EX-99.2

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Exhibit 99.2

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GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023


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) and Statutory Impact of In-Force Rate Actions—Long-Term Care Insurance Segment		22-23
Adjusted Operating Income (Loss)—Life and Annuities Segment		25-28
Adjusted Operating Loss—Corporate and Other		30

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

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

Note:

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Dear Investor,

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. 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, particularly 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 benefit reductions from both in-force rate actions and legal settlements. Similarly, cash payments made to policyholders who elect certain reduced benefit options in connection with long-term care insurance legal settlements, referred to as “settlement payments,” are also included in the liability for future policyholder benefits. Therefore, the impacts from benefit reductions and settlement payments will only impact the income statement on a quarterly basis to the extent that actual experience differs from expectations as mentioned above. There was no change to how the company accounts for premiums related to in-force rate actions, which 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 25 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 $255 million in the company’s long-term care insurance business reflected favorable assumption updates of $303 million, largely from an update to legal settlement elections attributable to the inclusion of a second legal settlement and the resulting expected reserve reduction, net of settlement payments to policyholders. 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 in the fourth quarter of 2023 for its Choice II policies, which represents approximately 35% of the overall block, any changes would have a muted income statement impact 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.

Page 23 provides further information for investors on the company’s long-term care insurance business and the impact of in-force rate actions, including the legal settlements, on pre-tax statutory earnings.

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

Regards,

Brian Johnson, Investor Relations

InvestorInfo@genworth.com

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

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 37 to 39 of this financial supplement.

Statutory Accounting Data

The company presents certain supplemental statutory data for Genworth Life Insurance Company (GLIC) and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and U.S. GAAP, the values for assets, liabilities and equity, and the recognition of income and expenses, reflected in financial statements prepared in accordance with U.S. GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to, or used in lieu of, U.S. GAAP.

This supplemental statutory data includes the impact from in-force rate actions on pre-tax long-term care insurance statutory earnings. Statutory pre-tax earnings represent the net gain from operations, including the impact from in-force rate actions, before dividends to policyholders, refunds to members and federal income taxes and before realized capital gains or (losses). Management uses and provides this supplemental statutory data because it believes it provides a useful measure of, among other things, statutory pre-tax earnings and the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance companies with internally generated capital.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

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, June 30, 2023 and September 30, 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 year ended December 31, 2022 in determining the re-presented provision for income taxes for the quarters in 2022.

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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Financial Highlights

(amounts in millions, except per share data)


Balance Sheet Data	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)	$	10,276		$	10,321		$	10,292		$	10,245		$	9,892
Total accumulated other comprehensive income (loss)⁽¹⁾		(2,220	)		(2,861	)		(2,853	)		(2,614	)		(2,632	)

Total Genworth Financial, Inc.’s stockholders’ equity	$	8,056		$	7,460		$	7,439		$	7,631		$	7,260

Book value per share	$	17.80		$	15.98		$	15.28		$	15.40		$	14.44
Book value per share, excluding accumulated other comprehensive income (loss)	$	22.70		$	22.11		$	21.14		$	20.68		$	19.68
Common shares outstanding as of the balance sheet date		452.7			466.8			486.9			495.4			502.6

	Three months ended
Quarterly Average ROE	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
U.S. GAAP Basis ROE		1.1	%		5.3	%		4.8	%		15.1	%		5.5	%
Operating ROE⁽²⁾		1.6	%		3.3	%		5.6	%		13.4	%		6.4	%

Basic and Diluted Shares	Three months ended September 30, 2023			Nine months ended September 30, 2023
Weighted-average common shares used in basic earnings per share calculations		460.5			475.3
Potentially dilutive securities:
Stock options, restricted stock units and other equity-based awards		5.5			6.1

Weighted-average common shares used in diluted earnings per share calculations		466.0			481.4

⁽¹⁾

As of September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, total accumulated other comprehensive income (loss) includes $1,826 million, $(964) million, $(1,628) million, $(403) million and $115 million, net of taxes, respectively, related to changes in the discount rate used to remeasure the liability for future policy benefits and related reinsurance recoverables.

⁽²⁾	See page 37 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.

Consolidated Quarterly Results

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Consolidated Net Income by Quarter

(amounts in millions, except per share amounts)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	915		$	902		$	915		$	2,732		$	918		$	929		$	916		$	917		$	3,680
Net investment income		801			785			787			2,373			787			808			787			764			3,146
Net investment gains (losses)		(43	)		39			(11	)		(15	)		(5	)		(58	)		19			42			(2	)
Policy fees and other income		158			166			163			487			167			169			165			170			671

Total revenues		1,831			1,892			1,854			5,577			1,867			1,848			1,887			1,893			7,495

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,199			1,175			1,176			3,550			1,209			1,159			768			1,167			4,303
Liability remeasurement (gains) losses		116			70			(15	)		171			(267	)		17			24			(64	)		(290	)
Changes in fair value of market risk benefits and associated hedges		(24	)		(19	)		17			(26	)		(56	)		(27	)		20			(41	)		(104	)
Interest credited		127			126			126			379			125			128			126			125			504
Acquisition and operating expenses, net of deferrals		228			226			240			694			225			245			579			236			1,285
Amortization of deferred acquisition costs and intangibles		65			64			72			201			74			80			84			88			326
Interest expense		30			29			29			88			28			26			26			26			106

Total benefits and expenses		1,741			1,671			1,645			5,057			1,338			1,628			1,627			1,537			6,130

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		90			221			209			520			529			220			260			356			1,365
Provision for income taxes		30			55			55			140			119			54			62			84			319

INCOME FROM CONTINUING OPERATIONS		60			166			154			380			410			166			198			272			1,046
Net income (loss) from discontinued operations, net of taxes⁽¹⁾		—			2			—			2			(2	)		5			(1	)		(2	)		—

NET INCOME		60			168			154			382			408			171			197			270			1,046
Less: net income from continuing operations attributable to noncontrolling interests		31			31			32			94			27			35			38			30			130
Less: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			—			—			—			—			—

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	29		$	137		$	122		$	288		$	381		$	136		$	159		$	240		$	916

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	29		$	135		$	122		$	286		$	383		$	131		$	160		$	242		$	916
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders		—			2			—			2			(2	)		5			(1	)		(2	)		—

NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	29		$	137		$	122		$	288		$	381		$	136		$	159		$	240		$	916


Earnings Per Share Data:
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.06		$	0.28		$	0.25		$	0.60		$	0.77		$	0.26		$	0.32		$	0.48		$	1.82
Diluted	$	0.06		$	0.28		$	0.24		$	0.59		$	0.76		$	0.26		$	0.31		$	0.47		$	1.79
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.06		$	0.29		$	0.25		$	0.61		$	0.77		$	0.27		$	0.31		$	0.47		$	1.82
Diluted	$	0.06		$	0.29		$	0.24		$	0.60		$	0.76		$	0.27		$	0.31		$	0.46		$	1.79
Weighted-average common shares outstanding
Basic		460.5			473.2			492.3			475.3			496.5			503.8			508.9			508.3			504.4
Diluted		466.0			478.1			500.1			481.4			502.9			509.3			514.1			517.4			510.9

⁽¹⁾	Income (loss) from discontinued operations primarily relates to a settlement agreement involving the company’s former lifestyle protection insurance business that was sold on December 1, 2015.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Reconciliation of Net Income to Adjusted Operating Income

