Table of Contents
falseQ10001276520--12-31414456966The 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. Does not include amounts related to embedded derivatives as of March 31, 2025 and December 31, 2024.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.Primarily includes balances related to our universal and term universal life insurance products.During the three months ended March 31, 2025 and 2024, current period increases (decreases) in fair value were net of deferred taxes of $(21) million and $33 million, respectively, and amounts reclassified to net (income) were net of deferred taxes of $18 million and $20 million, respectively.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.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. Represents the net reinsured portion of our variable annuity MRBs.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.See note 5 for additional information. 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.Significant expense category and amounts, which align with segment-level information, as applicable, that is regularly provided to the CODM.Other segment items not considered a significant expense category.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 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.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.Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. 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. Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income. 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. Excludes universal life insurance and investment contracts of $XX million that have an equity market component to their crediting strategy.Excludes universal life insurance and investment contracts of $4,495 million that have an equity market component to their crediting strategy.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. Represents the net reinsured asset related to our variable annuity MRBs. Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges.Other segment expenses include interest credited; acquisition and operating expenses, net of deferrals, as reported in the condensed consolidated statements of income, excluding gains (losses) on the early extinguishment of debt and expenses related to restructuring, as applicable; and changes in fair value of market risk benefits, excluding the impacts of interest rates, equity markets and associated hedges.See note 9 for additional information on the net amount at risk.May not total due to whole number calculation.Includes amounts related to derivative instruments. See note 5 for additional information. 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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 March 31, 2025
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)
11011 West Broad Street
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 April 25, 2025,
414,456,966
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 March 31, 2025 (Unaudited) and December 31, 2024

     3  
 

Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024 (Unaudited)

     4  
 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 (Unaudited)

     5  
 

Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2025 and 2024 (Unaudited)

     6  
 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)

     7  
 

Notes to Condensed Consolidated Financial Statements (Unaudited)

     8  
 

Note 1 — Business and Basis of Presentation

     8  
 

Note 2 — Accounting Changes

     9  
 

Note 3 — Earnings (Loss) Per Share

     10  
 

Note 4 — Investments

     11  
 

Note 5 — Derivative Instruments

     25  
 

Note 6 — Fair Value of Financial Instruments

     30  
 

Note 7 — Deferred Acquisition Costs

     49  
 

Note 8 — Future Policy Benefits

     50  
 

Note 9 — Policyholder Account Balances

     55  
 

Note 10 — Additional Insurance Liabilities

     58  
 

Note 11 — Market Risk Benefits

     59  
 

Note 12 — Separate Accounts

     60  
 

Note 13 — Liability for Policy and Contract Claims

     61  
 

Note 14 — Income Taxes

     62  
 

Note 15 — Segment Information

     62  
 

Note 16 — Commitments and Contingencies

     65  
 

Note 17 — Changes in Accumulated Other Comprehensive Income (Loss)

     71  
Item 2.  

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

     73  
Item 3.  

Quantitative and Qualitative Disclosures About Market Risk

     110  
Item 4.  

Controls and Procedures

     110  

PART II—OTHER INFORMATION

  
Item 1.  

Legal Proceedings

     111  
Item 1A.  

Risk Factors

     111  
Item 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

     111  
Item 5.  

Other Information

     111  
Item 6.  

Exhibits

     112  
Signatures      113  

 

2


Table of Contents
http://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#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestP5YP10YP10Yhttp://fasb.org/us-gaap/2024#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://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#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2024#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://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)
 
    
March 31,
2025
   
December 31,
2024
 
    
(Unaudited)
       
Assets
    
Investments:
    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $48,837 and $48,720, respectively, and allowance for credit losses of $14 and $10, respectively)
   $ 45,668     $ 44,902  
Equity securities, at fair value
     496       515  
Commercial mortgage loans
     6,356       6,450  
Less: Allowance for credit losses
     (36     (39
  
 
 
   
 
 
 
Commercial mortgage loans, net
     6,320       6,411  
Policy loans
     2,316       2,310  
Limited partnerships
     3,241       3,142  
Other invested assets
     653       648  
  
 
 
   
 
 
 
Total investments
     58,694       57,928  
Cash, cash equivalents and restricted cash
     1,891       2,048  
Accrued investment income
     639       607  
Deferred acquisition costs
     1,729       1,779  
Intangible assets
     193       197  
Reinsurance recoverable
     17,744       17,679  
Less: Allowance for credit losses
     (25     (24
  
 
 
   
 
 
 
Reinsurance recoverable, net
     17,719       17,655  
Other assets
     489       444  
Deferred tax asset
     1,663       1,718  
Market risk benefit assets
     47       57  
Separate account assets
     4,192       4,438  
  
 
 
   
 
 
 
Total assets
   $ 87,256     $ 86,871  
  
 
 
   
 
 
 
Liabilities and equity
    
Liabilities:
    
Future policy benefits
   $ 54,158     $ 53,610  
Policyholder account balances
     14,447       14,594  
Market risk benefit liabilities
     516       465  
Liability for policy and contract claims
     698       670  
Unearned premiums
     108       115  
Other liabilities
     1,933       2,026  
Long-term borrowings
     1,519       1,518  
Separate account liabilities
     4,192       4,438  
Liabilities related to discontinued operations
     4       4  
  
 
 
   
 
 
 
Total liabilities
     77,575       77,440  
  
 
 
   
 
 
 
Commitments and contingencies (Note 16)
    
Equity:
    
Common stock, $0.001 par value; 1,500,000,000 shares authorized; 607,290,913 and 606,314,179 shares issued, respectively; 415,879,361 and 421,419,484 shares outstanding, respectively
     1       1  
Additional paid-in capital
     11,862       11,875  
Accumulated other comprehensive income (loss)
     (1,421     (1,642
Retained earnings
     1,565       1,511  
Treasury stock, at cost (191,411,552 and 184,894,695 shares, respectively)
     (3,297     (3,251
  
 
 
   
 
 
 
Total Genworth Financial, Inc.’s stockholders’ equity
     8,710       8,494  
Noncontrolling interests
     971       937  
  
 
 
   
 
 
 
Total equity
     9,681       9,431  
  
 
 
   
 
 
 
Total liabilities and equity
   $ 87,256     $ 86,871  
  
 
 
   
 
 
 
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
March 31,
 
    
 2025 
   
 2024 
 
Revenues:
    
Premiums
   $ 862     $ 875  
Net investment income
     739       782  
Net investment gains (losses)
     27       49  
Policy fees and other income
     158       158  
  
 
 
   
 
 
 
Total revenues
     1,786       1,864  
  
 
 
   
 
 
 
Benefits and expenses:
    
Benefits and other changes in policy reserves
     1,217       1,203  
Liability remeasurement (gains) losses
     4       (8
Changes in fair value of market risk benefits and associated hedges
     18       (23
Interest credited
     99       125  
Acquisition and operating expenses, net of deferrals
     236       236  
Amortization of deferred acquisition costs and intangibles
     60       65  
Interest expense
     26       30  
  
 
 
   
 
 
 
Total benefits and expenses
     1,660       1,628  
  
 
 
   
 
 
 
Income from continuing operations before income taxes
     126       236  
Provision for income taxes
     36       66  
  
 
 
   
 
 
 
Income from continuing operations
     90       170  
Loss from discontinued operations, net of taxes
     (5     (1
  
 
 
   
 
 
 
Net income
     85       169  
Less: net income attributable to noncontrolling interests
     31       30  
  
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 54     $ 139  
  
 
 
   
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
    
Basic
   $ 0.14     $ 0.32  
  
 
 
   
 
 
 
Diluted
   $ 0.14     $ 0.31  
  
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders per share:
    
Basic
   $ 0.13     $ 0.31  
  
 
 
   
 
 
 
Diluted
   $ 0.13     $ 0.31  
  
 
 
   
 
 
 
Weighted-average common shares outstanding:
    
Basic
     418.3       443.0  
  
 
 
   
 
 
 
Diluted
     422.9       450.3  
  
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
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Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
    
Three months ended
March 31,
 
    
 2025 
   
 2024 
 
Net income
   $ 85     $ 169  
Other comprehensive income (loss), net of taxes:
    
Net unrealized gains (losses) on securities without an allowance for credit losses
     505       (486
Net unrealized gains (losses) on securities with an allowance for credit losses
     1        
Derivatives qualifying as hedges
     43       (161
Change in the discount rate used to measure future policy benefits
     (319     1,105  
Change in instrument-specific credit risk of market risk benefits
     (1     2  
Foreign currency translation and other adjustments
     2        
  
 
 
   
 
 
 
Total other comprehensive income
     231       460  
  
 
 
   
 
 
 
Total comprehensive income
     316       629  
Less: comprehensive income attributable to noncontrolling interests
     41       29  
  
 
 
   
 
 
 
Total comprehensive income available to Genworth Financial, Inc.’s common stockholders
   $ 275     $ 600  
  
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
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GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in millions)
(Unaudited)
 
   
Three months ended March 31, 2025
 
   
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, 2024
  $ 1     $ 11,875     $ (1,642   $ 1,511     $ (3,251   $ 8,494     $ 937     $ 9,431  
Repurchase of subsidiary shares
                                        (12     (12
Comprehensive income:
               
Net income
                      54             54       31       85  
Other comprehensive income, net of taxes
                221                   221       10       231  
           
 
 
   
 
 
   
 
 
 
Total comprehensive income
              275       41       316  
Treasury stock acquired in connection with share repurchases
                            (46     (46           (46
Dividends to noncontrolling interests
                                        (5     (5
Stock-based compensation expense and exercises and other
          (13                       (13     10       (3 )
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of March 31, 2025
  $ 1     $ 11,862     $ (1,421   $ 1,565     $ (3,297   $ 8,710     $ 971     $ 9,681  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Three months ended March 31, 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
                                        (9     (9
Comprehensive income (loss):
               
