Executed $45M in share repurchases at an average price of $6.91 per share; $590M program-to-date through March 31, 2025 at an average price of $5.73 per share

Continued progress on the LTC1 multi-year rate action plan with $24M of gross incremental premium approvals; approximately $31.3B estimated net present value achieved since 2012 from in-force rate actions (IFAs)

Strong progress made towards the expansion of the CareScout Quality Network, growing coverage to 90% of the aged 65-plus census population in the United States and delivered 576 matches in the first quarter

Net income2 of $54M, or $0.13 per diluted share, and adjusted operating income2,3 of $51M, or $0.123 per diluted share

Enact reported adjusted operating income of $137M2; distributed $76M in capital returns to Genworth

U.S. life insurance companies’ RBC4 ratio of 304%5 reflects higher required capital as the limited partnership portfolio grows

Genworth holding company cash and liquid assets of $211M6 at quarter-end

Consolidated Metrics

(Amounts in millions, except per share data)

Net income (loss)2

Net income (loss) per diluted share2

Adjusted operating income2,3

Adjusted operating income per diluted share2,3

Weighted-average diluted shares

Net income in the quarter was driven by Enact, which had strong operating performance

Net investment gains, net of taxes, increased net income by $21 million in the current quarter, compared with net investment losses of $32 million in the prior quarter and net investment gains of $39 million in the prior year. The investment gains in the current quarter were driven primarily by mark-to-market adjustments on limited partnerships

Changes in the fair value of market risk benefits and associated hedges, net of taxes, decreased net income by $14 million in the quarter driven primarily by the unfavorable change in the yield curve, compared with increases of $2 million in the prior quarter and $18 million in the prior year

Net investment income, net of taxes, was $584 million in the quarter, down from $626 million in the prior quarter driven by lower income from limited partnerships, and down from $618 million in the prior year driven by lower income from policy loans and limited partnerships

GAAP Operating Metrics

(Dollar amounts in millions)

Adjusted operating income2

Primary new insurance written

Loss ratio

Equity7

Current quarter results reflected a pre-tax reserve release of $47 million primarily from favorable cure performance. The prior quarter and prior year included pre-tax reserve releases of $56 million and $54 million, respectively

Net investment income of $63 million in the current quarter was up from $57 million in the prior year from higher yields and higher average invested assets

Primary insurance in-force increased 2% versus the prior year to $268 billion driven by new insurance written (NIW) and continued elevated persistency

Primary NIW was down 7% versus the prior year primarily driven by lower estimated market share

New delinquencies increased 7% to 12,237 from 11,395 in the prior year primarily from continued seasoning of large, newer books and decreased 11% sequentially primarily from hurricane-related new delinquencies in the prior quarter, which historical experience indicates cure at a higher rate

Capital Metric

PMIERs Sufficiency Ratio5,8

Enact announced an increase to its quarterly dividend from $0.185 to $0.21 per share, payable in June 2025

Enact also announced a new share repurchase program with authorization to purchase up to $350 million of common stock

Enact paid a quarterly dividend of $0.185 per share in the current quarter

Estimated PMIERs sufficiency ratio of 165%, $1,966 million above requirements

GAAP Operating Metrics

(Amounts in millions)

Adjusted operating income (loss)

Premiums

Net investment income

Liability remeasurement gains (losses)

Cash flow assumption updates

Actual variances from expected experience

Premiums decreased versus the prior quarter primarily driven by seasonal trends and versus the prior year primarily driven by lower renewal premiums as a result of benefit reduction elections in connection with IFAs and prior legal settlements, as well as from policy terminations

Net investment income decreased due to lower income from limited partnerships

Current quarter liability remeasurement gain included favorable actual variances from expected experience primarily from seasonally high mortality

Prior quarter liability remeasurement loss included adverse actual variances from expected experience primarily from lower terminations and higher claims and an unfavorable impact from assumption updates

GAAP Adjusted Operating Income (Loss)

(Amounts in millions)

Life Insurance

Annuities

Total Life and Annuities

Results in the current quarter reflected unfavorable impacts from seasonally high mortality, which was more unfavorable than the prior year

Prior quarter included a net favorable $30 million pre-tax impact from model and assumption updates

Results in the current quarter included lower net spread income from block runoff

Prior quarter included an unfavorable $18 million pre-tax impact from annual assumption updates

(Dollar amounts in millions)

Statutory pre-tax income (loss)5,10

Long-Term Care Insurance

Life Insurance

Annuities

GLIC Consolidated RBC Ratio4,5

Statutory pre-tax loss was $1 million in the current quarter

LTC continued to benefit from premium increases and benefit reductions from IFAs, though lower than the prior quarter and prior year as the Choice II legal settlement was materially complete in 2024. LTC also benefitted from seasonally high mortality, partially offset by higher benefit utilization and lower renewal premiums in the current quarter. The prior quarter included a $79 million increase in cash flow testing reserves in GLICNY, partially offset by a net $20 million pre-tax benefit from assumption updates

