Enact segment adjusted operating income of $134M; PMIERs¹ sufficiency ratio of 162%²

LTC adjusted operating loss of $71M; Life and Annuities adjusted operating loss of $3M

Continued progress on Long-Term Care Insurance (LTC) multi-year rate action plan, with $83M of gross incremental premium approved in third quarter and approximately $25B net present value achieved from in-force rate actions (IFAs) since 2012

U.S. life insurance companies’ statutory pre-tax income³ of $30M² and RBC⁴ ratio of 291%²

Executed $80M in share repurchases in the quarter; $334M in total executed through October 2023 at an average price of $5.24 per share, approximately 451M shares outstanding

Successful completion of consent solicitation for 2034 Senior Notes providing greater financial flexibility

Genworth holding company cash and liquid assets of $232M at quarter-end

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 third 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 strong loss performance and increased net investment income

Net investment losses, net of taxes and other adjustments, decreased net income by $34 million in the current quarter, compared with $46 million in the prior year. The investment losses in the current quarter were driven primarily from derivatives, mark-to-market on equity securities and net trading losses

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

Net investment income was $801 million in the quarter, down from $808 million in the prior year as lower income from U.S. Government Treasury Inflation-Protected Securities (TIPS) and lower asset levels were mostly offset by higher investment yields

GAAP Operating Metrics

(Dollar amounts in millions)

Adjusted operating income⁷

Primary new insurance written

Loss ratio

Adjusted operating income reflected a favorable pre-tax reserve release of $55 million, primarily from cure performance on delinquencies from 2022 and earlier, including COVID-19 related delinquencies. The prior quarter and prior year included favorable pre-tax reserves releases of $63 million and $80 million, respectively, primarily related to cures on COVID-19 delinquencies

Net investment income was $55 million pre-tax in the current quarter, up from $39 million pre-tax in the prior year from rising interest rates and higher average invested assets

Primary insurance in-force increased eight percent versus the prior year to $262 billion, driven by new insurance written (NIW) and continued elevated persistency

Primary NIW was down four percent versus the prior year and five percent versus the prior quarter primarily from lower originations as a result of elevated interest rates

New delinquencies increased 22 percent to 11,107 from 9,121 in the prior year, primarily from the aging of large, new books

Reflects Genworth’s ownership excluding noncontrolling interests of $31 million, $31 million and $35 million in the third and second quarters of 2023 and third quarter of 2022, respectively.

Capital Metric

PMIERs Sufficiency Ratio^2,8

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

Estimated PMIERs sufficiency ratio was 162 percent, flat to prior quarter and $2,017 million above requirements

Announced a special cash dividend of $113 million and a quarterly dividend of $26 million, Genworth share will be $92 million and $21 million, respectively

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 $253 million pre-tax, up $11 million versus the prior year

Net investment income driven primarily by limited partnership income, which was up versus the prior quarter and down versus the prior year and TIPS income, which was lower than the prior quarter and prior year

Current quarter results reflected a liability remeasurement loss of $104 million pre-tax, $(0.17) after-tax per diluted share. The unfavorable actual experience versus best estimate liability assumptions of $110 million pre-tax was primarily on unprofitable, capped cohorts driven by legal settlement timing impacts, higher claims as the blocks age, and lower terminations

Results in the prior year included a $16 million after-tax accrual related to legal settlements

GAAP Adjusted Operating Income (Loss)

(Amounts in millions)

Life Insurance

Fixed Annuities

Variable Annuities

Total Life and Annuities

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

Life results improved from prior year with favorable mortality, partially offset by $9 million after-tax impact from a voluntary recapture of previously ceded reinsurance in the current quarter

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

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

Variable annuities reported lower adjusted operating income with unfavorable mortality versus the prior quarter and lower fee income versus the prior year primarily related to block runoff

(Dollar amounts in millions)

Statutory Pre-Tax Income (Loss)^2,9

Long-Term Care Insurance

Life Insurance

Fixed Annuities

Variable Annuities

GLIC Consolidated RBC Ratio²

Statutory pre-tax income estimated at $30 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 reserve releases related to legal settlements and higher terminations compared to the prior quarter

Life insurance results included $45 million of pre-tax unfavorable impacts from recaptures of previously ceded reinsurance, primarily related to the liquidation of Scottish Re

Fixed annuities mortality was favorable, partially offset by lower net spread income

Variable annuity reserves impacts from equity market and interest rate movements was less favorable than the prior quarter

The U.S life insurance companies estimate current quarter RBC to be 291 percent, down slightly from the prior quarter

The current quarter adjusted operating loss of $18 million was lower versus the prior quarter’s loss of $20 million, primarily due to higher tax benefits, and flat to the prior year’s loss of $18 million

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

(Amounts in millions)

Holding Company Cash and Liquid Assets^10,11

Cash and liquid assets of $232 million remained above the company’s cash target of two-times annual debt service

Cash inflows during the current quarter consisted of $59 million from intercompany tax payments and $26 million from Enact capital returns, which included a $21 million quarterly dividend and $5 million in share repurchase proceeds

Current quarter cash outflows included $80 million in share repurchases and $11 million related to debt servicing costs

In the third quarter of 2023, the company repurchased $80 million of its common stock at an average price of $5.69 per share. Subsequently, in October 2023, the company repurchased an additional $10 million of its common stock at an average price of $5.82

Approximately 451 million shares outstanding as of October 31, 2023

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. held no short-term investments or U.S. government securities as of September 30, 2023, June 30, 2023 and September 30, 2022.

Telephone: 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID # 5935361; or

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

Brian Johnson

InvestorInfo@genworth.com

Amy Rein

Amy.Rein@genworth.com

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

the company’s failure 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, including reviews the company expects to complete and carry out in the fourth quarter of 2023);

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 high inflation, labor shortages, displacements related to the coronavirus pandemic (COVID-19) and elevated interest rates, including actions taken by the U.S. Federal Reserve to increase interest rates to combat inflation and slow economic growth, which could heighten the risk of a future recession; unanticipated financial events such as closures and disruptions experienced by the banking sector, which could lead to market-wide liquidity problems and other significant market disruption resulting in losses, defaults or credit rating downgrades of other financial institutions; deterioration in economic conditions, a recession or a decline in home prices, all of which could be driven by many potential factors, including inflation, may 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 and the Hamas attack on Israel and ensuing response), 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 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 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 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

Pension plan termination costs

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 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 $(2) million and $(5) million for the three months ended September 30, 2023 and 2022, respectively, and $(4) million for the three months June 30, 2023.