EX-99.1

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Exhibit 99.1

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Cautionary Note Regarding Forward-Looking Statements

This financial supplement contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements regarding the outlook for future business and financial performance of Genworth Financial, Inc. and its consolidated subsidiaries. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, as well as risks discussed in the risk factor section of the company’s Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission on February 28, 2023. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT


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

*Quarterly Results by Business*
Adjusted Operating Income and Sales—Enact Segment		15-20
Adjusted Operating Income (Loss)—Long-Term Care Insurance Segment		22
Adjusted Operating Income (Loss)—Life and Annuities Segment		24-27
Adjusted Operating Loss—Corporate and Other		29

*Additional Financial Data*
Investments Summary		31
Fixed Maturity Securities Summary		32
U.S. GAAP Net Investment Income Yields		33
Net Investment Gains (Losses)—Detail		34

*Reconciliations of Non-GAAP Measures*
Reconciliation of Operating Return On Equity (ROE)		36
Reconciliation of Consolidated Expense Ratio		37
Reconciliation of Reported Yield to Core Yield		38

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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Dear Investor,

As mentioned in the company’s first quarter 2023 earnings materials, on January 1, 2023, the company adopted new U.S. GAAP accounting guidance that significantly changed the recognition and measurement of long-duration insurance contracts, commonly known as long-duration targeted improvements (LDTI). This accounting guidance impacted the company’s long-term care insurance, life insurance and annuity products and was applied as of January 1, 2021, also known as the transition date. While the new guidance has had a significant impact on U.S. GAAP financial statements and disclosures, it does not impact the cash flows or underlying economics of the business, business strategy, statutory net income (loss), risk-based capital of the company’s U.S. life insurance companies, management of capital or the company’s Enact segment and Corporate and Other.

All prior period information has been re-presented to reflect the adoption of LDTI and is currently unaudited. The company is providing this unaudited financial supplement (including all quarters of 2022 and the full year 2022 and 2021 results), re-presented for the adoption of LDTI, to assist investors and others in evaluating the impact the new accounting standard has had on the company’s historic financial position and results of operations. The company believes that this information also demonstrates that applying LDTI to its Long-Term Care Insurance and Life and Annuities segments will likely increase the quarterly volatility of their results. It is possible that the final audited financial results may differ, perhaps materially, from the information included in this financial supplement. In addition, the unaudited financial results reported in this financial supplement are not indicative of future financial results, although as the company has indicated, it does expect the quarterly volatility of results in its Long-Term Care Insurance and Life and Annuities segments to extend to future periods with the adoption of LDTI.

There are some changes related to the implementation of LDTI to highlight for the company’s Long-Term Care Insurance and Life and Annuities segments:

•

Assumptions are best estimate and updated annually in the fourth quarter. Changes in assumptions now flow through the liability remeasurement (gains) losses financial statement line item in the income statement, which contributes significantly to annual income volatility. However, the company will update cash flow assumptions related to the timing and approval amounts of in-force rate actions on a quarterly basis, which could contribute to quarterly income volatility for its Long-Term Care Insurance segment.

•

Assumptions are recorded at a more granular cohort level. Impacts from older less profitable capped cohorts that do not have margin will more heavily influence income statement results than impacts from newer uncapped profitable cohorts that have positive margin.

•

The liability remeasurement (gains) losses financial statement line item in the income statement includes the differences between actual experience and best estimate assumptions on a quarterly basis and can be favorable or unfavorable.

•

Best estimate assumptions for long-term care insurance products now include an estimate for reduced reserves from both in-force rate actions and settlements. Therefore, the reserve releases from in-force rate actions and settlements will only impact the income statement on a quarterly basis to the extent that actual experience differs from expectations as mentioned above. However, there was no change to how the company accounts for premiums related to in-force rate actions or litigation expenses, including cash damages, associated with the settlements. These items are recorded to the income statement when they occur.

•

Market risk benefits (primarily variable annuities) are recorded at fair value. The company excludes changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges from adjusted operating income (loss). See page 24 for additional details.

Additional information concerning the company’s long-term care insurance business is included on page 22 of this financial supplement. As disclosed on page 22, in the fourth quarter of 2022, the liability remeasurement gain of $464 million in the company’s long-term care insurance business reflected favorable assumption updates of $508 million, largely from an update to legal settlement elections attributable to the inclusion of a second legal settlement and the resulting expected reserve reduction. This settlement, comprised of PCS I and PSC II policies, represents approximately 15% of the overall block and impacts older unprofitable capped cohorts. When the company updates its assumptions for its third long-term care insurance legal settlement later in 2023 for its Choice II policies, which represents approximately 35% of the overall block, a favorable reserve release and corresponding income statement impact is not expected to be as material because this settlement impacts profitable uncapped cohorts. As previously disclosed, the company’s blocks with profits or margin have a net premium ratio below 100% and therefore have less impact on liability remeasurement (gains) losses in the income statement.

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

Regards,

Sarah E. Crews, Investor Relations

InvestorInfo@genworth.com

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

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 company’s President and Chief Executive Officer (Principal Executive Officer), who serves as 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), changes in fair value of market risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. 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. The company excludes net investment gains (losses), changes in fair value of market risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) because, in the company’s opinion, they are not indicative of overall operating performance.

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. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments.

In the third and fourth quarters of 2022, the company incurred $6 million and $2 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 36 to 38 of this financial supplement.

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Results of Operations and Selected Operating Performance Measures

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.

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. U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances it is appropriate to record the actual effective tax rate for the period if a reliable full year estimate cannot be made. For the three months ended March 31, 2023, the company utilized the actual effective tax rate for the interim period to record the provision for income taxes for its Long-Term Care Insurance and Life and Annuities segments and the annualized projected effective tax rate for its Enact segment and Corporate and Other. The company utilized the effective tax rate for the years ended December 31, 2022 and 2021 in determining the re-presented provision for income taxes for the quarters in 2022 and the full year 2021, respectively.

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, risk in-force and a loss ratio 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. The loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance and helps to enhance the understanding of the operating performance of the Enact segment.

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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Financial Highlights

(amounts in millions, except per share data)


Balance Sheet Data	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)	$	10,290		$	10,303		$	9,822		$	9,688		$	9,548
Total accumulated other comprehensive income (loss)⁽¹⁾		(2,858	)		(2,617	)		(2,635	)		(3,296	)		(4,564	)

Total Genworth Financial, Inc.’s stockholders’ equity	$	7,432		$	7,686		$	7,187		$	6,392		$	4,984

Book value per share	$	15.26		$	15.51		$	14.30		$	12.59		$	9.77
Book value per share, excluding accumulated other comprehensive income (loss)	$	21.13		$	20.80		$	19.54		$	19.08		$	18.71
Common shares outstanding as of the balance sheet date		486.9			495.4			502.6			507.8			510.3

	Three months ended
Quarterly Average ROE	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
U.S. GAAP Basis ROE		2.4	%		20.2	%		6.0	%		6.4	%		8.1	%
Operating ROE⁽²⁾		3.3	%		18.5	%		6.9	%		6.1	%		5.1	%

Basic and Diluted Shares	Three months ended March 31, 2023
Weighted-average common shares used in basic earnings per share calculations		492.3
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based awards		7.8

Weighted-average common shares used in diluted earnings per share calculations		500.1

⁽¹⁾

As of March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, total accumulated other comprehensive income (loss) includes $(1,633) million, $(406) million, $112 million, $(3,175) million and $(8,462) million, net of taxes, respectively, related to changes in the current discount rate used to remeasure the liability for future policy benefits and related reinsurance recoverables.