Net income
                      139             139       30       169  
Other comprehensive income (loss), net of taxes
                461                   461       (1     460  
           
 
 
   
 
 
   
 
 
 
Total comprehensive income
              600       29       629  
Treasury stock acquired in connection with share repurchases
                            (63     (63           (63
Dividends to noncontrolling interests
                                        (5     (5
Stock-based compensation expense and exercises and other
          (11                       (11     3       (8
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of March 31, 2024
  $ 1     $ 11,873     $ (2,094   $ 1,352     $ (3,126   $ 8,006     $ 873     $ 8,879  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
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Table of Contents
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
 
    
Three months ended
March 31,
 
    
 2025 
   
 2024 
 
Cash flows from (used by) operating activities:
    
Net income
   $ 85     $ 169  
Less loss from discontinued operations, net of taxes
     5       1  
Adjustments to reconcile net income to net cash from (used by) operating activities:
    
Amortization of fixed maturity securities discounts and premiums
     (32     (23
Net investment (gains) losses
     (27     (49
Changes in fair value of market risk benefits and associated hedges
     18       (23
Charges assessed to policyholders
     (138     (139
Amortization of deferred acquisition costs and intangibles
     60       65  
Deferred income taxes
     2       (1
Derivative instruments, limited partnerships and other
     (27     (138
Long-term incentive compensation expense
     11       14  
Change in certain assets and liabilities:
    
Accrued investment income and other assets
     (47     (68
Insurance reserves
     149       140  
Current tax liabilities
     34       67  
Other liabilities, policy and contract claims and other policy-related balances
     (59     (122
  
 
 
   
 
 
 
Net cash from (used by) operating activities
     34       (107
  
 
 
   
 
 
 
Cash flows from (used by) investing activities:
    
Proceeds from maturities and repayments of investments:
    
Fixed maturity securities
     639       649  
Commercial mortgage loans
     202       127  
Limited partnerships and other invested assets
     50       59  
Proceeds from sales of investments:
    
Fixed maturity and equity securities
     334       635  
Purchases and originations of investments:
    
Fixed maturity and equity securities
     (1,017     (1,157
Commercial mortgage loans
     (107     (45
Limited partnerships and other invested assets
     (109     (125
Short-term investments, net
           17  
Policy loans, net
     1        
Other
     (7     (17
  
 
 
   
 
 
 
Net cash from (used by) investing activities
     (14     143  
  
 
 
   
 
 
 
Cash flows from (used by) financing activities:
    
Deposits to universal life and investment contracts
     129       133  
Withdrawals from universal life and investment contracts
     (221     (317
Repayment and repurchase of long-term debt
           (6
Repurchase of subsidiary shares
     (12     (9
Treasury stock acquired in connection with share repurchases
     (45     (63
Dividends paid to noncontrolling interests
     (5     (5
Other, net
     (23     (32
  
 
 
   
 
 
 
Net cash used by financing activities
     (177     (299
  
 
 
   
 
 
 
Net change in cash, cash equivalents and restricted cash
     (157     (263
Cash, cash equivalents and restricted cash at beginning of period
     2,048       2,215  
  
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of period
   $ 1,891     $ 1,952  
  
 
 
   
 
 
 
See Notes to Condensed Consolidated Financial Statements
 
7

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
 
8

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 2024 Annual Report on Form 10-K.
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 three months ended March 31, 2025, Genworth Financial repurchased 6,516,857 shares of its common stock at an average price of $6.91 per share for a total cost of $46 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 repurchased 1,422,395 shares of its common stock at an average price of $7.03 per share under the share repurchase program through a Rule 10b5-1 trading plan in April 2025, leaving approximately $100 million available for repurchase under the program as of April 30, 2025. 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 Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance to require disaggregated disclosures in the notes to the financial statements of certain categories of expenses included in our consolidated statements of income, including employee compensation, depreciation and intangible asset amortization. This guidance is effective for us for annual reporting periods beginning on January 1, 2027 and interim periods beginning on January 1, 2028 using the prospective or retrospective method, with early adoption permitted. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.
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. The guidance will have no impact on our consolidated financial statements but will expand our disclosures effective for annual reporting periods beginning on January 1, 2025 using the prospective or retrospective method, which we are in the process of developing.
 
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Table of Contents
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(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
March 31,
 
(Amounts in millions, except per share amounts)
  
 2025 
   
 2024 
 
Weighted-average common shares used in basic earnings per share calculations
     418.3       443.0  
Potentially dilutive securities:
    
Performance stock units, restricted stock units and other equity-based awards
     4.6       7.3  
  
 
 
   
 
 
 
Weighted-average common shares used in diluted earnings per share calculations
     422.9       450.3  
  
 
 
   
 
 
 
Income from continuing operations:
    
Income from continuing operations
   $ 90     $ 170  
Less: net income from continuing operations attributable to noncontrolling interests
     31       30  
  
 
 
   
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
   $ 59     $ 140  
  
 
 
   
 
 
 
Basic per share
   $ 0.14     $ 0.32  
  
 
 
   
 
 
 
Diluted per share
   $ 0.14     $ 0.31  
  
 
 
   
 
 
 
Loss from discontinued operations:
    
Loss from discontinued operations, net of taxes
   $ (5   $ (1
  
 
 
   
 
 
 
Basic per share
   $ (0.01   $  
  
 
 
   
 
 
 
Diluted per share
   $ (0.01   $  
  
 
 
   
 
 
 
Net income:
    
Income from continuing operations
   $ 90     $ 170  
Loss from discontinued operations, net of taxes
     (5     (1
  
 
 
   
 
 
 
Net income
     85       169  
Less: net income attributable to noncontrolling interests
     31       30  
  
 
 
   
 
 
 
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 54     $ 139  
  
 
 
   
 
 
 
Basic per share
(1)
   $ 0.13     $ 0.31  
  
 
 
   
 
 
 
Diluted per share
   $ 0.13     $ 0.31  
  
 
 
   
 
 
 
 
(1)
 
May not total due to whole number calculation.
 
10

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
March 31,
 
(Amounts in millions)
  
 2025 
   
 2024 
 
Fixed maturity securities—taxable
   $ 559     $ 554  
Fixed maturity securities—non-taxable
           1  
Equity securities
     3       2  
Commercial mortgage loans
     73       75  
Policy loans
     36       58  
Limited partnerships
     8       20  
Other invested assets
(1)
     61       68  
Cash, cash equivalents, restricted cash and short-term investments
     22       27  
  
 
 
   
 
 
 
Gross investment income before expenses and fees
     762       805  
Expenses and fees
     (23     (23
  
 
 
   
 
 
 
Net investment income
   $ 739     $ 782  
  
 
 
   
 
 
 
 
(1)
 
Includes amounts related to derivative instruments. See note 5 for additional information.
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
    
Three months ended
March 31,
 
(Amounts in millions)
  
 2025 
   
 2024 
 
              
Realized investment gains (losses):
    
Available-for-sale fixed maturity securities:
    
Realized gains
   $ 4     $ 7  
Realized losses
     (8     (29
  
 
 
   
 
 
 
Net realized gains (losses) on available-for-sale fixed maturity securities
     (4     (22
Net realized gains (losses) on equity securities sold
     1        
  
 
 
   
 
 
 
Total net realized investment gains (losses)
     (3     (22
  
 
 
   
 
 
 
Net change in allowance for credit losses on available-for-sale fixed maturity securities
     (4      
Net unrealized gains (losses) on equity securities still held
     (14     32  
Net unrealized gains (losses) on limited partnerships
     38       43  
Commercial mortgage loans
     3       (2
Derivative instruments
(1)
     6       1  
Other
     1       (3
  
 
 
   
 
 
 
Net investment gains (losses)
   $ 27     $ 49  
  
 
 
   
 
 
 
 
(1)
 
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
 
11

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 2024 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. 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 March 31, 2025:
 
(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
  $ 4     $ 2     $     $     $     $     $     $ 6  
Non-U.S. corporate
    3       1                                     4  
Commercial mortgage-backed
    3             1                               4  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
  $ 10     $ 3     $ 1     $     $     $     $     $ 14  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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 March 31, 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  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
12

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)
  
March 31,
2025
    
December 31,
2024
 
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
   $ (3,150    $ (3,801
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
     (5      (7
Adjustments to policyholder contract balances
     73        83  
Income taxes, net
     393        530  
  
 
 
    
 
 
 
Net unrealized investment gains (losses)
     (2,689      (3,195
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
     (29      (39
  
 
 
    
 
 
 
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
   $ (2,660    $ (3,156
  
 
 
    
 
 
 
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 three months ended March 31:
 
(Amounts in millions)
  
2025
    
2024
 
Beginning balance
   $ (3,156    $ (2,130
Unrealized gains (losses) arising during the period:
     
Unrealized gains (losses) on fixed maturity securities
     649        (654
Adjustments to policyholder contract balances
     (10      14  
Provision for income taxes
     (136      137  
  
 
 
    
 
 
 
Change in unrealized gains (losses) on investment securities
     503        (503
Reclassification adjustments to net investment (gains) losses
(1)
     3        17  
  
 
 
    
 
 
 
Change in net unrealized investment gains (losses)
     506        (486
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     10        (1
  
 
 
    
 
 
 
Ending balance
   $ (2,660    $ (2,615
  
 
 
    
 
 
 
 
(1)
 
Net of taxes of $(1
) million and $(5
) million during the three months ended March 31, 2025 and 2024, respectively.
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.
 
