EX-99.2

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Exhibit 99.2

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GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH 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,” “intends,” “anticipates,” “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 from those in the forward-looking statements due to global political, economic, inflation, business, competitive, market, regulatory and other factors and risks, including but not limited to, 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. Therefore, the company cautions you against relying on any forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH 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 (Loss) by Quarter		8
Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss)		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

FOURTH QUARTER 2023

Dear Investor,

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

All information included herein 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.

In the fourth quarter of 2023, the company completed its annual assumption review in its long-term care insurance and life insurance businesses. Additional information on these updates is included on pages 22 and 26.

Please see the accompanying press release posted to the company’s website at http://investor.genworth.com for additional information regarding its fourth quarter 2023 results.

Investors are encouraged to listen to the company’s earnings call on the fourth quarter 2023 results at 9:00 a.m. (ET) on February 22, 2024.

Regards,

Brian Johnson, Investor Relations

InvestorInfo@genworth.com

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH 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). Management 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), among other key performance indicators, 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 (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) 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

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

Management also regularly monitors and reports a loss ratio for the company’s Enact segment. 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

FOURTH QUARTER 2023

Financial Highlights

(amounts in millions, except per share data)


Balance Sheet Data	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)	$	10,035		$	10,276		$	10,321		$	10,292		$	10,245
Total accumulated other comprehensive income (loss)⁽¹⁾		(2,555	)		(2,220	)		(2,861	)		(2,853	)		(2,614	)

Total Genworth Financial, Inc.’s stockholders’ equity	$	7,480		$	8,056		$	7,460		$	7,439		$	7,631

Book value per share	$	16.74		$	17.80		$	15.98		$	15.28		$	15.40
Book value per share, excluding accumulated other comprehensive income (loss)	$	22.46		$	22.70		$	22.11		$	21.14		$	20.68
Common shares outstanding as of the balance sheet date		446.8			452.7			466.8			486.9			495.4

	Three months ended
Quarterly Average ROE	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
U.S. GAAP Basis ROE		(8.4	)%		1.1	%		5.3	%		4.8	%		15.1	%
Operating ROE⁽²⁾		(9.1	)%		1.6	%		3.3	%		5.6	%		13.4	%

Basic and Diluted Shares	Three months ended December 31, 2023			Twelve months ended December 31, 2023
Weighted-average common shares used in basic earnings per share calculations		449.4			468.8
Potentially dilutive securities:
Performance stock units, restricted stock units and other equity-based awards		—			6.1

Weighted-average common shares used in diluted earnings per share calculations⁽³⁾		449.4			474.9

⁽¹⁾

As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, total accumulated other comprehensive income (loss) includes $(1,439) million, $1,826 million, $(964) million, $(1,628) million and $(403) 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.

⁽³⁾

Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended December 31, 2023, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended December 31, 2023, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.3 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended December 31, 2023, dilutive potential weighted-average common shares outstanding would have been 455.7 million.

Consolidated Quarterly Results

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Consolidated Net Income (Loss) by Quarter

(amounts in millions, except per share amounts)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	904		$	915		$	902		$	915		$	3,636		$	918		$	929		$	916		$	917		$	3,680
Net investment income		810			801			785			787			3,183			787			808			787			764			3,146
Net investment gains (losses)		38			(43	)		39			(11	)		23			(5	)		(58	)		19			42			(2	)
Policy fees and other income		159			158			166			163			646			167			169			165			170			671

Total revenues		1,911			1,831			1,892			1,854			7,488			1,867			1,848			1,887			1,893			7,495

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,233			1,199			1,175			1,176			4,783			1,209			1,159			768			1,167			4,303
Liability remeasurement (gains) losses		416			116			70			(15	)		587			(267	)		17			24			(64	)		(290	)
Changes in fair value of market risk benefits and associated hedges		14			(24	)		(19	)		17			(12	)		(56	)		(27	)		20			(41	)		(104	)
Interest credited		124			127			126			126			503			125			128			126			125			504
Acquisition and operating expenses, net of deferrals		248			228			226			240			942			225			245			579			236			1,285
Amortization of deferred acquisition costs and intangibles		63			65			64			72			264			74			80			84			88			326
Interest expense		30			30			29			29			118			28			26			26			26			106

Total benefits and expenses		2,128			1,741			1,671			1,645			7,185			1,338			1,628			1,627			1,537			6,130

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(217	)		90			221			209			303			529			220			260			356			1,365
Provision (benefit) for income taxes		(36	)		30			55			55			104			119			54			62			84			319

INCOME (LOSS) FROM CONTINUING OPERATIONS		(181	)		60			166			154			199			410			166			198			272			1,046
Net income (loss) from discontinued operations, net of taxes⁽¹⁾		(2	)		—			2			—			—			(2	)		5			(1	)		(2	)		—

NET INCOME (LOSS)		(183	)		60			168			154			199			408			171			197			270			1,046
Less: net income from continuing operations attributable to noncontrolling interests		29			31			31			32			123			27			35			38			30			130

NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	(212	)	$	29		$	137		$	122		$	76		$	381		$	136		$	159		$	240		$	916

NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders	$	(210	)	$	29		$	135		$	122		$	76		$	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 (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	(212	)	$	29		$	137		$	122		$	76		$	381		$	136		$	159		$	240		$	916


Earnings (Loss) Per Share Data:
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	(0.47	)	$	0.06		$	0.28		$	0.25		$	0.16		$	0.77		$	0.26		$	0.32		$	0.48		$	1.82
Diluted	$	(0.47	)	$	0.06		$	0.28		$	0.24		$	0.16		$	0.76		$	0.26		$	0.31		$	0.47		$	1.79
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	(0.47	)	$	0.06		$	0.29		$	0.25		$	0.16		$	0.77		$	0.27		$	0.31		$	0.47		$	1.82
Diluted	$	(0.47	)	$	0.06		$	0.29		$	0.24		$	0.16		$	0.76		$	0.27		$	0.31		$	0.46		$	1.79
Weighted-average common shares outstanding
Basic		449.4			460.5			473.2			492.3			468.8			496.5			503.8			508.9			508.3			504.4
Diluted⁽²⁾		449.4			466.0			478.1			500.1			474.9			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.

⁽²⁾

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss)

(amounts in millions, except per share amounts)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	(212	)	$	29		$	137		$	122		$	76		$	381		$	136		$	159		$	240		$	916
Add: net income from continuing operations attributable to noncontrolling interests		29			31			31			32			123			27			35			38			30			130

NET INCOME (LOSS)		(183	)		60			168			154			199			408			171			197			270			1,046
Less: income (loss) from discontinued operations, net of taxes		(2	)		—			2			—			—			(2	)		5			(1	)		(2	)		—

INCOME (LOSS) FROM CONTINUING OPERATIONS		(181	)		60			166			154			199			410			166			198			272			1,046
Less: net income from continuing operations attributable to noncontrolling interests		29			31			31			32			123			27			35			38			30			130

INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		(210	)		29			135			122			76			383			131			160			242			916

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		(38	)		43			(41	)		11			(25	)		5			58			(19	)		(42	)		2
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		13			(26	)		(23	)		14			(22	)		(64	)		(32	)		8			(54	)		(142	)
(Gains) losses on early extinguishment of debt		(1	)		—			—			(1	)		(2	)		(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		6			(4	)		13			(5	)		10			12			(8	)		2			20			26

