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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 8-K
___________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
November 5, 2025
Date of Report
(Date of earliest event reported)
___________________________________________________________
Image_1.jpg
GENWORTH FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Delaware
001-32195
80-0873306
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
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)
N/A
(Former name or former address, if changed since last report)
___________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
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. o On November 5, 2025, Genworth Financial, Inc. (the “Company”) issued (1) a press release announcing its financial results for the quarter ended September 30, 2025, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (2) a financial supplement for the quarter ended September 30, 2025, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.



Item 2.02 Results of Operations and Financial Condition.
The information contained in this Current Report on Form 8-K (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
The following materials are furnished as exhibits to this Current Report on Form 8-K:
Exhibit
Number
Description of Exhibit
99.1
99.2
104 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)



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 hereunto duly authorized.
GENWORTH FINANCIAL, INC.
Date: November 5, 2025
By: /s/ Darren W. Woodell
Darren W. Woodell
Vice President and Controller
(Principal Accounting Officer)

EX-99.1 2 quarterlyearningsrelease.htm EX-99.1 Document

Exhibit 99.1
pressreleaseimage1a.jpg
Genworth Financial Announces Third Quarter 2025 Results
Strategic Highlights
•Delivered 950 matches1 with home care providers in the CareScout Quality Network in the quarter with over 95% home care coverage of the aged 65-plus census population in the United States
•Acquired Seniorly in October, accelerating the expansion of CareScout into senior living communities
•Launched Care Assurance in October, CareScout’s inaugural standalone LTC2 product
•Announced new $350M share repurchase program; executed $76M in share repurchases in the quarter
•Continued progress on the LTC MYRAP3 with $44M of gross incremental premium approvals in the quarter; approximately $31.8B estimated net present value achieved since 2012 from IFAs4
Financial Highlights
•Net income5 of $116M, or $0.28 per diluted share, and adjusted operating income5,6 of $17M, or $0.046 per diluted share
•Enact reported adjusted operating income of $134M5; distributed $110M in capital returns to Genworth
•U.S. life insurance companies’ RBC7 ratio of 303%8, down slightly from the prior quarter
•Genworth holding company cash and liquid assets of $254M9 at quarter-end
Richmond, VA (November 5, 2025) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended September 30, 2025.
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“I’m proud of the significant progress we’ve made advancing Genworth’s strategic priorities,” said Tom McInerney, President & CEO. “We advanced the buildout of our CareScout growth platform with the launch of CareScout’s inaugural stand-alone long term care insurance product and the acquisition of Seniorly, helping more families understand, find and fund quality care. In addition, the Genworth Board authorized a new $350 million share repurchase program, reaffirming our commitment to returning capital to shareholders. Supported by Enact’s strong cash flows, we remain focused on delivering value to our shareholders and to the millions of families we serve.”
Consolidated Metrics
(Amounts in millions, except per share data)
Q3 2025 Q2 2025 Q3 2024
Net income5
$ 116  $ 51  $ 85 
Net income per diluted share5
$ 0.28  $ 0.12  $ 0.19 
Adjusted operating income5,6
$ 17  $ 68  $ 48 
Adjusted operating income per diluted share5,6
$ 0.04  $ 0.16  $ 0.11 
Weighted-average diluted shares 413.3 417.5 435.8
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Consolidated GAAP Financial Highlights
•Net income was driven by Enact, which had strong operating performance
•Net investment income, net of taxes, was $631 million in the quarter, down from $634 million in the prior quarter and up from $614 million in the prior year from higher income from limited partnerships
•Net investment gains, net of taxes, increased net income by $78 million in the quarter, compared with net investment losses of $22 million in the prior quarter and net investment gains of $52 million in the prior year. The investment gains in the current quarter were driven primarily by mark-to-market adjustments on limited partnerships and equity securities
•Current quarter net income included a $34 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets

Enact
GAAP Operating Metrics
(Dollar amounts in millions)
Q3 2025 Q2 2025 Q3 2024
Adjusted operating income5
$ 134  $ 141  $ 148 
Primary new insurance written $ 14,048  $ 13,254  $ 13,591 
Loss ratio 15 % 10 % 5 %
Equity10
$ 4,320  $ 4,244  $ 4,097 
•Results reflected a pre-tax reserve release of $45 million from favorable cure performance. The prior quarter and prior year included pre-tax reserve releases of $48 million and $65 million, respectively
•Net investment income of $68 million was up from $62 million in the prior year from higher yields and higher invested assets
•Primary insurance in-force increased 2% versus the prior year to $272.3 billion driven by new insurance written (NIW) and continued elevated persistency
•Primary NIW was up 6% from the prior quarter primarily from seasonal trends and up 3% from the prior year
Capital Metric Q3 2025 Q2 2025 Q3 2024
PMIERs Sufficiency Ratio8,11
162 % 165 % 173 %
•Enact entered into a quota share reinsurance agreement and in October announced an excess of loss reinsurance agreement, both covering the 2027 book year
•Enact closed a new $435 million revolving credit facility
•Enact paid a quarterly dividend of $0.21 per share
•Estimated PMIERs sufficiency ratio of 162%, $1,904 million above requirements
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Long-Term Care Insurance
GAAP Operating Metrics
(Amounts in millions)
Q3 2025 Q2 2025 Q3 2024
Adjusted operating loss $ (100) $ (37) $ (46)
Premiums $ 597  $ 578  $ 581 
Net investment income $ 505  $ 516  $ 483 
Liability remeasurement gains (losses) $ (113) $ (50) $ (28)
Cash flow assumption updates (6) (8) 63 
Actual variances from expected experience (107) (42) (91)
•Premiums increased primarily driven by IFAs, partially offset by policy terminations
•Net investment income increased versus the prior year and decreased versus the prior quarter from limited partnership income
•The liability remeasurement loss in all periods included unfavorable actual variances from expected experience primarily from lower terminations and higher benefit utilization
•Prior quarter liability remeasurement loss also included a $26 million pre-tax gain from a third-party reinsurance recapture of a block of LTC policies previously assumed by Genworth
•Prior year liability remeasurement loss included a favorable cash flow assumption update largely related to higher approval amounts of certain IFAs

Life and Annuities
GAAP Adjusted Operating Income (Loss)
(Amounts in millions)
Q3 2025 Q2 2025 Q3 2024
Life Insurance $ (15) $ (20) $ (40)
Annuities 19  13  13 
Total Life and Annuities $ $ (7) $ (27)
Life Insurance
•Results reflected mortality experience that was favorable versus the prior quarter and prior year
Annuities
•Results included favorable mortality, partially offset by lower spread income from block runoff

Corporate and Other
•The current quarter adjusted operating loss was $21 million, down from $29 million in the prior quarter and $27 million in the prior year primarily driven by a $7 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets in the current quarter

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U.S. Life Insurance Companies12 Statutory Results8 and RBC8
(Dollar amounts in millions) Q3 2025 Q2 2025 Q3 2024
Statutory pre-tax income (loss)8,13
$ (12) $ 81  $ (18)
Long-Term Care Insurance (75) (26) (9)
Life Insurance (2) 18  (29)
Annuities 65  89  20 
GLIC Consolidated RBC Ratio7,8
303 % 304 % 317 %
•Statutory pre-tax loss was $12 million in the current quarter
•LTC continued to benefit from premium increases and benefit reductions from IFAs, though lower than the prior year as the Choice II legal settlement is complete, which provided a benefit of $88 million. Results reflected lower income from limited partnerships and higher claims, partially offset by higher claim terminations than the prior quarter. The prior quarter also included a pre-tax gain of $11 million from a third-party reinsurance recapture
•Life insurance results included unfavorable seasonal impacts versus the prior quarter, though improved from the prior year with favorable mortality experience and the net favorable impacts from block runoff
•Annuity results reflected favorable net equity market and interest rate impacts and mortality
•Current quarter estimated GLIC consolidated RBC ratio was 303%, down slightly from the prior quarter driven by the pre-tax loss, mostly offset by unrealized investment gains

Holding Company Cash and Liquid Assets
(Amounts in millions) Q3 2025 Q2 2025 Q3 2024
Holding Company Cash and Liquid Assets9,14
$ 254  $ 248  $ 369 
•Cash and liquid assets were $254 million at the end of the current quarter, including approximately $145 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries
•Cash inflows during the current quarter included $110 million from Enact capital returns and $58 million from net intercompany tax payments
•Current quarter cash outflows included $81 million capital investment for CareScout Insurance to support the launch of its inaugural LTC product, $74 million15 in share repurchases and $7 million related to debt servicing costs

