Table of Contents
falseQ30001276520--12-31May not total due to whole number calculation.The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis.Represents the embedded derivatives associated with our indexed universal life liabilities.Represents the embedded derivatives associated with our fixed indexed annuity liabilities.The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.See note 5 for additional information. Represents the net reinsured asset related to our variable annuity MRBs.Excludes foreign exchange.The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits.The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accretion.Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income.This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.Excludes universal life insurance and investment contracts of $4,573 million that have a market component to their crediting strategy.Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyholder account balances associated with the instrument for the net reinsured portion of our variable annuity MRBs.Represents the net reinsured portion of our variable annuity MRBs.Unobservable inputs weighted by the policyholder account balances associated with the instrument and notional for derivative liabilities.Refer to note 11 for additional details related to MRBs.Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases. Excludes universal life insurance and investment contracts of $4,807 million that have a market component to their crediting strategy.Represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 10 for additional information. The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.Does not include amounts related to embedded derivatives as of September 30, 2024 and December 31, 2023.Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million for both the nine months ended September 30, 2024 and 2023.(Gains) losses on early extinguishment of debt were net of the portion attributable to noncontrolling interests of $2 million for the nine months ended September 30, 2024.Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(4) million and $(2) million for the three months ended September 30, 2024 and 2023, respectively, and $(9) million for both the nine months ended September 30, 2024 and 2023.See note 9 for additional information on the net amount at risk.Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number 001-32195

 

 
 

GENWORTH FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
80-0873306
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
1
1011 West Broad Stree
t
Glen Allen, Virginia
 
23060
(Address of principal executive offices)
 
(Zip Code)
(804) 281-6000
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
  
Trading
Symbol
  
Name of each exchange
on which registered
Common Stock, par value $.001 per share    GNW    New York Stock Exchange
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
    
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes ☐ No 
As of October
31
, 2024, 427,032,417 shares of Common Stock, par value $0.001 per share, were outstanding.
 
 
 
 


Table of Contents

TABLE OF CONTENTS

 

     Page  

PART I—FINANCIAL INFORMATION

  

Item 1.

  Financial Statements   
 

Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023

     3  
 

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited)

     4  
 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 (Unaudited)

     5  
 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited)

     6  
 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited)

     8  
 

Notes to Condensed Consolidated Financial Statements (Unaudited)

     9  
 

Note 1 — Business and Basis of Presentation

     9  
 

Note 2 — Accounting Changes

     10  
 

Note 3 — Earnings (Loss) Per Share

     11  
 

Note 4 — Investments

     12  
 

Note 5 — Derivative Instruments

     26  
 

Note 6 — Fair Value of Financial Instruments

     32  
 

Note 7 — Deferred Acquisition Costs

     54  
 

Note 8 — Future Policy Benefits

     55  
 

Note 9 — Policyholder Account Balances

     60  
 

Note 10 — Additional Insurance Liabilities

     63  
 

Note 11 — Market Risk Benefits

     64  
 

Note 12 — Separate Accounts

     65  
 

Note 13 — Liability for Policy and Contract Claims

     66  
 

Note 14 — Borrowings and Other Financings

     67  
 

Note 15 — Income Taxes

     69  
 

Note 16 — Segment Information

     69  
 

Note 17 — Commitments and Contingencies

     72  
 

Note 18 — Changes in Accumulated Other Comprehensive Income (Loss)

     77  
Item 2.  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     80  
Item 3.  

Quantitative and Qualitative Disclosures About Market Risk

     130  
Item 4.  

Controls and Procedures

     130  

PART II—OTHER INFORMATION

  
Item 1.  

Legal Proceedings

     131  
Item 1A.  

Risk Factors

     131  
Item 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

     131  
Item 5.  

Other Information

     131  
Item 6.  

Exhibits

     132  
Signatures      133  

 

2


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PortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
PART I—FINANCIAL INFORMATION
 
Item 1.
Financial Statements
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except par value and share amounts)
 
    
September 30,
2024
   
December 31,
2023
 
    
(Unaudited)
       
Assets
    
Investments:
    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $
48,961
and $
49,365
, respectively, and allowance for credit losses of $ and $7, respectively, as of September 30, 2024 and December 31, 2023)
   $ 47,342     $ 46,781  
Equity securities, at fair value
     458       396  
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of September 30, 2024 and December 31, 2023)
     6,570       6,829  
Less: Allowance for credit losses
     (38     (27
  
 
 
   
 
 
 
Commercial mortgage loans, net
     6,532       6,802  
Policy loans
     2,316       2,220  
Limited partnerships
     3,100       2,821  
Other invested assets
     772       731  
  
 
 
   
 
 
 
Total investments
     60,520       59,751  
Cash, cash equivalents and restricted cash
     2,057       2,215  
Accrued investment income
     592       647  
Deferred acquisition costs
     1,831       1,988  
Intangible assets
     197       198  
Reinsurance recoverable
     18,626       19,054  
Less: Allowance for credit losses
     (27     (29
  
 
 
   
 
 
 
Reinsurance recoverable, net
     18,599       19,025  
Other assets
     443       489  
Deferred tax asset
     1,846       1,952  
Market risk benefit assets
     52       43  
Separate account assets
     4,623       4,509  
  
 
 
   
 
 
 
Total assets
   $ 90,760     $ 90,817  
  
 
 
   
 
 
 
Liabilities and equity
    
Liabilities:
    
Future policy benefits
   $ 57,303     $ 57,655  
Policyholder account balances
     14,864       15,540  
Market risk benefit liabilities
     532       625  
Liability for policy and contract claims
     655       652  
Unearned premiums
     121       149  
Other liabilities
     1,859       1,768  
Long-term borrowings
     1,548       1,584  
Separate account liabilities
     4,623       4,509  
  
 
 
   
 
 
 
Total liabilities
     81,505       82,482  
  
 
 
   
 
 
 
Commitments and contingencies (Note 17)
    
Equity:
    
Common stock, $0.001 par value; 1,500,000,000 shares authorized; 606,314,179 and 603,151,611 shares issued as of September 30, 2024 and December 31, 2023, respectively; 428,434,170 and 446,823,204 shares outstanding as of
September 30, 2024 and December 31, 2023, respectively
     1       1  
Additional paid-in capital
     11,868       11,884  
Accumulated other comprehensive income (loss)
     (1,871     (2,555
Retained earnings
     1,512       1,213  
Treasury stock, at cost (177,880,009 and 156,328,407 shares as of September 30, 2024 and December 31, 2023, respectively)
     (3,199     (3,063
  
 
 
   
 
 
 
Total Genworth Financial, Inc.’s stockholders’ equity
     8,311       7,480  
Noncontrolling interests
     944       855  
  
 
 
   
 
 
 
Total equity
     9,255       8,335  
  
 
 
   
 
 
 
Total liabilities and equity
   $ 90,760     $ 90,817  
  
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
3

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions, except per share amounts)
(Unaudited)
 
    
Three months ended
September 30,
   
Nine months ended
September 30,
 
    
2024
   
2023
   
2024
   
2023
 
Revenues:
        
Premiums
   $ 874     $ 915     $ 2,604     $ 2,732  
Net investment income
     777       801       2,367       2,373  
Net investment gains (losses)
     66       (43     54       (15
Policy fees and other income
     163       158       488       487  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
     1,880       1,831       5,513       5,577  
  
 
 
   
 
 
   
 
 
   
 
 
 
Benefits and expenses:
        
Benefits and other changes in policy reserves
     1,213       1,199       3,567       3,550  
Liability remeasurement (gains) losses
     34       116       65       171  
Changes in fair value of market risk benefits and associated hedges
     21       (24     (10     (26
Interest credited
     102       127       352       379  
Acquisition and operating expenses, net of deferrals
     259       228       724       694  
Amortization of deferred acquisition costs and intangibles
     62       65       187       201  
Interest expense
     28       30       88       88  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total benefits and expenses
     1,719       1,741       4,973       5,057  
  
 
 
   
 
 
   
 
 
   
 
 
 
Income from continuing operations before income taxes
     161       90       540       520  
Provision for income taxes
     40       30       138       140  
  
 
 
   
 
 
   
 
 
   
 
 
 
Income from continuing operations
     121       60       402       380  
Income (loss) from discontinued operations, net of taxes
     (3           (5     2  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net income
     118       60       397       382  
Less: net income attributable to noncontrolling interests
     33       31       97       94  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 85     $ 29     $ 300     $ 288  
  
 
 
   
 
 
   
 
 
   
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
        
Basic
   $ 0.20     $ 0.06     $ 0.70     $ 0.60  
  
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
   $ 0.20     $ 0.06     $ 0.69     $ 0.59  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders per share:
        
Basic
   $ 0.20     $ 0.06     $ 0.69     $ 0.61  
  
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
   $ 0.19     $ 0.06     $ 0.68     $ 0.60  
  
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average common shares outstanding:
        
Basic
     430.8       460.5       436.7       475.3  
  
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
     435.8       466.0       442.3       481.4  
  
 
 
   
 
 
   
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
4

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in millions)
(Unaudited)
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
 
  
  2024  
 
 
  2023  
 
 
  2024  
 
 
  2023  
 
Net income
   $ 118     $ 60     $ 397     $ 382  
Other comprehensive income (loss), net of taxes:
        
Net unrealized gains (losses) on securities without an allowance for credit losses
     1,662       (1,732     749       (1,374
Net unrealized gains (losses) on securities with an allowance for credit losses
                        
Derivatives qualifying as hedges
     141       (427     (139     (473
Change in discount rate used to measure future policy benefits
     (1,965     2,790       98       2,229  
Change in instrument-specific credit risk of market risk benefits
           3       2       4  
Foreign currency translation and other adjustments
     3       (3     (2     5  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total other comprehensive income (loss)
     (159     631       708       391  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss)
     (41     691       1,105       773  
Less: comprehensive income attributable to noncontrolling interests
     58       21       121       91  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders
   $ (99   $ 670     $ 984     $ 682  
  
 
 
   
 
 
   
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
5

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in millions)
(Unaudited)
 
   
Three months ended September 30, 2024
 
   
Common
stock
   
Additional
paid-in
capital
   
Accumulated
other
comprehensive
income (loss)
   
