EX-99.2

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Exhibit 99.2

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022


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

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

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

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

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

Note:

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Dear Investor,

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

Please see the accompanying press release and summary presentation posted to the company’s website at http://investor.genworth.com for additional information regarding its fourth quarter 2022 earnings results.

Investors are encouraged to listen to the company’s earnings call on fourth quarter 2022 results at 9:00 a.m. (ET) on February 7, 2023.

Regards,

Sarah E. Crews, Investor Relations

InvestorInfo@genworth.com

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Use of Non-GAAP Measures

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

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

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

In the fourth quarter of 2022, the company repurchased $13 million principal amount of Genworth Holdings, Inc.’s (Genworth Holdings) senior notes due in June 2034 for a pre-tax gain of $1 million. In the third quarter of 2022, the company paid a pre-tax make-whole premium of $2 million and wrote off $1 million of bond consent fees and deferred borrowing costs related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in February 2024. In the second and first quarters of 2022, the company repurchased $48 million and $82 million, respectively, principal amount of Genworth Holdings’ senior notes due in February 2024 for a pre-tax loss of $1 million and $3 million, respectively. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings’ senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings’ senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

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

The company recorded a pre-tax expense of $1 million in both the fourth and second quarters of 2022, and $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continues to evaluate and appropriately size its organizational needs and expenses.

In the fourth and third quarters of 2022, the company incurred $2 million and $6 million, respectively, of pre-tax pension plan termination costs related to one of its defined benefit pension plans. There were no other infrequent or unusual items excluded from adjusted operating income (loss) during the periods presented.

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Results of Operations and Selected Operating Performance Measures

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

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

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

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

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

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

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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Financial Highlights

(amounts in millions, except per share data)


Balance Sheet Data	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)	$	12,204		$	12,056		$	11,965		$	11,797		$	11,649
Total accumulated other comprehensive income (loss)		(2,220	)		(2,765	)		(145	)		2,610			3,861

Total Genworth Financial, Inc.’s stockholders’ equity	$	9,984		$	9,291		$	11,820		$	14,407		$	15,510

Book value per share	$	20.15		$	18.49		$	23.28		$	28.23		$	30.57
Book value per share, excluding accumulated other comprehensive income (loss)	$	24.63		$	23.99		$	23.56		$	23.12		$	22.96
Common shares outstanding as of the balance sheet date		495.4			502.6			507.8			510.3			507.4

	Twelve months ended
Twelve Month Rolling Average ROE	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
U.S. GAAP Basis ROE		5.1	%		5.1	%		6.9	%		7.6	%		8.0	%
Operating ROE⁽¹⁾		5.3	%		5.3	%		6.1	%		6.3	%		6.8	%

	Three months ended
Quarterly Average ROE	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
U.S. GAAP Basis ROE		5.8	%		3.5	%		6.1	%		5.1	%		5.6	%
Operating ROE⁽¹⁾		5.5	%		5.3	%		5.9	%		4.5	%		5.7	%


Basic and Diluted Shares	Three months ended December 31, 2022			Twelve months ended December 31, 2022
Weighted-average common shares used in basic earnings per share calculations		496.7			504.5
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based awards		6.5			6.5

Weighted-average common shares used in diluted earnings per share calculations		503.2			511.0

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

Consolidated Quarterly Results

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Consolidated Net Income by Quarter

(amounts in millions, except per share amounts)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q		2Q			1Q		Total
REVENUES:
Premiums	$	927		$	934		$	927		$	931		$	3,719		$	576		$	944	$	947		$	968	$	3,435
Net investment income		787			808			787			764			3,146			866			859		844			801		3,370
Net investment gains (losses)		16			(69	)		8			28			(17	)		132			88		70			33		323
Policy fees and other income		165			166			159			169			659			162			179		180			183		704

Total revenues		1,895			1,839			1,881			1,892			7,507			1,736			2,070		2,041			1,985		7,832

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,159			1,180			764			1,139			4,242			861			1,143		1,161			1,218		4,383
Interest credited		125			128			125			125			503			127			123		127			131		508
Acquisition and operating expenses, net of deferrals		271			240			589			271			1,371			354			290		304			275		1,223
Amortization of deferred acquisition costs and intangibles		52			79			84			92			307			108			106		86			77		377
Interest expense		28			26			26			26			106			31			35		43			51		160

Total benefits and expenses		1,635			1,653			1,588			1,653			6,529			1,481			1,697		1,721			1,752		6,651

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		260			186			293			239			978			255			373		320			233		1,181
Provision for income taxes		56			52			73			58			239			62			67		75			59		263

INCOME FROM CONTINUING OPERATIONS		204			134			220			181			739			193			306		245			174		918
Income (loss) from discontinued operations, net of taxes⁽¹⁾		(2	)		5			(1	)		(2	)		—			(1	)		12		(5	)		21		27

NET INCOME		202			139			219			179			739			192			318		240			195		945
Less: net income from continuing operations attributable to noncontrolling interests		27			35			38			30			130			29			4		—			—		33
Less: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			—			—			—		—			8		8

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	175		$	104		$	181		$	149		$	609		$	163		$	314	$	240		$	187	$	904

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	177		$	99		$	182		$	151		$	609		$	164		$	302	$	245		$	174	$	885
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		(2	)		5			(1	)		(2	)		—			(1	)		12		(5	)		13		19

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	175		$	104		$	181		$	149		$	609		$	163		$	314	$	240		$	187	$	904


Earnings Per Share Data:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.36		$	0.20		$	0.36		$	0.30		$	1.21		$	0.32		$	0.59	$	0.48		$	0.35	$	1.75
Diluted	$	0.35		$	0.19		$	0.36		$	0.29		$	1.19		$	0.32		$	0.59	$	0.47		$	0.34	$	1.72
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.35		$	0.21		$	0.36		$	0.29		$	1.21		$	0.32		$	0.62	$	0.47		$	0.37	$	1.78
Diluted	$	0.35		$	0.20		$	0.35		$	0.29		$	1.19		$	0.32		$	0.61	$	0.47		$	0.37	$	1.76
Weighted-average common shares outstanding
Basic		496.7			504.0			509.0			508.3			504.5			507.4			507.4		507.0			506.0		506.9
Diluted		503.2			509.4			514.2			517.4			511.0			515.6			514.2		515.0			513.8		514.7

⁽¹⁾

Income (loss) from discontinued operations primarily relates to a settlement agreement involving the company’s former lifestyle protection insurance business that was sold on December 1, 2015 and operating results of its former Australia mortgage insurance business prior to its sale on March 3, 2021.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Reconciliation of Net Income to Adjusted Operating Income

(amounts in millions, except per share amounts)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	175		$	104		$	181		$	149		$	609		$	163		$	314		$	240		$	187		$	904
Add: net income from continuing operations attributable to noncontrolling interests		27			35			38			30			130			29			4			—			—			33
Add: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			—			—			—			—			8			8

NET INCOME		202			139			219			179			739			192			318			240			195			945
Less: income (loss) from discontinued operations, net of taxes		(2	)		5			(1	)		(2	)		—			(1	)		12			(5	)		21			27

INCOME FROM CONTINUING OPERATIONS		204			134			220			181			739			193			306			245			174			918
Less: net income from continuing operations attributable to noncontrolling interests		27			35			38			30			130			29			4			—			—			33

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		177			99			182			151			609			164			302			245			174			885

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		(15	)		67			(10	)		(28	)		14			(133	)		(88	)		(70	)		(33	)		(324	)
(Gains) losses on early extinguishment of debt		(1	)		3			1			3			6			35			6			—			4			45
Initial loss from life block transaction		—			—			—			—			—			92			—			—			—			92
Expenses related to restructuring		1			—			1			—			2			5			3			5			21			34
Pension plan termination costs		2			6			—			—			8			—			—			—			—			—
Taxes on adjustments		3			(16	)		2			5			(6	)		1			16			14			2			33