⁽²⁾	See page 36 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.

Consolidated Quarterly Results

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Consolidated Net Income by Quarter

(amounts in millions, except per share amounts)


	2023			2022															2021
	1Q			4Q			3Q			2Q			1Q			Total			Full Year
REVENUES:
Premiums	$	915		$	918		$	929		$	916		$	917		$	3,680		$	3,406
Net investment income		787			787			808			787			764			3,146			3,370
Net investment gains (losses)		(11	)		(5	)		(58	)		19			42			(2	)		322
Policy fees and other income		163			167			169			165			170			671			724

Total revenues		1,854			1,867			1,848			1,887			1,893			7,495			7,822

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,172			1,207			1,158			767			1,165			4,297			4,601
Liability remeasurement (gains) losses⁽¹⁾		22			(476	)		14			29			(41	)		(474	)		136
Changes in fair value of market risk benefits and associated hedges		17			(56	)		(27	)		20			(41	)		(104	)		(160	)
Interest credited		126			125			128			126			125			504			511
Acquisition and operating expenses, net of deferrals		283			270			235			584			280			1,369			1,183
Amortization of deferred acquisition costs and intangibles		72			74			80			84			88			326			384
Interest expense		29			28			26			26			26			106			160

Total benefits and expenses		1,721			1,172			1,614			1,636			1,602			6,024			6,815

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		133			695			234			251			291			1,471			1,007
Provision for income taxes		39			158			57			59			68			342			226

INCOME FROM CONTINUING OPERATIONS		94			537			177			192			223			1,129			781
Income (loss) from discontinued operations, net of taxes⁽²⁾		—			(2	)		5			(1	)		(2	)		—			27

NET INCOME		94			535			182			191			221			1,129			808
Less: net income from continuing operations attributable to noncontrolling interests		32			27			35			38			30			130			33
Less: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			—			—			8

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	62		$	508		$	147		$	153		$	191		$	999		$	767

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	62		$	510		$	142		$	154		$	193		$	999		$	748
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		—			(2	)		5			(1	)		(2	)		—			19

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	62		$	508		$	147		$	153		$	191		$	999		$	767


Earnings Per Share Data:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.13		$	1.03		$	0.28		$	0.30		$	0.38		$	1.98		$	1.48
Diluted	$	0.12		$	1.02		$	0.28		$	0.30		$	0.37		$	1.96		$	1.45
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.13		$	1.02		$	0.29		$	0.30		$	0.38		$	1.98		$	1.51
Diluted	$	0.12		$	1.01		$	0.29		$	0.30		$	0.37		$	1.96		$	1.49
Weighted-average common shares outstanding
Basic		492.3			496.5			503.8			508.9			508.3			504.4			506.9
Diluted		500.1			502.9			509.3			514.1			517.4			510.9			514.7

⁽¹⁾	See page 22 for additional information on liability remeasurement (gains) losses.

⁽²⁾

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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Reconciliation of Net Income to Adjusted Operating Income

(amounts in millions, except per share amounts)


	2023			2022															2021
	1Q			4Q			3Q			2Q			1Q			Total			Full Year
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	62		$	508		$	147		$	153		$	191		$	999		$	767
Add: net income from continuing operations attributable to noncontrolling interests		32			27			35			38			30			130			33
Add: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			—			—			8

NET INCOME		94			535			182			191			221			1,129			808
Less: income (loss) from discontinued operations, net of taxes		—			(2	)		5			(1	)		(2	)		—			27

INCOME FROM CONTINUING OPERATIONS		94			537			177			192			223			1,129			781
Less: net income from continuing operations attributable to noncontrolling interests		32			27			35			38			30			130			33

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		62			510			142			154			193			999			748

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses		11			5			58			(19	)		(42	)		2			(322	)
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽¹⁾		14			(64	)		(32	)		8			(54	)		(142	)		(210	)
(Gains) losses on early extinguishment of debt		(1	)		(1	)		3			1			3			6			45
Expenses related to restructuring		3			1			—			1			—			2			34
Pension plan termination costs		—			2			6			—			—			8			—
Taxes on adjustments		(5	)		12			(8	)		2			20			26			96

ADJUSTED OPERATING INCOME	$	84		$	465		$	169		$	147		$	120		$	901		$	391

ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	143		$	120		$	156		$	167		$	135		$	578		$	520
Long-Term Care Insurance segment		(37	)		328			37			11			27			403			43
Life and Annuities segment:
Life Insurance		(27	)		1			(28	)		(37	)		(47	)		(111	)		(201	)
Fixed Annuities		14			14			15			20			13			62			83
Variable Annuities		9			8			7			2			4			21			22

Total Life and Annuities segment		(4	)		23			(6	)		(15	)		(30	)		(28	)		(96	)

Corporate and Other		(18	)		(6	)		(18	)		(16	)		(12	)		(52	)		(76	)

ADJUSTED OPERATING INCOME	$	84		$	465		$	169		$	147		$	120		$	901		$	391


Earnings Per Share Data:
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.13		$	1.02		$	0.29		$	0.30		$	0.38		$	1.98		$	1.51
Diluted	$	0.12		$	1.01		$	0.29		$	0.30		$	0.37		$	1.96		$	1.49
Adjusted operating income per share
Basic	$	0.17		$	0.94		$	0.34		$	0.29		$	0.24		$	1.79		$	0.77
Diluted	$	0.17		$	0.92		$	0.33		$	0.29		$	0.23		$	1.76		$	0.76
Weighted-average common shares outstanding
Basic		492.3			496.5			503.8			508.9			508.3			504.4			506.9
Diluted		500.1			502.9			509.3			514.1			517.4			510.9			514.7

⁽¹⁾	Changes in fair value of market risk benefits were adjusted to exclude changes in reserves, attributed fees and benefit payments (see page 24 for reconciliation).

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Consolidated Balance Sheets

(amounts in millions)


	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value⁽¹⁾	$	47,381		$	46,583		$	46,215		$	49,286		$	55,027
Equity securities, at fair value		364			319			274			243			230
Commercial mortgage loans⁽²⁾		6,915			7,032			7,086			7,088			6,938
Less: Allowance for credit losses		(24	)		(22	)		(23	)		(23	)		(25	)

Commercial mortgage loans, net		6,891			7,010			7,063			7,065			6,913
Policy loans		2,133			2,139			2,153			2,178			2,028
Limited partnerships		2,456			2,331			2,195			2,123			2,007
Other invested assets		617			566			590			573			671

Total investments		59,842			58,948			58,490			61,468			66,876
Cash, cash equivalents and restricted cash		1,752			1,799			1,561			1,724			1,291
Accrued investment income		700			643			616			553			696
Deferred acquisition costs		2,150			2,211			2,276			2,342			2,414
Intangible assets		203			203			209			215			223
Reinsurance recoverable		19,606			19,059			18,906			20,659			23,406
Less: Allowance for credit losses		(64	)		(63	)		(64	)		(63	)		(60	)

Reinsurance recoverable, net		19,542			18,996			18,842			20,596			23,346
Other assets		478			488			493			521			540
Deferred tax asset		2,004			1,968			2,115			2,520			2,967
Market risk benefit assets		28			26			20			22			34
Separate account assets		4,479			4,417			4,298			4,683			5,530

Total assets	$	91,178		$	89,699		$	88,920		$	94,644		$	103,917

⁽¹⁾

Amortized cost of $50,461 million, $50,834 million, $51,248 million, $51,248 million and $52,280 million as of March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively, and allowance for credit losses of $15 million as of March 31, 2023 and $— as of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022.