(amounts in millions, except per share amounts)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	29		$	137		$	122		$	288		$	381		$	136		$	159		$	240		$	916
Add: net income from continuing operations attributable to noncontrolling interests		31			31			32			94			27			35			38			30			130
Add: net income from discontinued operations attributable to noncontrolling interests		—			—			—			—			—			—			—			—			—

NET INCOME		60			168			154			382			408			171			197			270			1,046
Less: income (loss) from discontinued operations, net of taxes		—			2			—			2			(2	)		5			(1	)		(2	)		—

INCOME FROM CONTINUING OPERATIONS		60			166			154			380			410			166			198			272			1,046
Less: net income from continuing operations attributable to noncontrolling interests		31			31			32			94			27			35			38			30			130

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		29			135			122			286			383			131			160			242			916

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		43			(41	)		11			13			5			58			(19	)		(42	)		2
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		(26	)		(23	)		14			(35	)		(64	)		(32	)		8			(54	)		(142	)
(Gains) losses on early extinguishment of debt		—			—			(1	)		(1	)		(1	)		3			1			3			6
Expenses related to restructuring		—			1			3			4			1			—			1			—			2
Pension plan termination costs		—			—			—			—			2			6			—			—			8
Taxes on adjustments		(4	)		13			(5	)		4			12			(8	)		2			20			26

ADJUSTED OPERATING INCOME	$	42		$	85		$	144		$	271		$	338		$	158		$	153		$	169		$	818

ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	134		$	146		$	143		$	423		$	120		$	156		$	167		$	135		$	578
Long-Term Care Insurance segment		(71	)		(43	)		23			(91	)		204			26			17			73			320
Life and Annuities segment:
Life Insurance		(25	)		(17	)		(27	)		(69	)		1			(28	)		(37	)		(47	)		(111	)
Fixed Annuities		17			10			14			41			14			15			20			13			62
Variable Annuities		5			9			9			23			8			7			2			4			21

Total Life and Annuities segment		(3	)		2			(4	)		(5	)		23			(6	)		(15	)		(30	)		(28	)

Corporate and Other		(18	)		(20	)		(18	)		(56	)		(9	)		(18	)		(16	)		(9	)		(52	)

ADJUSTED OPERATING INCOME	$	42		$	85		$	144		$	271		$	338		$	158		$	153		$	169		$	818


Earnings Per Share Data:
Net income available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.06		$	0.29		$	0.25		$	0.61		$	0.77		$	0.27		$	0.31		$	0.47		$	1.82
Diluted	$	0.06		$	0.29		$	0.24		$	0.60		$	0.76		$	0.27		$	0.31		$	0.46		$	1.79
Adjusted operating income per share
Basic	$	0.09		$	0.18		$	0.29		$	0.57		$	0.68		$	0.31		$	0.30		$	0.33		$	1.62
Diluted	$	0.09		$	0.18		$	0.29		$	0.56		$	0.67		$	0.31		$	0.30		$	0.33		$	1.60
Weighted-average common shares outstanding
Basic		460.5			473.2			492.3			475.3			496.5			503.8			508.9			508.3			504.4
Diluted		466.0			478.1			500.1			481.4			502.9			509.3			514.1			517.4			510.9

⁽¹⁾	Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests (see page 35 for reconciliation).

⁽²⁾	Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments (see page 25 for reconciliation).

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Consolidated Balance Sheets

(amounts in millions)


	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value⁽¹⁾	$	43,968		$	46,070		$	47,381		$	46,583		$	46,215
Equity securities, at fair value		363			378			364			319			274
Commercial mortgage loans⁽²⁾		6,818			6,876			6,915			7,032			7,086
Less: Allowance for credit losses		(25	)		(24	)		(24	)		(22	)		(23	)

Commercial mortgage loans, net		6,793			6,852			6,891			7,010			7,063
Policy loans		2,233			2,270			2,133			2,139			2,153
Limited partnerships		2,699			2,585			2,456			2,331			2,195
Other invested assets		645			648			617			566			590

Total investments		56,701			58,803			59,842			58,948			58,490
Cash, cash equivalents and restricted cash		1,993			2,173			1,752			1,799			1,561
Accrued investment income		620			553			700			643			616
Deferred acquisition costs		2,042			2,096			2,150			2,211			2,276
Intangible assets		199			201			203			203			209
Reinsurance recoverable		17,623			19,113			19,606			19,059			18,906
Less: Allowance for credit losses		(28	)		(64	)		(64	)		(63	)		(64	)

Reinsurance recoverable, net		17,595			19,049			19,542			18,996			18,842
Other assets		453			445			478			488			493
Deferred tax asset		1,580			1,954			2,002			1,983			2,092
Market risk benefit assets		39			37			28			26			20
Separate account assets		4,244			4,533			4,479			4,417			4,298

Total assets	$	85,466		$	89,844		$	91,176		$	89,714		$	88,897

⁽¹⁾

Amortized cost of $49,855 million, $49,864 million, $50,461 million, $50,834 million and $51,248 million as of September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and allowance for credit losses of $6 million, $4 million and $15 million as of September 30, 2023, June 30, 2023 and March 31, 2023 and $— as of December 31, 2022 and September 30, 2022.

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Consolidated Balance Sheets

(amounts in millions)


	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	51,740		$	56,443		$	57,531		$	55,407		$	54,553
Policyholder account balances		15,590			15,922			16,202			16,564			16,985
Market risk benefit liabilities		579			666			761			748			832
Liability for policy and contract claims		631			628			665			683			669
Unearned premiums		162			175			189			203			213
Other liabilities		2,038			1,607			1,510			1,687			1,701
Long-term borrowings		1,602			1,601			1,600			1,611			1,622
Separate account liabilities		4,244			4,533			4,479			4,417			4,298
Liabilities related to discontinued operations⁽¹⁾		2			2			7			8			6

Total liabilities		76,588			81,577			82,944			81,328			80,879

Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,877			11,869			11,863			11,869			11,865
Accumulated other comprehensive income (loss):
Change in the discount rate used to measure future policy benefits		1,826			(964	)		(1,628	)		(403	)		115
All other		(4,046	)		(1,897	)		(1,225	)		(2,211	)		(2,747	)

Total accumulated other comprehensive income (loss)		(2,220	)		(2,861	)		(2,853	)		(2,614	)		(2,632	)
Retained earnings		1,426			1,398			1,261			1,139			760
Treasury stock, at cost		(3,028	)		(2,947	)		(2,833	)		(2,764	)		(2,734	)

Total Genworth Financial, Inc.’s stockholders’ equity		8,056			7,460			7,439			7,631			7,260
Noncontrolling interests		822			807			793			755			758

Total equity		8,878			8,267			8,232			8,386			8,018

Total liabilities and equity	$	85,466		$	89,844		$	91,176		$	89,714		$	88,897

⁽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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Consolidated Balance Sheet by Segment

(amounts in millions)


	September 30, 2023
	Enact			Long-Term Care Insurance		Life and Annuities			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,750		$	33,890	$	18,457		$	1,217		$	59,314
Deferred acquisition costs and intangible assets		41			917		1,273			10			2,241
Reinsurance recoverable, net		—			6,814		10,781			—			17,595
Deferred tax and other assets		209			1,306		317			201			2,033
Market risk benefit assets		—			—		39			—			39
Separate account assets		—			—		4,244			—			4,244