ADJUSTED OPERATING INCOME	$	167		$	159		$	176		$	131		$	633		$	164		$	239		$	194		$	168		$	765

ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	120		$	156		$	167		$	135		$	578		$	125		$	134		$	135		$	126		$	520
U.S. Life Insurance segment:
Long-Term Care Insurance		24			25			34			59			142			119			133			98			95			445
Life Insurance		(2	)		(33	)		(34	)		(79	)		(148	)		(98	)		(68	)		(40	)		(63	)		(269	)
Fixed Annuities		16			19			21			16			72			20			28			13			30			91

Total U.S. Life Insurance segment		38			11			21			(4	)		66			41			93			71			62			267

Runoff segment		17			9			2			9			37			16			11			15			12			54
Corporate and Other		(8	)		(17	)		(14	)		(9	)		(48	)		(18	)		1			(27	)		(32	)		(76	)

ADJUSTED OPERATING INCOME	$	167		$	159		$	176		$	131		$	633		$	164		$	239		$	194		$	168		$	765


Earnings Per Share Data:
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.35		$	0.21		$	0.36		$	0.29		$	1.21		$	0.32		$	0.62		$	0.47		$	0.37		$	1.78
Diluted	$	0.35		$	0.20		$	0.35		$	0.29		$	1.19		$	0.32		$	0.61		$	0.47		$	0.37		$	1.76
Adjusted operating income per share
Basic	$	0.34		$	0.32		$	0.35		$	0.26		$	1.26		$	0.32		$	0.47		$	0.38		$	0.33		$	1.51
Diluted	$	0.33		$	0.31		$	0.34		$	0.25		$	1.24		$	0.32		$	0.46		$	0.38		$	0.33		$	1.48
Weighted-average common shares outstanding
Basic		496.7			504.0			509.0			508.3			504.5			507.4			507.4			507.0			506.0			506.9
Diluted		503.2			509.4			514.2			517.4			511.0			515.6			514.2			515.0			513.8			514.7

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Consolidated Balance Sheets

(amounts in millions)


	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value⁽¹⁾	$	46,583		$	46,215		$	49,286		$	55,027		$	60,480
Equity securities, at fair value		319			274			243			230			198
Commercial mortgage loans⁽²⁾		7,032			7,086			7,088			6,938			6,856
Less: Allowance for credit losses		(22	)		(23	)		(23	)		(25	)		(26	)

Commercial mortgage loans, net		7,010			7,063			7,065			6,913			6,830
Policy loans		2,139			2,153			2,178			2,028			2,050
Limited partnerships		2,331			2,195			2,123			2,007			1,900
Other invested assets		566			590			573			671			820

Total investments		58,948			58,490			61,468			66,876			72,278
Cash, cash equivalents and restricted cash		1,799			1,561			1,724			1,291			1,571
Accrued investment income		643			616			553			696			647
Deferred acquisition costs		2,200			2,247			2,314			1,310			1,146
Intangible assets		241			237			236			159			143
Reinsurance recoverable		16,495			16,619			16,691			16,821			16,868
Less: Allowance for credit losses		(60	)		(61	)		(60	)		(57	)		(55	)

Reinsurance recoverable, net		16,435			16,558			16,631			16,764			16,813
Other assets		415			399			412			440			388
Deferred tax asset		1,344			1,533			1,047			421			119
Separate account assets		4,417			4,298			4,683			5,530			6,066

Total assets	$	86,442		$	85,939		$	89,068		$	93,487		$	99,171

⁽¹⁾

Amortized cost of $50,834 million, $51,248 million, $51,248 million, $52,280 million and $52,611 million as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and allowance for credit losses of $— as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021.

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Consolidated Balance Sheets

(amounts in millions)


	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	38,064		$	38,095		$	38,133		$	38,897		$	41,528
Policyholder account balances		17,113			17,589			17,907			18,197			19,354
Liability for policy and contract claims		12,234			12,004			11,915			11,833			11,841
Unearned premiums		584			597			614			639			672
Other liabilities		1,672			1,679			1,468			1,416			1,511
Long-term borrowings		1,611			1,622			1,773			1,819			1,899
Separate account liabilities		4,417			4,298			4,683			5,530			6,066
Liabilities related to discontinued operations⁽¹⁾		8			6			4			4			34

Total liabilities		75,703			75,890			76,497			78,335			82,905

Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,869			11,865			11,859			11,857			11,858
Accumulated other comprehensive income (loss)⁽²⁾		(2,220	)		(2,765	)		(145	)		2,610			3,861
Retained earnings		3,098			2,924			2,820			2,639			2,490
Treasury stock, at cost		(2,764	)		(2,734	)		(2,715	)		(2,700	)		(2,700	)

Total Genworth Financial, Inc.’s stockholders’ equity		9,984			9,291			11,820			14,407			15,510
Noncontrolling interests		755			758			751			745			756

Total equity		10,739			10,049			12,571			15,152			16,266

Total liabilities and equity	$	86,442		$	85,939		$	89,068		$	93,487		$	99,171

⁽¹⁾	Liabilities related to discontinued operations relates to a liability recorded in connection with a settlement agreement reached with AXA and other unrelated liabilities involving the sale of the company’s former lifestyle protection insurance business.

⁽²⁾	Accumulated other comprehensive income (loss) decreased primarily from an increase in interest rates in the second and third quarters of 2022.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Consolidated Balance Sheet by Segment

(amounts in millions)


	December 31, 2022
	Enact			U.S. Life Insurance			Runoff			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,458		$	51,777		$	2,682		$	1,473		$	61,390
Deferred acquisition costs and intangible assets		35			2,266			133			7			2,441
Reinsurance recoverable, net		—			15,818			617			—			16,435
Deferred tax and other assets		219			1,116			39			385			1,759
Separate account assets		—			—			4,417			—			4,417

Total assets	$	5,712		$	70,977		$	7,888		$	1,865		$	86,442

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	38,062		$	2		$	—		$	38,064
Policyholder account balances		—			14,112			3,001			—			17,113
Liability for policy and contract claims		519			11,695			14			6			12,234
Unearned premiums		203			379			2			—			584
Other liabilities		136			1,006			45			485			1,672
Borrowings		743			—			—			868			1,611
Separate account liabilities		—			—			4,417			—			4,417
Liabilities related to discontinued operations		—			—			—			8			8

Total liabilities		1,601			65,254			7,481			1,367			75,703

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,669			7,138			414			983			12,204
Allocated accumulated other comprehensive income (loss)		(313	)		(1,415	)		(7	)		(485	)		(2,220	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,356			5,723			407			498			9,984
Noncontrolling interests		755			—			—			—			755

Total equity		4,111			5,723			407			498			10,739

Total liabilities and equity	$	5,712		$	70,977		$	7,888		$	1,865		$	86,442

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Consolidated Balance Sheet by Segment

(amounts in millions)


	September 30, 2022
	Enact			U.S. Life Insurance			Runoff			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,466		$	51,435		$	2,786		$	980		$	60,667
Deferred acquisition costs and intangible assets		34			2,310			133			7			2,484
Reinsurance recoverable, net		—			15,922			636			—			16,558
Deferred tax and other assets		225			1,223			33			451			1,932
Separate account assets		—			—			4,298			—			4,298

Total assets	$	5,725		$	70,890		$	7,886		$	1,438		$	85,939

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	38,093		$	2		$	—		$	38,095
Policyholder account balances		—			14,515			3,074			—			17,589
Liability for policy and contract claims		510			11,467			21			6			12,004
Unearned premiums		213			381			3			—			597
Other liabilities		129			1,012			43			495			1,679
Borrowings		742			—			—			880			1,622
Separate account liabilities		—			—			4,298			—			4,298
Liabilities related to discontinued operations		—			—			—			6			6