⁽²⁾	Net of unamortized balance of loan origination fees and costs of $4 million as of March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022.

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Consolidated Balance Sheets

(amounts in millions)


	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	57,558		$	55,349		$	54,666		$	60,370		$	69,833
Policyholder account balances		16,202			16,564			16,985			17,332			17,659
Market risk benefit liabilities		761			748			832			910			876
Liability for policy and contract claims		665			683			669			733			809
Unearned premiums		189			203			213			225			236
Other liabilities		1,492			1,675			1,684			1,471			1,422
Long-term borrowings		1,600			1,611			1,622			1,773			1,819
Separate account liabilities		4,479			4,417			4,298			4,683			5,530
Liabilities related to discontinued operations⁽¹⁾		7			8			6			4			4

Total liabilities		82,953			81,258			80,975			87,501			98,188

Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,863			11,869			11,865			11,859			11,857
Accumulated other comprehensive income (loss):
Change in the discount rate used to measure future policy benefits		(1,633	)		(406	)		112			(3,175	)		(8,462	)
All other		(1,225	)		(2,211	)		(2,747	)		(121	)		3,898

Total accumulated other comprehensive income (loss)		(2,858	)		(2,617	)		(2,635	)		(3,296	)		(4,564	)
Retained earnings		1,259			1,197			690			543			390
Treasury stock, at cost		(2,833	)		(2,764	)		(2,734	)		(2,715	)		(2,700	)

Total Genworth Financial, Inc.’s stockholders’ equity		7,432			7,686			7,187			6,392			4,984
Noncontrolling interests		793			755			758			751			745

Total equity		8,225			8,441			7,945			7,143			5,729

Total liabilities and equity	$	91,178		$	89,699		$	88,920		$	94,644		$	103,917

⁽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.

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Consolidated Balance Sheet by Segment

(amounts in millions)


	March 31, 2023
	Enact			Long-Term Care Insurance			Life and Annuities			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,611		$	35,210		$	20,112		$	1,361		$	62,294
Deferred acquisition costs and intangible assets		36			945			1,360			12			2,353
Reinsurance recoverable, net		—			7,604			11,938			—			19,542
Deferred tax and other assets		194			1,763			214			311	⁽²⁾		2,482
Market risk benefit assets		—			—			28			—			28
Separate account assets		—			—			4,479			—			4,479

Total assets	$	5,841		$	45,522		$	38,131		$	1,684		$	91,178

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	43,371		$	14,187		$	—		$	57,558
Policyholder account balances		—			—			16,202			—			16,202
Market risk benefit liabilities		—			—			761			—			761
Liability for policy and contract claims		502			—			157			6			665
Unearned premiums		189			—			—			—			189
Other liabilities		100			658			287			447			1,492
Borrowings		743			—			—			857			1,600
Separate account liabilities		—			—			4,479			—			4,479
Liabilities related to discontinued operations		—			—			—			7			7

Total liabilities		1,534			44,029			36,073			1,317			82,953

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,776			2,632			3,034			848			10,290
Allocated accumulated other comprehensive income (loss)		(262	)		(1,139	)		(976	)		(481	)		(2,858	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,514			1,493			2,058			367			7,432
Noncontrolling interests		793			—			—			—			793

Total equity		4,307			1,493			2,058			367			8,225

Total liabilities and equity	$	5,841		$	45,522		$	38,131		$	1,684		$	91,178

⁽¹⁾	Includes inter-segment eliminations and other businesses, including start-up growth initiatives and certain international businesses, that are managed outside the operating segments.

⁽²⁾	Deferred tax and other assets in Corporate and Other includes holding company deferred tax assets of $174 million (comprised of Genworth Financial, Inc. and Genworth Holdings).

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Consolidated Balance Sheet by Segment

(amounts in millions)


	December 31, 2022
	Enact			Long-Term Care Insurance			Life and Annuities			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,458		$	34,334		$	20,120		$	1,478		$	61,390
Deferred acquisition costs and intangible assets		35			959			1,413			7			2,414
Reinsurance recoverable, net		—			7,301			11,695			—			18,996
Deferred tax and other assets		219			1,547			304			386	⁽²⁾		2,456
Market risk benefit assets		—			—			26			—			26
Separate account assets		—			—			4,417			—			4,417

Total assets	$	5,712		$	44,141		$	37,975		$	1,871		$	89,699

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	41,399		$	13,950		$	—		$	55,349
Policyholder account balances		—			—			16,564			—			16,564
Market risk benefit liabilities		—			—			748			—			748
Liability for policy and contract claims		519			—			158			6			683
Unearned premiums		203			—			—			—			203
Other liabilities		136			770			284			485			1,675
Borrowings		743			—			—			868			1,611
Separate account liabilities		—			—			4,417			—			4,417
Liabilities related to discontinued operations		—			—			—			8			8

Total liabilities		1,601			42,169			36,121			1,367			81,258

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,669			2,615			3,030			989			10,303
Allocated accumulated other comprehensive income (loss)		(313	)		(643	)		(1,176	)		(485	)		(2,617	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,356			1,972			1,854			504			7,686
Noncontrolling interests		755			—			—			—			755

Total equity		4,111			1,972			1,854			504			8,441

Total liabilities and equity	$	5,712		$	44,141		$	37,975		$	1,871		$	89,699

⁽¹⁾	Includes inter-segment eliminations and other businesses, including start-up growth initiatives and certain international businesses, that are managed outside the operating segments.

⁽²⁾	Deferred tax and other assets in Corporate and Other includes holding company deferred tax assets of $231 million (comprised of Genworth Financial, Inc. and Genworth Holdings).

Enact Segment

(There were no changes to the company’s Enact segment due to the adoption of LDTI)

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Income and Sales—Enact Segment

(amounts in millions)




	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	235		$	233		$	235		$	238		$	234		$	940
Net investment income		46			45			39			36			35			155
Net investment gains (losses)		—			(1	)		—			(1	)		—			(2	)
Policy fees and other income		—			—			1			—			1			2

Total revenues		281			277			275			273			270			1,095

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(11	)		18			(40	)		(62	)		(10	)		(94	)
Acquisition and operating expenses, net of deferrals		52			60			55			58			54			227
Amortization of deferred acquisition costs and intangibles		3			2			4			3			3			12
Interest expense		13			14			12			13			13			52

Total benefits and expenses		57			94			31			12			60			197

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		224			183			244			261			210			898
Provision for income taxes		49			39			53			57			45			194

INCOME FROM CONTINUING OPERATIONS		175			144			191			204			165			704
Less: net income from continuing operations attributable to noncontrolling interests		32			27			35			38			30			130

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		143			117			156			166			135			574