13

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(d) Fixed Maturity Securities
As of March 31, 2025, 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
   $ 3,830      $ 58      $ (294   $     $ 3,594  
State and political subdivisions
     2,437        11        (279           2,169  
Non-U.S. government
     1,127        9        (107           1,029  
U.S. corporate:
            
Utilities
     4,732        66        (422           4,376  
Energy
     2,520        48        (156           2,412  
Finance and insurance
     7,488        74        (603     (4     6,955  
Consumer—non-cyclical
     4,726        73        (341           4,458  
Technology and communications
     3,062        49        (287           2,824  
Industrial
     1,143        11        (99           1,055  
Capital goods
     2,392        48        (136           2,304  
Consumer—cyclical
     1,587        15        (101     (2     1,499  
Transportation
     1,130        35        (84           1,081  
Other
     277        2        (14           265  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total U.S. corporate
     29,057        421        (2,243     (6     27,229  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
            
Utilities
     741        1        (50     (4     688  
Energy
     1,031        19        (46           1,004  
Finance and insurance
     1,793        27        (103           1,717  
Consumer—non-cyclical
     618        4        (73           549  
Technology and communications
     788        7        (73           722  
Industrial
     819        11        (40           790  
Capital goods
     654        6        (40           620  
Consumer—cyclical
     246        1        (14           233  
Transportation
     459        12        (25           446  
Other
     518        8        (35           491  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
     7,667        96        (499     (4     7,260  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
     946        9        (44           911  
Commercial mortgage-backed
     1,579        1        (258     (4     1,318  
Other asset-backed
     2,194        10        (46           2,158  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
   $ 48,837      $ 615      $ (3,770   $ (14   $ 45,668  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
 
14

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
As of December 31, 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
   $ 3,847      $ 24      $ (378   $     $ 3,493  
State and political subdivisions
     2,452        8        (311           2,149  
Non-U.S. government
     1,021        5        (117           909  
U.S. corporate:
            
Utilities
     4,685        47        (450           4,282  
Energy
     2,444        38        (170           2,312  
Finance and insurance
     7,533        57        (675     (4     6,911  
Consumer—non-cyclical
     4,728        51        (392           4,387  
Technology and communications
     2,992        42        (311           2,723  
Industrial
     1,166        11        (105           1,072  
Capital goods
     2,360        37        (154           2,243  
Consumer—cyclical
     1,602        13        (118           1,497  
Transportation
     1,135        30        (91           1,074  
Other
     283        2        (15           270  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total U.S. corporate
     28,928        328        (2,481     (4     26,771  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
            
Utilities
     750        1        (55     (3     693  
Energy
     1,046        16        (56           1,006  
Finance and insurance
     1,877        20        (123           1,774  
Consumer—non-cyclical
     632        3        (79           556  
Technology and communications
     801        5        (80           726  
Industrial
     805        7        (46           766  
Capital goods
     633        4        (46           591  
Consumer—cyclical
     245        1        (16           230  
Transportation
     454        11        (29           436  
Other
     587        5        (43           549  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
     7,830        73        (573     (3     7,327  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
     862        4        (55           811  
Commercial mortgage-backed
     1,591        1        (288     (3     1,301  
Other asset-backed
     2,189        9        (57           2,141  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Total available-for-sale fixed maturity securities
   $ 48,720      $ 452      $ (4,260   $ (10   $ 44,902  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
 
15

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 March 31, 2025:
 
   
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
  $ 546     $ (13     31     $ 1,334     $ (281     44     $ 1,880     $ (294     75  
State and political subdivisions
    270       (11     39       1,451       (268     257       1,721       (279     296  
Non-U.S. government
    390       (12     96       397       (95     61       787       (107     157  
U.S. corporate
    3,871       (114     665       14,583       (2,124     1,920       18,454       (2,238     2,585  
Non-U.S. corporate
    946       (20     146       3,965       (479     523       4,911       (499     669  
Residential mortgage-backed
    145       (1     53       411       (43     147       556       (44     200  
Commercial mortgage-backed
                      1,241       (258     201       1,241       (258     201  
Other asset-backed
    296       (2     89       871       (44     180       1,167       (46     269  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 6,464     $ (173     1,119     $ 24,253     $ (3,592     3,333     $ 30,717     $ (3,765     4,452  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% Below cost:
                 
<20% Below cost
  $ 6,439     $ (163     1,113     $ 20,640     $ (2,250     2,774     $ 27,079     $ (2,413     3,887  
20%-50% Below cost
    25       (10     6       3,613       (1,342     559       3,638       (1,352     565  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 6,464     $ (173     1,119     $ 24,253     $ (3,592     3,333     $ 30,717     $ (3,765     4,452  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Investment grade
  $ 6,203     $ (167     1,070     $ 23,449     $ (3,489     3,214     $ 29,652     $ (3,656     4,284  
Below investment grade
    261       (6     49       804       (103     119       1,065       (109     168  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 6,464     $ (173     1,119     $ 24,253     $ (3,592     3,333     $ 30,717     $ (3,765     4,452  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
16

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 March 31, 2025:
 
   
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
  $ 775     $ (23     113     $ 1,970     $ (399     297     $ 2,745     $ (422     410  
Energy
    346       (8     68       1,108       (148     144       1,454       (156     212  
Finance and insurance
    730       (16     128       4,417       (582     562       5,147       (598     690  
Consumer—non-cyclical
    696       (17     112       2,294       (324     270       2,990       (341     382  
Technology and communications
    412       (15     76       1,700       (272     214       2,112       (287     290  
Industrial
    181       (7     29       572       (92     83       753       (99     112  
Capital goods
    331       (7     62       1,047       (129     143       1,378       (136     205  
Consumer—cyclical
    203       (4     42       893       (97     125       1,096       (101     167  
Transportation
    148       (13     30       493       (71     68       641       (84     98  
Other
    49       (4     5       89       (10     14       138       (14     19  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, U.S. corporate securities
    3,871       (114     665       14,583       (2,124     1,920       18,454       (2,238     2,585  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                 
Utilities
    152       (2     17       458       (48     51       610       (50     68  
Energy
    189       (6     21       379       (40     45       568       (46     66  
Finance and insurance
    125       (2     28       1,033       (101     145       1,158       (103     173  
Consumer—non-cyclical
    92       (3     17       365       (70     44       457       (73     61  
Technology and communications
    87       (2     15       483       (71     60       570       (73     75  
Industrial
    118       (1     24       331       (39     48       449       (40     72  
Capital goods
    98       (2     14       317       (38     43       415       (40     57  
Consumer—cyclical
    50       (1     6       119       (13     20       169       (14     26  
Transportation
    35       (1     4       250       (24     33       285       (25     37  
Other
                      230       (35     34       230       (35     34  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, non-U.S. corporate securities
    946       (20     146       3,965       (479     523       4,911       (499     669  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for corporate securities in an unrealized loss position
  $ 4,817     $ (134     811     $ 18,548     $ (2,603     2,443     $ 23,365     $ (2,737     3,254  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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.
 
17

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, 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
  $ 1,013     $ (43     67     $ 1,270     $ (335     47     $ 2,283     $ (378     114  
State and political subdivisions
    432       (15     69       1,406       (296     256       1,838       (311     325  
Non-U.S. government
    438       (18     130       386       (99     60       824       (117     190  
U.S. corporate
    5,001       (173     894       14,626       (2,302     1,997       19,627       (2,475     2,891  
Non-U.S. corporate
    1,359       (34     238       4,126       (538     553       5,485       (572     791  
Residential mortgage-backed
    151       (3     69       409       (52     147       560       (55     216  
Commercial mortgage-backed
                      1,244       (288     206       1,244       (288     206  
Other asset-backed
    182       (3     56       971       (54     194       1,153       (57     250  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 8,576     $ (289     1,523     $ 24,438     $ (3,964     3,460     $ 33,014     $ (4,253     4,983  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% Below cost:
                 
<20% Below cost
  $ 8,505     $ (266     1,511     $ 19,956     $ (2,322     2,794     $ 28,461     $ (2,588     4,305  
20%-50% Below cost
    71       (23     12       4,481       (1,641     664       4,552       (1,664     676  
>50% Below cost
                      1       (1     2       1       (1     2  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 8,576     $ (289     1,523     $ 24,438     $ (3,964     3,460     $ 33,014     $ (4,253     4,983  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Investment grade
  $ 8,337     $ (282     1,469     $ 23,621     $ (3,857     3,335     $ 31,958     $ (4,139     4,804  
Below investment grade
    239       (7     54       817       (107     125       1,056       (114     179  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for fixed maturity securities in an unrealized loss position
  $ 8,576     $ (289     1,523     $ 24,438     $ (3,964     3,460     $ 33,014     $ (4,253     4,983  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
18

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, 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
  $ 1,005     $ (26     151     $ 1,968     $ (424     303     $ 2,973     $ (450     454  
Energy
    491       (25     107       1,051       (145     137       1,542       (170     244  
Finance and insurance
    917       (26     172       4,472       (643     584       5,389       (669     756  
Consumer—non-cyclical
    917       (34     160       2,267       (358     289       3,184       (392     449  
Technology and communications
    454       (16     86       1,772       (295     235       2,226       (311     321  
Industrial
    220       (8     34       565       (97     90       785       (105     124  
Capital goods
    464       (21     81       1,009       (133     144       1,473       (154     225  
Consumer—cyclical
    277       (10     58       883       (108     126       1,160       (118     184  
Transportation
    187       (6     37       529       (85     73       716       (91     110  
Other
    69       (1     8       110       (14     16       179       (15     24  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, U.S. corporate securities
    5,001       (173     894       14,626       (2,302     1,997       19,627       (2,475     2,891  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                 
Utilities
    152       (3     23       455       (51     51       607       (54     74  
Energy
    223       (7     33       435       (49     48       658       (56     81  
Finance and insurance
    270       (4     58       1,116       (119     157       1,386       (123     215  
Consumer—non-cyclical
    110       (7     24       365       (72     48       475       (79     72  
Technology and communications
    114       (4     18       489       (76     65       603       (80     83  
Industrial
    152       (2     33       340       (44     51       492       (46     84  
Capital goods
    118       (3     18       313       (43     43       431       (46     61  
Consumer—cyclical
    52       (1     8       117       (15     20       169       (16     28  
Transportation
    34       (1     4       247       (28     34       281       (29     38  
Other
    134       (2     19       249       (41     36       383       (43     55  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal, non-U.S. corporate securities
    1,359       (34     238       4,126       (538     553       5,485       (572     791  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total for corporate securities in an unrealized loss position
  $ 6,360     $ (207     1,132     $ 18,752     $ (2,840     2,550     $ 25,112     $ (3,047     3,682  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
19