Total liabilities		1,594			65,468			7,441			1,387			75,890

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,722			7,289			461			584			12,056
Allocated accumulated other comprehensive income (loss)		(349	)		(1,867	)		(16	)		(533	)		(2,765	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,373			5,422			445			51			9,291
Noncontrolling interests		758			—			—			—			758

Total equity		4,131			5,422			445			51			10,049

Total liabilities and equity	$	5,725		$	70,890		$	7,886		$	1,438		$	85,939

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Deferred Acquisition Costs Rollforward

(amounts in millions)


	Enact			U.S. Life Insurance			Runoff			Total
Unamortized balance as of September 30, 2022	$	26		$	2,074		$	111		$	2,211
Costs deferred		2			(2	)		—			—
Amortization, net of interest accretion		(2	)		(47	)		(2	)		(51	)

Unamortized balance as of December 31, 2022		26			2,025			109			2,160
Effect of accumulated net unrealized investment (gains) losses		—			17			23			40

Balance as of December 31, 2022	$	26		$	2,042		$	132		$	2,200

Enact Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Adjusted Operating Income and Sales—Enact Segment

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q		3Q			2Q			1Q			Total
REVENUES:
Premiums	$	233		$	235		$	238		$	234		$	940		$	237	$	243		$	243		$	252		$	975
Net investment income		45			39			36			35			155			35		36			35			35			141
Net investment gains (losses)		(1	)		—			(1	)		—			(2	)		—		1			(2	)		(1	)		(2	)
Policy fees and other income		—			1			—			1			2			1		1			—			2			4

Total revenues		277			275			273			270			1,095			273		281			276			288			1,118

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		18			(40	)		(62	)		(10	)		(94	)		6		34			30			55			125
Acquisition and operating expenses, net of deferrals		60			55			58			54			227			55		55			63			57			230
Amortization of deferred acquisition costs and intangibles		2			4			3			3			12			4		3			4			4			15
Interest expense		14			12			13			13			52			13		13			12			13			51

Total benefits and expenses		94			31			12			60			197			78		105			109			129			421

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		183			244			261			210			898			195		176			167			159			697
Provision for income taxes		39			53			57			45			194			41		38			35			34			148

INCOME FROM CONTINUING OPERATIONS		144			191			204			165			704			154		138			132			125			549
Less: net income from continuing operations attributable to noncontrolling interests		27			35			38			30			130			29		4			—			—			33

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		117			156			166			135			574			125		134			132			125			516

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

ADJUSTED OPERATING INCOME	$	120		$	156		$	167		$	135		$	578		$	125	$	134		$	135		$	126		$	520


SALES:
Primary New Insurance Written (NIW)	$	15,145		$	15,069		$	17,448		$	18,823		$	66,485		$	21,441	$	23,972		$	26,657		$	24,934		$	97,004

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Primary New Insurance Written Metrics— Enact Segment

(amounts in millions)


	2022																				2021
	4Q					3Q					2Q					1Q					4Q					3Q					2Q					1Q
	Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW
Payment Type
Monthly	$	13,745		91	%	$	14,138		94	%	$	16,169		93	%	$	17,071		91	%	$	19,395		91	%	$	21,475		90	%	$	24,887		93	%	$	23,358		94	%
Single		1,368		9			890		6			1,218		7			1,690		9			1,991		9			2,431		10			1,686		7			1,446		6
Other⁽¹⁾		32		—			41		—			61		—			62		—			55		—			66		—			84		—			130		—

Total Primary	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

Origination
Purchase	$	14,744		97	%	$	14,634		97	%	$	16,802		96	%	$	17,326		92	%	$	19,284		90	%	$	20,988		88	%	$	21,143		79	%	$	15,500		62	%
Refinance		401		3			435		3			646		4			1,497		8			2,157		10			2,984		12			5,514		21			9,434		38

Total Primary	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

FICO Scores
Over 760	$	6,951		46	%	$	6,948		46	%	$	7,981		45	%	$	8,359		45	%	$	9,401		44	%	$	10,708		45	%	$	11,762		44	%	$	10,520		42	%
740 - 759		2,709		18			2,554		17			2,916		17			3,085		16			3,406		16			3,830		16			3,995		15			3,836		15
720 - 739		2,226		15			2,106		14			2,530		15			2,515		13			2,844		13			3,177		13			3,467		13			3,423		14
700 - 719		1,489		10			1,531		10			1,917		11			1,952		10			2,257		11			2,702		11			3,131		12			2,979		12
680 - 699		1,035		7			1,085		7			1,099		6			1,316		7			1,589		7			1,875		8			2,513		9			2,480		10
660 - 679⁽²⁾		478		3			527		3			598		3			931		5			1,106		5			1,010		4			1,068		4			983		4
640 - 659		189		1			234		2			297		2			486		3			611		3			504		2			547		2			511		2
620 - 639		66		—			79		1			106		1			173		1			223		1			166		1			174		1			202		1
<620		2		—			5		—			4		—			6		—			4		—			—		—			—		—			—		—

Total Primary	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

Loan-To-Value Ratio
95.01% and above	$	2,423		16	%	$	1,741		11	%	$	2,177		12	%	$	3,146		17	%	$	3,660		17	%	$	3,396		14	%	$	2,767		11	%	$	2,241		9	%
90.01% to 95.00%		5,684		37			6,184		41			7,458		43			6,682		35			7,548		35			8,838		37			10,758		40			9,453		38
85.01% to 90.00%		4,971		33			5,094		34			5,207		30			5,620		30			6,253		29			7,454		31			8,618		32			8,392		34
85.00% and below		2,067		14			2,050		14			2,606		15			3,375		18			3,980		19			4,284		18			4,514		17			4,848		19

Total Primary	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

Debt-To-Income Ratio
45.01% and above	$	4,294		28	%	$	3,728		25	%	$	4,067		23	%	$	4,452		24	%	$	4,977		23	%	$	4,167		17	%	$	3,269		12	%	$	2,566		10	%
38.01% to 45.00%		5,518		37			5,681		38			6,436		37			6,361		34			7,047		33			7,949		33			9,204		35			8,746		35
38.00% and below		5,333		35			5,660		37			6,945		40			8,010		42			9,417		44			11,856		50			14,184		53			13,622		55

Total Primary	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%	$	21,441		100	%	$	23,972		100	%	$	26,657		100	%	$	24,934		100	%

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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Other Metrics—Enact Segment

(dollar amounts in millions)


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

Primary Insurance In-Force⁽¹⁾	$	248,262		$	241,813		$	237,563		$	231,853					$	226,514		$	222,464		$	217,477		$	210,187

Risk In-Force
Primary⁽²⁾	$	62,791		$	61,124		$	59,911		$	58,295					$	56,881		$	55,866		$	54,643		$	52,866
Pool		79			84			89			97						105			117			123			134

Total Risk In-Force	$	62,870		$	61,208		$	60,000		$	58,392					$	56,986		$	55,983		$	54,766		$	53,000


Expense Ratio⁽³⁾		27	%		25	%		26	%		24	%		25	%		25	%		24	%		27	%		24	%		25	%

Primary Persistency Rate		86	%		82	%		80	%		76	%		80	%		69	%		65	%		63	%		56	%		62	%

Combined Risk To Capital Ratio⁽⁴⁾		12.8:1			12.3:1			12.6:1			12.0:1						12.2:1			11.8:1			11.8:1			11.7:1

EMICO Risk To Capital Ratio^(4),(5)		12.9:1			12.3:1			12.6:1			12.1:1						12.3:1			11.9:1			12.0:1			11.9:1

PMIERs Available Assets⁽⁶⁾	$	5,206		$	5,292		$	5,147		$	5,222					$	5,077		$	5,126		$	4,926		$	4,769

PMIERs Required Assets⁽⁶⁾	$	3,156		$	3,043		$	3,100		$	2,961					$	3,074		$	2,839		$	2,985		$	3,005

Available Assets Above PMIERs Requirements⁽⁶⁾	$	2,050		$	2,249		$	2,047		$	2,261					$	2,003		$	2,287		$	1,941		$	1,764

PMIERs Sufficiency Ratio⁽⁶⁾		165	%		174	%		166	%		176	%					165	%		181	%		165	%		159	%

Average Primary Loan Size (in thousands)	$	259		$	255		$	251		$	246					$	242		$	237		$	233		$	228

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

⁽¹⁾	Primary insurance in-force represents aggregate unpaid balance for loans the company’s U.S. mortgage insurance subsidiaries insure.

