EX-99.2

LOGO

Exhibit 99.2

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024


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 New Insurance Written—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

FIRST QUARTER 2024

Dear Investor,

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

Please see the accompanying press release and summary presentation posted to the company’s website at http://investor.genworth.com for additional information regarding its first quarter 2024 earnings results.

Investors are encouraged to listen to the company’s earnings call on the first quarter 2024 results at 9:00 a.m. (ET) on May 2, 2024.

Regards,

Sarah Crews, Investor Relations

InvestorInfo@genworth.com

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

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) 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 determined 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.

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

FIRST QUARTER 2024

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 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.

This financial supplement contains selected operating performance measures including “new insurance written,” “insurance in-force” and “risk in-force,” which are commonly used in the insurance industry as measures of operating performance.

Management regularly monitors and reports new insurance written for the company’s Enact segment as a measure of volume of new business generated in a period. 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 mortgage 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. These metrics are presented on a direct basis and exclude reinsurance. 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.

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

FIRST QUARTER 2024

Financial Highlights

(amounts in millions, except per share data)


Balance Sheet Data	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)	$	10,100		$	10,035		$	10,276		$	10,321		$	10,292
Total accumulated other comprehensive income (loss)⁽¹⁾		(2,094	)		(2,555	)		(2,220	)		(2,861	)		(2,853	)

Total Genworth Financial, Inc.’s stockholders’ equity	$	8,006		$	7,480		$	8,056		$	7,460		$	7,439

Book value per share	$	18.21		$	16.74		$	17.80		$	15.98		$	15.28
Book value per share, excluding accumulated other comprehensive income (loss)	$	22.98		$	22.46		$	22.70		$	22.11		$	21.14
Common shares outstanding as of the balance sheet date		439.6			446.8			452.7			466.8			486.9

	Twelve months ended
Twelve Month Rolling Average ROE	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
U.S. GAAP Basis ROE		0.9	%		0.7	%		6.6	%		7.7	%		8.0	%
Operating ROE⁽²⁾		(0.2	)%		0.4	%		6.0	%		7.2	%		8.0	%

	Three months ended
Quarterly Average ROE	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
U.S. GAAP Basis ROE		5.5	%		(8.4	)%		1.1	%		5.3	%		4.8	%
Operating ROE⁽²⁾		3.4	%		(9.1	)%		1.6	%		3.3	%		5.6	%

Basic and Diluted Shares	Three months ended March 31, 2024
Weighted-average common shares used in basic earnings per share calculations		443.0
Potentially dilutive securities:
Performance stock units, restricted stock units and other equity-based awards		7.3

Weighted-average common shares used in diluted earnings per share calculations		450.3

⁽¹⁾

As of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, total accumulated other comprehensive income (loss) includes $(334) million, $(1,439) million, $1,826 million, $(964) million and $(1,628) 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

FIRST QUARTER 2024

Consolidated Net Income (Loss) by Quarter

(amounts in millions, except per share amounts)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	875		$	904		$	915		$	902		$	915		$	3,636
Net investment income		782			810			801			785			787			3,183
Net investment gains (losses)		49			38			(43	)		39			(11	)		23
Policy fees and other income		158			159			158			166			163			646

Total revenues		1,864			1,911			1,831			1,892			1,854			7,488

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		1,203			1,233			1,199			1,175			1,176			4,783
Liability remeasurement (gains) losses		(8	)		416			116			70			(15	)		587
Changes in fair value of market risk benefits and associated hedges		(23	)		14			(24	)		(19	)		17			(12	)
Interest credited		125			124			127			126			126			503
Acquisition and operating expenses, net of deferrals		236			248			228			226			240			942
Amortization of deferred acquisition costs and intangibles		65			63			65			64			72			264
Interest expense		30			30			30			29			29			118

Total benefits and expenses		1,628			2,128			1,741			1,671			1,645			7,185

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		236			(217	)		90			221			209			303
Provision (benefit) for income taxes		66			(36	)		30			55			55			104

INCOME (LOSS) FROM CONTINUING OPERATIONS		170			(181	)		60			166			154			199
Income (loss) from discontinued operations, net of taxes⁽¹⁾		(1	)		(2	)		—			2			—			—

NET INCOME (LOSS)		169			(183	)		60			168			154			199
Less: net income attributable to noncontrolling interests		30			29			31			31			32			123

NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	139		$	(212	)	$	29		$	137		$	122		$	76


Earnings (Loss) Per Share Data:
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.32		$	(0.47	)	$	0.06		$	0.28		$	0.25		$	0.16
Diluted	$	0.31		$	(0.47	)	$	0.06		$	0.28		$	0.24		$	0.16
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.31		$	(0.47	)	$	0.06		$	0.29		$	0.25		$	0.16
Diluted	$	0.31		$	(0.47	)	$	0.06		$	0.29		$	0.24		$	0.16
Weighted-average common shares outstanding
Basic		443.0			449.4			460.5			473.2			492.3			468.8
Diluted⁽²⁾		450.3			449.4			466.0			478.1			500.1			474.9

⁽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⁾

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.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

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

(amounts in millions, except per share amounts)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS	$	139		$	(212	)	$	29		$	137		$	122		$	76
Add: net income attributable to noncontrolling interests		30			29			31			31			32			123

NET INCOME (LOSS)		169			(183	)		60			168			154			199
Less: income (loss) from discontinued operations, net of taxes		(1	)		(2	)		—			2			—			—

INCOME (LOSS) FROM CONTINUING OPERATIONS		170			(181	)		60			166			154			199
Less: net income from continuing operations attributable to noncontrolling interests		30			29			31			31			32			123

INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		140			(210	)		29			135			122			76

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		(50	)		(38	)		43			(41	)		11			(25	)
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		(26	)		13			(26	)		(23	)		14			(22	)
(Gains) losses on early extinguishment of debt		(1	)		(1	)		—			—			(1	)		(2	)
Expenses related to restructuring		7			—			—			1			3			4
Taxes on adjustments		15			6			(4	)		13			(5	)		10

ADJUSTED OPERATING INCOME (LOSS)	$	85		$	(230	)	$	42		$	85		$	144		$	41

ADJUSTED OPERATING INCOME (LOSS):
Enact segment	$	135		$	129		$	134		$	146		$	143		$	552
Long-Term Care Insurance segment		3			(151	)		(71	)		(43	)		23			(242	)
Life and Annuities segment:
Life Insurance		(33	)		(206	)		(25	)		(17	)		(27	)		(275	)
Fixed Annuities		11			9			17			10			14			50
Variable Annuities		7			14			5			9			9			37

