Enact segment adjusted operating income of $146M; PMIERs¹ sufficiency ratio of 162%²

Continued progress on Long-Term Care Insurance (LTC) multi-year rate action plan, with $94M of gross incremental premium approved in second quarter and approximately $24.4B net present value achieved from in-force rate actions (IFAs) since 2012

LTC adjusted operating loss of $(43)M; Life and Annuities adjusted operating income of $2M

U.S. life insurance companies’ statutory pre-tax income³ of $63M² driving RBC⁴ ratio of 293%²

Genworth holding company cash and liquid assets of $222M at quarter-end

Executed $112M in share repurchases in the quarter; $264M in total executed through July 2023 at an average price of $5.11 per share

Consolidated Metrics

(Amounts in millions, except per share data)

Net income⁵

Earnings per diluted share⁵

Adjusted operating income^5,6

Adjusted operating income per diluted share^5,6

Weighted-average diluted shares

Private Mortgage Insurer Eligibility Requirements.

Company estimate for the second quarter of 2023 due to timing of the preparation of the filing(s).

Net gain from operations before dividends to policyholders, refunds to members and federal income taxes for Genworth Life Insurance Company (GLIC), Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY), and before realized capital gains or (losses).

Risk-based capital ratio based on company action level for GLIC consolidated.

All references reflect amounts available to Genworth’s common stockholders excluding noncontrolling interests.

This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles (GAAP). See the Use of Non-GAAP Measures section of this press release for additional information.

Net income was driven by Enact, which had strong operating performance resulting from favorable loss performance and increased net investment income

Net investment gains, net of taxes and other adjustments, increased net income by $33 million in the current quarter, compared with $15 million in the prior year. The investment gains in the current quarter were primarily from mark-to-market adjustments on limited partnership and equity investments held in the LTC business, partially offset by net trading losses

Changes in fair value of market risk benefits and associated hedges, net of taxes and other adjustments, increased net income by $18 million in the current quarter compared with a decrease of $6 million in the prior year

Adjusted operating income reflects Enact’s strong operating performance, partially offset by losses in LTC and Corporate and Other

Net investment income was $785 million in the quarter, a slight decrease from $787 million in the prior year due to lower income from limited partnerships and U.S. Government Treasury Inflation-Protected Securities (TIPS), mostly offset by higher investment yields

The effective tax rate on income from continuing operations was approximately 24.9 percent in the current quarter, primarily reflecting a higher tax rate of 35 percent on certain forward starting swap gains, consistent with prior quarters

GAAP Operating Metrics

(Dollar amounts in millions)

Adjusted operating income⁷

Primary new insurance written

Loss ratio

Adjusted operating income reflected a pre-tax benefit of $4 million from incurred losses driven by a favorable pre-tax reserve release of $63 million, primarily from cure performance on 2020 through first half 2022 delinquencies, including COVID-19 related delinquencies. The prior quarter and prior year included favorable pre-tax reserves releases of $70 million and $96 million, respectively, primarily related to cures on COVID-19 delinquencies

Net investment income was $50 million pre-tax in the current quarter, up from $36 million pre-tax in the prior year from rising interest rates and higher average invested assets

Primary insurance in-force increased nine percent versus the prior year to $258 billion, driven by new insurance written (NIW) and continued elevated persistency

Primary NIW was down 14 percent versus the prior year, primarily from lower originations as a result of elevated interest rates, and increased 15 percent sequentially primarily driven by higher originations

New delinquencies increased 17 percent to 9,205 from 7,847 in the prior year, primarily from the aging of large, new books

Capital Metric

PMIERs Sufficiency Ratio^2,8

Enact announced on August 1, 2023 that its Board of Directors has authorized a new share repurchase program of $100 million shares. Enact increased its full year 2023 capital return guidance and now expects to return a total of $300 million of capital to its shareholders

Enact paid a quarterly dividend of $0.16 per share in the current quarter

Estimated PMIERs sufficiency ratio was 162 percent, $1,958 million above requirements, down two points from the prior quarter as a result of NIW, partially offset by lapse

Reflects Genworth’s ownership excluding noncontrolling interests of $31 million, $32 million and $38 million in the second and first quarters of 2023 and second quarter of 2022, respectively.

The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs.