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

ADJUSTED OPERATING INCOME	$	143		$	120		$	156		$	167		$	135		$	578


SALES:
Primary New Insurance Written (NIW)	$	13,154		$	15,145		$	15,069		$	17,448		$	18,823		$	66,485

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Primary New Insurance Written Metrics—Enact Segment

(amounts in millions)


	2023					2022
	1Q					4Q					3Q					2Q					1Q
	Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW
Payment Type
Monthly	$	12,809		97	%	$	13,745		91	%	$	14,138		94	%	$	16,169		93	%	$	17,071		91	%
Single		318		3			1,368		9			890		6			1,218		7			1,690		9
Other⁽¹⁾		27		—			32		—			41		—			61		—			62		—

Total Primary	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Origination
Purchase	$	12,761		97	%	$	14,744		97	%	$	14,634		97	%	$	16,802		96	%	$	17,326		92	%
Refinance		393		3			401		3			435		3			646		4			1,497		8

Total Primary	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

FICO Scores
Over 760	$	6,004		46	%	$	6,951		46	%	$	6,948		46	%	$	7,981		45	%	$	8,359		45	%
740 - 759		2,268		17			2,709		18			2,554		17			2,916		17			3,085		16
720 - 739		1,817		14			2,226		15			2,106		14			2,530		15			2,515		13
700 - 719		1,296		10			1,489		10			1,531		10			1,917		11			1,952		10
680 - 699		954		7			1,035		7			1,085		7			1,099		6			1,316		7
660 - 679⁽²⁾		517		4			478		3			527		3			598		3			931		5
640 - 659		229		2			189		1			234		2			297		2			486		3
620 - 639		65		—			66		—			79		1			106		1			173		1
<620		4		—			2		—			5		—			4		—			6		—

Total Primary	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Loan-To-Value Ratio
95.01% and above	$	2,106		16	%	$	2,423		16	%	$	1,741		11	%	$	2,177		12	%	$	3,146		17	%
90.01% to 95.00%		4,928		38			5,684		37			6,184		41			7,458		43			6,682		35
85.01% to 90.00%		4,390		33			4,971		33			5,094		34			5,207		30			5,620		30
85.00% and below		1,730		13			2,067		14			2,050		14			2,606		15			3,375		18

Total Primary	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Debt-To-Income Ratio
45.01% and above	$	3,538		27	%	$	4,294		28	%	$	3,728		25	%	$	4,067		23	%	$	4,452		24	%
38.01% to 45.00%		4,940		38			5,518		37			5,681		38			6,436		37			6,361		34
38.00% and below		4,676		35			5,333		35			5,660		37			6,945		40			8,010		42

Total Primary	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Other Metrics—Enact Segment

(dollar amounts in millions)


	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total

Primary Insurance In-Force⁽¹⁾	$	252,516		$	248,262		$	241,813		$	237,563		$	231,853

Risk In-Force
Primary⁽²⁾	$	64,106		$	62,791		$	61,124		$	59,911		$	58,295
Pool		76			79			84			89			97

Total Risk In-Force	$	64,182		$	62,870		$	61,208		$	60,000		$	58,392


Expense Ratio⁽³⁾		23	%		27	%		25	%		26	%		24	%		25	%

Primary Persistency Rate		85	%		86	%		82	%		80	%		76	%		80	%

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

EMICO Risk To Capital Ratio^(4),(5)		12.7:1			12.9:1			12.3:1			12.6:1			12.1:1

PMIERs Available Assets⁽⁶⁾	$	5,357		$	5,206		$	5,292		$	5,147		$	5,222

PMIERs Required Assets⁽⁶⁾	$	3,259		$	3,156		$	3,043		$	3,100		$	2,961

Available Assets Above PMIERs Requirements⁽⁶⁾	$	2,098		$	2,050		$	2,249		$	2,047		$	2,261

PMIERs Sufficiency Ratio⁽⁶⁾		164	%		165	%		174	%		166	%		176	%

Average Primary Loan Size (in thousands)	$	262		$	259		$	255		$	251		$	246

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. The PMIERs sufficiency ratios for the four quarters of 2022 did not take into consideration the impact of restrictions previously imposed by the government-sponsored enterprises on EMICO.

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Loss Metrics—Enact Segment

(amounts in millions)


	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total
Average Paid Claim (in thousands)⁽¹⁾	$	46.9		$	48.7		$	42.2		$	50.1		$	51.6
Average Reserve Per Primary Delinquency (in thousands)⁽²⁾	$	24.8		$	24.0		$	25.2		$	27.0		$	26.2

Reserves:
Direct primary case	$	462		$	479		$	476		$	526		$	591
All other⁽³⁾		40			40			34			33			34

Total Reserves	$	502		$	519		$	510		$	559		$	625


Beginning Reserves	$	519		$	510		$	559		$	625		$	641		$	641
Paid claims		(6	)		(9	)		(9	)		(4	)		(6	)		(28	)
Increase (decrease) in reserves		(11	)		18			(40	)		(62	)		(10	)		(94	)

Ending Reserves	$	502		$	519		$	510		$	559		$	625		$	519

Loss Ratio⁽⁴⁾		(5	)%		8	%		(17	)%		(26	)%		(4	)%		(10	)%

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 third and fourth quarters of 2022 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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Delinquency Metrics—Enact Segment

(dollar amounts in millions)


	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		965,544			960,306			949,052			946,891			941,689
Primary delinquent loans		18,633			19,943			18,856			19,513			22,571
Primary delinquency rate		1.93	%		2.08	%		1.99	%		2.06	%		2.40	%

Beginning Number of Primary Delinquencies		19,943			18,856			19,513			22,571			24,820			24,820
New delinquencies		9,599			10,304			9,121			7,847			8,724			35,996
Delinquency cures		(10,771	)		(9,024	)		(9,588	)		(10,806	)		(10,860	)		(40,278	)
Paid claims		(126	)		(190	)		(187	)		(90	)		(107	)		(574	)
Rescissions and claim denials		(12	)		(3	)		(3	)		(9	)		(6	)		(21	)

Ending Number of Primary Delinquencies		18,633			19,943			18,856			19,513			22,571			19,943


Composition of Cures
Reported delinquent and cured-intraquarter		2,016			1,489			1,598			1,306			1,581
Number of missed payments delinquent prior to cure:
3 payments or less		5,238			4,179			3,719			4,037			3,902
4 - 11 payments		2,431			2,001			2,279			2,484			2,315
12 payments or more		1,086			1,355			1,992			2,979			3,062

Total		10,771			9,024			9,588			10,806			10,860

Primary Delinquencies by Missed Payment Status
3 payments or less		7,876			8,920			7,446			6,442			6,837
4 - 11 payments		6,714			6,466			6,119			6,372			6,875
12 payments or more		4,043			4,557			5,291			6,699			8,859

Primary Delinquencies		18,633			19,943			18,856			19,513			22,571




	March 31, 2023
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	$	67		$	462			14	%
4 - 11 payments in default		182			423			43	%
12 payments or more in default		213			220			97	%

Total	$	462		$	1,105			42	%


	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	%

Total	$	479		$	1,147			42	%

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

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Portfolio Quality Metrics—Enact Segment

(amounts in millions)