ADJUSTED OPERATING INCOME (LOSS)	$	(230	)	$	42		$	85		$	144		$	41		$	338		$	158		$	153		$	169		$	818

ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	129		$	134		$	146		$	143		$	552		$	120		$	156		$	167		$	135		$	578
Long-Term Care Insurance segment		(151	)		(71	)		(43	)		23			(242	)		204			26			17			73			320
Life and Annuities segment:
Life Insurance		(206	)		(25	)		(17	)		(27	)		(275	)		1			(28	)		(37	)		(47	)		(111	)
Fixed Annuities		9			17			10			14			50			14			15			20			13			62
Variable Annuities		14			5			9			9			37			8			7			2			4			21

Total Life and Annuities segment		(183	)		(3	)		2			(4	)		(188	)		23			(6	)		(15	)		(30	)		(28	)

Corporate and Other		(25	)		(18	)		(20	)		(18	)		(81	)		(9	)		(18	)		(16	)		(9	)		(52	)

ADJUSTED OPERATING INCOME (LOSS)	$	(230	)	$	42		$	85		$	144		$	41		$	338		$	158		$	153		$	169		$	818


Earnings (Loss) Per Share Data:
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	(0.47	)	$	0.06		$	0.29		$	0.25		$	0.16		$	0.77		$	0.27		$	0.31		$	0.47		$	1.82
Diluted	$	(0.47	)	$	0.06		$	0.29		$	0.24		$	0.16		$	0.76		$	0.27		$	0.31		$	0.46		$	1.79
Adjusted operating income (loss) per share
Basic	$	(0.51	)	$	0.09		$	0.18		$	0.29		$	0.09		$	0.68		$	0.31		$	0.30		$	0.33		$	1.62
Diluted	$	(0.51	)	$	0.09		$	0.18		$	0.29		$	0.09		$	0.67		$	0.31		$	0.30		$	0.33		$	1.60
Weighted-average common shares outstanding
Basic		449.4			460.5			473.2			492.3			468.8			496.5			503.8			508.9			508.3			504.4
Diluted⁽³⁾		449.4			466.0			478.1			500.1			474.9			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).

⁽³⁾

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Consolidated Balance Sheets

(amounts in millions)


	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value⁽¹⁾	$	46,781		$	43,968		$	46,070		$	47,381		$	46,583
Equity securities, at fair value		396			363			378			364			319
Commercial mortgage loans⁽²⁾		6,829			6,818			6,876			6,915			7,032
Less: Allowance for credit losses		(27	)		(25	)		(24	)		(24	)		(22	)

Commercial mortgage loans, net		6,802			6,793			6,852			6,891			7,010
Policy loans		2,220			2,233			2,270			2,133			2,139
Limited partnerships		2,821			2,699			2,585			2,456			2,331
Other invested assets		731			645			648			617			566

Total investments		59,751			56,701			58,803			59,842			58,948
Cash, cash equivalents and restricted cash		2,215			1,993			2,173			1,752			1,799
Accrued investment income		647			620			553			700			643
Deferred acquisition costs		1,988			2,042			2,096			2,150			2,211
Intangible assets		198			199			201			203			203
Reinsurance recoverable		19,054			17,623			19,113			19,606			19,059
Less: Allowance for credit losses		(29	)		(28	)		(64	)		(64	)		(63	)

Reinsurance recoverable, net		19,025			17,595			19,049			19,542			18,996
Other assets		489			453			445			478			488
Deferred tax asset		1,952			1,580			1,954			2,002			1,983
Market risk benefit assets		43			39			37			28			26
Separate account assets		4,509			4,244			4,533			4,479			4,417

Total assets	$	90,817		$	85,466		$	89,844		$	91,176		$	89,714

⁽¹⁾

Amortized cost of $49,365 million, $49,855 million, $49,864 million, $50,461 million and $50,834 million as of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and allowance for credit losses of $7 million, $6 million, $4 million, $15 million and $— as of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Consolidated Balance Sheets

(amounts in millions)


	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	57,655		$	51,740		$	56,443		$	57,531		$	55,407
Policyholder account balances		15,540			15,590			15,922			16,202			16,564
Market risk benefit liabilities		625			579			666			761			748
Liability for policy and contract claims		652			631			628			665			683
Unearned premiums		149			162			175			189			203
Other liabilities		1,768			2,038			1,607			1,510			1,687
Long-term borrowings		1,584			1,602			1,601			1,600			1,611
Separate account liabilities		4,509			4,244			4,533			4,479			4,417
Liabilities related to discontinued operations⁽¹⁾		—			2			2			7			8

Total liabilities		82,482			76,588			81,577			82,944			81,328

Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,884			11,877			11,869			11,863			11,869
Accumulated other comprehensive income (loss):
Change in the discount rate used to measure future policy benefits		(1,439	)		1,826			(964	)		(1,628	)		(403	)
All other		(1,116	)		(4,046	)		(1,897	)		(1,225	)		(2,211	)

Total accumulated other comprehensive income (loss)		(2,555	)		(2,220	)		(2,861	)		(2,853	)		(2,614	)
Retained earnings		1,213			1,426			1,398			1,261			1,139
Treasury stock, at cost		(3,063	)		(3,028	)		(2,947	)		(2,833	)		(2,764	)

Total Genworth Financial, Inc.’s stockholders’ equity		7,480			8,056			7,460			7,439			7,631
Noncontrolling interests		855			822			807			793			755

Total equity		8,335			8,878			8,267			8,232			8,386

Total liabilities and equity	$	90,817		$	85,466		$	89,844		$	91,176		$	89,714

⁽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

FOURTH QUARTER 2023

Consolidated Balance Sheet by Segment

(amounts in millions)


	December 31, 2023
	Enact			Long-Term Care Insurance			Life and Annuities			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	5,964		$	35,923		$	19,032		$	1,694		$	62,613
Deferred acquisition costs and intangible assets		44			900			1,228			14			2,186
Reinsurance recoverable, net		1			7,572			11,452			—			19,025
Deferred tax and other assets		184			1,800			253			204			2,441
Market risk benefit assets		—			—			43			—			43
Separate account assets		—			—			4,509			—			4,509

Total assets	$	6,193		$	46,195		$	36,517		$	1,912		$	90,817

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	43,929		$	13,726		$	—		$	57,655
Policyholder account balances		—			—			15,540			—			15,540
Market risk benefit liabilities		—			—			625			—			625
Liability for policy and contract claims		518			—			126			8			652
Unearned premiums		149			—			—			—			149
Other liabilities		141			775			273			579			1,768
Borrowings		745			—			—			839			1,584
Separate account liabilities		—			—			4,509			—			4,509

Total liabilities		1,553			44,704			34,799			1,426			82,482

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		3,974			2,572			2,552			937			10,035
Allocated accumulated other comprehensive income (loss)		(189	)		(1,081	)		(834	)		(451	)		(2,555	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,785			1,491			1,718			486			7,480
Noncontrolling interests		855			—			—			—			855

Total equity		4,640			1,491			1,718			486			8,335

Total liabilities and equity	$	6,193		$	46,195		$	36,517		$	1,912		$	90,817

⁽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

FOURTH 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.