Retained
earnings
   
Treasury
stock, at
cost
   
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
   
Noncontrolling
interests
   
Total
equity
 
Balances as of June 30, 2024
  $ 1     $ 11,880     $ (1,687   $ 1,428     $ (3,163   $ 8,459     $ 894     $ 9,353  
Repurchase of subsidiary shares
                                        (14     (14
Comprehensive income (loss):
               
Net income
                      85             85       33       118  
Other comprehensive income (loss), net of taxes
                (184                 (184     25       (159
           
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss)
                                            (99     58       (41
Treasury stock acquired in connection with share repurchases
                            (36     (36           (36
Dividends to noncontrolling interests
                                        (5     (5
Stock-based compensation expense and exercises and other
          (12           (1           (13     11       (2
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of September 30, 2024
  $ 1     $ 11,868     $ (1,871   $ 1,512     $ (3,199   $ 8,311     $ 944     $ 9,255  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Three months ended September 30, 2023
 
   
Common
stock
   
Additional
paid-in
capital
   
Accumulated
other
comprehensive
income (loss)
   
Retained
earnings
   
Treasury
stock, at
cost
   
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
   
Noncontrolling
interests
   
Total
equity
 
Balances as of June 30, 2023
  $ 1     $ 11,869     $ (2,861   $ 1,398     $ (2,947   $ 7,460     $ 807     $ 8,267  
Repurchase of subsidiary shares
                                        (1     (1
Comprehensive income (loss):
               
Net income
                      29             29       31       60  
Other comprehensive income (loss), net of taxes
                641                   641       (10     631  
           
 
 
   
 
 
   
 
 
 
Total comprehensive income
                                            670       21       691  
Treasury stock acquired in connection with share repurchases
                            (81     (81           (81
Dividends to noncontrolling interests
                                        (5     (5
Stock-based compensation expense and exercises and other
          8             (1           7             7  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of September 30, 2023
  $ 1     $ 11,877     $ (2,220   $ 1,426     $ (3,028   $ 8,056     $ 822     $ 8,878  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
6

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY, CONTINUED
(Amounts in millions)
(Unaudited)
 
 
 
Nine months ended September 30, 2024
 
 
 
Common
stock
 
 
Additional
paid-in

capital
 
 
Accumulated
other
comprehensive
income (loss)
 
 
Retained
earnings
 
 
Treasury
stock, at
cost
 
 
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
 
 
Noncontrolling
interests
 
 
Total
equity
 
Balances as of December 31, 2023
  $ 1     $ 11,884     $ (2,555   $ 1,213     $ (3,063   $ 7,480     $ 855     $ 8,335  
Repurchase of subsidiary shares
                                        (32     (32
Comprehensive income:
               
Net income
                      300             300       97       397  
Other comprehensive income, net of taxes
                684                   684       24       708  
           
 
 
   
 
 
   
 
 
 
Total comprehensive income
                                            984       121       1,105  
Treasury stock acquired in connection with share repurchases
                            (136     (136           (136
Dividends to noncontrolling interests
                                        (15     (15
Stock-based compensation expense and exercises and other
          (16           (1           (17     15       (2
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of September 30, 2024
  $ 1     $ 11,868     $ (1,871   $ 1,512     $ (3,199   $ 8,311     $ 944     $ 9,255  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Nine months ended September 30, 2023
 
   
Common
stock
   
Additional
paid-in
capital
   
Accumulated
other
comprehensive
income (loss)
   
Retained
earnings
   
Treasury
stock, at
cost
   
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
   
Noncontrolling
interests
   
Total
equity
 
Balances as of December 31, 2022
  $ 1     $ 11,869     $ (2,614   $ 1,139     $ (2,764   $ 7,631     $ 755     $ 8,386  
Repurchase of subsidiary shares
                                        (13     (13
Comprehensive income (loss):
               
Net income
                      288             288       94       382  
Other comprehensive income (loss), net of taxes
                394                   394       (3     391  
           
 
 
   
 
 
   
 
 
 
Total comprehensive income
                                            682       91       773  
Treasury stock acquired in connection with share repurchases
                            (264     (264           (264
Dividends to noncontrolling interests
                                        (14     (14
Stock-based compensation expense and exercises and other
          8             (1           7       3       10  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of September 30, 2023
  $ 1     $ 11,877     $ (2,220   $ 1,426     $ (3,028   $ 8,056     $ 822     $ 8,878  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
7

Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
 
    
Nine months ended
September 30,
 
    
2024
   
2023
 
Cash flows from (used by) operating activities:
    
Net income
   $ 397     $ 382  
Less (income) loss from discontinued operations, net of taxes
     5       (2
Adjustments to reconcile net income to net cash from operating activities:
    
Amortization of fixed maturity securities discounts and premiums
     (91     (84
Net investment (gains) losses
     (54     15  
Changes in fair value of market risk benefits and associated hedges
     (10     (26
Charges assessed to policyholders
     (429     (430
Amortization of deferred acquisition costs and intangibles
     187       201  
Deferred income taxes
     (57     135  
Derivative instruments, limited partnerships and other
     (343     (378
Long-term incentive compensation expense
     37       37  
Change in certain assets and liabilities:
    
Accrued investment income and other assets
     (88     (124
Insurance reserves
     490       903  
Current tax liabilities
     108       (5
Other liabilities, policy and contract claims and other policy-related balances
     (91     (172
Cash used by operating activities—discontinued operations
           (2
  
 
 
   
 
 
 
Net cash from operating activities
     61       450  
  
 
 
   
 
 
 
Cash flows from (used by) investing activities:
    
Proceeds from maturities and repayments of investments:
    
Fixed maturity securities
     1,870       1,676  
Commercial mortgage loans
     431       386  
Limited partnerships and other invested assets
     158       102  
Proceeds from sales of investments:
    
Fixed maturity and equity securities
     2,139       1,533  
Purchases and originations of investments:
    
Fixed maturity and equity securities
     (3,423     (2,187
Commercial mortgage loans
     (171     (178
Limited partnerships and other invested assets
     (413     (432
Short-term investments, net
     26       (15
Policy loans, net
     69       66  
Other
     (45     (38
  
 
 
   
 
 
 
Net cash from investing activities
     641       913  
  
 
 
   
 
 
 
Cash flows from (used by) financing activities:
    
Deposits to universal life and investment contracts
     407       437  
Withdrawals from universal life and investment contracts
     (963     (1,308
Proceeds from issuance of long-term debt
     750        
Debt issuance costs
     (7      
Repayment and repurchase of long-term debt
     (793     (11
Repurchase of subsidiary shares
     (32     (13
Treasury stock acquired in connection with share repurchases
     (135     (261
Dividends paid to noncontrolling interests
     (15     (14
Other, net
     (72      
  
 
 
   
 
 
 
Net cash used by financing activities
     (860     (1,170
Effect of exchange rate changes on cash, cash equivalents and restricted cash
           1  
  
 
 
   
 
 
 
Net change in cash, cash equivalents and restricted cash
     (158     194  
Cash, cash equivalents and restricted cash at beginning of period
     2,215       1,799  
  
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of period
   $ 2,057     $ 1,993  
  
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
8

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Business and Basis of Presentation
Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization.
The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities, which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries.
We manage our business through the following three reportable segments:
 
   
Enact
. Enact Holdings, Inc. (“Enact Holdings”) comprises our Enact segment. Through Enact Holdings’ mortgage insurance subsidiaries, we offer private mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans at specified coverage percentages (“primary mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”).
 
   
Long-Term Care Insurance.
Through our principal U.S. life insurance subsidiaries, we offer long-term care insurance products in the United States. Long-term care insurance products are intended to protect against the significant and escalating costs of long-term care services provided in the insured’s home or assisted living or nursing facilities.
 
   
Life and Annuities.
We service a variety of protection and retirement income products through our principal U.S. life insurance subsidiaries that are not actively marketed or sold. These products include traditional and non-traditional life insurance (term, universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), fixed annuities and variable annuities.
In addition to our three reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as
start-up
results of our CareScout business (“CareScout”) related to our aging care growth initiatives and certain international businesses.
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission. Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results
 
9

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2023 Annual Report on Form
10-K.
Certain prior year amounts have been reclassified to conform to the current year presentation.
On July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share repurchases under the existing share repurchase program that began in May 2022. Pursuant to the program, during the nine months ended September 30, 2024, Genworth Financial repurchased 21,551,602 shares of its common stock at an average price of $6.26 per share for a total cost of $136 million, including excise taxes and other costs paid in connection with acquiring the shares. The repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our condensed consolidated balance sheets. Genworth Financial also authorized repurchases under the share repurchase program through a Rule 10b5-1 trading plan under which 1,401,753 shares of its common stock were repurchased in October 2024 at an average price of $6.84 per share, leaving approximately $197 million available for repurchase under the program as of October 31, 2024. Under the program, share repurchases may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and number of future shares repurchased under the share repurchase program will depend on a variety of factors, including Genworth Financial’s stock price and trading volume, and general business and market conditions, among other factors. The authorization has no expiration date and may be modified, suspended or terminated at any time.
(2) Accounting Changes
Accounting Pronouncements Recently Adopted
On January 1, 2024, we adopted new accounting guidance issued by the Financial Accounting Standards Board (the “FASB”) related to the fair value measurement of equity securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to these securities. We adopted this guidance using the prospective method, which did not have any impact on our condensed consolidated financial statements and disclosures.
Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued new accounting guidance to improve income tax disclosures. The guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate disclosure of additional information related to reconciling items that meet a quantitative threshold and additional disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements. This guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded annual disclosures. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.
In November 2023, the FASB issued new accounting guidance to improve reportable segment disclosures. The guidance requires annual and interim disclosure of significant segment expenses regularly provided to the Chief Operating Decision Maker (“CODM”) and other segment items.
The
guidance also requires disclosures about a segment’s profit or loss and assets, currently only required annually, to be disclosed on an interim basis. Under the new accounting guidance, public entities may disclose multiple measures of a segment’s profit or loss, as long as all
 
10

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
disclosed measures are used by the CODM for purposes of assessing performance and allocating resources and at least one of the reported measures is that which management believes to be most consistent with U.S. GAAP measurement principles. This guidance will have no impact on our consolidated financial statements but will expand our disclosures effective for annual reporting periods beginning on January 1, 2024 and interim reporting periods beginning on January 1, 2025 using the retrospective method. We are finalizing the required disclosures in accordance with the new guidance, which will be reflected in the notes contained in our 2024 Annual Report on Form
10-K.
(3) Earnings (Loss) Per Share
Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
 