	March 31, 2023
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		25	%	$	6,377			3	%	$	1,643			3	%		8.81	%
2009-2015		7			4,659			2			1,238			2			4.03	%
2016		5			5,744			2			1,538			2			3.01	%
2017		6			6,201			2			1,632			3			3.53	%
2018		7			6,570			3			1,672			3			4.08	%
2019		10			15,691			6			3,989			6			2.57	%
2020		16			52,389			21			13,484			21			1.42	%
2021		18			79,377			31			19,917			31			1.23	%
2022		6			62,481			25			15,647			24			0.74	%
2023		—			13,027			5			3,346			5			0.02	%

Total		100	%	$	252,516			100	%	$	64,106			100	%		1.93	%


	March 31, 2023						December 31, 2022						March 31, 2022
	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	$	11,545			18	%	$	11,136			18	%	$	10,379			18	%
90.01% to 95.00%		30,589			48			30,079			48			27,987			48
85.01% to 90.00%		18,054			28			17,621			28			16,082			27
85.00% and below		3,918			6			3,955			6			3,847			7

Total	$	64,106			100	%	$	62,791			100	%	$	58,295			100	%


	March 31, 2023						December 31, 2022						March 31, 2022
	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	$	26,480			41	%	$	25,807			41	%	$	23,326			40	%
740 - 759		10,418			16			10,154			16			9,267			16
720 - 739		9,126			14			8,931			14			8,224			14
700 - 719		7,406			12			7,317			12			6,974			12
680 - 699		5,481			9			5,428			9			5,334			9
660 - 679⁽²⁾		2,809			4			2,767			5			2,715			5
640 - 659		1,549			3			1,540			2			1,550			3
620 - 639		660			1			665			1			699			1
<620		177			—			182			—			206			—

Total	$	64,106			100	%	$	62,791			100	%	$	58,295			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.

Long-Term Care Insurance Segment

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Income (Loss)—Long-Term Care Insurance Segment

(amounts in millions)


	2023			2022															2021
	1Q			4Q⁽¹⁾			3Q			2Q			1Q			Total			Full Year
REVENUES:
Premiums	$	616		$	639		$	637		$	617		$	607		$	2,500		$	2,561
Net investment income		473			470			497			486			447			1,900			2,027
Net investment gains (losses)		9			20			(47	)		5			41			19			257
Policy fees and other income		—			—			—			—			—			—			1

Total revenues		1,098			1,129			1,087			1,108			1,095			4,419			4,846

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		940			963			955			941			923			3,782			3,794
Liability remeasurement (gains) losses		5			(464	)		—			28			(65	)		(501	)		2
Acquisition and operating expenses, net of deferrals		162			145			112			100			140			497			636
Amortization of deferred acquisition costs and intangibles		18			18			19			18			19			74			76

Total benefits and expenses		1,125			662			1,086			1,087			1,017			3,852			4,508

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(27)			467			1			21			78			567			338
Provision for income taxes		2			121			2			6			19			148			101

INCOME (LOSS) FROM CONTINUING OPERATIONS		(29)			346			(1	)		15			59			419			237

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(9)			(20	)		47			(5	)		(41	)		(19	)		(257	)
Expenses related to restructuring		(1)			(2	)		—			1			—			(1	)		12
Taxes on adjustments		2			4			(9	)		—			9			4			51

ADJUSTED OPERATING INCOME (LOSS)	$	(37	)	$	328		$	37		$	11		$	27		$	403		$	43

Liability remeasurement (gains) losses:
Cash flow assumption updates⁽²⁾	$	21		$	(508	)	$	(11	)	$	(20	)	$	(2	)	$	(541	)	$	189
Actual to expected experience		(16)			44			11			48			(63	)		40			(187	)

Total	$	5		$	(464	)	$	—		$	28		$	(65	)	$	(501	)	$	2

⁽¹⁾

In the fourth quarter of 2022, the liability remeasurement gain of $464 million in the company’s long-term care insurance business reflected favorable assumption updates of $508 million, largely from an update to legal settlement elections attributable to the inclusion of a second legal settlement and the resulting expected reserve reduction. This settlement, comprised of PCS I and PCS II policies, represents approximately 15% of the overall block and impacts older unprofitable capped cohorts. While a favorable assumption impact was recognized in the fourth quarter of 2022, differences between actual experience versus expectations will flow through earnings in subsequent periods, as well as settlement litigation costs and expenses which are separately recorded in acquisition and operating expenses, net of deferrals, as incurred. The company’s long-term care insurance business also updated its interest rate assumption to reflect the impact of the higher interest rate environment.

⁽²⁾

In 2021, unfavorable assumption updates of $189 million in the fourth quarter of 2021 related primarily to an update to the benefit utilization trend, which drove significant updates to the in-force rate action plan and related assumptions. Given the expected future increases in cost of care, the company expected its long-term benefit utilization to trend higher than previously assumed.

Life and Annuities Segment

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Income (Loss)—Life and Annuities Segment

(amounts in millions)


	2023			2022															2021
	1Q			4Q			3Q			2Q			1Q			Total			Full Year
REVENUES:
Premiums	$	62		$	45		$	55		$	60		$	74		$	234		$	(136	)
Net investment income		264			268			271			265			279			1,083			1,195
Net investment gains (losses)		(10)			(3	)		(15	)		—			14			(4	)		74
Policy fees and other income		163			167			169			164			169			669			718

Total revenues		479			477			480			489			536			1,982			1,851

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		246			226			247			(108	)		255			620			688
Liability remeasurement (gains) losses		17			(12	)		14			1			24			27			134
Changes in fair value of market risk benefits and associated hedges		17			(56	)		(27	)		20			(41	)		(104	)		(160	)
Interest credited		126			125			128			126			125			504			511
Acquisition and operating expenses, net of deferrals		53			54			57			416			77			604			233
Amortization of deferred acquisition costs and intangibles		51			54			57			63			66			240			291

Total benefits and expenses		510			391			476			518			506			1,891			1,697

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(31)			86			4			(29	)		30			91			154
Provision (benefit) for income taxes		(7)			17			—			(7	)		6			16			30

INCOME (LOSS) FROM CONTINUING OPERATIONS		(24)			69			4			(22	)		24			75			124

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		10			3			15			—			(14	)		4			(74	)
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽¹⁾		14			(64	)		(32	)		8			(54	)		(142	)		(210	)
Expenses related to restructuring		—			(1	)		—			—			—			(1	)		5
Pension plan termination costs		—			2			6			—			—			8			—
Taxes on adjustments		(4	)		14			1			(1	)		14			28			59

ADJUSTED OPERATING INCOME (LOSS)	$	(4	)	$	23		$	(6	)	$	(15	)	$	(30	)	$	(28	)	$	(96	)


⁽¹⁾ Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below:
Changes in fair value of market risk benefits and associated hedges	$	17		$	(56	)	$	(27	)	$	20		$	(41	)	$	(104	)	$	(160	)
Adjustment for changes in reserves, attributed fees and benefit payments		(3	)		(8	)		(5	)		(12	)		(13	)		(38	)		(50	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	14		$	(64	)	$	(32	)	$	8		$	(54	)	$	(142	)	$	(210	)

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Income (Loss)—Life and Annuities Segment—Life Insurance

(amounts in millions)