Enact Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Adjusted Operating Income and Sales—Enact Segment

(amounts in millions)


	2023														2022
	4Q			3Q		2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	240		$	243	$	239		$	235		$	957		$	233		$	235		$	238		$	234		$	940
Net investment income		57			55		50			46			208			45			39			36			35			155
Net investment gains (losses)		(1	)		—		(13	)		—			(14	)		(1	)		—			(1	)		—			(2	)
Policy fees and other income		—			1		1			—			2			—			1			—			1			2

Total revenues		296			299		277			281			1,153			277			275			273			270			1,095

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		24			18		(4	)		(11	)		27			18			(40	)		(62	)		(10	)		(94	)
Acquisition and operating expenses, net of deferrals		56			52		52			52			212			60			55			58			54			227
Amortization of deferred acquisition costs and intangibles		3			3		2			3			11			2			4			3			3			12
Interest expense		13			13		13			13			52			14			12			13			13			52

Total benefits and expenses		96			86		63			57			302			94			31			12			60			197

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		200			213		214			224			851			183			244			261			210			898
Provision for income taxes		43			48		46			49			186			39			53			57			45			194

INCOME FROM CONTINUING OPERATIONS		157			165		168			175			665			144			191			204			165			704
Less: net income from continuing operations attributable to noncontrolling interests		29			31		31			32			123			27			35			38			30			130

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		128			134		137			143			542			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⁾		1			—		11			—			12			1			—			1			—			2
Expenses related to restructuring		—			—		—			—			—			3			—			—			—			3
Taxes on adjustments		—			—		(2	)		—			(2	)		(1	)		—			—			—			(1	)

ADJUSTED OPERATING INCOME	$	129		$	134	$	146		$	143		$	552		$	120		$	156		$	167		$	135		$	578


SALES:
Direct Primary New Insurance Written (NIW)	$	10,453		$	14,391	$	15,083		$	13,154		$	53,081		$	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

FOURTH QUARTER 2023

Direct Primary New Insurance Written Metrics—Enact Segment

(amounts in millions)


	2023																				2022
	4Q					3Q					2Q					1Q					4Q					3Q					2Q					1Q
	Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW			Direct Primary NIW		% of Direct Primary NIW
Payment Type
Monthly	$	10,187		98	%	$	14,099		98	%	$	14,774		98	%	$	12,809		97	%	$	13,745		91	%	$	14,138		94	%	$	16,169		93	%	$	17,071		91	%
Single		246		2			269		2			281		2			318		3			1,368		9			890		6			1,218		7			1,690		9
Other⁽¹⁾		20		—			23		—			28		—			27		—			32		—			41		—			61		—			62		—

Total	$	10,453		100	%	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%	$	15,145		100	%	$	15,069		100	%	$	17,448		100	%	$	18,823		100	%

Origination
Purchase	$	10,169		97	%	$	14,073		98	%	$	14,720		98	%	$	12,761		97	%	$	14,744		97	%	$	14,634		97	%	$	16,802		96	%	$	17,326		92	%
Refinance		284		3			318		2			363		2			393		3			401		3			435		3			646		4			1,497		8

Total	$	10,453		100	%	$	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	$	5,086		49	%	$	6,679		46	%	$	6,911		46	%	$	6,004		46	%	$	6,951		46	%	$	6,948		46	%	$	7,981		45	%	$	8,359		45	%
740 - 759		1,680		16			2,438		17			2,608		17			2,268		17			2,709		18			2,554		17			2,916		17			3,085		16
720 - 739		1,378		13			1,928		13			2,097		14			1,817		14			2,226		15			2,106		14			2,530		15			2,515		13
700 - 719		997		10			1,422		10			1,499		10			1,296		10			1,489		10			1,531		10			1,917		11			1,952		10
680 - 699		664		6			974		7			1,060		7			954		7			1,035		7			1,085		7			1,099		6			1,316		7
660 - 679⁽²⁾		409		4			592		4			568		4			517		4			478		3			527		3			598		3			931		5
640 - 659		181		2			282		2			260		2			229		2			189		1			234		2			297		2			486		3
620 - 639		53		—			74		1			76		—			65		—			66		—			79		1			106		1			173		1
<620		5		—			2		—			4		—			4		—			2		—			5		—			4		—			6		—

Total	$	10,453		100	%	$	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	$	1,820		18	%	$	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%		3,759		36			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%		3,489		33			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		1,385		13			1,715		12			1,895		13			1,730		13			2,067		14			2,050		14			2,606		15			3,375		18

Total	$	10,453		100	%	$	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	$	3,158		30	%	$	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%		3,816		37			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		3,479		33			5,018		35			5,402		36			4,676		35			5,333		35			5,660		37			6,945		40			8,010		42

Total	$	10,453		100	%	$	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

FOURTH QUARTER 2023

Other Metrics—Enact Segment

(dollar amounts in millions)


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

Direct Primary Insurance In-Force	$	262,937		$	262,014		$	257,816		$	252,516					$	248,262		$	241,813		$	237,563		$	231,853

Direct Risk In-Force
Primary	$	67,529		$	67,056		$	65,714		$	64,106					$	62,791		$	61,124		$	59,911		$	58,295
Pool		69			70			73			76						79			84			89			97

Total Direct Risk In-Force	$	67,598		$	67,126		$	65,787		$	64,182					$	62,870		$	61,208		$	60,000		$	58,392


Expense Ratio⁽¹⁾		25	%		23	%		23	%		23	%		23	%		27	%		25	%		26	%		24	%		25	%

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

Combined Risk To Capital Ratio⁽²⁾		11.6:1			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^(2),(3)		11.6:1			11.6:1			11.9:1			12.7:1						12.9:1			12.3:1			12.6:1			12.1:1

PMIERs Available Assets⁽⁴⁾	$	5,006		$	5,268		$	5,093		$	5,357					$	5,206		$	5,292		$	5,147		$	5,222

PMIERs Required Assets⁽⁴⁾	$	3,119		$	3,251		$	3,135		$	3,259					$	3,156		$	3,043		$	3,100		$	2,961

Available Assets Above PMIERs Requirements⁽⁴⁾	$	1,887		$	2,017		$	1,958		$	2,098					$	2,050		$	2,249		$	2,047		$	2,261

PMIERs Sufficiency Ratio⁽⁴⁾		161	%		162	%		162	%		164	%					165	%		174	%		166	%		176	%

Average Primary Loan Size (in thousands)	$	270		$	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⁾	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.

⁽²⁾

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.

⁽³⁾	Enact Mortgage Insurance Corporation (EMICO), the company’s principal U.S. mortgage insurance subsidiary.

⁽⁴⁾

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

FOURTH QUARTER 2023

Loss Metrics—Enact Segment

(amounts in millions)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Average Paid Claim (in thousands)⁽¹⁾	$	42.9		$	46.8		$	46.6		$	46.9					$	48.7		$	42.2		$	50.1		$	51.6
Average Reserve Per Primary Delinquency (in thousands)⁽²⁾	$	23.3		$	23.9		$	25.0		$	24.8					$	24.0		$	25.2		$	27.0		$	26.2

Reserves:
Direct primary case⁽³⁾	$	477		$	460		$	452		$	462					$	479		$	476		$	526		$	591
All other⁽³⁾		41			41			38			40						40			34			33			34

Total Reserves	$	518		$	501		$	490		$	502					$	519		$	510		$	559		$	625


Beginning Reserves	$	501		$	490		$	502		$	519		$	519		$	510		$	559		$	625		$	641		$	641
Paid claims		(7	)		(7	)		(8	)		(6	)		(28	)		(9	)		(9	)		(4	)		(6	)		(28	)
Increase (decrease) in reserves		24			18			(4	)		(11	)		27			18			(40	)		(62	)		(10	)		(94	)

Ending Reserves	$	518		$	501		$	490		$	502		$	518		$	519		$	510		$	559		$	625		$	519

Loss Ratio		10	%		7	%		(2	)%		(5	)%		3	%		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 claims in the fourth quarter of 2023 and the fourth and third quarters of 2022 include payments in relation to agreements on non-performing loans.