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

⁽³⁾	The ratio of an insurer’s general expenses to net earned premiums. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles.

⁽⁴⁾

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

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

⁽⁶⁾

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Loss Metrics—Enact Segment

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Average Paid Claim (in thousands)⁽¹⁾	$	48.7		$	42.2		$	50.1		$	51.6					$	27.2		$	26.7		$	63.1		$	54.7
Average Reserve Per Primary Delinquency (in thousands)⁽²⁾	$	24.0		$	25.2		$	27.0		$	26.2					$	24.4		$	21.2		$	17.5		$	13.7

Reserves:
Direct primary case	$	479		$	476		$	526		$	591					$	606		$	613		$	589		$	564
All other⁽³⁾		40			34			33			34						35			35			35			39

Total Reserves	$	519		$	510		$	559		$	625					$	641		$	648		$	624		$	603


Beginning Reserves	$	510		$	559		$	625		$	641		$	641		$	648		$	624		$	603		$	555		$	555
Paid claims		(9	)		(9	)		(4	)		(6	)		(28	)		(13	)		(10	)		(9	)		(7	)		(39	)
Increase (decrease) in reserves		18			(40	)		(62	)		(10	)		(94	)		6			34			30			55			125

Ending Reserves	$	519		$	510		$	559		$	625		$	519		$	641		$	648		$	624		$	603		$	641

Loss Ratio⁽⁴⁾		8	%		(17	)%		(26	)%		(4	)%		(10	)%		3	%		14	%		12	%		22	%		13	%

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

⁽¹⁾	Average paid claim in the fourth and third quarters of 2022 and 2021 includes payments in relation to agreements on non-performing loans.

⁽²⁾	Direct primary case reserves divided by primary delinquency count.

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

⁽⁴⁾	The ratio of benefits and other changes in policy reserves to net earned premiums.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Delinquency Metrics—Enact Segment

(dollar amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		960,306			949,052			946,891			941,689						937,350			936,934			933,616			922,186
Primary delinquent loans		19,943			18,856			19,513			22,571						24,820			28,904			33,568			41,332
Primary delinquency rate		2.08	%		1.99	%		2.06	%		2.40	%					2.65	%		3.08	%		3.60	%		4.48	%

Beginning Number of Primary Delinquencies		18,856			19,513			22,571			24,820			24,820			28,904			33,568			41,332			44,904			44,904
New delinquencies		10,304			9,121			7,847			8,724			35,996			8,282			7,427			6,862			10,053			32,624
Delinquency cures		(9,024	)		(9,588	)		(10,806	)		(10,860	)		(40,278	)		(11,929	)		(11,746	)		(14,473	)		(13,478	)		(51,626	)
Paid claims		(190	)		(187	)		(90	)		(107	)		(574	)		(430	)		(343	)		(143	)		(134	)		(1,050	)
Rescissions and claim denials		(3	)		(3	)		(9	)		(6	)		(21	)		(7	)		(2	)		(10	)		(13	)		(32	)

Ending Number of Primary Delinquencies		19,943			18,856			19,513			22,571			19,943			24,820			28,904			33,568			41,332			24,820


Composition of Cures
Reported delinquent and cured-intraquarter		1,489			1,598			1,306			1,581						1,274			1,143			1,149			1,549
Number of missed payments delinquent prior to cure:
3 payments or less		4,179			3,719			4,037			3,902						3,563			3,080			4,179			4,812
4 - 11 payments		2,001			2,279			2,484			2,315						2,691			3,492			6,055			6,849
12 payments or more		1,355			1,992			2,979			3,062						4,401			4,031			3,090			268

Total		9,024			9,588			10,806			10,860						11,929			11,746			14,473			13,478

Primary Delinquencies by Missed Payment Status
3 payments or less		8,920			7,446			6,442			6,837						6,586			6,192			6,030			8,296
4 - 11 payments		6,466			6,119			6,372			6,875						7,360			9,021			12,378			21,011
12 payments or more		4,557			5,291			6,699			8,859						10,874			13,691			15,160			12,025

Primary Delinquencies		19,943			18,856			19,513			22,571						24,820			28,904			33,568			41,332




	December 31, 2022
Direct Primary Case Reserves⁽¹⁾ and Percentage Reserved by Payment Status	Direct Primary Case Reserves			Risk In-Force			Reserves as % of Risk In-Force
3 payments or less in default	$	69		$	509			14	%
4 - 11 payments in default		166			390			43	%
12 payments or more in default		244			248			98	%

Totals	$	479		$	1,147			42	%


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

Total	$	606		$	1,409			43	%

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Portfolio Quality Metrics—Enact Segment

(amounts in millions)


	December 31, 2022
Policy Year	% of Direct Primary Case Reserves⁽¹⁾			Primary Insurance In-Force			% of Total			Primary Risk In-Force			% of Total			Delinquency Rate
2008 and prior		26	%	$	6,596			3	%	$	1,699			3	%		9.61	%
2009-2014		4			2,113			1			560			1			5.01	%
2015		3			2,912			1			781			1			3.61	%
2016		6			6,296			2			1,681			3			3.17	%
2017		7			6,495			3			1,708			3			3.78	%
2018		9			6,839			3			1,736			3			4.63	%
2019		11			16,352			7			4,143			7			2.71	%
2020		17			55,358			22			14,158			22			1.47	%
2021		14			81,724			33			20,418			32			1.20	%
2022		3			63,577			25			15,907			25			0.54	%

Total		100	%	$	248,262			100	%	$	62,791			100	%		2.08	%


	December 31, 2022						September 30, 2022						December 31, 2021
	Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force
Loan-to-value ratio
95.01% and above	$	11,136			18	%	$	10,809			18	%	$	9,907			17	%
90.01% to 95.00%		30,079			48			29,379			48			27,608			49
85.01% to 90.00%		17,621			28			17,019			28			15,644			27
85.00% and below		3,955			6			3,917			6			3,722			7

Total	$	62,791			100	%	$	61,124			100	%	$	56,881			100	%


	December 31, 2022						September 30, 2022						December 31, 2021
	Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force			Primary Risk In-Force			Percent of Primary Risk In-Force
Credit Quality
Over 760	$	25,807			41	%	$	24,965			41	%	$	22,489			40	%
740 - 759		10,154			16			9,808			16			9,009			16
720 - 739		8,931			14			8,656			14			8,055			14
700 - 719		7,317			12			7,200			12			6,907			12
680 - 699		5,428			9			5,356			9			5,334			9
660 - 679⁽²⁾		2,767			5			2,739			4			2,638			5
640 - 659		1,540			2			1,541			3			1,530			3
620 - 639		665			1			672			1			702			1
<620		182			—			187			—			217			—

Total	$	62,791			100	%	$	61,124			100	%	$	56,881			100	%

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

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

U.S. Life Insurance Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

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

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	693		$	697		$	688		$	695		$	2,773		$	338		$	699		$	703		$	714		$	2,454
Net investment income		682			711			700			676			2,769			777			773			763			716			3,029
Net investment gains (losses)		17			(61	)		4			56			16			134			87			66			42			329
Policy fees and other income		139			138			129			137			543			128			144			145			148			565

Total revenues		1,531			1,485			1,521			1,564			6,101			1,377			1,703			1,677			1,620			6,377