	2023			2022															2021
	1Q			4Q			3Q			2Q			1Q			Total			Full Year
REVENUES:
Premiums	$	62		$	45		$	55		$	60		$	74		$	234		$	(136	)
Net investment income		164			167			166			164			164			661			667
Net investment gains (losses)		(2	)		1			(7	)		2			9			5			74
Policy fees and other income		134			138			138			133			134			543			567

Total revenues		358			351			352			359			381			1,443			1,172

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		199			181			197			217			203			798			486
Liability remeasurement (gains) losses		18			(10	)		16			4			22			32			109
Interest credited		98			97			98			96			94			385			373
Acquisition and operating expenses, net of deferrals		36			39			40			32			56			167			136
Amortization of deferred acquisition costs and intangibles		44			45			49			55			57			206			254

Total benefits and expenses		395			352			400			404			432			1,588			1,358

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(37	)		(1	)		(48	)		(45	)		(51	)		(145	)		(186	)
Benefit for income taxes		(8	)		(1	)		(10	)		(10	)		(11	)		(32	)		(40	)

LOSS FROM CONTINUING OPERATIONS		(29	)		—			(38	)		(35	)		(40	)		(113	)		(146	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		2			(1	)		7			(2	)		(9	)		(5	)		(74	)
Expenses related to restructuring		—			(1	)		—			—			—			(1	)		4
Pension plan termination costs		—			2			6			—			—			8			—
Taxes on adjustments		—			1			(3	)		—			2			—			15

ADJUSTED OPERATING INCOME (LOSS)	$	(27	)	$	1		$	(28	)	$	(37	)	$	(47	)	$	(111	)	$	(201	)

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Income—Life and Annuities Segment—Fixed Annuities

(amounts in millions)


	2023			2022															2021
	1Q			4Q			3Q			2Q			1Q			Total			Full Year
REVENUES:
Net investment income	$	91		$	93		$	96		$	93		$	108		$	390		$	498
Net investment gains (losses)		(8	)		(4	)		(7	)		(2	)		5			(8	)		(2	)
Policy fees and other income		2			1			2			2			2			7			9

Total revenues		85			90			91			93			115			389			505

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves⁽¹⁾		39			37			42			(332	)		46			(207	)		188
Liability remeasurement (gains) losses		(1	)		(2	)		(2	)		(3	)		2			(5	)		25
Changes in fair value of market risk benefits and associated hedges		8			—			(15	)		(12	)		(13	)		(40	)		(21	)
Interest credited		27			27			28			29			30			114			133
Acquisition and operating expenses, net of deferrals⁽¹⁾		8			7			7			372			9			395			44
Amortization of deferred acquisition costs and intangibles		3			4			4			4			4			16			17

Total benefits and expenses		84			73			64			58			78			273			386

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		1			17			27			35			37			116			119
Provision for income taxes		—			4			6			7			8			25			25

INCOME FROM CONTINUING OPERATIONS		1			13			21			28			29			91			94

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses		8			4			7			2			(5	)		8			2
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		8			(3	)		(14	)		(13	)		(15	)		(45	)		(17	)
Expenses related to restructuring		—			—			—			—			—			—			1
Taxes on adjustments		(3	)		—			1			3			4			8			3

ADJUSTED OPERATING INCOME	$	14		$	14		$	15		$	20		$	13		$	62		$	83


⁽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⁾ Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below:
Changes in fair value of market risk benefits and associated hedges	$	8		$	—		$	(15	)	$	(12	)	$	(13	)	$	(40	)	$	(21	)
Adjustment for changes in reserves, attributed fees and benefit payments		—			(3	)		1			(1	)		(2	)		(5	)		4

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	8		$	(3	)	$	(14	)	$	(13	)	$	(15	)	$	(45	)	$	(17	)

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Income—Life and Annuities Segment—Variable Annuities

(amounts in millions)


	2023			2022															2021
	1Q			4Q			3Q			2Q			1Q			Total			Full Year
REVENUES:
Net investment income	$	9		$	8		$	9		$	8		$	7		$	32		$	30
Net investment gains (losses)		—			—			(1	)		—			—			(1	)		2
Policy fees and other income		27			28			29			29			33			119			142

Total revenues		36			36			37			37			40			150			174

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		8			8			8			7			6			29			14
Changes in fair value of market risk benefits and associated hedges		9			(56	)		(12	)		32			(28	)		(64	)		(139	)
Interest credited		1			1			2			1			1			5			5
Acquisition and operating expenses, net of deferrals		9			8			10			12			12			42			53
Amortization of deferred acquisition costs and intangibles		4			5			4			4			5			18			20

Total benefits and expenses		31			(34	)		12			56			(4	)		30			(47	)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		5			70			25			(19	)		44			120			221
Provision (benefit) for income taxes		1			14			4			(4	)		9			23			45

INCOME (LOSS) FROM CONTINUING OPERATIONS		4			56			21			(15	)		35			97			176

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		—			—			1			—			—			1			(2	)
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽¹⁾		6			(61	)		(18	)		21			(39	)		(97	)		(193	)
Taxes on adjustments		(1	)		13			3			(4	)		8			20			41

ADJUSTED OPERATING INCOME	$	9		$	8		$	7		$	2		$	4		$	21		$	22


⁽¹⁾ Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below:
Changes in fair value of market risk benefits and associated hedges	$	9		$	(56	)	$	(12	)	$	32		$	(28	)	$	(64	)	$	(139	)
Adjustment for changes in reserves, attributed fees and benefit payments		(3	)		(5	)		(6	)		(11	)		(11	)		(33	)		(54	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	6		$	(61	)	$	(18	)	$	21		$	(39	)	$	(97	)	$	(193	)

Corporate and Other

(There were no changes to Corporate and Other due to the adoption of LDTI)

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Adjusted Operating Loss—Corporate and Other⁽¹⁾

(amounts in millions)


	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	2		$	1		$	2		$	1		$	2		$	6
Net investment income		4			4			1			—			3			8
Net investment gains (losses)		(10	)		(21	)		4			15			(13	)		(15	)
Policy fees and other income		—			—			(1	)		1			—			—

Total revenues		(4	)		(16	)		6			17			(8	)		(1	)

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(3	)		—			(4	)		(4	)		(3	)		(11	)
Acquisition and operating expenses, net of deferrals		16			11			11			10			9			41
Interest expense		16			14			14			13			13			54

Total benefits and expenses		29			25			21			19			19			84

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(33	)		(41	)		(15	)		(2	)		(27	)		(85	)
Provision (benefit) for income taxes		(5	)		(19	)		2			3			(2	)		(16	)

LOSS FROM CONTINUING OPERATIONS		(28	)		(22	)		(17	)		(5	)		(25	)		(69	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		10			21			(4	)		(15	)		13			15
(Gains) losses on early extinguishment of debt		(1	)		(1	)		3			1			3			6
Expenses related to restructuring		4			1			—			—			—			1
Taxes on adjustments		(3	)		(5	)		—			3			(3	)		(5	)

ADJUSTED OPERATING LOSS	$	(18	)	$	(6	)	$	(18	)	$	(16	)	$	(12	)	$	(52	)


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

Additional Financial Data

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Investments Summary

(amounts in millions)