Capital Allocation and Shareholder Returns
•Announced new $350 million share repurchase authorization and executed $76 million in share repurchases in the quarter at an average price of $8.44 per share
•Executed $696 million in share repurchases since the program’s inception through September 30, 2025 at an average price of $5.98 per share
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About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a publicly traded holding company headquartered in Richmond, Virginia. Through its family of brands—including CareScout, Genworth, and Enact—Genworth uses its more than 150 years of experience to help families navigate the aging journey with clarity and confidence, offering guidance, products, and services that support caregiving decisions, long-term care planning, and the financial challenges of aging. Genworth is the majority owner of Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information, visit https://www.genworth.com.

Conference Call Information
Investors are encouraged to read this press release, summary presentation and financial supplement which are now posted on the company’s website, https://investor.genworth.com.
Genworth will conduct a conference call on November 6, 2025 at 10:00 a.m. (ET) to discuss its third quarter results, which will be accessible via:
•Telephone: 800-330-6710 or 213-279-1505 (outside the U.S.); conference ID # 2260685; or
•Webcast: https://investor.genworth.com/news-events/ir-calendar
Allow at least 15 minutes prior to the call time to register for the call. A replay of the webcast will be available on the company’s website for one year.
Prior to Genworth’s conference call, Enact will hold a conference call on November 6, 2025 at 8:00 a.m. (ET) to discuss its third quarter results, which will be accessible via:
•Telephone: Click here to obtain a dial-in number and unique PIN for Enact’s live question and answer session; or
•Webcast: https://ir.enactmi.com/news-and-events/events
Allow at least 15 minutes prior to the call time to register for the call.
Contact Information:
Investors: Christine Jewell
InvestorInfo@genworth.com
Media:
Evans Mandes
Evans.Mandes@genworth.com
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Use of Non-GAAP Measures
Management evaluates performance and allocates resources based on a non-GAAP financial measure entitled “adjusted operating income (loss).” Management 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. The company’s legacy U.S. life insurance subsidiaries, which comprise the Long-Term Care Insurance and Life and Annuities segments, are managed on a standalone basis; therefore, the company does not allocate capital to its Long-Term Care Insurance and Life and Annuities segments.
The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits 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 the company’s net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations. The company excludes net investment gains (losses), changes in fair value of market risk benefits 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 the company’s opinion, they are not indicative of overall operating performance.
While some of these items may be significant components of net income (loss) determined in accordance with GAAP, the company believes 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 GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% current tax rate, plus any associated deferred taxes, and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments.
The table at the end of this press release provides a reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income for the three months ended September 30, 2025 and 2024, as well as the three months ended June 30, 2025 and reflect adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.
Statutory Accounting Data
The company presents certain supplemental statutory data for GLIC and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and GAAP, the values for assets, liabilities and equity, and the recognition of income and expenses, reflected in financial statements prepared in accordance with GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to, or used in lieu of, GAAP.
This supplemental statutory data includes the company action level RBC ratio for GLIC and its consolidating life insurance subsidiaries as well as combined statutory pre-tax earnings from the principal U.S. life insurance companies, GLIC, GLAIC and GLICNY. Statutory pre-tax earnings represent the net gain from operations, including the impact from in-force rate actions, before dividends to policyholders, refunds to members and federal income taxes and before realized capital gains or (losses). The combined product level statutory pre-tax earnings are grouped on a consistent basis as those provided on page six of the statutory Annual Statements. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of, among other things, statutory pre-tax earnings and the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance companies with internally generated capital.