Total Life and Annuities segment		(15	)		(183	)		(3	)		2			(4	)		(188	)

Corporate and Other		(38	)		(25	)		(18	)		(20	)		(18	)		(81	)

ADJUSTED OPERATING INCOME (LOSS)	$	85		$	(230	)	$	42		$	85		$	144		$	41


Earnings (Loss) Per Share Data:
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share
Basic	$	0.31		$	(0.47	)	$	0.06		$	0.29		$	0.25		$	0.16
Diluted	$	0.31		$	(0.47	)	$	0.06		$	0.29		$	0.24		$	0.16
Adjusted operating income (loss) per share
Basic	$	0.19		$	(0.51	)	$	0.09		$	0.18		$	0.29		$	0.09
Diluted	$	0.19		$	(0.51	)	$	0.09		$	0.18		$	0.29		$	0.09
Weighted-average common shares outstanding
Basic		443.0			449.4			460.5			473.2			492.3			468.8
Diluted⁽³⁾		450.3			449.4			466.0			478.1			500.1			474.9

⁽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

FIRST QUARTER 2024

Consolidated Balance Sheets

(amounts in millions)


	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value⁽¹⁾	$	46,065		$	46,781		$	43,968		$	46,070		$	47,381
Equity securities, at fair value		427			396			363			378			364
Commercial mortgage loans⁽²⁾		6,748			6,829			6,818			6,876			6,915
Less: Allowance for credit losses		(29	)		(27	)		(25	)		(24	)		(24	)

Commercial mortgage loans, net		6,719			6,802			6,793			6,852			6,891
Policy loans		2,219			2,220			2,233			2,270			2,133
Limited partnerships		2,949			2,821			2,699			2,585			2,456
Other invested assets		683			731			645			648			617

Total investments		59,062			59,751			56,701			58,803			59,842
Cash, cash equivalents and restricted cash		1,952			2,215			1,993			2,173			1,752
Accrued investment income		707			647			620			553			700
Deferred acquisition costs		1,934			1,988			2,042			2,096			2,150
Intangible assets		197			198			199			201			203
Reinsurance recoverable		18,315			19,054			17,623			19,113			19,606
Less: Allowance for credit losses		(27	)		(29	)		(28	)		(64	)		(64	)

Reinsurance recoverable, net		18,288			19,025			17,595			19,049			19,542
Other assets		516			489			453			445			478
Deferred tax asset		1,839			1,952			1,580			1,954			2,002
Market risk benefit assets		52			43			39			37			28
Separate account assets		4,645			4,509			4,244			4,533			4,479

Total assets	$	89,192		$	90,817		$	85,466		$	89,844		$	91,176

⁽¹⁾

Amortized cost of $49,281 million, $49,365 million, $49,855 million, $49,864 million and $50,461 million as of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively, and allowance for credit losses of $7 million, $7 million, $6 million, $4 million and $15 million as of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

⁽²⁾	Net of unamortized balance of loan origination fees and costs of $4 million as of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Consolidated Balance Sheets

(amounts in millions)


	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	55,545		$	57,655		$	51,740		$	56,443		$	57,531
Policyholder account balances		15,315			15,540			15,590			15,922			16,202
Market risk benefit liabilities		528			625			579			666			761
Liability for policy and contract claims		673			652			631			628			665
Unearned premiums		139			149			162			175			189
Other liabilities		1,889			1,768			2,038			1,607			1,510
Long-term borrowings		1,579			1,584			1,602			1,601			1,600
Separate account liabilities		4,645			4,509			4,244			4,533			4,479
Liabilities related to discontinued operations⁽¹⁾		—			—			2			2			7

Total liabilities		80,313			82,482			76,588			81,577			82,944

Equity:
Common stock		1			1			1			1			1
Additional paid-in capital		11,873			11,884			11,877			11,869			11,863
Accumulated other comprehensive income (loss):
Change in the discount rate used to measure future policy benefits		(334	)		(1,439	)		1,826			(964	)		(1,628	)
All other		(1,760	)		(1,116	)		(4,046	)		(1,897	)		(1,225	)

Total accumulated other comprehensive income (loss)		(2,094	)		(2,555	)		(2,220	)		(2,861	)		(2,853	)
Retained earnings		1,352			1,213			1,426			1,398			1,261
Treasury stock, at cost		(3,126	)		(3,063	)		(3,028	)		(2,947	)		(2,833	)

Total Genworth Financial, Inc.’s stockholders’ equity		8,006			7,480			8,056			7,460			7,439
Noncontrolling interests		873			855			822			807			793

Total equity		8,879			8,335			8,878			8,267			8,232

Total liabilities and equity	$	89,192		$	90,817		$	85,466		$	89,844		$	91,176

⁽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

FIRST QUARTER 2024

Consolidated Balance Sheet by Segment

(amounts in millions)


	March 31, 2024
	Enact			Long-Term Care Insurance			Life and Annuities			Corporate and Other⁽¹⁾			Total
ASSETS
Cash and investments	$	6,045		$	35,652		$	18,552		$	1,472		$	61,721
Deferred acquisition costs and intangible assets		46			886			1,184			15			2,131
Reinsurance recoverable, net		2			7,228			11,058			—			18,288
Deferred tax and other assets		210			1,681			275			189			2,355
Market risk benefit assets		—			—			52			—			52
Separate account assets		—			—			4,645			—			4,645

Total assets	$	6,303		$	45,447		$	35,766		$	1,676		$	89,192

LIABILITIES AND EQUITY
Liabilities:
Future policy benefits	$	—		$	42,339		$	13,206		$	—		$	55,545
Policyholder account balances		—			—			15,315			—			15,315
Market risk benefit liabilities		—			—			528			—			528
Liability for policy and contract claims		532			—			134			7			673
Unearned premiums		139			—			—			—			139
Other liabilities		167			893			293			536			1,889
Borrowings		746			—			—			833			1,579
Separate account liabilities		—			—			4,645			—			4,645

Total liabilities		1,584			43,232			34,121			1,376			80,313

Equity:
Allocated equity, excluding accumulated other comprehensive income (loss)		4,041			2,727			2,552			780			10,100
Allocated accumulated other comprehensive income (loss)		(195	)		(512	)		(907	)		(480	)		(2,094	)

Total Genworth Financial, Inc.’s stockholders’ equity		3,846			2,215			1,645			300			8,006
Noncontrolling interests		873			—			—			—			873

Total equity		4,719			2,215			1,645			300			8,879

Total liabilities and equity	$	6,303		$	45,447		$	35,766		$	1,676		$	89,192

⁽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

FIRST QUARTER 2024

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.