    
Three months ended
September 30,
    
Nine months ended
September 30,
 
(Amounts in millions, except per share amounts)
  
2024
   
2023
    
2024
   
2023
 
Weighted-average common shares used in basic earnings (loss) per share calculations
     430.8       460.5        436.7       475.3  
Potentially dilutive securities:
         
Performance stock units, restricted stock units and other equity-based awards
     5.0       5.5        5.6       6.1  
  
 
 
   
 
 
    
 
 
   
 
 
 
Weighted-average common shares used in diluted earnings (loss) per share calculations
     435.8       466.0        442.3       481.4  
  
 
 
   
 
 
    
 
 
   
 
 
 
Income from continuing operations:
         
Income from continuing operations
   $ 121     $ 60      $ 402     $ 380  
Less: net income from continuing operations attributable to noncontrolling interests
     33       31        97       94  
  
 
 
   
 
 
    
 
 
   
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
   $ 88     $ 29      $ 305     $ 286  
  
 
 
   
 
 
    
 
 
   
 
 
 
Basic per share
   $ 0.20     $ 0.06      $ 0.70     $ 0.60  
  
 
 
   
 
 
    
 
 
   
 
 
 
Diluted per share
   $ 0.20     $ 0.06      $ 0.69     $ 0.59  
  
 
 
   
 
 
    
 
 
   
 
 
 
Income (loss) from discontinued operations:
         
Income (loss) from discontinued operations, net of taxes
   $ (3   $      $ (5   $ 2  
  
 
 
   
 
 
    
 
 
   
 
 
 
Basic per share
   $ (0.01   $      $ (0.01   $  
  
 
 
   
 
 
    
 
 
   
 
 
 
Diluted per share
   $ (0.01   $      $ (0.01   $  
  
 
 
   
 
 
    
 
 
   
 
 
 
Net income:
         
Income from continuing operations
   $ 121     $ 60      $ 402     $ 380  
Income (loss) from discontinued operations, net of taxes
     (3            (5     2  
  
 
 
   
 
 
    
 
 
   
 
 
 
Net income
     118       60        397       382  
Less: net income attributable to noncontrolling interests
     33       31        97       94  
  
 
 
   
 
 
    
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 85     $ 29      $ 300     $ 288  
  
 
 
   
 
 
    
 
 
   
 
 
 
Basic per share
(1)
   $ 0.20     $ 0.06      $ 0.69     $ 0.61  
  
 
 
   
 
 
    
 
 
   
 
 
 
Diluted per share
(1)
   $ 0.19     $ 0.06      $ 0.68     $ 0.60  
  
 
 
   
 
 
    
 
 
   
 
 
 
 
(1)
May not total due to whole number calculation.
 
11

Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(4) Investments
(a) Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 

 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
 2024 
 
 
 2023 
 
 
 2024 
 
 
 2023 
 
Fixed maturity securities—taxable
  
$
557
 
 
$
559
 
 
$
1,682
 
 
$
1,687
 
Fixed maturity
securities—non-taxable
  
 
 
 
 
1
 
 
 
1
 
 
 
3
 
Equity securities
  
 
3
 
 
 
1
 
 
 
8
 
 
 
6
 
Commercial mortgage loans
  
 
74
 
 
 
76
 
 
 
224
 
 
 
227
 
Policy loans
  
 
38
 
 
 
58
 
 
 
152
 
 
 
167
 
Limited partnerships
  
 
36
 
 
 
31
 
 
 
92
 
 
 
76
 
Other invested assets
  
 
70
 
 
 
69
 
 
 
205
 
 
 
207
 
Cash, cash equivalents, restricted cash and short-term investments
  
 
24
 
 
 
28
 
 
 
76
 
 
 
68
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross investment income before expenses and fees
  
 
802
 
 
 
823
 
 
 
2,440
 
 
 
2,441
 
Expenses and fees
  
 
(25
 
 
(22
 
 
(73
 
 
(68
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
  
$
777
 
 
$
801
 
 
$
2,367
 
 
$
2,373
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
 2024 
 
 
 2023 
 
 
 2024 
 
 
 2023 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Realized investment gains (losses):
        
Available-for-sale fixed maturity securities:
        
Realized gains
   $ 7     $ 5     $ 35     $ 26  
Realized losses
     (14     (16     (83     (83
  
 
 
   
 
 
   
 
 
   
 
 
 
Net realized gains (losses) on available-for-sale fixed maturity securities
     (7     (11     (48     (57
Net realized gains (losses) on equity securities sold
                       (1
  
 
 
   
 
 
   
 
 
   
 
 
 
Total net realized investment gains (losses)
     (7     (11     (48     (58
  
 
 
   
 
 
   
 
 
   
 
 
 
Net change in allowance for credit losses on available-for-sale fixed maturity securities
           (2     7       (6
Write-down of available-for-sale fixed maturity securities
(1)
                       (1
Net unrealized gains (losses) on equity securities still held
     22       (12     66       20  
Net unrealized gains (losses) on limited partnerships
     55       14       46       54  
Commercial mortgage loans
     (8     (1     (11     (3
Derivative instruments
(2)
     10       (28     3       (17
Other
     (6     (3     (9     (4
  
 
 
   
 
 
   
 
 
   
 
 
 
Net investment gains (losses)
   $ 66     $ (43   $ 54     $ (15
  
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
 
12

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities.
There was no allowance for credit losses related to our available-for-sale fixed maturity securities as of and for the three months ended September 30, 2024. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended September 30, 2023:
 
(Amounts in millions)
 
Beginning
balance
   
Increase from
securities
without
allowance in
previous
periods
   
Increase
(decrease)
from securities
with allowance
in previous
periods
   
Securities
sold
   
Decrease
due to change
in intent or
requirement
to sell
   
Write-offs
   
Recoveries
   
Ending
balance
 
Fixed maturity securities:
 
           
Commercial mortgage-backed
  $ 4     $ 1     $ 1     $     $     $     $     $ 6  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
  $ 4     $ 1     $ 1     $     $     $     $     $ 6  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the nine months ended September 30, 2024:
 
(Amounts in millions)
 
Beginning
balance
   
Increase from
securities
without
allowance in
previous
periods
   
Increase
(decrease)
from securities
with allowance
in previous
periods
   
Securities
sold
   
Decrease
due to change
in intent or
requirement
to sell
   
Write-offs
   
Recoveries
   
Ending
balance
 
Fixed maturity securities:
 
           
Commercial mortgage-backed
  $ 7     $     $     $ (7   $     $     $     $  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
  $ 7     $     $     $ (7   $     $     $     $  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the nine months ended September 30, 2023:
 
(Amounts in millions)
 
Beginning
balance
   
Increase from
securities
without
allowance in
previous
periods
   
Increase
(decrease)
from securities
with allowance
in previous
periods
   
Securities
sold
   
Decrease
due to change
in intent or
requirement
to sell
   
Write-offs
   
Recoveries
   
Ending
balance
 
Fixed maturity securities:
               
U.S. corporate
  $     $ 9     $     $ (7   $     $ (2   $     $  
Commercial mortgage-backed
          7       1       (2                       6  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
  $     $ 16     $ 1     $ (9   $     $ (2   $     $ 6  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
13

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(c) Unrealized Investment Gains and Losses
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
 
(Amounts in millions)
  
September 30,
2024
 
  
December 31,
2023
 
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
   $ (1,618    $ (2,577
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
             
Adjustments to policyholder contract balances
     45        52  
Income taxes, net
     149        352  
  
 
 
    
 
 
 
Net unrealized investment gains (losses)
     (1,424      (2,173
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
     (19      (43
  
 
 
    
 
 
 
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
   $ (1,405    $ (2,130
  
 
 
    
 
 
 
 
(1)
Excludes foreign exchange.
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
2024
 
  
2023
 
  
2024
 
  
2023
 
Beginning balance
   $ (3,042    $ (3,056    $ (2,130   $ (3,407
Unrealized gains (losses) arising during the period:
          
Unrealized gains (losses) on fixed maturity securities
     2,140        (2,102      911       (1,687
Adjustments to policyholder contract balances
     (34      42        (7     36  
Provision for income taxes
     (450      319        (193     232  
  
 
 
    
 
 
    
 
 
   
 
 
 
Change in unrealized gains (losses) on investment securities
     1,656        (1,741      711       (1,419
Reclassification adjustments to net investment (gains) losses, net of taxes of $(1), $(2), $(10) and $(12)
     6        9        38       45  
  
 
 
    
 
 
    
 
 
   
 
 
 
Change in net unrealized investment gains (losses)
     1,662        (1,732      749       (1,374
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     25        (10      24       (3
  
 
 
    
 
 
    
 
 
   
 
 
 
Ending balance
   $ (1,405    $ (4,778    $ (1,405   $ (4,778
  
 
 
    
 
 
    
 
 
   
 
 
 
Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.
 