Total assets	$	6,000		$	42,927	$	35,111		$	1,428		$	85,466

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	38,928	$	12,812		$	—		$	51,740
Policyholder account balances		—			—		15,590			—			15,590
Market risk benefit liabilities		—			—		579			—			579
Liability for policy and contract claims		501			—		123			7			631
Unearned premiums		162			—		—			—			162
Other liabilities		124			1,175		250			489			2,038
Borrowings		745			—		—			857			1,602
Separate account liabilities		—			—		4,244			—			4,244
Liabilities related to discontinued operations		—			—		—			2			2

Total liabilities		1,532			40,103		33,598			1,355			76,588

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,974			2,690		2,940			672			10,276
Allocated accumulated other comprehensive income (loss)		(328	)		134		(1,427	)		(599	)		(2,220	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,646			2,824		1,513			73			8,056
Noncontrolling interests		822			—		—			—			822

Total equity		4,468			2,824		1,513			73			8,878

Total liabilities and equity	$	6,000		$	42,927	$	35,111		$	1,428		$	85,466

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Consolidated Balance Sheet by Segment

(amounts in millions)


	June 30, 2023
	Enact			Long-Term Care Insurance			Life and Annuities			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,675		$	35,113		$	19,449		$	1,292		$	61,529
Deferred acquisition costs and intangible assets		39			932			1,317			9			2,297
Reinsurance recoverable, net		—			7,454			11,595			—			19,049
Deferred tax and other assets		208			1,695			237			259			2,399
Market risk benefit assets		—			—			37			—			37
Separate account assets		—			—			4,533			—			4,533

Total assets	$	5,922		$	45,194		$	37,168		$	1,560		$	89,844

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	42,661		$	13,782		$	—		$	56,443
Policyholder account balances		—			—			15,922			—			15,922
Market risk benefit liabilities		—			—			666			—			666
Liability for policy and contract claims		490			—			131			7			628
Unearned premiums		175			—			—			—			175
Other liabilities		125			751			284			447			1,607
Borrowings		744			—			—			857			1,601
Separate account liabilities		—			—			4,533			—			4,533
Liabilities related to discontinued operations		—			—			—			2			2

Total liabilities		1,534			43,412			35,318			1,313			81,577

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,864			2,784			2,930			743			10,321
Allocated accumulated other comprehensive income (loss)		(283	)		(1,002	)		(1,080	)		(496	)		(2,861	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,581			1,782			1,850			247			7,460
Noncontrolling interests		807			—			—			—			807

Total equity		4,388			1,782			1,850			247			8,267

Total liabilities and equity	$	5,922		$	45,194		$	37,168		$	1,560		$	89,844

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

Enact Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Adjusted Operating Income and Sales—Enact Segment

(amounts in millions)


	2023											2022
	3Q		2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	243	$	239		$	235		$	717		$	233		$	235		$	238		$	234		$	940
Net investment income		55		50			46			151			45			39			36			35			155
Net investment gains (losses)		—		(13	)		—			(13	)		(1	)		—			(1	)		—			(2	)
Policy fees and other income		1		1			—			2			—			1			—			1			2

Total revenues		299		277			281			857			277			275			273			270			1,095

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		18		(4	)		(11	)		3			18			(40	)		(62	)		(10	)		(94	)
Acquisition and operating expenses, net of deferrals		52		52			52			156			60			55			58			54			227
Amortization of deferred acquisition costs and intangibles		3		2			3			8			2			4			3			3			12
Interest expense		13		13			13			39			14			12			13			13			52

Total benefits and expenses		86		63			57			206			94			31			12			60			197

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		213		214			224			651			183			244			261			210			898
Provision for income taxes		48		46			49			143			39			53			57			45			194

INCOME FROM CONTINUING OPERATIONS		165		168			175			508			144			191			204			165			704
Less: net income from continuing operations attributable to noncontrolling interests		31		31			32			94			27			35			38			30			130

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		134		137			143			414			117			156			166			135			574

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		—		11			—			11			1			—			1			—			2
Expenses related to restructuring		—		—			—			—			3			—			—			—			3
Taxes on adjustments		—		(2	)		—			(2	)		(1	)		—			—			—			(1	)

ADJUSTED OPERATING INCOME	$	134	$	146		$	143		$	423		$	120		$	156		$	167		$	135		$	578


SALES:
Primary New Insurance Written (NIW)	$	14,391	$	15,083		$	13,154		$	42,628		$	15,145		$	15,069		$	17,448		$	18,823		$	66,485

⁽¹⁾	Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million in the second quarter of 2023.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Primary New Insurance Written Metrics—Enact Segment

(amounts in millions)


	2023															2022
	3Q					2Q					1Q					4Q					3Q					2Q					1Q
	Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW			Primary NIW		% of Primary NIW
Payment Type
Monthly	$	14,099		98	%	$	14,774		98	%	$	12,809		97	%	$	13,745		91	%	$	14,138		94	%	$	16,169		93	%	$	17,071		91	%
Single		269		2			281		2			318		3			1,368		9			890		6			1,218		7			1,690		9
Other⁽¹⁾		23		—			28		—			27		—			32		—			41		—			61		—			62		—

Total Primary	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Origination
Purchase	$	14,073		98	%	$	14,720		98	%	$	12,761		97	%	$	14,744		97	%	$	14,634		97	%	$	16,802		96	%	$	17,326		92	%
Refinance		318		2			363		2			393		3			401		3			435		3			646		4			1,497		8

Total Primary	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

FICO Scores
Over 760	$	6,679		46	%	$	6,911		46	%	$	6,004		46	%	$	6,951		46	%	$	6,948		46	%	$	7,981		45	%	$	8,359		45	%
740 - 759		2,438		17			2,608		17			2,268		17			2,709		18			2,554		17			2,916		17			3,085		16
720 - 739		1,928		13			2,097		14			1,817		14			2,226		15			2,106		14			2,530		15			2,515		13
700 - 719		1,422		10			1,499		10			1,296		10			1,489		10			1,531		10			1,917		11			1,952		10
680 - 699		974		7			1,060		7			954		7			1,035		7			1,085		7			1,099		6			1,316		7
660 - 679⁽²⁾		592		4			568		4			517		4			478		3			527		3			598		3			931		5
640 - 659		282		2			260		2			229		2			189		1			234		2			297		2			486		3
620 - 639		74		1			76		—			65		—			66		—			79		1			106		1			173		1
<620		2		—			4		—			4		—			2		—			5		—			4		—			6		—

Total Primary	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Loan-To-Value Ratio
95.01% and above	$	2,677		18	%	$	2,692		18	%	$	2,106		16	%	$	2,423		16	%	$	1,741		11	%	$	2,177		12	%	$	3,146		17	%
90.01% to 95.00%		5,431		38			5,743		38			4,928		38			5,684		37			6,184		41			7,458		43			6,682		35
85.01% to 90.00%		4,568		32			4,753		31			4,390		33			4,971		33			5,094		34			5,207		30			5,620		30
85.00% and below		1,715		12			1,895		13			1,730		13			2,067		14			2,050		14			2,606		15			3,375		18

Total Primary	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Debt-To-Income Ratio
45.01% and above	$	4,437		31	%	$	4,467		30	%	$	3,538		27	%	$	4,294		28	%	$	3,728		25	%	$	4,067		23	%	$	4,452		24	%
38.01% to 45.00%		4,936		34			5,214		34			4,940		38			5,518		37			5,681		38			6,436		37			6,361		34
38.00% and below		5,018		35			5,402		36			4,676		35			5,333		35			5,660		37			6,945		40			8,010		42