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,134			1,210			816			1,141			4,301			849			1,097			1,129			1,155			4,230
Interest credited		79			81			80			82			322			84			85			87			90			346
Acquisition and operating expenses, net of deferrals		197			169			513			199			1,078			243			211			219			192			865
Amortization of deferred acquisition costs and intangibles		48			69			72			83			272			99			96			77			68			340

Total benefits and expenses		1,458			1,529			1,481			1,505			5,973			1,275			1,489			1,512			1,505			5,781

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		73			(44	)		40			59			128			102			214			165			115			596
Provision (benefit) for income taxes		22			(2	)		15			20			55			28			53			42			32			155

INCOME (LOSS) FROM CONTINUING OPERATIONS		51			(42	)		25			39			73			74			161			123			83			441

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net⁽¹⁾		(17	)		60			(5	)		(55	)		(17	)		(135	)		(87	)		(67	)		(41	)		(330	)
Initial loss from life block transaction		—			—			—			—			—			92			—			—			—			92
Expenses related to restructuring		(2	)		—			1			—			(1	)		—			1			2			14			17
Pension plan termination costs		2			6			—			—			8			—			—			—			—			—
Taxes on adjustments		4			(13	)		—			12			3			10			18			13			6			47

ADJUSTED OPERATING INCOME (LOSS)	$	38		$	11		$	21		$	(4	)	$	66		$	41		$	93		$	71		$	62		$	267


⁽¹⁾ Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:
Net investment (gains) losses, gross	$	(17	)	$	61		$	(4	)	$	(56	)	$	(16	)	$	(134	)	$	(87	)	$	(66	)	$	(42	)	$	(329	)
Adjustment for DAC and other intangible amortization and certain benefit reserves		—			(1	)		(1	)		1			(1	)		(1	)		—			(1	)		1			(1	)

Net investment (gains) losses, net	$	(17	)	$	60		$	(5	)	$	(55	)	$	(17	)	$	(135	)	$	(87	)	$	(67	)	$	(41	)	$	(330	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

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

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	648		$	642		$	628		$	621		$	2,539		$	644		$	652		$	648		$	646		$	2,590
Net investment income		470			497			486			447			1,900			532			521			509			465			2,027
Net investment gains (losses)		20			(47	)		5			41			19			83			80			67			27			257
Policy fees and other income		1			—			—			—			1			(6	)		3			2			2			1

Total revenues		1,139			1,092			1,119			1,109			4,459			1,253			1,256			1,226			1,140			4,875

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		906			961			935			812			3,614			817			802			822			829			3,270
Interest credited		—			—			—			—			—			—			—			—			—			—
Acquisition and operating expenses, net of deferrals		150			117			104			143			514			163			165			176			141			645
Amortization of deferred acquisition costs and intangibles		22			21			23			29			95			30			31			27			24			112

Total benefits and expenses		1,078			1,099			1,062			984			4,223			1,010			998			1,025			994			4,027

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		61			(7	)		57			125			236			243			258			201			146			848
Provision for income taxes		20			6			19			34			79			59			63			50			38			210

INCOME (LOSS) FROM CONTINUING OPERATIONS		41			(13	)		38			91			157			184			195			151			108			638

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(20	)		47			(5	)		(41	)		(19	)		(83	)		(80	)		(67	)		(27	)		(257	)
Expenses related to restructuring		(1	)		—			1			—			—			—			1			1			10			12
Taxes on adjustments		4			(9	)		—			9			4			18			17			13			4			52

ADJUSTED OPERATING INCOME	$	24		$	25		$	34		$	59		$	142		$	119		$	133		$	98		$	95		$	445



RATIOS:
Loss Ratio⁽¹⁾		73	%		83	%		81	%		64	%		75	%		62	%		58	%		62	%		62	%		61	%
Gross Benefits Ratio⁽²⁾		140	%		149	%		149	%		131	%		142	%		127	%		123	%		127	%		128	%		126	%

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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

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

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums⁽¹⁾	$	45		$	55		$	60		$	74		$	234		$	(306	)	$	47		$	55		$	68		$	(136	)
Net investment income		119			118			121			121			479			124			128			126			125			503
Net investment gains (losses)		1			(7	)		2			9			5			50			6			6			12			74
Policy fees and other income		137			136			127			135			535			131			139			142			143			555

Total revenues		302			302			310			339			1,253			(1	)		320			329			348			996

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves⁽¹⁾		190			215			213			282			900			(14	)		252			245			282			765
Interest credited		52			53			52			52			209			53			53			53			56			215
Acquisition and operating expenses, net of deferrals		40			45			37			47			169			66			36			34			40			176
Amortization of deferred acquisition costs and intangibles		23			45			49			50			167			62			59			43			41			205

Total benefits and expenses		305			358			351			431			1,445			167			400			375			419			1,361

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(3	)		(56	)		(41	)		(92	)		(192	)		(168	)		(80	)		(46	)		(71	)		(365	)
Benefit for income taxes		(1	)		(12	)		(9	)		(20	)		(42	)		(37	)		(17	)		(10	)		(15	)		(79	)

LOSS FROM CONTINUING OPERATIONS		(2	)		(44	)		(32	)		(72	)		(150	)		(131	)		(63	)		(36	)		(56	)		(286	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(1	)		7			(2	)		(9	)		(5	)		(50	)		(6	)		(6	)		(12	)		(74	)
Initial loss from life block transaction		—			—			—			—			—			92			—			—			—			92
Expenses related to restructuring		(1	)		—			—			—			(1	)		—			—			1			3			4
Pension plan termination costs		2			6			—			—			8			—			—			—			—			—
Taxes on adjustments		—			(2	)		—			2			—			(9	)		1			1			2			(5	)

ADJUSTED OPERATING LOSS	$	(2	)	$	(33	)	$	(34	)	$	(79	)	$	(148	)	$	(98	)	$	(68	)	$	(40	)	$	(63	)	$	(269	)

⁽¹⁾

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

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

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment income		93			96			93			108			390			121			124			128			126			499
Net investment gains (losses)		(4	)		(7	)		(3	)		6			(8	)		1			1			(7	)		3			(2	)
Policy fees and other income		1			2			2			2			7			3			2			1			3			9

Total revenues		90			91			92			116			389			125			127			122			132			506

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves⁽¹⁾		38			34			(332	)		47			(213	)		46			43			62			44			195
Interest credited		27			28			28			30			113			31			32			34			34			131
Acquisition and operating expenses, net of deferrals⁽¹⁾		7			7			372			9			395			14			10			9			11			44
Amortization of deferred acquisition costs and intangibles		3			3			—			4			10			7			6			7			3			23

Total benefits and expenses		75			72			68			90			305			98			91			112			92			393

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		15			19			24			26			84			27			36			10			40			113
Provision for income taxes		3			4			5			6			18			6			7			2			9			24

INCOME FROM CONTINUING OPERATIONS		12			15			19			20			66			21			29			8			31			89

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net⁽²⁾		4			6			2			(5	)		7			(2	)		(1	)		6			(2	)		1
Expenses related to restructuring		—			—			—			—			—			—			—			—			1			1
Taxes on adjustments		—			(2	)		—			1			(1	)		1			—			(1	)		—			—

ADJUSTED OPERATING INCOME	$	16		$	19		$	21		$	16		$	72		$	20		$	28		$	13		$	30		$	91


⁽¹⁾ In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million. ⁽²⁾ Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:
Net investment (gains) losses, gross	$	4		$	7		$	3		$	(6	)	$	8		$	(1	)	$	(1	)	$	7		$	(3	)	$	2
Adjustment for DAC and other intangible amortization and certain benefit reserves		—			(1	)		(1	)		1			(1	)		(1	)		—			(1	)		1			(1	)

Net investment (gains) losses, net	$	4		$	6		$	2		$	(5	)	$	7		$	(2	)	$	(1	)	$	6		$	(2	)	$	1

Runoff Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Adjusted Operating Income—Runoff Segment