14

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(d) Fixed Maturity Securities
As of September 30, 2024, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
  
Amortized
cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
   
Allowance
for credit
losses
    
Fair
value
 
                                   
Fixed maturity securities:
             
U.S. government, agencies and government-sponsored enterprises
   $ 3,778      $ 144      $ (205   $      $ 3,717  
State and political subdivisions
     2,447        26        (207            2,266  
Non-U.S. government
     916        23        (76            863  
U.S. corporate:
             
Utilities
     4,692        147        (305            4,534  
Energy
     2,512        81        (113            2,480  
Finance and insurance
     7,653        144        (476            7,321  
Consumer—non-cyclical
     4,736        145        (226            4,655  
Technology and communications
     3,019        80        (209            2,890  
Industrial
     1,180        31        (67            1,144  
Capital goods
     2,289        80        (97            2,272  
Consumer—cyclical
     1,660        32        (78            1,614  
Transportation
     1,126        53        (56            1,123  
Other
     285        6        (11            280  
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total U.S. corporate
     29,152        799        (1,638            28,313  
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Non-U.S. corporate:
             
Utilities
     782        5        (52            735  
Energy
     1,112        46        (35            1,123  
Finance and insurance
     1,981        63        (91            1,953  
Consumer—non-cyclical
     621        11        (53            579  
Technology and communications
     783        12        (49            746  
Industrial
     830        23        (35            818  
Capital goods
     638        14        (31            621  
Consumer—cyclical
     219        3        (10            212  
Transportation
     440        17        (18            439  
Other
     589        19        (30            578  
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total non-U.S. corporate
     7,995        213        (404            7,804  
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Residential mortgage-backed
     884        14        (39            859  
Commercial mortgage-backed
     1,593        1        (234            1,360  
Other asset-backed
     2,196        15        (51            2,160  
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
Total available-for-sale fixed maturity securities
   $ 48,961      $ 1,235      $ (2,854   $      $ 47,342  
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
 
15

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
As of December 31, 2023, the amortized cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
  
Amortized
cost
 
  
Gross
unrealized
gains
 
  
Gross
unrealized
losses
 
 
Allowance
for credit
losses
 
 
Fair
value
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
Fixed maturity securities:
            
U.S. government, agencies and government-sponsored enterprises
   $ 3,588      $ 121      $ (215   $     $ 3,494  
State and political subdivisions
     2,537        24        (259           2,302  
Non-U.S. government
     703        15        (92           626  
U.S. corporate:
            
Utilities
     4,521        104        (352           4,273  
Energy
     2,449        66        (143           2,372  
Finance and insurance
     7,813        99        (634           7,278  
Consumer—non-cyclical
     4,648        129        (272           4,505  
Technology and communications
     3,187        75        (239           3,023  
Industrial
     1,294        27        (88           1,233  
Capital goods
     2,230        69        (118           2,181  
Consumer—cyclical
     1,715        30        (96           1,649  
Transportation
     1,187        44        (69           1,162  
Other
     316        6        (13           309  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total U.S. corporate
     29,360        649        (2,024           27,985  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
            
Utilities
     739        1        (55           685  
Energy
     1,038        34        (45           1,027  
Finance and insurance
     2,041        47        (140           1,948  
Consumer—non-cyclical
     669        8        (61           616  
Technology and communications
     944        12        (65           891  
Industrial
     829        17        (49           797  
Capital goods
     591        8        (38           561  
Consumer—cyclical
     236        2        (17           221  
Transportation
     369        15        (20           364  
Other
     726        18        (43           701  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
     8,182        162        (533           7,811  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
     953        8        (54           907  
Commercial mortgage-backed
     1,714        1        (290     (7     1,418  
Other asset-backed
     2,328        6        (96           2,238  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
   $ 49,365      $ 986      $ (3,563   $ (7   $ 46,781  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
 
16

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of September 30, 2024:

 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(Dollar amounts in millions)
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description of Securities
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
U.S. government, agencies and government-sponsored enterprises
 
$
 
 
$
 
 
 
 
 
$
1,404
 
 
$
(205
 
 
49
 
 
$
1,404
 
 
$
(205
 
 
49
 
State and political subdivisions
 
 
123
 
 
 
(2
 
 
10
 
 
 
1,517
 
 
 
(205
 
 
253
 
 
 
1,640
 
 
 
(207
 
 
263
 
Non-U.S.
 
government
 
 
 
 
 
 
 
 
 
 
 
425
 
 
 
(76
 
 
59
 
 
 
425
 
 
 
(76
 
 
59
 
U.S. corporate
 
 
369
 
 
 
(26
 
 
59
 
 
 
15,802
 
 
 
(1,612
 
 
1,936
 
 
 
16,171
 
 
 
(1,638
 
 
1,995
 
Non-U.S.
 
corporate
 
 
15
 
 
 
(2
 
 
2
 
 
 
4,428
 
 
 
(402
 
 
556
 
 
 
4,443
 
 
 
(404
 
 
558
 
Residential mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
433
 
 
 
(39
 
 
147
 
 
 
433
 
 
 
(39
 
 
147
 
Commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
1,312
 
 
 
(234
 
 
208
 
 
 
1,312
 
 
 
(234
 
 
208
 
Other asset-backed
 
 
113
 
 
 
(2
 
 
29
 
 
 
1,035
 
 
 
(49
 
 
204
 
 
 
1,148
 
 
 
(51
 
 
233
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total for fixed maturity securities in an unrealized loss position
 
$
620
 
 
$
(32
 
 
100
 
 
$
26,356
 
 
$
(2,822
 
 
3,412
 
 
$
26,976
 
 
$
(2,854
 
 
3,512
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Below cost:
 
 
 
 
 
 
 
 
 
<20% Below cost
 
$
606
 
 
$
(28
 
 
97
 
 
$
24,258
 
 
$
(2,095
 
 
3,127
 
 
$
24,864
 
 
$
(2,123
 
 
3,224
 
20%-50%
 
Below cost
 
 
14
 
 
 
(4
 
 
3
 
 
 
2,098
 
 
 
(727
 
 
285
 
 
 
2,112
 
 
 
(731
 
 
288
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total for fixed maturity securities in an unrealized loss position
 
$
620
 
 
$
(32
 
 
100
 
 
$
26,356
 
 
$
(2,822
 
 
3,412
 
 
$
26,976
 
 
$
(2,854
 
 
3,512
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment grade
 
$
592
 
 
$
(30
 
 
96
 
 
$
25,420
 
 
$
(2,718
 
 
3,284
 
 
$
26,012
 
 
$
(2,748
 
 
3,380
 
Below investment grade
 
 
28
 
 
 
(2
 
 
4
 
 
 
936
 
 
 
(104
 
 
128
 
 
 
964
 
 
 
(106
 
 
132
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total for fixed maturity securities in an unrealized loss position
 
$
620
 
 
$
(32
 
 
100
 
 
$
26,356
 
 
$
(2,822
 
 
3,412
 
 
$
26,976
 
 
$
(2,854
 
 
3,512
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

17

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of September 30, 2024:

 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(Dollar amounts in millions)
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
Description of Securities
 
 
 
 
 
 
 
 
 
U.S. corporate:
 
 
 
 
 
 
 
 
Utilities
 
$
 
 
$
 
 
 
 
 
$
2,104
 
 
$
(305
 
 
299
 
 
$
2,104
 
 
$
(305
 
 
299
 
Energy
 
 
100
 
 
 
(13
)
 
 
15
 
 
 
1,151
 
 
 
(100
 
 
141
 
 
 
1,251
 
 
 
(113
 
 
156
 
Finance and insurance
 
 
 
 
 
 
 
 
 
 
 
4,838
 
 
 
(476
 
 
573
 
 
 
4,838
 
 
 
(476
 
 
573
 
Consumer—non-cyclical
 
 
87
 
 
 
(1
)
 
 
14
 
 
 
2,458
 
 
 
(225
 
 
258
 
 
 
2,545
 
 
 
(226
 
 
272
 
Technology and communications
 
 
43
 
 
 
(3
)
 
 
7
 
 
 
1,889
 
 
 
(206
 
 
233
 
 
 
1,932
 
 
 
(209
 
 
240
 
Industrial
 
 
30
 
 
 
(1
)
 
 
7
 
 
 
603
 
 
 
(66
 
 
82
 
 
 
633
 
 
 
(67
 
 
89
 
Capital goods
 
 
66
 
 
 
(6
)
 
 
9
 
 
 
1,082
 
 
 
(91
 
 
135
 
 
 
1,148
 
 
 
(97
 
 
144
 
Consumer—cyclical
 
 
43
 
 
 
(2
)
 
 
7
 
 
 
950
 
 
 
(76
 
 
124
 
 
 
993
 
 
 
(78
 
 
131
 
Transportation
 
 
 
 
 
 
 
 
 
 
 
587
 
 
 
(56
 
 
74
 
 
 
587
 
 
 
(56
 
 
74
 
Other
 
 
 
 
 
 
 
 
 
 
 
140
 
 
 
(11
 
 
17
 
 
 
140
 
 
 
(11
 
 
17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal, U.S. corporate securities
 
 
369
 
 
 
(26
)
 
 
59
 
 
 
15,802
 
 
 
(1,612
 
 
1,936
 
 
 
16,171
 
 
 
(1,638
 
 
1,995
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S.
 
corporate:
 
 
 
 
 
 
 
 
 
Utilities
 
 
 
 
 
 
 
 
 
 
 
523
 
 
 
(52
 
 
56
 
 
 
523
 
 
 
(52
 
 
56
 
Energy
 
 
 
 
 
 
 
 
 
 
 
452
 
 
 
(35
 
 
49
 
 
 
452
 
 
 
(35
 
 
49
 
Finance and insurance
 
 
 
 
 
 
 
 
 
 
 
1,178
 
 
 
(91
 
 
159
 
 
 
1,178
 
 
 
(91
 
 
159
 
Consumer—non-cyclical
 
 
15
 
 
 
(2
)
 
 
2
 
 
 
387
 
 
 
(51
 
 
45
 
 
 
402
 
 
 
(53
 
 
47
 
Technology and communications
 
 
 
 
 
 
 
 
 
 
 
517
 
 
 
(49
 
 
61
 
 
 
517
 
 
 
(49
 
 
61
 
Industrial
 
 
 
 
 
 
 
 
 
 
 
386
 
 
 
(35
 
 
53
 
 
 
386
 
 
 
(35
 
 
53
 
Capital goods
 
 
 
 
 
 
 
 
 
 
 
341
 
 
 
(31
 
 
44
 
 
 
341
 
 
 
(31
 
 
44
 
Consumer—cyclical
 
 
 
 
 
 
 
 
 
 
 
122
 
 
 
(10
 
 
20
 
 
 
122
 
 
 
(10
 
 
20
 
Transportation
 
 
 
 
 
 
 
 
 
 
 
256
 
 
 
(18
 
 
34
 
 
 
256
 
 
 
(18
 
 
34
 
Other
 
 
 
 
 
 
 
 
 
 
 
266
 
 
 
(30
 
 
35
 
 
 
266
 
 
 
(30
 
 
35
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal,
 
non-U.S.
 
corporate securities
 
 
15
 
 
 
(2
)
 
 
2
 
 
 
4,428
 
 
 
(402
 
 
556
 
 
 
4,443
 
 
 
(404
 
 
558
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total for corporate securities in an unrealized loss position
 
$
384
 
 
$
(28
)
 
 
61
 
 
$
20,230
 
 
$
(2,014
 
 
2,492
 
 
$
20,614
 
 
$
(2,042
 
 
2,553
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increased interest rates since purchase and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.
 