Enact Segment

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Adjusted Operating Income—Enact Segment

(amounts in millions)


	2024			2023
	1Q			4Q			3Q		2Q			1Q			Total
REVENUES:
Premiums	$	241		$	240		$	243	$	239		$	235		$	957
Net investment income		57			57			55		50			46			208
Net investment gains (losses)		(6	)		(1	)		—		(13	)		—			(14	)
Policy fees and other income		—			—			1		1			—			2

Total revenues		292			296			299		277			281			1,153

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		20			24			18		(4	)		(11	)		27
Acquisition and operating expenses, net of deferrals		51			56			52		52			52			212
Amortization of deferred acquisition costs and intangibles		2			3			3		2			3			11
Interest expense		13			13			13		13			13			52

Total benefits and expenses		86			96			86		63			57			302

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		206			200			213		214			224			851
Provision for income taxes		45			43			48		46			49			186

INCOME FROM CONTINUING OPERATIONS		161			157			165		168			175			665
Less: net income attributable to noncontrolling interests		30			29			31		31			32			123

INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS		131			128			134		137			143			542

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS:
Net investment (gains) losses, net⁽¹⁾		5			1			—		11			—			12
Taxes on adjustments		(1	)		—			—		(2	)		—			(2	)

ADJUSTED OPERATING INCOME	$	135		$	129		$	134	$	146		$	143		$	552



Direct Primary New Insurance Written (NIW)	$	10,526		$	10,453		$	14,391	$	15,083		$	13,154		$	53,081

⁽¹⁾	Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million in the first quarter of 2024 and $2 million in the second quarter of 2023.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Direct Primary New Insurance Written Metrics—Enact Segment

(amounts in millions)


	2024					2023
	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
Payment Type
Monthly	$	10,034		95	%	$	10,187		98	%	$	14,099		98	%	$	14,774		98	%	$	12,809		97	%
Single		475		5			246		2			269		2			281		2			318		3
Other⁽¹⁾		17		—			20		—			23		—			28		—			27		—

Total	$	10,526		100	%	$	10,453		100	%	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%

Origination
Purchase	$	10,072		96	%	$	10,169		97	%	$	14,073		98	%	$	14,720		98	%	$	12,761		97	%
Refinance		454		4			284		3			318		2			363		2			393		3

Total	$	10,526		100	%	$	10,453		100	%	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%

FICO Scores
Over 760	$	5,218		49	%	$	5,086		49	%	$	6,679		46	%	$	6,911		46	%	$	6,004		46	%
740 - 759		1,664		16			1,680		16			2,438		17			2,608		17			2,268		17
720 - 739		1,368		13			1,378		13			1,928		13			2,097		14			1,817		14
700 - 719		990		9			997		10			1,422		10			1,499		10			1,296		10
680 - 699		629		6			664		6			974		7			1,060		7			954		7
660 - 679⁽²⁾		388		4			409		4			592		4			568		4			517		4
640 - 659		193		2			181		2			282		2			260		2			229		2
620 - 639		73		1			53		—			74		1			76		—			65		—
<620		3		—			5		—			2		—			4		—			4		—

Total	$	10,526		100	%	$	10,453		100	%	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%

Loan-To-Value Ratio
95.01% and above	$	2,262		21	%	$	1,820		18	%	$	2,677		18	%	$	2,692		18	%	$	2,106		16	%
90.01% to 95.00%		3,876		37			3,759		36			5,431		38			5,743		38			4,928		38
85.01% to 90.00%		3,177		30			3,489		33			4,568		32			4,753		31			4,390		33
85.00% and below		1,211		12			1,385		13			1,715		12			1,895		13			1,730		13

Total	$	10,526		100	%	$	10,453		100	%	$	14,391		100	%	$	15,083		100	%	$	13,154		100	%

Debt-To-Income Ratio
45.01% and above	$	3,165		30	%	$	3,158		30	%	$	4,437		31	%	$	4,467		30	%	$	3,538		27	%
38.01% to 45.00%		3,824		36			3,816		37			4,936		34			5,214		34			4,940		38
38.00% and below		3,537		34			3,479		33			5,018		35			5,402		36			4,676		35

Total	$	10,526		100	%	$	10,453		100	%	$	14,391		100	%	$	15,083		100	%	$	13,154		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

FIRST QUARTER 2024

Other Metrics—Enact Segment

(dollar amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total

Direct Primary Insurance In-Force	$	263,645		$	262,937		$	262,014		$	257,816		$	252,516

Direct Risk In-Force
Primary	$	67,950		$	67,529		$	67,056		$	65,714		$	64,106
Pool		67			69			70			73			76

Total Direct Risk In-Force	$	68,017		$	67,598		$	67,126		$	65,787		$	64,182


Expense Ratio⁽¹⁾		22	%		25	%		23	%		23	%		23	%		23	%

Primary Persistency Rate		85	%		86	%		84	%		84	%		85	%		85	%

Combined Risk To Capital Ratio⁽²⁾		11.2:1			11.6:1			11.6:1			11.8:1			12.6:1

EMICO Risk To Capital Ratio^(2),(3)		11.2:1			11.6:1			11.6:1			11.9:1			12.7:1

PMIERs Available Assets⁽⁴⁾	$	4,853		$	5,006		$	5,268		$	5,093		$	5,357

PMIERs Required Assets⁽⁴⁾	$	2,970		$	3,119		$	3,251		$	3,135		$	3,259

Available Assets Above PMIERs Requirements⁽⁴⁾	$	1,883		$	1,887		$	2,017		$	1,958		$	2,098

PMIERs Sufficiency Ratio⁽⁴⁾		163	%		161	%		162	%		162	%		164	%

Average Primary Loan Size (in thousands)	$	272		$	270		$	268		$	265		$	262

⁽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. The expense ratio is calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

⁽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.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Loss Metrics—Enact Segment

(amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
Average Direct Primary Paid Claim (in thousands)⁽¹⁾	$	37.5		$	37.2		$	38.7		$	37.4		$	39.0
Average Reserve Per Primary Delinquency (in thousands)⁽²⁾	$	24.9		$	23.3		$	23.9		$	25.0		$	24.8

Reserves:
Direct primary case⁽³⁾	$	486		$	477		$	460		$	452		$	462
All other⁽³⁾		46			41			41			38			40

Total Reserves	$	532		$	518		$	501		$	490		$	502


Beginning Reserves	$	518		$	501		$	490		$	502		$	519		$	519
Paid claims		(6	)		(7	)		(7	)		(8	)		(6	)		(28	)
Increase (decrease) in reserves		20			24			18			(4	)		(11	)		27

Ending Reserves	$	532		$	518		$	501		$	490		$	502		$	518

Loss Ratio⁽⁴⁾		8	%		10	%		7	%		(2	)%		(5	)%		3	%

⁽¹⁾

Paid claims on direct primary case reserves divided by the number of paid claims. Average direct primary paid claims in the first quarter of 2024 and the fourth quarter of 2023 include payments in relation to agreements on non-performing loans. Prior year amounts have been reclassified to conform to the current year presentation.

⁽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.

⁽⁴⁾	The loss ratio is calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Delinquency Metrics—Enact Segment

(dollar amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
Primary Loans
Primary loans in-force		969,866			974,516			977,832			973,280			965,544
Primary delinquent loans		19,492			20,432			19,241			18,065			18,633
Primary delinquency rate		2.01	%		2.10	%		1.97	%		1.86	%		1.93	%

Beginning Number of Primary Delinquencies		20,432			19,241			18,065			18,633			19,943			19,943
New delinquencies		11,395			11,706			11,107			9,205			9,599			41,617
Delinquency cures		(12,160	)		(10,317	)		(9,778	)		(9,609	)		(10,771	)		(40,475	)
Paid claims		(172	)		(186	)		(147	)		(156	)		(126	)		(615	)
Rescissions and claim denials		(3	)		(12	)		(6	)		(8	)		(12	)		(38	)

Ending Number of Primary Delinquencies		19,492			20,432			19,241			18,065			18,633			20,432


Composition of Cures
Reported delinquent and cured-intraquarter		2,726			2,058			1,877			1,661			2,016
Number of missed payments delinquent prior to cure:
3 payments or less		5,994			5,235			4,792			4,516			5,238
4 - 11 payments		2,749			2,331			2,265			2,448			2,431
12 payments or more		691			693			844			984			1,086

Total		12,160			10,317			9,778			9,609			10,771

Primary Delinquencies by Missed Payment Status
3 payments or less		9,506			10,166			9,398			8,162			7,876
4 - 11 payments		6,853			6,934			6,381			6,229			6,714
12 payments or more		3,133			3,332			3,462			3,674			4,043

Primary Delinquencies		19,492			20,432			19,241			18,065			18,633



	March 31, 2024
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	$	87		$	600			14	%
4 - 11 payments in default		220			468			47	%
12 payments or more in default		179			197			91	%

Total	$	486		$	1,265			38	%


	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	%

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Portfolio Quality Metrics—Enact Segment

(amounts in millions)


	March 31, 2024
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		15	%	$	5,420		2	%	$	1,397		2	%		8.12	%
2009-2016		7			7,368		3			1,943		3			3.74	%
2017		4			5,015		2			1,324		2			3.41	%
2018		6			5,524		2			1,419		2			4.13	%
2019		8			13,126		5			3,403		5			2.70	%
2020		14			42,183		16			11,181		16			1.67	%
2021		22			66,971		25			17,174		25			1.63	%
2022		19			58,051		22			14,629		22			1.61	%
2023		5			49,556		19			12,810		19			0.67	%
2024		—			10,431		4			2,670		4			0.02	%

Total		100	%	$	263,645		100	%	$	67,950		100	%		2.01	%



	March 31, 2024					December 31, 2023					March 31, 2023
	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	$	13,250		20	%	$	12,878		19	%	$	11,545		18	%
90.01% to 95.00%		31,881		47			31,781		47			30,589		48
85.01% to 90.00%		19,265		28			19,163		28			18,054		28
85.00% and below		3,554		5			3,707		6			3,918		6

Total	$	67,950		100	%	$	67,529		100	%	$	64,106		100	%



	March 31, 2024					December 31, 2023					March 31, 2023
	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	$	28,703		42	%	$	28,363		42	%	$	26,480		41	%
740 - 759		11,167		17			11,096		17			10,418		16
720 - 739		9,669		14			9,621		14			9,126		14
700 - 719		7,629		11			7,623		11			7,406		12
680 - 699		5,524		8			5,557		8			5,481		9
660 - 679⁽²⁾		2,908		4			2,908		4			2,809		4
640 - 659		1,562		3			1,565		3			1,549		3
620 - 639		632		1			635		1			660		1
<620		156		—			161		—			177		—

Total	$	67,950		100	%	$	67,529		100	%	$	64,106		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

FIRST QUARTER 2024

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

(amounts in millions)


	2024			2023
	1Q			4Q⁽¹⁾			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	578		$	615		$	621		$	611		$	616		$	2,463
Net investment income		464			489			482			470			473			1,914
Net investment gains (losses)		63			64			(21	)		62			9			114

Total revenues		1,105			1,168			1,082			1,143			1,098			4,491

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		936			964			953			941			944			3,802
Liability remeasurement (gains) losses		(16	)		188			104			61			(32	)		321
Acquisition and operating expenses, net of deferrals		102			116			109			108			119			452
Amortization of deferred acquisition costs and intangibles		17			18			17			18			18			71

Total benefits and expenses		1,039			1,286			1,183			1,128			1,049			4,646

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		66			(118	)		(101	)		15			49			(155	)
Provision (benefit) for income taxes		14			(18	)		(13	)		10			18			(3	)

INCOME (LOSS) FROM CONTINUING OPERATIONS		52			(100	)		(88	)		5			31			(152	)
ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(63	)		(64	)		21			(62	)		(9	)		(114	)
Expenses related to restructuring		1			—			—			1			(1	)		—
Taxes on adjustments		13			13			(4	)		13			2			24

ADJUSTED OPERATING INCOME (LOSS)	$	3		$	(151	)	$	(71	)	$	(43	)	$	23		$	(242	)

Liability remeasurement (gains) losses:
Cash flow assumption updates	$	(2	)	$	61		$	(6	)	$	(24	)	$	21		$	52
Actual to expected experience		(14	)		127			110			85			(53	)		269

Total	$	(16	)	$	188		$	104		$	61		$	(32	)	$	321

Ratio of the liability remeasurement (gains) losses to beginning reserves⁽²⁾		(0.04	)%		0.45	%		0.25	%		0.15	%		(0.08	)%		0.77	%

⁽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 the coronavirus pandemic (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 its assumption for future approvals and benefit reductions given its current plans for rate increase filings and historical experience regarding approvals and regulatory support, as well as benefit reductions 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 and therefore had a muted favorable impact on the liability remeasurement (gain) loss in the income statement.