		March 31, 2023					December 31, 2022					September 30, 2022					June 30, 2022					March 31, 2022
		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		$	26,894		44	%	$	26,047		43	%	$	25,550		43	%	$	27,342		43	%	$	30,897		45	%
Private fixed maturity securities			11,182		18			11,126		19			10,997		18			11,727		19			12,873		19
Residential mortgage-backed securities⁽¹⁾			986		2			995		2			1,069		2			1,213		2			1,320		2
Commercial mortgage-backed securities			1,814		3			1,900		3			1,980		3			2,126		3			2,349		3
Other asset-backed securities			2,113		3			2,117		3			2,139		4			2,009		3			2,016		3
State and political subdivisions			2,403		4			2,399		4			2,532		4			2,849		5			3,134		5
Non-investment grade fixed maturity securities			1,989		3			1,999		3			1,948		3			2,020		3			2,438		4
Equity securities:
Common stocks and mutual funds			306		1			258		1			204		—			172		—			151		—
Preferred stocks			58		—			61		—			70		—			71		—			79		—
Commercial mortgage loans, net			6,891		11			7,010		11			7,063		11			7,065		12			6,913		10
Policy loans			2,133		3			2,139		3			2,153		4			2,178		3			2,028		3
Limited partnerships			2,456		4			2,331		4			2,195		4			2,123		3			2,007		3
Cash, cash equivalents, restricted cash and short-term investments			1,759		3			1,802		3			1,563		3			1,774		3			1,367		2
Other invested assets:	Derivatives:
	Interest rate swaps		42		—			24		—			25		—			30		—			162		—
	Foreign currency swaps		17		—			20		—			32		—			17		—			5		—
	Equity index options		10		—			6		—			38		—			30		—			30		—
	Other		541		1			513		1			493		1			446		1			398		1

Total invested assets and cash		$	61,594		100	%	$	60,747		100	%	$	60,051		100	%	$	63,192		100	%	$	68,167		100	%

Public Fixed Maturity Securities—Credit Quality:
NRSRO⁽²⁾ Designation

AAA		$	6,112		19	%	$	6,067		19	%	$	6,174		20	%	$	6,713		20	%	$	7,484		20	%
AA			2,872		9			2,859		9			2,958		9			3,245		10			3,538		9
A			8,699		27			8,398		27			8,278		26			8,886		26			9,880		26
BBB			14,056		43			13,623		43			13,322		43			14,155		42			16,177		42
BB			786		2			776		2			780		2			846		2			1,079		3
B			41		—			34		—			33		—			33		—			61		—
CCC and lower			—		—			—		—			—		—			—		—			—		—

Total public fixed maturity securities		$	32,566		100	%	$	31,757		100	%	$	31,545		100	%	$	33,878		100	%	$	38,219		100	%

Private Fixed Maturity Securities—Credit Quality:
NRSRO⁽²⁾ Designation

AAA		$	860		6	%	$	825		6	%	$	830		6	%	$	806		5	%	$	775		5	%
AA			1,422		10			1,421		10			1,407		10			1,421		9			1,554		9
A			4,217		28			4,170		28			4,059		28			4,308		28			4,773		28
BBB			7,154		48			7,221		48			7,239		48			7,732		50			8,408		50
BB			1,012		7			1,076		7			1,028		7			1,015		7			1,159		7
B			150		1			113		1			107		1			120		1			131		1
CCC and lower			—		—			—		—			—		—			6		—			8		—

Total private fixed maturity securities		$	14,815		100	%	$	14,826		100	%	$	14,670		100	%	$	15,408		100	%	$	16,808		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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Fixed Maturity Securities Summary

(amounts in millions)


	March 31, 2023					December 31, 2022					September 30, 2022					June 30, 2022					March 31, 2022
	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	$	3,441		7	%	$	3,341		7	%	$	3,307		7	%	$	3,627		7	%	$	4,097		8	%
State and political subdivisions		2,403		5			2,399		5			2,532		6			2,849		6			3,134		6
Foreign government		630		1			645		1			622		1			682		1			784		1
U.S. corporate		27,872		59			27,119		59			26,562		58			28,243		58			31,823		58
Foreign corporate		8,059		17			8,010		17			7,947		17			8,482		17			9,453		17
Residential mortgage-backed securities		985		2			995		2			1,069		2			1,213		2			1,320		2
Commercial mortgage-backed securities		1,831		4			1,908		4			1,989		4			2,137		5			2,361		4
Other asset-backed securities		2,160		5			2,166		5			2,187		5			2,053		4			2,055		4

Total fixed maturity securities	$	47,381		100	%	$	46,583		100	%	$	46,215		100	%	$	49,286		100	%	$	55,027		100	%

Corporate Bond Holdings - Industry Sector:

Investment Grade:
Finance and insurance	$	9,149		26	%	$	8,986		26	%	$	8,858		26	%	$	9,313		25	%	$	10,235		25	%
Utilities		4,788		13			4,591		13			4,476		13			4,857		14			5,450		14
Energy		2,882		8			2,813		8			2,790		8			3,043		8			3,372		8
Consumer - non-cyclical		4,998		14			4,872		14			4,782		14			5,221		15			5,967		15
Consumer - cyclical		1,602		4			1,594		5			1,557		5			1,576		4			1,758		4
Capital goods		2,554		7			2,517		7			2,505		7			2,677		7			2,972		7
Industrial		1,944		6			1,863		5			1,806		5			1,877		5			2,092		5
Technology and communications		3,713		10			3,564		10			3,481		10			3,681		10			4,224		10
Transportation		1,459		4			1,439		4			1,385		4			1,465		4			1,642		4
Other		1,022		3			1,048		3			1,072		3			1,147		3			1,298		3

Subtotal		34,111		95			33,287		95			32,712		95			34,857		95			39,010		95

Non-Investment Grade:
Finance and insurance		164		1			153		1			159		1			168		1			185		—
Utilities		47		—			47		—			48		—			56		—			62		—
Energy		407		1			409		1			399		1			431		1			568		1
Consumer - non-cyclical		150		—			151		—			140		—			141		—			192		1
Consumer - cyclical		291		1			299		1			302		1			290		1			321		1
Capital goods		178		1			167		1			158		1			146		—			159		—
Industrial		155		—			152		—			146		—			171		1			209		1
Technology and communications		247		1			277		1			266		1			286		1			372		1
Transportation		37		—			36		—			35		—			29		—			29		—
Other		144		—			151		—			144		—			150		—			169		—

Subtotal		1,820		5			1,842		5			1,797		5			1,868		5			2,266		5

Total	$	35,931		100	%	$	35,129		100	%	$	34,509		100	%	$	36,725		100	%	$	41,276		100	%

Fixed Maturity Securities - Contractual Maturity Dates:

Due in one year or less	$	1,328		3	%	$	1,234		3	%	$	1,128		2	%	$	1,314		3	%	$	1,420		3	%
Due after one year through five years		8,245		17			7,931		17			7,856		17			7,958		16			8,501		15
Due after five years through ten years		11,746		25			11,915		26			11,751		25			12,765		26			13,943		25
Due after ten years		21,086		44			20,434		43			20,235		45			21,846		44			25,427		47

Subtotal		42,405		89			41,514		89			40,970		89			43,883		89			49,291		90
Mortgage and asset-backed securities		4,976		11			5,069		11			5,245		11			5,403		11			5,736		10

Total fixed maturity securities	$	47,381		100	%	$	46,583		100	%	$	46,215		100	%	$	49,286		100	%	$	55,027		100	%