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Cautionary Note Regarding Forward-Looking Statements
This press release 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 the company’s future business and financial performance. Examples of forward-looking statements include statements the company makes 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 the company’s long-term care insurance multi-year in-force rate action plan; planned investments in and the company’s outlook for new lines of business or new insurance and other products and services, such as those it is pursuing with its CareScout business (CareScout), including through its CareScout services business (CareScout Services) and its CareScout insurance business (CareScout Insurance); the expected benefits and/or synergies of the Seniorly, Inc. (Seniorly) acquisition; future insurance offerings 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 the company’s long-term care insurance business; the resolution of the appeal or any potential litigation recovery amounts in connection with the AXA S.A. (AXA) and Santander Cards UK Limited (Santander) litigation, and 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 the company’s businesses; and statements the company makes 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 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, including reviews the company expects to complete in the fourth quarter of 2025);
•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 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, including the U.S. government shutdown; an increase in the cost of care impacting the company’s 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;
7


•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.

The company provides additional information regarding these risks and uncertainties in its Annual Report on Form 10-K. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Accordingly, for the foregoing reasons, the company cautions the reader against relying on any forward-looking statements. The company undertakes 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.
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Condensed Consolidated Statements of Income
(Amounts in millions, except per share amounts)
(Unaudited)
Three months ended September 30, Three months ended June 30, 2025
2025 2024
Revenues:
Premiums $ 886  $ 874  $ 865 
Net investment income 799  777  802 
Net investment gains (losses) 99  66  (28)
Policy fees and other income 151  163  157 
Total revenues 1,935  1,880  1,796 
Benefits and expenses:
Benefits and other changes in policy reserves 1,227  1,213  1,195 
Liability remeasurement (gains) losses 106  34  60 
Changes in fair value of market risk benefits and associated hedges (1) 21  (10)
Interest credited 96  102  94 
Acquisition and operating expenses, net of deferrals 259  259  249 
Amortization of deferred acquisition costs and intangibles 57  62  57 
Interest expense 27  28  26 
Total benefits and expenses 1,771  1,719  1,671 
Income from continuing operations before income taxes 164  161  125 
Provision for income taxes 40  35 
Income from continuing operations 155  121  90 
Loss from discontinued operations, net of taxes (8) (3) (7)
Net income 147  118  83 
Less: net income attributable to noncontrolling interests 31  33  32 
Net income available to Genworth Financial, Inc.’s common stockholders $ 116  $ 85  $ 51 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic $ 0.30  $ 0.20  $ 0.14 
Diluted $ 0.30  $ 0.20  $ 0.14 
Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic $ 0.29  $ 0.20  $ 0.12 
Diluted $ 0.28  $ 0.19  $ 0.12 
Weighted-average common shares outstanding:
Basic 408.0 430.8 413.2
Diluted 413.3 435.8 417.5
9


Reconciliation of Net Income to Adjusted Operating Income
(Amounts in millions, except per share amounts)
(Unaudited)
Three months ended September 30, Three months ended June 30, 2025
2025 2024
Net income available to Genworth Financial, Inc.’s common stockholders $ 116  $ 85  $ 51 
Add: net income attributable to noncontrolling interests 31  33  32 
Net income 147  118  83 
Less: loss from discontinued operations, net of taxes (8) (3) (7)
Income from continuing operations 155  121  90 
Less: net income from continuing operations attributable to noncontrolling interests 31  33  32 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders 124  88  58 
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses, net16
(99) (66) 27 
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges17
(3) 17  (15)
(Gains) losses on early extinguishment of debt, net —  (2) — 
Expenses related to restructuring —  — 
Taxes on adjustments18
(6) 11  (2)
Adjusted operating income $ 17  $ 48  $ 68 
Adjusted operating income (loss):
Enact segment $ 134  $ 148  $ 141 
Long-Term Care Insurance segment (100) (46) (37)
Life and Annuities segment:
Life Insurance (15) (40) (20)
Fixed Annuities 10 
Variable Annuities
Total Life and Annuities segment (27) (7)
Corporate and Other (21) (27) (29)
Adjusted operating income $ 17  $ 48  $ 68 
Net income available to Genworth Financial, Inc.’s common stockholders per share:
Basic $ 0.29  $ 0.20  $ 0.12 
Diluted $ 0.28  $ 0.19  $ 0.12 
Adjusted operating income per share:
Basic $ 0.04  $ 0.11  $ 0.16 
Diluted $ 0.04  $ 0.11  $ 0.16 
Weighted-average common shares outstanding:
Basic 408.0 430.8 413.2
Diluted 413.3 435.8 417.5
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Footnote Definitions
1A match is identified when CareScout validates and approves an invoice from a CareScout Quality Network provider that demonstrates a CareScout member has received services for the first time, and the appropriate discount was applied.
2Long-term care insurance.
3Multi-year rate action plan.
4In-force rate actions.
5All references reflect amounts available to Genworth’s common stockholders.
6This 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.
7Risk-based capital ratio based on company action level for Genworth Life Insurance Company (GLIC) consolidated.
8Company estimate for the third quarter of 2025 due to timing of the preparation and filing of the statutory financial statement(s).
9Includes approximately $145 million, $128 million and $162 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
10Reflects Genworth’s ownership of equity including accumulated other comprehensive income (loss) and excluding noncontrolling interests of $1,009 million, $991 million and $944 million as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
11The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs.
12Genworth’s principal U.S. life insurance companies: GLIC, Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY).
13Net gain (loss) 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).
14Holding 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.
15Excludes $2 million of share repurchases settled subsequent to the third quarter of 2025.
16Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for the three months ended June 30, 2025.
17Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(2) million and $(4) million for the three months ended September 30, 2025 and 2024, respectively, and $(5) million for the three months ended June 30, 2025.
18The three months ended September 30, 2025 included a $27 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets.