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The scheduled maturity distribution of fixed maturity securities as of March 31, 2025 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
   $ 1,418      $ 1,413  
Due after one year through five years
     8,631        8,474  
Due after five years through ten years
     11,582        11,132  
Due after ten years
     22,487        20,262  
  
 
 
    
 
 
 
Subtotal
     44,118        41,281  
Residential mortgage-backed
     946        911  
Commercial mortgage-backed
     1,579        1,318  
Other asset-backed
     2,194        2,158  
  
 
 
    
 
 
 
Total
   $ 48,837      $ 45,668  
  
 
 
    
 
 
 
As of March 31, 2025, 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 March 31, 2025, 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:
 
    
March 31,
2025
   
December 31,
2024
 
(Amounts in millions)
  
Carrying
value
    
% of
total
   
Carrying
value
    
% of
total
 
Property type:
          
Retail
   $ 2,668        42   $ 2,716        42
Office
     1,382        22       1,391        22  
Industrial
     1,325        21       1,331        21  
Apartments
     486        8       498        7  
Mixed use
     354        5       360        6  
Other
     141        2       154        2  
  
 
 
    
 
 
   
 
 
    
 
 
 
Subtotal
     6,356        100     6,450        100
     
 
 
      
 
 
 
Allowance for credit losses
     (36        (39   
  
 
 
      
 
 
    
Total
   $ 6,320        $ 6,411     
  
 
 
      
 
 
    
 
20

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
March 31,
2025
   
December 31,
2024
 
(Amounts in millions)
  
Carrying
value
    
% of
total
   
Carrying
value
    
% of
total
 
Geographic region:
          
South Atlantic
   $ 1,714        27   $ 1,750        27
Pacific
     1,118        18       1,157        18  
Mountain
     993        16       971        15  
Middle Atlantic
     857        13       871        13  
West South Central
     532        8       539        8  
East North Central
     418        7       431        7  
West North Central
     353        5       372        6  
East South Central
     204        3       190        3  
New England
     167        3       169        3  
  
 
 
    
 
 
   
 
 
    
 
 
 
Subtotal
     6,356        100     6,450        100
     
 
 
      
 
 
 
Allowance for credit losses
     (36        (39   
  
 
 
      
 
 
    
Total
   $ 6,320        $ 6,411     
  
 
 
      
 
 
    
As of March 31, 2025 and December 31, 2024, we had one commercial mortgage loan in the industrial property type with an amortized cost of $7 million that was more than 90 days past due and on non-accrual status. This loan did not have an allowance for credit losses in either period. We had no other commercial mortgage loans past due or on non-accrual status as of March 31, 2025 and December 31, 2024. 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 2024 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.
We did not have any 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 three months ended March 31, 2025 and 2024. As of March 31, 2025, all loans previously modified during the 12 months prior remained current.
 
21

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
March 31,
 
(Amounts in millions)
  
2025
    
2024
 
Allowance for credit losses:
     
Beginning balance
   $ 39      $ 27  
Provision
     (3      2  
Write-offs
             
Recoveries
             
  
 
 
    
 
 
 
Ending balance
   $ 36      $ 29  
  
 
 
    
 
 
 
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.
 
22

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 March 31, 2025:
 
(Amounts in millions)
  
2025
    
2024
    
2023
    
2022
    
2021
    
2020 and
prior
    
Total
 
                                                  
Debt-to-value:
                    
0% - 50%
   $      $ 32      $ 44      $ 86      $ 112      $ 1,962      $ 2,236  
51% - 60%
     62        34        10        244        250        768        1,368  
61% - 75%
     45        134        212        524        488        1,019        2,422  
76% - 100%
                          50        23        225        298  
Greater than 100%
                                        32        32  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total amortized cost
   $ 107      $ 200      $ 266      $ 904      $ 873      $ 4,006      $ 6,356  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Debt service coverage ratio:
                    
Less than 1.00
   $      $      $ 20      $      $ 3      $ 231      $ 254  
1.00 - 1.25
            3        14        50        25        295        387  
1.26 - 1.50
     45        98        147        137        40        597        1,064  
1.51 - 2.00
     26        68        54        454        436        1,438        2,476  
Greater than 2.00
     36        31        31        263        369        1,445        2,175  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total amortized cost
   $ 107      $ 200      $ 266      $ 904      $ 873      $ 4,006      $ 6,356  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2025
 
(Amounts in millions)
  
0% - 50%
   
51% - 60%
   
61% - 75%
   
76% - 100%
   
Greater
than 100%
   
Total
 
Property type:
            
Retail
   $ 1,068     $ 725     $ 873     $ 2     $     $ 2,668  
Office
     279       196       646       261             1,382  
Industrial
     568       266       480       4       7       1,325  
Apartments
     171       112       187       16             486  
Mixed use
     65       39       210       15       25       354  
Other
     85       30       26                   141  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $ 2,236     $ 1,368     $ 2,422     $ 298     $ 32     $ 6,356  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     35     22     38     5         100
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt service coverage ratio
     2.37       1.86       1.60       1.37       1.01       1.91  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
23

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
   
December 31, 2024
 
(Amounts in millions)
 
0% - 50%
   
51% - 60%
   
61% - 75%
   
76% - 100%
   
Greater
than 100%
   
Total
 
Property type:
           
Retail
  $ 1,108     $ 689     $ 917     $ 2     $     $ 2,716  
Office
    269       220       639       263             1,391  
Industrial
    596       226       498       4       7       1,331  
Apartments
    181       96       205       16             498  
Mixed use
    70       32       218       15       25       360  
Other
    83       45       26                   154  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
  $ 2,307     $ 1,308     $ 2,503     $ 300     $ 32     $ 6,450  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
    36     20     39     5         100
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt service coverage ratio
    2.38       1.87       1.60       1.37       1.01       1.92  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2025
 
(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
   $ 27     $ 97     $ 477     $ 1,196     $ 871     $ 2,668  
Office
     123       113       221       486       439       1,382  
Industrial
     32       69       213       467       544       1,325  
Apartments
     14       37       97       147       191       486  
Mixed use
     50       39       40       167       58       354  
Other
     8       32       16       13       72       141  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $   254     $   387     $   1,064     $   2,476     $   2,175     $ 6,356  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     4     6     17     39     34     100
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt-to-value
     74     67     65     58     45     56
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
24

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 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
   $ 35     $ 98     $ 469     $ 1,215     $ 899     $ 2,716  
Office
     124       114       207       499       447       1,391  
Industrial
     33       70       202       486       540       1,331  
Apartments
     14       37       99       148       200       498  
Mixed use
     50       39       41       172       58       360  
Other
     9       33       16       13       83       154  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total amortized cost
   $   265     $   391     $   1,034     $   2,533     $   2,227     $ 6,450  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
% of total
     4     6     16     39     35     100
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average debt-to-value
     74     67     65     58     45     56
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(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.
 
25

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
 
March 31,
2025
   
December 31,
2024
   
Balance
sheet classification
 
March 31,
2025
   
December 31,
2024
 
Derivatives designated as hedges
           
Cash flow hedges:
           
Interest rate swaps
  Other invested assets   $ 23     $ 18     Other liabilities   $ 690     $ 749  
Foreign currency swaps
  Other invested assets     12       13     Other liabilities     1       1  
Forward bond purchase commitments
  Other invested assets     19       6     Other liabilities     21       44  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total cash flow hedges
      54       37         712       794  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives designated as hedges
      54       37         712       794  
   
 
 
   
 
 
     
 
 
   
 
 
 
Derivatives not designated as hedges
           
Equity index options
  Other invested assets     12       19     Other liabilities            
Financial futures
(1)
  Other invested assets               Other liabilities            
Forward bond purchase commitments
  Other invested assets               Other liabilities     23       27  
Foreign currency forward contracts
  Other invested assets     1           Other liabilities            
Fixed indexed annuity embedded derivatives
  Other assets               Policyholder account balances
(2)
    145       155  
Indexed universal life embedded derivatives
  Reinsurance recoverable               Policyholder account balances
(3)
    13       15  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives not designated as hedges
      13       19         181       197  
   
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives
    $ 67     $ 56       $ 893     $ 991  
   
 
 
   
 
 
     
 
 
   
 
 
 
 
(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.
 
26

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/
   
March 31,
 
(Notional in millions)
  
Measurement
 
2024
   
Additions
   
terminations
   
2025
 
Derivatives designated as hedges
          
Cash flow hedges:
          
Interest rate swaps
   Notional   $ 8,757     $     $ (71   $ 8,686  
Foreign currency swaps
   Notional     144       12             156  
Forward bond purchase commitments
   Notional     2,639       63             2,702  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total cash flow hedges
       11,540       75       (71     11,544  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total derivatives designated as hedges
       11,540       75       (71     11,544  
    
 
 
   
 
 
   
 
 
   
 
 
 
Derivatives not designated as hedges
          
Equity index options
   Notional     604       127       (152     579  
Financial futures
   Notional     1,102       1,063       (1,115     1,050  
Forward bond purchase commitments
   Notional     500                   500  
Foreign currency forward contracts
   Notional           387             387  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total derivatives not designated as hedges
       2,206       1,577       (1,267     2,516  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total derivatives
     $ 13,746     $ 1,652     $ (1,338   $ 14,060  
    
 
 
   
 
 
   
 
 
   
 
 
 
        
December 31,
         
Maturities/
   
March 31,
 
(Number of policies)
  
Measurement
 
2024
   
Additions
   
terminations
   
2025
 
Derivatives not designated as hedges
          
Fixed indexed annuity embedded derivatives
   Policies     4,867             (169     4,698  
Indexed universal life embedded derivatives
   Policies     717             (8     709  
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.
 