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

⁽³⁾	Direct primary case reserves exclude loss adjustment expenses (LAE), pool, incurred but not reported (IBNR) and reinsurance reserves. Other includes LAE, pool, IBNR and reinsurance reserves.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Delinquency Metrics—Enact Segment

(dollar amounts in millions)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		974,516			977,832			973,280			965,544						960,306			949,052			946,891			941,689
Primary delinquent loans		20,432			19,241			18,065			18,633						19,943			18,856			19,513			22,571
Primary delinquency rate		2.10	%		1.97	%		1.86	%		1.93	%					2.08	%		1.99	%		2.06	%		2.40	%

Beginning Number of Primary Delinquencies		19,241			18,065			18,633			19,943			19,943			18,856			19,513			22,571			24,820			24,820
New delinquencies		11,706			11,107			9,205			9,599			41,617			10,304			9,121			7,847			8,724			35,996
Delinquency cures		(10,317	)		(9,778	)		(9,609	)		(10,771	)		(40,475	)		(9,024	)		(9,588	)		(10,806	)		(10,860	)		(40,278	)
Paid claims		(186	)		(147	)		(156	)		(126	)		(615	)		(190	)		(187	)		(90	)		(107	)		(574	)
Rescissions and claim denials		(12	)		(6	)		(8	)		(12	)		(38	)		(3	)		(3	)		(9	)		(6	)		(21	)

Ending Number of Primary Delinquencies		20,432			19,241			18,065			18,633			20,432			19,943			18,856			19,513			22,571			19,943


Composition of Cures
Reported delinquent and cured-intraquarter		2,058			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		5,235			4,792			4,516			5,238						4,179			3,719			4,037			3,902
4 - 11 payments		2,331			2,265			2,448			2,431						2,001			2,279			2,484			2,315
12 payments or more		693			844			984			1,086						1,355			1,992			2,979			3,062

Total		10,317			9,778			9,609			10,771						9,024			9,588			10,806			10,860

Primary Delinquencies by Missed Payment Status
3 payments or less		10,166			9,398			8,162			7,876						8,920			7,446			6,442			6,837
4 - 11 payments		6,934			6,381			6,229			6,714						6,466			6,119			6,372			6,875
12 payments or more		3,332			3,462			3,674			4,043						4,557			5,291			6,699			8,859

Primary Delinquencies		20,432			19,241			18,065			18,633						19,943			18,856			19,513			22,571



	December 31, 2023
Direct Primary Case Reserves⁽¹⁾ and Percentage Reserved by Payment Status	Direct Primary Case Reserves			Direct Primary Risk In-Force			Reserves as % of Risk In-Force
3 payments or less in default	$	88		$	629			14	%
4 - 11 payments in default		205			469			44	%
12 payments or more in default		184			200			92	%

Total	$	477		$	1,298			37	%


	December 31, 2022
Direct Primary Case Reserves⁽¹⁾ and Percentage Reserved by Payment Status	Direct Primary Case Reserves			Direct Primary 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

FOURTH QUARTER 2023

Portfolio Quality Metrics—Enact Segment

(amounts in millions)


	December 31, 2023
Policy Year	% of Direct Primary Case Reserves⁽¹⁾			Direct Primary Insurance In-Force		% of Total			Direct Primary Risk In-Force		% of Total			Delinquency Rate
2008 and prior		18	%	$	5,621		2	%	$	1,449		2	%		8.61	%
2009-2015		4			3,383		1			881		1			4.55	%
2016		4			4,659		2			1,248		2			3.20	%
2017		5			5,321		2			1,403		2			3.59	%
2018		6			5,750		2			1,476		2			4.42	%
2019		8			13,773		5			3,544		5			2.77	%
2020		15			44,486		17			11,697		17			1.70	%
2021		21			70,045		27			17,846		27			1.65	%
2022		16			59,267		23			14,907		22			1.57	%
2023		3			50,632		19			13,078		20			0.47	%

Total		100	%	$	262,937		100	%	$	67,529		100	%		2.10	%



	December 31, 2023					September 30, 2023					December 31, 2022
	Direct Primary Risk In-Force		% of Total			Direct Primary Risk In-Force		% of Total			Direct Primary Risk In-Force		% of Total
Loan-to-value ratio
95.01% and above	$	12,878		19	%	$	12,595		19	%	$	11,136		18	%
90.01% to 95.00%		31,781		47			31,696		47			30,079		48
85.01% to 90.00%		19,163		28			18,945		28			17,621		28
85.00% and below		3,707		6			3,820		6			3,955		6

Total	$	67,529		100	%	$	67,056		100	%	$	62,791		100	%



	December 31, 2023					September 30, 2023					December 31, 2022
	Direct Primary Risk In-Force		% of Total			Direct Primary Risk In-Force		% of Total			Direct Primary Risk In-Force		% of Total
Credit Quality
Over 760	$	28,363		42	%	$	28,014		42	%	$	25,807		41	%
740 - 759		11,096		17			11,009		17			10,154		16
720 - 739		9,621		14			9,553		14			8,931		14
700 - 719		7,623		11			7,615		12			7,317		12
680 - 699		5,557		8			5,582		8			5,428		9
660 - 679⁽²⁾		2,908		4			2,901		4			2,767		5
640 - 659		1,565		3			1,569		2			1,540		2
620 - 639		635		1			647		1			665		1
<620		161		—			166		—			182		—

Total	$	67,529		100	%	$	67,056		100	%	$	62,791		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

FOURTH QUARTER 2023

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

(amounts in millions)


	2023															2022
	4Q⁽¹⁾			3Q			2Q			1Q			Total			4Q⁽²⁾			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	615		$	621		$	611		$	616		$	2,463		$	639		$	637		$	617		$	607		$	2,500
Net investment income		489			482			470			473			1,914			470			497			486			447			1,900
Net investment gains (losses)		64			(21	)		62			9			114			20			(47	)		5			41			19

Total revenues		1,168			1,082			1,143			1,098			4,491			1,129			1,087			1,108			1,095			4,419

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		964			953			941			944			3,802			965			956			942			925			3,788
Liability remeasurement (gains) losses		188			104			61			(32	)		321			(255	)		3			23			(88	)		(317	)
Acquisition and operating expenses, net of deferrals		116			109			108			119			452			100			122			95			96			413
Amortization of deferred acquisition costs and intangibles		18			17			18			18			71			18			19			18			19			74

Total benefits and expenses		1,286			1,183			1,128			1,049			4,646			828			1,100			1,078			952			3,958

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(118	)		(101	)		15			49			(155	)		301			(13	)		30			143			461
Provision (benefit) for income taxes		(18	)		(13	)		10			18			(3	)		79			(1	)		9			38			125

INCOME (LOSS) FROM CONTINUING OPERATIONS		(100	)		(88	)		5			31			(152	)		222			(12	)		21			105			336
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(64	)		21			(62	)		(9	)		(114	)		(20	)		47			(5	)		(41	)		(19	)
Expenses related to restructuring		—			—			1			(1	)		—			(2	)		—			1			—			(1	)
Taxes on adjustments		13			(4	)		13			2			24			4			(9	)		—			9			4

ADJUSTED OPERATING INCOME (LOSS)	$	(151	)	$	(71	)	$	(43	)	$	23		$	(242	)	$	204		$	26		$	17		$	73		$	320

Liability remeasurement (gains) losses:
Cash flow assumption updates	$	61		$	(6	)	$	(24	)	$	21		$	52		$	(303	)	$	(10	)	$	(20	)	$	(2	)	$	(335	)
Actual to expected experience		127			110			85			(53	)		269			48			13			43			(86	)		18

Total	$	188		$	104		$	61		$	(32	)	$	321		$	(255	)	$	3		$	23		$	(88	)	$	(317	)