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q		3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	56		$	57		$	51		$	50		$	214		$	53	$	49		$	43		$	49		$	194
Net investment gains (losses)		21			(12	)		(10	)		(15	)		(16	)		—		(1	)		10			(6	)		3
Policy fees and other income		26			28			29			31			114			33		33			35			33			134

Total revenues		103			73			70			66			312			86		81			88			76			331

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		6			10			11			8			35			5		12			2			8			27
Interest credited		46			47			45			43			181			43		38			40			41			162
Acquisition and operating expenses, net of deferrals		8			10			12			12			42			14		12			14			13			53
Amortization of deferred acquisition costs and intangibles		2			6			9			6			23			4		7			4			5			20

Total benefits and expenses		62			73			77			69			281			66		69			60			67			262

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		41			—			(7	)		(3	)		31			20		12			28			9			69
Provision (benefit) for income taxes		9			(1	)		(2	)		(1	)		5			4		2			6			1			13

INCOME (LOSS) FROM CONTINUING OPERATIONS		32			1			(5	)		(2	)		26			16		10			22			8			56

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses, net⁽¹⁾		(20	)		11			9			14			14			—		1			(9	)		5			(3	)
Taxes on adjustments		5			(3	)		(2	)		(3	)		(3	)		—		—			2			(1	)		1

ADJUSTED OPERATING INCOME	$	17		$	9		$	2		$	9		$	37		$	16	$	11		$	15		$	12		$	54


⁽¹⁾ Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below:
Net investment (gains) losses, gross	$	(21	)	$	12		$	10		$	15		$	16		$	—	$	1		$	(10	)	$	6		$	(3	)
Adjustment for DAC and other intangible amortization and certain benefit reserves		1			(1	)		(1	)		(1	)		(2	)		—		—			1			(1	)		—

Net investment (gains) losses, net	$	(20	)	$	11		$	9		$	14		$	14		$	—	$	1		$	(9	)	$	5		$	(3	)

Corporate and Other

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

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

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	1		$	2		$	1		$	2		$	6		$	1		$	2		$	1		$	2		$	6
Net investment income		4			1			—			3			8			1			1			3			1			6
Net investment gains (losses)		(21	)		4			15			(13	)		(15	)		(2	)		1			(4	)		(2	)		(7	)
Policy fees and other income		—			(1	)		1			—			—			—			1			—			—			1

Total revenues		(16	)		6			17			(8	)		(1	)		—			5			—			1			6

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1			—			(1	)		—			—			1			—			—			—			1
Acquisition and operating expenses, net of deferrals		6			6			6			6			24			42			12			8			13			75
Amortization of deferred acquisition costs and intangibles		—			—			—			—			—			1			—			1			—			2
Interest expense		14			14			13			13			54			18			22			31			38			109

Total benefits and expenses		21			20			18			19			78			62			34			40			51			187

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(37	)		(14	)		(1	)		(27	)		(79	)		(62	)		(29	)		(40	)		(50	)		(181	)
Provision (benefit) for income taxes		(14	)		2			3			(6	)		(15	)		(11	)		(26	)		(8	)		(8	)		(53	)

LOSS FROM CONTINUING OPERATIONS		(23	)		(16	)		(4	)		(21	)		(64	)		(51	)		(3	)		(32	)		(42	)		(128	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		21			(4	)		(15	)		13			15			2			(1	)		4			2			7
(Gains) losses on early extinguishment of debt		(1	)		3			1			3			6			35			6			—			4			45
Expenses related to restructuring		—			—			—			—			—			5			1			1			7			14
Taxes on adjustments		(5	)		—			4			(4	)		(5	)		(9	)		(2	)		—			(3	)		(14	)

ADJUSTED OPERATING INCOME (LOSS)	$	(8	)	$	(17	)	$	(14	)	$	(9	)	$	(48	)	$	(18	)	$	1		$	(27	)	$	(32	)	$	(76	)

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

Additional Financial Data

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Investments Summary

(amounts in millions)


		December 31, 2022					September 30, 2022					June 30, 2022					March 31, 2022					December 31, 2021
		Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total
Composition of Investment Portfolio
Fixed maturity securities:
Investment grade:
Public fixed maturity securities		$	26,047		43	%	$	25,550		43	%	$	27,342		43	%	$	30,897		45	%	$	34,181		46	%
Private fixed maturity securities			11,126		19			10,997		18			11,727		19			12,873		19			13,872		19
Residential mortgage-backed securities⁽¹⁾			995		2			1,069		2			1,213		2			1,320		2			1,440		2
Commercial mortgage-backed securities			1,900		3			1,980		3			2,126		3			2,349		3			2,570		3
Other asset-backed securities			2,117		3			2,139		4			2,009		3			2,016		3			2,127		3
State and political subdivisions			2,399		4			2,532		4			2,849		5			3,134		5			3,450		5
Non-investment grade fixed maturity securities			1,999		3			1,948		3			2,020		3			2,438		4			2,840		4
Equity securities:
Common stocks and mutual funds			258		1			204		—			172		—			151		—			115		—
Preferred stocks			61		—			70		—			71		—			79		—			83		—
Commercial mortgage loans, net			7,010		11			7,063		11			7,065		12			6,913		10			6,830		9
Policy loans			2,139		3			2,153		4			2,178		3			2,028		3			2,050		3
Limited partnerships			2,331		4			2,195		4			2,123		3			2,007		3			1,900		3
Cash, cash equivalents, restricted cash and short-term investments			1,802		3			1,563		3			1,774		3			1,367		2			1,597		2
Other invested assets:	Derivatives:
	Interest rate swaps		24		—			25		—			30		—			162		—			364		—
	Foreign currency swaps		20		—			32		—			17		—			5		—			6		—
	Equity index options		6		—			38		—			30		—			30		—			42		—
	Other foreign currency contracts		—		—			—		—			—		—			—		—			2		—
	Other		513		1			493		1			446		1			398		1			380		1

Total invested assets and cash		$	60,747		100	%	$	60,051		100	%	$	63,192		100	%	$	68,167		100	%	$	73,849		100	%

Public Fixed Maturity Securities—Credit Quality:
NRSRO⁽²⁾ Designation
AAA		$	6,067		19	%	$	6,174		20	%	$	6,713		20	%	$	7,484		20	%	$	8,316		20	%
AA			2,859		9			2,958		9			3,245		10			3,538		9			3,872		9
A			8,398		27			8,278		26			8,886		26			9,880		26			11,039		26
BBB			13,623		43			13,322		43			14,155		42			16,177		42			17,789		42
BB			776		2			780		2			846		2			1,079		3			1,443		3
B			34		—			33		—			33		—			61		—			42		—
CCC and lower			—		—			—		—			—		—			—		—			—		—

Total public fixed maturity securities		$	31,757		100	%	$	31,545		100	%	$	33,878		100	%	$	38,219		100	%	$	42,501		100	%

Private Fixed Maturity Securities—Credit Quality:
NRSRO⁽²⁾ Designation
AAA		$	825		6	%	$	830		6	%	$	806		5	%	$	775		5	%	$	821		5	%
AA			1,421		10			1,407		10			1,421		9			1,554		9			1,718		9
A			4,170		28			4,059		28			4,308		28			4,773		28			5,224		29
BBB			7,221		48			7,239		48			7,732		50			8,408		50			8,861		49
BB			1,076		7			1,028		7			1,015		7			1,159		7			1,186		7
B			113		1			107		1			120		1			131		1			161		1
CCC and lower			—		—			—		—			6		—			8		—			8		—

Total private fixed maturity securities		$	14,826		100	%	$	14,670		100	%	$	15,408		100	%	$	16,808		100	%	$	17,979		100	%

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

⁽²⁾	Nationally Recognized Statistical Rating Organizations.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Fixed Maturity Securities Summary

(amounts in millions)


