses)
Total		$	309			$	52					$	—

The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 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		$	(655	)		$	112			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			—				(2	)		Interest expense			—			Net investment gains (losses)
Foreign currency swaps			12				1			Net investment income			—			Net investment gains (losses)
Total		$	(643	)		$	113					$	—

 

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The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 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		$	(215	)		$	104			Net investment income		$	—			Net investment gains (losses)
Interest rate swaps hedging liabilities			36				—			Interest expense			—			Net investment gains (losses)
Foreign currency swaps			1				—			Net investment income			—			Net investment gains (losses)
Total		$	(178	)		$	104					$	—

The following tables provide 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 June 30,
(Amounts in millions)		2022				2021
Derivatives qualifying as effective accounting hedges as of April 1		$	1,789			$	1,792
Current period increases (decreases) in fair value, net of deferred taxes of $84 and $(64)			(307	)			245
Reclassification to net (income), net of deferred taxes of $19 and $18			(37	)			(34	)
Derivatives qualifying as effective accounting hedges as of June 30		$	1,445			$	2,003

 

		Six months ended June 30,
(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 $137 and $38			(506	)			(140	)
Reclassification to net (income), net of deferred taxes of $39 and $36			(74	)			(68	)
Derivatives qualifying as effective accounting hedges as of June 30		$	1,445			$	2,003

The total of derivatives designated as cash flow hedges of $1,445 million, net of taxes, recorded in stockholders’ equity as of June 30, 2022 is expected to be reclassified to net income 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, $144 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 six months ended June 30, 2022 and 2021, we reclassified $5 million and $4 million, respectively, to net income in connection with forecasted transactions that were no longer considered probable of

occurring.

 

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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 tables provide 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 June 30,								Classification of gain (loss) recognized in net income
(Amounts in millions)		2022				2021
Interest rate swaps		$	—			$	(1	)			Net investment gains (losses)
Equity index options			(1	)			6				Net investment gains (losses)
Financial futures			17				8				Net investment gains (losses)
GMWB embedded derivatives			(26	)			2				Net investment gains (losses)
Fixed index annuity embedded derivatives			11				(14	)			Net investment gains (losses)
Indexed universal life embedded derivatives			8				3				Net investment gains (losses)
Total derivatives not designated as hedges		$	9			$	4

 

		Six months ended June 30,								Classification of gain (loss) recognized in net income
(Amounts in millions)		2022				2021
Interest rate swaps		$	—			$	3				Net investment gains (losses)
Equity index options			(7	)			9				Net investment gains (losses)
Financial futures			(30	)			(102	)			Net investment gains (losses)
GMWB embedded derivatives			6				107				Net investment gains (losses)
Fixed index annuity embedded derivatives			23				(18	)			Net investment gains (losses)
Indexed universal life embedded derivatives			19				13				Net investment gains (losses)
Total derivatives not designated as hedges		$	11			$	12

 

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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:​​​​​​​

 

		June 30, 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		$	77			$	342			$	(265	)		$	414			$	26			$	388
Gross amounts offset in the balance sheet			—				—				—				—				—				—
Net amounts presented in the balance sheet			77				342				(265	)			414				26				388
Gross amounts not offset in the balance sheet:
Financial instruments (2)			(24	)			(24	)			—				(20	)			(20	)			—
Collateral received			(41	)			—				(41	)			(308	)			—				(308	)
Collateral pledged			—				(825	)			825				—				(536	)			536
Over collateralization			—				507				(507	)			2				530				(528	)
Net amount		$	12			$	—			$	12			$	88			$	—			$	88

 

(1)	Does not include amounts related to embedded derivatives as of June 30, 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 information is not available for a specific security (or similar securities) or is available but such information is

 

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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 June 30, 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.

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,

 

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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, 88% of our portfolio was priced using third-party pricing services as of June 30, 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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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 June 30, 2022:

 

(Amounts in millions)		Fair value				Primary methodologies		Significant inputs
U.S. government, agencies and government-sponsored enterprises			$3,627			Price quotes from trading desk, broker feeds		Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions			$2,786			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			$679			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			$24,600			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			$6,588			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			$1,183			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			$2,123			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			$1,924			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 $1,493 million and $921 million, respectively, as of June 30, 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 $343 million as of June 30, 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   $ 3,019  million as of June 30, 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 June 30, 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 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.

 

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

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 June 30, 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 June 30, 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 and indexed universal life embedded derivatives

We have fixed index annuity and indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of June 30, 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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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:

 

		June 30, 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		$	3,627			$	—			$	3,627			$	—			$	—
State and political subdivisions			2,849				—				2,786				63				—
Non-U.S. government			682				—				679				3				—
U.S. corporate:
Utilities			4,103				—				3,293				810				—
Energy			2,377				—				2,255				122				—
Finance and insurance			7,469				—				6,815				654				—
Consumer—non-cyclical			4,792				—				4,706				86				—
Technology and communications			3,024				—				2,999				25				—
Industrial			1,187				—				1,154				33				—
Capital goods			2,258				—				2,220				38				—
Consumer—cyclical			1,581				—				1,462				119				—
Transportation			1,104				—				1,048				56				—
Other			348				—				141				207				—
Total U.S. corporate			28,243				—				26,093				2,150				—
Non-U.S. corporate:
Utilities			810				—				501				309				—
Energy			1,097				—				964				133				—
Finance and insurance			2,012				—				1,880				132				—
Consumer—non-cyclical			570				—				503				67				—
Technology and communications			943				—				917				26				—
Industrial			861				—				792				69				—
Capital goods			565				—				450				115				—
Consumer—cyclical			285				—				206				79				—
Transportation			390				—				369				21				—
Other			949				—				927				22				—
Total non-U.S. corporate			8,482				—				7,509				973				—
Residential mortgage-backed			1,213				—				1,183				30				—
Commercial mortgage-backed			2,137				—				2,123				14				—
Other asset-backed			2,053				—				1,924				129				—
Total fixed maturity securities			49,286				—				45,924				3,362				—
Equity securities			243				158				50				35				—
Limited partnerships			1,649				—				—				23				1,626
Other invested assets:
Derivative assets:
Interest rate swaps			30				—				30				—				—
Foreign currency swaps			17				—				17				—				—
Equity index options			30				—				—				30				—
Total derivative assets			77				—				47				30				—
Short-term investments			50				—				50				—				—
Total other invested assets			127				—				97				30				—
Reinsurance recoverable (2)			19				—				—				19				—
Separate account assets			4,683				4,683				—				—				—
Total assets		$	56,007			$	4,841			$	46,071			$	3,469			$	1,626