GAAP Operating Metrics

(Amounts in millions)

Adjusted operating income (loss)

Premiums

Net investment income

Liability remeasurement gains (losses)

Cash flow assumption updates

Actual to expected experience

Premiums related to IFAs of $245 million pre-tax, up $19 million versus the prior year

Lower net investment income of $16 million pre-tax versus the prior year, primarily from limited partnerships and TIPS, partially offset by higher bank loan income and investment yields

Current quarter results reflected a liability remeasurement loss of $61 million pre-tax. The unfavorable actual experience versus best estimate liability assumptions of $85 million was driven by lower terminations and higher claims as the blocks age, primarily on unprofitable, capped LTC cohorts. This was partially offset by a favorable quarterly assumption update of $24 million related to the implementation timing and approval amounts of certain IFAs

GAAP Adjusted Operating Income (Loss)

(Amounts in millions)

Life Insurance

Fixed Annuities

Variable Annuities

Total Life and Annuities

Current quarter results reflected lower mortality experience

Deferred acquisition costs amortization expense was lower, primarily driven by lower lapses and block runoff

Fixed annuities results reflected lower fixed payout annuity mortality and lower net spreads, primarily related to block runoff

Variable annuities reported higher adjusted operating income versus the prior year from favorable impacts of the aging of the block

(Dollar amounts in millions)

Statutory Pre-Tax Income^2,9

Long-Term Care Insurance

Life Insurance

Fixed Annuities

Variable Annuities

GLIC Consolidated RBC Ratio²

Statutory pre-tax income estimated at $63 million for the current quarter, driven by:

LTC, which continues to benefit from premium increases and benefit reductions from IFAs, including more favorable impacts from reduced benefit selections on policies subject to legal settlements versus the prior year, but experienced pressure from seasonally lower terminations, higher claims as the blocks age, and legal settlement expenses

Improved mortality in life insurance

Favorable impacts to variable annuity reserves from equity market and interest rate movements

The U.S life insurance companies estimate quarter-end RBC to be 293 percent, down slightly from the prior quarter

The current quarter adjusted operating loss of $20 million was higher versus the prior quarter and prior year’s adjusted operating losses of $18 million and $16 million, respectively. Expenses related to the company’s new growth initiatives with its CareScout business increased versus the prior year

(Amounts in millions)

Holding Company Cash and Liquid Assets^10,11

Cash and liquid assets of $222 million remained above the company’s cash target of two-times annual debt service

Cash inflows during the quarter consisted of $63 million from intercompany tax payments and $54 million from Enact capital returns, which included a $21 million quarterly dividend and $33 million in share repurchase proceeds

Genworth’s principal U.S. life insurance companies: GLIC, GLAIC and GLICNY.

Holding company cash and liquid assets comprises assets held in Genworth Holdings, Inc. (the issuer of outstanding public debt) which is a wholly-owned subsidiary of Genworth Financial, Inc.

Genworth Holdings, Inc. had $222 million, $233 million and $178 million of cash and cash equivalents as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Genworth Holdings, Inc. also held $50 million in U.S. government securities as of June 30, 2022.

Current quarter cash outflows included $112 million in share repurchases and $19 million related to debt servicing costs

The company announced on July 31, 2023 that its Board of Directors has authorized the repurchase of an additional $350 million of shares of Class A common stock under its existing share repurchase program. After increasing the authorization, as of July 31, 2023, an aggregate of approximately $436 million will be available for purchase under the program

In the second quarter of 2023, the company repurchased $112 million of its common stock at an average price of $5.45 per share. Subsequently, in July 2023, the company repurchased an additional $20 million of its common stock at an average price of $5.40

Telephone: 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID # 4877504; or

Webcast: https://investor.genworth.com/news-events/ir-calendar

Sarah E. Crews

InvestorInfo@genworth.com

Amy Rein

Amy.Rein@genworth.com

the company’s inability to successfully execute its strategic plans;

failure by the company to achieve economic break-even on or stabilize its legacy long-term care insurance in-force block, including as a result of the inability to achieve desired levels of in-force rate actions and/or the timing of its future premium rate increases and associated benefit reductions taking longer to achieve than originally assumed; other regulatory actions negatively impacting the company’s life insurance businesses and/or the inability to establish new long-term care insurance business;

inaccuracies or changes in estimates, assumptions, methodologies, valuations, projections and/or models, which result in inadequate reserves or other adverse results (including as a result of any changes in connection with quarterly, annual or other reviews);

the impact on holding company liquidity caused by an inability to receive dividends or any other returns of capital from Enact Holdings, and limited sources of capital and financing;

