GNW 10-Q Quarterly Report June 30, 2025 | Alphaminr
GENWORTH FINANCIAL INC
ALPHAMINR

GNW 10-Q Quarter ended June 30, 2025

Balance Sheet
Cash Flow
Income Statement
GENWORTH FINANCIAL INC
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Form 10-Q
Table of Contents
false Q2 0001276520 --12-31 May not total due to whole number calculation. Includes amounts related to derivative instruments. See note 5 for additional information. See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). Net of taxes of $(4) million during both the three months ended June 30, 2025 and 2024 and $(5) million and $(9) million during the six months ended June 30, 2025 and 2024, respectively. Primarily includes balances related to our universal and term universal life insurance products. The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis. Represents the embedded derivatives associated with our indexed universal life liabilities. Represents the embedded derivatives associated with our fixed indexed annuity liabilities. Net of deferred taxes of $34 million and $23 million during the three months ended June 30, 2025 and 2024, respectively, and $13 million and $56 million during the six months ended June 30, 2025 and 2024, respectively. Net of deferred taxes of $16 million and $18 million during the three months ended June 30, 2025 and 2024, respectively, and $34 million and $38 million during the six months ended June 30, 2025 and 2024, respectively. Does not include amounts related to embedded derivatives as of June 30, 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. 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. 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. Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges. Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. Excludes universal life insurance and investment contracts of $4,495 million that have an equity market component to their crediting strategy. Excludes universal life insurance and investment contracts of $XX million that have an equity market component to their crediting strategy. The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. See note 5 for additional information. 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. 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. 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 write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. 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. Refer to note 11 for additional details related to MRBs. Unobservable inputs weighted by the policyholder account balances associated with the instrument and notional for derivative liabilities. Represents the net reinsured portion of our variable annuity MRBs. 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. 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. Represents the net reinsured asset related to our variable annuity MRBs. 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. 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. 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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 June 30, 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
LOGO
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 July 24, 2025,
410,433,925
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 June 30, 2025 (Unaudited) and December 31, 2024

3

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 (Unaudited)

4

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 (Unaudited)

5

Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited)

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)

8

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Note 1 — Business and Basis of Presentation

9

Note 2 — Accounting Changes

10

Note 3 — Earnings (Loss) Per Share

11

Note 4 — Investments

12

Note 5 — Derivative Instruments

27

Note 6 — Fair Value of Financial Instruments

34

Note 7 — Deferred Acquisition Costs

55

Note 8 — Future Policy Benefits

56

Note 9 — Policyholder Account Balances

61

Note 10 — Additional Insurance Liabilities

64

Note 11 — Market Risk Benefits

65

Note 12 — Separate Accounts

66

Note 13 — Liability for Policy and Contract Claims

67

Note 14 — Income Taxes

68

Note 15 — Segment Information

69

Note 16 — Commitments and Contingencies

72

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

78
Item 2.

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

81
Item 3.

Quantitative and Qualitative Disclosures About Market Risk

131
Item 4.

Controls and Procedures

131

PART II—OTHER INFORMATION

Item 1.

Legal Proceedings

132
Item 1A.

Risk Factors

132
Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

132
Item 5.

Other Information

132
Item 6.

Exhibits

133
Signatures 134

2

Table of Contents
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http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest http://fasb.org/us-gaap/2025#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)
June 30,
2025
December 31,
2024
(Unaudited)
Assets
Investments:
Fixed maturity securities available-for-sale, at fair value (amortized cost of $ 48,684 and $ 48,720 , respectively, and allowance for credit losses of $ 25 and $ 10 , respectively)
$ 45,672 $ 44,902
Equity securities, at fair value
516 515
Commercial mortgage loans
6,390 6,450
Less: Allowance for credit losses
( 56 ) ( 39 )
Commercial mortgage loans, net
6,334 6,411
Policy loans
2,366 2,310
Limited partnerships
3,337 3,142
Other invested assets
643 648
Total investments
58,868 57,928
Cash, cash equivalents and restricted cash
1,797 2,048
Accrued investment income
556 607
Deferred acquisition costs
1,680 1,779
Intangible assets
185 197
Reinsurance recoverable
17,662 17,679
Less: Allowance for credit losses
( 23 ) ( 24 )
Reinsurance recoverable, net
17,639 17,655
Other assets
479 444
Deferred tax asset
1,680 1,718
Market risk benefit assets
58 57
Separate account assets
4,394 4,438
Total assets
$ 87,336 $ 86,871
Liabilities and equity
Liabilities:
Future policy benefits
$ 54,111 $ 53,610
Policyholder account balances
14,163 14,594
Market risk benefit liabilities
453 465
Liability for policy and contract claims
763 670
Unearned premiums
101 115
Other liabilities
2,052 2,026
Long-term borrowings
1,520 1,518
Separate account liabilities
4,394 4,438
Liabilities related to discontinued operations
— 4
Total liabilities
77,557 77,440
Commitments and contingencies (Note 16)
Equity:
Common stock, $ 0.001 par value; 1,500,000,000 shares authorized; 607,385,476 and 606,314,179 shares issued, respectively; 411,692,847 and 421,419,484 shares outstanding, respectively
1 1
Additional paid-in capital
11,871 11,875
Accumulated other comprehensive income (loss)
( 1,372 ) ( 1,642 )
Retained earnings
1,615 1,511
Treasury stock, at cost ( 195,692,629 and 184,894,695 shares, respectively)
( 3,327 ) ( 3,251 )
Total Genworth Financial, Inc.’s stockholders’ equity
8,788 8,494
Noncontrolling interests
991 937
Total equity
9,779 9,431
Total liabilities and equity
$ 87,336 $ 86,871
See Notes to Condensed Consolidated Financial Statements
3
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions, except per share amounts)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2025
2024
2025
2024
Revenues:
Premiums
$ 865 $ 855 $ 1,727 $ 1,730
Net investment income
802 808 1,541 1,590
Net investment gains (losses)
( 28 ) ( 61 ) ( 1 ) ( 12 )
Policy fees and other income
157 167 315 325
Total revenues
1,796 1,769 3,582 3,633
Benefits and expenses:
Benefits and other changes in policy reserves
1,195 1,151 2,412 2,354
Liability remeasurement (gains) losses
60 39 64 31
Changes in fair value of market risk benefits and associated hedges
( 10 ) ( 8 ) 8 ( 31 )
Interest credited
94 125 193 250
Acquisition and operating expenses, net of deferrals
249 229 485 465
Amortization of deferred acquisition costs and intangibles
57 60 117 125
Interest expense
26 30 52 60
Total benefits and expenses
1,671 1,626 3,331 3,254
Income from continuing operations before income taxes
125 143 251 379
Provision for income taxes
35 32 71 98
Income from continuing operations
90 111 180 281
Loss from discontinued operations, net of taxes
( 7 ) ( 1 ) ( 12 ) ( 2 )
Net income
83 110 168 279
Less: net income attributable to noncontrolling interests
32 34 63 64
Net income available to Genworth Financial, Inc.’s common stockholders
$ 51 $ 76 $ 105 $ 215
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$ 0.14 $ 0.18 $ 0.28 $ 0.49
Diluted
$ 0.14 $ 0.17 $ 0.28 $ 0.49
Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$ 0.12 $ 0.17 $ 0.25 $ 0.49
Diluted
$ 0.12 $ 0.17 $ 0.25 $ 0.48
Weighted-average common shares outstanding:
Basic
413.2 436.4 415.7 439.7
Diluted
417.5 440.7 420.2 445.5
See Notes to Condensed Consolidated Financial Statements
4
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2025
2024
2025
2024
Net income
$ 83 $ 110 $ 168 $ 279
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses
130 ( 427 ) 635 ( 913 )
Net unrealized gains (losses) on securities with an allowance for credit losses
4 — 5 —
Derivatives qualifying as hedges
( 155 ) ( 119 ) ( 112 ) ( 280 )
Change in discount rate used to measure future policy benefits
66 958 ( 253 ) 2,063
Change in instrument-specific credit risk of market risk benefits
1 — — 2
Foreign currency translation and other adjustments
12 ( 5 ) 14 ( 5 )
Total other comprehensive income
58 407 289 867
Total comprehensive income
141 517 457 1,146
Less: comprehensive income attributable to noncontrolling interests
41 34 82 63
Total comprehensive income available to Genworth Financial, Inc.’s common stockholders
$ 100 $ 483 $ 375 $ 1,083
See Notes to Condensed Consolidated Financial Statements
5
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in millions)
(Unaudited)
Three months ended June 30, 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 March 31, 2025
$ 1 $ 11,862 $ ( 1,421 ) $ 1,565 $ ( 3,297 ) $ 8,710 $ 971 $ 9,681
Repurchase of subsidiary shares
— — — — — — ( 16 ) ( 16 )
Comprehensive income:
Net income
— — — 51 — 51 32 83
Other comprehensive income, net of taxes
— — 49 — — 49 9 58
Total comprehensive income
100 41 141
Treasury stock acquired in connection with share repurchases
— — — — ( 30 ) ( 30 ) — ( 30 )
Dividends to noncontrolling interests
— — — — — — ( 6 ) ( 6 )
Stock-based compensation expense and exercises and other
— 9 — ( 1 ) — 8 1 9
Balances as of June 30, 2025
$ 1 $ 11,871 $ ( 1,372 ) $ 1,615 $ ( 3,327 ) $ 8,788 $ 991 $ 9,779
Three months ended June 30, 2024
Common
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Treasury
stock, at
cost
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
Noncontrolling
interests
Total
equity
Balances as of March 31, 2024
$ 1 $ 11,873 $ ( 2,094 ) $ 1,352 $ ( 3,126 ) $ 8,006 $ 873 $ 8,879
Repurchase of subsidiary shares
— — — — — — ( 9 ) ( 9 )
Comprehensive income:
Net income
— — — 76 — 76 34 110
Other comprehensive income, net of taxes
— — 407 — — 407 — 407
Total comprehensive income
483 34 517
Treasury stock acquired in connection with share repurchases
— — — — ( 37 ) ( 37 ) — ( 37 )
Dividends to noncontrolling interests
— — — — — — ( 5 ) ( 5 )
Stock-based compensation expense and exercises and other
— 7 — — — 7 1 8
Balances as of June 30, 2024
$ 1 $ 11,880 $ ( 1,687 ) $ 1,428 $ ( 3,163 ) $ 8,459 $ 894 $ 9,353
See Notes to Condensed Consolidated Financial Statements
6
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY, CONTINUED
(Amounts in millions)
(Unaudited)
Six months ended June 30, 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
— — — — — — ( 28 ) ( 28 )
Comprehensive income:
Net income
— — — 105 — 105 63 168
Other comprehensive income, net of taxes
— — 270 — — 270 19 289
Total comprehensive income
375 82 457
Treasury stock acquired in connection with share repurchases
— — — — ( 76 ) ( 76 ) — ( 76 )
Dividends to noncontrolling interests
— — — — — — ( 11 ) ( 11 )
Stock-based compensation expense and exercises and other
— ( 4 ) — ( 1 ) — ( 5 ) 11 6
Balances as of June 30, 2025
$ 1 $ 11,871 $ ( 1,372 ) $ 1,615 $ ( 3,327 ) $ 8,788 $ 991 $ 9,779
Six months ended June 30, 2024
Common
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Treasury
stock, at
cost
Total
Genworth
Financial,
Inc.’s
stockholders’
equity
Noncontrolling
interests
Total
equity
Balances as of December 31, 2023
$ 1 $ 11,884 $ ( 2,555 ) $ 1,213 $ ( 3,063 ) $ 7,480 $ 855 $ 8,335
Repurchase of subsidiary shares
— — — — — — ( 18 ) ( 18 )
Comprehensive income (loss):
Net income
— — — 215 — 215 64 279
Other comprehensive income (loss), net of taxes
— — 868 — — 868 ( 1 ) 867
Total comprehensive income
1,083 63 1,146
Treasury stock acquired in connection with share repurchases
— — — — ( 100 ) ( 100 ) — ( 100 )
Dividends to noncontrolling interests
— — — — — — ( 10 ) ( 10 )
Stock-based compensation expense and exercises and other
— ( 4 ) — — — ( 4 ) 4 —
Balances as of June 30, 2024
$ 1 $ 11,880 $ ( 1,687 ) $ 1,428 $ ( 3,163 ) $ 8,459 $ 894 $ 9,353
See Notes to Condensed Consolidated Financial Statements
7
GENWORTH FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
Six months ended
June 30,
2025
2024
Cash flows from (used by) operating activities:
Net income
$ 168 $ 279
Less loss from discontinued operations, net of taxes
12 2
Adjustments to reconcile net income to net cash from (used by) operating activities:
Amortization of fixed maturity securities discounts and premiums
( 69 ) ( 64 )
Net investment (gains) losses
1 12
Changes in fair value of market risk benefits and associated hedges
8 ( 31 )
Charges assessed to policyholders
( 276 ) ( 285 )
Amortization of deferred acquisition costs and intangibles
117 125
Deferred income taxes
( 20 ) ( 50 )
Derivative instruments, limited partnerships and other
( 160 ) ( 263 )
Long-term incentive compensation expense
25 25
Change in certain assets and liabilities:
Accrued investment income and other assets
( 50 ) ( 98 )
Insurance reserves
336 273
Current tax liabilities
( 20 ) 97
Other liabilities, policy and contract claims and other policy-related balances
( 11 ) ( 122 )
Cash from (used by) operating activities—discontinued operations
( 21 ) —
Net cash from (used by) operating activities
40 ( 100 )
Cash flows from (used by) investing activities:
Proceeds from maturities and repayments of investments:
Fixed maturity securities
1,260 1,320
Commercial mortgage loans
313 267
Limited partnerships and other invested assets
102 108
Proceeds from sales of investments:
Fixed maturity and equity securities
1,042 1,718
Purchases and originations of investments:
Fixed maturity and equity securities
( 2,103 ) ( 2,627 )
Commercial mortgage loans
( 259 ) ( 129 )
Limited partnerships and other invested assets
( 226 ) ( 283 )
Short-term investments, net
( 6 ) 15
Policy loans, net
52 47
Other
( 15 ) ( 35 )
Net cash from (used by) investing activities
160 401
Cash flows from (used by) financing activities:
Deposits to universal life and investment contracts
258 272
Withdrawals from universal life and investment contracts
( 562 ) ( 677 )
Proceeds from issuance of long-term debt
— 750
Debt issuance costs
— ( 7 )
Repayment and repurchase of long-term debt
— ( 776 )
Repurchase of subsidiary shares
( 28 ) ( 18 )
Treasury stock acquired in connection with share repurchases
( 77 ) ( 99 )
Dividends paid to noncontrolling interests
( 11 ) ( 10 )
Other, net
( 31 ) ( 19 )
Net cash from (used by) financing activities
( 451 ) ( 584 )
Net change in cash, cash equivalents and restricted cash
( 251 ) ( 283 )
Cash, cash equivalents and restricted cash at beginning of period
2,048 2,215
Cash, cash equivalents and restricted cash at end of period
$ 1,797 $ 1,932
See Notes to Condensed Consolidated Financial Statements
8
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Business and Basis of Presentation
Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100 % owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization.
The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities, which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries.
We manage our business through the following three reportable segments:
•
Enact
.
Enact Holdings, Inc. (“Enact Holdings”) comprises our Enact segment. Through Enact Holdings’ mortgage insurance subsidiaries, we offer private mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans at specified coverage percentages (“primary mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”).
•
Long-Term Care Insurance.
Through our principal U.S. life insurance subsidiaries, we offer long-term care insurance products in the United States. Long-term care insurance products are intended to protect against the significant and escalating costs of long-term care services provided in the insured’s home or assisted living or nursing facilities.
•
Life and Annuities.
We service a variety of protection and retirement income products through our principal U.S. life insurance subsidiaries that are not actively marketed or sold. These products include traditional and non-traditional life insurance (term, universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), fixed annuities and variable annuities.
In addition to our three reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as start-up results of our CareScout business (“CareScout”) related to our aging care growth initiatives and certain international businesses.
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission. Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results
9
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 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 six months ended June 30, 2025, Genworth Financial repurchased 10,797,934 shares of its common stock at an average price of $ 6.95 per share for a total cost of $ 76 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 1,266,726 shares of its common stock at an average price of $ 7.89 per share under the share repurchase program through a Rule 10b5-1 trading plan in July 2025, leaving approximately $ 70 million available for repurchase under the program as of July 31, 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.
10
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
June 30,
Six months ended
June 30,
(Amounts in millions, except per share amounts)
2025
2024
2025
2024
Weighted-average common shares used in basic earnings (loss) per share calculations
413.2 436.4 415.7 439.7
Potentially dilutive securities:
Performance stock units, restricted stock units and other equity-based awards
4.3 4.3 4.5 5.8
Weighted-average common shares used in diluted earnings (loss) per share calculations
417.5 440.7 420.2 445.5
Income from continuing operations:
Income from continuing operations
$ 90 $ 111 $ 180 $ 281
Less: net income from continuing operations attributable to noncontrolling interests
32 34 63 64
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
$ 58 $ 77 $ 117 $ 217
Basic per share
$ 0.14 $ 0.18 $ 0.28 $ 0.49
Diluted per share
$ 0.14 $ 0.17 $ 0.28 $ 0.49
Loss from discontinued operations:
Loss from discontinued operations, net of taxes
$ ( 7 ) $ ( 1 ) $ ( 12 ) $ ( 2 )
Basic per share
$ ( 0.02 ) $ — $ ( 0.03 ) $ —
Diluted per share
$ ( 0.02 ) $ — $ ( 0.03 ) $ —
Net income:
Income from continuing operations
$ 90 $ 111 $ 180 $ 281
Loss from discontinued operations, net of taxes
( 7 ) ( 1 ) ( 12 ) ( 2 )
Net income
83 110 168 279
Less: net income attributable to noncontrolling interests
32 34 63 64
Net income available to Genworth Financial, Inc.’s common stockholders
$ 51 $ 76 $ 105 $ 215
Basic per share
(1)
$ 0.12 $ 0.17 $ 0.25 $ 0.49
Diluted per share
(1)
$ 0.12 $ 0.17 $ 0.25 $ 0.48
(1)
May not total due to whole number calculation.
11
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
June 30,
Six months ended
June 30,
(Amounts in millions)
2025
2024
2025
2024
Fixed maturity securities—taxable
$ 570 $ 571 $ 1,129 $ 1,125
Fixed maturity securities—non-taxable
— — — 1
Equity securities
3 3 6 5
Commercial mortgage loans
72 75 145 150
Policy loans
32 56 68 114
Limited partnerships
69 36 77 56
Other invested assets
(1)
62 67 123 135
Cash, cash equivalents, restricted cash and short-term investments
19 25 41 52
Gross investment income before expenses and fees
827 833 1,589 1,638
Expenses and fees
( 25 ) ( 25 ) ( 48 ) ( 48 )
Net investment income
$ 802 $ 808 $ 1,541 $ 1,590
(1)
Includes amounts related to derivative instruments. See note 5 for additional information.
12
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:

Three months ended
June 30,
Six months ended
June 30,
(Amounts in millions)
2025
2024
2025
2024
Realized investment gains (losses):
Available-for-sale fixed maturity securities:
Realized gains
$ 7 $ 21 $ 11 $ 28
Realized losses
( 25 ) ( 40 ) ( 33 ) ( 69 )
Net realized gains (losses) on available-for-sale fixed maturity securities
( 18 ) ( 19 ) ( 22 ) ( 41 )
Net realized gains (losses) on equity securities sold
4 — 5 —
Total net realized investment gains (losses)
( 14 ) ( 19 ) ( 17 ) ( 41 )
Net change in allowance for credit losses on available-for-sale fixed maturity securities
( 11 ) 7 ( 15 ) 7
Write-down of available-for-sale fixed maturity securities
(1)
( 4 ) — ( 4 ) —
Net unrealized gains (losses) on equity securities still held
32 12 18 44
Net unrealized gains (losses) on limited partnerships
25 ( 52 ) 63 ( 9 )
Commercial mortgage loans
( 20 ) ( 1 ) ( 17 ) ( 3 )
Derivative instruments
(2)
( 36 ) ( 8 ) ( 30 ) ( 7 )
Other
— — 1 ( 3 )
Net investment gains (losses)
$ ( 28 ) $ ( 61 ) $ ( 1 ) $ ( 12 )
(1)
Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
13
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 June 30, 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
$ 6 $ 8 $ — $ ( 4 ) $ — $ — $ — $ 10
Non-U.S. corporate
4 7 — — ( 1 ) — — 10
Commercial mortgage-backed
4 1 — — — — — 5
Total available-for-sale fixed maturity securities
$ 14 $ 16 $ — $ ( 4 ) $ ( 1 ) $ — $ — $ 25
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 six months ended June 30, 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 $ 10 $ — $ ( 4 ) $ — $ — $ — $ 10
Non-U.S. corporate
3 8 — — ( 1 ) — — 10
Commercial mortgage-backed
3 1 1 — — — — 5
Total available-for-sale fixed maturity securities
$ 10 $ 19 $ 1 $ ( 4 ) $ ( 1 ) $ — $ — $ 25
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 and six months ended June 30, 2024:
(Amounts in millions)
Beginning
balance
Increase from
securities
without
allowance in
previous
periods
Increase
(decrease)
from securities
with allowance
in previous
periods
Securities
sold
Decrease
due to change
in intent or
requirement
to sell
Write-offs
Recoveries
Ending
balance
Fixed maturity securities:
Commercial mortgage-backed
$ 7 $ — $ — $ ( 7 ) $ — $ — $ — $ —
Total available-for-sale fixed maturity securities
$ 7 $ — $ — $ ( 7 ) $ — $ — $ — $ —
14
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)
June 30,
2025
December 31,
2024
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
$ ( 2,987 ) $ ( 3,801 )
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
— ( 7 )
Adjustments to policyholder contract balances
74 83
Income taxes, net
358 530
Net unrealized investment gains (losses)
( 2,555 ) ( 3,195 )
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
( 19 ) ( 39 )
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
$ ( 2,536 ) $ ( 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 periods indicated:
Three months ended
June 30,
Six months ended
June 30,
(Amounts in millions)
2025
2024
2025
2024
Beginning balance
$ ( 2,660 ) $ ( 2,615 ) $ ( 3,156 ) $ ( 2,130 )
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities
150 ( 575 ) 799 ( 1,229 )
Adjustments to policyholder contract balances
1 13 ( 9 ) 27
Provision for income taxes
( 31 ) 120 ( 167 ) 257
Change in unrealized gains (losses) on investment securities
120 ( 442 ) 623 ( 945 )
Reclassification adjustments to net investment (gains) losses
(1)
14 15 17 32
Change in net unrealized investment gains (losses)
134 ( 427 ) 640 ( 913 )
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
10 — 20 ( 1 )
Ending balance
$ ( 2,536 ) $ ( 3,042 ) $ ( 2,536 ) $ ( 3,042 )
(1)
Net of taxes of $
( 4 )
million during both the three months ended June 30, 2025 and 2024 and $( 5 ) million and $( 9 ) million during the six months ended June 30, 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.
15
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(d) Fixed Maturity Securities
As of June 30, 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
$ 3,836 $ 53 $ ( 362 ) $ — $ 3,527
State and political subdivisions
2,411 12 ( 288 ) — 2,135
Non-U.S. government
1,210 14 ( 103 ) — 1,121
U.S. corporate:
Utilities
4,762 76 ( 412 ) ( 3 ) 4,423
Energy
2,507 51 ( 149 ) — 2,409
Finance and insurance
7,481 86 ( 560 ) ( 3 ) 7,004
Consumer—non-cyclical
4,696 82 ( 326 ) ( 4 ) 4,448
Technology and communications
3,040 54 ( 272 ) — 2,822
Industrial
1,112 13 ( 94 ) — 1,031
Capital goods
2,349 52 ( 125 ) — 2,276
Consumer—cyclical
1,485 17 ( 88 ) — 1,414
Transportation
1,109 34 ( 82 ) — 1,061
Other
276 3 ( 13 ) — 266
Total U.S. corporate
28,817 468 ( 2,121 ) ( 10 ) 27,154
Non-U.S. corporate:
Utilities
733 2 ( 43 ) ( 3 ) 689
Energy
1,011 21 ( 42 ) ( 5 ) 985
Finance and insurance
1,778 32 ( 92 ) — 1,718
Consumer—non-cyclical
628 4 ( 72 ) — 560
Technology and communications
789 8 ( 68 ) — 729
Industrial
798 14 ( 34 ) ( 2 ) 776
Capital goods
714 8 ( 37 ) — 685
Consumer—cyclical
248 2 ( 12 ) — 238
Transportation
443 14 ( 23 ) — 434
Other
512 9 ( 33 ) — 488
Total non-U.S. corporate
7,654 114 ( 456 ) ( 10 ) 7,302
Residential mortgage-backed
1,073 12 ( 41 ) — 1,044
Commercial mortgage-backed
1,604 1 ( 260 ) ( 5 ) 1,340
Other asset-backed
2,079 11 ( 41 ) — 2,049
Total available-for-sale fixed maturity securities
$ 48,684 $ 685 $ ( 3,672 ) $ ( 25 ) $ 45,672
16
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
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 June 30, 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
$ 744 $ ( 32 ) 37 $ 1,299 $ ( 330 ) 45 $ 2,043 $ ( 362 ) 82
State and political subdivisions
266 ( 16 ) 47 1,421 ( 272 ) 250 1,687 ( 288 ) 297
Non-U.S. government
346 ( 12 ) 70 382 ( 91 ) 62 728 ( 103 ) 132
U.S. corporate
3,034 ( 117 ) 535 14,116 ( 2,004 ) 1,856 17,150 ( 2,121 ) 2,391
Non-U.S. corporate
661 ( 19 ) 99 3,822 ( 437 ) 494 4,483 ( 456 ) 593
Residential mortgage-backed
135 ( 1 ) 45 403 ( 40 ) 145 538 ( 41 ) 190
Commercial mortgage-backed
— — — 1,232 ( 260 ) 205 1,232 ( 260 ) 205
Other asset-backed
191 ( 2 ) 60 797 ( 39 ) 162 988 ( 41 ) 222
Total for fixed maturity securities in an unrealized loss position
$ 5,377 $ ( 199 ) 893 $ 23,472 $ ( 3,473 ) 3,219 $ 28,849 $ ( 3,672 ) 4,112
% Below cost:
<20% Below cost
$ 5,335 $ ( 180 ) 883 $ 19,590 $ ( 2,041 ) 2,637 $ 24,925 $ ( 2,221 ) 3,520
20%-50% Below cost
42 ( 19 ) 10 3,882 ( 1,432 ) 582 3,924 ( 1,451 ) 592
Total for fixed maturity securities in an unrealized loss position
$ 5,377 $ ( 199 ) 893 $ 23,472 $ ( 3,473 ) 3,219 $ 28,849 $ ( 3,672 ) 4,112
Investment grade
$ 5,175 $ ( 184 ) 851 $ 22,809 $ ( 3,401 ) 3,125 $ 27,984 $ ( 3,585 ) 3,976
Below investment grade
202 ( 15 ) 42 663 ( 72 ) 94 865 ( 87 ) 136
Total for fixed maturity securities in an unrealized loss position
$ 5,377 $ ( 199 ) 893 $ 23,472 $ ( 3,473 ) 3,219 $ 28,849 $ ( 3,672 ) 4,112
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 June 30, 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
$ 578 $ ( 21 ) 96 $ 1,940 $ ( 391 ) 297 $ 2,518 $ ( 412 ) 393
Energy
285 ( 9 ) 53 1,061 ( 140 ) 141 1,346 ( 149 ) 194
Finance and insurance
520 ( 16 ) 94 4,322 ( 544 ) 549 4,842 ( 560 ) 643
Consumer—non-cyclical
601 ( 17 ) 98 2,210 ( 309 ) 265 2,811 ( 326 ) 363
Technology and communications
360 ( 24 ) 65 1,622 ( 248 ) 191 1,982 ( 272 ) 256
Industrial
163 ( 6 ) 30 543 ( 88 ) 84 706 ( 94 ) 114
Capital goods
239 ( 6 ) 41 1,010 ( 119 ) 132 1,249 ( 125 ) 173
Consumer—cyclical
131 ( 2 ) 25 844 ( 86 ) 120 975 ( 88 ) 145
Transportation
136 ( 12 ) 30 481 ( 70 ) 65 617 ( 82 ) 95
Other
21 ( 4 ) 3 83 ( 9 ) 12 104 ( 13 ) 15
Subtotal, U.S. corporate securities
3,034 ( 117 ) 535 14,116 ( 2,004 ) 1,856 17,150 ( 2,121 ) 2,391
Non-U.S. corporate:
Utilities
66 ( 1 ) 9 464 ( 42 ) 52 530 ( 43 ) 61
Energy
212 ( 7 ) 22 348 ( 35 ) 39 560 ( 42 ) 61
Finance and insurance
— — — 1,008 ( 92 ) 135 1,008 ( 92 ) 135
Consumer—non-cyclical
90 ( 3 ) 18 361 ( 69 ) 44 451 ( 72 ) 62
Technology and communications
63 ( 2 ) 11 451 ( 66 ) 51 514 ( 68 ) 62
Industrial
80 ( 1 ) 14 311 ( 33 ) 46 391 ( 34 ) 60
Capital goods
79 ( 3 ) 14 311 ( 34 ) 41 390 ( 37 ) 55
Consumer—cyclical
18 ( 1 ) 2 119 ( 11 ) 20 137 ( 12 ) 22
Transportation
— — — 227 ( 23 ) 31 227 ( 23 ) 31
Other
53 ( 1 ) 9 222 ( 32 ) 35 275 ( 33 ) 44
Subtotal, non-U.S. corporate securities
661 ( 19 ) 99 3,822 ( 437 ) 494 4,483 ( 456 ) 593
Total for corporate securities in an unrealized loss position
$ 3,695 $ ( 136 ) 634 $ 17,938 $ ( 2,441 ) 2,350 $ 21,633 $ ( 2,577 ) 2,984
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.
19
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
20
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
21
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The scheduled maturity distribution of fixed maturity securities as of June 30, 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
$ 1,488 $ 1,481
Due after one year through five years
8,665 8,573
Due after five years through ten years
11,299 11,040
Due after ten years
22,476 20,145
Subtotal
43,928 41,239
Residential mortgage-backed
1,073 1,044
Commercial mortgage-backed
1,604 1,340
Other asset-backed
2,079 2,049
Total
$ 48,684 $ 45,672
As of June 30, 2025, securities issued by finance and insurance, utilities, consumer—non-cyclical and technology and communications industry groups represented approximately 25 %, 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 June 30, 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:
June 30, 2025
December 31, 2024
(Amounts in millions)
Carrying
value
% of
total
Carrying
value
% of
total
Property type:
Retail
$ 2,642 41 % $ 2,716 42 %
Industrial
1,386 22 1,331 21
Office
1,365 21 1,391 22
Apartments
494 8 498 7
Mixed use
357 6 360 6
Other
146 2 154 2
Subtotal
6,390 100 % 6,450 100 %
Allowance for credit losses
( 56 ) ( 39 )
Total
$ 6,334 $ 6,411
22
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
June 30, 2025
December 31, 2024
(Amounts in millions)
Carrying
value
% of
total
Carrying
value
% of
total
Geographic region:
South Atlantic
$ 1,762 28 % $ 1,750 27 %
Pacific
1,122 18 1,157 18
Mountain
995 16 971 15
Middle Atlantic
853 14 871 13
West South Central
530 8 539 8
East North Central
414 6 431 7
West North Central
345 5 372 6
East South Central
211 3 190 3
New England
158 2 169 3
Subtotal
6,390 100 % 6,450 100 %
Allowance for credit losses
( 56 ) ( 39 )
Total
$ 6,334 $ 6,411
As of June 30, 2025, we had no commercial mortgage loans past due or on non-accrual status. As of 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 as of December 31, 2024. During the second quarter of 2025, we foreclosed on this commercial mortgage loan and recorded the property as real estate owned assets in other invested assets in our condensed consolidated balance sheet. 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.
During the three and six months ended June 30, 2025, we modified one commercial mortgage loan where the borrower was determined to be experiencing financial difficulty. This loan was included in the office property type with an amortized cost of $ 9 million as of June 30, 2025, which represented 1 %
of the total asset class. The modification extended the contractual term of the loan by two years, with the option to extend by one additional year up to three times, and resulted in an increase to the interest rate. We continue to account for this modified loan as an existing loan. 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 and six months ended June 30, 2024. As of June 30, 2025, all loans previously modified during the 12 months prior remained current.
23
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
June 30,
Six months ended
June 30,
(Amounts in millions)
2025
2024
2025
2024
Allowance for credit losses:
Beginning balance
$ 36 $ 29 $ 39 $ 27
Provision
20 1 17 3
Write-offs
— — — —
Recoveries
— — — —
Ending balance
$ 56 $ 30 $ 56 $ 30
During the three and six months ended June 30, 2025, we increased the provision for credit losses primarily as a result of updates to the analytical model used to determine the adequacy of the allowance for credit losses.
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.
24
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 June 30, 2025:
(Amounts in millions)
2025
2024
2023
2022
2021
2020 and
prior
Total
Debt-to-value:
0% - 50%
$ 19 $ 32 $ 44 $ 85 $ 119 $ 1,929 $ 2,228
51% - 60%
82 34 26 245 262 785 1,434
61% - 75%
157 133 195 518 448 957 2,408
76% - 100%
— — — 50 24 221 295
Greater than 100%
— — — — — 25 25
Total amortized cost
$ 258 $ 199 $ 265 $ 898 $ 853 $ 3,917 $ 6,390
Debt service coverage ratio:
Less than 1.00
$ — $ — $ 20 $ — $ 3 $ 229 $ 252
1.00 - 1.25
29 4 14 49 25 291 412
1.26 - 1.50
93 97 146 137 39 586 1,098
1.51 - 2.00
82 67 54 450 419 1,404 2,476
Greater than 2.00
54 31 31 262 367 1,407 2,152
Total amortized cost
$ 258 $ 199 $ 265 $ 898 $ 853 $ 3,917 $ 6,390
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
June 30, 2025
(Amounts in millions)
0% - 50%
51% - 60%
61% - 75%
76% - 100%
Greater
than 100%
Total
Property type:
Retail
$ 1,064 $ 733 $ 843 $ 2 $ — $ 2,642
Industrial
564 289 529 4 — 1,386
Office
276 202 629 258 — 1,365
Apartments
175 118 185 16 — 494
Mixed use
64 58 195 15 25 357
Other
85 34 27 — — 146
Total amortized cost
$ 2,228 $ 1,434 $ 2,408 $ 295 $ 25 $ 6,390
% of total
35 % 22 % 38 % 5 % — % 100 %
Weighted-average debt service coverage ratio
2.37 1.86 1.58 1.37 0.81 1.91
25
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
Industrial
596 226 498 4 7 1,331
Office
269 220 639 263 — 1,391
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:
June 30, 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 $ 99 $ 475 $ 1,178 $ 863 $ 2,642
Industrial
32 94 235 482 543 1,386
Office
122 112 216 490 425 1,365
Apartments
14 36 109 145 190 494
Mixed use
49 39 46 166 57 357
Other
8 32 17 15 74 146
Total amortized cost
$ 252 $ 412 $ 1,098 $ 2,476 $ 2,152 $ 6,390
% of total
4 % 6 % 17 % 39 % 34 % 100 %
Weighted-average
debt-to-value
74 % 66 % 65 % 58 % 44 % 56 %
26
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
Industrial
33 70 202 486 540 1,331
Office
124 114 207 499 447 1,391
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.
27
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
June 30,
2025
December 31,
2024
Balance
sheet classification
June 30,
2025
December 31,
2024
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps
Other invested assets $ 16 $ 18 Other liabilities $ 752 $ 749
Foreign currency swaps
Other invested assets 3 13 Other liabilities 5 1
Forward bond purchase commitments
Other invested assets 6 6 Other liabilities 67 44
Total cash flow hedges
25 37 824 794
Total derivatives designated as hedges
25 37 824 794
Derivatives not designated as hedges
Equity index options
Other invested assets 17 19 Other liabilities — —
Financial futures
(1)
Other invested assets — — Other liabilities — —
Forward bond purchase commitments
Other invested assets — — Other liabilities 35 27
Foreign currency forward contracts
Other invested assets — — Other liabilities 24 —
Fixed indexed annuity embedded derivatives
Other assets — — Policyholder account balances
(2)
144 155
Indexed universal life embedded derivatives
Reinsurance recoverable — — Policyholder account balances
(3)
13 15
Total derivatives not designated as hedges
17 19 216 197
Total derivatives
$ 42 $ 56 $ 1,040 $ 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.
28
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/
June 30,
(Notional in millions)
Measurement
2024
Additions
terminations
2025
Derivatives designated as hedges
Cash flow hedges:
Interest rate swaps
Notional $ 8,757 $ — $ ( 381 ) $ 8,376
Foreign currency swaps
Notional 144 12 — 156
Forward bond purchase commitments
Notional 2,639 331 — 2,970
Total cash flow hedges
11,540 343 ( 381 ) 11,502
Total derivatives designated as hedges
11,540 343 ( 381 ) 11,502
Derivatives not designated as hedges
Equity index options
Notional 604 233 ( 275 ) 562
Financial futures
Notional 1,102 2,198 ( 2,250 ) 1,050
Forward bond purchase commitments
Notional 500 — — 500
Foreign currency forward contracts
Notional — 387 — 387
Total derivatives not designated as hedges
2,206 2,818 ( 2,525 ) 2,499
Total derivatives
$ 13,746 $ 3,161 $ ( 2,906 ) $ 14,001
December 31,
Maturities/
June 30,
(Number of policies)
Measurement
2024
Additions
terminations
2025
Derivatives not designated as hedges
Fixed indexed annuity embedded derivatives
Policies 4,867 — ( 358 ) 4,509
Indexed universal life embedded derivatives
Policies 717 — ( 18 ) 699
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.
29
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 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
$ ( 85 ) $ 47 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
( 1 ) ( 1 ) Interest expense — Net investment gains (losses)
Foreign currency swaps
( 13 ) — Net investment income — Net investment gains (losses)
Forward bond purchase commitments
( 59 ) — Net investment gains (losses) — Net investment gains (losses)
Total
$ ( 158 ) $ 47 $ —
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2024:
(Amounts in millions)
Gain (loss)
recognized in OCI
Gain (loss)
reclassified into
net income
from OCI
Classification of gain
(loss) reclassified into
net income
Gain (loss)
recognized in
net income
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
$ ( 77 ) $ 52 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
— ( 1 ) Interest expense — Net investment gains (losses)
Foreign currency swaps
2 — Net investment income — Net investment gains (losses)
Forward bond purchase commitments
( 33 ) — Net investment gains (losses) — Net investment gains (losses)
Total
$ ( 108 ) $ 52 $ —
30
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 six months ended June 30, 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
$ ( 23 ) $ 95 Net investment income $ — Net investment gains (losses)
Interest rate swaps hedging assets
— 2 Net investment gains (losses) — Net investment gains (losses)
Interest rate swaps hedging liabilities
( 3 ) ( 1 ) Interest expense — Net investment gains (losses)
Foreign currency swaps
( 14 ) — Net investment income — Net investment gains (losses)
Forward bond purchase commitments
( 23 ) — Net investment gains (losses) — Net investment gains (losses)
Total
$ ( 63 ) $ 96 $ —
The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2024:
(Amounts in millions)
Gain (loss)
recognized in OCI
Gain (loss)
reclassified into
net income
from OCI
Classification of gain
(loss) reclassified into
net income
Gain (loss)
recognized in
net income
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
$ ( 225 ) $ 105 Net investment income $ — Net investment gains (losses)
Interest rate swaps hedging assets
— 5 Net investment gains (losses) — Net investment gains (losses)
Interest rate swaps hedging liabilities
— ( 2 ) Interest expense — Net investment gains (losses)
Foreign currency swaps
3 — Net investment income — Net investment gains (losses)
Forward bond purchase commitments
( 44 ) — Net investment gains (losses) — Net investment gains (losses)
Total
$ ( 266 ) $ 108 $ —
31
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
June 30,
Six months ended
June 30,
(Amounts in millions)
2025
2024
2025
2024
Beginning balance
$ 535 $ 849 $ 492 $ 1,010
Current period increases (decreases) in fair value
(1)
( 124 ) ( 85 ) ( 50 ) ( 210 )
Reclassification to net (income)
(2)
( 31 ) ( 34 ) ( 62 ) ( 70 )
Ending balance
$ 380 $ 730 $ 380 $ 730
(1)
Net of deferred taxes of $ 34 million and $ 23 million during the three months ended June 30, 2025 and 2024, respectively, and $ 13 million and $ 56 million during the six months ended June 30, 2025 and 2024, respectively.
(2)
Net of deferred taxes of $ 16 million and $
18
million during the three months ended June 30, 2025 and 2024, respectively, and $ 34 million and $ 38 million during the six months ended June 30, 2025 and 2024, respectively.
The total balance in accumulated other comprehensive income (loss) from derivatives designated as cash flow hedges of $ 380 million, net of taxes, recorded in stockholders’ equity as of June 30, 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, $ 119 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 six months ended June 30, 2025 and 2024, we reclassified $ 2 million and $ 3 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.
32
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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
June 30,
Six months ended
June 30,
Classification of gain (loss) recognized
in net income
(Amounts in millions)
2025
2024
2025
2024
Equity index options
$ 5 $ 1 $ 1 $ 6 Net investment gains (losses)
Financial futures
( 50 ) ( 15 ) ( 17 ) ( 79 ) Changes in fair value of market risk benefits and associated hedges
Forward bond purchase commitments
( 12 ) ( 7 ) ( 8 ) ( 11 ) Net investment gains (losses)
Foreign currency forward contracts
( 24 ) — ( 24 ) — Net investment gains (losses)
Fixed indexed annuity embedded derivatives
( 6 ) ( 5 ) ( 2 ) ( 13 ) Net investment gains (losses)
Indexed universal life embedded derivatives
— 2 1 6 Net investment gains (losses)
Total derivatives not designated as hedges
$ ( 87 ) $ ( 24 ) $ ( 49 ) $ ( 91 )
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:
June 30, 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
$ 42 $ 883 $ ( 841 ) $ 56 $ 821 $ ( 765 )
Gross amounts offset in the balance sheet
— — — — — —
Net amounts presented in the balance sheet
42 883 ( 841 ) 56 821 ( 765 )
Gross amounts not offset in the balance sheet:
Financial instruments
(2)
( 22 ) ( 22 ) — ( 31 ) ( 31 ) —
Collateral received
( 11 ) — ( 11 ) ( 11 ) — ( 11 )
Collateral pledged
— ( 1,720 ) 1,720 — ( 1,592 ) 1,592
Over collateralization
1 883 ( 882 ) 1 802 ( 801 )
Net amount
$ 10 $ 24 $ ( 14 ) $ 15 $ — $ 15
(1)
Does not include amounts related to embedded derivatives as of June 30, 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.
33
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(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 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
34
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 June 30, 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.
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 June 30, 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.
35
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 June 30, 2025:
(Amounts in millions)
Fair value
Primary methodologies
Significant inputs
U.S. government, agencies and government-sponsored enterprises
$ 3,527 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
$ 2,135 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
$ 1,106 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
$ 23,574 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
$ 5,761 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
$ 1,042 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
$ 1,329 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
$ 1,848 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
36
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 $ 1,625 million and $ 836 million, respectively, as of June 30, 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 $ 309 million as of June 30, 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 $ 2,580 million as of June 30, 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.
37
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 June 30, 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.
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.
38
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 June 30, 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 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 June 30, 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 June 30, 2025 and December 31, 2024.
39
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Variable annuities
The valuation of our variable annuities MRBs, which includes GMWB, GMDB and GPAF features, is based on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), equity index volatility, interest rates, equity index and fund correlation and an adjustment to the discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our variable annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the variable annuities MRBs. We determine fair value using an internal model based on the various inputs noted above. We classify the variable annuities MRBs valuation as Level 3 based on having significant unobservable inputs, with policyholder behavior (GMWB utilization and lapses), equity index volatility and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the variable annuities MRBs will increase. An increase in our lapse assumption would decrease the fair value of the variable annuities MRBs, whereas an increase in our GMWB utilization rate would increase the fair value. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the liability. As of June 30, 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 June 30, 2025 and December 31, 2024.
40
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:
June 30, 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
$ 3,527 $ — $ 3,527 $ — $ —
State and political subdivisions
2,135 — 2,135 — —
Non-U.S. government
1,121 — 1,106 15 —
U.S. corporate:
Utilities
4,423 — 3,537 886 —
Energy
2,409 — 2,388 21 —
Finance and insurance
7,004 — 6,336 668 —
Consumer—non-cyclical
4,448 — 4,399 49 —
Technology and communications
2,822 — 2,805 17 —
Industrial
1,031 — 1,016 15 —
Capital goods
2,276 — 2,231 45 —
Consumer—cyclical
1,414 — 1,324 90 —
Transportation
1,061 — 1,032 29 —
Other
266 — 131 135 —
Total U.S. corporate
27,154 — 25,199 1,955 —
Non-U.S. corporate:
Utilities
689 — 427 262 —
Energy
985 — 879 106 —
Finance and insurance
1,718 — 1,696 22 —
Consumer—non-cyclical
560 — 529 31 —
Technology and communications
729 — 712 17 —
Industrial
776 — 665 111 —
Capital goods
685 — 629 56 —
Consumer—cyclical
238 — 238 — —
Transportation
434 — 398 36 —
Other
488 — 424 64 —
Total non-U.S. corporate
7,302 — 6,597 705 —
Residential mortgage-backed
1,044 — 1,042 2 —
Commercial mortgage-backed
1,340 — 1,329 11 —
Other asset-backed
2,049 — 1,848 201 —
Total fixed maturity securities
45,672 — 42,783 2,889 —
Equity securities
516 447 28 41 —
Limited partnerships
2,637 — — 17 2,620
Other invested assets:
Derivative assets:
Interest rate swaps
16 — 16 — —
Foreign currency swaps
3 — 3 — —
Equity index options
17 — — 17 —
Forward bond purchase commitments
6 — — 6 —
Total derivative assets
42 — 19 23 —
Short-term investments
11 — 11 — —
Total other invested assets
53 — 30 23 —
Separate account assets
4,394 4,394 — — —
Total assets
$ 53,272 $ 4,841 $ 42,841 $ 2,970 $ 2,620
(1)
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
41
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
42
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
April 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
June 30,
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
$ 15 $ — $ — $ — $ — $ — $ — $ — $ — $ 15 $ — $ —
U.S. corporate:
Utilities
862 — 10 25 — — ( 2 ) 10 ( 19 ) 886 — 9
Energy
21 — — — — — — — — 21 — —
Finance and insurance
667 — 11 — — — ( 7 ) — ( 3 ) 668 — 11
Consumer—non-cyclical
49 — — — — — — — — 49 — —
Technology and communications
17 — — — — — — — — 17 — —
Industrial
15 — — — — — — — — 15 — —
Capital goods
44 — 1 — — — — — — 45 — 1
Consumer—cyclical
107 ( 3 ) 3 — ( 16 ) — ( 1 ) — — 90 — 1
Transportation
29 — 1 — — — ( 1 ) — — 29 — 1
Other
128 — 1 10 — — ( 4 ) — — 135 — 1
Total U.S. corporate
1,939 ( 3 ) 27 35 ( 16 ) — ( 15 ) 10 ( 22 ) 1,955 — 24
Non-U.S. corporate:
Utilities
285 ( 4 ) 6 — — — ( 4 ) — ( 21 ) 262 ( 4 ) 6
Energy
115 — — 3 ( 4 ) — ( 8 ) — — 106 — —
Finance and insurance
21 — 1 — — — — — — 22 — 1
Consumer—non-cyclical
31 — — — — — — — — 31 — —
Technology and communications
17 — — — — — — — — 17 — —
Industrial
109 — 2 — — — — — — 111 — 2
Capital goods
47 — 1 8 — — — — — 56 — 2
Transportation
35 — 1 — — — — — — 36 — 1
Other
64 — — — — — — — — 64 — —
Total non-U.S. corporate
724 ( 4 ) 11 11 ( 4 ) — ( 12 ) — ( 21 ) 705 ( 4 ) 12
Residential mortgage-backed
2 — — — — — — — — 2 — —
Commercial mortgage-backed
11 — — — — — — — — 11 — —
Other asset-backed
185 1 — — — — — 20 ( 5 ) 201 — —
Total fixed maturity securities
2,876 ( 6 ) 38 46 ( 20 ) — ( 27 ) 30 ( 48 ) 2,889 ( 4 ) 36
Equity securities
43 — — — ( 2 ) — — — — 41 — —
Limited partnerships
18 ( 1 ) — — — — — — — 17 ( 1 ) —
Other invested assets:
Derivative assets:
Equity index options
12 5 — 3 — — ( 3 ) — — 17 5 —
Forward bond purchase commitments
19 — ( 13 ) — — — — — — 6 — ( 10 )
Total derivative assets
31 5 ( 13 ) 3 — — ( 3 ) — — 23 5 ( 10 )
Total other invested assets
31 5 ( 13 ) 3 — — ( 3 ) — — 23 5 ( 10 )
Total Level 3 assets
$ 2,968 $ ( 2 ) $ 25 $ 49 $ ( 22 ) $ — $ ( 30 ) $ 30 $ ( 48 ) $ 2,970 $ — $ 26
(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.
43
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Beginning
balance
as of
April 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
June 30,

2024
Total gains (losses)
attributable to
assets still held
(Amounts in millions)
Included

in net

income
Included

in OCI
Included

in net

income
Included

in OCI
Fixed maturity securities:
State and political subdivisions
$ 65 $ 1 $ ( 1 ) $ — $ — $ — $ — $ — $ — $ 65 $ 1 $ ( 1 )
U.S. corporate:
Utilities
867 — ( 15 ) — ( 13 ) — — 8 ( 4 ) 843 — ( 17 )
Energy
60 ( 1 ) 1 — ( 4 ) — ( 11 ) — — 45 — —
Finance and insurance
730 1 — — — — ( 65 ) 14 — 680 — ( 3 )
Consumer—non-cyclical
64 — ( 1 ) — — — — — — 63 — ( 1 )
Technology and communications
12 — — — — — — — — 12 — —
Industrial
15 — — — — — — — — 15 — —
Capital goods
34 — — 20 — — — — — 54 — —
Consumer—cyclical
118 — — — — — ( 1 ) — — 117 — —
Transportation
21 — — — — — ( 1 ) — — 20 — —
Other
143 — ( 1 ) — — — ( 7 ) — — 135 — ( 1 )
Total U.S. corporate
2,064 — ( 16 ) 20 ( 17 ) — ( 85 ) 22 ( 4 ) 1,984 — ( 22 )
Non-U.S. corporate:
Utilities
260 — ( 5 ) 25 — — — — — 280 — ( 6 )
Energy
130 — — — — — ( 11 ) — — 119 — —
Finance and insurance
132 1 — — — — — — — 133 1 —
Consumer—non-cyclical
77 — — — — — — — — 77 — ( 1 )
Technology and communications
24 — — — — — ( 7 ) — — 17 — —
Industrial
61 — ( 1 ) — — — — — — 60 — ( 1 )
Capital goods
33 — ( 2 ) 14 — — — — — 45 — ( 1 )
Consumer—cyclical
1 — ( 1 ) 7 — — — — — 7 — —
Transportation
22 — — — — — — — — 22 — —
Other
51 — — — — — — — — 51 — —
Total non-U.S. corporate
791 1 ( 9 ) 46 — — ( 18 ) — — 811 1 ( 9 )
Residential mortgage-backed
3 — — — — — ( 1 ) — — 2 — —
Commercial mortgage-backed
11 — — — — — — — — 11 — —
Other asset-backed
108 — ( 1 ) 25 — — ( 5 ) — ( 14 ) 113 — —
Total fixed maturity securities
3,042 2 ( 27 ) 91 ( 17 ) — ( 109 ) 22 ( 18 ) 2,986 2 ( 32 )
Equity securities
32 — — 18 ( 8 ) — — — — 42 — —
Limited partnerships
19 ( 3 ) — — — — — — — 16 ( 3 ) —
Other invested assets:
Derivative assets:
Equity index options
20 1 — 4 — — ( 4 ) — — 21 2 —
Forward bond purchase commitments
41 — ( 20 ) — — — — — — 21 — ( 15 )
Total derivative assets
61 1 ( 20 ) 4 — — ( 4 ) — — 42 2 ( 15 )
Total other invested assets
61 1 ( 20 ) 4 — — ( 4 ) — — 42 2 ( 15 )
Total Level 3 assets
$ 3,154 $ — $ ( 47 ) $ 113 $ ( 25 ) $ — $ ( 113 ) $ 22 $ ( 18 ) $ 3,086 $ 1 $ ( 47 )
(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.
44
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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
June 30,