 

(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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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 April 1, 2022				Total realized and unrealized gains (losses)																																Ending balance as of June 30, 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		$	71			$	1			$	(9	)		$	—			$	—			$	—			$	—			$	—			$	—			$	63			$	1			$	(9	)
Non-U.S. government			1				—				—				2				—				—				—				—				—				3				—				—
U.S. corporate:
Utilities			912				—				(92	)			—				—				—				(1	)			2				(11	)			810				—				(92	)
Energy			72				—				(11	)			—				—				—				(7	)			68				—				122				—				(11	)
Finance and insurance			676				—				(67	)			85				—				—				(1	)			—				(39	)			654				—				(61	)
Consumer—non-cyclical			92				—				(6	)			—				—				—				—				—				—				86				—				(5	)
Technology and communications			28				—				(3	)			—				—				—				—				—				—				25				—				(3	)
Industrial			35				—				(2	)			—				—				—				—				—				—				33				—				(2	)
Capital goods			41				—				(3	)			—				—				—				—				—				—				38				—				(3	)
Consumer—cyclical			127				—				(7	)			—				—				—				(1	)			—				—				119				—				(7	)
Transportation			64				—				(3	)			—				—				—				(1	)			—				(4	)			56				—				(3	)
Other			222				—				(12	)			—				—				—				(3	)			—				—				207				—				(12	)
Total U.S. corporate			2,269				—				(206	)			85				—				—				(14	)			70				(54	)			2,150				—				(199	)
Non-U.S. corporate:
Utilities			334				—				(25	)			—				—				—				—				—				—				309				—				(24	)
Energy			138				—				(7	)			3				—				—				(1	)			—				—				133				—				(8	)
Finance and insurance			143				1				(12	)			—				—				—				—				—				—				132				1				(12	)
Consumer—non-cyclical			60				—				(4	)			—				—				—				—				11				—				67				—				(4	)
Technology and communications			27				—				(1	)			—				—				—				—				—				—				26				—				(1	)
Industrial			74				—				(4	)			—				—				—				—				—				(1	)			69				—				(5	)
Capital goods			132				—				(7	)			—				(10	)			—				—				—				—				115				—				(7	)
Consumer—cyclical			86				—				(7	)			—				—				—				—				—				—				79				—				(7	)
Transportation			22				—				(1	)			—				—				—				—				—				—				21				—				(1	)
Other			24				—				(2	)			—				—				—				—				—				—				22				—				(1	)
Total non-U.S. corporate			1,040				1				(70	)			3				(10	)			—				(1	)			11				(1	)			973				1				(70	)
Residential mortgage-backed			33				—				(2	)			4				—				—				(1	)			—				(4	)			30				—				(2	)
Commercial mortgage-backed			15				—				(1	)			—				—				—				—				—				—				14				—				(2	)
Other asset-backed			100				—				(5	)			40				(6	)			—				—				—				—				129				—				(5	)
Total fixed maturity securities			3,529				2				(293	)			134				(16	)			—				(16	)			81				(59	)			3,362				2				(287	)
Equity securities			36				—				—				—				(1	)			—				—				—				—				35				—				—
Limited partnerships			26				(3	)			—				—				—				—				—				—				—				23				(3	)			—
Other invested assets:
Derivative assets:
Equity index options			30				(1	)			—				3				—				—				(2	)			—				—				30				(4	)			—
Total derivative assets			30				(1	)			—				3				—				—				(2	)			—				—				30				(4	)			—
Total other invested assets			30				(1	)			—				3				—				—				(2	)			—				—				30				(4	)			—
Reinsurance recoverable  (2)			17				2				—				—				—				—				—				—				—				19				2				—
Total Level 3 assets		$	3,638			$	—			$	(293	)		$	137			$	(17	)		$	—			$	(18	)		$	81			$	(59	)		$	3,469			$	(3	)		$	(287	)

 

(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.

 

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GENWORTH FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

		Beginning balance as of April 1, 2021				Total realized and unrealized gains (losses)																																Ending balance as of June 30, 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		$	68			$	1			$	6			$	—			$	—			$	—			$	—			$	—			$	—			$	75			$	1			$	6
U.S. corporate:
Utilities			793				—				23				8				—				—				(1	)			19				—				842				—				23
Energy			122				—				8				—				—				—				(1	)			—				(52	)			77				—				4
Finance and insurance			597				—				17				55				—				—				(8	)			—				—				661				—				17
Consumer—non-cyclical			106				—				2				—				—				—				(2	)			3				—				109				—				1
Technology and communications			40				—				2				—				—				—				—				—				(12	)			30				—				1
Industrial			20				—				—				—				—				—				—				—				—