27

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 March 31, 2025:
 
(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
   $ 62     $ 48      Net investment income    $      Net investment gains (losses)
Interest rate swaps hedging assets
           1      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
     36            Net investment gains (losses)           Net investment gains (losses)
  
 
 
   
 
 
       
 
 
    
Total
   $ 95     $ 49         $     
  
 
 
   
 
 
       
 
 
    
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 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
   $ (148   $ 53     Net investment income    $      Net investment gains (losses)
Interest rate swaps hedging assets
           4     Net investment gains (losses)           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
     (11         Net investment gains (losses)           Net investment gains (losses)
  
 
 
   
 
 
      
 
 
    
Total
   $ (158   $ 56        $     
  
 
 
   
 
 
      
 
 
    
 
28

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
March 31,
 
(Amounts in millions)
  
 2025 
    
 2024 
 
               
Beginning balance
   $ 492      $ 1,010  
Current period increases (decreases) in fair value
(1)
     74        (125
Reclassification to net (income)
(1)
     (31      (36
  
 
 
    
 
 
 
Ending balance
   $ 535      $ 849  
  
 
 
    
 
 
 
 
(1)
 
During the three months ended March 31, 2025 and 2024, current period increases (decreases) in fair value were net of deferred taxes of $(21) million and $33 million, respectively, and amounts reclassified to net (income) were net of deferred taxes of $18 million and $20 million, respectively.
The total balance in accumulated other comprehensive income (loss) from derivatives designated as cash flow hedges of $535 million, net of taxes, recorded in stockholders’ equity as of March 31, 2025 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, $122 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 three months ended March 31, 2025 and 2024, we reclassified $1 million and $2 million, respectively, 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, as well as foreign currency forward contracts to mitigate currency risk associated with anticipated future foreign currency denominated cash flows.
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
March 31,
   
Classification of gain (loss) recognized in
net income
(Amounts in millions)
  
2025
   
2024
 
Equity index options
   $ (4   $ 5     Net investment gains (losses)
Financial futures
     33       (64   Changes in fair value of market risk benefits and associated hedges
Forward bond purchase commitments
     4       (4   Net investment gains (losses)
Fixed indexed annuity embedded derivatives
     4       (8   Net investment gains (losses)
Indexed universal life embedded derivatives
     1       4     Net investment gains (losses)
  
 
 
   
 
 
   
Total derivatives not designated as hedges
   $ 38     $ (67  
  
 
 
   
 
 
   
 
29

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:
 
    
March 31, 2025
   
December 31, 2024
 
(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
   $ 67     $ 735     $ (668   $ 56     $ 821     $ (765
Gross amounts offset in the balance sheet
                                    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net amounts presented in the balance sheet
     67       735       (668     56       821       (765
Gross amounts not offset in the balance sheet:
            
Financial instruments
(2)
     (36     (36           (31     (31      
Collateral received
     (17           (17     (11           (11
Collateral pledged
           (1,595     1,595             (1,592     1,592  
Over collateralization
     1       896       (895     1       802       (801
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net amount
   $ 15     $     $ 15     $ 15     $     $ 15  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
Does not include amounts related to embedded derivatives as of March 31, 2025 and December 31, 2024.
(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”), broker quotes and/or internal models, 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 less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For
 
30

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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, leading to a classification of Level 2. 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 March 31, 2025.
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.
 
31

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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, 88% of our portfolio was priced using third-party pricing services as of March 31, 2025. 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.
 
32

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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 March 31, 2025:
 
(Amounts in millions)
 
Fair value
   
Primary methodologies
 
Significant inputs
U.S. government, agencies and government-sponsored enterprises
  $ 3,594     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
  $ 2,169     Multi-dimensional attribute-based modeling systems, exchanges for the bond or comparable liquid bonds   Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government
  $ 1,014     Price quotes from market makers, spread priced to benchmark curves, matrix pricing   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate
  $ 23,726     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
  $ 5,709     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
  $ 909     OAS-based models, single factor binomial models, internally priced, pay-up to the to be announced price   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
  $ 1,307     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 swap curves, TRACE reports
Other asset-backed
  $ 1,973     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
 
33

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
   
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 $1,564 million and $827 million, respectively, as of March 31, 2025. 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 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 $304 million as of March 31, 2025.
 
   
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 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 can include 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 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 $2,572 million as of March 31, 2025.
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.
 
34

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(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 counterparties 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 March 31, 2025, 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.
 
35

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.
Foreign currency forward contracts.
The valuation of foreign currency forward contracts is determined using an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2.
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 March 31, 2025, 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
 
36

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
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 March 31, 2025, 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 March 31, 2025 and December 31, 2024.
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 March 31, 2025, 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 March 31, 2025 and December 31, 2024.
 
37

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:
 
    
March 31, 2025
 
(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
   $ 3,594      $      $ 3,594      $      $  
State and political subdivisions
     2,169               2,169                
Non-U.S. government
     1,029               1,014        15         
U.S. corporate:
              
Utilities
     4,376               3,514        862         
Energy
     2,412               2,391        21         
Finance and insurance
     6,955               6,288        667         
Consumer—non-cyclical
     4,458               4,409        49         
Technology and communications
     2,824               2,807        17         
Industrial
     1,055               1,040        15         
Capital goods
     2,304               2,260        44         
Consumer—cyclical
     1,499               1,392        107         
Transportation
     1,081               1,052        29         
Other
     265               137        128         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. corporate
     27,229               25,290        1,939         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Non-U.S. corporate:
              
Utilities
     688               403        285         
Energy
     1,004               889        115         
Finance and insurance
     1,717               1,696        21         
Consumer—non-cyclical
     549               518        31         
Technology and communications
     722               705        17         
Industrial
     790               681        109         
Capital goods
     620               573        47         
Consumer—cyclical
     233               233                
Transportation
     446               411        35         
Other
     491               427        64         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total non-U.S. corporate
     7,260               6,536        724         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Residential mortgage-backed
     911               909        2         
Commercial mortgage-backed
     1,318               1,307        11         
Other asset-backed
     2,158               1,973        185         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fixed maturity securities
     45,668               42,792        2,876         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Equity securities
     496        423        30        43         
Limited partnerships
     2,553                      18        2,535  
Other invested assets:
              
Derivative assets:
              
Interest rate swaps
     23               23                
Foreign currency swaps
     12               12                
Equity index options
     12                      12         
Forward bond purchase commitments
     19                      19         
Foreign currency forward contracts
     1               1                
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative assets
     67               36        31         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Short-term investments
     4               4                
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total other invested assets
     71               40        31         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Separate account assets
     4,192        4,192                       
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 52,980      $ 4,615      $ 42,862      $ 2,968      $ 2,535  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(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.
 
38

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 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
   $ 3,493      $      $ 3,493      $      $  
State and political subdivisions
     2,149               2,149                
Non-U.S. government
     909               896        13         
U.S. corporate:
              
Utilities
     4,282               3,437        845         
Energy
     2,312               2,291        21         
Finance and insurance
     6,911               6,223        688         
Consumer—non-cyclical
     4,387               4,324        63         
Technology and communications
     2,723               2,711        12         
Industrial
     1,072               1,057        15         
Capital goods
     2,243               2,200        43         
Consumer—cyclical
     1,497               1,398        99         
Transportation
     1,074               1,043        31         
Other
     270               137        133         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. corporate
     26,771               24,821        1,950         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Non-U.S. corporate:
              
Utilities
     693               411        282         
Energy
     1,006               890        116         
Finance and insurance
     1,774               1,753        21         
Consumer—non-cyclical
     556               517        39         
Technology and communications
     726               709        17         
Industrial
     766               699        67         
Capital goods
     591               544        47         
Consumer—cyclical
     230               230                
Transportation
     436               401        35         
Other
     549               498        51         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total non-U.S. corporate
     7,327               6,652        675         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Residential mortgage-backed
     811               809        2         
Commercial mortgage-backed
     1,301               1,290        11         
Other asset-backed
     2,141               1,999        142         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fixed maturity securities
     44,902               42,109        2,793         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Equity securities
     515        401        70        44         
Limited partnerships
     2,460                      19        2,441  
Other invested assets:
              
Derivative assets:
              
Interest rate swaps
     18               18                
Foreign currency swaps
     13               13                
Equity index options
     19                      19         
Forward bond purchase commitments
     6                      6         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative assets
     56               31        25         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Short-term investments
     4               4                
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total other invested assets
     60               35        25         
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Separate account assets
     4,438        4,438                       
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 52,375      $ 4,839      $ 42,214      $ 2,881      $ 2,441  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 

(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.
 