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 — 14 41 — — ( 5 ) 10 ( 19 ) 886 — 13
Energy
21 — — — — — — — — 21 — —
Finance and insurance
688 — 20 25 — — ( 30 ) — ( 35 ) 668 — 19
Consumer—non-cyclical
63 — 1 — — — ( 15 ) — — 49 — 1
Technology and communications
12 — — — — — — 5 — 17 — —
Industrial
15 — — — — — — — — 15 — —
Capital goods
43 — 2 — — — — — — 45 — 2
Consumer—cyclical
99 ( 3 ) 5 8 ( 16 ) — ( 3 ) — — 90 — 3
Transportation
31 — 1 — — — ( 3 ) — — 29 — 1
Other
133 — 1 10 — — ( 9 ) — — 135 — 1
Total U.S. corporate
1,950 ( 3 ) 44 84 ( 16 ) — ( 65 ) 15 ( 54 ) 1,955 — 40
Non-U.S. corporate:
Utilities
282 ( 4 ) 9 — — — ( 4 ) — ( 21 ) 262 ( 4 ) 9
Energy
116 — ( 1 ) 3 ( 4 ) — ( 8 ) — — 106 — ( 1 )
Finance and insurance
21 — 1 — — — — — — 22 — 1
Consumer—non-cyclical
39 — — — — — ( 8 ) — — 31 — —
Technology and communications
17 — — — — — — — — 17 — —
Industrial
67 — 4 — — — — 40 — 111 — 4
Capital goods
47 — 1 8 — — — — — 56 — 2
Transportation
35 — 1 — — — — — — 36 — 1
Other
51 — 1 12 — — — — — 64 — 1
Total non-U.S. corporate
675 ( 4 ) 16 23 ( 4 ) — ( 20 ) 40 ( 21 ) 705 ( 4 ) 17
Residential mortgage-backed
2 — — — — — — — — 2 — —
Commercial mortgage-backed
11 — — — — — — — — 11 — —
Other asset-backed
142 1 — 48 — — ( 5 ) 20 ( 5 ) 201 — —
Total fixed maturity securities
2,793 ( 6 ) 61 156 ( 20 ) — ( 90 ) 75 ( 80 ) 2,889 ( 4 ) 58
Equity securities
44 — — — ( 3 ) — — — — 41 — —
Limited partnerships
19 ( 2 ) — — — — — — — 17 ( 2 ) —
Other invested assets:
Derivative assets:
Equity index options
19 1 — 6 — — ( 9 ) — — 17 2 —
Forward bond purchase commitments
6 — — — — — — — — 6 — —
Total derivative assets
25 1 — 6 — — ( 9 ) — — 23 2 —
Total other invested assets
25 1 — 6 — — ( 9 ) — — 23 2 —
Total Level 3 assets
$ 2,881 $ ( 7 ) $ 61 $ 162 $ ( 23 ) $ — $ ( 99 ) $ 75 $ ( 80 ) $ 2,970 $ ( 4 ) $ 58
(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.
45
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
June 30,
2024
Total gains (losses)
attributable to
assets still held
(Amounts in millions)
Included

in net
income
Included

in OCI
Included

in net
income
Included

in OCI
Fixed maturity securities:
State and political subdivisions
$ 60 $ 2 $ 3 $ — $ — $ — $ — $ — $ — $ 65 $ 2 $ 3
U.S. corporate:
Utilities
881 — ( 35 ) 32 ( 13 ) — ( 26 ) 8 ( 4 ) 843 — ( 37 )
Energy
60 ( 1 ) 1 — ( 4 ) — ( 11 ) — — 45 — —
Finance and insurance
717 1 ( 6 ) — — — ( 65 ) 33 — 680 — ( 9 )
Consumer—non-cyclical
69 — ( 1 ) — — — ( 5 ) — — 63 — ( 1 )
Technology and communications
12 — — — — — — — — 12 — —
Industrial
23 — — — — — ( 8 ) — — 15 — —
Capital goods
35 — ( 1 ) 20 — — — — — 54 — ( 1 )
Consumer—cyclical
122 — ( 3 ) — — — ( 2 ) — — 117 — ( 3 )
Transportation
22 — — — — — ( 2 ) — — 20 — —
Other
149 — ( 3 ) — — — ( 11 ) — — 135 — ( 3 )
Total U.S. corporate
2,090 — ( 48 ) 52 ( 17 ) — ( 130 ) 41 ( 4 ) 1,984 — ( 54 )
Non-U.S. corporate:
Utilities
269 — ( 9 ) 35 — — ( 15 ) — — 280 — ( 10 )
Energy
131 — ( 1 ) — — — ( 11 ) — — 119 — ( 1 )
Finance and insurance
134 3 ( 4 ) — — — — — — 133 3 ( 4 )
Consumer—non-cyclical
81 — ( 1 ) — — — ( 3 ) — — 77 — ( 1 )
Technology and communications
24 — — — — — ( 7 ) — — 17 — —
Industrial
63 — ( 2 ) — — — ( 1 ) — — 60 — ( 2 )
Capital goods
53 — ( 2 ) 14 — — ( 20 ) — — 45 — ( 1 )
Consumer—cyclical
1 — ( 1 ) 7 — — — — — 7 — —
Transportation
22 — — — — — — — — 22 — —
Other
52 — ( 1 ) — — — — — — 51 — ( 1 )
Total non-U.S. corporate
830 3 ( 21 ) 56 — — ( 57 ) — — 811 3 ( 20 )
Residential mortgage-backed
3 — — — — — ( 1 ) — — 2 — —
Commercial mortgage-backed
11 — — — — — — — — 11 — —
Other asset-backed
102 — ( 1 ) 40 — — ( 7 ) — ( 21 ) 113 — ( 1 )
Total fixed maturity securities
3,096 5 ( 67 ) 148 ( 17 ) — ( 195 ) 41 ( 25 ) 2,986 5 ( 72 )
Equity securities
32 — — 18 ( 8 ) — — — — 42 — —
Limited partnerships
20 ( 4 ) — — — — — — — 16 ( 4 ) —
Other invested assets:
Derivative assets:
Equity index options
15 6 — 8 — — ( 8 ) — — 21 6 —
Forward bond purchase commitments
51 — ( 30 ) — — — — — — 21 — ( 28 )
Total derivative assets
66 6 ( 30 ) 8 — — ( 8 ) — — 42 6 ( 28 )
Short-term investments
7 — — — — — ( 7 ) — — — — —
Total other invested assets
73 6 ( 30 ) 8 — — ( 15 ) — — 42 6 ( 28 )
Total Level 3 assets
$ 3,221 $ 7 $ ( 97 ) $ 174 $ ( 25 ) $ — $ ( 210 ) $ 41 $ ( 25 ) $ 3,086 $ 7 $ ( 100 )
(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.
46
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 periods indicated:
Three months ended
Six months ended
June 30,
June 30,
(Amounts in millions)
2025
2024
2025
2024
Total realized and unrealized gains (losses) included in net income:
Net investment income
$ — $ 3 $ — $ 6
Net investment gains (losses)
( 2 ) ( 3 ) ( 7 ) 1
Total
$ ( 2 ) $ — $ ( 7 ) $ 7
Total gains (losses) included in net income attributable to assets still held:
Net investment income
$ — $ 2 $ — $ 5
Net investment gains (losses)
— ( 1 ) ( 4 ) 2
Total
$ — $ 1 $ ( 4 ) $ 7
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.
47
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 June 30, 2025:

(Amounts in millions)
Fair value
Unobservable input
Range
Weighted-average
(1)
Fixed maturity securities:
U.S. corporate:
Utilities
$ 864 Credit spreads
66 bps - 239 bps
124 bps
Energy
21 Credit spreads
119 bps - 151 bps
136 bps
Finance and insurance
660 Credit spreads 14 bps - 206 bps 134 bps
Consumer—non-cyclical
49 Credit spreads 65 bps - 209 bps 137 bps
Technology and communications
17 Credit spreads 65 bps - 173 bps 104 bps
Industrial
15 Credit spreads 88 bps - 151 bps 110 bps
Capital goods
45 Credit spreads 119 bps - 144 bps 127 bps
Consumer—cyclical
85 Credit spreads 78 bps - 129 bps 116 bps
Transportation
29 Credit spreads 44 bps - 145 bps 122 bps
Other
79 Credit spreads 73 bps - 143 bps 91 bps
Total U.S. corporate
$ 1,864 Credit spreads 14 bps - 239 bps 126 bps
Non-U.S. corporate:
Utilities
$ 234 Credit spreads 81 bps - 191 bps 112 bps
Energy
95 Credit spreads 82 bps - 159 bps 110 bps
Finance and insurance
22 Credit spreads 107 bps - 130 bps 120 bps
Consumer—non-cyclical
29 Credit spreads 88 bps - 135 bps 96 bps
Technology and communications
17 Credit spreads 78 bps - 119 bps 97 bps
Industrial
111 Credit spreads 94 bps - 169 bps 116 bps
Capital goods
50 Credit spreads
119 bps - 189 bps
139 bps
Transportation
35 Credit spreads 88 bps - 135 bps 111 bps
Other
52 Credit spreads 66 bps - 119 bps 103 bps
Total non-U.S. corporate
$ 645 Credit spreads 66 bps - 191 bps 113 bps
Derivative assets:
Equity index options
$ 17 Equity index volatility 6 % - 51 % 25 %
Forward bond purchase commitments
$ 6 Counterparty financing spreads 17 bps - 54 bps 31 bps
Other assets
(2)
$ 104 Lapse rate 2 % - 9 % 5 %
Non-performance risk (counterparty credit risk) 42 bps - 83 bps 69 bps
Equity index volatility 15 % - 29 % 22 %
(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.
48
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:
June 30, 2025
(Amounts in millions)
Total
Level 1
Level 2
Level 3
Liabilities
Policyholder account balances:
Fixed indexed annuity embedded derivatives
$ 144 $ — $ — $ 144
Indexed universal life embedded derivatives
13 — — 13
Total policyholder account balances
157 — — 157
Derivative liabilities:
Interest rate swaps
752 — 752 —
Foreign currency swaps
5 — 5 —
Forward bond purchase commitments
102 — — 102
Foreign currency forward contracts
24 — 24 —
Total derivative liabilities
883 — 781 102
Total liabilities
$ 1,040 $ — $ 781 $ 259
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
49
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
April 1,
2025
Total realized and
unrealized (gains)
losses
Ending
balance

as of
June 30,
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
$ 145 $ 6 $ — $ — $ — $ — $ ( 6 ) $ — $ ( 1 ) $ 144 $ 6 $ —
Indexed universal life embedded derivatives
13 — — — — — — — — 13 — —
Total policyholder account balances
158 6 — — — — ( 6 ) — ( 1 ) 157 6 —
Derivative liabilities:
Forward bond purchase commitments
44 12 46 — — — — — — 102 12 46
Total derivative liabilities
44 12 46 — — — — — — 102 12 46
Total Level 3 liabilities
$ 202 $ 18 $ 46 $ — $ — $ — $ ( 6 ) $ — $ ( 1 ) $ 259 $ 18 $ 46
Beginning
balance

as of
April 1,
2024
Total realized and
unrealized (gains)
losses
Ending
balance

as of
June 30,
2024
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
$ 163 $ 5 $ — $ — $ — $ — $ ( 8 ) $ — $ — $ 160 $ 5 $ —
Indexed universal life embedded derivatives
15 ( 2 ) — — — 3 — — — 16 ( 2 ) —
Total policyholder account balances
178 3 — — — 3 ( 8 ) — — 176 3 —
Derivative liabilities:
Forward bond purchase commitments
13 7 13 — — — — — — 33 7 13
Total derivative liabilities
13 7 13 — — — — — — 33 7 13
Total Level 3 liabilities
$ 191 $ 10 $ 13 $ — $ — $ 3 $ ( 8 ) $ — $ — $ 209 $ 10 $ 13
50
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Beginning
balance

as of
January 1,
2025
Total realized and
unrealized (gains)
losses
Ending
balance

as of
June 30,
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 $ 2 $ — $ — $ — $ — $ ( 11 ) $ — $ ( 2 ) $ 144 $ 2 $ —
Indexed universal life embedded derivatives
15 ( 1 ) — — — — ( 1 ) — — 13 ( 1 ) —
Total policyholder account balances
170 1 — — — — ( 12 ) — ( 2 ) 157 1 —
Derivative liabilities:
Forward bond purchase commitments
71 8 23 — — — — — — 102 8 24
Total derivative liabilities
71 8 23 — — — — — — 102 8 24
Total Level 3 liabilities
$ 241 $ 9 $ 23 $ — $ — $ — $ ( 12 ) $ — $ ( 2 ) $ 259 $ 9 $ 24
Beginning
balance

as of
January 1,
2024
Total realized and
unrealized (gains)
losses
Ending
balance

as of
June 30,
2024
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
$ 165 $ 13 $ — $ — $ — $ — $ ( 17 ) $ — $ ( 1 ) $ 160 $ 13 $ —
Indexed universal life embedded derivatives
15 ( 6 ) — — — 7 — — — 16 ( 6 ) —
Total policyholder account balances
180 7 — — — 7 ( 17 ) — ( 1 ) 176 7 —
Derivative liabilities:
Forward bond purchase commitments
9 11 13 — — — — — — 33 11 13
Total derivative liabilities
9 11 13 — — — — — — 33 11 13
Total Level 3 liabilities
$ 189 $ 18 $ 13 $ — $ — $ 7 $ ( 17 ) $ — $ ( 1 ) $ 209 $ 18 $ 13
51
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 periods indicated:

Three months ended
June 30,
Six months ended
June 30,
(Amounts in millions)
2025
2024
2025
2024
Total realized and unrealized (gains) losses included in net (income):
Net investment income
$ — $ — $ — $ —
Net investment (gains) losses
18 10 9 18
Total
$ 18 $ 10 $ 9 $ 18
Total (gains) losses included in net (income) attributable to liabilities still held:
Net investment income
$ — $ — $ — $ —
Net investment (gains) losses
18 10 9 18
Total
$ 18 $ 10 $ 9 $ 18
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.
52
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 June 30, 2025:
(Amounts in millions)
Fair value
Unobservable input
Range
Weighted-average
(1)
Policyholder account balances:
Fixed indexed annuity embedded derivatives
$ 144 Expected future interest credited 1 % - 4 % 2 %
Indexed universal life embedded derivatives
$ 13 Expected future interest credited 3 % - 13 % 5 %
Net market risk benefits
(2)
:
Fixed indexed annuities
$ 53 GMWB utilization rate — % - 82 % 67 %
Non-performance risk (credit spreads)
42 bps - 83 bps
69 bps
Expected future interest credited 1 % - 4 % 2 %
Variable annuities
$ 342 Lapse rate 2 % - 11 % 5 %
GMWB utilization rate 59 % - 90 % 79 %
Non-performance risk (credit spreads) 42 bps - 83 bps 69 bps
Equity index volatility 15 % - 29 % 22 %
Derivative liabilities:
Forward bond purchase commitments
$ 102 Counterparty financing spreads 23 bps - 54 bps 44 bps
(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.
53
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:

June 30, 2025
Notional

amount
Carrying

amount
Fair value
(Amounts in millions)
Total
Level 1
Level 2
Level 3
Assets:
Commercial mortgage loans, net
(1)
$ 6,334 $ 6,020 $ — $ — $ 6,020
Bank loan investments
(1)
532 540 — — 540
Liabilities:
Long-term borrowings
(1)
1,520 1,470 — 1,470 —
Investment contracts
(1)
4,144 4,194 — — 4,194
Commitments to fund investments:
Bank loan investments
$ 122 — — — — —
Private placement investments
394 — — — — —
Commercial mortgage loans
20 — — — — —
(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 June 30, 2025 and December 31, 2024, we had $ 33 million and $ 25 million, respectively, of real estate owned assets included in other invested assets in our condensed consolidated balance sheets acquired through foreclosure in full or partial settlement of commercial mortgage loan obligations. These properties 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 June 30, 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
54
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:
June 30, 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)
$ 2,355 $ 1,410 $ 2,190 $ 1,434
Real estate funds
(2)
132 66 128 74
Infrastructure funds
(3)
133 171 123 178
Total limited partnerships accounted for at NAV
2,620 1,647 2,441 1,686
Limited partnerships accounted for at fair value
17 1 19 1
Limited partnerships accounted for under equity method of accounting
700 100 682 74
Total
$ 3,337 $ 1,748 $ 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:
June 30, 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
( 27 ) ( 61 ) ( 4 ) ( 6 ) ( 98 )
Balance as of June 30
$ 796 $ 751 $ 33 $ 77 1,657
Enact segment
23
Total deferred acquisition costs
$ 1,680
55
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)
June 30,
2025
December 31,
2024
Long-term care insurance
$ 41,800 $ 41,172
Life insurance
1,536 1,564
Fixed annuities
10,609 10,695
Total long-duration insurance contracts
53,945 53,431
Deferred profit liability
125 129
Cost of reinsurance
41 50
Total future policy benefits
$ 54,111 $ 53,610
56
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:
June 30, 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
6 — —
Effect of actual variances from expected experience
( 53 ) ( 30 ) —
Adjusted beginning balance
17,578 3,610 —
Issuances
— — 20
Interest accretion
445 100 —
Net premiums collected
(1)
( 915 ) ( 207 ) ( 20 )
Derecognition (lapses and withdrawals)
— — —
Other
— — —
Ending balance, at original discount rate
17,108 3,503 —
Effect of changes in discount rate assumptions
( 29 ) 87 —
Ending balance as of June 30
$ 17,079 $ 3,590 $ —
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
22 — —
Effect of actual variances from expected experience
( 12 ) ( 7 ) ( 16 )
Adjusted beginning balance
60,597 4,638 9,552
Issuances
— — 19
Interest accretion
1,642 122 311
Benefit payments
( 1,881 ) ( 352 ) ( 480 )
Derecognition (lapses and withdrawals)
— — —
Other
— — 2
Ending balance, at original discount rate
60,358 4,408 9,404
Effect of changes in discount rate assumptions
( 1,479 ) 147 1,205
Ending balance as of June 30
$ 58,879 $ 4,555 $ 10,609
Net liability for future policy benefits, before flooring adjustments
$ 41,800 $ 965 $ 10,609
Flooring adjustments
(2)
— 571 —
Net liability for future policy benefits
41,800 1,536 10,609
Less: reinsurance recoverable
7,313 777 8,142
Net liability for future policy benefits, net of reinsurance recoverable
$ 34,487 $ 759 $ 2,467
Weighted-average liability duration (years)
12.2 5.6 9.9
(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.
57
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.
58
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Long-term care insurance
For the six months ended June 30, 2025, the impact of updates to cash flow assumptions resulted in an increase of
$ 16
million in the liability for future policy benefits due to unfavorable updates related to implementation timing of in-force rate actions. The unfavorable impact of cash flow assumption updates was partially offset in net income as a portion of the updates w
as
related to fully reinsured blocks of business. The impact of actual variances from expected experience resulted in an increase of $ 41 million in the liability for future policy benefits. This increase was primarily due to higher benefit utilization, partially offset by a $ 26 million gain related to a third-party recapture of a block of long-term care insurance policies. See note 16 for additional information on the third-party reinsurance recapture.
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 updates was 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 six months ended June 30, 2025, the impact of actual variances from expected experience resulted in an increase of $ 23 million in the liability for future policy benefits primarily due to unfavorable mortality experience.
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 six months ended June 30, 2025, the impact of actual variances from expected experience resulted in a decrease of $ 16 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.
59
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:

June 30,
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
5.1 % 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:

June 30, 2025
December 31, 2024
(Amounts in millions)
Undiscounted
Discounted
Undiscounted
Discounted
Long-term care insurance
Expected future gross premiums
$ 34,856 $ 24,037 $ 36,325 $ 24,430
Expected future benefit payments
$ 119,561 $ 58,879 $ 121,356 $ 58,487
Life insurance
Expected future gross premiums
$ 9,476 $ 5,382 $ 9,896 $ 5,549
Expected future benefit payments
$ 6,405 $ 4,555 $ 6,764 $ 4,741
Fixed annuities
Expected future gross premiums
$ — $ — $ — $ —
Expected future benefit payments
$ 22,458 $ 10,609 $ 22,933 $ 10,695
During the six months ended June 30, 2025, we recorded a charge of $ 5 million to net income due to expected benefits exceeding expected gross premiums, resulting in net premium ratios capped at
100 % for certain cohorts in our life insurance products primarily due to higher claim severity.
60
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 June 30,
Six months ended June 30,
Year ended
2025
2024
2025
2024
December 31, 2024
(Amounts in
millions
Gross
premiums
Interest
accretion
(1)
Gross
premiums
Interest
accretion
(1)
Gross
premiums
Interest
accretion
(1)
Gross
premiums
Interest
accretion
(1)
Gross
premiums
Interest
accretion
(1)
Long-term care insurance
$ 626 $ 599 $ 613 $ 589 $ 1,245 $ 1,197 $ 1,243 $ 1,178 $ 2,520 $ 2,361
Life insurance
153 10 165 14 308 22 334 29 647 54
Fixed annuities
— 155 — 160 — 311 — 322 — 639
Total
$ 779 $ 764 $ 778 $ 763 $ 1,553 $ 1,530 $ 1,577 $ 1,529 $ 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)
June 30,
2025
December 31,
2024
Life insurance
$ 7,075 $ 7,235
Fixed annuities
3,520 3,789
Variable annuities
443 467
Fixed indexed annuity embedded derivatives
(1)
144 155
Indexed universal life embedded derivatives
(1)
13 15
Additional insurance liabilities
(2)
2,955 2,920
Other
13 13
Total policyholder account balances
$ 14,163 $ 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.
61
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:

June 30, 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
231 8 6
Policy charges
( 295 ) ( 2 ) ( 3 )
Surrenders and withdrawals
( 101 ) ( 193 ) ( 21 )
Benefit payments
( 155 ) ( 159 ) ( 32 )
Net transfers from separate accounts
— — 2
Interest credited
147 64 2
Other
13 13 22
Ending balance as of June 30
$ 7,075 $ 3,520 $ 443
Weighted-average crediting rate
3.9 % 3.0 % 3.3 %
Net amount at risk
(1)
$ 40,583 $ 29 $ 381
Cash surrender value
$ 4,036 $ 2,689 $ 443
(1)
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.
December 31, 2024
(Dollar amounts in millions)
Life
insurance
Fixed
annuities
Variable
annuities
Beginning balance as of January 1
$ 7,460 $ 4,479 $ 529
Issuances
— — —
Premiums received
470 22 14
Policy charges
( 599 ) ( 6 ) ( 6 )
Surrenders and withdrawals
( 195 ) ( 543 ) ( 57 )
Benefit payments
( 227 ) ( 347 ) ( 55 )
Net transfers from separate accounts
— — 1
Interest credited
350 143 4
Other
( 24 ) 41 37
Ending balance as of December 31
$ 7,235 $ 3,789 $ 467
Weighted-average crediting rate
3.9 % 3.0 % 3.3 %
Net amount at risk
(1)
$ 41,378 $ 26 $ 386
Cash surrender value
$ 4,192 $ 2,911 $ 467
(1)
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.
62
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated:

June 30, 2025
(Amounts in millions)
At guaranteed
minimum
1 – 50 basis
points above
51 – 150 basis
points above
Greater than
150 basis
points above
Total
(1)
Less than 2.00 %
$ 101 $ 48 $ 39 $ — $ 188
2.00 %– 2.99 %
838 1 — — 839
3.00 %– 3.99 %
1,641 602 1,101 74 3,418
4.00 % and greater
2,246 20 21 — 2,287
Total
$ 4,826 $ 671 $ 1,161 $ 74 $ 6,732
(1)
Excludes universal life insurance and investment contracts of $ 4,306 million that have an equity market component to their crediting strategy.
December 31, 2024
(Amounts in millions)
At guaranteed
minimum
1 – 50 basis
points above
51 –
150
basis
points above
Greater than
150 basis
points above
Total
(1)
Less than 2.00 %
$ 102 $ 57 $ 45 $ — $ 204
2.00 %– 2.99 %
659 27 — — 686
3.00 %– 3.99 %
1,940 629 1,121 61 3,751
4.00 % and greater
2,318 19 18 — 2,355
Total
$ 5,019 $ 732 $ 1,184 $ 61 $ 6,996
(1)
Excludes universal life insurance and investment contracts of $
4,495
million that have an equity market component to their crediting strategy.
63
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(10) Additional Insurance Liabilities
The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated:
(Dollar amounts in millions)
June 30, 2025
December 31, 2024
Beginning balance as of January 1
$ 2,920 $ 2,887
Beginning balance before shadow accounting adjustments
$ 3,003 $ 2,939
Effect of changes in cash flow assumptions
— 28
Effect of actual variances from expected experience
12 ( 58 )
Adjusted beginning balance
3,015 2,909
Issuances
— —
Interest accretion
50 102
Assessments collected
119 245
Benefit payments
( 153 ) ( 253 )
Derecognition (lapses and withdrawals)
— —
Other (flooring adjustment)
( 2 ) —
Ending balance before shadow accounting adjustments
3,029 3,003
Effect of shadow accounting adjustments
( 74 ) ( 83 )
Ending balance
2,955 2,920
Less: reinsurance recoverable
— —
Additional insurance liabilities, net of reinsurance recoverable
$ 2,955 $ 2,920
Weighted-average liability duration (years)
17.4 17.8
For the six months ended June 30, 2025, the effect of actual variances from expected experience resulted in an increase to our additional insurance liabilities primarily driven by unfavorable mortality.
In the fourth quarter of 2024, as part of our annual review of assumptions, we increased our additional insurance liabilities primarily related to an unfavorable update to mortality assumptions for universal life insurance contracts originating from term life insurance conversions and an unfavorable update to interest rate assumptions given the recent rate environment. The decrease in our additional insurance liabilities from the effect of actual variances from expected experience during the year ended December 31, 2024 was primarily due to a model refinement related to certain universal life insurance products with secondary guarantees.
The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated:
June 30,
2025
December 31,
2024
Interest accretion rate
(1)
3.3 % 3.4 %
Projected crediting rate
(2)
3.8 % 3.8 %
(1)
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.
(2)
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.
64
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 additional insurance liabilities for the periods indicated:
Three months ended
June 30,
Six months ended
June 30,
Year ended

December 31,
2024
(Amounts in millions)
2025
2024
2025
2024
Gross assessments
$ 131 $ 132 $ 263 $ 265 $ 526
Interest accretion
(1)
$ 25 $ 25 $ 50 $ 50 $ 102
(1)
Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income.
(11) Market Risk Benefits
The following table sets forth our market risk benefits by asset and liability position as of the dates indicated:
June 30, 2025
December 31, 2024
(Amounts in millions)
Asset
Liability
Net liability
Asset
Liability
Net liability
Fixed indexed annuities
$ — $ 53 $ 53 $ — $ 48 $ 48
Variable annuities
58 400 342 57 417 360
Total market risk benefits
$ 58 $ 453 $ 395 $ 57 $ 465 $ 408
The following tables present the balances of and changes in market risk benefits as of and for the periods indicated:

June 30, 2025
(Dollar amounts in millions)
Fixed indexed
annuities
Variable
annuities
Reinsurance
recoverable
(1)
Beginning balance as of January 1
$ 48 $ 360 $ 107
Beginning balance before effect of changes in instrument-specific credit risk
$ 45 $ 356 $ 107
Issuances
— — —
Interest accretion
1 9 3
Attributed fees collected
2 18 4
Benefit payments
— ( 13 ) ( 6 )
Effect of changes in interest rates
4 29 4
Effect of changes in equity markets
— ( 56 ) ( 7 )
Actual policyholder behavior different from expected behavior
( 1 ) ( 4 ) ( 1 )
Effect of changes in future expected policyholder behavior
— — —
Effect of changes in other future expected assumptions
— — —
Other
( 1 ) — —
Ending balance before effect of changes in instrument-specific credit risk
50 339 104
Effect of changes in instrument-specific credit risk
3 3 —
Ending balance as of June 30
53 342 $ 104
Less: reinsurance recoverable
— 104
Market risk benefits, net of reinsurance recoverable
$ 53 $ 238
Weighted-average attained age of contractholders
74 76
Net amount at risk
(2)
(1)
Represents the net reinsured asset related to our variable annuity MRBs.
(2)
See note 9 for additional information on the net amount at risk.
65
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2024
(Dollar amounts in millions)
Fixed indexed
annuities
Variable
annuities
Reinsurance
recoverable
(1)
Beginning balance as of January 1
$ 55 $ 527 $ 140
Beginning balance before effect of changes in instrument-specific credit risk
$ 52 $ 520 $ 140
Issuances
— — —
Interest accretion
3 25 7
Attributed fees collected
5 37 8
Benefit payments
— ( 28 ) ( 13 )
Effect of changes in interest rates
( 17 ) ( 112 ) ( 22 )
Effect of changes in equity markets
( 2 ) ( 97 ) ( 17 )
Actual policyholder behavior different from expected behavior
( 5 ) 5 4
Effect of changes in future expected policyholder behavior
13 6 —
Effect of changes in other future expected assumptions
— — —
Other
( 4 ) — —
Ending balance before effect of changes in instrument-specific credit risk
45 356 107
Effect of changes in instrument-specific credit risk
3 4 —
Ending balance as of December 31
48 360 $ 107
Less: reinsurance recoverable
— 107
Market risk benefits, net of reinsurance recoverable
$ 48 $ 253
Weighted-average attained age of contractholders
73 76
Net amount at risk
(2)
(1)
Represents the net reinsured asset related to our variable annuity MRBs.
(2)
See note 9 for additional information on the net amount at risk.
(12) Separate Accounts
The following table presents the balances of and changes in separate account liabilities, which are primarily comprised of variable annuity products, as of and for the periods indicated:
(Amounts in millions)
June 30,
2025
December 31,
2024
Beginning balance as of January 1
$ 4,438 $ 4,509
Premiums and deposits
14 29
Policy charges
( 49 ) ( 104 )
Surrenders and withdrawals
( 179 ) ( 406 )
Benefit payments
( 110 ) ( 217 )
Investment performance
282 631
Net transfers to general account
( 2 ) ( 1 )
Other charges
— ( 3 )
Ending balance
$ 4,394 $ 4,438
Cash surrender value
(1)
$ 4,392 $ 4,436
(1)
Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges.
66
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Separate Account Assets
The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated:
(Amounts in millions)
June 30,
2025
December 31,
2024
Equity funds
$ 2,078 $ 2,087
Balanced funds
1,813 1,834
Bond funds
301 313
Money market funds
202 204
Total
$ 4,394 $ 4,438
(13) Liability for Policy and Contract Claims
The following table sets forth our liability for policy and contract claims as of the dates indicated:
(Amounts in millions)
June 30,
2025
December 31,
2024
Enact segment
$ 552 $ 525
Life and Annuities segment
(1)
203 139
Other mortgage insurance business
8 6
Total liability for policy and contract claims
$ 763 $ 670
(1)
Primarily includes balances related to our universal and term universal life insurance products.
The following table presents the balances of and changes in our liability for policy and contract claims as of and for the periods indicated:
Six months ended June 30,
(Amounts in millions)
2025
2024
Beginning balance as of January 1
$ 670 $ 652
Less reinsurance recoverable
( 24 ) ( 16 )
Net beginning balance
646 636
Incurred related to insured events of:
Current year
528 452
Prior years
( 77 ) ( 118 )
Total incurred
451 334
Paid related to insured events of:
Current year
( 255 ) ( 252 )
Prior years
( 101 ) ( 85 )
Total paid
( 356 ) ( 337 )
Net ending balance
741 633
Add reinsurance recoverable
22 16
Ending balance as of June 30
$ 763 $ 649
67
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant and result in increases in reserves by an amount that could be material to our results of operations, financial condition and liquidity. Given the extended period of time that may exist between the reporting of a delinquency and the claim payment in our Enact segment, and changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts actually paid.
For the six months ended June 30, 2025, our Enact segment recorded reserve releases of
$
95
million primarily related to insured events of prior years, largely driven by favorable cure performance on delinquencies from early 2024 and prior.
During the six months ended June 30, 2024, our Enact segment recorded reserve releases of $ 131 million primarily related to insured events of prior years, largely driven by favorable cure performance on early 2023 and prior delinquencies. As part of these reserve releases, Enact also decreased its assumptions for the rate at which delinquencies go to claim, primarily resulting from sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.
(14) Income Taxes
The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated:
Three months ended
June 30,
Six months ended
June 30,
2025
2024
2025
2024
Statutory U.S. federal income tax rate
21.0 % 21.0 % 21.0 % 21.0 %
Increase (decrease) in rate resulting from:
Tax on income from terminated swaps
5.1 ( 0.2 ) 5.2 3.8
Non-deductible expenses
1.1 0.4 1.4 1.1
Other, net
0.8 1.2 0.7 —
Effective rate
28.0 % 22.4 % 28.3 % 25.9 %
The effective tax rate for the three months ended June 30, 2025 and the six months ended June 30, 2025 and 2024 was above the statutory U.S. federal income tax rate of 21 % largely due to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35 % as they are amortized into net investment income. The increase in the effective tax rate for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily attributable to a change in the interim period tax provision methodology in the prior year as discussed below. The increase in the effective tax rate for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily driven by tax expense on certain forward starting swaps gains in relation to pre-tax income.
U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances it is appropriate to record the actual effective tax rate for the period if a reliable full year estimate cannot be made. Although we used the annualized projected effective tax rate during the interim period ending March 31, 2024 for all segments, we concluded that using an actual effective tax rate reflecting actual year-to-date income (loss) provides a better estimate for our
68
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Long-Term Care Insurance and Life and Annuities segments for interim reporting. Accordingly, for the three and six months ended June 30, 2025 and 2024, we utilized the actual effective tax rate for the interim period to record the provision for income taxes for our Long-Term Care Insurance and Life and Annuities segments and the annualized projected effective tax rate for our Enact segment and Corporate and Other.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes certain tax provisions, was signed into law. We do not expect the OBBBA to have a material impact on our consolidated financial statements.
(15) Segment Information
We have the following three reportable segments: Enact, comprised primarily of private mortgage insurance products; Long-Term Care Insurance; and Life and Annuities. The products in the Life and Annuities segment include life insurance and fixed and variable annuities, none of which are actively marketed or sold. 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 CareScout and certain international businesses.
We allocate tax to our businesses at the U.S. corporate federal income tax rate of 21 %. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. See note 14 for a discussion of the effective tax rates used for our segments and Corporate and Other.
Our chief operating decision maker (“CODM”) evaluates performance and allocates resources for our reportable segments based on “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as income (loss) from continuing operations excluding the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating performance.
Adjustments to reconcile reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders to consolidated net income (loss) available to Genworth Financial, Inc.’s common stockholders assume a 21 % tax rate and are net of the portion attributable to noncontrolling interests.
69
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our reportable segments for the three months ended June 30:
2025
2024
(Amounts in millions)
Enact
Long-Term
Care Insurance
Life and
Annuities
Enact
Long-Term
Care Insurance
Life and
Annuities
Revenues:
Premiums
$ 245 $ 578 $ 39 $ 244 $ 564 $ 44
Net investment income
66 516 216 59 494 250
Policy fees and other income
1 — 156 3 — 164
312 1,094 411 306 1,058 458
Less:
Benefits and other changes in policy reserves
(1)
25 951 220 ( 17 ) 934 237
Cash flow assumption updates
(1)
— 8 — — ( 24 ) —
Actual variances from expected experience
(1)
— 42 10 — 67 ( 4 )
Amortization of deferred acquisition costs and intangibles
(1)
3 16 37 2 18 39
Interest expense
(2)
12 — — 13 — —
Other segment expenses
(2), (3)
51 115 154 51 82 187
Provision (benefit) for income taxes
(2)
47 ( 1 ) ( 3 ) 55 10 —
Adjusted operating income attributable to noncontrolling interests
33 — — 37 — —
Reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
$ 141 $ ( 37 ) $ ( 7 ) $ 165 $ ( 29 ) $ ( 1 )
(1)
Significant expense category and amounts, which align with segment-level information, as applicable, that is regularly provided to the CODM.
(2)
Other segment items not considered a significant expense category.
(3)
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.
70
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our reportable segments for the six months ended June 30:
2025
2024
(Amounts in millions)
Enact
Long-Term
Care Insurance
Life and
Annuities
Enact
Long-Term
Care Insurance
Life and
Annuities
Revenues:
Premiums
$ 490 $ 1,149 $ 83 $ 485 $ 1,142 $ 97
Net investment income
129 967 436 116 958 504
Policy fees and other income
3 — 312 3 — 322
622 2,116 831 604 2,100 923
Less:
Benefits and other changes in policy reserves
(1)
56 1,895 464 3 1,870 487
Cash flow assumption updates
(1)
— 7 — — ( 26 ) —
Actual variances from expected experience
(1)
— 25 32 — 53 4
Amortization of deferred acquisition costs and intangibles
(1)
5 33 77 4 35 84
Interest expense
(2)
24 — — 26 — —
Other segment expenses
(2), (3)
100 224 310 102 183 369
Provision (benefit) for income taxes
(2)
94 ( 1 ) ( 12 ) 101 11 ( 5 )
Adjusted operating income attributable to noncontrolling interests
65 — — 68 — —
Reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
$ 278 $ ( 67 ) $ ( 40 ) $ 300 $ ( 26 ) $ ( 16 )
(1)
Significant expense category and amounts, which align with segment-level information, as applicable, that is regularly provided to the CODM.
(2)
Other segment items not considered a significant expense category.
(3)
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.
71
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the reconciliation of total reportable segment adjusted operating income available to Genworth Financial, Inc.’s common stockholders to net income available to Genworth Financial, Inc.’s common stockholders for the periods indicated:

Three months ended
Six months ended
June 30,
June 30,
(Amounts in millions)
2025
2024
2025
2024
Total reportable segment adjusted operating income available to Genworth Financial, Inc.’s common stockholders
$ 97 $ 135 $ 171 $ 258
Corporate and other
( 29 ) ( 10 ) ( 52 ) ( 48 )
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
68 125 119 210
Net investment gains (losses) available to Genworth Financial, Inc.’s common stockholders
( 27 ) ( 60 ) 1 ( 10 )
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges
15 10 ( 4 ) 36
Gains (losses) on early extinguishment of debt
— ( 7 ) — ( 6 )
Expenses related to restructuring
— ( 4 ) 1 ( 11 )
Taxes on adjustments
2 13 — ( 2 )
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
58 77 117 217
Loss from discontinued operations, net of taxes
( 7 ) ( 1 ) ( 12 ) ( 2 )
Net income available to Genworth Financial, Inc.’s common stockholders
$ 51 $ 76 $ 105 $ 215
The following table presents total assets for our reportable segments as of the dates indicated:
(Amounts in millions)
June 30,
2025
December 31,
2024
Enact
$ 6,777 $ 6,525
Long-Term Care Insurance
$ 45,725 $ 44,877
Life and Annuities
$ 33,355 $ 33,797
(16) Commitments and Contingencies
(a) Litigation and Regulatory Matters
We face the risk of litigation and regulatory investigations or other actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force
long-term
care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state
72
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
anti-inducement
laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to cybersecurity breaches of customer information. We also from time to time have had, and may in the future have, disputes with reinsurance partners relating to the parties’ rights and obligations under reinsurance treaties and/or related administration agreements. In our
investment-related
operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, including claims under the Employee Retirement Income Security Act of 1974 (“ERISA”),
post-closing
obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities.
Plaintiffs in class action and other lawsuits against us have sought and/or may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations.
We record an accrual in our consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. At this time, while it is reasonably possible that an unfavorable outcome in a case may occur, except to the extent discussed below, management has concluded that it is not probable that a loss has been incurred in any of the pending cases, and management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending cases. Therefore, we have not recorded any amounts in our condensed consolidated financial statements for unfavorable outcomes, if any.
TVPX ARS, INC. v. GLAIC
In September 2018, Genworth Life and Annuity Insurance Company (“GLAIC”), our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned
TVPX ARS, INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company
. The plaintiff alleges unlawful and excessive cost of insurance charges were imposed on policyholders. The complaint asserts claims for breach of contract, alleging that Genworth improperly considered non-mortality factors when calculating cost of insurance rates and failed to decrease cost of insurance charges in light of improved expectations of future mortality, and seeks unspecified compensatory damages, costs and equitable relief. On October 29, 2018, we filed a motion to enjoin the case in the Middle District of Georgia, and a motion to dismiss and motion to stay in the Eastern District of Virginia. We moved to enjoin the prosecution of the Eastern District of Virginia action on the basis that it involves claims released in a prior nationwide class action settlement (the “McBride settlement”) that was approved by the Middle District of Georgia. The plaintiff filed an amended complaint on November 13, 2018. On December 6, 2018, we moved the Middle District of Georgia for leave to file our counterclaim, which alleges that the plaintiff breached the covenant not to sue contained in the prior settlement agreement by filing its current action. On March 15, 2019, the Middle District of Georgia granted our motion to enjoin and denied our motion for leave to file our counterclaim. As such, the plaintiff is enjoined from pursuing its class action in the Eastern District of Virginia. On March 29, 2019, the plaintiff filed a notice of appeal in the Middle District of Georgia, notifying the Court of its appeal to the United States Court of Appeals for the Eleventh Circuit from the order granting our motion to
73
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
enjoin. On March 29, 2019, we filed our notice of cross-appeal in the Middle District of Georgia, notifying the Court of our cross-appeal to the Eleventh Circuit from the portion of the order denying our motion for leave to file our counterclaim. On April 8, 2019, the Eastern District of Virginia dismissed the case without prejudice, with leave for the plaintiff to refile an amended complaint only if a final appellate Court decision vacates the injunction and reverses the Middle District of Georgia’s opinion. On May 21, 2019, the plaintiff filed its appeal and memorandum in support in the Eleventh Circuit. We filed our response to the plaintiff’s appeal memorandum on July 3, 2019. The Eleventh Circuit Court of Appeals heard oral argument on the plaintiff’s appeal and our cross-appeal on April 21, 2020. On May 26, 2020, the Eleventh Circuit Court of Appeals vacated the Middle District of Georgia’s order enjoining the plaintiff’s class action and remanded the case back to the Middle District of Georgia for further factual development as to whether Genworth has altered how it calculates or charges cost of insurance since the McBride settlement. The Eleventh Circuit Court of Appeals did not reach a decision on Genworth’s counterclaim. On June 30, 2021, we filed in the Middle District of Georgia our renewed motion to enforce the class action settlement and release and renewed our motion for leave to file a counterclaim. The briefing on both motions concluded in October 2021. On March 24, 2022, the Court denied our motions. On April 11, 2022, we filed an appeal of the Court’s denial to the United States Court of Appeals for the Eleventh Circuit. On June 22, 2022, we filed our opening brief in support of the appeal. The plaintiff filed its respondent’s brief on September 20, 2022, and we filed our reply brief on November 10, 2022. The appeal was orally argued on August 17, 2023, and on January 8, 2025, the Eleventh Circuit entered an order affirming the district court’s order. On January 29, 2025, we moved for rehearing by the panel and by the full court. On March 4, 2025, the Eleventh Circuit denied our motion for rehearing. On March 7, 2025, the plaintiff refiled its complaint in the United States District Court for the Eastern District of Virginia. On May 9, 2025, we moved to dismiss the refiled complaint for failure to state a cause of action. The plaintiff filed an amended complaint on June 24, 2025 and a second amended complaint on July 14, 2025. On July 28, 2025, we moved to dismiss the second amended complaint for failure to state a cause of action. We intend to continue to vigorously defend this action.
Burkhart et al. v. Genworth Financial et al.
In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned
Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other persons similarly situated v. Genworth et al.
The plaintiffs allege that GLIC paid dividends to its parent and engaged in certain reinsurance transactions causing it to maintain inadequate capital capable of meeting its obligations to GLIC policyholders and agents. The complaint alleges causes of action for intentional fraudulent transfer and constructive fraudulent transfer and seeks injunctive relief. We moved to dismiss this action in December 2018. On January 29, 2019, the plaintiffs exercised their right to amend their complaint. On March 12, 2019, we moved to dismiss the plaintiffs’ amended complaint. On April 26, 2019, the plaintiffs filed a memorandum in opposition to our motion to dismiss, which we replied to on June 14, 2019. On August 7, 2019, the plaintiffs filed a motion seeking to prevent proceeds that GFIH expected to receive from the then planned sale of its shares in Genworth MI Canada Inc. (“Genworth Canada”) from being transferred out of GFIH. On September 11, 2019, the plaintiffs filed a renewed motion seeking the same relief as their August 7, 2019 motion with an exception that allowed GFIH to transfer $ 450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth Holdings to allow the pay-off of a senior secured term loan facility dated March 7, 2018 among Genworth Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our motion to dismiss and the plaintiffs’ motion occurred on October 21, 2019, and the plaintiffs’ motion was denied. On January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $ 395 million in dividends GLIC paid to its parent from 2012 to 2014 (out of the $ 410 million in total dividends subject to the plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $ 15 million in dividends and unquantified claims
74
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to the plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second amended and supplemental class action complaint adding additional factual allegations and three new causes of action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the second amended and supplemental class action complaint. The plaintiffs filed an opposition to our motion to dismiss on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each party to file supplemental submissions, which were filed on January 28, 2022. On May 10, 2022, the Court granted our motion to dismiss the three new causes of action. On January 27, 2022, the plaintiffs filed a motion for a preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or distributing any value to Genworth Financial’s shareholders. On June 2, 2022, the plaintiffs withdrew their motion for a preliminary injunction. On January 12, 2024, the plaintiffs moved for class certification. We filed our opposition papers on February 23, 2024. On March 25, 2025, we filed a motion for summary judgment dismissing the second amended complaint, and the plaintiffs filed opposition papers as well as a motion for rule 56(d) relief on May 14, 2025. On June 18, 2025, we filed reply papers in further support of our motion for summary judgment and moved separately to strike the plaintiffs’ motion for rule 56(d) relief. The plaintiffs opposed our motion to strike on July 11, 2025. We intend to continue to vigorously defend this action.
Trauernicht et al v. Genworth Financial
On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings Plan”). The plaintiffs purport to act on behalf of the Savings Plan and all similarly situated participants and beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under ERISA by imprudently offering and inadequately monitoring a suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. The plaintiffs seek declaratory and injunctive relief, monetary damages and attorney’s fees. By stipulation entered September 6, 2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the complaint against the sole remaining defendant, Genworth Financial. The plaintiffs filed opposition papers on November 10, 2022, and we filed our reply papers on November 16, 2022. By order dated January 20, 2023, the Court granted the plaintiffs’ motion to serve an amended complaint, rendering our initial motion to dismiss moot. On January 20, 2023, the plaintiffs filed an amended complaint, and on February 2, 2023, we filed a motion to dismiss the amended complaint. On March 16, 2023, the Court directed the plaintiffs to file a second amended complaint and denied our motion to dismiss the amended complaint. The plaintiffs filed the second amended complaint on April 17, 2023. On May 15, 2023, we answered and moved to dismiss the second amended complaint. On September 13, 2023, the Court granted in part and denied in part our motion to dismiss the second amended complaint. The plaintiffs moved for class certification on October 16, 2023, and we filed opposition papers on December 4, 2023. Oral argument on the plaintiffs’ class certification motion was heard on February 12, 2024. On February 20, 2024, we moved for summary judgment dismissing the claims, and the plaintiffs filed opposition papers on March 5, 2024. Oral argument was conducted on our summary judgment motion on March 25, 2024. On August 15, 2024, the Court granted the plaintiffs’ motion and certified the case as a class action. On August 29, 2024, the Court denied our motion for summary judgment. We filed a motion for leave to appeal from the trial court’s class certification order, and the United States Court of Appeals for the Fourth Circuit granted leave to appeal on September 13, 2024. On March 7, 2025, we filed our opening appellate brief in the Fourth Circuit, and the plaintiffs filed their responding brief on April 7, 2025. The case is now stayed in trial court pending the determination of our appeal to the Fourth Circuit, which has been tentatively scheduled for oral argument during the October 2025 term. We intend to continue to vigorously defend this action.
75
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
M/O Arbitration Between Blue Cross Blue Shield Nebraska and GLIC
On December 16, 2022, Blue Cross Blue Shield of Nebraska (“BCBSNE”) served an arbitration demand on GLIC in relation to BCBSNE’s stated intent to recapture a block of long-term care insurance policies for which the risk was partly ceded to GLIC. In its arbitration demand, BCBSNE alleged that GLIC breached the governing reinsurance agreement by refusing to agree to transfer assets equal to the fair value of the liabilities being recaptured. BCBSNE asserted it had satisfied all of its obligations under the reinsurance agreement and sought to recapture the ceded block of reinsurance. BCBSNE sought damages equal to the fair value of the recaptured liabilities, plus interest and other damages, including attorneys’ fees and costs. The arbitration panel was appointed, and an organizational meeting was held on August 30, 2023. The arbitration proceeding occurred in September 2024, and the arbitration panel issued its final decision on May 19, 2025. Following the arbitration panel’s final decision, we made a $
24
million payment to BCBSNE and released $
50
million in insurance reserves, at the locked-in discount rate, related to the policies recaptured, resulting in a pre-tax gain of $
26
million in the second quarter of 2025.
In Re MOVEit Customer Data Security Breach Litigation
Starting in June 2023, various Genworth entities (including Genworth Financial, GLIC and GLAIC) have been named as defendants in certain putative class action lawsuits in the United States District Courts for the Eastern District of Virginia and the District of Massachusetts. These cases are captioned as follows:
Anastasio v. Genworth Financial, Inc. et al
;
Hauser v. Genworth Life Insurance Company
;
Smith v. Genworth Financial, Inc.
;
Behrens v. Genworth Life Insurance Company
;
Hale et al v. Genworth Financial, Inc.
;
Burkett, Jr. v. Genworth Life and Annuity Insurance Company
;
Manar v. Genworth Financial, Inc.
;
Romine et al. v. Progress Software Corporation et al.
;
Schwarz et al. v. Progress Software Corporation et al.
;
Casey et al. v. Genworth Life & Annuity Insurance Company
; and
Bailey v. Genworth Financial, Inc
. The actions relate to the data security events involving the MOVEit file transfer system, which PBI Research Services (“PBI”), a third-party vendor, uses in the performance of its services (“MOVEit Cybersecurity Incident”). Our life insurance subsidiaries use PBI to, among other things, satisfy applicable regulatory obligations to search various databases to identify the deaths of insured persons under life insurance policies, and to identify the deaths of long-term care insurance and annuity policies which can impact premium payment obligations and benefit eligibility. The plaintiffs seek to represent various classes and subclasses of Genworth long-term care insurance policyholders and agents whose data was accessed or potentially accessed by the MOVEit Cybersecurity Incident, alleging that Genworth breached its purported duty to safeguard their sensitive data from cybercriminals. The complaints assert claims for, inter alia, negligence, negligence per se, breach of contract, unjust enrichment, and violations of various consumer protection and privacy statutes, and they seek, inter alia, declaratory and injunctive relief, compensatory and punitive damages, restitution, attorneys’ fees and costs. On October 4, 2023, the Joint Panel on Multidistrict Litigation issued an order consolidating all actions relating to the MOVEit Cybersecurity Incident before a single federal judge in the United States District Court for the District of Massachusetts. All defendants, including the Genworth entities, filed a joint motion to dismiss the complaints on July 23, 2024. Oral argument on this motion occurred on October 9, 2024. On December 12, 2024, as relevant to Genworth, the court denied the motion. On February 4, 2025, several defendants, including the Genworth entities, filed a second motion to dismiss the complaints, and the plaintiffs filed opposition papers on April 7, 2025. Oral argument was conducted on the second motion to dismiss on May 12, 2025. We intend to continue to vigorously defend these actions.
Fox v. GLAIC
In March 2024, GLAIC was served with a putative class action lawsuit venued in the Superior Court of the State of California, Sacramento County, captioned
James Fox, individually and on behalf of the class v. Genworth
76
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Life and Annuity Insurance Co
. The plaintiff, the holder of a lapsed California GLAIC life insurance policy, seeks to represent a class of current and former California GLAIC policyholders and beneficiaries whose policies were allegedly wrongfully terminated. The complaint alleges that GLAIC wrongfully terminated hundreds of California life insurance policies by failing to provide the policyholders with the notices and grace periods mandated by the contract and by the California Insurance Code as interpreted by the California Supreme Court in
McHugh v. Protective Life Ins. Co
. The complaint asserts causes of action for breach of contract, violation of the California Insurance Code, unfair competition and bad faith, and it seeks, inter alia, declaratory and injunctive relief, compensatory damages, restitution, attorneys’ fees and costs. The action was removed to the United States District Court for the Eastern District of California on April 3, 2024. On May 8, 2024, we answered the complaint. On October 15, 2024, the court granted our motion to stay the action pending final determination of an appeal in a related case. On March 4, 2025, the court lifted the stay, and the plaintiff filed an amended complaint on April 21, 2025. On June 2, 2025, we answered the complaint and moved to strike its class action allegations. The plaintiff filed opposition papers to our motion to strike on June 16, 2025. The plaintiff moved to remand the matter to state court on June 30, 2025, and we opposed that motion on July 22, 2025. We intend to continue to vigorously defend this action.
Kaplan v. GLIC
On January 17, 2025, GLIC, Genworth Life Insurance Company of New York and various AARP entities were named as defendants in a putative class action lawsuit in the Superior Court of the District of Columbia captioned
Sharon R. Kaplan and Richard A. Kaplan on behalf of themselves and all others similarly situated v. Genworth Life Insurance Co. et al
. The complaint alleges that the Genworth and AARP defendants violated the District of Columbia Consumer Protection Procedures Act by affirmatively misrepresenting and failing to adequately disclose information regarding the pricing structure and likelihood of rate increases for the My Future My Plan 2 series of long-term care insurance policies. The complaint further alleges that the Genworth defendants breached the terms of the relevant insurance contracts by increasing premiums because of the policies’ inflation protection component and by acting unreasonably in violation of the covenant of good faith and fair dealing. The complaint seeks, among other things, monetary damages and civil penalties. We removed the action to the United States District Court for the District of Columbia on April 17, 2025. We moved to dismiss the complaint for failure to state a cause of action on May 15, 2025, and the plaintiff opposed that motion on July 7, 2025. We intend to continue to vigorously defend this action.
At this time, except to the extent discussed above, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. It is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations.
(b) Commitments and Guarantees
See note 6 for amounts we were committed to fund related to our investments as of June 30, 2025.
As previously disclosed, in connection with pending litigation between AXA S.A. (“AXA”) and Santander Cards UK Limited (“Santander”) related to the payment protection insurance (“PPI”) mis-selling losses, Genworth has certain rights to share in any recoveries by AXA to recoup payments it previously made to AXA
77
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
for the underlying PPI mis-selling losses. Genworth is not a named party in the litigation with Santander, and, therefore, does not ultimately control the litigation. In order to better align the interests of AXA and Genworth in the litigation, in March 2025, Genworth agreed to provide AXA a guarantee for the recovery of certain of AXA’s PPI mis-selling losses not previously reimbursed by Genworth, regardless of the ultimate outcome of the litigation. The guarantee was provided through a stand-by letter of credit (“LC”) issued by a third-party financial institution for the benefit of AXA and a reimbursement agreement between Genworth and the third-party financial institution. Genworth could be required to pay an amount under the guarantee, through the reimbursement agreement, up to £
80
million. Whether AXA may draw upon the LC is subject to the amount of any settlement between AXA and Santander, or certain milestones in the court proceedings. On July 25, 2025, the U.K. High Court issued a liability judgment in favor of AXA in the legal proceedings against Santander. The judgment finds Santander liable for AXA’s losses resulting from Santander’s mis-selling. The judge awarded AXA damages, interest, and costs of approximately £ 680 million ($ 911 million). Under prior agreements between Genworth and AXA, Genworth is entitled to share in funds that AXA recovers from third parties related to the mis-selling losses. If the judgment is paid in full and appeals, if any, are favorably resolved, Genworth could be entitled to recover approximately $ 750 million, depending upon the applicable exchange rate at that time. As of June 30, 2025, we have no t recorded any amounts related to the guarantee or associated with recoveries in connection with the liability judgment.
(17) Changes in Accumulated Other Comprehensive Income (Loss)
The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:

(Amounts in millions)
Net
unrealized
investment
gains
(losses)
Derivatives
qualifying as
hedges
(1)
Change in the
discount rate
used to
measure
future policy
benefits
Change in
instrument-
specific
credit risk
of market
risk benefits
Foreign
currency
translation
and other
adjustments
Total
Balances as of April 1, 2025
$ ( 2,660 ) $ 535 $ 704 $ ( 6 ) $ 6 $ ( 1,421 )
OCI before reclassifications
120 ( 124 ) 66 1 12 75
Amounts reclassified from OCI
14 ( 31 ) — — — ( 17 )
Current period OCI
134 ( 155 ) 66 1 12 58
Balances as of June 30, 2025 before noncontrolling interests
( 2,526 ) 380 770 ( 5 ) 18 ( 1,363 )
Less: change in OCI attributable to noncontrolling interests
10 — — — ( 1 ) 9
Balances as of June 30, 2025
$ ( 2,536 ) $ 380 $ 770 $ ( 5 ) $ 19 $ ( 1,372 )
(1)
See note 5 for additional information.

78
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


(Amounts in millions)
Net
unrealized
investment
gains
(losses)
Derivatives
qualifying as
hedges
(1)
Change in the
discount rate
used to
measure
future policy
benefits
Change in
instrument-
specific
credit risk
of market
risk benefits
Foreign
currency
translation
and other
adjustments
Total
Balances as of April 1, 2024
$ ( 2,615 ) $ 849 $ ( 334 ) $ ( 6 ) $ 12 $ ( 2,094 )
OCI before reclassifications
( 442 ) ( 85 ) 958 — ( 5 ) 426
Amounts reclassified from OCI
15 ( 34 ) — — — ( 19 )
Current period OCI
( 427 ) ( 119 ) 958 — ( 5 ) 407
Balances as of June 30, 2024 before noncontrolling interests
( 3,042 ) 730 624 ( 6 ) 7 ( 1,687 )
Less: change in OCI attributable to noncontrolling interests
— — — — — —
Balances as of June 30, 2024
$ ( 3,042 ) $ 730 $ 624 $ ( 6 ) $ 7 $ ( 1,687 )
(1)
See note 5 for additional information.

(Amounts in millions)
Net
unrealized
investment
gains
(losses)
Derivatives
qualifying as
hedges
(1)
Change in the
discount rate
used to
measure
future policy
benefits
Change in
instrument-
specific
credit risk
of market
risk benefits
Foreign
currency
translation
and other
adjustments
Total
Balances as of January 1, 2025
$ ( 3,156 ) $ 492 $ 1,023 $ ( 5 ) $ 4 $ ( 1,642 )
OCI before reclassifications
623 ( 50 ) ( 253 ) — 14 334
Amounts reclassified from OCI
17 ( 62 ) — — — ( 45 )
Current period OCI
640 ( 112 ) ( 253 ) — 14 289
Balances as of June 30, 2025 before noncontrolling interests
( 2,516 ) 380 770 ( 5 ) 18 ( 1,353 )
Less: change in OCI attributable to noncontrolling interests
20 — — — ( 1 ) 19
Balances as of June 30, 2025
$ ( 2,536 ) $ 380 $ 770 $ ( 5 ) $ 19 $ ( 1,372 )
(1)
See note 5 for additional information.