18

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2023:
 
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(Dollar amounts in millions)
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number
of
securities
 
Description of Securities
                 
Fixed maturity securities:
                 
U.S. government, agencies and government-sponsored enterprises
  $ 28     $ (1     6     $ 1,353     $ (214     50     $ 1,381     $ (215     56  
State and political subdivisions
    121       (2     18       1,581       (257     268       1,702       (259     286  
Non-U.S. government
                      448       (92     67       448       (92     67  
U.S. corporate
    1,054       (30     142       17,019       (1,994     2,164       18,073       (2,024     2,306  
Non-U.S. corporate
    157       (5     19       5,180       (528     684       5,337       (533     703  
Residential mortgage-backed
    62       (1     31       477       (53     156       539       (54     187  
Commercial mortgage-backed
    37       (1     7       1,349       (289     224       1,386       (290     231  
Other asset-backed
                      1,624       (96     327       1,624       (96     327  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 1,459     $ (40     223     $ 29,031     $ (3,523     3,940     $ 30,490     $ (3,563     4,163  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% Below cost:
                 
<20% Below cost
  $ 1,450     $ (37     221     $ 26,032     $ (2,509     3,542     $ 27,482     $ (2,546     3,763  
20%-50% Below cost
    9       (3     2       2,999       (1,014     398       3,008       (1,017     400  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 1,459     $ (40     223     $ 29,031     $ (3,523     3,940     $ 30,490     $ (3,563     4,163  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Investment grade
  $ 1,441     $ (40     221     $ 27,804     $ (3,394     3,762     $ 29,245     $ (3,434     3,983  
Below investment grade
    18             2       1,227       (129     178       1,245       (129     180  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 1,459     $ (40     223     $ 29,031     $ (3,523     3,940     $ 30,490     $ (3,563     4,163  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
19

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2023:
 
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(Dollar amounts in millions)
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
 
Fair
value
 
 
Gross
unrealized
losses
 
 
Number of
securities
 
Description of Securities
 
             
U.S. corporate:
                 
Utilities
  $ 177     $ (2     21     $ 2,129     $ (350     308     $ 2,306     $ (352     329  
Energy
    122       (2     20       1,343       (141     168       1,465       (143     188  
Finance and insurance
    274       (8     42       5,192       (626     645       5,466       (634     687  
Consumer—non-cyclical
    173       (6     18       2,529       (266     280       2,702       (272     298  
Technology and communications
    105       (6     19       2,100       (233     269       2,205       (239     288  
Industrial
    50       (1     6       702       (87     96       752       (88     102  
Capital goods
                      1,193       (118     150       1,193       (118     150  
Consumer—cyclical
    88       (1     11       1,073       (95     148       1,161       (96     159  
Transportation
    65       (4     5       621       (65     82       686       (69     87  
Other
                      137       (13     18       137       (13     18  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, U.S. corporate securities
    1,054       (30     142       17,019       (1,994     2,164       18,073       (2,024     2,306  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                 
Utilities
                      609       (55     68       609       (55     68  
Energy
    39       (1     4       487       (44     59       526       (45     63  
Finance and insurance
    100       (2     10       1,358       (138     203       1,458       (140     213  
Consumer—non-cyclical
                      471       (61     55       471       (61     55  
Technology and communications
                      659       (65     83       659       (65     83  
Industrial
    18       (2     5       436       (47     61       454       (49     66  
Capital goods
                      384       (38     49       384       (38     49  
Consumer—cyclical
                      188       (17     26       188       (17     26  
Transportation
                      216       (20     30       216       (20     30  
Other
                      372       (43     50       372       (43     50  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, non-U.S. corporate securities
    157       (5     19       5,180       (528     684       5,337       (533     703  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for corporate securities in an unrealized loss position
  $ 1,211     $ (35     161     $ 22,199     $ (2,522     2,848     $ 23,410     $ (2,557     3,009  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
20

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The scheduled maturity distribution of fixed maturity securities as of September 30, 2024 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
 
(Amounts in millions)
  
Amortized
cost
    
Fair
value
 
               
Due one year or less
   $ 1,319      $ 1,311  
Due after one year through five years
     8,299        8,238  
Due after five years through ten years
     12,154        11,895  
Due after ten years
     22,516        21,519  
  
 
 
    
 
 
 
Subtotal
     44,288        42,963  
Residential mortgage-backed
     884        859  
Commercial mortgage-backed
     1,593        1,360  
Other asset-backed
     2,196        2,160  
  
 
 
    
 
 
 
Total
   $ 48,961      $ 47,342  
  
 
 
    
 
 
 
As of September 30, 2024, securities issued by finance and insurance, utilities, consumer—non-cyclical, and technology and communications industry groups represented approximately 26%, 15%, 15% and 10%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio.
As of September 30, 2024, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.
(e) Commercial Mortgage Loans
Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.
We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
September 30,
2024
 
 
December 31,
2023
 
(Amounts in millions)
  
Carrying
value
 
  
% of
total
 
 
Carrying
value
 
  
% of
total
 
Property type:
  
     
  
     
 
     
  
     
Retail
  
$
2,762
 
  
 
42
 
$
2,858
 
  
 
42
Office
  
 
1,431
 
  
 
22
 
 
 
1,481
 
  
 
22
 
Industrial
  
 
1,342
 
  
 
20
 
 
 
1,440
 
  
 
21
 
Apartments
  
 
508
 
  
 
8
 
 
 
522
 
  
 
8
 
Mixed use
  
 
372
 
  
 
6
 
 
 
371
 
  
 
5
 
Other
  
 
155
 
  
 
2
 
 
 
157
 
  
 
2
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Subtotal
  
 
6,570
 
  
 
100
 
 
6,829
 
  
 
100
 
  
     
  
 
 
 
 
     
  
 
 
 
Allowance for credit losses
  
 
(38
  
     
 
 
(27
  
     
 
  
 
 
 
  
     
 
 
 
 
  
     
Total
  
$
6,532
 
  
     
 
$
6,802
 
  
     
 
  
 
 
 
  
     
 
 
 
 
  
     
 
21

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
September 30,
2024
 
 
December 31,
2023
 
(Amounts in millions)
  
Carrying
value
 
  
% of
total
 
 
Carrying
value
 
  
% of
total
 
Geographic region:
  
     
  
     
 
     
  
     
South Atlantic
  
$
1,794
 
  
 
27
 
$
1,803
 
  
 
26
Pacific
  
 
1,177
 
  
 
18
 
 
 
1,281
 
  
 
19
 
Mountain
  
 
977
 
  
 
15
 
 
 
1,029
 
  
 
15
 
Middle Atlantic
  
 
875
 
  
 
13
 
 
 
925
 
  
 
14
 
West South Central
  
 
540
 
  
 
8
 
 
 
553
 
  
 
8
 
East North Central
  
 
447
 
  
 
7
 
 
 
445
 
  
 
6
 
West North Central
  
 
388
 
  
 
6
 
 
 
404
 
  
 
6
 
East South Central
  
 
194
 
  
 
3
 
 
 
206
 
  
 
3
 
New England
  
 
178
 
  
 
3
 
 
 
183
 
  
 
3
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Subtotal
  
 
6,570
 
  
 
100
 
 
6,829
 
  
 
100
 
  
     
  
 
 
 
 
     
  
 
 
 
Allowance for credit losses
  
 
(38
  
     
 
 
(27
  
     
 
  
 
 
 
  
     
 
 
 
 
  
     
Total
  
$
6,532
 
  
     
 
$
6,802
 
  
     
 
  
 
 
 
  
     
 
 
 
 
  
     
As of September 30, 2024, we had one commercial mortgage loan with an amortized cost of $11 million that was more than 90 days past due in the industrial property type.
We recognized an increase in the allowance for credit losses of
$3 million to reduce the carrying value of this loan to its collateral value as of September 30, 2024. We had no other commercial mortgage loans past due or on non-accrual status as of September 30, 2024. As of December 31, 2023, we had no commercial mortgage loans past due or on non-accrual status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.
Occasionally, we may make modifications of interest rate reductions, term extensions and/or principal forgiveness related to commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. As the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses as a result of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.
During the three and nine months ended September 30, 2024, we modified one commercial mortgage loan where the borrower was determined to be experiencing financial difficulty. This loan was included in the office property type with an amortized cost of $35 million as of September 30, 2024, which represented 2% of the total asset class. The modification extended the contractual term of the loan by ten years and resulted in an increase to the interest rate. This previously interest-only loan also became amortizing as a result of the modification. As of September 30, 2024, this modified commercial mortgage loan remained current.
We did not have any other loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan during the 12 months prior to September 30, 2024 or during the three and nine months ended September 30, 2023.
 
22

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
2024
 
  
2023
 
  
2024
 
  
2023
 
Allowance for credit losses:
           
Beginning balance
   $ 30      $ 24      $ 27      $ 22  
Provision
     8        1        11        3  
Write-offs
                           
Recoveries
                           
  
 
 
    
 
 
    
 
 
    
 
 
 
Ending balance
   $ 38      $ 25      $ 38      $ 25  
  
 
 
    
 
 
    
 
 
    
 
 
 
During the three and nine months ended September 30, 2024, we increased the provision for credit losses as a result of annual updates to underlying metrics included in the analytical model used to determine the adequacy of the allowance for credit losses, which resulted in higher estimated loss rates.
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the
debt-to-value
and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average
debt-to-value
ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower
debt-to-value
indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual
one-time
events such as capital expenditures, prepaid or late real estate tax payments or
non-recurring
third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.
 