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

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

(amounts in millions)


	2024			2023
	1Q			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⁾	$	217		$	232		$	231		$	224		$	219		$	906
Reserve changes⁽²⁾		114			119			99			104			94			416

Settlement impacts - reserve changes		240			232			169			97			93			591
Settlement impacts - litigation expenses and settlement payments		(109	)		(116	)		(102	)		(54	)		(56	)		(328	)

Settlement impacts, net		131			116			67			43			37			263

Statutory earnings from in-force rate actions	$	462		$	467		$	397		$	371		$	350		$	1,585

⁽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

FIRST QUARTER 2024

Adjusted Operating Income (Loss)—Life and Annuities Segment

(amounts in millions)


	2024			2023
	1Q			4Q⁽¹⁾			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	53		$	47		$	48		$	50		$	62		$	207
Net investment income		254			256			261			261			264			1,042
Net investment gains (losses)		(4	)		(14	)		(18	)		(7	)		(10	)		(49	)
Policy fees and other income		158			160			158			165			163			646

Total revenues		461			449			449			469			479			1,846

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		250			248			229			240			246			963
Liability remeasurement (gains) losses		8			228			12			9			17			266
Changes in fair value of market risk benefits and associated hedges		(23	)		14			(24	)		(19	)		17			(12	)
Interest credited		125			124			127			126			126			503
Acquisition and operating expenses, net of deferrals		54			55			54			51			53			213
Amortization of deferred acquisition costs and intangibles		45			41			45			44			51			181

Total benefits and expenses		459			710			443			451			510			2,114

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		2			(261	)		6			18			(31	)		(268	)
Provision (benefit) for income taxes		—			(56	)		1			3			(7	)		(59	)

INCOME (LOSS) FROM CONTINUING OPERATIONS		2			(205	)		5			15			(24	)		(209	)

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		4			14			18			7			10			49
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽²⁾		(26	)		13			(26	)		(23	)		14			(22	)
Taxes on adjustments		5			(5	)		—			3			(4	)		(6	)

ADJUSTED OPERATING INCOME (LOSS)	$	(15	)	$	(183	)	$	(3	)	$	2		$	(4	)	$	(188	)



⁽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	$	(23	)	$	14		$	(24	)	$	(19	)	$	17		$	(12	)
Adjustment for changes in reserves, attributed fees and benefit payments		(3	)		(1	)		(2	)		(4	)		(3	)		(10	)

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

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Adjusted Operating Loss—Life and Annuities Segment—Life Insurance

(amounts in millions)


	2024			2023
	1Q			4Q^(1),(2)			3Q			2Q			1Q			Total
REVENUES:
Premiums	$	53		$	47		$	48		$	50		$	62		$	207
Net investment income		167			167			169			165			164			665
Net investment gains (losses)		5			(6	)		—			(1	)		(2	)		(9	)
Policy fees and other income		129			131			130			136			134			531

Total revenues		354			339			347			350			358			1,394

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		208			207			184			197			199			787
Liability remeasurement (gains) losses		11			229			22			7			18			276
Interest credited		99			98			99			98			98			393
Acquisition and operating expenses, net of deferrals		35			38			36			34			36			144
Amortization of deferred acquisition costs and intangibles		38			35			38			36			44			153

Total benefits and expenses		391			607			379			372			395			1,753

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(37	)		(268	)		(32	)		(22	)		(37	)		(359	)
Benefit for income taxes		(8	)		(57	)		(7	)		(5	)		(8	)		(77	)

LOSS FROM CONTINUING OPERATIONS		(29	)		(211	)		(25	)		(17	)		(29	)		(282	)

ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:
Net investment (gains) losses		(5	)		6			—			1			2			9
Taxes on adjustments		1			(1	)		—			(1	)		—			(2	)

ADJUSTED OPERATING LOSS	$	(33	)	$	(206	)	$	(25	)	$	(17	)	$	(27	)	$	(275	)

⁽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 $5 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 $35 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

FIRST QUARTER 2024

Adjusted Operating Income—Life and Annuities Segment—Fixed Annuities

(amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	80		$	82		$	85		$	87		$	91		$	345
Net investment gains (losses)		(9	)		(8	)		(18	)		(5	)		(8	)		(39	)
Policy fees and other income		2			2			1			2			2			7

Total revenues		73			76			68			84			85			313

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		36			35			36			35			39			145
Liability remeasurement (gains) losses		(3	)		(1	)		(10	)		2			(1	)		(10	)
Changes in fair value of market risk benefits and associated hedges		(7	)		16			(18	)		(4	)		8			2
Interest credited		25			26			26			27			27			106
Acquisition and operating expenses, net of deferrals		8			8			9			7			8			32
Amortization of deferred acquisition costs and intangibles		3			2			3			4			3			12

Total benefits and expenses		62			86			46			71			84			287

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		11			(10	)		22			13			1			26
Provision (benefit) for income taxes		2			(2	)		5			3			—			6

INCOME (LOSS) FROM CONTINUING OPERATIONS		9			(8	)		17			10			1			20

ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:
Net investment (gains) losses		9			8			18			5			8			39
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽¹⁾		(7	)		14			(18	)		(5	)		8			(1	)
Taxes on adjustments		—			(5	)		—			—			(3	)		(8	)

ADJUSTED OPERATING INCOME	$	11		$	9		$	17		$	10		$	14		$	50


⁽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	$	(7	)	$	16		$	(18	)	$	(4	)	$	8		$	2
Adjustment for changes in reserves, attributed fees and benefit payments		—			(2	)		—			(1	)		—			(3	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	(7	)	$	14		$	(18	)	$	(5	)	$	8		$	(1	)