79
GENWORTH FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(Amounts in millions)
Net
unrealized
investment
gains
(losses)
Derivatives
qualifying as
hedges
(1)
Change in the
discount rate
used to
measure
future policy
benefits
Change in
instrument-
specific
credit risk
of market
risk benefits
Foreign
currency
translation
and other
adjustments
Total
Balances as of January 1, 2024
$ ( 2,130 ) $ 1,010 $ ( 1,439 ) $ ( 8 ) $ 12 $ ( 2,555 )
OCI before reclassifications
( 945 ) ( 210 ) 2,063 2 ( 5 ) 905
Amounts reclassified from OCI
32 ( 70 ) — — — ( 38 )
Current period OCI
( 913 ) ( 280 ) 2,063 2 ( 5 ) 867
Balances as of June 30, 2024 before noncontrolling interests
( 3,043 ) 730 624 ( 6 ) 7 ( 1,688 )
Less: change in OCI attributable to noncontrolling interests
( 1 ) — — — — ( 1 )
Balances as of June 30, 2024
$ ( 3,042 ) $ 730 $ 624 $ ( 6 ) $ 7 $ ( 1,687 )
(1)
See note 5 for additional information.
As of June 30, 2025 and 2024, the balances of the change in the discount rate used to measure future policy benefits were net of taxes of $( 209 ) million and $( 169 ) million, respectively, and the balances of the change in instrument-specific credit risk of MRBs were net of taxes of $ 1
million for both periods. The foreign currency translation and other adjustments balance in the charts above included $
34
million and $
30
million, respectively, net of taxes of $
( 9
) million and $
( 8
)
million, respectively, related to a net unrecognized postretirement benefit obligation as of June 30, 2025 and 2024. The balance also included taxes of $( 2 ) million and $
1
million, respectively, related to foreign currency translation adjustments as of June 30, 2025 and 2024.
The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods indicated:

Three months ended
June 30,
Six months ended
June 30,
Affected line item in the
condensed consolidated
statements of income
(Amounts in millions)
2025
2024
2025
2024
Net unrealized investment (gains) losses:
Unrealized (gains) losses on investments
$ 18 $ 19 $ 22 $ 41 Net investment (gains) losses
Income taxes
( 4 ) ( 4 ) ( 5 ) ( 9 ) Provision for income taxes
Total
$ 14 $ 15 $ 17 $ 32
Derivatives qualifying as hedges:
Interest rate swaps hedging assets
$ ( 47 ) $ ( 52 ) $ ( 95 ) $ ( 105 ) Net investment income
Interest rate swaps hedging assets
( 1 ) ( 1 ) ( 2 ) ( 5 ) Net investment (gains) losses
Interest rate swaps hedging liabilities
1 1 1 2 Interest expense
Income taxes
16 18 34 38 Provision for income taxes
Total
$ ( 31 ) $ ( 34 ) $ ( 62 ) $ ( 70 )
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Item 2.

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included herein and with our 2024 Annual Report on Form 10-K. Unless the context otherwise requires, references to “Genworth,” the “Company,” “we” or “our” herein are to Genworth Financial, Inc. on a consolidated basis. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries.

Cautionary note regarding forward-looking statements

This report contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” “may” or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Examples of forward-looking statements include statements we make relating to potential dividends or share repurchases; future return of capital by Enact Holdings, Inc. (“Enact Holdings”), including share repurchases, and quarterly and special dividends; the cumulative economic benefit of approved and future rate actions included in our long-term care insurance multi-year in-force rate action plan; planned investments in and our outlook for new lines of business or new insurance and other products and services, such as those we are pursuing with our CareScout business (“CareScout”), including through our CareScout services business (“CareScout Services”) and our CareScout insurance business (“CareScout Insurance”); the timing of any future insurance offering through CareScout Insurance; future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in our long-term care insurance business; any potential future judgment, recovery and/or payment amounts in connection with the AXA S.A. (“AXA”) and Santander Cards UK Limited (“Santander”) litigation, Genworth’s planned use of proceeds from any recovery in connection with the litigation, including share repurchases, debt repurchases and investments in new businesses; future financial condition and liquidity of our businesses; and statements we make regarding the outlook of the U.S. economy.

Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, inflation, business, competitive, market, regulatory and other factors and risks, including but not limited to, the following:

•

the inability to successfully launch new lines of business, including long-term care insurance and other products and services we are pursuing with CareScout;

•

our failure to maintain the self-sustainability of our legacy U.S. life insurance subsidiaries, including as a result of the inability to achieve desired levels of in-force rate actions and/or the timing of future premium rate increases and associated benefit reductions taking longer to achieve than originally assumed; other regulatory actions negatively impacting our life insurance businesses;

•

inaccuracies or changes in estimates, assumptions, methodologies, valuations, projections and/or models, which result in inadequate reserves or other adverse results (including as a result of any changes in connection with quarterly, annual or other reviews);

•

the impact on holding company liquidity caused by an inability to receive dividends or any other returns of capital from Enact Holdings, and limited sources of capital and financing and the need to seek additional capital on unfavorable terms;

•

the impact on any potential recovery in the AXA and Santander litigation resulting from a successful appeal, significant delays or any other adverse development in the litigation;

•

adverse changes to the structure or requirements of Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the U.S. mortgage insurance

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market; an increase in the number of loans insured through federal government mortgage insurance programs, including those offered by the Federal Housing Administration (“FHA”); the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by the private mortgage insurer eligibility requirements (“PMIERs”) (or any adverse changes thereto), the inability to meet minimum statutory capital requirements of applicable regulators or the mortgage insurer eligibility requirements of Fannie Mae or Freddie Mac;

•

changes in economic, market and political conditions, labor shortages and fluctuating interest rates; unanticipated financial events, which could lead to market-wide liquidity problems and other significant market disruption resulting in losses, defaults or credit rating downgrades of other financial institutions; deterioration in economic conditions, a recession or a decline in home prices, all of which could be driven by many potential factors; an increase in the cost of care impacting our long-term care insurance business; changes in international trade policy, including the potential impact of new or increased tariffs, retaliatory policies or actions from other countries, and trade wars or other events that lead to political and economic instability; changes in government or monetary policies, including U.S. federal tax laws, such as the One Big Beautiful Bill Act that was signed into law on July 4, 2025, tax rates or interest rates; changes within regulatory agencies as a result of the change in the U.S. Administration in January 2025; changes in immigration policy; and fluctuations in international securities markets;

•

downgrades in financial strength and credit ratings and potential adverse impacts to liquidity; counterparty credit risks; defaults by counterparties to reinsurance arrangements or derivative instruments; defaults or other events impacting the value of invested assets;

•

changes in tax rates or tax laws, or changes in accounting and reporting standards;

•

litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties;

•

the inability to retain, attract and motivate qualified employees or senior management;

•

changes in the composition of Enact Holdings’ business or undue concentration by customer or geographic region;

•

the impact from deficiencies in our disclosure controls and procedures or internal control over financial reporting;

•

the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine, the Israel-Hamas conflict and economic competition between the United States and China), a public health emergency, including pandemics, or climate change;

•

the inability to effectively manage information technology systems (including artificial intelligence), cyber incidents or other failures, disruptions or security breaches of us or our third-party vendors, as well as unknown risks and uncertainties associated with artificial intelligence;

•

the inability of third-party vendors to meet their obligations to us;

•

the lack of availability, affordability or adequacy of reinsurance to protect us against losses;

•

a decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of mortgage insurance cancellations;

•

unanticipated claims against Enact Holdings’ delegated underwriting and loss mitigation programs;

•

the impact of medical advances such as genetic research and diagnostic imaging, emerging new technology, including artificial intelligence and related legislation; and

•

other factors described in the risk factors contained in Item 1A of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2025.

We provide additional information regarding these risks and uncertainties in our Annual Report on Form 10-K. Unlisted factors may present significant additional obstacles to the realization of forward-looking

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statements. Accordingly, for the foregoing reasons, we caution the reader against relying on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

Overview

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s legacy U.S. life insurance subsidiaries offer long-term care insurance and also manage in-force blocks of life insurance and annuity products. Genworth Financial also has a start-up business whereby it offers fee-based services, advice, consulting and other aging care products and services through CareScout.

We report our business results through three segments: Enact; Long-Term Care Insurance; and Life and Annuities. The products in the Life and Annuities segment include traditional and non-traditional life insurance (term, universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), and fixed and variable annuities, none of which are actively marketed or sold.

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, Inc. (“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 CareScout and certain international businesses.

Enact Holdings is a public company traded on the Nasdaq Global Select Market exchange under the ticker symbol “ACT.” Genworth Financial maintains control of Enact Holdings through an indirect majority voting interest and accordingly, Enact Holdings remains a consolidated subsidiary of Genworth Financial. Enact Holdings and its mortgage insurance subsidiaries comprise, and can therefore generally be viewed as, our Enact segment, or commonly referred to as “Enact.”

Strategic Update

Creating shareholder value

We continue to create shareholder value through Enact’s growing market value and capital returns. Enact Holdings provided $94 million of capital returns to Genworth Holdings in the second quarter of 2025. We believe capital returns from Enact will continue to benefit our shareholders by funding our strategic initiatives, including new CareScout products and services, as well as share repurchases and opportunistic debt reduction. Since the initial authorization of Genworth Financial’s share repurchase program in May 2022 and through July 31, 2025, we have repurchased $630 million worth of shares of Genworth Financial’s common stock. For additional information on our share repurchase program, see “—Liquidity and Capital Resources.”

Legacy businesses

We continue to make progress on our strategic priority to maintain self-sustaining, customer-centric legacy U.S. life insurance subsidiaries, including our long-term care insurance, life insurance and annuity businesses. Our long-term care insurance multi-year in-force rate action plan continues to be our most effective tool in supporting this strategic priority. We achieved an estimated cumulative economic benefit of approximately $31.6 billion, on a net present value basis, of approved rate actions since 2012 through the second quarter of 2025. As we manage our legacy U.S. life insurance subsidiaries on a standalone basis, these entities will continue to rely on their statutory capital, significant reserves, prudent management of the in-force blocks and long-term care insurance in-force rate actions to satisfy policyholder obligations. For additional information regarding our in-force rate actions, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment—Long-Term Care Insurance segment.”

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CareScout growth initiatives

We plan to drive future growth through CareScout with innovative, consumer-focused aging care services and funding solutions.

CareScout Services made strong progress during the second quarter of 2025, increasing its network of long-term care providers (“CareScout Quality Network”) to nearly 650 home care providers nationwide, and continued to see growth in the number of CareScout members who received first-time services from the network. Substantially all of the providers in the CareScout Quality Network have agreed to hourly rates below the median cost of care in their respective zip codes (as determined by Genworth and CareScout’s Cost of Care Survey in effect when the providers were added). In addition to the benefits to consumers, the discounts available through the network are expected to further mitigate risk in our legacy long-term care insurance block by reducing claims costs, aligning the interests of long-term care providers, CareScout Services and CareScout members. Throughout the remainder of 2025, we plan to add assisted living communities in large metropolitan areas while continuing to grow our home care provider network and invest in scaling our technology-enabled platform along with marketing and brand awareness. We are also executing on our plan to expand network access to other long-term care insurance carriers with closed blocks of business and have begun pilot programs with two long-term care insurers. In the second quarter of 2025, we expanded our product offerings through CareScout Services with the launch of Care Plans, which provides virtual care evaluations conducted by a licensed nurse and tailored aging care strategies and local resources for consumers. In addition to helping families navigate the aging journey, the new Care Plans offering and the continued expansion of the CareScout Quality Network are expected to contribute to fee-based revenue growth, in line with our strategy of diversifying earnings and scaling our capital-light services business. We plan to invest approximately $45 million to $50 million in CareScout Services for the full year 2025 as we continue to build out the offering.

We also continue to work towards rolling out innovative solutions to meet the growing demand for aging care funding through CareScout Insurance. In April 2025, our individual long-term care insurance product, CareScout Care Assurance, was approved by the Interstate Insurance Product Regulation Commission (“Compact”), which extended to 23 individual jurisdictions. As of June 30, 2025, CareScout Care Assurance has been approved by 6 additional jurisdictions that do not participate in the Compact, for a total of 29 approvals. We are in the process of filing for additional state licenses and plan to launch the product later this year. This product has been developed with meaningful, but limited coverage and assumptions designed to reduce the need for future premium increases. CareScout Care Assurance will also include access to the CareScout Quality Network, which provides significant discounts on care costs to help policyholders optimize their claim dollars. We plan to contribute $85 million of capital to our CareScout Insurance subsidiary for the full year 2025 to meet regulatory capital requirements. The increase from our previously planned capital investment of $75 million reflects lower investment income expected to be earned in 2025 in our CareScout Insurance subsidiary as a result of later than originally anticipated funding, leading to modestly higher capital requirements. We anticipate this initial capital investment will be the majority of the funding we allocate to this business over the next three years. Though actual funding may vary based on business performance and other developments, we expect amounts in subsequent years will be smaller than this initial amount.

While it will take time to scale these businesses, we believe our investments in CareScout Services and CareScout Insurance will drive sustainable future growth for Genworth and are aligned with our overarching priority to maximize long-term value for our shareholders. We will continue to strive to maintain a disciplined approach in our capital allocation strategy, balancing investments in CareScout growth initiatives with returning value to shareholders and opportunistically retiring debt.

Financial Strength and Credit Ratings

There were no changes in the financial strength ratings of our principal insurance subsidiaries or the credit ratings of Genworth Financial and Genworth Holdings subsequent to February 28, 2025, the date we filed our 2024 Annual Report on Form 10-K. For additional information regarding the financial strength ratings of Genworth Financial’s insurance subsidiaries and the credit ratings of Genworth Financial and Genworth Holdings, including their importance to our business, see “Item 1—Business—Ratings” in our 2024 Annual Report on Form 10-K.

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Our Financial Information

The financial information in this Quarterly Report on Form 10-Q has been derived from our unaudited condensed consolidated financial statements.

Revenues and expenses

Our revenues consist primarily of the following:

•

Premiums. Premiums consist primarily of premiums earned on insurance products for mortgage, long-term care and term life insurance.

•

Net investment income. Net investment income represents the income earned on our investments. For discussion of the change in net investment income, see the comparison for this line item under “—Investments and Derivative Instruments.”

•

Net investment gains (losses). Net investment gains (losses) consist primarily of realized gains and losses from the sale of our investments, credit losses, and unrealized gains and losses on equity securities, limited partnership investments and derivative instruments. For discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

•

Policy fees and other income. Policy fees and other income consists primarily of fees assessed against policyholder and contractholder account values, surrender charges, cost of insurance assessed on universal and term universal life insurance policies, advisory and administration service fees assessed on investment contractholder account values, broker/dealer commission revenues, fee revenue from contract underwriting services and other fees.

Our expenses consist primarily of the following:

•

Benefits and other changes in policy reserves. Benefits and other changes in policy reserves consist primarily of benefits paid, interest accretion expense and other reserve activity related to future policy benefits for long-term care insurance, life insurance, and fixed and variable annuities, and claim costs incurred related to mortgage insurance products.

•

Liability remeasurement (gains) losses. Liability remeasurement (gains) losses represent changes to the net premium ratio for actual variances from expected experience and updates to cash flow assumptions used to measure long-duration traditional and limited-payment insurance contracts.

•

Changes in fair value of market risk benefits and associated hedges. Changes in fair value of market risk benefits and associated hedges consist of fair value changes of market risk benefits (other than changes attributable to instrument-specific credit risk), net of changes in the fair value of non-qualified derivative instruments that support our market risk benefits.

•

Interest credited. Interest credited represents interest credited on behalf of policyholder and contractholder general account balances.

•

Acquisition and operating expenses, net of deferrals. Acquisition and operating expenses, net of deferrals, represent costs and expenses related to the acquisition and ongoing maintenance of insurance and investment contracts, including commissions, policy issuance expenses and other underwriting and general operating costs. These costs and expenses are net of amounts that are capitalized and deferred, which are costs and expenses that are related directly to the successful acquisition of new or renewal insurance policies and investment contracts, such as first-year commissions in excess of ultimate renewal commissions and other policy issuance expenses. We allocate certain corporate expenses to each of our segments using various methodologies.

•

Amortization of deferred acquisition costs and intangibles. Amortization of deferred acquisition costs (“DAC”) and intangibles consists primarily of the amortization of capitalized acquisition costs, present value of future profits and capitalized software.

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•

Interest expense. Interest expense primarily represents interest incurred on borrowings of Genworth Holdings and Enact Holdings.

•

Provision (benefit) for income taxes. We allocate tax to our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. generally accepted accounting principles (“U.S. GAAP”) and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other.

The effective tax rates disclosed herein are calculated using whole numbers. As a result, the percentages shown may differ from an effective tax rate calculated using rounded numbers. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. For a discussion of the effective tax rates used to record the provision for income taxes for our three reportable segments and Corporate and Other, see note 14 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.”

•

Net income attributable to noncontrolling interests. Net income attributable to noncontrolling interests represents third party ownership interests in income of Enact Holdings, a consolidated subsidiary of Genworth Financial.

Consolidated Results of Operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table sets forth the consolidated results of operations for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 865 $ 855 $ 10 1 %

Net investment income

802 808 (6 ) (1 )%

Net investment gains (losses)

(28 ) (61 ) 33 54 %

Policy fees and other income

157 167 (10 ) (6 )%

Total revenues

1,796 1,769 27 2 %

Benefits and expenses:

Benefits and other changes in policy reserves

1,195 1,151 44 4 %

Liability remeasurement (gains) losses

60 39 21 54 %

Changes in fair value of market risk benefits and associated hedges

(10 ) (8 ) (2 ) (25 )%

Interest credited

94 125 (31 ) (25 )%

Acquisition and operating expenses, net of deferrals

249 229 20 9 %

Amortization of deferred acquisition costs and intangibles

57 60 (3 ) (5 )%

Interest expense

26 30 (4 ) (13 )%

Total benefits and expenses

1,671 1,626 45 3 %

Income from continuing operations before income taxes

125 143 (18 ) (13 )%

Provision for income taxes

35 32 3 9 %

Income from continuing operations

90 111 (21 ) (19 )%

Loss from discontinued operations, net of taxes

(7 ) (1 ) (6 ) NM (1)

Net income

83 110 (27 ) (25 )%

Less: net income attributable to noncontrolling interests

32 34 (2 ) (6 )%

Net income available to Genworth Financial, Inc.’s common stockholders

$ 51 $ 76 $ (25 ) (33 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table sets forth the consolidated results of operations for the periods indicated:

Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 1,727 $ 1,730 $ (3 ) — %

Net investment income

1,541 1,590 (49 ) (3 )%

Net investment gains (losses)

(1 ) (12 ) 11 92 %

Policy fees and other income

315 325 (10 ) (3 )%

Total revenues

3,582 3,633 (51 ) (1 )%

Benefits and expenses:

Benefits and other changes in policy reserves

2,412 2,354 58 2 %

Liability remeasurement (gains) losses

64 31 33 106 %

Changes in fair value of market risk benefits and associated hedges

8 (31 ) 39 126 %

Interest credited

193 250 (57 ) (23 )%

Acquisition and operating expenses, net of deferrals

485 465 20 4 %

Amortization of deferred acquisition costs and intangibles

117 125 (8 ) (6 )%

Interest expense

52 60 (8 ) (13 )%

Total benefits and expenses

3,331 3,254 77 2 %

Income from continuing operations before income taxes

251 379 (128 ) (34 )%

Provision for income taxes

71 98 (27 ) (28 )%

Income from continuing operations

180 281 (101 ) (36 )%

Loss from discontinued operations, net of taxes

(12 ) (2 ) (10 ) NM (1)

Net income

168 279 (111 ) (40 )%

Less: net income attributable to noncontrolling interests

63 64 (1 ) (2 )%

Net income available to Genworth Financial, Inc.’s common stockholders

$ 105 $ 215 $ (110 ) (51 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Unless otherwise stated, all references to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share found in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read as net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share, respectively.

Use of non-GAAP measures

Reconciliation of net income (loss) to adjusted operating income (loss)

Our chief operating decision maker (“CODM”) evaluates performance and allocates resources based on a non-GAAP financial measure entitled “adjusted operating income (loss).” Our CODM evaluates adjusted operating income (loss) as a key measure to assess performance and support new business initiatives because the measure more accurately reflects overall operating performance, as it minimizes the impact of macroeconomic volatility. Our legacy U.S. life insurance subsidiaries, which comprise our Long-Term Care Insurance and Life

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and Annuities segments, are managed on a standalone basis; therefore, we do not allocate capital to our Long-Term Care Insurance and Life and Annuities segments.

We define adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) because, in our opinion, they are not indicative of overall operating performance.

While some of these items may be significant components of net income (loss) determined in accordance with U.S. GAAP, we believe that adjusted operating income (loss), and measures that are derived from or incorporate adjusted operating income (loss), are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Adjusted operating income (loss) is not a substitute for net income (loss) determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments.

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The following table presents a reconciliation of net income to adjusted operating income for the periods indicated:

Three months ended
June 30, 		Six months ended
June 30,

(Amounts in millions)

2025 2024 2025 2024

Net income available to Genworth Financial, Inc.’s common stockholders

$ 51 $ 76 $ 105 $ 215

Add: net income attributable to noncontrolling interests

32 34 63 64

Net income

83 110 168 279

Less: loss from discontinued operations, net of taxes

(7 ) (1 ) (12 ) (2 )

Income from continuing operations

90 111 180 281

Less: net income from continuing operations attributable to noncontrolling interests

32 34 63 64

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders

58 77 117 217

Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:

Net investment (gains) losses, net (1)

27 60 (1 ) 10

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2)

(15 ) (10 ) 4 (36 )

(Gains) losses on early extinguishment of debt, net (3)

— 7 — 6

Expenses related to restructuring

— 4 (1 ) 11

Taxes on adjustments

(2 ) (13 ) — 2

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders

$ 68 $ 125 $ 119 $ 210

(1)

Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for both the three months ended June 30, 2025 and 2024 and $2 million for both the six months ended June 30, 2025 and 2024.

(2)

Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(5) million and $(2) million for the three months ended June 30, 2025 and 2024, respectively, and $(4) million and $(5) million for the six months ended June 30, 2025 and 2024, respectively.

(3)

(Gains) losses on early extinguishment of debt were net of the portion attributable to noncontrolling interests of $2 million for the three and six months ended June 30, 2024.

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Earnings per share

The following table provides basic and diluted earnings per common share for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change 		Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions, except per share amounts)

2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:

Basic

$ 0.14 $ 0.18 $ (0.04 ) (22 )% $ 0.28 $ 0.49 $ (0.21 ) (43 )%

Diluted

$ 0.14 $ 0.17 $ (0.03 ) (18 )% $ 0.28 $ 0.49 $ (0.21 ) (43 )%

Net income available to Genworth Financial, Inc.’s common stockholders per share:

Basic

$ 0.12 $ 0.17 $ (0.05 ) (29 )% $ 0.25 $ 0.49 $ (0.24 ) (49 )%

Diluted

$ 0.12 $ 0.17 $ (0.05 ) (29 )% $ 0.25 $ 0.48 $ (0.23 ) (48 )%

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders per share:

Basic

$ 0.16 $ 0.29 $ (0.13 ) (45 )% $ 0.29 $ 0.48 $ (0.19 ) (40 )%

Diluted

$ 0.16 $ 0.28 $ (0.12 ) (43 )% $ 0.28 $ 0.47 $ (0.19 ) (40 )%

Weighted-average common shares outstanding:

Basic

413.2 436.4 415.7 439.7

Diluted

417.5 440.7 420.2 445.5

Diluted weighted-average common shares outstanding reflect the effects of potentially dilutive securities including performance stock units, restricted stock units and other equity-based awards.

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The following table presents a summary of adjusted operating income (loss) for our segments and Corporate and Other for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change 		Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:

Enact segment

$ 141 $ 165 $ (24 ) (15 )% $ 278 $ 300 $ (22 ) (7 )%

Long-Term Care Insurance segment

(37 ) (29 ) (8 ) (28 )% (67 ) (26 ) (41 ) (158 )%

Life and Annuities segment:

Life insurance

(20 ) (23 ) 3 13 % (64 ) (56 ) (8 ) (14 )%

Fixed annuities

8 12 (4 ) (33 )% 12 23 (11 ) (48 )%

Variable annuities

5 10 (5 ) (50 )% 12 17 (5 ) (29 )%

Life and Annuities segment

(7 ) (1 ) (6 ) NM (1) (40 ) (16 ) (24 ) (150 )%

Corporate and Other

(29 ) (10 ) (19 ) (190 )% (52 ) (48 ) (4 ) (8 )%

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders

$ 68 $ 125 $ (57 ) (46 )% $ 119 $ 210 $ (91 ) (43 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Executive Summary of Consolidated Financial Results

Below is an executive summary of our condensed consolidated financial results for the periods indicated. Amounts within this “Executive Summary of Consolidated Financial Results” and in our discussion of adjusted operating income (loss) within “Results of Operations and Selected Financial and Operating Performance Measures by Segment” are net of taxes, unless otherwise indicated. After-tax amounts assume a tax rate of 21%.

For a discussion of selected financial information and detailed descriptions of operating performance measures, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment.”

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

•

Net income for the three months ended June 30, 2025 and 2024 was $51 million and $76 million, respectively, and adjusted operating income was $68 million and $125 million, respectively.

•

Enact segment

•

Adjusted operating income decreased primarily due to a lower reserve release and higher new delinquencies, partially offset by higher net investment income in the current year.

•

Long-Term Care Insurance segment

•

The adjusted operating loss increased primarily driven by net insurance recoveries of $19 million in the prior year that did not recur and a higher remeasurement loss in the current year, partially offset by higher limited partnership income in the current year.

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•

Life and Annuities segment

•

Life insurance:

•

The adjusted operating loss decreased primarily due to a legal settlement accrual in the prior year that did not recur, partially offset by unfavorable mortality in the current year.

•

Fixed and variable annuities:

•

Adjusted operating income decreased primarily from unfavorable mortality and lower net spread income in the current year largely related to block runoff.

•

Corporate and Other

•

The adjusted operating loss increased primarily from timing of certain tax-related items in the prior year that did not recur.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

•

Net income for the six months ended June 30, 2025 and 2024 was $105 million and $215 million, respectively, and adjusted operating income was $119 million and $210 million, respectively.

•

Enact segment

•

Adjusted operating income decreased primarily due to lower reserve releases and higher new delinquencies, partially offset by higher net investment income and premiums in the current year.

•

Long-Term Care Insurance segment

•

The adjusted operating loss increased primarily driven by unfavorable cash flow assumption updates in the current year compared to favorable updates in the prior year, net insurance recoveries of $22 million in the prior year that did not recur and aging of the in-force block, including higher interest accretion.

•

These adverse developments were partially offset by higher limited partnership income and a $21 million gain related to a third-party reinsurance recapture in the current year. For additional information on the third-party reinsurance recapture, see note 16 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.”

•

Life and Annuities segment

•

Life insurance:

•

The adjusted operating loss increased largely due to block runoff and unfavorable mortality in the current year.

•

Fixed and variable annuities:

•

Adjusted operating income decreased primarily from unfavorable mortality compared to the prior year and lower net spread income in the current year driven mostly by block runoff.

•

Corporate and Other

•

The adjusted operating loss increased primarily from higher expenses related to CareScout growth initiatives and lower net investment income, partially offset by lower interest expense in the current year.

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Significant Developments and Key Highlights

Enact segment

•

Mortgage insurance portfolio . Enact’s primary persistency rate remained elevated at 82% in the second quarter of 2025. New insurance written decreased 3% in the second quarter of 2025 compared to the second quarter of 2024.

•

Loss performance . Enact recorded a pre-tax reserve release of $48 million during the second quarter of 2025 primarily driven by favorable cure performance compared to a pre-tax reserve release of $77 million in the second quarter of 2024.

•

PMIERs compliance . Enact’s PMIERs sufficiency ratio was 165% or $1,961 million above the PMIERs requirements as of June 30, 2025.

•

Capital returns . On April 30, 2025, Enact Holdings announced a new share repurchase authorization of $350 million.

Long-Term Care Insurance segment

•

In-force rate actions . We estimate that the cumulative economic benefit of approved rate actions in our long-term care insurance multi-year in-force rate action plan since 2012 through the second quarter of 2025 was approximately $31.6 billion, on a net present value basis.