Total Primary	$	14,391		100	%	$	15,083		100	%	$	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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Other Metrics—Enact Segment

(dollar amounts in millions)


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

Primary Insurance In-Force⁽¹⁾	$	262,014		$	257,816		$	252,516					$	248,262		$	241,813		$	237,563		$	231,853

Risk In-Force
Primary⁽²⁾	$	67,056		$	65,714		$	64,106					$	62,791		$	61,124		$	59,911		$	58,295
Pool		70			73			76						79			84			89			97

Total Risk In-Force	$	67,126		$	65,787		$	64,182					$	62,870		$	61,208		$	60,000		$	58,392


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

Primary Persistency Rate		84	%		84	%		85	%		84	%		86	%		82	%		80	%		76	%		85	%

Combined Risk To Capital Ratio⁽⁴⁾		11.6:1			11.8:1			12.6:1						12.8:1			12.3:1			12.6:1			12.0:1

EMICO Risk To Capital Ratio^(4),(5)		11.6:1			11.9:1			12.7:1						12.9:1			12.3:1			12.6:1			12.1:1

PMIERs Available Assets⁽⁶⁾	$	5,268		$	5,093		$	5,357					$	5,206		$	5,292		$	5,147		$	5,222

PMIERs Required Assets⁽⁶⁾	$	3,251		$	3,135		$	3,259					$	3,156		$	3,043		$	3,100		$	2,961

Available Assets Above PMIERs Requirements⁽⁶⁾	$	2,017		$	1,958		$	2,098					$	2,050		$	2,249		$	2,047		$	2,261

PMIERs Sufficiency Ratio⁽⁶⁾		162	%		162	%		164	%					165	%		174	%		166	%		176	%

Average Primary Loan Size (in thousands)	$	268		$	265		$	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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Loss Metrics—Enact Segment

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Average Paid Claim (in thousands)⁽¹⁾	$	46.8		$	46.6		$	46.9					$	48.7		$	42.2		$	50.1		$	51.6
Average Reserve Per Primary Delinquency (in thousands)⁽²⁾	$	23.9		$	25.0		$	24.8					$	24.0		$	25.2		$	27.0		$	26.2

Reserves:
Direct primary case	$	460		$	452		$	462					$	479		$	476		$	526		$	591
All other⁽³⁾		41			38			40						40			34			33			34

Total Reserves	$	501		$	490		$	502					$	519		$	510		$	559		$	625


Beginning Reserves	$	490		$	502		$	519		$	519		$	510		$	559		$	625		$	641		$	641
Paid claims		(7	)		(8	)		(6	)		(21	)		(9	)		(9	)		(4	)		(6	)		(28	)
Increase (decrease) in reserves		18			(4	)		(11	)		3			18			(40	)		(62	)		(10	)		(94	)

Ending Reserves	$	501		$	490		$	502		$	501		$	519		$	510		$	559		$	625		$	519

Loss Ratio⁽⁴⁾		7	%		(2	)%		(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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Delinquency Metrics—Enact Segment

(dollar amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		977,832			973,280			965,544						960,306			949,052			946,891			941,689
Primary delinquent loans		19,241			18,065			18,633						19,943			18,856			19,513			22,571
Primary delinquency rate		1.97	%		1.86	%		1.93	%					2.08	%		1.99	%		2.06	%		2.40	%

Beginning Number of Primary Delinquencies		18,065			18,633			19,943			19,943			18,856			19,513			22,571			24,820			24,820
New delinquencies		11,107			9,205			9,599			29,911			10,304			9,121			7,847			8,724			35,996
Delinquency cures		(9,778	)		(9,609	)		(10,771	)		(30,158	)		(9,024	)		(9,588	)		(10,806	)		(10,860	)		(40,278	)
Paid claims		(147	)		(156	)		(126	)		(429	)		(190	)		(187	)		(90	)		(107	)		(574	)
Rescissions and claim denials		(6	)		(8	)		(12	)		(26	)		(3	)		(3	)		(9	)		(6	)		(21	)

Ending Number of Primary Delinquencies		19,241			18,065			18,633			19,241			19,943			18,856			19,513			22,571			19,943


Composition of Cures
Reported delinquent and cured-intraquarter		1,877			1,661			2,016						1,489			1,598			1,306			1,581
Number of missed payments delinquent prior to cure:
3 payments or less		4,792			4,516			5,238						4,179			3,719			4,037			3,902
4 - 11 payments		2,265			2,448			2,431						2,001			2,279			2,484			2,315
12 payments or more		844			984			1,086						1,355			1,992			2,979			3,062

Total		9,778			9,609			10,771						9,024			9,588			10,806			10,860

Primary Delinquencies by Missed Payment Status
3 payments or less		9,398			8,162			7,876						8,920			7,446			6,442			6,837
4 - 11 payments		6,381			6,229			6,714						6,466			6,119			6,372			6,875
12 payments or more		3,462			3,674			4,043						4,557			5,291			6,699			8,859

Primary Delinquencies		19,241			18,065			18,633						19,943			18,856			19,513			22,571



	September 30, 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	$	80		$	568			14	%
4 - 11 payments in default		192			426			45	%
12 payments or more in default		188			201			94	%

Total	$	460		$	1,195			38	%


	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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Portfolio Quality Metrics—Enact Segment

(amounts in millions)


	September 30, 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		20	%	$	5,859			2	%	$	1,510			2	%		8.67	%
2009-2015		5			3,819			1			1,004			2			4.20	%
2016		4			4,948			2			1,327			2			3.07	%
2017		6			5,582			2			1,471			2			3.62	%
2018		6			5,993			2			1,535			2			4.18	%
2019		9			14,372			6			3,676			5			2.58	%
2020		15			46,881			18			12,228			18			1.53	%
2021		21			73,141			28			18,524			28			1.48	%
2022		13			60,258			23			15,129			23			1.28	%
2023		1			41,161			16			10,652			16			0.25	%

Total		100	%	$	262,014			100	%	$	67,056			100	%		1.97	%


	September 30, 2023						December 31, 2022						September 30, 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	$	12,595			19	%	$	11,136			18	%	$	10,809			18	%
90.01% to 95.00%		31,696			47			30,079			48			29,379			48
85.01% to 90.00%		18,945			28			17,621			28			17,019			28
85.00% and below		3,820			6			3,955			6			3,917			6

Total	$	67,056			100	%	$	62,791			100	%	$	61,124			100	%


	September 30, 2023						December 31, 2022						September 30, 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	$	28,014			42	%	$	25,807			41	%	$	24,965			41	%
740 - 759		11,009			17			10,154			16			9,808			16
720 - 739		9,553			14			8,931			14			8,656			14
700 - 719		7,615			12			7,317			12			7,200			12
680 - 699		5,582			8			5,428			9			5,356			9
660 - 679⁽²⁾		2,901			4			2,767			5			2,739			4
640 - 659		1,569			2			1,540			2			1,541			3
620 - 639		647			1			665			1			672			1
<620		166			—			182			—			187			—

Total	$	67,056			100	%	$	62,791			100	%	$	61,124			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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

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

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q⁽¹⁾			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	621		$	611		$	616		$	1,848		$	639		$	637		$	617		$	607		$	2,500
Net investment income		482			470			473			1,425			470			497			486			447			1,900
Net investment gains (losses)		(21	)		62			9			50			20			(47	)		5			41			19

Total revenues		1,082			1,143			1,098			3,323			1,129			1,087			1,108			1,095			4,419