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

U.S. government, agencies and government-sponsored enterprises	$	3,341		7	%	$	3,307		7	%	$	3,627		7	%	$	4,097		8	%	$	4,552		8	%
State and political subdivisions		2,399		5			2,532		6			2,849		6			3,134		6			3,450		6
Foreign government		645		1			622		1			682		1			784		1			835		1
U.S. corporate		27,119		59			26,562		58			28,243		58			31,823		58			34,924		58
Foreign corporate		8,010		17			7,947		17			8,482		17			9,453		17			10,535		17
Residential mortgage-backed securities		995		2			1,069		2			1,213		2			1,320		2			1,440		2
Commercial mortgage-backed securities		1,908		4			1,989		4			2,137		5			2,361		4			2,584		4
Other asset-backed securities		2,166		5			2,187		5			2,053		4			2,055		4			2,160		4

Total fixed maturity securities	$	46,583		100	%	$	46,215		100	%	$	49,286		100	%	$	55,027		100	%	$	60,480		100	%

Corporate Bond Holdings—Industry Sector:

Investment Grade:
Finance and insurance	$	8,986		26	%	$	8,858		26	%	$	9,313		25	%	$	10,235		25	%	$	11,204		25	%
Utilities		4,591		13			4,476		13			4,857		14			5,450		14			5,963		13
Energy		2,813		8			2,790		8			3,043		8			3,372		8			3,622		8
Consumer - non-cyclical		4,872		14			4,782		14			5,221		15			5,967		15			6,635		15
Consumer - cyclical		1,594		5			1,557		5			1,576		4			1,758		4			1,877		4
Capital goods		2,517		7			2,505		7			2,677		7			2,972		7			3,291		7
Industrial		1,863		5			1,806		5			1,877		5			2,092		5			2,278		5
Technology and communications		3,564		10			3,481		10			3,681		10			4,224		10			4,612		10
Transportation		1,439		4			1,385		4			1,465		4			1,642		4			1,832		4
Other		1,048		3			1,072		3			1,147		3			1,298		3			1,473		3

Subtotal		33,287		95			32,712		95			34,857		95			39,010		95			42,787		94

Non-Investment Grade:
Finance and insurance		153		1			159		1			168		1			185		—			219		—
Utilities		47		—			48		—			56		—			62		—			69		—
Energy		409		1			399		1			431		1			568		1			695		2
Consumer - non-cyclical		151		—			140		—			141		—			192		1			267		1
Consumer - cyclical		299		1			302		1			290		1			321		1			363		1
Capital goods		167		1			158		1			146		—			159		—			159		—
Industrial		152		—			146		—			171		1			209		1			263		1
Technology and communications		277		1			266		1			286		1			372		1			446		1
Transportation		36		—			35		—			29		—			29		—			28		—
Other		151		—			144		—			150		—			169		—			163		—

Subtotal		1,842		5			1,797		5			1,868		5			2,266		5			2,672		6

Total	$	35,129		100	%	$	34,509		100	%	$	36,725		100	%	$	41,276		100	%	$	45,459		100	%

Fixed Maturity Securities—Contractual Maturity Dates:

Due in one year or less	$	1,234		3	%	$	1,128		2	%	$	1,314		3	%	$	1,420		3	%	$	1,499		2	%
Due after one year through five years		7,931		17			7,856		17			7,958		16			8,501		15			8,807		15
Due after five years through ten years		11,915		26			11,751		25			12,765		26			13,943		25			15,053		25
Due after ten years		20,434		43			20,235		45			21,846		44			25,427		47			28,937		48

Subtotal		41,514		89			40,970		89			43,883		89			49,291		90			54,296		90
Mortgage and asset-backed securities		5,069		11			5,245		11			5,403		11			5,736		10			6,184		10

Total fixed maturity securities	$	46,583		100	%	$	46,215		100	%	$	49,286		100	%	$	55,027		100	%	$	60,480		100	%

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

General Account U.S. GAAP Net Investment Income Yields

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	562		$	576		$	578		$	580		$	2,296		$	590		$	614		$	608		$	599		$	2,411
Fixed maturity securities - non-taxable		1			2			1			1			5			2			2			1			2			7
Equity securities		3			3			2			2			10			2			2			2			3			9
Commercial mortgage loans		81			81			78			81			321			102			93			103			78			376
Policy loans		55			55			51			50			211			52			47			40			50			189
Limited partnerships		22			38			32			7			99			79			59			54			31			223
Other invested assets		71			67			66			63			267			62			63			58			58			241
Cash, cash equivalents, restricted cash and short-term investments		12			7			1			—			20			—			1			—			—			1

Gross investment income before expenses and fees		807			829			809			784			3,229			889			881			866			821			3,457
Expenses and fees		(20	)		(21	)		(22	)		(20	)		(83	)		(23	)		(22	)		(22	)		(20	)		(87	)

Net investment income	$	787		$	808		$	787		$	764		$	3,146		$	866		$	859		$	844		$	801		$	3,370

Annualized Yields
Fixed maturity securities - taxable		4.4	%		4.5	%		4.5	%		4.4	%		4.5	%		4.5	%		4.6	%		4.6	%		4.5	%		4.5	%
Fixed maturity securities - non-taxable		4.0	%		7.1	%		3.6	%		3.6	%		4.7	%		6.7	%		6.3	%		3.1	%		6.3	%		5.6	%
Equity securities		4.0	%		4.6	%		3.4	%		3.7	%		4.0	%		4.5	%		5.3	%		4.1	%		3.8	%		4.0	%
Commercial mortgage loans		4.6	%		4.6	%		4.5	%		4.7	%		4.6	%		5.9	%		5.4	%		6.0	%		4.6	%		5.5	%
Policy loans		10.3	%		10.2	%		9.7	%		9.8	%		10.0	%		10.1	%		9.1	%		7.9	%		10.1	%		9.3	%
Limited partnerships⁽¹⁾		3.9	%		7.0	%		6.2	%		1.4	%		4.7	%		18.0	%		15.9	%		17.2	%		11.2	%		15.7	%
Other invested assets⁽²⁾		56.6	%		57.0	%		62.6	%		64.8	%		59.9	%		71.9	%		79.5	%		68.6	%		65.0	%		69.7	%
Cash, cash equivalents, restricted cash and short-term investments		2.9	%		1.7	%		0.3	%		—	%		1.2	%		—	%		0.2	%		—	%		—	%		—	%

Gross investment income before expenses and fees		5.0	%		5.1	%		4.9	%		4.8	%		5.0	%		5.4	%		5.3	%		5.2	%		5.0	%		5.2	%
Expenses and fees		(0.2	)%		(0.1	)%		(0.1	)%		(0.1	)%		(0.2	)%		(0.1	)%		(0.1	)%		(0.1	)%		(0.2	)%		(0.1	)%

Net investment income		4.8	%		5.0	%		4.8	%		4.7	%		4.8	%		5.3	%		5.2	%		5.1	%		4.8	%		5.1	%

Yields are based on net investment income as reported under U.S. GAAP and are consistent with how the company measures its investment performance for management purposes. Yields are annualized, for interim periods, and are calculated as net investment income as a percentage of average quarterly asset carrying values except for fixed maturity securities, derivatives and derivative counterparty collateral, which exclude unrealized fair value adjustments, and securities lending activity, which was included in other invested assets prior to the suspension of the company’s securities lending program in the third quarter of 2021 and was calculated net of the corresponding securities lending liability. See page 39 herein for average invested assets and cash used in the yield calculation.