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Adjusted Operating Income—Life and Annuities Segment—Variable Annuities

(amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
REVENUES:
Net investment income	$	7		$	7		$	7		$	9		$	9		$	32
Net investment gains (losses)		—			—			—			(1	)		—			(1	)
Policy fees and other income		27			27			27			27			27			108

Total revenues		34			34			34			35			36			139

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		6			6			9			8			8			31
Changes in fair value of market risk benefits and associated hedges		(16	)		(2	)		(6	)		(15	)		9			(14	)
Interest credited		1			—			2			1			1			4
Acquisition and operating expenses, net of deferrals		11			9			9			10			9			37
Amortization of deferred acquisition costs and intangibles		4			4			4			4			4			16

Total benefits and expenses		6			17			18			8			31			74

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		28			17			16			27			5			65
Provision for income taxes		6			3			3			5			1			12

INCOME FROM CONTINUING OPERATIONS		22			14			13			22			4			53

ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:
Net investment (gains) losses		—			—			—			1			—			1
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges⁽¹⁾		(19	)		(1	)		(8	)		(18	)		6			(21	)
Taxes on adjustments		4			1			—			4			(1	)		4

ADJUSTED OPERATING INCOME	$	7		$	14		$	5		$	9		$	9		$	37


⁽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	$	(16	)	$	(2	)	$	(6	)	$	(15	)	$	9		$	(14	)
Adjustment for changes in reserves, attributed fees and benefit payments		(3	)		1			(2	)		(3	)		(3	)		(7	)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges	$	(19	)	$	(1	)	$	(8	)	$	(18	)	$	6		$	(21	)

Corporate and Other

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Adjusted Operating Loss—Corporate and Other⁽¹⁾

(amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total

REVENUES:
Premiums	$	3		$	2		$	3		$	2		$	2		$	9
Net investment income		7			8			3			4			4			19
Net investment gains (losses)		(4	)		(11	)		(4	)		(3	)		(10	)		(28	)
Policy fees and other income		—			(1	)		(1	)		—			—			(2	)

Total revenues		6			(2	)		1			3			(4	)		(2	)

BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves		(3	)		(3	)		(1	)		(2	)		(3	)		(9	)
Acquisition and operating expenses, net of deferrals		29			21			13			15			16			65
Amortization of deferred acquisition costs and intangibles		1			1			—			—			—			1
Interest expense		17			17			17			16			16			66

Total benefits and expenses		44			36			29			29			29			123

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(38	)		(38	)		(28	)		(26	)		(33	)		(125	)
Provision (benefit) for income taxes		7			(5	)		(6	)		(4	)		(5	)		(20	)

LOSS FROM CONTINUING OPERATIONS		(45	)		(33	)		(22	)		(22	)		(28	)		(105	)

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

ADJUSTED OPERATING LOSS	$	(38	)	$	(25	)	$	(18	)	$	(20	)	$	(18	)	$	(81	)

⁽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

FIRST QUARTER 2024

Investments Summary

(amounts in millions)


		March 31, 2024					December 31, 2023					September 30, 2023					June 30, 2023					March 31, 2023
		Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total			Carrying Amount		% of Total
Composition of Investment Portfolio
Fixed maturity securities:
Investment grade:
Public fixed maturity securities		$	26,667		43	%	$	27,302		43	%	$	25,148		42	%	$	26,413		43	%	$	26,894		44	%
Private fixed maturity securities			11,021		18			11,016		18			10,432		17			10,808		18			11,182		18
Residential mortgage-backed securities⁽¹⁾			876		1			907		1			891		2			935		1			986		2
Commercial mortgage-backed securities			1,315		2			1,413		2			1,495		3			1,674		3			1,814		3
Other asset-backed securities			2,264		4			2,199		4			2,163		4			2,164		4			2,113		3
State and political subdivisions			2,266		4			2,302		4			2,164		4			2,343		4			2,403		4
Non-investment grade fixed maturity securities			1,656		3			1,642		3			1,675		3			1,733		3			1,989		3
Equity securities:
Common stocks and mutual funds			377		1			347		1			316		1			326		1			306		1
Preferred stocks			50		—			49		—			47		—			52		—			58		—
Commercial mortgage loans, net			6,719		11			6,802		10			6,793		11			6,852		11			6,891		11
Policy loans			2,219		4			2,220		4			2,233		4			2,270		4			2,133		3
Limited partnerships			2,949		5			2,821		5			2,699		5			2,585		4			2,456		4
Cash, cash equivalents, restricted cash and short-term investments			1,962		3			2,242		4			2,023		3			2,196		3			1,759		3
Other invested assets:	Derivatives:
	Interest rate swaps		35		—			55		—			12		—			30		—			42		—
	Foreign currency swaps		11		—			10		—			15		—			16		—			17		—
	Equity index options		20		—			15		—			11		—			15		—			10		—
	Forward bond purchase commitments		41		—			51		—			—		—			—		—			—		—
	Other		566		1			573		1			577		1			564		1			541		1

Total invested assets and cash		$	61,014		100	%	$	61,966		100	%	$	58,694		100	%	$	60,976		100	%	$	61,594		100	%

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

AAA		$	2,472		8	%	$	2,559		8	%	$	2,533		8	%	$	5,936		19	%	$	6,112		19	%
AA			6,113		19			6,170		19			5,650		19			2,896		9			2,872		9
A			8,945		28			9,287		29			8,359		28			8,597		27			8,699		27
BBB			13,336		43			13,645		42			12,923		43			13,649		43			14,056		43
BB			519		2			498		2			519		2			564		2			786		2
B			27		—			30		—			20		—			23		—			41		—
CCC and lower			—		—			—		—			—		—			—		—			—		—

Total public fixed maturity securities		$	31,412		100	%	$	32,189		100	%	$	30,004		100	%	$	31,665		100	%	$	32,566		100	%

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

AAA		$	851		6	%	$	832		6	%	$	867		6	%	$	863		6	%	$	860		6	%
AA			1,570		11			1,477		10			1,352		10			1,416		10			1,422		10
A			4,078		28			4,043		28			3,960		28			4,135		29			4,217		28
BBB			7,044		47			7,126		48			6,649		48			6,845		47			7,154		48
BB			991		7			975		7			993		7			1,016		7			1,012		7
B			104		1			117		1			121		1			122		1			150		1
CCC and lower			—		—			7		—			7		—			8		—			—		—
Not rated			15		—			15		—			15		—			—		—			—		—