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		953			941			944			2,838			965			956			942			925			3,788
Liability remeasurement (gains) losses		104			61			(32	)		133			(255	)		3			23			(88	)		(317	)
Acquisition and operating expenses, net of deferrals		109			108			119			336			100			122			95			96			413
Amortization of deferred acquisition costs and intangibles		17			18			18			53			18			19			18			19			74

Total benefits and expenses		1,183			1,128			1,049			3,360			828			1,100			1,078			952			3,958

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(101	)		15			49			(37	)		301			(13	)		30			143			461
Provision (benefit) for income taxes		(13	)		10			18			15			79			(1	)		9			38			125

INCOME (LOSS) FROM CONTINUING OPERATIONS		(88	)		5			31			(52	)		222			(12	)		21			105			336
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		21			(62	)		(9	)		(50	)		(20	)		47			(5	)		(41	)		(19	)
Expenses related to restructuring		—			1			(1	)		—			(2	)		—			1			—			(1	)
Taxes on adjustments		(4	)		13			2			11			4			(9	)		—			9			4

ADJUSTED OPERATING INCOME (LOSS)	$	(71	)	$	(43	)	$	23		$	(91	)	$	204		$	26		$	17		$	73		$	320

Liability remeasurement (gains) losses:
Cash flow assumption updates	$	(6	)	$	(24	)	$	21		$	(9	)	$	(303	)	$	(10	)	$	(20	)	$	(2	)	$	(335	)
Actual to expected experience		110			85			(53	)		142			48			13			43			(86	)		18

Total	$	104		$	61		$	(32	)	$	133		$	(255	)	$	3		$	23		$	(88	)	$	(317	)

Ratio of the liability remeasurement (gains) losses to beginning reserves⁽²⁾		0.25	%		0.15	%		(0.08	)%		0.32	%		(0.62	)%		—	%		0.06	%		(0.22	)%		(0.78	)%

⁽¹⁾

In the fourth quarter of 2022, the liability remeasurement gain of $255 million in the company’s long-term care insurance business reflected favorable assumption updates of $303 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 and expectations will flow through earnings in subsequent periods. The company’s long-term care insurance business also updated its interest rate assumptions to reflect the impact of the higher interest rate environment.

⁽²⁾	The ratio of the liability remeasurement (gains) losses to beginning reserves is calculated by dividing the liability remeasurement (gains) losses by the beginning liability for future policy benefits at the original discount rate as of each applicable quarter.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Statutory Impact of In-Force Rate Actions—Long-Term Care Insurance Segment

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Impact of in-force rate actions on pre-tax statutory earnings⁽¹⁾
Premiums, premium tax, commissions and other expenses, net⁽²⁾	$	231		$	224		$	219		$	674		$	224		$	220		$	207		$	192		$	843
Reserve changes⁽²⁾		99			104			94			297			124			120			113			132			489

Settlement impacts - reserve changes		169			97			93			359			78			9			19			148			254
Settlement impacts - litigation expenses and settlement payments		(102	)		(54	)		(56	)		(212	)		(45	)		(10	)		(6	)		(43	)		(104	)

Settlement impacts, net		67			43			37			147			33			(1	)		13			105			150

Statutory earnings from in-force rate actions	$	397		$	371		$	350		$	1,118		$	381		$	339		$	333		$	429		$	1,482

⁽¹⁾	Includes all implemented in-force rate actions since 2012.

⁽²⁾

Earned premium and reserve change estimates for statutory earnings reflect certain simplifying assumptions that may vary materially from actual historical results, including but not limited to, a uniform rate of coinsurance and premium taxes in addition to consistent policyholder behavior over time. Actual behavior may differ significantly from these assumptions and these impacts exclude reserve updates.

Life and Annuities Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Adjusted Operating Income (Loss)—Life and Annuities Segment

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	48		$	50		$	62		$	160		$	45		$	55		$	60		$	74		$	234
Net investment income		261			261			264			786			268			271			265			279			1,083
Net investment gains (losses)		(18	)		(7	)		(10	)		(35	)		(3	)		(15	)		—			14			(4	)
Policy fees and other income		158			165			163			486			167			169			164			169			669

Total revenues		449			469			479			1,397			477			480			489			536			1,982

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		229			240			246			715			226			247			(108	)		255			620
Liability remeasurement (gains) losses		12			9			17			38			(12	)		14			1			24			27
Changes in fair value of market risk benefits and associated hedges		(24	)		(19	)		17			(26	)		(56	)		(27	)		20			(41	)		(104	)
Interest credited		127			126			126			379			125			128			126			125			504
Acquisition and operating expenses, net of deferrals		54			51			53			158			54			57			416			77			604
Amortization of deferred acquisition costs and intangibles		45			44			51			140			54			57			63			66			240

Total benefits and expenses		443			451			510			1,404			391			476			518			506			1,891

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		6			18			(31	)		(7	)		86			4			(29	)		30			91
Provision (benefit) for income taxes		1			3			(7	)		(3	)		17			—			(7	)		6			16

INCOME (LOSS) FROM CONTINUING OPERATIONS		5			15			(24	)		(4	)		69			4			(22	)		24			75

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		18			7			10			35			3			15			—			(14	)		4
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽¹⁾		(26	)		(23	)		14			(35	)		(64	)		(32	)		8			(54	)		(142	)
Expenses related to restructuring		—			—			—			—			(1	)		—			—			—			(1	)
Pension plan termination costs		—			—			—			—			2			6			—			—			8
Taxes on adjustments		—			3			(4	)		(1	)		14			1			(1	)		14			28

ADJUSTED OPERATING INCOME (LOSS)	$	(3	)	$	2		$	(4	)	$	(5	)	$	23		$	(6	)	$	(15	)	$	(30	)	$	(28	)


⁽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	$	(24	)	$	(19	)	$	17		$	(26	)	$	(56	)	$	(27	)	$	20		$	(41	)	$	(104	)
Adjustment for changes in reserves, attributed fees and benefit payments		(2	)		(4	)		(3	)		(9	)		(8	)		(5	)		(12	)		(13	)		(38	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	(26	)	$	(23	)	$	14		$	(35	)	$	(64	)	$	(32	)	$	8		$	(54	)	$	(142	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

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

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	48		$	50		$	62		$	160		$	45		$	55		$	60		$	74		$	234
Net investment income		169			165			164			498			167			166			164			164			661
Net investment gains (losses)		—			(1	)		(2	)		(3	)		1			(7	)		2			9			5
Policy fees and other income		130			136			134			400			138			138			133			134			543

Total revenues		347			350			358			1,055			351			352			359			381			1,443

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		184			197			199			580			181			197			217			203			798
Liability remeasurement (gains) losses		22			7			18			47			(10	)		16			4			22			32
Interest credited		99			98			98			295			97			98			96			94			385
Acquisition and operating expenses, net of deferrals		36			34			36			106			39			40			32			56			167
Amortization of deferred acquisition costs and intangibles		38			36			44			118			45			49			55			57			206

Total benefits and expenses		379			372			395			1,146			352			400			404			432			1,588

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(32	)		(22	)		(37	)		(91	)		(1	)		(48	)		(45	)		(51	)		(145	)
Benefit for income taxes		(7	)		(5	)		(8	)		(20	)		(1	)		(10	)		(10	)		(11	)		(32	)

LOSS FROM CONTINUING OPERATIONS		(25	)		(17	)		(29	)		(71	)		—			(38	)		(35	)		(40	)		(113	)