Capital of U.S. life insurance subsidiaries

•

Risk-based capital ratio. As of June 30, 2025, the consolidated risk-based capital ratio on a company action level basis of our U.S. domiciled life insurance subsidiaries was approximately 304%, down slightly from 306% as of December 31, 2024. The decrease was primarily attributable to higher required capital as our limited partnership portfolio grows, partially offset by statutory earnings in the current year.

Capital and liquidity

•

Holding company liquidity . Genworth Holdings had $248 million of unrestricted cash and cash equivalents as of June 30, 2025, which included approximately $128 million of advance cash payments from our subsidiaries held for future obligations and the remainder of our planned capital contribution to CareScout Insurance in 2025. Genworth Holdings received $94 million of capital returns from Enact Holdings during the second quarter of 2025.

•

Share repurchases. Genworth Financial executed $30 million of share repurchases, before excise taxes and other associated costs, during the second quarter of 2025.

Results of Operations and Selected Financial and Operating Performance Measures by Segment

Enact segment

Trends and conditions

Results of our Enact segment are affected primarily by the following factors: competitor actions; unemployment or underemployment levels; other economic and housing market trends, including interest rates, home prices, the number of first-time homebuyers, and mortgage origination volume mix and practices; the size of the overall private mortgage insurance market and the effect of regulatory actions thereon; the levels and aging of mortgage delinquencies; the effect of seasonal variations; the inventory of unsold homes; loan modification and other servicing efforts; and litigation, among other items. References to “Enact” included in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Enact segment” are, unless the context otherwise requires, to our Enact segment.

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Macroeconomic environment

While inflation remained elevated through the second quarter of 2025, household balance sheets were supported by low unemployment rates and continued earnings growth. Beginning in April 2025, the U.S. economy became subject to significant volatility and uncertainty, largely related to changing economic policies, including new and increasing tariffs as well as certain domestic and geopolitical tensions. The ancillary effects of these factors on the domestic and global economies could materially impact the U.S. housing market and Enact’s business.

Mortgage origination activity remained slow during the second quarter of 2025 in response to elevated mortgage rates and sustained low housing supply. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation outpaced median family income, according to the National Association of Realtors Housing Affordability Index. National home price growth has slowed into the first half of 2025, according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (seasonally adjusted).

The unemployment rate was 4.1% in June 2025 compared to 4.2% in March 2025. As of June 30, 2025, the number of unemployed Americans was approximately 7 million, and the number of long-term unemployed over 26 weeks was approximately 1.6 million.

Regulatory developments

Private mortgage insurance market penetration and overall market size are affected in part by actions that impact housing or housing finance policy taken by the government-sponsored enterprises (“GSEs”) and the U.S. government, including but not limited to, the FHA and the FHFA. In the past, these actions have included announced changes, or potential changes, to underwriting standards, including changes to the GSEs’ automated underwriting systems, FHA pricing, GSE guaranty fees, loan limits and alternative products.

In July 2025, the FHFA announced that it will implement the acceptance of VantageScore 4.0 for mortgages delivered to Fannie Mae and Freddie Mac. The GSEs have not yet released implementation details and timelines, and the full impact of this initiative on Enact’s business, processes and financial results remains uncertain.

Competitive environment

The U.S. private mortgage insurance industry is highly competitive. Enact Holdings’ market share is influenced by the execution of its go to market strategy, including but not limited to, pricing competitiveness relative to its peers and its selective participation in forward commitment transactions. Enact continues to manage the quality of new business through pricing and its underwriting guidelines, which are modified from time to time when circumstances warrant. The market and underwriting conditions, including the mortgage insurance pricing environment, are within Enact’s risk adjusted return appetite, enabling it to write new business at returns it views as attractive.

Mortgage insurance portfolio

New insurance written of $13.3 billion in the second quarter of 2025 decreased 3% compared to the second quarter of 2024. Changes in new insurance written are primarily impacted by the size of the mortgage insurance market and Enact’s market share. Enact’s primary persistency rate was 82% and 83% during the second quarters of 2025 and 2024, respectively. The persistency rate continues to remain higher than historical levels driven by a large percentage of Enact’s in-force policies with interest rates below current mortgage rates.

Net earned premiums increased modestly in the second quarter of 2025 compared to the second quarter of 2024 primarily driven by higher assumed premiums and insurance in-force growth, partially offset by higher ceded premiums.

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Loss experience

Enact’s loss ratio for the three months ended June 30, 2025 and 2024 was 10% and (7)%, respectively. Both periods were impacted by favorable reserve development. Enact released reserves of $48 million during the second quarter of 2025 primarily driven by favorable cure performance on delinquencies from early 2024 and prior. This compares to a reserve release of $77 million in the second quarter of 2024 primarily related to early 2023 and prior delinquencies. As part of the reserve release in the second quarter of 2024, Enact also decreased its claim rate assumptions largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

New primary delinquencies in the second quarter of 2025 increased compared to the second quarter of 2024 primarily due to the normal loss development pattern on newer books of business. New primary delinquencies of 11,567 contributed $69 million of loss expense in the second quarter of 2025, while Enact incurred $60 million of losses from 10,461 new primary delinquencies in the second quarter of 2024. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions.

The severity of loss on loans that go to claim may be negatively impacted by extended forbearance and foreclosure timelines, the associated elevated expenses and the higher loan amount of recent new delinquencies. These negative influences on loss severity could be mitigated in part by embedded home price appreciation. The majority of Enact’s mortgage insurance policies limit the number of months of unpaid interest and associated expenses that are included in the mortgage insurance claim amount to a maximum of 36 months.

Capital requirements

As of June 30, 2025, Enact Mortgage Insurance Corporation’s (“EMICO”) estimated risk-to-capital ratio under North Carolina law and enforced by the North Carolina Department of Insurance (“NCDOI”), EMICO’s domestic insurance regulator, was 10.3:1, compared with risk-to-capital ratios of 10.5:1 and 10.8:1 as of December 31, 2024 and June 30, 2024, respectively. EMICO’s risk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s calculation of risk-to-capital excludes the risk in-force for delinquent loans given the established loss reserves against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional capital that is generated or distributed by the business.

Under PMIERs, Enact is subject to operational and financial requirements that private mortgage insurers must meet in order to remain eligible to insure loans that are purchased by the GSEs. As of June 30, 2025, Enact had estimated available assets of $4,992 million against $3,031 million net required assets under PMIERs compared to available assets of $4,999 million against $3,033 million net required assets as of March 31, 2025. The sufficiency ratio as of June 30, 2025 was 165% or $1,961 million above the PMIERs requirements, compared to 165% or $1,966 million above the PMIERs requirements as of March 31, 2025. Enact’s PMIERs required assets benefited from a reinsurance credit of $1,870 million and $1,880 million as of June 30, 2025 and March 31, 2025, respectively, related to third-party reinsurance transactions.

On August 21, 2024, the GSEs and the FHFA released updated PMIERs requirements phasing in a revision to the available assets standards between March 31, 2025 and September 30, 2026. The updated standards differentiate between bonds held as available assets under PMIERs based on credit quality and liquidity. The updates also establish limits for assets backed by residential mortgages or commercial real estate to mitigate the impact if such assets lose value during periods of housing stress. Enact expects to hold capital sufficiency well in excess of these requirements and does not expect the impact of these updates to be material to its sufficiency.

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Capital returns

In March and June 2025, EMICO paid dividends to Enact Holdings that support Enact Holdings’ ability to return capital to shareholders. On May 1, 2024, Enact Holdings announced approval by its board of directors of a share repurchase program under which Enact Holdings could repurchase up to $250 million of its common stock. Enact Holdings completed the repurchase of shares under this authorization in the second quarter of 2025. On April 30, 2025, Enact Holdings announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $350 million of its common stock. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its current ownership interest in Enact Holdings. In addition to its share repurchase program, Enact Holdings pays a quarterly dividend. As the majority shareholder, Genworth Holdings received $94 million of capital returns from Enact Holdings during the second quarter of 2025, comprised of $68 million of share repurchases and $26 million of quarterly dividends.

Returning capital to shareholders, balanced with growth and risk management priorities, remains a priority for Enact Holdings as it looks to enhance shareholder value through time. Future return of capital will be shaped by Enact Holdings’ capital prioritization framework, which sets the following priorities: supporting its existing policyholders, growing its mortgage insurance business, funding attractive new business opportunities and returning capital to shareholders. Enact Holdings’ total return of capital will also be based on its view of the prevailing and prospective macroeconomic conditions, regulatory landscape and business performance.

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Segment results of operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table sets forth the results of operations relating to our Enact segment for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 245 $ 244 $ 1 — %

Net investment income

66 59 7 12 %

Net investment gains (losses)

(8 ) (8 ) — — %

Policy fees and other income

1 3 (2 ) (67 )%

Total revenues

304 298 6 2 %

Benefits and expenses:

Benefits and other changes in policy reserves

25 (17 ) 42 NM (1)

Acquisition and operating expenses, net of deferrals

50 65 (15 ) (23 )%

Amortization of deferred acquisition costs and intangibles

3 2 1 50 %

Interest expense

12 13 (1 ) (8 )%

Total benefits and expenses

90 63 27 43 %

Income from continuing operations before income taxes

214 235 (21 ) (9 )%

Provision for income taxes

46 51 (5 ) (10 )%

Income from continuing operations

168 184 (16 ) (9 )%

Less: net income attributable to noncontrolling interests

32 34 (2 ) (6 )%

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders

136 150 (14 ) (9 )%

Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:

Net investment (gains) losses, net (2)

7 7 — — %

(Gains) losses on early extinguishment of debt, net (3)

— 9 (9 ) (100 )%

Expenses related to restructuring

(1 ) 3 (4 ) (133 )%

Taxes on adjustments

(1 ) (4 ) 3 75 %

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders

$ 141 $ 165 $ (24 ) (15 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

(2)

Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for both the three months ended June 30, 2025 and 2024.

(3)

For the three months ended June 30, 2024, (gains) losses on early extinguishment of debt were net of the portion attributable to noncontrolling interests of $2 million.

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Adjusted operating income available to Genworth Financial, Inc.’s common stockholders

Adjusted operating income decreased primarily due to a lower reserve release and higher new delinquencies, partially offset by higher net investment income in the current year.

Revenues

Premiums increased slightly mainly driven by higher assumed premiums and insurance in-force growth, partially offset by higher ceded premiums in the current year.

Net investment income increased primarily from higher investment yields and higher average invested assets in the current year.

Benefits and expenses

Benefits and other changes in policy reserves increased primarily driven by a lower reserve release and higher new delinquencies in the current year. Enact released reserves of $48 million during the second quarter of 2025 primarily related to favorable cure performance on delinquencies from early 2024 and prior. During the second quarter of 2024, Enact recorded a reserve release of $77 million primarily related to cure performance on early 2023 and prior delinquencies. As part of the reserve release in the second quarter of 2024, Enact decreased its claim rate assumptions largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

Acquisition and operating expenses, net of deferrals, decreased primarily due to expenses in the prior year that did not recur, including an $11 million loss on the early redemption of Enact Holdings’ 6.50% senior notes due in August 2025 (“2025 Notes”) and restructuring expenses.

Provision for income taxes. The effective tax rate was 21.8% for both the three months ended June 30, 2025 and 2024, consistent with the U.S. corporate federal income tax rate.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table sets forth the results of operations relating to our Enact segment for the periods indicated:

Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 490 $ 485 $ 5 1 %

Net investment income

129 116 13 11 %

Net investment gains (losses)

(11 ) (14 ) 3 21 %

Policy fees and other income

3 3 — — %

Total revenues

611 590 21 4 %

Benefits and expenses:

Benefits and other changes in policy reserves

56 3 53 NM (1)

Acquisition and operating expenses, net of deferrals

100 116 (16 ) (14 )%

Amortization of deferred acquisition costs and intangibles

5 4 1 25 %

Interest expense

24 26 (2 ) (8 )%

Total benefits and expenses

185 149 36 24 %

Income from continuing operations before income taxes

426 441 (15 ) (3 )%

Provision for income taxes

92 96 (4 ) (4 )%

Income from continuing operations

334 345 (11 ) (3 )%

Less: net income attributable to noncontrolling interests

63 64 (1 ) (2 )%

Income from continuing operations available to Genworth Financial, Inc.’s common stockholders

271 281 (10 ) (3 )%

Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:

Net investment (gains) losses, net (2)

9 12 (3 ) (25 )%

(Gains) losses on early extinguishment of debt, net (3)

— 9 (9 ) (100 )%

Expenses related to restructuring

— 3 (3 ) (100 )%

Taxes on adjustments

(2 ) (5 ) 3 60 %

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders

$ 278 $ 300 $ (22 ) (7 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

(2)

Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million for both the six months ended June 30, 2025 and 2024.

(3)

For the six months ended June 30, 2024, (gains) losses on early extinguishment of debt were net of the portion attributable to noncontrolling interests of $2 million.

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders

Adjusted operating income decreased primarily due to lower reserve releases and higher new delinquencies, partially offset by higher net investment income and premiums in the current year.

Revenues

Premiums increased mainly driven by higher assumed premiums and insurance in-force growth, partially offset by higher ceded premiums in the current year.

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Net investment income increased primarily from higher investment yields and higher average invested assets in the current year.

For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

Benefits and expenses

Benefits and other changes in policy reserves increased largely from lower reserve releases and higher new delinquencies in the current year. Enact released reserves of $95 million in the current year primarily related to favorable cure performance on delinquencies from early 2024 and prior. In the prior year, Enact recorded reserve releases of $131 million primarily related to cure performance on early 2023 and prior delinquencies. As part of the reserve releases in 2024, Enact decreased its claim rate assumptions largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

Acquisition and operating expenses, net of deferrals, decreased primarily due to expenses in the prior year that did not recur, including an $11 million loss on the early redemption of Enact Holdings’ 2025 Notes and restructuring expenses.

Provision for income taxes. The effective tax rate was 21.7% and 21.8% for the six months ended June 30, 2025 and 2024, respectively, consistent with the U.S. corporate federal income tax rate.

Enact selected operating performance measures

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

Management also regularly monitors and reports new insurance written for our Enact segment as a measure of volume of new business generated in a period. We consider new insurance written to be a measure of Enact’s operating performance because it represents a measure of new sales of mortgage insurance policies during a specified period, rather than a measure of revenues or profitability during that period.

Substantially all of Enact’s policies are primary mortgage insurance, which provides protection on individual loans at specified coverage percentages. Primary mortgage insurance is placed on individual loans at the time of origination and is typically delivered to Enact on a loan-by-loan basis. Primary mortgage insurance can also be delivered to Enact on an aggregated basis, whereby each mortgage in a given loan portfolio is insured in a single transaction after the point of origination. Enact 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”).

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The following tables set forth selected operating performance measures regarding Enact as of and for the dates indicated:

As of June 30, Increase (decrease)
and percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Primary insurance in-force

$ 269,754 $ 266,060 $ 3,694 1%

Risk in-force:

Primary

$ 70,401 $ 68,878 $ 1,523 2%

Pool

54 65 (11) (17)%

Total risk in-force

$ 70,455 $ 68,943 $ 1,512 2%

Three months
ended June 30, 		Increase
(decrease) and
percentage
change 		Six months
ended June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024

New insurance written

$ 13,254 $ 13,619 $ (365 ) (3)% $ 23,072 $ 24,145 $ (1,073) (4)%

Primary insurance in-force and risk in-force

Primary insurance in-force increased mainly from new insurance written and elevated persistency, partially offset by lapses and cancellations. The primary persistency rate was 83% and 84% for the six months ended June 30, 2025 and 2024, respectively. Total risk in-force increased primarily as a result of higher primary insurance in-force.

New insurance written

Changes in new insurance written are primarily impacted by the size of the mortgage insurance market and Enact’s market share.

Loss and expense ratios

Management regularly monitors and reports a loss ratio and an expense ratio for our Enact segment. We consider the loss ratio, which is the ratio of benefits and other changes in policy reserves to net earned premiums, to be a measure of underwriting performance. The expense ratio is the ratio of general expenses to net earned premiums. Enact’s general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles. We believe these ratios help to enhance the understanding of Enact’s operating performance.

The following table sets forth the loss and expense ratios for Enact for the dates indicated:

Three months ended
June 30, 		Increase
(decrease) 		Six months ended
June 30, 		Increase
(decrease)
2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024

Loss ratio

10 % (7 )% 17 % 11 % 1 % 10 %

Expense ratio

22 % 28 % (6 )% 21 % 25 % (4 )%

The loss ratio increased for the three and six months ended June 30, 2025 largely from lower reserve releases and higher new delinquencies in the current year as discussed above.

The expense ratio decreased for the three and six months ended June 30, 2025 primarily due to an $11 million loss on the early redemption of Enact Holdings’ 2025 Notes in the prior year that did not recur, which increased the

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expense ratio by five and two percentage points for the three and six months ended June 30, 2024, respectively. The decrease in the expense ratio for the six months ended June 30, 2025 was also attributable to restructuring expenses in the prior year that did not recur.

Mortgage insurance loan portfolio

The following table sets forth selected financial information regarding Enact’s loan portfolio as of June 30:

(Amounts in millions)

2025 2024

Primary insurance in-force by loan-to-value ratio at origination:

95.01% and above

$ 52,438 $ 47,837

90.01% to 95.00%

112,683 110,825

85.01% to 90.00%

79,237 79,132

85.00% and below

25,396 28,266

Total

$ 269,754 $ 266,060

Primary risk in-force by loan-to-value ratio at origination:

95.01% and above

$ 15,034 $ 13,722

90.01% to 95.00%

32,770 32,254

85.01% to 90.00%

19,558 19,510

85.00% and below

3,039 3,392

Total

$ 70,401 $ 68,878

Primary insurance in-force by FICO (1) score at origination:

Over 760

$ 117,403 $ 113,115

740-759

44,191 43,485

720-739

37,725 37,407

700-719

29,524 29,781

680-699

20,910 21,596

660-679 (2)

11,040 11,417

640-659

6,018 6,167

620-639

2,395 2,491

<620

548 601

Total

$ 269,754 $ 266,060

Primary risk in-force by FICO score at origination:

Over 760

$ 30,502 $ 29,219

740-759

11,579 11,305

720-739

9,983 9,809

700-719

7,701 7,688

680-699

5,432 5,540

660-679 (2)

2,886 2,948

640-659

1,565 1,582

620-639

614 634

<620

139 153

Total

$ 70,401 $ 68,878

(1)

Fair Isaac Company.

(2)

Loans with unknown FICO scores are included in the 660-679 category.

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Delinquent loans

The following table sets forth the number of loans insured, the number of delinquent loans and the delinquency rate for Enact’s loan portfolio as of the dates indicated:

June 30,
2025 		December 31,
2024 		June 30,
2024

Primary insurance:

Insured loans in-force

952,795 962,849 969,767

Delinquent loans

22,118 23,566 19,051

Percentage of delinquent loans (delinquency rate)

2.32 % 2.45 % 1.96 %

The delinquency rate decreased compared to December 31, 2024 primarily from a decrease in total delinquencies mostly driven by cures and paid claims outpacing new delinquencies, but increased compared to June 30, 2024 largely due to new delinquencies exceeding cures and paid claims.

The following tables set forth primary delinquencies, direct primary case reserves and risk in-force by aged missed payment status in Enact’s loan portfolio as of the dates indicated:

June 30, 2025

(Dollar amounts in millions)

Delinquencies Direct primary
case reserves (1) 		Risk
in-force 		Reserves as %
of risk in-force

Payments in default:

3 payments or less

11,011 $ 103 $ 734 14 %

4 - 11 payments

7,733 212 574 37 %

12 payments or more

3,374 185 240 77 %

Total

22,118 $ 500 $ 1,548 32 %

(1)

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

December 31, 2024

(Dollar amounts in millions)

Delinquencies Direct primary
case reserves (1) 		Risk
in-force 		Reserves as %
of risk in-force

Payments in default:

3 payments or less

12,712 $ 108 $ 849 13 %

4 - 11 payments

7,701 191 545 35 %

12 payments or more

3,153 173 213 81 %

Total

23,566 $ 472 $ 1,607 29 %

(1)

Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves.

Reserves as a percentage of risk in-force as of June 30, 2025 increased slightly compared to December 31, 2024 as a result of fewer new delinquencies that have a lower expected claim rate.

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Primary insurance delinquency rates differ from region to region in the United States at any one time depending upon economic conditions and cyclical growth patterns. The tables below set forth the dispersion of direct primary case reserves and primary delinquency rates for the 10 largest states and the 10 largest Metropolitan Statistical Areas (“MSA”) or Metro Divisions (“MD”) by Enact’s primary risk in-force as of the dates indicated. Delinquency rates are shown by region based upon the location of the underlying property rather than the location of the lender.

% of primary risk
in-force as of
June 30, 2025 		% of direct primary
case reserves as of
June 30, 2025 (1) 		Delinquency rate as of
June 30,
2025 		December 31,
2024 		June 30,
2024

By State:

California

12 % 13 % 2.50 % 2.53 % 2.06 %

Texas

9 % 9 % 2.53 % 2.64 % 2.10 %

Florida (2)

8 % 12 % 2.97 % 3.67 % 2.22 %

New York (2)

5 % 9 % 3.11 % 3.30 % 2.94 %

Illinois (2)

4 % 5 % 2.83 % 2.96 % 2.53 %

Arizona

4 % 4 % 2.30 % 2.35 % 1.76 %

Michigan

4 % 3 % 2.09 % 2.14 % 1.76 %

Georgia

3 % 4 % 2.86 % 3.02 % 2.30 %

North Carolina

3 % 2 % 1.90 % 2.14 % 1.44 %

Pennsylvania

3 % 3 % 2.16 % 2.17 % 2.02 %
(1)

Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves.

(2)

Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed.

% of primary risk
in-force as of
June 30, 2025 		% of direct primary
case reserves as of
June 30, 2025 (1) 		Delinquency rate as of
June 30,
2025 		December 31,
2024 		June 30,
2024

By MSA or MD:

Phoenix, AZ MSA

3 % 3 % 2.32 % 2.41 % 1.86 %

Chicago-Naperville, IL MD

3 % 4 % 3.10 % 3.29 % 2.89 %

Atlanta, GA MSA

3 % 3 % 3.04 % 3.02 % 2.45 %

New York, NY MD

2 % 5 % 3.39 % 3.53 % 3.21 %

Dallas, TX MD

2 % 2 % 2.25 % 2.38 % 1.92 %

Houston, TX MSA

2 % 3 % 3.15 % 3.58 % 2.55 %

Washington-Arlington, DC MD

2 % 2 % 2.09 % 2.03 % 1.79 %

Riverside-San Bernardino, CA MSA

2 % 3 % 3.05 % 3.25 % 2.58 %

Los Angeles-Long Beach, CA MD

2 % 3 % 2.88 % 2.65 % 2.24 %

Denver-Aurora-Lakewood, CO MSA

2 % 1 % 1.41 % 1.38 % 1.12 %
(1)

Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves.

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The following table sets forth the dispersion of Enact’s direct primary case reserves, primary insurance in-force and risk in-force by year of policy origination, and delinquency rate as of June 30, 2025:

(Amounts in millions)

% of direct primary
case reserves (1) 		Primary
insurance
in-force 		%
of total 		Primary
risk
in-force 		%
of total 		Delinquency
rate

Policy Year

2008 and prior

9 % $ 4,535 2 % $ 1,173 2 % 7.78 %

2009 to 2017

8 7,482 3 1,939 3 4.54 %

2018

4 4,362 1 1,124 2 4.66 %

2019

7 10,446 4 2,732 4 2.99 %

2020

12 31,497 12 8,646 12 2.10 %

2021

21 51,345 19 13,732 19 2.23 %

2022

22 49,640 18 12,681 18 2.48 %

2023

12 42,204 16 10,968 15 1.99 %

2024

5 45,708 17 11,720 17 0.97 %

2025

— 22,535 8 5,686 8 0.11 %

Total portfolio

100 % $ 269,754 100 % $ 70,401 100 % 2.32 %

(1)

Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves.

Loss reserves in policy years 2008 and prior are outsized compared to their representation of risk in-force. The size of these policy years at origination combined with the significant decline in home prices led to significant losses in policy years prior to 2009. Although uncertainty remains with respect to the ultimate losses Enact will experience on these policy years, they have become a smaller percentage of its total mortgage insurance portfolio. The concentration of loss reserves has shifted to newer book years in line with changes in risk in-force. As of June 30, 2025, Enact’s 2018 and newer policy years represented approximately 95% of its primary risk in-force and 83% of its total direct primary case reserves.

Long-Term Care Insurance segment

Trends and conditions

The results of our long-term care insurance business depend upon how our actual experience compares with our valuation assumptions, including but not limited to in-force rate actions, morbidity, mortality and persistency. Estimates for in-force rate actions reflect certain simplifying assumptions that may vary materially from actual results, including but not limited to consistent policyholder behavior over time in addition to a uniform rate of coinsurance and premium taxes. Actual policyholder behavior may differ significantly from these assumptions. Results of our long-term care insurance business are also influenced by our ability to improve investment yields and manage expenses and reinsurance, among other factors. Changes in laws or government programs, including long-term care insurance rate action legislation, regulation and/or practices, also impact our long-term care insurance business either positively or negatively.

Because these factors are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments as our actual claims experience will emerge over many years, or decades. For example, average claim reserves for new claims have trended higher over time as the mix of claims continues to evolve, with an increasing number of policies with higher daily benefit amounts and higher inflation factors going on claim. Although new claim counts on certain of our oldest long-term care insurance blocks of business have reached their peak claim years and will decrease as the blocks run off, we expect overall claims costs to continue to increase as the approximately 601,000 insured individuals in our two largest blocks, Choice I and Choice II, with average attained ages of 78 and 75, respectively, reach their peak claim years, which are over age 85.

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Additionally, we have observed an increase in the cost of care in our long-term care insurance business, due in part to elevated inflation. Increases in cost of care have resulted in higher claim payments, which could have a material adverse impact on our liquidity, results of operations and financial condition if the increases persist. We will continue to monitor our experience and make changes to our assumptions and methodologies, as appropriate, for our long-term care insurance products. Even small changes in assumptions or small deviations of actual experience from assumptions could have, and in the past have had, material impacts on our reserve levels, results of operations and financial condition.

The impacts of assumption updates and actual variances from expected experience will continue to drive volatility in our long-term care insurance results, particularly for our unprofitable capped cohorts. Our profitable uncapped cohorts have to date had a more modest earnings impact related to assumption updates and actual variances from expected experience, as a portion of the impact is reflected in current period results with the remaining majority of the impact recognized over the life of the cohort. However, we may see increased volatility as the uncapped cohorts continue to age, with more of the impact related to assumption updates and actual variances from expected experience recognized immediately in net income. It is important to note that quarterly variations resulting from assumption updates and actual variances from expected experience are typically expected to be relatively small compared to the overall size of our liability for future policy benefits of $43.3 billion, at the locked-in discount rate, for our long-term care insurance business as of June 30, 2025.

The financial condition of our long-term care insurance business is also impacted by interest rates. We remeasure our liability for future policy benefits and the related reinsurance recoverables at the single-A bond rate each quarter. As a result, our reported insurance liabilities are sensitive to movements in interest rates, which will likely result in continued volatility to our reserve balances and equity.

In-force rate actions and legal settlements

Given the ongoing challenges in our long-term care insurance business, we continue to pursue initiatives to improve the risk and profitability profile of our business, including premium rate increases and associated benefit reductions on our in-force policies. Executing on our multi-year long-term care insurance in-force rate action plan with premium rate increases and associated benefit reductions on our legacy long-term care insurance policies is critical to the business. Although we anticipate approvals in 2025 to be lower than previous years due to past successes in achieving approvals, this does not impact our overall strategy for rate actions. In some cases, we received large approvals that either materially completed the current multi-year rate action plan or resulted in multi-year implementations. For an update on in-force rate actions, refer to the selected operating performance measures below.

In addition, we previously reached three legal settlements regarding alleged disclosure deficiencies in premium increases for long-term care insurance policies. These legal settlements covered approximately 70% of our long-term care insurance block and accelerated benefit reductions. The legal settlements resulted in an overall net favorable economic impact to our long-term care insurance business as they reduced tail risk on these long-duration liabilities.