Total private fixed maturity securities		$	14,653		100	%	$	14,592		100	%	$	13,964		100	%	$	14,405		100	%	$	14,815		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

FIRST QUARTER 2024

Fixed Maturity Securities Summary

(amounts in millions)


	March 31, 2024					December 31, 2023					September 30, 2023					June 30, 2023					March 31, 2023
	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	$	3,460		8	%	$	3,494		7	%	$	3,112		7	%	$	3,389		7	%	$	3,441		7	%
State and political subdivisions		2,266		5			2,302		5			2,164		5			2,343		5			2,403		5
Foreign government		613		1			626		1			583		1			625		1			630		1
U.S. corporate		27,437		59			27,985		60			25,956		60			27,043		59			27,872		59
Foreign corporate		7,802		17			7,811		17			7,554		17			7,838		17			8,059		17
Residential mortgage-backed securities		876		2			907		2			891		2			934		2			985		2
Commercial mortgage-backed securities		1,321		3			1,418		3			1,503		3			1,690		4			1,831		4
Other asset-backed securities		2,290		5			2,238		5			2,205		5			2,208		5			2,160		5

Total fixed maturity securities	$	46,065		100	%	$	46,781		100	%	$	43,968		100	%	$	46,070		100	%	$	47,381		100	%

Corporate Bond Holdings - Industry Sector:

Investment Grade:
Finance and insurance	$	8,876		25	%	$	9,045		25	%	$	8,541		26	%	$	8,871		26	%	$	9,149		26	%
Utilities		4,902		14			4,904		14			4,503		13			4,653		14			4,788		13
Energy		3,153		9			3,181		9			2,967		9			3,022		9			2,882		8
Consumer - non-cyclical		4,981		15			4,979		14			4,573		14			4,863		14			4,998		14
Consumer - cyclical		1,588		5			1,659		5			1,497		4			1,558		4			1,602		4
Capital goods		2,559		7			2,593		7			2,406		7			2,490		7			2,554		7
Industrial		1,832		5			1,869		5			1,773		5			1,857		5			1,944		6
Technology and communications		3,491		10			3,686		10			3,422		10			3,599		10			3,713		10
Transportation		1,466		4			1,498		4			1,371		4			1,428		4			1,459		4
Other		870		2			895		3			933		3			973		3			1,022		3

Subtotal		33,718		96			34,309		96			31,986		95			33,314		96			34,111		95

Non-Investment Grade:
Finance and insurance		204		1			181		1			176		1			154		—			164		1
Utilities		52		—			54		—			72		—			46		—			47		—
Energy		197		1			218		1			218		1			228		1			407		1
Consumer - non-cyclical		139		—			142		—			135		—			139		—			150		—
Consumer - cyclical		260		1			211		1			262		1			273		1			291		1
Capital goods		134		—			149		—			157		1			172		1			178		1
Industrial		170		—			161		—			145		—			149		—			155		—
Technology and communications		213		1			228		1			212		1			226		1			247		1
Transportation		27		—			28		—			29		—			35		—			37		—
Other		125		—			115		—			118		—			145		—			144		—

Subtotal		1,521		4			1,487		4			1,524		5			1,567		4			1,820		5

Total	$	35,239		100	%	$	35,796		100	%	$	33,510		100	%	$	34,881		100	%	$	35,931		100	%

Fixed Maturity Securities - Contractual Maturity Dates:

Due in one year or less	$	1,298		3	%	$	1,372		3	%	$	1,426		3	%	$	1,375		3	%	$	1,328		3	%
Due after one year through five years		8,112		18			8,205		18			8,115		18			8,000		17			8,245		17
Due after five years through ten years		11,851		26			12,114		26			11,368		26			11,662		25			11,746		25
Due after ten years		20,317		43			20,527		43			18,460		43			20,201		44			21,086		44

Subtotal		41,578		90			42,218		90			39,369		90			41,238		89			42,405		89
Mortgage and asset-backed securities		4,487		10			4,563		10			4,599		10			4,832		11			4,976		11

Total fixed maturity securities	$	46,065		100	%	$	46,781		100	%	$	43,968		100	%	$	46,070		100	%	$	47,381		100	%

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

U.S. GAAP Net Investment Income Yields

(amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
U.S. GAAP Net Investment Income
Fixed maturity securities - taxable	$	554		$	557		$	559		$	567		$	561		$	2,244
Fixed maturity securities - non-taxable		1			—			1			1			1			3
Equity securities		2			5			1			3			2			11
Commercial mortgage loans		75			75			76			75			76			302
Policy loans		58			57			58			54			55			224
Limited partnerships		20			41			31			17			28			117
Other invested assets		68			72			69			70			68			279
Cash, cash equivalents, restricted cash and short-term investments		27			27			28			22			18			95

Gross investment income before expenses and fees		805			834			823			809			809			3,275
Expenses and fees		(23	)		(24	)		(22	)		(24	)		(22	)		(92	)

Net investment income	$	782		$	810		$	801		$	785		$	787		$	3,183

Annualized Yields
Fixed maturity securities - taxable		4.5	%		4.5	%		4.5	%		4.5	%		4.4	%		4.5	%
Fixed maturity securities - non-taxable		10.8	%		—	%		5.6	%		4.9	%		4.6	%		4.2	%
Equity securities		1.9	%		5.3	%		1.1	%		3.2	%		2.3	%		3.0	%
Commercial mortgage loans		4.4	%		4.4	%		4.5	%		4.4	%		4.4	%		4.4	%
Policy loans		10.5	%		10.2	%		10.3	%		9.8	%		10.3	%		10.2	%
Limited partnerships⁽¹⁾		2.8	%		5.9	%		4.7	%		2.7	%		4.7	%		4.5	%
Other invested assets⁽²⁾		47.7	%		50.1	%		48.3	%		50.7	%		51.6	%		50.5	%
Cash, cash equivalents, restricted cash and short-term investments		5.1	%		5.1	%		5.3	%		4.5	%		4.0	%		4.7	%

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

Net investment income		4.9	%		5.0	%		5.0	%		4.9	%		4.9	%		4.9	%

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

FIRST QUARTER 2024

Net Investment Gains (Losses)—Detail

(amounts in millions)