23

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of September 30, 2024:
 
(Amounts in millions)
  
2024
 
  
2023
 
  
2022
 
  
2021
 
  
2020
 
  
2019 and
prior
 
  
Total
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Debt-to-value:
  
  
  
  
  
  
  
0% - 50%
  
$
33
 
  
$
38
 
  
$
87
 
  
$
108
 
  
$
115
 
  
$
1,970
 
  
$
2,351
 
51% - 60%
  
 
15
 
  
 
15
 
  
 
238
 
  
 
230
 
  
 
87
 
  
 
708
 
  
 
1,293
 
61% - 75%
  
 
123
 
  
 
215
 
  
 
539
 
  
 
526
 
  
 
213
 
  
 
968
 
  
 
2,584
 
76% - 100%
  
 
 
  
 
 
  
 
50
 
  
 
24
 
  
 
52
 
  
 
180
 
  
 
306
 
Greater than 100%
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
36
 
  
 
36
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total amortized cost
  
$
171
 
  
$
268
 
  
$
914
 
  
$
888
 
  
$
467
 
  
$
3,862
 
  
$
6,570
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Debt service coverage ratio:
  
  
  
  
  
  
  
Less than 1.00
  
$
 
  
$
20
 
  
$
 
  
$
3
 
  
$
12
 
  
$
246
 
  
$
281
 
1.00 - 1.25
  
 
4
 
  
 
14
 
  
 
50
 
  
 
35
 
  
 
51
 
  
 
278
 
  
 
432
 
1.26 - 1.50
  
 
81
 
  
 
154
 
  
 
139
 
  
 
40
 
  
 
74
 
  
 
539
 
  
 
1,027
 
1.51 - 2.00
  
 
54
 
  
 
49
 
  
 
459
 
  
 
439
 
  
 
154
 
  
 
1,391
 
  
 
2,546
 
Greater than 2.00
  
 
32
 
  
 
31
 
  
 
266
 
  
 
371
 
  
 
176
 
  
 
1,408
 
  
 
2,284
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total amortized cost
  
$
171
 
  
$
268
 
  
$
914
 
  
$
888
 
  
$
467
 
  
$
3,862
 
  
$
6,570
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
 
    
September 30, 2024
 
(Amounts in millions)
  
0% - 50%
   
51% - 60%
   
61% - 75%
   
76% - 100%
   
Greater
than 100%
   
Total
 
Property type:
            
Retail
   $ 1,115     $ 707     $ 938     $ 2     $     $ 2,762  
Office
     273       209       684       265             1,431  
Industrial
     624       196       507       4       11       1,342  
Apartments
     185       96       210       17             508  
Mixed use
     70       40       219       18       25       372  
Other
     84       45       26                   155  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 2,351     $ 1,293     $ 2,584     $ 306     $ 36     $ 6,570  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     36     20     39     5         100
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt service coverage ratio
     2.38       1.86       1.59       1.36       2.66       1.92  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
24

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 
    
December 31, 2023
 
(Amounts in millions)
  
0% - 50%
   
51% - 60%
   
61% - 75%
   
76% - 100%
   
Greater
than 100%
   
Total
 
Property type:
            
Retail
   $ 945     $ 686     $ 1,227     $     $     $ 2,858  
Office
     350       325       771       35             1,481  
Industrial
     670       250       520                   1,440  
Apartments
     194       61       259       8             522  
Mixed use
     120       61       183       7             371  
Other
     89       10       58                   157  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 2,368     $ 1,393     $ 3,018     $ 50     $     $ 6,829  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     35     20     44     1         100
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt service coverage ratio
     2.42       1.87       1.66       0.87             1.96  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
September 30, 2024
 
(Amounts in millions)
  
Less than 1.00
 
 
1.00 - 1.25
 
 
1.26 - 1.50
 
 
1.51 - 2.00
 
 
Greater
than 2.00
 
 
Total
 
Property type:
  
     
 
     
 
     
 
     
 
     
 
     
Retail
  
$
41
 
 
$
117
 
 
$
471
 
 
$
1,237
 
 
$
896
 
 
$
2,762
 
Office
  
 
128
 
 
 
124
 
 
 
214
 
 
 
496
 
 
 
469
 
 
 
1,431
 
Industrial
  
 
45
 
 
 
72
 
 
 
194
 
 
 
473
 
 
 
558
 
 
 
1,342
 
Apartments
  
 
14
 
 
 
43
 
 
 
100
 
 
 
155
 
 
 
196
 
 
 
508
 
Mixed use
  
 
42
 
 
 
44
 
 
 
31
 
 
 
174
 
 
 
81
 
 
 
372
 
Other
  
 
11
 
 
 
32
 
 
 
17
 
 
 
11
 
 
 
84
 
 
 
155
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total amortized cost
  
$
  281
 
 
$
  432
 
 
$
  1,027
 
 
$
  2,546
 
 
$
2,284
 
 
$
6,570
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of total
  
 
4
 
 
6
 
 
16
 
 
39
 
 
35
 
 
100
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average debt-to-value
  
 
64
 
 
67
 
 
66
 
 
59
 
 
46
 
 
56
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25

GENWORTH FINANCIAL,
INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2023
 
(Amounts in millions)
  
Less than 1.00
 
 
1.00 - 1.25
 
 
1.26 - 1.50
 
 
1.51 - 2.00
 
 
Greater
than 2.00
 
 
Total
 
Property type:
  
     
 
     
 
     
 
     
 
     
 
     
Retail
  
$
54
 
 
$
  105
 
 
$
583
 
 
$
1,142
 
 
$
974
 
 
$
2,858
 
Office
  
 
  105
 
 
 
48
 
 
 
244
 
 
 
615
 
 
 
469
 
 
 
1,481
 
Industrial
  
 
43
 
 
 
30
 
 
 
181
 
 
 
471
 
 
 
715
 
 
 
1,440
 
Apartments
  
 
12
 
 
 
51
 
 
 
86
 
 
 
187
 
 
 
186
 
 
 
522
 
Mixed use
  
 
27
 
 
 
14
 
 
 
80
 
 
 
164
 
 
 
86
 
 
 
371
 
Other
  
 
24
 
 
 
15
 
 
 
22
 
 
 
32
 
 
 
64
 
 
 
157
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total amortized cost
  
$
265
 
 
$
263
 
 
$
  1,196
 
 
$
  2,611
 
 
$
  2,494
 
 
$
6,829
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of total
  
 
4
 
 
4
 
 
17
 
 
38
 
 
37
 
 
100
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average debt-to-value
  
 
64
 
 
63
 
 
65
 
 
58
 
 
46
 
 
55
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(5) Derivative Instruments
Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges.
 
26

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
 
Derivative liabilities
 
 
 
 
 
Fair value
 
 
 
 
Fair value
 
(Amounts in millions)
 
Balance
sheet classification
 
September 30,
2024
 
 
December 31,
2023
 
 
Balance
sheet classification
 
September 30,
2024
 
 
December 31,
2023
 
Derivatives designated as hedges
           
Cash flow hedges:
           
Interest rate swaps
  Other invested assets   $ 60     $ 55     Other liabilities   $ 478     $ 490  
Foreign currency swaps
  Other invested assets     9       10     Other liabilities     2       2  
Forward bond purchase commitments
  Other invested assets     60       51     Other liabilities            
   
 
 
   
 
 
     
 
 
   
 
 
 
Total cash flow hedges
      129       116         480       492  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives designated as hedges
      129       116         480       492  
   
 
 
   
 
 
     
 
 
   
 
 
 
Derivatives not designated as hedges
           
Equity index options
  Other invested assets     21       15     Other liabilities            
Financial futures
(1)
  Other invested assets               Other liabilities            
Forward bond purchase commitments
  Other invested assets               Other liabilities     14       9  
Fixed indexed annuity embedded derivatives
  Other assets               Policyholder
account
balances 
(2)
    153       165  
Indexed universal life embedded derivatives
  Reinsurance recoverable               Policyholder
account
balances 
(3)
    17       15  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives not designated as hedges
      21       15         184       189  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives
    $ 150     $ 131       $ 664     $ 681  
     
 
 
   
 
 
     
 
 
   
 
 
 
 
(1)
 
The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis.
(2)
 
Represents the embedded derivatives associated with our fixed indexed annuity liabilities.
(3)
 
Represents the embedded derivatives associated with our indexed universal life liabilities.
 
The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.
 
27

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for fixed indexed annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies.
The following tables represent activity associated with derivative instruments as of the dates indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
December 31,
 
 
 
 
 
Maturities/
 
 
September 30,
 
(Notional in millions)
  
Measurement
 
2023
 
 
Additions
 
 
terminations
 
 
2024
 
Derivatives designated as hedges
  
 
 
     
 
     
 
     
 
     
Cash flow hedges:
  
 
 
     
 
     
 
     
 
     
Interest rate swaps
  
Notional
 
$
8,975
 
 
$
331
 
 
$
(480
 
$
8,826
 
Foreign currency swaps
  
Notional
 
 
131
 
 
 
13
 
 
 
 
 
 
144
 
Forward bond purchase commitments
  
Notional
 
 
1,075
 
 
 
1,528
 
 
 
 
 
 
2,603
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total cash flow hedges
  
 
 
 
10,181
 
 
 
1,872
 
 
 
(480
 
 
11,573
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives designated as hedges
  
 
 
 
10,181
 
 
 
1,872
 
 
 
(480
 
 
11,573
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedges
  
 
 
     
 
     
 
     
 
     
Equity index options
  
Notional
 
 
702
 
 
 
443
 
 
 
(537
 
 
608
 
Financial futures
  
Notional
 
 
1,251
 
 
 
3,514
 
 
 
(3,587
 
 
1,178
 
Forward bond purchase commitments
  
Notional
 
 
500
 
 
 
 
 
 
 
 
 
500
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives not designated as hedges
  
 
 
 
2,453
 
 
 
3,957
 
 
 
(4,124
 
 
2,286
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives
  
 
 
$
12,634
 
 
$
5,829
 
 
$
(4,604
 
$
13,859
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           
 
  
 
 
December 31,
 
 
 
 
 
Maturities/
 
 
September 30,
 
(Number of policies)
  
Measurement
 
2023
 
 
Additions
 
 
terminations
 
 
2024
 
Derivatives not designated as hedges
  
 
 
     
 
     
 
     
 
     
Fixed indexed annuity embedded derivatives
  
Policies
 
 
5,826
 
 
 
 
 
 
(766
 
 
5,060
 
Indexed universal life embedded derivatives
  
Policies
 
 
749
 
 
 
 
 
 
(29
 
 
720
 
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of other comprehensive income (loss) (“OCI”). We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (ii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iii) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; (iv) forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds; and (v) other instruments to hedge the cash flows of various forecasted transactions.
 