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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Net Investment Gains (Losses), Net—Detail

(amounts in millions)


	2022															2021
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(25	)	$	(23	)	$	(2	)	$	(12	)	$	(62	)	$	28		$	8		$	2		$	4		$	42
U.S. government, agencies and government-sponsored enterprises		—			9			—			6			15			—			—			—			—			—
Foreign corporate		(6	)		(7	)		(1	)		(2	)		(16	)		10			1			(2	)		1			10
Foreign government		—			—			—			—			—			—			(1	)		1			—			—
Mortgage-backed securities		(4	)		(5	)		(1	)		—			(10	)		3			3			—			(1	)		5
Asset-backed securities		—			(1	)		—			—			(1	)		—			—			—			—			—

Total net realized gains (losses) on available-for-sale securities		(35	)		(27	)		(4	)		(8	)		(74	)		41			11			1			4			57
Net realized gains (losses) on equity securities sold		—			—			—			—			—			—			—			(2	)		(5	)		(7	)
Net realized gains (losses) on limited partnerships		—			—			—			—			—			—			—			—			3			3

Total net realized investment gains (losses)		(35	)		(27	)		(4	)		(8	)		(74	)		41			11			(1	)		2			53

Net change in allowance for credit losses on available-for-sale fixed maturity securities		—			—			—			—			—			—			—			(4	)		(2	)		(6	)
Write-down of available-for-sale fixed maturity securities		—			—			—			(2	)		(2	)		—			—			—			(1	)		(1	)
Net unrealized gains (losses) on equity securities still held		11			(13	)		(27	)		(6	)		(35	)		4			(1	)		6			(8	)		1
Net unrealized gains (losses) on limited partnerships		36			(24	)		24			35			71			90			75			65			34			264
Commercial mortgage loans		1			—			2			1			4			(4	)		3			(1	)		(1	)		(3	)
Derivative instruments		9			(5	)		9			4			17			5			(3	)		4			8			14
Other		(6	)		—			4			4			2			(4	)		3			1			1			1

Net investment gains (losses), gross		16			(69	)		8			28			(17	)		132			88			70			33			323
Adjustment for DAC and other intangible amortization and certain benefit reserves		(1	)		2			2			—			3			1			—			—			—			1

Net investment gains (losses), net	$	15		$	(67	)	$	10		$	28		$	(14	)	$	133		$	88		$	70		$	33		$	324

Reconciliations of Non-GAAP Measures

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Reconciliation of Operating ROE

(amounts in millions)


Twelve Month Rolling Average ROE	Twelve months ended
U.S. GAAP Basis ROE	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended⁽¹⁾	$	609		$	597		$	807		$	866		$	904
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)⁽²⁾	$	11,934		$	11,789		$	11,643		$	11,467		$	11,286
U.S. GAAP Basis ROE^(1)/(2)		5.1	%		5.1	%		6.9	%		7.6	%		8.0	%

Operating ROE
Adjusted operating income for the twelve months ended⁽¹⁾	$	633		$	630		$	710		$	728		$	765
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)⁽²⁾	$	11,934		$	11,789		$	11,643		$	11,467		$	11,286
Operating ROE^(1)/(2)		5.3	%		5.3	%		6.1	%		6.3	%		6.8	%

Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended⁽³⁾	$	175		$	104		$	181		$	149		$	163
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽⁴⁾	$	12,130		$	12,011		$	11,881		$	11,723		$	11,563
Annualized U.S. GAAP Quarterly Basis ROE^(3)/(4)		5.8	%		3.5	%		6.1	%		5.1	%		5.6	%

Operating ROE
Adjusted operating income for the period ended⁽³⁾	$	167		$	159		$	176		$	131		$	164
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽⁴⁾	$	12,130		$	12,011		$	11,881		$	11,723		$	11,563
Annualized Operating Quarterly Basis ROE^(3)/(4)		5.5	%		5.3	%		5.9	%		4.5	%		5.7	%

Non-GAAP Definition for Operating ROE

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

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

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

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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Reconciliation of Consolidated Expense Ratio

(amounts in millions)


		2022															2021
	GAAP Basis Expense Ratio	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	271		$	240		$	589		$	271		$	1,371		$	354		$	290		$	304		$	275		$	1,223
(B)	Premiums	$	927		$	934		$	927		$	931		$	3,719		$	576		$	944		$	947		$	968		$	3,435

(A) / (B)	GAAP Basis Expense Ratio		29	%		26	%		64	%		29	%		37	%		61	%		31	%		32	%		28	%		36	%

	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	271		$	240		$	589		$	271		$	1,371		$	354		$	290		$	304		$	275		$	1,223
	Less: Reinsurance recapture payment⁽¹⁾		—			—			365			—			365			—			—			—			—			—
	Less: Legal settlement expenses⁽²⁾		45			10			6			43			104			59			57			70			23			209

(C)	Adjusted acquisition and operating expenses, net of deferrals	$	226		$	230		$	218		$	228		$	902		$	295		$	233		$	234		$	252		$	1,014


	Premiums	$	927		$	934		$	927		$	931		$	3,719		$	576		$	944		$	947		$	968		$	3,435
	Add: Policy fees and other income		165			166			159			169			659			162			179			180			183			704
	Add: Initial ceded premiums from a life block transaction⁽³⁾		—			—			—			—			—			360			—			—			—			360

(D)	Adjusted revenues	$	1,092		$	1,100		$	1,086		$	1,100		$	4,378		$	1,098		$	1,123		$	1,127		$	1,151		$	4,499


(C) / (D)	Adjusted expense ratio⁽⁴⁾		21	%		21	%		20	%		21	%		21	%		27	%		21	%		21	%		22	%		23	%

Non-GAAP Definition for Adjusted Expense Ratio

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

⁽¹⁾	In the second quarter of 2022, the company paid $365 million to a third party in connection with the recapture of certain single premium immediate annuity contracts.

⁽²⁾

Estimated pre-tax impact of expenses related to policyholder benefit reduction elections made in connection with legal settlements in the company’s long-term care insurance business, which includes cash damages of $40 million, $7 million, $6 million, $43 million, $54 million, $50 million, $61 million and $20 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

⁽³⁾	In the fourth quarter of 2021, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies as part of a life block transaction. Under this new reinsurance agreement, the company initially ceded $360 million of certain term life insurance premiums.

⁽⁴⁾	In the first quarter of 2022, the company recorded a legal settlement accrual of $25 million in its life insurance business, which increased the adjusted expense ratio by three percentage points for the three months ended March 31, 2022.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

Reconciliation of Reported Yield to Core Yield


		2022															2021
	(Assets - amounts in billions)	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	60.7		$	60.1		$	63.2		$	68.2		$	60.7		$	73.8		$	74.7		$	75.2		$	72.9		$	73.8
	Subtract:
	Securities lending		—			—			—			—			—			—			—			0.1			0.1			—
	Unrealized gains (losses)		(4.2	)		(4.9	)		(1.9	)		3.0			(4.2	)		8.2			8.5			8.9			6.9			8.2

	Adjusted end of period invested assets and cash	$	64.9		$	65.0		$	65.1		$	65.2		$	64.9		$	65.6		$	66.2		$	66.2		$	65.9		$	65.6

(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	65.0		$	65.0		$	65.2		$	65.4		$	65.2		$	65.9		$	66.2		$	66.1		$	66.2		$	66.1

	(Income - amounts in millions)

(B)	Reported - Net Investment Income	$	787		$	808		$	787		$	764		$	3,146		$	866		$	859		$	844		$	801		$	3,370
	Subtract:
	Bond calls and commercial mortgage loan prepayments		6			6			7			10			29			38			43			39			15			135
	Other non-core items⁽¹⁾		(1	)		—			—			—			(1	)		2			(4	)		3			2			3

(C)	Core Net Investment Income	$	782		$	802		$	780		$	754		$	3,118		$	826		$	820		$	802		$	784		$	3,232


(B) / (A)	Reported Yield		4.84	%		4.97	%		4.83	%		4.67	%		4.83	%		5.26	%		5.19	%		5.11	%		4.84	%		5.10	%
(C) / (A)	Core Yield		4.81	%		4.93	%		4.79	%		4.61	%		4.79	%		5.01	%		4.95	%		4.85	%		4.73	%		4.89	%

Note: Yields have been annualized.

Non-GAAP Definition for Core Yield

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

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