	2024			2023
	1Q			4Q			3Q			2Q			1Q			Total
Realized investment gains (losses):
Net realized gains (losses) on available-for-sale securities:
Fixed maturity securities:
U.S. corporate	$	(17	)	$	(15	)	$	(5	)	$	(39	)	$	(8	)	$	(67	)
U.S. government, agencies and government-sponsored enterprises		1			(30	)		2			1			1			(26	)
Foreign corporate		(3	)		(5	)		(3	)		1			(3	)		(10	)
Foreign government		—			—			—			—			(1	)		(1	)
Mortgage-backed securities		(3	)		(18	)		(5	)		(2	)		(5	)		(30	)
Asset-backed securities		—			—			—			9			—			9

Total net realized gains (losses) on available-for-sale securities		(22	)		(68	)		(11	)		(30	)		(16	)		(125	)
Net realized gains (losses) on equity securities sold		—			—			—			(1	)		—			(1	)

Total net realized investment gains (losses)		(22	)		(68	)		(11	)		(31	)		(16	)		(126	)

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	)
Net unrealized gains (losses) on equity securities still held		32			33			(12	)		21			11			53
Net unrealized gains (losses) on limited partnerships		43			57			14			40			—			111
Commercial mortgage loans		(2	)		(2	)		(1	)		—			(2	)		(5	)
Derivative instruments		1			24			(28	)		(1	)		12			7
Other		(3	)		(5	)		(3	)		—			(1	)		(9	)

Net investment gains (losses), gross		49			38			(43	)		39			(11	)		23
Adjustment for net investment (gains) losses attributable to noncontrolling interests		1			—			—			2			—			2

Net investment gains (losses), net	$	50		$	38		$	(43	)	$	41		$	(11	)	$	25

Reconciliations of Non-GAAP Measures

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Reconciliation of Operating ROE

(amounts in millions)


Twelve Month Rolling Average ROE	Twelve months ended
U.S. GAAP Basis ROE	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended⁽¹⁾	$	93		$	76		$	669		$	776		$	798
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,205		$	10,234		$	10,205		$	10,104		$	9,964
U.S. GAAP Basis ROE ^(1)/(2)		0.9	%		0.7	%		6.6	%		7.7	%		8.0	%

Operating ROE
Adjusted operating income (loss) for the twelve months ended⁽¹⁾	$	(18	)	$	41		$	609		$	725		$	793
Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)⁽²⁾	$	10,205		$	10,234		$	10,205		$	10,104		$	9,964
Operating ROE ^(1)/(2)		(0.2	)%		0.4	%		6.0	%		7.2	%		8.0	%


Quarterly Average ROE	Three months ended
U.S. GAAP Basis ROE	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Net income (loss) available to Genworth Financial, Inc.’s common stockholders for the period ended⁽³⁾	$	139		$	(212	)	$	29		$	137		$	122
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽⁴⁾	$	10,068		$	10,156		$	10,299		$	10,307		$	10,269
Annualized U.S. GAAP Quarterly Basis ROE^(3)/(4)		5.5	%		(8.4	)%		1.1	%		5.3	%		4.8	%

Operating ROE
Adjusted operating income (loss) for the period ended⁽³⁾	$	85		$	(230	)	$	42		$	85		$	144
Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)⁽⁴⁾	$	10,068		$	10,156		$	10,299		$	10,307		$	10,269
Annualized Operating Quarterly Basis ROE^(3)/(4)		3.4	%		(9.1	)%		1.6	%		3.3	%		5.6	%

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). 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⁾	The twelve months ended information is derived by adding the four quarters of 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), for the most recent five quarters.

⁽³⁾	Net income (loss) available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss) from page 9 herein.

⁽⁴⁾	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

FIRST QUARTER 2024

Reconciliation of Consolidated Expense Ratio

(amounts in millions)


		2024			2023
	GAAP Basis Expense Ratio	1Q			4Q			3Q			2Q			1Q			Total
(A)	Acquisition and operating expenses, net of deferrals	$	236		$	248		$	228		$	226		$	240		$	942
(B)	Premiums	$	875		$	904		$	915		$	902		$	915		$	3,636

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

	Adjusted Expense Ratio
	Acquisition and operating expenses, net of deferrals	$	236		$	248		$	228		$	226		$	240		$	942
	Less: Legal settlement (recoveries) expenses⁽¹⁾		(4	)		—			—			1			13			14

(C)	Adjusted acquisition and operating expenses, net of deferrals	$	240		$	248		$	228		$	225		$	227		$	928

	Premiums	$	875		$	904		$	915		$	902		$	915		$	3,636
	Add: Policy fees and other income		158			159			158			166			163			646

(D)	Adjusted revenues	$	1,033		$	1,063		$	1,073		$	1,068		$	1,078		$	4,282

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

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⁾

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. Amounts in the first quarter of 2024 represent insurance recoveries on legal costs incurred in connection with legal settlements in the company’s long-term care insurance business.

GENWORTH FINANCIAL, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Reconciliation of Reported Yield to Core Yield


		2024			2023
	(Assets - amounts in billions)	1Q			4Q			3Q			2Q			1Q			Total
	Reported - Total Invested Assets and Cash	$	61.0		$	62.0		$	58.7		$	61.0		$	61.6		$	62.0
	Subtract:
	Unrealized gains (losses)		(3.1	)		(2.4	)		(5.8	)		(3.7	)		(3.0	)		(2.4	)

	Adjusted end of period invested assets and cash	$	64.1		$	64.4		$	64.5		$	64.7		$	64.6		$	64.4

(A)	Average Invested Assets and Cash Used in Reported and Core Yield Calculation	$	64.3		$	64.5		$	64.6		$	64.6		$	64.8		$	64.6

	(Income - amounts in millions)

(B)	Reported - Net Investment Income	$	782		$	810		$	801		$	785		$	787		$	3,183
	Subtract:
	Bond calls and commercial mortgage loan prepayments		1			—			1			—			2			3
	Other non-core items⁽¹⁾		2			4			1			3			1			9

(C)	Core Net Investment Income	$	779		$	806		$	799		$	782		$	784		$	3,171

(B) / (A)	Reported Yield		4.87	%		5.03	%		4.96	%		4.86	%		4.86	%		4.92	%
(C) / (A)	Core Yield		4.85	%		5.00	%		4.95	%		4.84	%		4.84	%		4.91	%

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.