28


GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 

The following table provides information about the
pre-tax
income effects of cash flow hedges for the three months ended September 30, 2024:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
   
Gain (loss)
reclassified into
net income
from OCI
    
Classification of gain
(loss) reclassified into
net income
  
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
   $ 181     $ 55      Net investment income    $      Net investment gains (losses)
Interest rate swaps hedging assets
           6      Net investment gains (losses)           Net investment gains (losses)
Foreign currency swaps
     (4          Net investment income           Net investment gains (losses)
Forward bond purchase commitments
     53            Net investment gains (losses)           Net investment gains (losses)
  
 
 
   
 
 
       
 
 
    
Total
   $ 230     $ 61         $     
  
 
 
   
 
 
       
 
 
    
The following table provides information about the
pre-tax
income effects of cash flow hedges for the three months ended September 30, 2023:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
   
Gain (loss)
reclassified into
net income
from OCI
   
Classification of gain
(loss) reclassified into
net income
  
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
   $ (453   $ 56     Net investment income    $      Net investment gains (losses)
Interest rate swaps hedging liabilities
           (1   Interest expense           Net investment gains (losses)
Foreign currency swaps
     (1         Net investment income           Net investment gains (losses)
Forward bond purchase commitments
     (3         Net investment gains (losses)           Net investment gains (losses)
  
 
 
   
 
 
      
 
 
    
Total
   $ (457   $ 55        $     
  
 
 
   
 
 
      
 
 
    
 
29

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table provides information about the pre-tax income effects of cash flow hedges for the nine months ended September 30, 2024:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
   
Gain (loss)
reclassified into
net income
from OCI
   
Classification of gain
(loss) reclassified into
net income
  
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
   $ (44   $ 160     Net investment income    $      Net investment gains (losses)
Interest rate swaps hedging assets
           11     Net investment gains (losses)           Net investment gains (losses)
Interest rate swaps hedging liabilities
           (2   Interest expense           Net investment gains (losses)
Foreign currency swaps
     (1         Net investment income           Net investment gains (losses)
Forward bond purchase commitments
     9           Net investment gains (losses)           Net investment gains (losses)
  
 
 
   
 
 
      
 
 
    
Total
   $ (36   $ 169        $     
  
 
 
   
 
 
      
 
 
    
The following table provides information about the pre-tax income effects of cash flow hedges for the nine months ended September 30, 2023:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
   
Gain (loss)
reclassified into
net income
from OCI
   
Classification of gain
(loss) reclassified into
net income
  
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
   $ (411   $ 165     Net investment income    $      Net investment gains (losses)
Interest rate swaps hedging assets
           8     Net investment gains (losses)           Net investment gains (losses)
Interest rate swaps hedging liabilities
           (2   Interest expense           Net investment gains (losses)
Interest rate swaps hedging liabilities
           1     Net investment gains (losses)           Net investment gains (losses)
Foreign currency swaps
     (4         Net investment income           Net investment gains (losses)
Foreign currency swaps
           2     Net investment gains (losses)           Net investment gains (losses)
Forward bond purchase commitments
     (3         Net investment gains (losses)           Net investment gains (losses)
  
 
 
   
 
 
      
 
 
    
Total
   $ (418   $ 174        $     
  
 
 
   
 
 
      
 
 
    
 
30

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The change for these designated derivatives reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated:
 
    
Three months ended
September 30,
    
Nine months ended
September 30,
 
(Amounts in millions)
  
2024
    
2023
    
2024
    
2023
 
                             
Beginning balance
   $ 730      $ 1,154      $ 1,010      $ 1,200  
Current period increases (decreases) in fair value, net of deferred taxes of $(49), $67, $7 and $59
     181        (390      (29      (359
Reclassification to net (income), net of deferred taxes of $21, $18, $
59
and $60
     (40      (37      (110      (114
  
 
 
    
 
 
    
 
 
    
 
 
 
Ending balance
   $ 871      $ 727      $ 871      $ 727  
  
 
 
    
 
 
    
 
 
    
 
 
 
The total balance in accumulated other comprehensive income (loss) from derivatives designated as cash flow hedges of $871 million, net of taxes, recorded in stockholders’ equity as of September 30, 2024 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $127 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the nine months ended September 30, 2024 and 2023, we reclassified $9 million to net income in connection with forecasted transactions that were no longer considered reasonably possible of occurring.
Derivatives Not Designated As Hedges
We enter into certain non-qualifying derivative instruments such as equity index options and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed indexed annuities and indexed universal life. Our fixed indexed annuity and indexed universal life insurance products with certain features are required to be bifurcated as embedded derivatives. Additionally, we have forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds.
The following table provides the
pre-tax
gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
 
Classification of gain (loss) recognized in
net income
(Amounts in millions)
  
2024
 
 
2023
 
 
2024
 
 
2023
 
Equity index options
  
$
2
 
 
$
(4
 
$
8
 
 
$
2
 
 
Net investment gains (losses)
Financial futures
  
 
6
 
 
 
(50
 
 
(73
 
 
(117
 
Changes in fair value of market risk benefits and associated hedges
Forward bond purchase commitments
  
 
6
 
 
 
(22
 
 
(5
 
 
(25
 
Net investment gains (losses)
Fixed indexed annuity embedded derivatives
  
 
(2
 
 
(6
 
 
(15
 
 
(16
 
Net investment gains (losses)
Indexed universal life embedded derivatives
  
 
(2
 
 
4
 
 
 
4
 
 
 
11
 
 
Net investment gains (losses)
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives not designated as hedges
  
$
10
 
 
$
(78
 
$
(81
 
$
(145
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Derivative Counterparty Credit Risk
Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated:
 
    
September 30, 2024
   
December 31, 2023
 
(Amounts in millions)
  
Derivative
assets
(1)
   
Derivative
liabilities 
(1)
   
Net
derivatives
   
Derivative
assets
(1)
   
Derivative
liabilities 
(1)
   
Net
derivatives
 
                                      
Amounts presented in the balance sheet:
            
Gross amounts recognized
   $ 150     $ 494     $ (344   $ 131     $ 501     $ (370
Gross amounts offset in the balance sheet
                                    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net amounts presented in the balance sheet
     150       494       (344     131       501       (370
Gross amounts not offset in the balance sheet:
            
Financial instruments
(2)
     (67     (67           (59     (59      
Collateral received
     (25           (25     (19           (19
Collateral pledged
           (1,167     1,167             (1,100     1,100  
Over collateralization
     2       740       (738           658       (658
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net amount
   $ 60     $     $ 60     $ 53     $     $ 53  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
Does not include amounts related to embedded derivatives as of September 30, 2024 and December 31, 2023.
(2)
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
(6) Fair Value of Financial Instruments
Recurring Fair Value Measurements
We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, separate account assets, market risk benefits (“MRBs”) and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument.
Fixed maturity securities, equity securities and short-term investments
The fair value of fixed maturity securities, equity securities and short-term investments is estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which may use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is
 
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GENWORTH FINANCIAL, INC.
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(Unaudited)
 
less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. These valuation techniques may change from period to period, based on the relevance and availability of market data.
Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.
In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services.
Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3. Broker quotes may be utilized when pricing services data is not available and are typically classified as Level 3 due to the use of significant unobservable inputs.
For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placements with the public bonds, price caps, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of September 30, 2024.
For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.
Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.
 
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GENWORTH FINANCIAL, INC.
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A summary of the inputs used for our financial instruments carried at fair value based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.
Level 1 measurements
Equity securities.
The primary inputs to the valuation of exchange-traded equity securities include quoted prices for the identical instrument.
Separate account assets.
The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing.
Level 2 measurements
Fixed maturity securities
 
   
Third-party pricing services:
In estimating the fair value of fixed maturity securities, 89% of our portfolio was priced using third-party pricing services as of September 30, 2024. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of
understanding
the methodologies, techniques and inputs used by the third-party pricing providers.
 
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GENWORTH FINANCIAL, INC.
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The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of
fixed maturity
securities that are classified as Level 2 as of September 30, 2024:
 
(Amounts in millions)
 
Fair value
 
 
Primary methodologies
 
Significant inputs
U.S. government, agencies and government-sponsored enterprises
  $ 3,717     Price quotes from trading desk, broker feeds   Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions
  $ 2,262     Multi-dimensional attribute-based modeling systems, third-party pricing vendors   Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S.
government
  $ 849     Matrix pricing, spread priced to benchmark curves, price quotes from market makers   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads,
bid-offer
spread, market research publications, third-party pricing sources
U.S. corporate
  $ 24,694     Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models   Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S.
corporate
  $ 6,249     Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads,
bid-offer
spread, market research publications, third-party pricing sources
Residential mortgage-backed
  $ 856    
OAS-based
models, single factor binomial models, internally priced
  Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Commercial mortgage-backed
  $ 1,348     Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model   Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
Other asset-backed
  $ 2,060     Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers   Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
 
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GENWORTH FINANCIAL, INC.
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Internal models:
A portion of our U.S. corporate and
non-U.S.
corporate securities are valued using internal models. The fair value of these fixed maturity securities was $1,571 million and $843 million, respectively, as of September 30, 2024. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and
 
related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.
Equity securities.
The primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active.
Short-term investments.
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by pricing services.
Level 3 measurements
Fixed maturity securities
 
   
Broker quotes:
A portion of our state and political subdivisions,
non-U.S.
government, U.S. corporate,
non-U.S.
corporate, residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $217 million as of September 30, 2024.
 
   
Internal models:
A portion of our U.S. corporate,
non-U.S.
corporate, residential mortgage-backed and other asset-backed securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $2,676 million as of September 30, 2024.
Equity securities.
The primary inputs to the valuation include broker quotes where the underlying inputs are unobservable and for internal models, structure of the security and issuer rating.
Limited partnerships.
 
The fair value of limited partnerships classified as Level 3 is determined based on third-party valuation sources that utilize unobservable inputs, such as a
reference
to public market or private transactions, valuations for comparable companies or assets, discounted cash flows and/or recent
transactions
.
 
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GENWORTH FINANCIAL, INC.
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(Unaudited)
 
Short-term investments.
The primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which include significant unobservable inputs.
Net asset value
Limited partnerships.
Limited partnerships are valued based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying instrument. We utilize the net asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value.
Derivatives
We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our non-performance risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the derivative counterparty for our derivative assets or liabilities.
Interest rate swaps.
The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2.
Foreign currency swaps.
The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered observable inputs, and results in the derivative being classified as Level 2.
Equity index options.
We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rates, equity index volatility, equity index and time value component associated with the optionality in the derivative. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3. As of September 30, 2024, a significant increase (decrease) in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value measurement.
Financial futures.
The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Forward bond purchase commitments.
 