Ratio of the liability remeasurement (gains) losses to beginning reserves⁽³⁾		0.45	%		0.25	%		0.15	%		(0.08	)%		0.77	%		(0.62	)%		—	%		0.06	%		(0.22	)%		(0.78	)%

⁽¹⁾

In the fourth quarter of 2023, the liability remeasurement loss of $188 million in the company’s long-term care insurance business reflected an unfavorable impact from annual cash flow assumption updates of $61 million, including updates to its healthy life assumptions to better align near-term experience for cost of care, mortality, incidence and lapse. These adverse assumption updates were partially offset by a favorable update to disabled life mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near term post-COVID-19. The company also evaluated its assumptions regarding expectations of future premium rate increase approvals and benefit reductions and made no significant changes to its 2023 multi-year in-force rate action plan. However, the company did increase the value of its assumption for future approvals and benefit reductions based on recent rate increase approval experience, regulatory support and legal settlement results. In addition, the company updated its assumptions for the third long-term care insurance legal settlement primarily impacting its Choice II policies, which represents approximately 35% of the overall block. As previously disclosed, the third legal settlement was mostly comprised of profitable uncapped cohorts. Cohorts with profits or margin have a net premium ratio below 100% and therefore have less of an impact on the liability remeasurement (gain) loss in the income statement.

⁽²⁾

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.

⁽³⁾	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 locked-in discount rate as of each applicable quarter.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

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

(amounts in millions)


	2023															2022
	4Q			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⁾	$	232		$	231		$	224		$	219		$	906		$	224		$	220		$	207		$	192		$	843
Reserve changes⁽²⁾		119			99			104			94			416			124			120			113			132			489

Settlement impacts - reserve changes		232			169			97			93			591			78			9			19			148			254
Settlement impacts - litigation expenses and settlement payments		(116	)		(102	)		(54	)		(56	)		(328	)		(45	)		(10	)		(6	)		(43	)		(104	)

Settlement impacts, net		116			67			43			37			263			33			(1	)		13			105			150

Statutory earnings from in-force rate actions	$	467		$	397		$	371		$	350		$	1,585		$	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

FOURTH QUARTER 2023

Adjusted Operating Income (Loss)—Life and Annuities Segment

(amounts in millions)


	2023															2022
	4Q⁽¹⁾			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	47		$	48		$	50		$	62		$	207		$	45		$	55		$	60		$	74		$	234
Net investment income		256			261			261			264			1,042			268			271			265			279			1,083
Net investment gains (losses)		(14	)		(18	)		(7	)		(10	)		(49	)		(3	)		(15	)		—			14			(4	)
Policy fees and other income		160			158			165			163			646			167			169			164			169			669

Total revenues		449			449			469			479			1,846			477			480			489			536			1,982

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		248			229			240			246			963			226			247			(108	)		255			620
Liability remeasurement (gains) losses		228			12			9			17			266			(12	)		14			1			24			27
Changes in fair value of market risk benefits and associated hedges		14			(24	)		(19	)		17			(12	)		(56	)		(27	)		20			(41	)		(104	)
Interest credited		124			127			126			126			503			125			128			126			125			504
Acquisition and operating expenses, net of deferrals		55			54			51			53			213			54			57			416			77			604
Amortization of deferred acquisition costs and intangibles		41			45			44			51			181			54			57			63			66			240

Total benefits and expenses		710			443			451			510			2,114			391			476			518			506			1,891

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(261	)		6			18			(31	)		(268	)		86			4			(29	)		30			91
Provision (benefit) for income taxes		(56	)		1			3			(7	)		(59	)		17			—			(7	)		6			16

INCOME (LOSS) FROM CONTINUING OPERATIONS		(205	)		5			15			(24	)		(209	)		69			4			(22	)		24			75

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		14			18			7			10			49			3			15			—			(14	)		4
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		13			(26	)		(23	)		14			(22	)		(64	)		(32	)		8			(54	)		(142	)
Expenses related to restructuring		—			—			—			—			—			(1	)		—			—			—			(1	)
Pension plan termination costs		—			—			—			—			—			2			6			—			—			8
Taxes on adjustments		(5	)		—			3			(4	)		(6	)		14			1			(1	)		14			28

ADJUSTED OPERATING INCOME (LOSS)	$	(183	)	$	(3	)	$	2		$	(4	)	$	(188	)	$	23		$	(6	)	$	(15	)	$	(30	)	$	(28	)


⁽¹⁾ In the fourth quarter of 2023, the liability remeasurement loss of $228 million was primarily driven by an unfavorable impact from cash flow assumption updates in the company’s life insurance products reflecting updates to persistency and mortality assumptions. Additional information is included on page 26. ⁽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	$	14		$	(24	)	$	(19	)	$	17		$	(12	)	$	(56	)	$	(27	)	$	20		$	(41	)	$	(104	)
Adjustment for changes in reserves, attributed fees and benefit payments		(1	)		(2	)		(4	)		(3	)		(10	)		(8	)		(5	)		(12	)		(13	)		(38	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	13		$	(26	)	$	(23	)	$	14		$	(22	)	$	(64	)	$	(32	)	$	8		$	(54	)	$	(142	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

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

(amounts in millions)


	2023															2022
	4Q^(1),(2)			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	47		$	48		$	50		$	62		$	207		$	45		$	55		$	60		$	74		$	234
Net investment income		167			169			165			164			665			167			166			164			164			661
Net investment gains (losses)		(6	)		—			(1	)		(2	)		(9	)		1			(7	)		2			9			5
Policy fees and other income		131			130			136			134			531			138			138			133			134			543

Total revenues		339			347			350			358			1,394			351			352			359			381			1,443

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		207			184			197			199			787			181			197			217			203			798
Liability remeasurement (gains) losses		229			22			7			18			276			(10	)		16			4			22			32
Interest credited		98			99			98			98			393			97			98			96			94			385
Acquisition and operating expenses, net of deferrals		38			36			34			36			144			39			40			32			56			167
Amortization of deferred acquisition costs and intangibles		35			38			36			44			153			45			49			55			57			206

Total benefits and expenses		607			379			372			395			1,753			352			400			404			432			1,588

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(268	)		(32	)		(22	)		(37	)		(359	)		(1	)		(48	)		(45	)		(51	)		(145	)
Benefit for income taxes		(57	)		(7	)		(5	)		(8	)		(77	)		(1	)		(10	)		(10	)		(11	)		(32	)

LOSS FROM CONTINUING OPERATIONS		(211	)		(25	)		(17	)		(29	)		(282	)		—			(38	)		(35	)		(40	)		(113	)

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

ADJUSTED OPERATING INCOME (LOSS)	$	(206	)	$	(25	)	$	(17	)	$	(27	)	$	(275	)	$	1		$	(28	)	$	(37	)	$	(47	)	$	(111	)


⁽¹⁾ In the fourth quarter of 2023, the company’s life insurance products had an unfavorable impact from cash flow assumption updates of $226 million reflecting updates to its persistency and mortality assumptions. The company made an unfavorable update to its persistency assumptions particularly in certain universal life insurance products with secondary guarantees to better reflect emerging experience, consistent with others in the industry. The company also made unfavorable updates to its mortality assumption in its term universal, universal and term life insurance products to better reflect emerging experience related to more modest mortality improvement and to include an expectation that mortality will continue at elevated levels in the near term post-COVID-19. ⁽²⁾ Effective December 31, 2023, the company entered into a binding letter of intent with a third-party to cede, on a yearly renewable term basis, certain term and universal life insurance products. Policy fees and other income included $6 million of ceded deposits and the remeasurement loss reflected higher ceded universal life insurance reserves of $40 million. As a result, this transaction resulted in a gain of $34 million that was deferred as cost of reinsurance in benefits and other changes in policy reserves. Therefore, there was no impact to net income (loss).