39

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
January 1,
2025
   
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
March 31,
2025
   
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:
                       
Non-U.S. government
  $ 13     $     $ 1     $ 1     $     $     $     $     $     $ 15     $     $ 1  
U.S. corporate:
                       
Utilities
    845             4       16                   (3                 862             4  
Energy
    21                                                       21              
Finance and insurance
    688             9       25                   (23           (32     667             8  
Consumer—non-cyclical
    63             1                         (15                 49             1  
Technology and communications
    12                                           5             17              
Industrial
    15                                                       15              
Capital goods
    43             1                                           44             1  
Consumer—cyclical
    99             2       8                   (2                 107             2  
Transportation
    31                                     (2                 29              
Other
    133                                     (5                 128              
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total U.S. corporate
    1,950             17       49                   (50     5       (32     1,939             16  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                       
Utilities
    282             3                                           285             3  
Energy
    116             (1                                         115             (1
Finance and insurance
    21                                                       21              
Consumer—non-cyclical
    39                                     (8                 31              
Technology and communications
    17                                                       17              
Industrial
    67             2                               40             109             2  
Capital goods
    47                                                       47              
Transportation
    35                                                       35              
Other
    51             1       12                                     64             1  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
    675             5       12                   (8     40             724             5  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
    2                                                       2              
Commercial mortgage-backed
    11                                                       11              
Other asset-backed
    142                   48                   (5                 185              
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total fixed maturity securities
    2,793             23       110                   (63     45       (32     2,876             22  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity securities
    44                         (1                             43              
Limited partnerships
    19       (1                                               18       (1      
Other invested assets:
                       
Derivative assets:
                       
Equity index options
    19       (4           3                   (6                 12       (4      
Forward bond purchase commitments
    6             13                                           19             13  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative assets
    25       (4     13       3                   (6                 31       (4     13  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total other invested assets
    25       (4     13       3                   (6                 31       (4     13  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 assets
  $ 2,881     $ (5   $ 36     $ 113     $ (1   $     $ (69   $ 45     $ (32   $ 2,968     $ (5   $ 35  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
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.
 
40

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
   
Beginning
balance
as of
January 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
March 31,
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
  $ 60     $ 1     $ 4     $     $     $     $     $     $     $ 65     $ 1     $ 4  
U.S. corporate:
                       
Utilities
    881             (20     32                   (26                 867             (20
Energy
    60                                                       60              
Finance and insurance
    717             (6                             19             730             (6
Consumer—non-cyclical
    69                                     (5                 64              
Technology and communications
    12                                                       12              
Industrial
    23                                     (8                 15              
Capital goods
    35             (1                                         34             (1
Consumer—cyclical
    122             (3                       (1                 118             (3
Transportation
    22                                     (1                 21              
Other
    149             (2                       (4                 143             (2
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total U.S. corporate
    2,090             (32     32                   (45     19             2,064             (32
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-U.S. corporate:
                       
Utilities
    269             (4     10                   (15                 260             (4
Energy
    131             (1                                         130             (1
Finance and insurance
    134       2       (4                                         132       2       (4
Consumer—non-cyclical
    81             (1                       (3                 77              
Technology and communications
    24                                                       24              
Industrial
    63             (1                       (1                 61             (1
Capital goods
    53                                     (20                 33              
Consumer—cyclical
    1                                                       1              
Transportation
    22                                                       22              
Other
    52             (1                                         51             (1
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total non-U.S. corporate
    830       2       (12     10                   (39                 791       2       (11
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Residential mortgage-backed
    3                                                       3              
Commercial mortgage-backed
    11                                                       11              
Other asset-backed
    102                   15                   (2           (7     108             (1
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total fixed maturity securities
    3,096       3       (40     57                   (86     19       (7     3,042       3       (40
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity securities
    32                                                       32              
Limited partnerships
    20       (1                                               19       (1      
Other invested assets:
                       
Derivative assets:
                       
Equity index options
    15       5             4                   (4                 20       4        
Forward bond purchase commitments
    51             (10                                         41             (10
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative assets
    66       5       (10     4                   (4                 61       4       (10
Short-term investments
    7                                     (7                              
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total other invested assets
    73       5       (10     4                   (11                 61       4       (10
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 assets
  $ 3,221     $ 7     $ (50   $ 61     $     $     $ (97   $ 19     $ (7   $ 3,154     $ 6     $ (50
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
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.
 
41

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31:
 
(Amounts in millions)
  
2025
   
2024
 
Total realized and unrealized gains (losses) included in net income:
    
Net investment incom
e
   $     $ 3  
Net investment gains (losse
s)
     (5     4  
  
 
 
   
 
 
 
Tota
l
   $ (5   $ 7  
  
 
 
   
 
 
 
Net gains (losses) included in net income attributable to assets still held:
    
Net investment incom
e
   $     $ 3  
Net investment gains (losse
s)
     (5     3  
  
 
 
   
 
 
 
Tota
l
   $ (5   $ 6  
  
 
 
   
 
 
 
The amount presented for net investment income relates to fixed maturity securities and primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities.
 
42

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2025:

(Amounts in millions)
 
Fair value
 
 
Unobservable input
 
Range
 
Weighted-average 
(1)
Fixed maturity securities:
          
U.S. corporate:
          
Utilities
   $ 848      Credit spreads  
61bps - 263bps
   139bps
Energy
     21      Credit spreads  
130bps - 170bps
   150bps
Finance and insurance
     655      Credit spreads   14bps - 218bps    148bps
Consumer—non-cyclical
     49      Credit spreads   74bps - 221bps    145bps
Technology and communications
     17      Credit spreads   74bps - 192bps    116bps
Industrial
     15      Credit spreads   100bps - 170bps   124bps
Capital goods
     44      Credit spreads   133bps - 153bps   141bps
Consumer—cyclical
     85      Credit s
pr
eads
  90bps - 144bps    129bps
Transportation
     29      Credit spreads   50bps - 157bps    133bps
Other
     82      Credit s
pre
ads
  86bps - 159bps    103bps
  
 
 
         
Total U.S. corporate
   $ 1,845      Credit spreads   14bps - 263bps    140bps
  
 
 
         
Non-U.S. corporate:
          
Utilities
   $ 252      Credit spreads   97bps - 225bps    130bps
Energy
     98      Credit spreads   90bps - 150bps    120bps
Finance and insurance
     21      Credit spreads   119bps - 150bps    136bps
Consumer—non-cyclical
     29      Credit spreads   100bps - 150bps    110bps
Technology and communications
     17      Credit spreads   90bps - 133bps    111bps
Industrial
     108      Credit spreads   103bps - 189bps   130bps
Capital goods
     41      Credit spreads   133bps - 221bps   160bps
Transportation
     35      Credit spreads   100bps - 151bps    127bps
Other
     52      Credit spreads   61bps - 133bps    113bps
  
 
 
         
Total non-U.S. corporate
   $ 653      Credit spreads   61bps - 225bps    128bps
  
 
 
         
Derivative assets:
          
Equity index options
   $ 12      Equity index volatility   6% - 51%    27%
Forward bond purchase commitments
   $ 19      Counterparty financing spreads   22bps - 53bps    32bps
Other assets
(2)
   $ 116      Lapse rate   2% - 9%    5%
     
Non-performance
risk
(counterparty credit risk)
  42bps - 83bps    69bps
      Equity index volatility   15% - 30%    23%
 
(1)
 
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.
(2)
 
Represents the net reinsured portion of our variable annuity MRBs.
The assets included in the table above are valued using internal models for our fixed maturity securities and discounted cash flows for derivative and other assets. Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.
 
43

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
    
March 31, 2025
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
                             
Liabilities
           
Policyholder account balances:
           
Fixed indexed annuity embedded derivatives
   $ 145      $      $      $ 145  
Indexed universal life embedded derivatives
     13                      13  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total policyholder account balances
     158                      158  
  
 
 
    
 
 
    
 
 
    
 
 
 
Derivative liabilities:
           
Interest rate swaps
     690               690         
Foreign currency swaps
     1               1         
Forward bond purchase commitments
     44                      44  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative liabilities
     735               691        44  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
   $ 893      $      $ 691      $ 202  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
    
December 31, 2024
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Liabilities
           
Policyholder account balances:
           
Fixed indexed annuity embedded derivatives
   $ 155      $      $      $ 155  
Indexed universal life embedded derivatives
     15                      15  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total policyholder account balances
     170                      170  
  
 
 
    
 
 
    
 
 
    
 
 
 
Derivative liabilities:
           
Interest rate swaps
     749               749         
Foreign currency swaps
     1               1         
Forward bond purchase commitments
     71                      71  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total derivative liabilities
     821               750        71  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
   $ 991      $      $ 750      $ 241  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
44

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables present additional information about liabilities 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
January 1,
2025
   
Total realized and
unrealized (gains)
losses
                                       
Ending
balance

as of
March 31,
2025
   
Total (gains)
losses attributable
to liabilities still
held
 
(Amounts in millions)
 
Included
in net
(income)
   
Included
in OCI
   
Purchases
   
Sales
   
Issuances
   
Settlements
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
Included

in net
(income)
   
Included
in OCI
 
                                                                         
Policyholder account balances:
                       
Fixed indexed annuity embedded derivatives
  $ 155     $ (4   $     $     $     $     $ (5   $     $ (1   $ 145     $ (4   $  
Indexed universal life embedded derivatives
    15       (1                             (1                 13       (1      
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total policyholder account balances
    170       (5                             (6           (1     158       (5      
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Derivative liabilities:
                       
Forward bond purchase commitments
    71       (4     (23                                         44       (4     (22
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative liabilities
    71       (4     (23                                         44       (4     (22
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 liabilities
  $ 241     $ (9   $ (23   $     $     $     $ (6   $     $ (1   $ 202     $ (9   $ (22
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
Beginning
balance

as of
January 1,
2024
   
Total realized and
unrealized (gains)
losses
                                       
Ending
balance
   
Total (gains)
losses attributable
to liabilities still
held
 
(Amounts in millions)
 
Included
in net
(income)
   
Included
in OCI
   
Purchases
   
Sales
   
Issuances
   
Settlements
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
as of
March 31,
2024
   
Included

in net
(income)
   
Included

in OCI
 
Policyholder account balances:
                       
Fixed indexed annuity embedded derivatives
  $ 165     $ 8     $     $     $     $     $ (9   $     $ (1   $ 163     $ 8     $  
Indexed universal life embedded derivatives
    15       (4                       4                         15       (4      
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total policyholder account balances
    180       4                         4       (9           (1     178       4        
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Derivative liabilities:
                       
Forward bond purchase commitments
    9       4                                                 13       4        
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative liabilities
    9       4                                                 13       4        
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Level 3 liabilities
  $ 189     $ 8     $     $     $     $ 4     $ (9   $     $ (1   $ 191     $ 8     $  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
45

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the three months ended March 31:
 
(Amounts in millions)
  
2025
 
 
2024
 
Total realized and unrealized (gains) losses included in net (income):
     
Net investment incom
e
   $      $  
Net investment (gains) losse
s
     (9      8  
  
 
 
    
 
 
 
Tota
l
   $ (9    $ 8  
  
 
 
    
 
 
 
Total (gains) losses included in net (income) attributable to liabilities still held:
     
Net investment incom
e
   $      $  
Net investment (gains) losse
s
     (9      8  
  
 
 
    
 
 
 
Tota
l
   $ (9    $ 8  
  
 
 
    
 
 
 
Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and equity securities and purchases, issuances and settlements of derivative instruments.
Issuances for fixed indexed annuity and indexed universal life embedded derivative liabilities represent the amount of the premium received that is attributed to the value of the embedded derivative. Settlements of embedded derivatives are characterized as the change in fair value upon exercising the embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled “included in net (income)” in the tables presented above.
 