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

ADJUSTED OPERATING INCOME (LOSS)	$	(25	)	$	(17	)	$	(27	)	$	(69	)	$	1		$	(28	)	$	(37	)	$	(47	)	$	(111	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Adjusted Operating Income—Life and Annuities Segment—Fixed Annuities

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	85		$	87		$	91		$	263		$	93		$	96		$	93		$	108		$	390
Net investment gains (losses)		(18	)		(5	)		(8	)		(31	)		(4	)		(7	)		(2	)		5			(8	)
Policy fees and other income		1			2			2			5			1			2			2			2			7

Total revenues		68			84			85			237			90			91			93			115			389

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves⁽¹⁾		36			35			39			110			37			42			(332	)		46			(207	)
Liability remeasurement (gains) losses		(10	)		2			(1	)		(9	)		(2	)		(2	)		(3	)		2			(5	)
Changes in fair value of market risk benefits and associated hedges		(18	)		(4	)		8			(14	)		—			(15	)		(12	)		(13	)		(40	)
Interest credited		26			27			27			80			27			28			29			30			114
Acquisition and operating expenses, net of deferrals⁽¹⁾		9			7			8			24			7			7			372			9			395
Amortization of deferred acquisition costs and intangibles		3			4			3			10			4			4			4			4			16

Total benefits and expenses		46			71			84			201			73			64			58			78			273

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		22			13			1			36			17			27			35			37			116
Provision for income taxes		5			3			—			8			4			6			7			8			25

INCOME FROM CONTINUING OPERATIONS		17			10			1			28			13			21			28			29			91

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses		18			5			8			31			4			7			2			(5	)		8
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		(18	)		(5	)		8			(15	)		(3	)		(14	)		(13	)		(15	)		(45	)
Taxes on adjustments		—			—			(3	)		(3	)		—			1			3			4			8

ADJUSTED OPERATING INCOME	$	17		$	10		$	14		$	41		$	14		$	15		$	20		$	13		$	62


⁽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 $372 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	$	(18	)	$	(4)		$	8		$	(14	)	$	—		$	(15	)	$	(12	)	$	(13	)	$	(40	)
Adjustment for changes in reserves, attributed fees and benefit payments		—			(1	)		—			(1	)		(3	)		1			(1	)		(2	)		(5	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	(18	)	$	(5	)	$	8		$	(15	)	$	(3	)	$	(14	)	$	(13	)	$	(15	)	$	(45	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Adjusted Operating Income—Life and Annuities Segment—Variable Annuities

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	7		$	9		$	9		$	25		$	8		$	9		$	8		$	7		$	32
Net investment gains (losses)		—			(1	)		—			(1	)		—			(1	)		—			—			(1	)
Policy fees and other income		27			27			27			81			28			29			29			33			119

Total revenues		34			35			36			105			36			37			37			40			150

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		9			8			8			25			8			8			7			6			29
Changes in fair value of market risk benefits and associated hedges		(6	)		(15	)		9			(12	)		(56	)		(12	)		32			(28	)		(64	)
Interest credited		2			1			1			4			1			2			1			1			5
Acquisition and operating expenses, net of deferrals		9			10			9			28			8			10			12			12			42
Amortization of deferred acquisition costs and intangibles		4			4			4			12			5			4			4			5			18

Total benefits and expenses		18			8			31			57			(34	)		12			56			(4	)		30

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		16			27			5			48			70			25			(19	)		44			120
Provision (benefit) for income taxes		3			5			1			9			14			4			(4	)		9			23

INCOME (LOSS) FROM CONTINUING OPERATIONS		13			22			4			39			56			21			(15	)		35			97

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

ADJUSTED OPERATING INCOME	$	5		$	9		$	9		$	23		$	8		$	7		$	2		$	4		$	21


⁽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	$	(6	)	$	(15	)	$	9		$	(12	)	$	(56	)	$	(12	)	$	32		$	(28	)	$	(64	)
Adjustment for changes in reserves, attributed fees and benefit payments		(2	)		(3	)		(3	)		(8	)		(5	)		(6	)		(11	)		(11	)		(33	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	(8	)	$	(18	)	$	6		$	(20	)	$	(61	)	$	(18	)	$	21		$	(39	)	$	(97	)

Corporate and Other

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Adjusted Operating Loss—Corporate and Other⁽¹⁾

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	3		$	2		$	2		$	7		$	1		$	2		$	1		$	2		$	6
Net investment income		3			4			4			11			4			1			—			3			8
Net investment gains (losses)		(4	)		(3	)		(10	)		(17	)		(21	)		4			15			(13	)		(15	)
Policy fees and other income		(1	)		—			—			(1	)		—			(1	)		1			—			—

Total revenues		1			3			(4	)		—			(16	)		6			17			(8	)		(1	)

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(1	)		(2	)		(3	)		(6	)		—			(4	)		(4	)		(3	)		(11	)
Acquisition and operating expenses, net of deferrals		13			15			16			44			11			11			10			9			41
Interest expense		17			16			16			49			14			14			13			13			54

Total benefits and expenses		29			29			29			87			25			21			19			19			84

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(28	)		(26	)		(33	)		(87	)		(41	)		(15	)		(2	)		(27	)		(85	)
Provision (benefit) for income taxes		(6	)		(4	)		(5	)		(15	)		(16	)		2			3			(5	)		(16	)

LOSS FROM CONTINUING OPERATIONS		(22	)		(22	)		(28	)		(72	)		(25	)		(17	)		(5	)		(22	)		(69	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		4			3			10			17			21			(4	)		(15	)		13			15
(Gains) losses on early extinguishment of debt		—			—			(1	)		(1	)		(1	)		3			1			3			6
Expenses related to restructuring		—			—			4			4			1			—			—			—			1
Taxes on adjustments		—			(1	)		(3	)		(4	)		(5	)		—			3			(3	)		(5	)

ADJUSTED OPERATING LOSS	$	(18	)	$	(20	)	$	(18	)	$	(56	)	$	(9	)	$	(18	)	$	(16	)	$	(9	)	$	(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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Investments Summary

(amounts in millions)


		September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022					September 30, 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		$	25,148		42	%	$	26,413		43	%	$	26,894		44	%	$	26,047		43	%	$	25,550		43	%
Private fixed maturity securities			10,432		17			10,808		18			11,182		18			11,126		19			10,997		18
Residential mortgage-backed securities⁽¹⁾			891		2			935		1			986		2			995		2			1,069		2
Commercial mortgage-backed securities			1,495		3			1,674		3			1,814		3			1,900		3			1,980		3
Other asset-backed securities			2,163		4			2,164		4			2,113		3			2,117		3			2,139		4
State and political subdivisions			2,164		4			2,343		4			2,403		4			2,399		4			2,532		4
Non-investment grade fixed maturity securities			1,675		3			1,733		3			1,989		3			1,999		3			1,948		3
Equity securities:
Common stocks and mutual funds			316		1			326		1			306		1			258		1			204		—
Preferred stocks			47		—			52		—			58		—			61		—			70		—
Commercial mortgage loans, net			6,793		11			6,852		11			6,891		11			7,010		11			7,063		11
Policy loans			2,233		4			2,270		4			2,133		3			2,139		3			2,153		4
Limited partnerships			2,699		5			2,585		4			2,456		4			2,331		4			2,195		4
Cash, cash equivalents, restricted cash and short-term investments			2,023		3			2,196		3			1,759		3			1,802		3			1,563		3
Other invested assets:	Derivatives:		12		—			30		—			42		—			24		—			25		—
	Interest rate swaps
	Foreign currency swaps		15		—			16		—			17		—			20		—			32		—
	Equity index options		11		—			15		—			10		—			6		—			38		—
	Other		577		1			564		1			541		1			513		1			493		1