While we expect renewal premiums to decline over time as the block runs off, benefit reductions elected by policyholders in connection with our in-force rate actions and legal settlements have accelerated that decline. However, we expect this decline to be partially offset by future approved rate actions.

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Segment results of operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table sets forth the results of operations relating to our Long-Term Care Insurance segment for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 578 $ 564 $ 14 2 %

Net investment income

516 494 22 4 %

Net investment gains (losses)

25 (47 ) 72 153 %

Total revenues

1,119 1,011 108 11 %

Benefits and expenses:

Benefits and other changes in policy reserves

951 934 17 2 %

Liability remeasurement (gains) losses

50 43 7 16 %

Acquisition and operating expenses, net of deferrals

115 82 33 40 %

Amortization of deferred acquisition costs and intangibles

16 18 (2 ) (11 )%

Total benefits and expenses

1,132 1,077 55 5 %

Loss from continuing operations before income taxes

(13 ) (66 ) 53 80 %

Provision for income taxes

4 — 4 NM (1)

Loss from continuing operations

(17 ) (66 ) 49 74 %

Adjustments to loss from continuing operations:

Net investment (gains) losses

(25 ) 47 (72 ) (153 )%

Taxes on adjustments

5 (10 ) 15 150 %

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (37 ) $ (29 ) $ (8 ) (28 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

The adjusted operating loss increased primarily driven by net insurance recoveries of $19 million in the prior year that did not recur and a higher remeasurement loss in the current year, partially offset by higher limited partnership income in the current year.

Revenues

Premiums increased primarily driven by $29 million of higher premiums in the current year from newly implemented in-force rate actions, partially offset by lower renewal premiums from prior benefit reduction elections made by policyholders in connection with our in-force rate actions and prior legal settlements. Policy terminations also drove lower renewal premiums in the current year.

Net investment income increased largely due to $33 million of higher income from limited partnerships, partially offset by $7 million of lower income from U.S. Government Treasury Inflation Protected Securities and lower investment yields in the current year.

For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

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Benefits and expenses

Benefits and other changes in policy reserves increased primarily due to a more unfavorable change in reserves from higher net premiums collected and aging of the in-force block, including higher interest accretion, in the current year.

The liability remeasurement loss in the current year was largely due to unfavorable actual variances from expected experience primarily driven by lower terminations and higher benefit utilization, partially offset by a $26 million gain related to a third-party recapture of a block of long-term care insurance policies in the current year. For additional information on the third-party reinsurance recapture, see note 16 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.” The liability remeasurement loss in the prior year was mainly attributable to adverse actual variances from expected experience principally from lower terminations and higher benefit utilization. We also had unfavorable cash flow assumption updates in the current year compared to favorable updates in the prior year largely related to implementation timing and approval amounts of certain in-force rate actions.

Acquisition and operating expenses, net of deferrals, increased principally from $24 million of net insurance recoveries in the prior year that did not recur related to previously incurred legal settlement expenses and from higher employee-related expenses in the current year.

Provision for income taxes. The tax provision in the current year was primarily attributable to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income, partially offset by the tax benefit on the pre-tax loss. In the prior year, the tax benefit on the pre-tax loss was offset by tax expense on certain forward starting swap gains.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table sets forth the results of operations relating to our Long-Term Care Insurance segment for the periods indicated:

Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 1,149 $ 1,142 $ 7 1 %

Net investment income

967 958 9 1 %

Net investment gains (losses)

54 16 38 NM (1)

Total revenues

2,170 2,116 54 3 %

Benefits and expenses:

Benefits and other changes in policy reserves

1,895 1,870 25 1 %

Liability remeasurement (gains) losses

32 27 5 19 %

Acquisition and operating expenses, net of deferrals

224 184 40 22 %

Amortization of deferred acquisition costs and intangibles

33 35 (2 ) (6 )%

Total benefits and expenses

2,184 2,116 68 3 %

Loss from continuing operations before income taxes

(14 ) — (14 ) NM (1)

Provision for income taxes

10 14 (4 ) (29 )%

Loss from continuing operations

(24 ) (14 ) (10 ) (71 )%

Adjustments to loss from continuing operations:

Net investment (gains) losses

(54 ) (16 ) (38 ) NM (1)

Expenses related to restructuring

— 1 (1 ) (100 )%

Taxes on adjustments

11 3 8 NM (1)

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (67 ) $ (26 ) $ (41 ) (158 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

The adjusted operating loss increased primarily driven by unfavorable cash flow assumption updates in the current year compared to favorable updates in the prior year, net insurance recoveries of $22 million in the prior year that did not recur and aging of the in-force block, including higher interest accretion. These adverse developments were partially offset by higher limited partnership income and a $21 million gain related to a third-party reinsurance recapture in the current year.

Revenues

Premiums increased primarily driven by $54 million of higher premiums in the current year from newly implemented in-force rate actions, partially offset by lower renewal premiums from prior benefit reduction elections made by policyholders in connection with our in-force rate actions and prior legal settlements. Policy terminations also drove lower renewal premiums in the current year.

Net investment income increased largely due to $21 million of higher income from limited partnerships, partially offset by lower investment yields in the current year.

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For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

Benefits and expenses

Benefits and other changes in policy reserves increased primarily due to aging of the in-force block, including higher interest accretion, and a more unfavorable change in reserves from higher net premiums collected in the current year.

The liability remeasurement loss in the current year was largely due to unfavorable actual variances from expected experience primarily driven by higher benefit utilization, partially offset by a $26 million gain related to a third-party recapture of a block of long-term care insurance policies in the current year. The liability remeasurement loss in the prior year was mainly attributable to adverse actual variances from expected experience principally driven by higher benefit utilization. We also had unfavorable cash flow assumption updates in the current year compared to favorable updates in the prior year largely related to implementation timing and approval amounts of certain in-force rate actions.

Acquisition and operating expenses, net of deferrals, increased principally from $28 million of net insurance recoveries in the prior year that did not recur related to previously incurred legal settlement expenses. The increase was also driven by higher operating costs, including higher employee-related expenses, in the current year.

Provision for income taxes. The tax provision in both years was primarily attributable to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. The tax provision in the current year was partially offset by the tax benefit on the pre-tax loss.

Long-Term Care Insurance selected operating performance measures

Liability remeasurement (gains) losses

We include expectations for benefit reductions related to in-force rate actions in our assumptions for the liability for future policy benefits, which have impacted and will continue to impact our reported U.S. GAAP financial results. We previously included expectations for benefit reductions related to legal settlements in our assumptions; however, the settlements were materially complete in the fourth quarter of 2024. We update the net premium ratio quarterly for actual variances from expected experience; therefore, forecasted cash flow assumptions will be replaced with actual cash flows each quarter with any difference recorded in net income (loss). As a result, variances between actual experience and our expectations for benefit reductions will be reflected in liability remeasurement (gains) losses in our operating results on a quarterly basis.

The following table sets forth the pre-tax components of the liability remeasurement (gains) losses, net of reinsurance, for the periods indicated:

Three months ended
June 30, 		(Favorable)
unfavorable
change and
percentage
change 		Six months ended
June 30, 		(Favorable)
unfavorable
change and
percentage
change

(Amounts in millions)

2025 2024 2025 vs.
2024 		2025 2024 2025 vs.
2024

Cash flow assumption updates

$ 8 $ (24 ) $ 32 133 % $ 7 $ (26 ) $ 33 127 %

Actual variances from expected experience

42 67 (25 ) (37 )% 25 53 (28 ) (53 )%

Total liability remeasurement (gains) losses

$ 50 $ 43 $ 7 16 % $ 32 $ 27 $ 5 19 %

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For additional discussion of liability remeasurement (gains) losses, see the comparison for this line item above.

In-force rate actions

As part of our strategy for our long-term care insurance business, we have been implementing, and expect to continue to pursue, significant premium rate increases and associated benefit reductions in order to maintain the self-sustainability of our legacy U.S. life insurance subsidiaries and reduce the strain on earnings and capital.

Management regularly monitors and reports in-force rate actions, including state filing approvals; impacted in-force premiums; weighted-average percentage rate increases approved; and gross incremental premiums approved in our Long-Term Care Insurance segment. We also estimate the cumulative economic benefit of approved rate actions in our long-term care insurance multi-year in-force rate action plan on a net present value basis, discounted at our investment portfolio yield. This is based on current assumptions and is defined as the net present value of historical and future expected premium increases and benefit reductions as a result of rate increases approved on individual and group long-term care insurance policies. It also includes the net present value of reserve reductions related to prior legal settlements less cash payments made to policyholders who elected certain reduced benefit options in connection with the legal settlements, referred to as settlement payments. We monitor these selected operating performance measures for in-force rate actions to track our progress on maintaining the self-sustainability of our legacy U.S. life insurance subsidiaries. We consider these in-force rate action metrics to be measures of financial performance and help to enhance the understanding of the operating performance of our Long-Term Care Insurance segment.

The following table sets forth filing approvals as part of our multi-year in-force rate action plan for the periods indicated:

Three months ended
June 30, 		Six months ended
June 30,

(Dollar amounts in millions)

2025 2024 2025 2024

State filings approved

11 25 30 48

Impacted in-force premiums

$ 114 $ 294 $ 199 $ 460

Weighted-average percentage rate increase approved

36 % 47 % 32 % 39 %

Gross incremental premiums approved

$ 41 $ 138 $ 65 $ 179

During the six months ended June 30, 2025, we also submitted 25 new filings on approximately $255 million in annualized in-force premiums. We estimate that the cumulative economic benefit of approved rate actions since 2012 through the second quarter of 2025 was approximately $31.6 billion, on a net present value basis.

The approval process for in-force rate actions and the amount and timing of the premium rate increases and associated benefit reductions approved vary by state and product. In certain states, the decision to approve or disapprove a rate increase can take a significant amount of time, and the approved amount may be phased in over time. After approval, insureds are provided with written notice of the increase, and increases are generally applied on the insured’s next policy anniversary date. As a result, the benefits of any rate increase are not fully realized until the implementation cycle is complete and are, therefore, expected to be realized over time.

We continue to work closely with the National Association of Insurance Commissioners and state regulators to demonstrate the broad-based need for actuarially justified rate increases in order to pay future claims. Because obtaining actuarially justified rate increases and associated benefit reductions is important to our ability to pay future claims and reduces cross-state premium inequities, we will consider litigation against states that decline to approve those actuarially justified rate increases. As of June 30, 2025, we were in litigation with one state that has refused to approve actuarially justified rate increases for certain products.

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Life and Annuities segment

Trends and conditions

Many factors can affect the results of our life insurance and annuity products, as further discussed below. Because these factors are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. We will continue to monitor our experience and assumptions closely and make changes to our assumptions and methodologies, as appropriate, for our life insurance and annuity products. Even small changes in assumptions or small deviations of actual experience from assumptions could have, and in the past have had, material impacts on our reserve levels, results of operations and financial condition. Results of our life insurance and annuity products depend significantly upon the extent to which our actual future experience is consistent with assumptions and methodologies we have used in calculating our reserves.

Results of our life insurance and annuity products are also impacted by interest rates. For a discussion of the potential impacts and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates and changes in rates could materially adversely affect our business and profitability” in our 2024 Annual Report on Form 10-K.

We no longer solicit sales of traditional life insurance and annuity products; however, we continue to service our existing retained and reinsured blocks of business.

Life insurance

Results of our life insurance products are impacted primarily by mortality, persistency, investment yields, expenses, reinsurance and statutory reserve requirements, among other factors.

Mortality levels may deviate each period from historical trends. Overall mortality experience improved during the second quarter of 2025 compared to the first quarter of 2025 given seasonal trends but was unfavorable compared to the second quarter of 2024 primarily driven by higher frequency. We have experienced unfavorable mortality compared to our then-current and priced-for assumptions in recent years for our universal life insurance block. Reinsurance costs typically increase due to natural aging of the yearly renewable term reinsured blocks. In prior periods, we have received some yearly renewable term reinsurance premium increases from some of our reinsurance partners that reflect unfavorable mortality.

Fixed annuities

Results of our fixed annuity products are affected primarily by investment performance, interest rate levels, the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, persistency and expense and commission levels.

We monitor and change crediting rates on fixed deferred annuities on a regular basis to maintain spreads and targeted returns, if applicable. However, we have seen and could continue to see declines in our fixed annuity spreads and margins as interest rates change, depending on the severity of the change.

For fixed indexed annuities, equity market and interest rate performance and volatility could also result in additional gains or losses, although associated hedging activities are expected to partially mitigate these impacts.

Variable annuities

Results of our variable annuity products are affected primarily by investment performance, interest rate levels, the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, surrenders and scheduled maturities. In addition, the results of our variable annuity products can significantly

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impact our regulatory capital requirements and liquidity. We use hedging strategies as well as liquidity planning and asset-liability management to help mitigate these impacts. In addition, we have used reinsurance to help mitigate volatility in our variable annuity results.

Equity market volatility and interest rate movements have caused, and may continue to cause, fluctuations in the results of our variable annuity products and regulatory capital requirements. Equity market and interest rate performance had a favorable impact in the second quarter of 2025 compared to an unfavorable impact in the first quarter of 2025 and a had a more favorable impact than in the second quarter of 2024. In the future, equity market and interest rate performance and volatility could result in additional gains or losses in these products, although associated hedging activities are expected to partially mitigate these impacts.

Segment results of operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table sets forth the results of operations relating to our Life and Annuities segment for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 39 $ 44 $ (5 ) (11 )%

Net investment income

216 250 (34 ) (14 )%

Net investment gains (losses)

(17 ) (4 ) (13 ) NM (1)

Policy fees and other income

156 164 (8 ) (5 )%

Total revenues

394 454 (60 ) (13 )%

Benefits and expenses:

Benefits and other changes in policy reserves

220 237 (17 ) (7 )%

Liability remeasurement (gains) losses

10 (4 ) 14 NM (1)

Changes in fair value of market risk benefits and associated hedges

(10 ) (8 ) (2 ) (25 )%

Interest credited

94 125 (31 ) (25 )%

Acquisition and operating expenses, net of deferrals

55 60 (5 ) (8 )%

Amortization of deferred acquisition costs and intangibles

37 39 (2 ) (5 )%

Total benefits and expenses

406 449 (43 ) (10 )%

Income (loss) from continuing operations before income taxes

(12 ) 5 (17 ) NM (1)

Provision (benefit) for income taxes

(3 ) 1 (4 ) NM (1)

Income (loss) from continuing operations

(9 ) 4 (13 ) NM (1)

Adjustments to income (loss) from continuing operations:

Net investment (gains) losses

17 4 13 NM (1)

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2)

(15 ) (10 ) (5 ) (50 )%

Taxes on adjustments

— 1 (1 ) (100 )%

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (7 ) $ (1 ) $ (6 ) NM (1)

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

(2)

For the three months ended June 30, 2025 and 2024, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(5) million and $(2) million, respectively.

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The following table sets forth adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for the products included in our Life and Annuities segment for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:

Life insurance

$ (20 ) $ (23 ) $ 3 13 %

Fixed annuities

8 12 (4 ) (33 )%

Variable annuities

5 10 (5 ) (50 )%

Total adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (7 ) $ (1 ) $ (6 ) NM (1)

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

•

The adjusted operating loss in our life insurance products decreased primarily due to a legal settlement accrual in the prior year that did not recur, partially offset by unfavorable mortality in the current year.

•

Adjusted operating income in our fixed and variable annuities decreased primarily from unfavorable mortality and lower net spread income in the current year largely related to block runoff.

Revenues

Premiums . The decrease was driven by our life insurance products largely due to the continued runoff of our in-force blocks.

Net investment income

•

Our life insurance products decreased $28 million primarily from lower policy loan rates in our corporate-owned life insurance products in the current year.

•

Our fixed annuity products decreased $7 million primarily attributable to lower average invested assets in the current year driven mostly by block runoff.

Net investment gains (losses) . For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

Policy fees and other income. The decrease was primarily driven by our life insurance products principally due to block runoff.

Benefits and expenses

Benefits and other changes in policy reserves

•

Our life insurance products decreased $17 million primarily related to a higher favorable change in reserves in our universal life insurance products in the current year related to persistency and mortality experience.

•

Our fixed annuity products decreased $3 million primarily attributable to block runoff.

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•

Our variable annuity products increased $3 million principally from lower reserve releases largely due to unfavorable mortality in the current year.

Liability remeasurement (gains) losses

•

Our life insurance products had a $9 million loss in the current year primarily driven by unfavorable mortality.

•

Our fixed annuity products had a $1 million loss in the current year largely from unfavorable mortality experience compared to a gain of $4 million in the prior year primarily due to favorable mortality experience.

Changes in fair value of market risk benefits and associated hedges. The increase in the gain was driven by our variable annuity products primarily due to more favorable equity market impacts, partially offset by less favorable interest rate impacts and higher derivative losses in the current year.

Interest credited

•

Our life insurance products decreased $28 million primarily due to lower policy loan rates in our corporate-owned life insurance products in the current year.

•

Our fixed annuity products decreased $3 million largely due to block runoff.

Acquisition and operating expenses, net of deferrals. The decrease was primarily driven by a $5 million legal settlement accrual in the prior year that did not recur.

Provision (benefit) for income taxes. The effective tax rate was 24.6% and 11.9% for the three months ended June 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to tax benefits from tax favored items in relation to a pre-tax loss in the current year compared to pre-tax income in the prior year.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table sets forth the results of operations relating to our Life and Annuities segment for the periods indicated:

Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 83 $ 97 $ (14 ) (14 )%

Net investment income

436 504 (68 ) (13 )%

Net investment gains (losses)

(16 ) (8 ) (8 ) (100 )%

Policy fees and other income

312 322 (10 ) (3 )%

Total revenues

815 915 (100 ) (11 )%

Benefits and expenses:

Benefits and other changes in policy reserves

464 487 (23 ) (5 )%

Liability remeasurement (gains) losses

32 4 28 NM (1)

Changes in fair value of market risk benefits and associated hedges

8 (31 ) 39 126 %

Interest credited

193 250 (57 ) (23 )%

Acquisition and operating expenses, net of deferrals

113 114 (1 ) (1 )%

Amortization of deferred acquisition costs and intangibles

77 84 (7 ) (8 )%

Total benefits and expenses

887 908 (21 ) (2 )%

Income (loss) from continuing operations before income taxes

(72 ) 7 (79 ) NM (1)

Provision (benefit) for income taxes

(16 ) 1 (17 ) NM (1)

Income (loss) from continuing operations

(56 ) 6 (62 ) NM (1)

Adjustments to income (loss) from continuing operations:

Net investment (gains) losses

16 8 8 100 %

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2)

4 (36 ) 40 111 %

Taxes on adjustments

(4 ) 6 (10 ) (167 )%

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (40 ) $ (16 ) $ (24 ) (150 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

(2)

For the six months ended June 30, 2025 and 2024, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(4) million and $(5) million, respectively.

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The following table sets forth adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for the products included in our Life and Annuities segment for the periods indicated:

Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:

Life insurance

$ (64 ) $ (56 ) $ (8 ) (14 )%

Fixed annuities

12 23 (11 ) (48 )%

Variable annuities

12 17 (5 ) (29 )%

Total adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (40 ) $ (16 ) $ (24 ) (150 )%

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

•

The adjusted operating loss in our life insurance products increased largely due to block runoff and unfavorable mortality in the current year.

•

Adjusted operating income in our fixed and variable annuities decreased primarily from unfavorable mortality compared to the prior year and lower net spread income in the current year driven mostly by block runoff.

Revenues

Premiums . The decrease was driven by our life insurance products largely due to the continued runoff of our in-force blocks.

Net investment income

•

Our life insurance products decreased $51 million primarily from lower policy loan rates in our corporate-owned life insurance products in the current year.

•

Our fixed annuity products decreased $17 million primarily attributable to lower average invested assets in the current year driven mostly by block runoff.

Net investment gains (losses) . For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

Policy fees and other income. The decrease was primarily driven by our life insurance products principally due to block runoff.

Benefits and expenses

Benefits and other changes in policy reserves

•

Our life insurance products decreased $24 million primarily related to a higher favorable change in reserves in our universal life insurance products related to persistency and mortality experience. The decrease was also driven by a higher favorable change in reserves in our term life insurance products in the current year related to block runoff.

•

Our fixed annuity products decreased $5 million primarily due to block runoff.

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•

Our variable annuity products increased $6 million principally from lower reserve releases largely due to unfavorable mortality in the current year.

Liability remeasurement (gains) losses

•

The liability remeasurement loss in our life insurance products increased $23 million primarily driven by more unfavorable mortality in the current year.

•

The liability remeasurement gain in our fixed annuity products decreased $5 million largely from less favorable mortality in the current year.

Changes in fair value of market risk benefits and associated hedges. The change to a loss in the current year from a gain in the prior year was primarily attributable to unfavorable interest rate impacts in our annuity products in the current year compared to favorable impacts in the prior year, partially offset by lower derivative losses in the current year in our variable annuity products.

Interest credited

•

Our life insurance products decreased $50 million primarily driven by lower policy loan rates in our corporate-owned life insurance products in the current year.

•

Our fixed annuity products decreased $7 million largely due to block runoff.

Amortization of deferred acquisition costs and intangibles. The decrease was primarily driven by lower DAC amortization in our life insurance products in the current year due to block runoff.

Provision (benefit) for income taxes. The effective tax rate was 22.5% and 14.4% for the six months ended June 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to tax benefits from tax favored items in relation to a pre-tax loss in the current year compared to pre-tax income in the prior year.

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Corporate and Other

Results of operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table sets forth the results of operations relating to Corporate and Other for the periods indicated:

Three months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 3 $ 3 $ — — %

Net investment income

4 5 (1 ) (20 )%

Net investment gains (losses)

(28 ) (2 ) (26 ) NM (1)

Total revenues

(21 ) 6 (27 ) NM (1)

Benefits and expenses:

Benefits and other changes in policy reserves

(1 ) (3 ) 2 67 %

Acquisition and operating expenses, net of deferrals

29 22 7 32 %

Amortization of deferred acquisition costs and intangibles

1 1 — — %

Interest expense

14 17 (3 ) (18 )%

Total benefits and expenses

43 37 6 16 %

Loss from continuing operations before income taxes

(64 ) (31 ) (33 ) (106 )%

Benefit for income taxes

(12 ) (20 ) 8 40 %

Loss from continuing operations

(52 ) (11 ) (41 ) NM (1)

Adjustments to loss from continuing operations:

Net investment (gains) losses

28 2 26 NM (1)

(Gains) losses on early extinguishment of debt

— (2 ) 2 100 %

Expenses related to restructuring

1 1 — — %

Taxes on adjustments

(6 ) — (6 ) NM (1)

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (29 ) $ (10 ) $ (19 ) (190 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

The adjusted operating loss increased primarily from timing of certain tax-related items in the prior year that did not recur.

Revenues

For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

Benefits and expenses

Acquisition and operating expenses, net of deferrals, increased primarily from higher expenses related to CareScout growth initiatives in the current year. The prior year also included gains related to the repurchase of Genworth Holdings’ debt that did not recur.

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Interest expense decreased from a lower floating interest rate on Genworth Holdings’ junior subordinated notes in the current year and from the repurchase of Genworth Holdings’ debt in the prior year.

The benefit for income taxes for the three months ended June 30, 2025 was primarily related to the pre-tax loss, partially offset by non-deductible expenses. The benefit for income taxes for the three months ended June 30, 2024 was related to timing of tax adjustments and the pre-tax loss.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table sets forth the results of operations relating to Corporate and Other for the periods indicated:

Six months ended
June 30, 		Increase
(decrease) and
percentage
change

(Amounts in millions)

2025 2024 2025 vs. 2024

Revenues:

Premiums

$ 5 $ 6 $ (1 ) (17 )%

Net investment income

9 12 (3 ) (25 )%

Net investment gains (losses)

(28 ) (6 ) (22 ) NM (1)

Total revenues

(14 ) 12 (26 ) NM (1)

Benefits and expenses:

Benefits and other changes in policy reserves

(3 ) (6 ) 3 50 %

Acquisition and operating expenses, net of deferrals

48 51 (3 ) (6 )%

Amortization of deferred acquisition costs and intangibles

2 2 — — %

Interest expense

28 34 (6 ) (18 )%

Total benefits and expenses

75 81 (6 ) (7 )%

Loss from continuing operations before income taxes

(89 ) (69 ) (20 ) (29 )%

Benefit for income taxes

(15 ) (13 ) (2 ) (15 )%

Loss from continuing operations

(74 ) (56 ) (18 ) (32 )%

Adjustments to loss from continuing operations:

Net investment (gains) losses

28 6 22 NM (1)

(Gains) losses on early extinguishment of debt

— (3 ) 3 100 %

Expenses related to restructuring

(1 ) 7 (8 ) (114 )%

Taxes on adjustments

(5 ) (2 ) (3 ) (150 )%

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

$ (52 ) $ (48 ) $ (4 ) (8 )%

(1)

We define “NM” as not meaningful for increases or decreases greater than 200%.

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders

The adjusted operating loss increased primarily from higher expenses related to CareScout growth initiatives and lower net investment income, partially offset by lower interest expense in the current year.

Revenues

Net investment income decreased from lower average invested assets and lower investment yields in the current year.

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For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”

Benefits and expenses

Acquisition and operating expenses, net of deferrals, decreased mainly from restructuring expenses in the prior year that did not recur, partially offset by higher expenses related to CareScout growth initiatives in the current year. The prior year also included gains related to the repurchase of Genworth Holdings’ debt that did not recur.

Interest expense decreased from a lower floating interest rate on Genworth Holdings’ junior subordinated notes in the current year and from the repurchase of Genworth Holdings’ debt in the prior year.

The increase in the benefit for income taxes was primarily related to a higher pre-tax loss in the current year.

Investments and Derivative Instruments

Trends and conditions

Investments

During the three months ended June 30, 2025, our investment portfolio was impacted, and we believe will continue to be impacted, by the following macroeconomic trends:

•

The U.S. Federal Reserve kept interest rates unchanged during the second quarter of 2025 as it continues to monitor inflation, including any impacts from rising tariffs, and labor market conditions.

•

During the second quarter of 2025, the U.S. Treasury yield curve steepened as short-term yields decreased while 30-year yields increased compared to March 31, 2025, driven by mixed economic data and increased concerns with the federal government’s fiscal deficit.

•

Credit spreads widened at the beginning of the second quarter of 2025 in response to increased uncertainty around government policy, including international trade policy and higher tariffs, but ended the second quarter of 2025 tighter compared to March 31, 2025 as most tariff implementations were postponed. Equity markets followed a similar trend with negative performance at the beginning of the second quarter of 2025 but ending higher compared to March 31, 2025.

•

As of June 30, 2025, our fixed maturity securities portfolio, which was 97% investment grade, comprised 75% of our total invested assets and cash.

Derivatives

•

As of June 30, 2025, $1.1 billion notional of our derivatives portfolio was cleared through the Chicago Mercantile Exchange (“CME”).

•

The customer swap agreements that govern our cleared derivatives contain provisions that enable our clearing agents to request initial margin in excess of CME requirements. As of June 30, 2025, we posted initial margin of $96 million to our clearing agents, which represented $48 million more than was otherwise required by the clearinghouse. Because our clearing agents serve as guarantors of our obligations to the CME, the customer agreements contain broad termination provisions that are not specifically dependent on ratings.

•

As of June 30, 2025, $13.0 billion notional of our derivatives portfolio was in bilateral over-the-counter derivative transactions pursuant to which we have posted aggregate independent amounts of $593 million and are holding collateral from counterparties in the amount of $11 million.