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Adjusted Operating Income—Life and Annuities Segment—Fixed Annuities

(amounts in millions)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	82		$	85		$	87		$	91		$	345		$	93		$	96		$	93		$	108		$	390
Net investment gains (losses)		(8	)		(18	)		(5	)		(8	)		(39	)		(4	)		(7	)		(2	)		5			(8	)
Policy fees and other income		2			1			2			2			7			1			2			2			2			7

Total revenues		76			68			84			85			313			90			91			93			115			389

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves⁽¹⁾		35			36			35			39			145			37			42			(332	)		46			(207	)
Liability remeasurement (gains) losses		(1	)		(10	)		2			(1	)		(10	)		(2	)		(2	)		(3	)		2			(5	)
Changes in fair value of market risk benefits and associated hedges		16			(18	)		(4	)		8			2			—			(15	)		(12	)		(13	)		(40	)
Interest credited		26			26			27			27			106			27			28			29			30			114
Acquisition and operating expenses, net of deferrals⁽¹⁾		8			9			7			8			32			7			7			372			9			395
Amortization of deferred acquisition costs and intangibles		2			3			4			3			12			4			4			4			4			16

Total benefits and expenses		86			46			71			84			287			73			64			58			78			273

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(10	)		22			13			1			26			17			27			35			37			116
Provision (benefit) for income taxes		(2	)		5			3			—			6			4			6			7			8			25

INCOME (LOSS) FROM CONTINUING OPERATIONS		(8	)		17			10			1			20			13			21			28			29			91

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		8			18			5			8			39			4			7			2			(5	)		8
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		14			(18	)		(5	)		8			(1	)		(3	)		(14	)		(13	)		(15	)		(45	)
Taxes on adjustments		(5	)		—			—			(3	)		(8	)		—			1			3			4			8

ADJUSTED OPERATING INCOME	$	9		$	17		$	10		$	14		$	50		$	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	$	16		$	(18	)	$	(4	)	$	8		$	2		$	—		$	(15	)	$	(12	)	$	(13	)	$	(40	)
Adjustment for changes in reserves, attributed fees and benefit payments		(2	)		—			(1	)		—			(3	)		(3	)		1			(1	)		(2	)		(5	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	14		$	(18	)	$	(5	)	$	8		$	(1	)	$	(3	)	$	(14	)	$	(13	)	$	(15	)	$	(45	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Adjusted Operating Income—Life and Annuities Segment—Variable Annuities

(amounts in millions)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	7		$	7		$	9		$	9		$	32		$	8		$	9		$	8		$	7		$	32
Net investment gains (losses)		—			—			(1	)		—			(1	)		—			(1	)		—			—			(1	)
Policy fees and other income		27			27			27			27			108			28			29			29			33			119

Total revenues		34			34			35			36			139			36			37			37			40			150

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		6			9			8			8			31			8			8			7			6			29
Changes in fair value of market risk benefits and associated hedges		(2	)		(6	)		(15	)		9			(14	)		(56	)		(12	)		32			(28	)		(64	)
Interest credited		—			2			1			1			4			1			2			1			1			5
Acquisition and operating expenses, net of deferrals		9			9			10			9			37			8			10			12			12			42
Amortization of deferred acquisition costs and intangibles		4			4			4			4			16			5			4			4			5			18

Total benefits and expenses		17			18			8			31			74			(34	)		12			56			(4	)		30

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		17			16			27			5			65			70			25			(19	)		44			120
Provision (benefit) for income taxes		3			3			5			1			12			14			4			(4	)		9			23

INCOME (LOSS) FROM CONTINUING OPERATIONS		14			13			22			4			53			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⁾		(1	)		(8	)		(18	)		6			(21	)		(61	)		(18	)		21			(39	)		(97	)
Taxes on adjustments		1			—			4			(1	)		4			13			3			(4	)		8			20

ADJUSTED OPERATING INCOME	$	14		$	5		$	9		$	9		$	37		$	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	$	(2	)	$	(6	)	$	(15	)	$	9		$	(14	)	$	(56	)	$	(12	)	$	32		$	(28	)	$	(64	)
Adjustment for changes in reserves, attributed fees and benefit payments		1			(2	)		(3	)		(3	)		(7	)		(5	)		(6	)		(11	)		(11	)		(33	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	(1	)	$	(8	)	$	(18	)	$	6		$	(21	)	$	(61	)	$	(18	)	$	21		$	(39	)	$	(97	)

Corporate and Other

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Adjusted Operating Loss—Corporate and Other⁽¹⁾

(amounts in millions)


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

REVENUES:
Premiums	$	2		$	3		$	2		$	2		$	9		$	1		$	2		$	1		$	2		$	6
Net investment income		8			3			4			4			19			4			1			—			3			8
Net investment gains (losses)		(11	)		(4	)		(3	)		(10	)		(28	)		(21	)		4			15			(13	)		(15	)
Policy fees and other income		(1	)		(1	)		—			—			(2	)		—			(1	)		1			—			—

Total revenues		(2	)		1			3			(4	)		(2	)		(16	)		6			17			(8	)		(1	)

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(3	)		(1	)		(2	)		(3	)		(9	)		—			(4	)		(4	)		(3	)		(11	)
Acquisition and operating expenses, net of deferrals		21			13			15			16			65			11			11			10			9			41
Amortization of deferred acquisition costs and intangibles		1			—			—			—			1			—			—			—			—			—
Interest expense		17			17			16			16			66			14			14			13			13			54

Total benefits and expenses		36			29			29			29			123			25			21			19			19			84

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(38	)		(28	)		(26	)		(33	)		(125	)		(41	)		(15	)		(2	)		(27	)		(85	)
Provision (benefit) for income taxes		(5	)		(6	)		(4	)		(5	)		(20	)		(16	)		2			3			(5	)		(16	)

LOSS FROM CONTINUING OPERATIONS		(33	)		(22	)		(22	)		(28	)		(105	)		(25	)		(17	)		(5	)		(22	)		(69	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		11			4			3			10			28			21			(4	)		(15	)		13			15
(Gains) losses on early extinguishment of debt		(1	)		—			—			(1	)		(2	)		(1	)		3			1			3			6
Expenses related to restructuring		—			—			—			4			4			1			—			—			—			1
Taxes on adjustments		(2	)		—			(1	)		(3	)		(6	)		(5	)		—			3			(3	)		(5	)

ADJUSTED OPERATING LOSS	$	(25	)	$	(18	)	$	(20	)	$	(18	)	$	(81	)	$	(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

FOURTH QUARTER 2023

Investments Summary

(amounts in millions)