adverse changes to the structure, or requirements of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or the U.S. mortgage insurance market; an increase in the number of loans insured through federal government mortgage insurance programs, including those offered by the Federal Housing Administration; the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by PMIERs (or any adverse changes thereto), inability to meet minimum statutory capital requirements of applicable regulators or the mortgage insurer eligibility requirements of Fannie Mae or Freddie Mac;

changes in economic, market and political conditions including as a result of inflation and supply chain disruptions related to the coronavirus pandemic (COVID-19), a potential recession, unanticipated financial events such as the closure of financial institutions and disruption experienced by the banking sector; changes in interest rates; deterioration in economic conditions or a decline in home prices or home sales that adversely affect Enact Holdings’ loss experience and/or business levels; political and economic instability or changes in government policies, and fluctuations in international securities markets;

rating downgrades or potential downgrades in liquidity, financial strength and credit ratings; counterparty credit risks; defaults by counterparties to reinsurance arrangements or derivative instruments; defaults or other events impacting the value of invested assets;

changes in tax rates or tax laws, or changes in accounting and reporting standards (including new accounting guidance the company adopted on January 1, 2023 related to long-duration insurance contracts);

litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties;

the company’s inability to achieve anticipated business performance and financial results from CareScout and its senior care growth initiatives through fee-based services, advice, consulting and other products and services;

the inability to retain, attract and motivate qualified employees or senior management;

the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine), a public health emergency, including pandemics, or climate change;

the inability to effectively manage information technology systems, cyber incidents or other failures, disruptions or security breaches to the company or its third-party vendors such as the MOVEit cybersecurity incident; and

other factors described in the risk factors contained in Item 1A of the company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2023.

Revenues:

Premiums

Net investment income

Net investment gains (losses)

Policy fees and other income

Total revenues

Benefits and expenses:

Benefits and other changes in policy reserves

Liability remeasurement (gains) losses

Changes in fair value of market risk benefits and associated hedges

Interest credited

Acquisition and operating expenses, net of deferrals

Amortization of deferred acquisition costs and intangibles

Interest expense

Total benefits and expenses

Income from continuing operations before income taxes

Provision for income taxes

Income from continuing operations

Income (loss) from discontinued operations, net of taxes

Net income

Less: net income from continuing operations attributable to noncontrolling interests

Less: net income from discontinued operations attributable to noncontrolling interests

Net income available to Genworth Financial, Inc.’s common stockholders

Net income available to Genworth Financial, Inc.’s common stockholders:

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders

Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders

Net income available to Genworth Financial, Inc.’s common stockholders

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:

Basic

Diluted

Net income available to Genworth Financial, Inc.’s common stockholders per share:

Basic

Diluted

Weighted-average common shares outstanding:

Basic

Diluted

Net income available to Genworth Financial, Inc.’s common stockholders

Add: net income from continuing operations attributable to noncontrolling interests

Add: net income from discontinued operations attributable to noncontrolling interests

Net income

Less: income (loss) from discontinued operations, net of taxes

Income from continuing operations

Less: net income from continuing operations attributable to noncontrolling interests

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders

Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:

Net investment (gains) losses, net¹²

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges¹³

(Gains) losses on early extinguishment of debt

Expenses related to restructuring

Taxes on adjustments

Adjusted operating income

Adjusted operating income (loss):

Enact segment

Long-Term Care Insurance segment

Life and Annuities segment:

Life Insurance

Fixed Annuities

Variable Annuities

Total Life and Annuities segment

Corporate and Other

Adjusted operating income

Net income available to Genworth Financial, Inc.’s common stockholders per share:

Basic

Diluted

Adjusted operating income per share:

Basic

Diluted

Weighted-average common shares outstanding:

Basic

Diluted

Net investment (gains) losses were adjusted for the portion of net investment losses attributable to noncontrolling interests of $2 million for the three months ended June 30, 2023.

Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(4) million and $(12) million for the three months ended June 30, 2023 and 2022, respectively, and $(3) million for the three months March 31, 2023.

(Assets - amounts in billions)

Reported Total Invested Assets and Cash

Subtract:

Unrealized gains (losses)

Adjusted End of Period Invested Assets and Cash

Average Invested Assets and Cash Used in Reported and Core Yield Calculation

(Income - amounts in millions)

Reported Net Investment Income

Subtract:

Bond calls and commercial mortgage loan prepayments

Other non-core items¹⁴

Core Net Investment Income

Reported Yield

Core Yield

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