The valuation of forward bond purchase commitments is determined using an income approach. The primary inputs into the valuation represent current bond prices and interest rates, as well as an estimate of the cost of counterparty financing to acquire and carry the bond during the forward period. The estimated cost of counterparty financing is not readily observable and is developed based upon an assumed spread; accordingly, these derivatives are classified as Level 3.
Fixed indexed annuity and indexed universal life embedded derivatives.
 
We have fixed indexed annuity and indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of September 30, 2024, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
Market risk benefits
MRBs are contracts or contract features that provide protection to the contractholder from and expose us to other-than-nominal capital market risk. MRBs include certain contract features on fixed and variable annuity products that provide minimum guarantees, in addition to the policyholder account balance, such as guaranteed minimum death benefits (“GMDBs”), guaranteed minimum withdrawal benefits (“GMWBs”) and guaranteed payout annuity floor benefits (“GPAFs”). MRBs are measured at fair value using an income-based valuation model based on current net amounts at risk, market data, experience and other factors.
MRB assets and liabilities for minimum guarantees are valued and presented separately from the related separate account and policyholder account balances.
Fixed indexed annuities
The valuation of fixed indexed annuities MRBs, which includes GMWB features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our fixed indexed annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the fixed indexed annuities MRBs. We determine fair value using an internal model based on the various inputs noted above. As a result of our assumptions for GMWB utilization, expected future interest credited and non-performance risk being considered significant unobservable inputs, we classify these instruments as Level 3. As expected future interest credited decreases or GMWB utilization increases, the value of our fixed indexed annuities MRB liability will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the liability. As of September 30, 2024, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. Refer to note 11 for additional details related to the changes in the fair value measurement of fixed indexed annuities MRBs as of September 30, 2024 and December 31, 2023.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Variable annuities
The valuation of our variable annuities MRBs, which includes GMWB, GMDB and GPAF features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), equity index volatility, interest rates, equity index and fund correlation and an adjustment to the discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our variable annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the variable annuities MRBs. We determine fair value using an internal model based on the various inputs noted above. We classify the variable annuities MRBs valuation as Level 3 based on having significant unobservable inputs, with policyholder behavior (GMWB utilization and lapses), equity index
volatility
and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the variable annuities MRBs will increase. An increase in our lapse assumption would decrease the fair value of the variable annuities MRBs, whereas an increase in our GMWB utilization rate would increase the fair value. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the liability. As of September 30, 2024, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement. Refer to note 11 for additional details related to the changes in the fair value measurement of variable annuities MRBs as of September 30, 2024 and December 31, 2023.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
    
September 30, 2024
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
    
NAV 
(1)
 
                                    
Assets
              
Investments:
              
Fixed maturity securities:
              
U.S. government, agencies and government-sponsored enterprises
   $ 3,717      $      $ 3,717      $      $  
State and political subdivisions
     2,266               2,262        4         
Non-U.S.
government
     863               849        14         
U.S. corporate:
              
Utilities
     4,534               3,652        882         
Energy
     2,480               2,433        47         
Finance and insurance
     7,321               6,615        706         
Consumer—non-cyclical
     4,655               4,590        65         
Technology and communications
     2,890               2,878        12         
Industrial
     1,144               1,129        15         
Capital goods
     2,272               2,225        47         
Consumer—cyclical
     1,614               1,511        103         
Transportation
     1,123               1,090        33         
Other
     280               142        138         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. corporate
     28,313               26,265        2,048         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Non-U.S.
corporate:
              
Utilities
     735               420        315         
Energy
     1,123               1,002        121         
Finance and insurance
     1,953               1,912        41         
Consumer—non-cyclical
     579               540        39         
Technology and communications
     746               729        17         
Industrial
     818               756        62         
Capital goods
     621               578        43         
Consumer—cyclical
     212               212                
Transportation
     439               418        21         
Other
     578               525        53         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
non-U.S.
corporate
     7,804               7,092        712         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Residential mortgage-backed
     859               856        3         
Commercial mortgage-backed
     1,360               1,348        12         
Other asset-backed
     2,160               2,060        100         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fixed maturity securities
     47,342               44,449        2,893         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Equity securities
     458        385        30        43         
Limited partnerships
     2,424                      14        2,410  
Other invested assets:
              
Derivative assets:
              
Interest rate swaps
     60               60                
Foreign currency swaps
     9               9                
Equity index options
     21                      21         
Forward bond purchase commitments
     60                      60         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative assets
     150               69        81         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Short-term investments
     2               2                
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total other invested assets
     152               71        81         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Separate account assets
     4,623        4,623                       
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 54,999      $ 5,008      $ 44,550      $ 3,031      $ 2,410  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 

(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value
hierarchy
.
 
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GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
 
  
December 31, 2023
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
NAV
 
(1)
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Assets
  
  
  
  
  
Investments:
              
Fixed maturity securities:
              
U.S. government, agencies and government-sponsored enterprises
   $ 3,494      $      $ 3,494      $      $  
State and political subdivisions
     2,302               2,242        60         
Non-U.S.
government
     626               626                
U.S. corporate:
              
Utilities
     4,273               3,392        881         
Energy
     2,372               2,312        60         
Finance and insurance
     7,278               6,561        717         
Consumer—non-cyclical
     4,505               4,436        69         
Technology and communications
     3,023               3,011        12         
Industrial
     1,233               1,210        23         
Capital goods
     2,181               2,146        35         
Consumer—cyclical
     1,649               1,527        122         
Transportation
     1,162               1,140        22         
Other
     309               160        149         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. corporate
     27,985               25,895        2,090         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Non-U.S.
corporate:
              
Utilities
     685               416        269         
Energy
     1,027               896        131         
Finance and insurance
     1,948               1,814        134         
Consumer—non-cyclical
     616               535        81         
Technology and communications
     891               867        24         
Industrial
     797               734        63         
Capital goods
     561               508        53         
Consumer—cyclical
     221               220        1         
Transportation
     364               342        22         
Other
     701               649        52         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
non-U.S.
corporate
     7,811               6,981        830         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Residential mortgage-backed
     907               904        3         
Commercial mortgage-backed
     1,418               1,407        11         
Other asset-backed
     2,238               2,136        102         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fixed maturity securities
     46,781               43,685        3,096         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Equity securities
     396        321        43        32         
Limited partnerships
     2,193                      20        2,173  
Other invested assets:
              
Derivative assets:
              
Interest rate swaps
     55               55                
Foreign currency swaps
     10               10                
Equity index options
     15                      15         
Forward bond purchase commitments
     51                      51         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative assets
     131               65        66         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Short-term investments
     27               20        7         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total other invested assets
     158               85        73         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Separate account assets
     4,509        4,509                       
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 54,037      $ 4,830      $ 43,813      $ 3,221      $ 2,173  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 

(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value
hierarchy
.
 
41

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the
dates
indicated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning
balance
as of
July 1,
2024
 
 
Total realized and
unrealized gains
(losses)
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Ending
balance
as of
September 30,
2024
 
 
Total gains (losses)
attributable to
assets still held
 
(Amounts in millions)
 
Included in

net
income
 
 
Included

in OCI
 
 
Included in

net
income
 
 
Included
in OCI
 
Fixed maturity securities:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
State and political subdivisions
 
$
65
 
 
$
1
 
 
$
3
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
(65
 
$
4
 
 
$
 
 
$
 
Non-U.S. government
 
 
 
 
 
 
 
 
 
 
 
14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14
 
 
 
 
 
 
 
U.S. corporate:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Utilities
 
 
843
 
 
 
(5
 
 
52
 
 
 
8
 
 
 
 
 
 
 
 
 
(16
 
 
 
 
 
 
 
 
882
 
 
 
 
 
 
46
 
Energy
 
 
45
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47
 
 
 
 
 
 
1
 
Finance and insurance
 
 
680
 
 
 
(2
 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
(2
 
 
 
 
 
 
 
 
706
 
 
 
 
 
 
27
 
Consumer—non-cyclical
 
 
63
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65
 
 
 
 
 
 
2
 
Technology and communications
 
 
12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
 
 
 
 
 
 
 
Industrial
 
 
15
 
 
 
(1
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
 
 
 
 
 
 
 
Capital goods
 
 
54
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
(10
 
 
 
 
 
 
 
 
47
 
 
 
 
 
 
3
 
Consumer—cyclical
 
 
117
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
(2
 
 
 
 
 
(14
 
 
103
 
 
 
 
 
 
2
 
Transportation
 
 
20
 
 
 
 
 
 
1
 
 
 
13
 
 
 
 
 
 
 
 
 
(1
 
 
 
 
 
 
 
 
33
 
 
 
 
 
 
1
 
Other
 
 
135
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
138
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
1,984
 
 
 
(8
 
 
96
 
 
 
21
 
 
 
 
 
 
 
 
 
(31
 
 
 
 
 
(14
 
 
2,048
 
 
 
 
 
 
85
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Utilities
 
 
280
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
 
 
 
 
(1
 
 
36
 
 
 
(7
 
 
315
 
 
 
 
 
 
8
 
Energy
 
 
119
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
 
 
 
 
(2
 
 
 
 
 
 
 
 
121
 
 
 
 
 
 
4
 
Finance and insurance
 
 
133
 
 
 
2
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(99
 
 
41
 
 
 
 
 
 
1
 
Consumer—non-cyclical
 
 
77
 
 
 
(1
 
 
2
 
 
 
 
 
 
(14
 
 
 
 
 
(25
 
 
 
 
 
 
 
 
39
 
 
 
 
 
 
1
 
Technology and communications
 
 
17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17
 
 
 
 
 
 
 
Industrial
 
 
60
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
62
 
 
 
 
 
 
3
 
Capital goods
 
 
45
 
 
 
 
 
 
2
 
 
 
 
 
 
(4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
43
 
 
 
 
 
 
1
 
Consumer—cyclical
 
 
7
 
 
 
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(8
 
 
 
 
 
 
 
 
 
Transportation
 
 
22
 
 
 
 
 
 
 
 
 
 
 
 
(1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21
 
 
 
 
 
 
 
Other
 
 
51
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
811
 
 
 
1
 
 
 
25
 
 
 
 
 
 
(19
 
 
 
 
 
(28
 
 
36
 
 
 
(114
 
 
712
 
 
 
 
 
 
20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
2
 
 
 
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
Commercial mortgage-backed
 
 
11
 
 
 
 
 
 
1