		December 31, 2023					September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022
		Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total
Composition of Investment Portfolio
Fixed maturity securities:
Investment grade:
Public fixed maturity securities		$	27,302		43	%	$	25,148		42	%	$	26,413		43	%	$	26,894		44	%	$	26,047		43	%
Private fixed maturity securities			11,016		18			10,432		17			10,808		18			11,182		18			11,126		19
Residential mortgage-backed securities⁽¹⁾			907		1			891		2			935		1			986		2			995		2
Commercial mortgage-backed securities			1,413		2			1,495		3			1,674		3			1,814		3			1,900		3
Other asset-backed securities			2,199		4			2,163		4			2,164		4			2,113		3			2,117		3
State and political subdivisions			2,302		4			2,164		4			2,343		4			2,403		4			2,399		4
Non-investment grade fixed maturity securities			1,642		3			1,675		3			1,733		3			1,989		3			1,999		3
Equity securities:
Common stocks and mutual funds			347		1			316		1			326		1			306		1			258		1
Preferred stocks			49		—			47		—			52		—			58		—			61		—
Commercial mortgage loans, net			6,802		10			6,793		11			6,852		11			6,891		11			7,010		11
Policy loans			2,220		4			2,233		4			2,270		4			2,133		3			2,139		3
Limited partnerships			2,821		5			2,699		5			2,585		4			2,456		4			2,331		4
Cash, cash equivalents, restricted cash and short-term investments			2,242		4			2,023		3			2,196		3			1,759		3			1,802		3
Other invested assets:	Derivatives:
	Interest rate swaps		55		—			12		—			30		—			42		—			24		—
	Foreign currency swaps		10		—			15		—			16		—			17		—			20		—
	Equity index options		15		—			11		—			15		—			10		—			6		—
	Forward bond purchase commitments		51		—			—		—			—		—			—		—			—		—
	Other		573		1			577		1			564		1			541		1			513		1

Total invested assets and cash		$	61,966		100	%	$	58,694		100	%	$	60,976		100	%	$	61,594		100	%	$	60,747		100	%

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

AAA		$	2,559		8	%	$	2,533		8	%	$	5,936		19	%	$	6,112		19	%	$	6,067		19	%
AA			6,170		19			5,650		19			2,896		9			2,872		9			2,859		9
A			9,287		29			8,359		28			8,597		27			8,699		27			8,398		27
BBB			13,645		42			12,923		43			13,649		43			14,056		43			13,623		43
BB			498		2			519		2			564		2			786		2			776		2
B			30		—			20		—			23		—			41		—			34		—
CCC and lower			—		—			—		—			—		—			—		—			—		—

Total public fixed maturity securities		$	32,189		100	%	$	30,004		100	%	$	31,665		100	%	$	32,566		100	%	$	31,757		100	%

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

AAA		$	832		6	%	$	867		6	%	$	863		6	%	$	860		6	%	$	825		6	%
AA			1,477		10			1,352		10			1,416		10			1,422		10			1,421		10
A			4,043		28			3,960		28			4,135		29			4,217		28			4,170		28
BBB			7,126		48			6,649		48			6,845		47			7,154		48			7,221		48
BB			975		7			993		7			1,016		7			1,012		7			1,076		7
B			117		1			121		1			122		1			150		1			113		1
CCC and lower			7		—			7		—			8		—			—		—			—		—
Not rated			15		—			15		—			—		—			—		—			—		—

Total private fixed maturity securities		$	14,592		100	%	$	13,964		100	%	$	14,405		100	%	$	14,815		100	%	$	14,826		100	%

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

⁽²⁾	Nationally Recognized Statistical Rating Organizations.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Fixed Maturity Securities Summary

(amounts in millions)


	December 31, 2023					September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022
	Fair Value		% of Total			Fair Value		% of Total			Fair Value		% of Total			Fair Value		% of Total			Fair Value		% of Total
Fixed Maturity Securities - Security Sector:

U.S. government, agencies and government-sponsored enterprises	$	3,494		7	%	$	3,112		7	%	$	3,389		7	%	$	3,441		7	%	$	3,341		7	%
State and political subdivisions		2,302		5			2,164		5			2,343		5			2,403		5			2,399		5
Foreign government		626		1			583		1			625		1			630		1			645		1
U.S. corporate		27,985		60			25,956		60			27,043		59			27,872		59			27,119		59
Foreign corporate		7,811		17			7,554		17			7,838		17			8,059		17			8,010		17
Residential mortgage-backed securities		907		2			891		2			934		2			985		2			995		2
Commercial mortgage-backed securities		1,418		3			1,503		3			1,690		4			1,831		4			1,908		4
Other asset-backed securities		2,238		5			2,205		5			2,208		5			2,160		5			2,166		5

Total fixed maturity securities	$	46,781		100	%	$	43,968		100	%	$	46,070		100	%	$	47,381		100	%	$	46,583		100	%

Corporate Bond Holdings - Industry Sector:

Investment Grade:
Finance and insurance	$	9,045		25	%	$	8,541		26	%	$	8,871		26	%	$	9,149		26	%	$	8,986		26	%
Utilities		4,904		14			4,503		13			4,653		14			4,788		13			4,591		13
Energy		3,181		9			2,967		9			3,022		9			2,882		8			2,813		8
Consumer - non-cyclical		4,979		14			4,573		14			4,863		14			4,998		14			4,872		14
Consumer - cyclical		1,659		5			1,497		4			1,558		4			1,602		4			1,594		5
Capital goods		2,593		7			2,406		7			2,490		7			2,554		7			2,517		7
Industrial		1,869		5			1,773		5			1,857		5			1,944		6			1,863		5
Technology and communications		3,686		10			3,422		10			3,599		10			3,713		10			3,564		10
Transportation		1,498		4			1,371		4			1,428		4			1,459		4			1,439		4
Other		895		3			933		3			973		3			1,022		3			1,048		3

Subtotal		34,309		96			31,986		95			33,314		96			34,111		95			33,287		95

Non-Investment Grade:
Finance and insurance		181		1			176		1			154		—			164		1			153		1
Utilities		54		—			72		—			46		—			47		—			47		—
Energy		218		1			218		1			228		1			407		1			409		1
Consumer - non-cyclical		142		—			135		—			139		—			150		—			151		—
Consumer - cyclical		211		1			262		1			273		1			291		1			299		1
Capital goods		149		—			157		1			172		1			178		1			167		1
Industrial		161		—			145		—			149		—			155		—			152		—
Technology and communications		228		1			212		1			226		1			247		1			277		1
Transportation		28		—			29		—			35		—			37		—			36		—
Other		115		—			118		—			145		—			144		—			151		—

Subtotal		1,487		4			1,524		5			1,567		4			1,820		5			1,842		5

Total	$	35,796		100	%	$	33,510		100	%	$	34,881		100	%	$	35,931		100	%	$	35,129		100	%

Fixed Maturity Securities - Contractual Maturity Dates:

Due in one year or less	$	1,372		3	%	$	1,426		3	%	$	1,375		3	%	$	1,328		3	%	$	1,234		3	%
Due after one year through five years		8,205		18			8,115		18			8,000		17			8,245		17			7,931		17
Due after five years through ten years		12,114		26			11,368		26			11,662		25			11,746		25			11,915		26
Due after ten years		20,527		43			18,460		43			20,201		44			21,086		44			20,434		43

Subtotal		42,218		90			39,369		90			41,238		89			42,405		89			41,514		89
Mortgage and asset-backed securities		4,563		10			4,599		10			4,832		11			4,976		11			5,069		11

Total fixed maturity securities	$	46,781		100	%	$	43,968		100	%	$	46,070		100	%	$	47,381		100	%	$	46,583		100	%

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

U.S. GAAP Net Investment Income Yields

(amounts in millions)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	557		$	559		$	567		$	561		$	2,244		$	562		$	576		$	578		$	580		$	2,296
Fixed maturity securities - non-taxable		—			1			1			1			3			1			2			1			1			5
Equity securities		5			1			3			2			11			3			3			2			2			10
Commercial mortgage loans		75			76			75			76			302			81			81			78			81			321
Policy loans		57			58			54			55			224			55			55			51			50			211
Limited partnerships		41			31			17			28			117			22			38			32			7			99
Other invested assets		72			69			70			68			279			71			67			66			63			267
Cash, cash equivalents, restricted cash and short-term investments		27			28			22			18			95			12			7			1			—			20