Total invested assets and cash		$	58,694		100	%	$	60,976		100	%	$	61,594		100	%	$	60,747		100	%	$	60,051		100	%

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

AAA		$	2,533		8	%	$	5,936		19	%	$	6,112		19	%	$	6,067		19	%	$	6,174		20	%
AA			5,650		19			2,896		9			2,872		9			2,859		9			2,958		9
A			8,359		28			8,597		27			8,699		27			8,398		27			8,278		26
BBB			12,923		43			13,649		43			14,056		43			13,623		43			13,322		43
BB			519		2			564		2			786		2			776		2			780		2
B			20		—			23		—			41		—			34		—			33		—
CCC and lower			—		—			—		—			—		—			—		—			—		—

Total public fixed maturity securities		$	30,004		100	%	$	31,665		100	%	$	32,566		100	%	$	31,757		100	%	$	31,545		100	%

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

AAA		$	867		6	%	$	863		6	%	$	860		6	%	$	825		6	%	$	830		6	%
AA			1,352		10			1,416		10			1,422		10			1,421		10			1,407		10
A			3,960		28			4,135		29			4,217		28			4,170		28			4,059		28
BBB			6,649		48			6,845		47			7,154		48			7,221		48			7,239		48
BB			993		7			1,016		7			1,012		7			1,076		7			1,028		7
B			121		1			122		1			150		1			113		1			107		1
CCC and lower			7		—			8		—			—		—			—		—			—		—
Not rated			15		—			—		—			—		—			—		—			—		—

Total private fixed maturity securities		$	13,964		100	%	$	14,405		100	%	$	14,815		100	%	$	14,826		100	%	$	14,670		100	%

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

⁽²⁾	Nationally Recognized Statistical Rating Organizations.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Fixed Maturity Securities Summary

(amounts in millions)


	September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022					September 30, 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	$	3,112		7	%	$	3,389		7	%	$	3,441		7	%	$	3,341		7	%	$	3,307		7	%
State and political subdivisions		2,164		5			2,343		5			2,403		5			2,399		5			2,532		6
Foreign government		583		1			625		1			630		1			645		1			622		1
U.S. corporate		25,956		60			27,043		59			27,872		59			27,119		59			26,562		58
Foreign corporate		7,554		17			7,838		17			8,059		17			8,010		17			7,947		17
Residential mortgage-backed securities		891		2			934		2			985		2			995		2			1,069		2
Commercial mortgage-backed securities		1,503		3			1,690		4			1,831		4			1,908		4			1,989		4
Other asset-backed securities		2,205		5			2,208		5			2,160		5			2,166		5			2,187		5

Total fixed maturity securities	$	43,968		100	%	$	46,070		100	%	$	47,381		100	%	$	46,583		100	%	$	46,215		100	%

Corporate Bond Holdings - Industry Sector:

Investment Grade:
Finance and insurance	$	8,541		26	%	$	8,871		26	%	$	9,149		26	%	$	8,986		26	%	$	8,858		26	%
Utilities		4,503		13			4,653		14			4,788		13			4,591		13			4,476		13
Energy		2,967		9			3,022		9			2,882		8			2,813		8			2,790		8
Consumer - non-cyclical		4,573		14			4,863		14			4,998		14			4,872		14			4,782		14
Consumer - cyclical		1,497		4			1,558		4			1,602		4			1,594		5			1,557		5
Capital goods		2,406		7			2,490		7			2,554		7			2,517		7			2,505		7
Industrial		1,773		5			1,857		5			1,944		6			1,863		5			1,806		5
Technology and communications		3,422		10			3,599		10			3,713		10			3,564		10			3,481		10
Transportation		1,371		4			1,428		4			1,459		4			1,439		4			1,385		4
Other		933		3			973		3			1,022		3			1,048		3			1,072		3

Subtotal		31,986		95			33,314		96			34,111		95			33,287		95			32,712		95

Non-Investment Grade:
Finance and insurance		176		1			154		—			164		1			153		1			159		1
Utilities		72		—			46		—			47		—			47		—			48		—
Energy		218		1			228		1			407		1			409		1			399		1
Consumer - non-cyclical		135		—			139		—			150		—			151		—			140		—
Consumer - cyclical		262		1			273		1			291		1			299		1			302		1
Capital goods		157		1			172		1			178		1			167		1			158		1
Industrial		145		—			149		—			155		—			152		—			146		—
Technology and communications		212		1			226		1			247		1			277		1			266		1
Transportation		29		—			35		—			37		—			36		—			35		—
Other		118		—			145		—			144		—			151		—			144		—

Subtotal		1,524		5			1,567		4			1,820		5			1,842		5			1,797		5

Total	$	33,510		100	%	$	34,881		100	%	$	35,931		100	%	$	35,129		100	%	$	34,509		100	%

Fixed Maturity Securities - Contractual Maturity Dates:

Due in one year or less	$	1,426		3	%	$	1,375		3	%	$	1,328		3	%	$	1,234		3	%	$	1,128		2	%
Due after one year through five years		8,115		18			8,000		17			8,245		17			7,931		17			7,856		17
Due after five years through ten years		11,368		26			11,662		25			11,746		25			11,915		26			11,751		25
Due after ten years		18,460		43			20,201		44			21,086		44			20,434		43			20,235		45

Subtotal		39,369		90			41,238		89			42,405		89			41,514		89			40,970		89
Mortgage and asset-backed securities		4,599		10			4,832		11			4,976		11			5,069		11			5,245		11

Total fixed maturity securities	$	43,968		100	%	$	46,070		100	%	$	47,381		100	%	$	46,583		100	%	$	46,215		100	%

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

U.S. GAAP Net Investment Income Yields

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	559		$	567		$	561		$	1,687		$	562		$	576		$	578		$	580		$	2,296
Fixed maturity securities - non-taxable		1			1			1			3			1			2			1			1			5
Equity securities		1			3			2			6			3			3			2			2			10
Commercial mortgage loans		76			75			76			227			81			81			78			81			321
Policy loans		58			54			55			167			55			55			51			50			211
Limited partnerships		31			17			28			76			22			38			32			7			99
Other invested assets		69			70			68			207			71			67			66			63			267
Cash, cash equivalents, restricted cash and short-term investments		28			22			18			68			12			7			1			—			20

Gross investment income before expenses and fees		823			809			809			2,441			807			829			809			784			3,229
Expenses and fees		(22	)		(24	)		(22	)		(68	)		(20	)		(21	)		(22	)		(20	)		(83	)

Net investment income	$	801		$	785		$	787		$	2,373		$	787		$	808		$	787		$	764		$	3,146

Annualized Yields
Fixed maturity securities - taxable		4.5	%		4.5	%		4.4	%		4.5	%		4.4	%		4.5	%		4.5	%		4.4	%		4.5	%
Fixed maturity securities - non-taxable		5.6	%		4.9	%		4.6	%		5.1	%		4.0	%		7.1	%		3.6	%		3.6	%		4.7	%
Equity securities		1.1	%		3.2	%		2.3	%		2.2	%		4.0	%		4.6	%		3.4	%		3.7	%		4.0	%
Commercial mortgage loans		4.5	%		4.4	%		4.4	%		4.4	%		4.6	%		4.6	%		4.5	%		4.7	%		4.6	%
Policy loans		10.3	%		9.8	%		10.3	%		10.1	%		10.3	%		10.2	%		9.7	%		9.8	%		10.0	%
Limited partnerships⁽¹⁾		4.7	%		2.7	%		4.7	%		4.0	%		3.9	%		7.0	%		6.2	%		1.4	%		4.7	%
Other invested assets⁽²⁾		48.3	%		50.7	%		51.6	%		50.3	%		56.6	%		57.0	%		62.6	%		64.8	%		59.9	%
Cash, cash equivalents, restricted cash and short-term investments		5.3	%		4.5	%		4.0	%		4.7	%		2.9	%		1.7	%		0.3	%		—	%		1.2	%

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

Net investment income		5.0	%		4.9	%		4.9	%		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 39 herein for average invested assets and cash used in the yield calculation.