46

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2025:

(Amounts in millions)
 
Fair value
 
 
Unobservable input
 
Range
 
 
Weighted-average 
(1)
 
Policyholder account balances:
        
Fixed indexed annuity embedded derivatives
   $ 145      Expected future interest credited     1% - 4%        2%  
Indexed universal life embedded derivatives
   $ 13      Expected future interest credited     2% - 13%        5%  
Net market risk benefits
(2)
:
        
Fixed indexed annuities
   $ 56      GMWB utilization rate      % - 83%        64%  
      Non-performance risk (credit spreads)     42bps - 83bps        69bps  
      Expected future interest credited     1% - 4%        2%  
Variable annuities
   $ 413      Lapse rate     2% - 11%        5%  
      GMWB utilization rate     60% - 90%        79%  
      Non-performance risk (credit spreads)     42bps - 83bps        69bps  
      Equity index volatility     15% - 30%        23%  
Derivative liabilities:
        
Forward bond purchase commitments
   $ 44      Counterparty financing spreads    
25bps - 54bps
       44bps  
 
(1)
 
Unobservable inputs weighted by the policyholder account balances associated with the instrument and notional for derivative liabilities.
(2)
 
Refer to note 11 for additional details related to MRBs.
The liabilities included in the table above are valued using an option budget method for our fixed indexed annuity and indexed universal life embedded derivative liabilities and discounted cash flows for our MRBs and derivative liabilities.
Assets and Liabilities Not Required to Be Carried at Fair Value
Assets and liabilities that are reflected in the accompanying condensed consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash and cash equivalents, short-term investments, investment securities, MRBs, separate accounts and derivative instruments. Apart from certain of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair values must often be determined using internal models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets.
 
47

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
 
    
March 31, 2025
 
    
Notional

amount
   
Carrying

amount
    
Fair value
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Assets:
                
Commercial mortgage loans, net
    
(1)
 
  $ 6,320      $ 5,947      $      $ 7      $ 5,940  
Bank loan investments
    
(1)
 
    532        540                      540  
Liabilities:
                
Long-term borrowings
    
(1)
 
    1,519        1,434               1,434         
Investment contracts
    
(1)
 
    4,343        4,356                      4,356  
Commitments to fund investments:
                
Bank loan investments
   $ 137                                    
Private placement investments
     127                                    
Commercial mortgage loans
     11                                    
 
(1)
 
These financial instruments do not have notional amounts.
 
    
December 31, 2024
 
    
Notional

amount
   
Carrying

amount
    
Fair value
 
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
 
Assets:
                
Commercial mortgage loans, net
    
(1)
 
  $ 6,411      $ 5,950      $      $ 7      $ 5,943  
Bank loan investments
    
(1)
 
    535        542                      542  
Liabilities:
                
Long-term borrowings
    
(1)
 
    1,518        1,436               1,436         
Investment contracts
    
(1)
 
    4,498        4,499                      4,499  
Commitments to fund investments:
                
Bank loan investments
   $ 140                                    
Private placement investments
     263                                    
Commercial mortgage loans
     2                                    
 
(1)
 
These financial instruments do not have notional amounts.
As of March 31, 2025 and December 31, 2024, we also had $26 million and $25 million, respectively, of real estate owned assets included in other invested assets in our condensed consolidated balance sheets, which are initially recorded at fair value less estimated selling costs (the carrying value) and are subsequently valued at the lower of the carrying value or current fair value less estimated selling costs. As of December 31, 2024, these properties were adjusted to fair value less estimated selling costs, which was less than the carrying value. These amounts represented the fair value as of March 31, 2025 and December 31, 2024. The fair value of the real estate owned assets is classified as Level 2.
Assets Measured Using Net Asset Value
Limited partnerships include partnership interests accounted for using NAV per share (or its equivalent) or fair value for those interests considered minor and partnership interests accounted for under the equity method of accounting for those interests exceeding the minor threshold. Our limited partnership interests accounted for
 
48

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
using NAV per share (or its equivalent) are generally not redeemable by the investees and generally cannot be sold without approval of the general partner. We receive distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years
five
to
ten
of the typical contractual life of
ten
to 12 years.
The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated:
 
 
  
March 31, 2025
 
  
December 31, 2024
 
(Amounts in millions)
  
Carrying
value
 
  
Commitments
to fund
 
  
Carrying
value
 
  
Commitments
to fund
 
Limited partnerships accounted for at NAV:
           
Private equity funds
(1)
   $ 2,280      $ 1,412      $ 2,190      $ 1,434  
Real estate funds
(2)
     129        68        128        74  
Infrastructure funds
(3)
     126        174        123        178  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total limited partnerships accounted for at NAV
     2,535        1,654        2,441        1,686  
  
 
 
    
 
 
    
 
 
    
 
 
 
Limited partnerships accounted for at fair value
     18        1        19        1  
Limited partnerships accounted for under equity method of accounting
     688        72        682        74  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 3,241      $ 1,727      $ 3,142      $ 1,761  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
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.
(2)
 
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.
(3)
 
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.
(7) Deferred Acquisition Costs
The following tables present the balances of and changes in deferred acquisition costs as of and for the periods indicated:
 
    
March 31, 2025
 
(Amounts in millions)
  
Long-
term care
insurance
   
Life
insurance
   
Fixed
annuities
   
Variable
annuities
   
Total
 
Balance as of January 1
   $ 823     $ 812     $ 37     $ 83     $ 1,755  
Costs deferred
                              
Amortization
     (13     (31     (2     (3     (49
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance as of March 31
   $ 810     $ 781     $ 35     $ 80       1,706  
  
 
 
   
 
 
   
 
 
   
 
 
   
Enact segment
             23  
          
 
 
 
Total deferred acquisition costs
           $ 1,729  
          
 
 
 
 
49

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 2024
 
(Amounts in millions)
  
Long-
term care
insurance
   
Life
insurance
   
Fixed
annuities
   
Variable
annuities
   
Total
 
Balance as of January 1
   $ 879     $ 941     $ 45     $ 98     $ 1,963  
Costs deferred
                              
Amortization
     (56     (129     (8     (15     (208
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance as of December 31
   $ 823     $ 812     $ 37     $ 83       1,755  
  
 
 
   
 
 
   
 
 
   
 
 
   
Enact segment
             24  
          
 
 
 
Total deferred acquisition costs
           $ 1,779  
          
 
 
 
(8) Future Policy Benefits
The following table sets forth our liability for future policy benefits as of the dates indicated:
 
(Amounts in millions)
  
March 31,
2025
    
December 31,
2024
 
Long-term care insurance
   $ 41,741      $ 41,172  
Life insurance
     1,549        1,564  
Fixed annuities
     10,695        10,695  
  
 
 
    
 
 
 
Total long-duration insurance contracts
     53,985        53,431  
  
 
 
    
 
 
 
Deferred profit liability
     128        129  
Cost of reinsurance
     45        50  
  
 
 
    
 
 
 
Total future policy benefits
   $ 54,158      $ 53,610  
  
 
 
    
 
 
 
 
50

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated:
 
    
March 31, 2025
 
(Dollar amounts in millions)
  
Long-
term care
insurance
   
Life
insurance
   
Fixed
annuities
 
Present value of expected net premiums:
      
Beginning balance as of January 1
   $ 17,315     $ 3,690     $  
Beginning balance, at original discount rate
   $ 17,625     $ 3,640     $  
Effect of changes in cash flow assumptions
     9              
Effect of actual variances from expected experience
     (19            
  
 
 
   
 
 
   
 
 
 
Adjusted beginning balance
     17,615       3,640        
Issuances
                 11  
Interest accretion
     224       50        
Net premiums collected
(1)
     (456     (103     (11
Derecognition (lapses and withdrawals)
                  
Other
                  
  
 
 
   
 
 
   
 
 
 
Ending balance, at original discount rate
     17,383       3,587        
Effect of changes in discount rate assumptions
     (116     84        
  
 
 
   
 
 
   
 
 
 
Ending balance as of March 31
   $ 17,267     $ 3,671     $  
  
 
 
   
 
 
   
 
 
 
Present value of expected future policy benefits:
      
Beginning balance as of January 1
   $ 58,487     $ 4,741     $ 10,695  
Beginning balance, at original discount rate
   $ 60,587     $ 4,645     $ 9,568  
Effect of changes in cash flow assumptions
     10              
Effect of actual variances from expected experience
     (33     17       (23
  
 
 
   
 
 
   
 
 
 
Adjusted beginning balance
     60,564       4,662       9,545  
Issuances
                 10  
Interest accretion
     822       62       156  
Benefit payments
     (920     (192     (235
Derecognition (lapses and withdrawals)
                  
Other
                 5  
  
 
 
   
 
 
   
 
 
 
Ending balance, at original discount rate
     60,466       4,532       9,481  
Effect of changes in discount rate assumptions
     (1,458     134       1,214  
  
 
 
   
 
 
   
 
 
 
Ending balance as of March 31
   $ 59,008     $ 4,666     $ 10,695  
  
 
 
   
 
 
   
 
 
 
Net liability for future policy benefits, before flooring adjustments
   $ 41,741     $ 995     $ 10,695  
Flooring adjustments
(2)
           554        
  
 
 
   
 
 
   
 
 
 
Net liability for future policy benefits
     41,741       1,549       10,695  
Less: reinsurance recoverable
     7,308       781       8,192  
  
 
 
   
 
 
   
 
 
 
Net liability for future policy benefits, net of reinsurance recoverable
   $ 34,433     $ 768     $ 2,503  
  
 
 
   
 
 
   
 
 
 
Weighted-average liability duration (years)
     12.4       5.7       10.0  
 
(1)
 
Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2)
 
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.
 