Gross investment income before expenses and fees		834			823			809			809			3,275			807			829			809			784			3,229
Expenses and fees		(24	)		(22	)		(24	)		(22	)		(92	)		(20	)		(21	)		(22	)		(20	)		(83	)

Net investment income	$	810		$	801		$	785		$	787		$	3,183		$	787		$	808		$	787		$	764		$	3,146

Annualized Yields
Fixed maturity securities - taxable		4.5	%		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	%		4.2	%		4.0	%		7.1	%		3.6	%		3.6	%		4.7	%
Equity securities		5.3	%		1.1	%		3.2	%		2.3	%		3.0	%		4.0	%		4.6	%		3.4	%		3.7	%		4.0	%
Commercial mortgage loans		4.4	%		4.5	%		4.4	%		4.4	%		4.4	%		4.6	%		4.6	%		4.5	%		4.7	%		4.6	%
Policy loans		10.2	%		10.3	%		9.8	%		10.3	%		10.2	%		10.3	%		10.2	%		9.7	%		9.8	%		10.0	%
Limited partnerships⁽¹⁾		5.9	%		4.7	%		2.7	%		4.7	%		4.5	%		3.9	%		7.0	%		6.2	%		1.4	%		4.7	%
Other invested assets⁽²⁾		50.1	%		48.3	%		50.7	%		51.6	%		50.5	%		56.6	%		57.0	%		62.6	%		64.8	%		59.9	%
Cash, cash equivalents, restricted cash and short-term investments		5.1	%		5.3	%		4.5	%		4.0	%		4.7	%		2.9	%		1.7	%		0.3	%		—	%		1.2	%

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

Net investment income		5.0	%		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

FOURTH QUARTER 2023

Net Investment Gains (Losses)—Detail

(amounts in millions)


	2023															2022
	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(15	)	$	(5	)	$	(39	)	$	(8	)	$	(67	)	$	(25	)	$	(23	)	$	(2	)	$	(12	)	$	(62	)
U.S. government, agencies and government-sponsored enterprises		(30	)		2			1			1			(26	)		—			9			—			6			15
Foreign corporate		(5	)		(3	)		1			(3	)		(10	)		(6	)		(7	)		(1	)		(2	)		(16	)
Foreign government		—			—			—			(1	)		(1	)		—			—			—			—			—
Mortgage-backed securities		(18	)		(5	)		(2	)		(5	)		(30	)		(4	)		(5	)		(1	)		—			(10	)
Asset-backed securities		—			—			9			—			9			—			(1	)		—			—			(1	)

Total net realized gains (losses) on available-for-sale securities		(68	)		(11	)		(30	)		(16	)		(125	)		(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)		(68	)		(11	)		(31	)		(16	)		(126	)		(35	)		(27	)		(4	)		(8	)		(74	)

Net change in allowance for credit losses on available-for-sale fixed maturity securities		(1	)		(2	)		11			(15	)		(7	)		—			—			—			—			—
Write-down of available-for-sale fixed maturity securities		—			—			(1	)		—			(1	)		—			—			—			(2	)		(2	)
Net unrealized gains (losses) on equity securities still held		33			(12	)		21			11			53			11			(14	)		(26	)		(6	)		(35	)
Net unrealized gains (losses) on limited partnerships		57			14			40			—			111			36			(24	)		24			35			71
Commercial mortgage loans		(2	)		(1	)		—			(2	)		(5	)		1			—			2			1			4
Derivative instruments		24			(28	)		(1	)		12			7			(12	)		7			18			19			32
Other		(5	)		(3	)		—			(1	)		(9	)		(6	)		—			5			3			2

Net investment gains (losses), gross		38			(43	)		39			(11	)		23			(5	)		(58	)		19			42			(2	)
Adjustment for net investment (gains) losses attributable to noncontrolling interests		—			—			2			—			2			—			—			—			—			—

Net investment gains (losses), net	$	38		$	(43	)	$	41		$	(11	)	$	25		$	(5	)	$	(58	)	$	19		$	42		$	(2	)

Reconciliations of Non-GAAP Measures

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Reconciliation of Operating ROE

(amounts in millions)


Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Net income (loss) available to Genworth Financial, Inc.’s common stockholders for the period ended⁽¹⁾	$	(212	)	$	29		$	137		$	122		$	381
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,156		$	10,299		$	10,307		$	10,269		$	10,069
Annualized U.S. GAAP Quarterly Basis ROE^(1)/(2)		(8.4	)%		1.1	%		5.3	%		4.8	%		15.1	%

Operating ROE
Adjusted operating income (loss) for the period ended⁽¹⁾	$	(230	)	$	42		$	85		$	144		$	338
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,156		$	10,299		$	10,307		$	10,269		$	10,069
Annualized Operating Quarterly Basis ROE^(1)/(2)		(9.1	)%		1.6	%		3.3	%		5.6	%		13.4	%

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) over two consecutive quarters. 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 (loss) available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss) 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) over two consecutive quarters.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

Reconciliation of Consolidated Expense Ratio

(amounts in millions)


		2023															2022
	GAAP Basis Expense Ratio	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	248		$	228		$	226		$	240		$	942		$	225		$	245		$	579		$	236		$	1,285
(B)	Premiums	$	904		$	915		$	902		$	915		$	3,636		$	918		$	929		$	916		$	917		$	3,680

(A) / (B)	GAAP Basis Expense Ratio		27	%		25	%		25	%		26	%		26	%		25	%		26	%		63	%		26	%		35	%

	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	248		$	228		$	226		$	240		$	942		$	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	$	248		$	228		$	225		$	227		$	928		$	225		$	225		$	214		$	236		$	900

	Premiums	$	904		$	915		$	902		$	915		$	3,636		$	918		$	929		$	916		$	917		$	3,680
	Add: Policy fees and other income		159			158			166			163			646			167			169			165			170			671

(D)	Adjusted revenues	$	1,063		$	1,073		$	1,068		$	1,078		$	4,282		$	1,085		$	1,098		$	1,081		$	1,087		$	4,351

(C) / (D)	Adjusted expense ratio⁽³⁾		23	%		21	%		21	%		21	%		22	%		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

FOURTH QUARTER 2023

Reconciliation of Reported Yield to Core Yield


		2023															2022
	(Assets - amounts in billions)	4Q			3Q			2Q			1Q			Total			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	62.0		$	58.7		$	61.0		$	61.6		$	62.0		$	60.7		$	60.1		$	63.2		$	68.2		$	60.7
	Subtract:
	Unrealized gains (losses)		(2.4	)		(5.8	)		(3.7	)		(3.0	)		(2.4	)		(4.2	)		(4.9	)		(1.9	)		3.0			(4.2	)

	Adjusted end of period invested assets and cash	$	64.4		$	64.5		$	64.7		$	64.6		$	64.4		$	64.9		$	65.0		$	65.1		$	65.2		$	64.9

(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	64.5		$	64.6		$	64.6		$	64.8		$	64.6		$	65.0		$	65.0		$	65.2		$	65.4		$	65.2

	(Income - amounts in millions)

(B)	Reported - Net Investment Income	$	810		$	801		$	785		$	787		$	3,183		$	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⁾		4			1			3			1			9			(1	)		—			—			—			(1	)

(C)	Core Net Investment Income	$	806		$	799		$	782		$	784		$	3,171		$	782		$	802		$	780		$	754		$	3,118

(B) / (A)	Reported Yield		5.03	%		4.96	%		4.86	%		4.86	%		4.92	%		4.84	%		4.97	%		4.83	%		4.67	%		4.83	%
(C) / (A)	Core Yield		5.00	%		4.95	%		4.84	%		4.84	%		4.91	%		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.