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Investment results

The following tables set forth information about investment income, excluding net investment gains (losses), for each component of our investment portfolio for the periods indicated:

Three months ended June 30, Increase (decrease)
2025 2024 2025 vs. 2024

(Amounts in millions)

Yield Amount Yield Amount Yield Amount

Fixed maturity securities—taxable

4.7 % $ 570 4.7 % $ 571 — % $ (1 )

Fixed maturity securities—non-taxable

— % — — % — — % —

Equity securities

2.4 % 3 2.8 % 3 (0.4 )% —

Commercial mortgage loans

4.6 % 72 4.5 % 75 0.1 % (3 )

Policy loans

5.5 % 32 9.8 % 56 (4.3 )% (24 )

Limited partnerships (1)

8.4 % 69 4.9 % 36 3.5 % 33

Other invested assets (2)

42.3 % 62 45.6 % 67 (3.3 )% (5 )

Cash, cash equivalents, restricted cash and short-term investments

4.1 % 19 5.1 % 25 (1.0 )%

(6

)

Gross investment income before expenses and fees

5.2 % 827 5.2 % 833 — % (6 )

Expenses and fees

(0.2 )% (25 ) (0.2 )% (25 ) — % —

Net investment income

5.0 % $ 802 5.0 % $ 808 — % $ (6 )

Average invested assets and cash

$ 63,641 $ 64,045 $ (404 )

(1)

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

(2)

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

Six months ended June 30, Increase (decrease)
2025 2024 2025 vs. 2024

(Amounts in millions)

Yield Amount Yield Amount Yield Amount

Fixed maturity securities—taxable

4.6 % $ 1,129 4.6 % $ 1,125 — % $ 4

Fixed maturity securities—non-taxable

— — 5.6 % 1 (5.6 )% (1 )

Equity securities

2.4 % 6 2.4 % 5 — % 1

Commercial mortgage loans

4.6 % 145 4.5 % 150 0.1 % (5 )

Policy loans

5.8 % 68 10.1 % 114 (4.3 )% (46 )

Limited partnerships (1)

4.8 % 77 3.8 % 56 1.0 % 21

Other invested assets (2)

41.9 % 123 46.3 % 135 (4.4 )% (12 )

Cash, cash equivalents, restricted cash and short-term investments

4.3 % 41 5.1 % 52 (0.8 )% (11 )

Gross investment income before expenses and fees

5.0 % 1,589 5.1 % 1,638 (0.1 )% (49 )

Expenses and fees

(0.2 )% (48 ) (0.1 )% (48 ) (0.1 )% —

Net investment income

4.8 % $ 1,541 5.0 % $ 1,590 (0.2 )% $ (49 )

Average invested assets and cash

$ 63,670 $ 64,168 $ (498 )

(1)

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

(2)

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

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Yields are based on net investment income as reported under U.S. GAAP and are consistent with how we measure our investment performance for management purposes. Yields are annualized, for interim periods, and are calculated as net investment income as a percentage of average quarterly asset carrying values except for fixed maturity securities, derivatives and derivative counterparty collateral, which exclude unrealized fair value adjustments.

For the six months ended June 30, 2025, gross annualized weighted-average investment yields decreased driven by lower net investment income on lower average invested assets. Net investment income for the six months ended June 30, 2025 decreased largely from lower policy loan rates in our corporate-owned life insurance products in the current year.

The following table sets forth net investment gains (losses) for the periods indicated:

Three months ended
June 30, 		Six months ended
June 30,

(Amounts in millions)

2025 2024 2025 2024

Realized investment gains (losses):

Available-for-sale fixed maturity securities:

Realized gains

$ 7 $ 21 $ 11 $ 28

Realized losses

(25 ) (40 ) (33 ) (69 )

Net realized gains (losses) on available-for-sale fixed maturity securities

(18 ) (19 ) (22 ) (41 )

Net realized gains (losses) on equity securities sold

4 — 5 —

Total net realized investment gains (losses)

(14 ) (19 ) (17 ) (41 )

Net change in allowance for credit losses on available-for-sale fixed maturity securities

(11 ) 7 (15 ) 7

Write-down of available-for-sale fixed maturity securities

(4 ) — (4 ) —

Net unrealized gains (losses) on equity securities still held

32 12 18 44

Net unrealized gains (losses) on limited partnerships

25 (52 ) 63 (9 )

Commercial mortgage loans

(20 ) (1 ) (17 ) (3 )

Derivative instruments

(36 ) (8 ) (30 ) (7 )

Other

— — 1 (3 )

Net investment gains (losses)

$ (28 ) $ (61 ) $ (1 ) $ (12 )

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

•

We recorded $25 million of net unrealized gains on limited partnerships in the current year driven by favorable private equity market performance compared to $52 million of net unrealized losses in the prior year driven by unfavorable performance. We also recorded $20 million of higher net unrealized gains on equity securities from more favorable equity market performance in the current year.

•

During the current year, we increased the provision for credit losses for commercial mortgage loans by $20 million as a result of updates to the analytical model used to determine the adequacy of the allowance for credit losses. We also increased the allowance for credit losses on available-for-sale fixed maturity securities by $11 million in the current year compared to a decrease of $7 million in the prior year related to sales of securities.

•

We had $28 million of higher net investment losses related to derivatives in the current year primarily attributable to losses on foreign currency forward contracts used to mitigate foreign currency exchange risk.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

•

We recorded $19 million of lower net realized losses related to the sale of available-for-sale fixed maturity securities in the current year. The prior year losses were primarily driven by sales related to portfolio repositioning.

•

We recorded $63 million of net unrealized gains on limited partnerships in the current year driven by favorable private equity market performance compared to $9 million of net unrealized losses in the prior year driven by unfavorable performance. We also recorded $26 million of lower net unrealized gains on equity securities in the current year from less favorable equity market performance.

•

During the current year, we increased the provision for credit losses for commercial mortgage loans by $17 million primarily as a result of updates to the analytical model used to determine the adequacy of the allowance for credit losses. We also increased the allowance for credit losses on available-for-sale fixed maturity securities by $15 million in the current year compared to a decrease of $7 million in the prior year related to sales of securities.

•

We had $23 million of higher net investment losses related to derivatives in the current year primarily attributable to losses on foreign currency forward contracts used to mitigate foreign currency exchange risk.

Investment portfolio

The following table sets forth our cash, cash equivalents and invested assets as of the dates indicated:

June 30, 2025 December 31, 2024

(Amounts in millions)

Carrying value % of total Carrying value % of total

Available-for-sale fixed maturity securities:

Public

$ 31,077 51 % $ 30,650 51 %

Private

14,595 24 14,252 24

Equity securities

516 1 515 1

Commercial mortgage loans, net

6,334 10 6,411 11

Policy loans

2,366 4 2,310 4

Limited partnerships

3,337 6 3,142 5

Other invested assets

643 1 648 1

Cash, cash equivalents and restricted cash

1,797 3 2,048 3

Total cash, cash equivalents and invested assets

$ 60,665 100 % $ 59,976 100 %

For a discussion of the change in cash, cash equivalents and invested assets, see the comparison for these line items under “—Consolidated Balance Sheets.” See note 4 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements” for additional information related to our investment portfolio.

We hold fixed maturity and equity securities, limited partnerships, derivatives, embedded derivatives and certain other financial instruments, which are carried at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. As of June 30, 2025, approximately 6% of our investment holdings recorded at fair value was based on significant inputs that were not market observable and were classified as Level 3 measurements. See note 6 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements” for additional information related to fair value.

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Other invested assets

The following table sets forth the carrying values of our other invested assets as of the dates indicated:

June 30, 2025 December 31, 2024

(Amounts in millions)

Carrying value % of total Carrying value % of total

Bank loan investments

$ 532 82 % $ 535 82 %

Derivatives

42 7 56 9

Short-term investments

11 2 4 1

Other investments

58 9 53 8

Total other invested assets

$ 643 100 % $ 648 100 %

Derivatives decreased largely from changes in foreign currency exchange rates in the current year. Short-term investments increased from net purchases in the current year.

Derivatives

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 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/ June 30,

(Notional in millions)

Measurement 2024 Additions terminations 2025

Derivatives designated as hedges

Cash flow hedges:

Interest rate swaps

Notional $ 8,757 $ — $ (381 ) $ 8,376

Foreign currency swaps

Notional 144 12 — 156

Forward bond purchase commitments

Notional 2,639 331 — 2,970

Total cash flow hedges

11,540 343 (381 ) 11,502

Total derivatives designated as hedges

11,540 343 (381 ) 11,502

Derivatives not designated as hedges

Equity index options

Notional 604 233 (275 ) 562

Financial futures

Notional 1,102 2,198 (2,250 ) 1,050

Forward bond purchase commitments

Notional 500 — — 500

Foreign currency forward contracts

Notional — 387 — 387

Total derivatives not designated as hedges

2,206 2,818 (2,525 ) 2,499

Total derivatives

$ 13,746 $ 3,161 $ (2,906 ) $ 14,001

December 31, Maturities/ June 30,

(Number of policies)

Measurement 2024 Additions terminations 2025

Derivatives not designated as hedges

Fixed indexed annuity embedded derivatives

Policies 4,867 — (358 ) 4,509

Indexed universal life embedded derivatives

Policies 717 — (18 ) 699

The increase in the notional value of derivatives was primarily attributable to the addition of foreign currency forward contracts to mitigate foreign currency exchange risk and forward bond purchase commitments that support our long-term care insurance business. These increases were partially offset by decreases in interest rate swaps that support our long-term care insurance business and financial futures that support our variable annuity products.

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The number of policies with embedded derivatives decreased as these products are no longer being offered and continue to run off.

Consolidated Balance Sheets

Total assets . Total assets increased $465 million from $86,871 million as of December 31, 2024 to $87,336 million as of June 30, 2025.

•

Invested assets increased $940 million primarily attributable to increases of $770 million in fixed maturity securities and $195 million in limited partnerships. The increase in fixed maturity securities was predominantly related to lower interest rates increasing the fair value of our fixed maturity investment portfolio, partially offset by net sales and maturities in the current year. Limited partnerships increased largely from capital calls in the current year.

•

Cash and cash equivalents decreased $251 million principally from net withdrawals from our investment contracts, capital calls on limited partnerships and repurchases of Genworth Financial’s common stock, partially offset by net sales and maturities of fixed maturity securities in the current year.

•

Deferred acquisition costs decreased $99 million largely driven by amortization in our life and long-term care insurance products in the current year.

Total liabilities . Total liabilities increased $117 million from $77,440 million as of December 31, 2024 to $77,557 million as of June 30, 2025.

•

The liability for future policy benefits increased $501 million primarily from a decrease in the single-A interest rate used to discount the liability for future policy benefits. Our long-term care insurance reserves also increased largely driven by aging of the in-force block, including higher interest accretion, partially offset by benefit payments outpacing premiums collected in the current year. These increases were partially offset by the runoff of our fixed annuity and life insurance products.

•

Policyholder account balances decreased $431 million largely driven by benefit payments, surrenders and withdrawals in our fixed annuity and universal and term universal life insurance products in the current year.

•

Liability for policy and contract claims increased $93 million primarily from higher pending claims in our life insurance products largely due to higher frequency in the current year. The increase was also driven by new delinquencies in our Enact segment, partially offset by reserve releases in the current year primarily due to favorable cure performance on prior year delinquencies.

Total equity . Total equity increased $348 million from $9,431 million as of December 31, 2024 to $9,779 million as of June 30, 2025.

•

We reported net income available to Genworth Financial, Inc.’s common stockholders of $105 million for the six months ended June 30, 2025.

•

Unrealized gains (losses) on investments increased total equity by $620 million primarily due to a decrease in interest rates in the current year.

•

Derivatives qualifying as hedges decreased total equity by $112 million largely due to amortization of forward starting swap gains into net investment income.

•

The change in the discount rate used to measure future policy benefits and related reinsurance recoverables decreased total equity by $253 million largely attributable to a decrease in the single-A interest rate in the current year.

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Liquidity and Capital Resources

Liquidity and capital resources represent our overall financial strength and our ability to generate cash flows from our businesses, borrow funds at competitive rates and raise new capital to meet our operating and growth needs.

Overview of cash flows—Genworth and subsidiaries

Our principal sources of cash include premiums and other payments received on our insurance products and services, income from our investment portfolio and proceeds from sales and maturities of investments. Cash flows related to operating activities are affected by the timing of premiums, fees and investment income received and benefits, claims and expenses paid. Cash flows from operating activities have been invested to support the obligations of our insurance and investment products and required capital supporting these products. In analyzing our cash flows, we focus on the change in the amount of cash available and used in investing activities. Changes in cash from financing activities primarily relate to deposits to, and redemptions and benefit payments on, universal life insurance and investment contracts; the issuance of debt and equity securities; the repayment or repurchase of borrowings; the repurchase of common stock presented as treasury stock; and other capital transactions.

The following table sets forth our unaudited condensed consolidated cash flows for the six months ended June 30:

(Amounts in millions)

2025 2024

Net cash from (used by) operating activities

$ 40 $ (100 )

Net cash from (used by) investing activities

160 401

Net cash from (used by) financing activities

(451 ) (584 )

Net increase (decrease) in cash and cash equivalents

$ (251 ) $ (283 )

We had net cash inflows from operating activities in the current year compared to net cash outflows in the prior year primarily driven by lower benefit payments in our long-term care insurance business resulting from lower settlement payments, as the implementation of the third legal settlement was materially completed in the fourth quarter of 2024.

Net cash inflows from investing activities were lower in the current year mainly driven by lower net sales and maturities of fixed maturity securities.

Net cash outflows related to financing activities were lower primarily due to lower net withdrawals from our investment contracts in the current year and repurchases of Genworth Holdings’ debt in the prior year that did not recur.

Genworth—holding company liquidity

In consideration of our liquidity, it is important to separate the needs of our holding companies from the needs of their respective subsidiaries. Genworth Financial and Genworth Holdings each act as a holding company for their respective subsidiaries and do not have any significant operations of their own. Genworth Financial’s and Genworth Holdings’ principal sources of cash are derived from dividends and other returns of capital from Enact Holdings. Additional sources of cash have included subsidiary payments to them under tax sharing and expense reimbursement arrangements and proceeds from borrowings or securities issuances. The primary uses of funds at Genworth Financial and Genworth Holdings include payments of principal, interest and other expenses on borrowings or other obligations, payment of holding company general operating expenses (including employee benefits and taxes), payments under guarantees (including guarantees of certain subsidiary

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obligations), payments to subsidiaries (or, in the case of Genworth Holdings, to Genworth Financial) under tax sharing agreements, investments in CareScout, repurchases of debt securities, repurchases of Genworth Financial’s common stock and, in the case of Genworth Holdings, loans, dividends or other distributions to Genworth Financial.

Management’s focus is predominantly on Genworth Holdings’ liquidity given it is the issuer of our outstanding public debt. We manage our legacy U.S. life insurance subsidiaries on a standalone basis and accordingly, do not expect to receive any dividends or other returns of capital from them. Therefore, our liquidity at the holding company level is highly dependent on the performance of Enact Holdings and its ability to pay timely dividends and other forms of capital returns to Genworth Holdings as anticipated. Genworth Financial has the right to appoint a majority of directors to Enact Holdings’ board of directors; however, actions taken by Enact Holdings and its board of directors are subject to and may be limited by the interests of Enact Holdings, including but not limited to, its use of capital for growth opportunities and regulatory requirements. In addition, insurance laws and regulations regulate the payment of dividends and other distributions to Genworth Financial and Genworth Holdings by their insurance subsidiaries.

Enact Holdings’ capital allocation strategy includes supporting its existing policyholders, growing its mortgage insurance business, funding attractive new business opportunities and returning capital to its shareholders. On May 1, 2024, Enact Holdings announced the approval by its board of directors of a share repurchase program under which Enact Holdings could repurchase up to $250 million of its outstanding common stock. Enact Holdings completed the repurchase of shares under this authorization in the second quarter of 2025. On April 30, 2025, Enact Holdings announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $350 million of its common stock. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its current ownership interest in Enact Holdings. In addition to its share repurchase program, Enact Holdings pays a quarterly dividend. As the majority shareholder, Genworth Holdings received $170 million of capital returns from Enact Holdings during the six months ended June 30, 2025, comprised of share repurchases and quarterly dividends. Enact Holdings expects the timing and amount of any future share repurchases will be opportunistic and will depend on a variety of factors, including Enact Holdings’ stock price, capital availability, business and market conditions, regulatory requirements and debt covenant restrictions, among other factors. Future dividend payments will be subject to quarterly review and approval by Enact Holdings’ board of directors and Genworth Financial and will also be dependent on a variety of economic, market and business conditions, among other considerations.

On July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share repurchases under its existing share repurchase program that began in May 2022. Pursuant to the program, during the six months ended June 30, 2025, Genworth Financial repurchased 10,797,934 shares of its common stock at an average price of $6.95 per share for a total of $75 million before excise taxes and other costs. Genworth Financial also repurchased 1,266,726 shares of its common stock at an average price of $7.89 per share under the share repurchase program through a Rule 10b5-1 trading plan in July 2025, leaving approximately $70 million available for repurchase under the program as of July 31, 2025. Further repurchases under the program will continue to be funded from holding company capital, as well as future cash flow generation, including expected future capital returns from Enact Holdings. Under the program, share repurchases may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated transactions, or by other means, including through Rule 10b5-1 trading plans. The timing and number of future shares repurchased under the 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.

Our future use of liquidity and capital will prioritize strategic investments in CareScout and returning capital to Genworth Financial’s shareholders through share repurchases. In addition, we also expect to repurchase or redeem outstanding debt from time to time (with cash on hand, proceeds from the issuance of new debt and/or the proceeds from asset or stock sales) in open market purchases, tender offers, privately negotiated transactions or otherwise.

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Genworth Holdings had $248 million and $294 million of unrestricted cash and cash equivalents as of June 30, 2025 and December 31, 2024, respectively. The decrease was principally driven by annual employee benefit payments, which are expected to be offset by subsidiary expense arrangements during 2025, and repurchases of Genworth Financial’s common stock, partially offset by capital returns from Enact Holdings. The $248 million of Genworth Holdings’ cash and cash equivalents included approximately $128 million of advance cash payments from our subsidiaries held for future obligations and the remainder of our planned capital contribution to CareScout Insurance in 2025 to meet its regulatory capital requirements. We do not consider this cash held for future obligations when evaluating holding company liquidity for the purposes of allocating capital or computing our cash position relative to the cash management target discussed below. We believe Genworth Holdings’ unrestricted cash and cash equivalents provide sufficient liquidity to meet its financial obligations over the next twelve months as well as in the longer term. We expect Genworth Holdings’ liquidity to continue to be impacted by the amounts and timing of Genworth Financial’s share repurchases as well as future dividends and other forms of capital returns from Enact Holdings. In addition, we anticipate lower intercompany cash tax payments to be retained by Genworth Holdings from its subsidiaries going forward.

We actively monitor our liquidity position (most notably at Genworth Holdings), liquidity generation options and the credit markets given changing market conditions. Genworth Holdings’ cash management target is to maintain a cash buffer of two times expected annual external debt interest payments. Genworth Holdings may move below or above this targeted cash buffer during any given quarter due to the timing of cash outflows and inflows or as a result of planned future actions. Management of Genworth Financial continues to evaluate Genworth Holdings’ target level of liquidity as circumstances warrant.

Capital resources and financing activities

Our current capital resource plans do not include any additional debt offerings by Genworth Holdings or minority sales of Enact Holdings. The availability of additional capital resources will depend on a variety of factors such as market conditions, regulatory considerations, the general availability of credit, credit ratings and the performance of and outlook for Enact Holdings and the payment of dividends and other returns of capital therefrom.

Regulated insurance subsidiaries

The liquidity requirements of our regulated insurance subsidiaries principally relate to the liabilities associated with their various insurance and investment products, operating costs and expenses, the payment of dividends to us, contributions to their subsidiaries, payments of principal and interest on their outstanding debt obligations and income taxes. Liabilities arising from insurance and investment products include the payment of benefits and claims, as well as cash payments in connection with policy surrenders and withdrawals, policy loans and obligations to redeem funding agreements. Our insurance subsidiaries’ principal cash inflows from operating activities are derived from premiums, annuity deposits and insurance and investment product fees and other income, including commissions, cost of insurance, mortality, expense and surrender charges, contract underwriting fees, investment management fees, investment income and dividends and distributions from their subsidiaries. We manage our legacy U.S. life insurance subsidiaries on a standalone basis. Accordingly, these subsidiaries will continue to rely on their statutory capital, significant reserves, prudent management of the in-force blocks and long-term care insurance in-force rate actions to satisfy policyholder obligations.

In our long-term care insurance business, we expect overall claims costs to continue to increase over time as our blocks age, with peak claim years over a decade away. For information on discounted and undiscounted expected future benefit payments, see note 8 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.” We also expect renewal premiums on the in-force block of our legacy long-term care insurance business to decline over time as the block runs off and as policyholders elect benefit reductions in connection with our in-force rate actions and legal settlements; however, we expect this decline to be partially offset by future approved rate actions.

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Given the challenging macroeconomic environment in 2024 and into the first half of 2025, employee costs have increased driven in part by wage inflation, the competitive labor market and low labor participation. Additionally, in our long-term care insurance business, we have observed an increase in the cost of care due in part to elevated inflation. These inflationary pressures have not had a significant impact on our liquidity to date; however, if these conditions persist, they could have a material adverse impact on our liquidity, results of operations and financial condition.

The U.S. economy also faces uncertainty and volatility due to pending tariff negotiations taking place across global markets. The insurance industry and our insurance subsidiaries are not directly impacted by tariffs. However, if the ultimate outcome of the global tariff negotiations significantly impacts the U.S. and global economies and equity and fixed income markets, this could have an adverse impact on the housing industry, investment income, our results of operations and liquidity. We will continue to monitor macroeconomic trends, including inflation and any ancillary effects of the tariff negotiations, to help mitigate any potential adverse impacts to our liquidity.

Our insurance subsidiaries maintain investment strategies intended to provide adequate funds to pay benefits without forced sales of investments. Products having liabilities with longer durations, such as certain life insurance and long-term care insurance policies, are typically matched with investments having similar duration such as long-term fixed maturity securities and commercial mortgage loans. Shorter-term liabilities are typically matched with fixed maturity securities that have short- and medium-term fixed maturities. In addition, our insurance subsidiaries hold highly liquid, high quality short-term investment securities and other liquid investment grade fixed maturity securities to fund anticipated operating expenses, surrenders and withdrawals. As of June 30, 2025, our total cash, cash equivalents and invested assets were $60.7 billion. Our investments in privately placed fixed maturity securities, commercial mortgage loans, policy loans, bank loans, limited partnership investments and select mortgage-backed and asset-backed securities are relatively illiquid. These asset classes represented approximately 45% of the carrying value of our total cash, cash equivalents and invested assets as of June 30, 2025.

Off-balance sheet commitments, guarantees and contractual obligations

As of June 30, 2025, we were committed to fund $1,748 million in limited partnership investments, $394 million in private placement investments, $122 million of bank loan investments and $20 million in commercial mortgage loan investments.

As previously disclosed, in connection with pending litigation between AXA and Santander related to the payment protection insurance (“PPI”) mis-selling losses, Genworth has certain rights to share in any recoveries by AXA to recoup payments it previously made to AXA for the underlying PPI mis-selling losses. Genworth is not a named party in the litigation with Santander, and, therefore, does not ultimately control the litigation. In order to better align the interests of AXA and Genworth in the litigation, in March 2025, Genworth agreed to provide AXA a guarantee for the recovery of certain of AXA’s PPI mis-selling losses not previously reimbursed by Genworth, regardless of the ultimate outcome of the litigation. The guarantee was provided through a stand-by letter of credit (“LC”) issued by a third-party financial institution for the benefit of AXA and a reimbursement agreement between Genworth and the third-party financial institution. Genworth could be required to pay an amount under the guarantee, through the reimbursement agreement, up to £80 million. Whether AXA may draw upon the LC is subject to the amount of any settlement between AXA and Santander, or certain milestones in the court proceedings. On July 25, 2025, the U.K. High Court issued a liability judgment in favor of AXA in the legal proceedings against Santander. The judgment finds Santander liable for AXA’s losses resulting from Santander’s mis-selling. The judge awarded AXA damages, interest, and costs of approximately £680 million ($911 million). Under prior agreements between Genworth and AXA, Genworth is entitled to share in funds that AXA recovers from third parties related to the mis-selling losses. If the judgment is paid in full and appeals, if any, are favorably resolved, Genworth could be entitled to recover approximately $750 million, depending upon the applicable exchange rate at that time. As of June 30, 2025, we have not recorded any amounts related to the guarantee or associated with recoveries in connection with the liability judgment. Recoveries have not been factored into our

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capital allocation plans. We would expect to deploy any recoveries in line with our stated capital allocation priorities, which are investing in growth through CareScout, returning cash to shareholders through our share repurchase program and opportunistically paying down debt.

Except as disclosed above, as of June 30, 2025, there have been no material additions or changes to guarantees provided by Genworth Financial and Genworth Holdings or to our contractual obligations as compared to the amounts disclosed within our 2024 Annual Report on Form 10-K filed on February 28, 2025.

Supplemental Condensed Consolidating Financial Information

Genworth Financial provides a full and unconditional guarantee to the trustee and holders of Genworth Holdings’ outstanding senior and subordinated notes (registered securities under the Securities Act of 1933), on an unsecured unsubordinated and subordinated basis, respectively, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, the outstanding senior and subordinated notes and their respective indentures. Genworth Holdings is a direct, 100% owned subsidiary of Genworth Financial.

Excluding investments in subsidiaries, the assets, liabilities and results of operations of Genworth Financial and Genworth Holdings, on a combined basis, are not material to the consolidated financial position or the consolidated results of operations of Genworth. In addition, none of Genworth Financial’s direct or indirect subsidiaries, other than Genworth Holdings, are issuers or guarantors of any guaranteed securities. Therefore, in accordance with Rule 13-01 of Regulation S-X, we are permitted, and we elected, to exclude the summarized financial information for both the issuer and guarantor of the registered securities.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of the loss of fair value resulting from adverse changes in market rates and prices, such as interest rates, equity prices and foreign currency exchange rates. Market risk is directly influenced by the volatility and liquidity in the markets in which the related underlying financial instruments are traded. There were no material changes in our market risks since December 31, 2024. See “—Business trends and conditions” and “—Investments and Derivative Instruments” in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion of recent market conditions, including changes in interest rates.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2025, an evaluation was conducted under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025.

Changes in Internal Control Over Financial Reporting During the Quarter Ended June 30, 2025

During the three months ended June 30, 2025, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION
Item 1.
Legal Proceedings
See note 16 in our unaudited condensed consolidated financial statements under “Part 1—Item 1—Financial Statements” for a description of material pending litigation and regulatory matters affecting us.
Item 1A.
Risk Factors
The discussion of our business and operations should be read together with the risk factors contained in Item 1A of our 2024 Annual Report on Form 10-K, which together describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner. There have been no material changes to the risk factors set forth in the above-referenced filing as of June 30, 2025.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Common Stock
The following table sets forth information regarding Genworth Financial’s share repurchases during the three months ended June 30, 2025:
(Dollar amounts in millions, except share amounts)
Total
number of
shares
purchased
Average
price
paid
per
share
Total
number of
shares
purchased
as part of
publicly
announced
program
Approximate
dollar
amount of
shares that
may yet be
purchased
under the
program
(1)
April 1, 2025 through April 30, 2025
1,422,395 $ 7.03 1,422,395 $ 100
May 1, 2025 through May 31, 2025
1,441,909 $ 6.94 1,441,909 $ 90
June 1, 2025 through June 30, 2025
1,416,773 $ 7.06 1,416,773 $ 80
Total
4,281,077 4,281,077
(1)
On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under which Genworth Financial could repurchase up to $350 million of its outstanding common stock. On July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share repurchases under the existing program. 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 shares repurchased under the 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. For additional information on the share repurchase program, including certain repurchases made subsequent to periods provided in the chart above, see “Part I—Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”
Item 5.
Other Information
During the three months ended June 30, 2025, no directors or officers of Genworth adopted or terminated any contract, instruction or written plan for the purchase or sale of Genworth’s securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) or any
“non-Rule 10b5-1
trading arrangement” as defined under the securities laws.
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Item 6.

Exhibits

Number

Description

10.1§ 2025 Genworth Financial, Inc. Omnibus Incentive Plan (filed herewith)
31.1 Certification of Thomas J. McInerney (filed herewith)
31.2 Certification of Jerome T. Upton (filed herewith)
32.1 Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code— Thomas J. McInerney (filed herewith)
32.2 Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code— Jerome T. Upton (filed herewith)
101.INS Inline XBRL Instance Document
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)
§

Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

GENWORTH FINANCIAL, INC.

(Registrant)

Date: July 31, 2025
By:

/s/ Darren W. Woodell

Darren W. Woodell

Vice President and Controller

(Principal Accounting Officer)

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