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

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Net Investment Gains (Losses)—Detail

(amounts in millions)


	2023												2022
	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(5	)	$	(39	)	$	(8	)	$	(52	)	$	(25	)	$	(23	)	$	(2	)	$	(12	)	$	(62	)
U.S. government, agencies and government-sponsored enterprises		2			1			1			4			—			9			—			6			15
Foreign corporate		(3	)		1			(3	)		(5	)		(6	)		(7	)		(1	)		(2	)		(16	)
Foreign government		—			—			(1	)		(1	)		—			—			—			—			—
Mortgage-backed securities		(5	)		(2	)		(5	)		(12	)		(4	)		(5	)		(1	)		—			(10	)
Asset-backed securities		—			9			—			9			—			(1	)		—			—			(1	)

Total net realized gains (losses) on available-for-sale securities		(11	)		(30	)		(16	)		(57	)		(35	)		(27	)		(4	)		(8	)		(74	)
Net realized gains (losses) on equity securities sold		—			(1	)		—			(1	)		—			—			—			—			—
Net realized gains (losses) on limited partnerships		—			—			—			—			—			—			—			—			—

Total net realized investment gains (losses)		(11	)		(31	)		(16	)		(58	)		(35	)		(27	)		(4	)		(8	)		(74	)

Net change in allowance for credit losses on available-for-sale fixed maturity securities		(2	)		11			(15	)		(6	)		—			—			—			—			—
Write-down of available-for-sale fixed maturity securities		—			(1	)		—			(1	)		—			—			—			(2	)		(2	)
Net unrealized gains (losses) on equity securities still held		(12	)		21			11			20			11			(14	)		(26	)		(6	)		(35	)
Net unrealized gains (losses) on limited partnerships		14			40			—			54			36			(24	)		24			35			71
Commercial mortgage loans		(1	)		—			(2	)		(3	)		1			—			2			1			4
Derivative instruments		(28	)		(1	)		12			(17	)		(12	)		7			18			19			32
Other		(3	)		—			(1	)		(4	)		(6	)		—			5			3			2

Net investment gains (losses), gross		(43	)		39			(11	)		(15	)		(5	)		(58	)		19			42			(2	)
Adjustment for net investment (gains) losses attributable to noncontrolling interests		—			2			—			2			—			—			—			—			—

Net investment gains (losses), net	$	(43	)	$	41		$	(11	)	$	(13	)	$	(5	)	$	(58	)	$	19		$	42		$	(2	)

Reconciliations of Non-GAAP Measures

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Reconciliation of Operating ROE

(amounts in millions)


Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Net income available to Genworth Financial, Inc.’s common stockholders for the period ended⁽¹⁾	$	29		$	137		$	122		$	381		$	136
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,299		$	10,307		$	10,269		$	10,069		$	9,831
Annualized U.S. GAAP Quarterly Basis ROE^(1)/(2)		1.1	%		5.3	%		4.8	%		15.1	%		5.5	%

Operating ROE
Adjusted operating income for the period ended⁽¹⁾	$	42		$	85		$	144		$	338		$	158
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,299		$	10,307		$	10,269		$	10,069		$	9,831
Annualized Operating Quarterly Basis ROE^(1)/(2)		1.6	%		3.3	%		5.6	%		13.4	%		6.4	%

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.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Reconciliation of Consolidated Expense Ratio

(amounts in millions)


		2023												2022
	GAAP Basis Expense Ratio	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	228		$	226		$	240		$	694		$	225		$	245		$	579		$	236		$	1,285
(B)	Premiums	$	915		$	902		$	915		$	2,732		$	918		$	929		$	916		$	917		$	3,680
(A) / (B)	GAAP Basis Expense Ratio		25	%		25	%		26	%		25	%		25	%		26	%		63	%		26	%		35	%

	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	228		$	226		$	240		$	694		$	225		$	245		$	579		$	236		$	1,285
	Less: Reinsurance recapture payment⁽¹⁾		—			—			—			—			—			—			365			—			365
	Less: Legal settlement expenses⁽²⁾		—			1			13			14			—			20			—			—			20

(C)	Adjusted acquisition and operating expenses, net of deferrals	$	228		$	225		$	227		$	680		$	225		$	225		$	214		$	236		$	900

	Premiums	$	915		$	902		$	915		$	2,732		$	918		$	929		$	916		$	917		$	3,680
	Add: Policy fees and other income		158			166			163			487			167			169			165			170			671

(D)	Adjusted revenues	$	1,073		$	1,068		$	1,078		$	3,219		$	1,085		$	1,098		$	1,081		$	1,087		$	4,351

(C) / (D)	Adjusted expense ratio⁽³⁾		21	%		21	%		21	%		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 certain reinsurance expenses, less legal settlement expenses incurred in the company’s long-term care insurance business divided by the sum of premiums, policy fees and other income. 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 class action attorney fees incurred in connection with legal settlements in the company’s long-term care insurance business. These amounts are accrued in the period the court settlement occurs.

⁽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 three percentage points for the three months ended March 31, 2022.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

Reconciliation of Reported Yield to Core Yield


		2023												2022
	(Assets - amounts in billions)	3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	58.7		$	61.0		$	61.6		$	58.7		$	60.7		$	60.1		$	63.2		$	68.2		$	60.7
	Subtract:
	Unrealized gains (losses)		(5.8	)		(3.7	)		(3.0	)		(5.8	)		(4.2	)		(4.9	)		(1.9	)		3.0			(4.2	)

	Adjusted end of period invested assets and cash	$	64.5		$	64.7		$	64.6		$	64.5		$	64.9		$	65.0		$	65.1		$	65.2		$	64.9

(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	64.6		$	64.6		$	64.8		$	64.7		$	65.0		$	65.0		$	65.2		$	65.4		$	65.2

	(Income - amounts in millions)

(B)	Reported - Net Investment Income	$	801		$	785		$	787		$	2,373		$	787		$	808		$	787		$	764		$	3,146
	Subtract:
	Bond calls and commercial mortgage loan prepayments		1			—			2			3			6			6			7			10			29
	Other non-core items⁽¹⁾		1			3			1			5			(1	)		—			—			—			(1	)

(C)	Core Net Investment Income	$	799		$	782		$	784		$	2,365		$	782		$	802		$	780		$	754		$	3,118

(B) / (A)	Reported Yield		4.96	%		4.86	%		4.86	%		4.89	%		4.84	%		4.97	%		4.83	%		4.67	%		4.83	%
(C) / (A)	Core Yield		4.95	%		4.84	%		4.84	%		4.87	%		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.