Life insurance results included unfavorable impacts from seasonally high mortality; the prior quarter included a favorable $75 million pre-tax impact from assumption updates

Annuity results reflected a net unfavorable impact of $26 million pre-tax from interest rate and equity market performance in the variable annuity products and lower net spread income; the prior quarter included an unfavorable $50 million pre-tax assumption update

Current quarter estimated GLIC consolidated RBC ratio was 304%, driven by higher required capital as the limited partnership portfolio grows

The current quarter adjusted operating loss was $23 million, down from $38 million in the prior year primarily driven by timing of tax-related items in the prior year

(Amounts in millions)

Holding Company Cash and Liquid Assets11

Cash and liquid assets were $211 million at the end of the current quarter, including approximately $98 million of advance cash payments from the company’s subsidiaries held for future obligations

Cash inflows during the current quarter consisted of $76 million from Enact capital returns

Current quarter cash outflows included $106 million primarily related to annual employee benefit payments, which are reimbursed by the subsidiary businesses throughout the year, $45 million in share repurchases and $8 million related to debt servicing costs

The CareScout Insurance inaugural LTC product was approved in April by the Interstate Insurance Product Regulation Commission (Compact), including 23 jurisdictions

Executed $45 million in share repurchases in the current quarter; $110 million remaining in the authorization at the end of the first quarter of 2025

Holding company debt outstanding at the end of the current quarter was $790 million

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

the company’s failure to maintain the self-sustainability of its 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 the company’s 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;

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 market; an increase in the number of loans insured through federal government mortgage insurance programs, including those offered by the Federal Housing Administration; the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by 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; 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, tax rates or interest rates; changes within regulatory agencies as a result of the change in the U.S. Administration in January 2025; 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 the company’s 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 the company or its 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 the company;

the lack of availability, affordability or adequacy of reinsurance to protect the company 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 the company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2025.

Revenues:

Premiums

Net investment income

Net investment gains (losses)

Policy fees and other income

Total revenues

Benefits and expenses:

Benefits and other changes in policy reserves

Liability remeasurement (gains) losses

Changes in fair value of market risk benefits and associated hedges

Interest credited

Acquisition and operating expenses, net of deferrals

Amortization of deferred acquisition costs and intangibles

Interest expense

Total benefits and expenses

Income from continuing operations before income taxes

Provision for income taxes

Income from continuing operations

Loss from discontinued operations, net of taxes

Net income

Less: net income attributable to noncontrolling interests

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

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

Basic

Diluted

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

Basic

Diluted

Weighted-average common shares outstanding:

Basic

Diluted

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

Add: net income attributable to noncontrolling interests

Net income

Less: loss from discontinued operations, net of taxes

Income from continuing operations

Less: net income from continuing operations attributable to noncontrolling interests

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

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

Net investment (gains) losses, net12

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges13

(Gains) losses on early extinguishment of debt, net

Expenses related to restructuring

Taxes on adjustments

Adjusted operating income

Adjusted operating income (loss):

Enact segment

Long-Term Care Insurance segment

Life and Annuities segment:

Life Insurance

Fixed Annuities

Variable Annuities

Total Life and Annuities segment

Corporate and Other

Adjusted operating income

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

Basic

Diluted

Adjusted operating income per share:

Basic

Diluted

Weighted-average common shares outstanding:

Basic

Diluted

Long-term care insurance.

All references reflect amounts available to Genworth’s common stockholders.

This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles (GAAP). See the Use of Non-GAAP Measures section of this press release for additional information.

Risk-based capital ratio based on company action level for Genworth Life Insurance Company (GLIC) consolidated.

Company estimate for the first quarter of 2025 due to timing of the preparation and filing of the statutory financial statement(s).

Includes approximately $98 million and $186 million of advance cash payments from the company’s subsidiaries held for future obligations as of March 31, 2025 and December 31, 2024, respectively.

Reflects Genworth’s ownership of equity including accumulated other comprehensive income (loss) and excluding noncontrolling interests of $971 million, $937 million and $873 million as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs.

Genworth’s principal U.S. life insurance companies: GLIC, Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY).

Net gain from operations before dividends to policyholders, refunds to members and federal income taxes for GLIC, GLAIC and GLICNY, and before realized capital gains or (losses).

Holding company cash and liquid assets comprises assets held in Genworth Holdings, Inc. (the issuer of outstanding public debt) which is a wholly-owned subsidiary of Genworth Financial, Inc.

Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for both the three months ended March 31, 2025 and 2024 and $2 million for the three months ended December 31, 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 $1 million and $(3) million for the three months ended March 31, 2025 and 2024, respectively, and $(21) million for the three months ended December 31, 2024.