51

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
    
December 31, 2024
 
(Dollar amounts in millions)
  
Long-
term care
insurance
   
Life
insurance
   
Fixed
annuities
 
Present value of expected net premiums:
      
Beginning balance as of January 1
   $ 18,650     $ 4,180     $  
Beginning balance, at original discount rate
   $ 18,346     $ 3,918     $  
Effect of changes in cash flow assumptions
     399       1        
Effect of actual variances from expected experience
     (174     (55      
  
 
 
   
 
 
   
 
 
 
Adjusted beginning balance
     18,571       3,864        
Issuances
     1             42  
Interest accretion
     915       212        
Net premiums collected
(1)
     (1,862     (437     (42
Derecognition (lapses and withdrawals)
                  
Other
           1        
  
 
 
   
 
 
   
 
 
 
Ending balance, at original discount rate
     17,625       3,640        
Effect of changes in discount rate assumptions
     (310     50        
  
 
 
   
 
 
   
 
 
 
Ending balance as of December 31
   $ 17,315     $ 3,690     $  
  
 
 
   
 
 
   
 
 
 
Present value of expected future policy benefits:
      
Beginning balance as of January 1
   $ 62,579     $ 5,412     $ 11,829  
Beginning balance, at original discount rate
   $ 60,513     $ 5,146     $ 9,920  
Effect of changes in cash flow assumptions
     545       1       (1
Effect of actual variances from expected experience
     106       (36     (39
  
 
 
   
 
 
   
 
 
 
Adjusted beginning balance
     61,164       5,111       9,880  
Issuances
     1             35  
Interest accretion
     3,276       266       639  
Benefit payments
     (3,852     (731     (989
Derecognition (lapses and withdrawals)
                  
Other
     (2     (1     3  
  
 
 
   
 
 
   
 
 
 
Ending balance, at original discount rate
     60,587       4,645       9,568  
Effect of changes in discount rate assumptions
     (2,100     96       1,127  
  
 
 
   
 
 
   
 
 
 
Ending balance as of December 31
   $ 58,487     $ 4,741     $ 10,695  
  
 
 
   
 
 
   
 
 
 
Net liability for future policy benefits, before flooring adjustments
   $ 41,172     $ 1,051     $ 10,695  
Flooring adjustments
(2)
           513        
  
 
 
   
 
 
   
 
 
 
Net liability for future policy benefits
     41,172       1,564       10,695  
Less: reinsurance recoverable
     7,233       783       8,177  
  
 
 
   
 
 
   
 
 
 
Net liability for future policy benefits, net of reinsurance recoverable
   $ 33,939     $ 781     $ 2,518  
  
 
 
   
 
 
   
 
 
 
Weighted-average liability duration (years)
     12.5       5.6       10.1  
 
(1)
 
Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2)
 
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.
 
52

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Long-term care insurance
For the three months ended March 31, 2025, the impact of actual variances from expected experience resulted in a decrease of $14 million in the liability for future policy benefits primarily due to favorable terminations reflecting seasonally high mortality.
In the fourth quarter of 2024, we completed our annual review of cash flow assumptions including benefit utilization, incidence, mortality and in-force rate actions, among others. The impact of changes in cash flow assumptions during the year ended December 31, 2024 resulted in an increase of $146 million in the liability for future policy benefits primarily related to unfavorable updates to healthy life and near-term benefit utilization assumptions to better align with recent experience, including cost of care inflation. Although we did not make significant changes to our multi-year in-force rate action plan, the increase to the liability for future policy benefits was partially offset by favorable assumption updates for future in-force rate action approvals given our current plans for rate increase filings and our recent experience regarding approvals and regulatory support. The increase to the liability for future policy benefits was also partially offset by favorable updates to our short-term incidence assumptions for incurred but not reported claims, reducing sufficiency held through a period of heightened uncertainty around incidence during and immediately following the coronavirus pandemic. The unfavorable impact of changes in cash flow assumptions was partially offset in net income as a portion of the unfavorable cash flow assumption updates were related to fully reinsured blocks of business. The impact of actual variances from expected experience during the year ended December 31, 2024 resulted in an increase of $280 million in the liability for future policy benefits primarily due to lower terminations and higher claims.
Life insurance
For the three months ended March 31, 2025, the impact of actual variances from expected experience resulted in an increase of $17 million in the liability for future policy benefits primarily due to unfavorable impacts from seasonally high mortality.
There were no significant cash flow assumption changes in the fourth quarter of 2024. The impact of actual variances from expected experience during the year ended December 31, 2024 resulted in an increase of $19 million in the liability for future policy benefits primarily due to unfavorable mortality impacts.
Fixed annuities
For the three months ended March 31, 2025, the impact of actual variances from expected experience resulted in a decrease of $23 million in the liability for future policy benefits primarily due to favorable mortality.
There were no significant cash flow assumption changes in the fourth quarter of 2024. The impact of actual variances from expected experience during the year ended December 31, 2024 resulted in a decrease of $39 million in the liability for future policy benefits primarily due to favorable mortality.
 
53

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated:
 
    
March 31,
2025
   
December 31,
2024
 
Long-term care insurance
    
Interest accretion (locked-in) rate
     5.7     5.7
Current discount rate
     5.6     5.7
Life insurance
    
Interest accretion (locked-in) rate
     5.8     5.8
Current discount rate
     5.2     5.3
Fixed annuities
    
Interest accretion (locked-in) rate
     6.8     6.8
Current discount rate
     5.5     5.6
See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for additional information related to the discount rate used to measure the liability for future policy benefits.
The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated:
 
    
March 31, 2025
    
December 31, 2024
 
(Amounts in millions)
  
Undiscounted
    
Discounted
    
Undiscounted
    
Discounted
 
Long-term care insurance
           
Expected future gross premiums
   $ 35,611      $ 24,332      $ 36,325      $ 24,430  
Expected future benefit payments
   $ 120,480      $ 59,008      $ 121,356      $ 58,487  
Life insurance
           
Expected future gross premiums
   $ 9,711      $ 5,501      $ 9,896      $ 5,549  
Expected future benefit payments
   $ 6,595      $ 4,666      $ 6,764      $ 4,741  
Fixed annuities
           
Expected future gross premiums
   $      $      $      $  
Expected future benefit payments
   $ 22,678      $ 10,695      $ 22,933      $ 10,695  
During the three months ended March 31, 2025, we recorded a charge of $2 million to net income for our life insurance products due to expected benefits exceeding expected gross premiums, resulting in net premium ratios capped at 100% for certain cohorts primarily due to higher claim severity.
 
54

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to our liability for future policy benefits for the periods indicated:
 
    
Three months ended March 31,
    
Year ended
 
    
2025
    
2024
    
December 31, 2024
 
(Amounts in millions)
  
Gross
premiums
    
Interest
accretion 
(1)
    
Gross
premiums
    
Interest
accretion 
(1)
    
Gross
premiums
    
Interest
accretion 
(1)
 
Long-term care insurance
   $ 619      $ 598      $ 630      $ 589      $ 2,520      $ 2,361  
Life insurance
     155        12        169        15        647        54  
Fixed annuities
            156               162               639  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 774      $ 766      $ 799      $ 766      $ 3,167      $ 3,054  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income.
(9) Policyholder Account Balances
The following table sets forth our liabilities for policyholder account balances as of the dates indicated:
 
(Amounts in millions)
  
March 31,
2025
    
December 31,
2024
 
Life insurance
   $ 7,226      $ 7,235  
Fixed annuities
     3,655        3,789  
Variable annuities
     453        467  
Fixed indexed annuity embedded derivatives
(1)
     145        155  
Indexed universal life embedded derivatives
(1)
     13        15  
Additional insurance liabilities
(2)
     2,942        2,920  
Other
     13        13  
  
 
 
    
 
 
 
Total policyholder account balances
   $ 14,447      $ 14,594  
  
 
 
    
 
 
 
 
(1)
 
See note 5 for additional information.
(2)
 
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 contracts underlying the minimum guarantees, such as GMWBs and guaranteed annuitization benefits, are considered “in the money” if the present value of the contractholder’s benefits is greater than the account value, or commonly referred to as the net amount at risk. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefits over the account value of the contract is through lifetime withdrawals or lifetime income payments after annuitization. For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current GMDB in excess of the current account balance at the balance sheet date.
 
55

GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated:
 
 
  
March 31, 2025
 
(Dollar amounts in millions)
  
Life
insurance
 
 
Fixed
annuities
 
 
Variable
annuities
 
Beginning balance as of January 1
   $ 7,235      $ 3,789     $ 467  
Issuances
                   
Premiums received
     115        3       3  
Policy charges
     (148      (1     (1
Surrenders and withdrawals
     (25      (96     (14
Benefit payments
     (40      (79     (15
Interest credited
     75        32       1  
Other
     14        7       12  
  
 
 
    
 
 
   
 
 
 
Ending balance as of March 31
   $ 7,226      $ 3,655     $ 453  
  
 
 
    
 
 
   
 
 
 
Weighted-average crediting rate
     3.9      3.0