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

U.S. GAAP Net Investment Income Yields

(amounts in millions)


	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	561		$	562		$	576		$	578		$	580		$	2,296
Fixed maturity securities - non-taxable		1			1			2			1			1			5
Equity securities		2			3			3			2			2			10
Commercial mortgage loans		76			81			81			78			81			321
Policy loans		55			55			55			51			50			211
Limited partnerships		28			22			38			32			7			99
Other invested assets		68			71			67			66			63			267
Cash, cash equivalents, restricted cash and short-term investments		18			12			7			1			—			20

Gross investment income before expenses and fees		809			807			829			809			784			3,229
Expenses and fees		(22	)		(20	)		(21	)		(22	)		(20	)		(83	)

Net investment income	$	787		$	787		$	808		$	787		$	764		$	3,146

Annualized Yields
Fixed maturity securities - taxable		4.4	%		4.4	%		4.5	%		4.5	%		4.4	%		4.5	%
Fixed maturity securities - non-taxable		4.6	%		4.0	%		7.1	%		3.6	%		3.6	%		4.7	%
Equity securities		2.3	%		4.0	%		4.6	%		3.4	%		3.7	%		4.0	%
Commercial mortgage loans		4.4	%		4.6	%		4.6	%		4.5	%		4.7	%		4.6	%
Policy loans		10.3	%		10.3	%		10.2	%		9.7	%		9.8	%		10.0	%
Limited partnerships⁽¹⁾		4.7	%		3.9	%		7.0	%		6.2	%		1.4	%		4.7	%
Other invested assets⁽²⁾		51.6	%		56.6	%		57.0	%		62.6	%		64.8	%		59.9	%
Cash, cash equivalents, restricted cash and short-term investments		4.0	%		2.9	%		1.7	%		0.3	%		—	%		1.2	%

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

Net investment income		4.9	%		4.8	%		5.0	%		4.8	%		4.7	%		4.8	%

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. See page 38 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.

RE-PRESENTED FINANCIAL SUPPLEMENT

Net Investment Gains (Losses)—Detail

(amounts in millions)


	2023			2022
	1Q			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(8	)	$	(25	)	$	(23	)	$	(2	)	$	(12	)	$	(62	)
U.S. government, agencies and government-sponsored enterprises		1			—			9			—			6			15
Foreign corporate		(3	)		(6	)		(7	)		(1	)		(2	)		(16	)
Foreign government		(1	)		—			—			—			—			—
Mortgage-backed securities		(5	)		(4	)		(5	)		(1	)		—			(10	)
Asset-backed securities		—			—			(1	)		—			—			(1	)

Total net realized gains (losses) on available-for-sale securities		(16	)		(35	)		(27	)		(4	)		(8	)		(74	)
Net realized gains (losses) on equity securities sold		—			—			—			—			—			—
Net realized gains (losses) on limited partnerships		—			—			—			—			—			—

Total net realized investment gains (losses)		(16	)		(35	)		(27	)		(4	)		(8	)		(74	)

Net change in allowance for credit losses on available-for-sale fixed maturity securities		(15	)		—			—			—			—			—
Write-down of available-for-sale fixed maturity securities		—			—			—			—			(2	)		(2	)
Net unrealized gains (losses) on equity securities still held		11			11			(14	)		(26	)		(6	)		(35	)
Net unrealized gains (losses) on limited partnerships		—			36			(24	)		24			35			71
Commercial mortgage loans		(2	)		1			—			2			1			4
Derivative instruments		12			(12	)		7			18			19			32
Other		(1	)		(6	)		—			5			3			2

Net investment gains (losses)	$	(11	)	$	(5	)	$	(58	)	$	19		$	42		$	(2	)

Reconciliations of Non-GAAP Measures

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Reconciliation of Operating ROE

(amounts in millions)


Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended⁽¹⁾	$	62		$	508		$	147		$	153		$	191
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,297		$	10,063		$	9,755		$	9,618		$	9,453
Annualized U.S. GAAP Quarterly Basis ROE ^(1)/(2)		2.4	%		20.2	%		6.0	%		6.4	%		8.1	%

Operating ROE
Adjusted operating income for the period ended⁽¹⁾	$	84		$	465		$	169		$	147		$	120
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,297		$	10,063		$	9,755		$	9,618		$	9,453
Annualized Operating Quarterly Basis ROE ^(1)/(2)		3.3	%		18.5	%		6.9	%		6.1	%		5.1	%

Non-GAAP Definition for Operating ROE

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

⁽¹⁾	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).

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Reconciliation of Consolidated Expense Ratio

(amounts in millions)


		2023			2022
	GAAP Basis Expense Ratio	1Q			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	283		$	270		$	235		$	584		$	280		$	1,369
(B)	Premiums	$	915		$	918		$	929		$	916		$	917		$	3,680

(A) / (B)	GAAP Basis Expense Ratio		31	%		29	%		25	%		64	%		31	%		37	%

	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	283		$	270		$	235		$	584		$	280		$	1,369
	Less: Reinsurance recapture payment⁽¹⁾		—			—			—			365			—			365
	Less: Legal settlement expenses⁽²⁾		56			45			10			6			43			104

(C)	Adjusted acquisition and operating expenses, net of deferrals	$	227		$	225		$	225		$	213		$	237		$	900


	Premiums	$	915		$	918		$	929		$	916		$	917		$	3,680
	Add: Policy fees and other income		163			167			169			165			170			671

(D)	Adjusted revenues	$	1,078		$	1,085		$	1,098		$	1,081		$	1,087		$	4,351


(C) / (D)	Adjusted expense ratio⁽³⁾		21	%		21	%		20	%		20	%		22	%		21	%

Non-GAAP Definition for Adjusted Expense Ratio

The company references the non-GAAP financial measure entitled “adjusted expense ratio” as a measure of its operating performance. The company defines adjusted expense ratio as acquisition and operating expenses, net of deferrals, less legal settlement expenses incurred in the company’s long-term care insurance business divided by the sum of premiums, policy fees and other income. 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 $49 million, $40 million, $7 million, $6 million and $43 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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

GENWORTH FINANCIAL, INC.

RE-PRESENTED FINANCIAL SUPPLEMENT

Reconciliation of Reported Yield to Core Yield


		2023			2022
	(Assets - amounts in billions)	1Q			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	61.6		$	60.7		$	60.1		$	63.2		$	68.2		$	60.7
	Subtract:
	Unrealized gains (losses)		(3.0	)		(4.2	)		(4.9	)		(1.9	)		3.0			(4.2	)

	Adjusted end of period invested assets and cash	$	64.6		$	64.9		$	65.0		$	65.1		$	65.2		$	64.9

(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	64.8		$	65.0		$	65.0		$	65.2		$	65.4		$	65.2

	(Income - amounts in millions)

(B)	Reported - Net Investment Income	$	787		$	787		$	808		$	787		$	764		$	3,146
	Subtract:
	Bond calls and commercial mortgage loan prepayments		2			6			6			7			10			29
	Other non-core items⁽¹⁾		1			(1	)		—			—			—			(1	)

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


(B) / (A)	Reported Yield		4.86	%		4.84	%		4.97	%		4.83	%		4.67	%		4.83	%
(C) / (A)	Core Yield		4.84	%		4.81	%		4.93	%		4.79	%		4.61	%		4.79	%

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.