11
EX-99.2 3 final3q25quarterlyfinanc.htm EX-99.2 final3q25quarterlyfinanc
September 30, 2025 Third Quarter Financial Supplement Exhibit 99.2


 
Table of Contents Page Investor Letter.............................................................................................................................................................................................................................. 3 Use of Non-GAAP Measures...................................................................................................................................................................................................... 4 Results of Operations and Selected Operating Performance Measures...................................................................................................................................... 5 Financial Highlights..................................................................................................................................................................................................................... 6 Consolidated Quarterly Results Consolidated Net Income (Loss) by Quarter............................................................................................................................................................................... 8 Reconciliation of Net Income (Loss) to Adjusted Operating Income......................................................................................................................................... 9 Consolidated Balance Sheets....................................................................................................................................................................................................... 10-11 Consolidated Balance Sheets by Segment................................................................................................................................................................................... 12-13 Quarterly Results by Business Adjusted Operating Income and Selected Operating Metrics - Enact Segment.......................................................................................................................... 15-16 Adjusted Operating Income (Loss) and Statutory Impact of In-Force Rate Actions - Long-Term Care Insurance Segment..................................................... 18-19 Adjusted Operating Income (Loss) - Life and Annuities Segment.............................................................................................................................................. 21-24 Adjusted Operating Loss - Corporate and Other......................................................................................................................................................................... 26 Additional Financial Data Investments Summary.................................................................................................................................................................................................................. 28 Fixed Maturity Securities Summary............................................................................................................................................................................................ 29 U.S. GAAP Net Investment Income Yields................................................................................................................................................................................ 30 Net Investment Gains (Losses) - Detail....................................................................................................................................................................................... 31 Reconciliations of Non-GAAP Measures Reconciliation of Operating Return On Equity (ROE)................................................................................................................................................................ 33 Reconciliation of Consolidated Expense Ratio............................................................................................................................................................................ 34 Reconciliation of Reported Yield to Core Yield.......................................................................................................................................................................... 35 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 2 Note: Unless otherwise stated, all references in this financial supplement to income (loss) from continuing operations, income (loss) from continuing operations per share, net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share, book value and book value per share should be read as income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders, income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share, net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, non-U.S. Generally Accepted Accounting Principles (U.S. GAAP) adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, non-GAAP adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share, book value available to Genworth Financial, Inc.’s common stockholders and book value available to Genworth Financial, Inc.’s common stockholders per share, respectively.


 
Investors are encouraged to listen to the company’s earnings call on the third quarter 2025 results at 10:00 a.m. (ET) on November 6, 2025. The company’s conference call will be accessible via telephone and internet. The dial-in number for Genworth’s November 6 conference call is 800-330-6710 or 213-279-1505 (outside the U.S.); conference ID #2260685. To participate in the call by webcast, register at least 15 minutes in advance at https://investor.genworth.com. Dear Investor, Thank you for your continued interest in Genworth Financial, Inc. Please see the accompanying press release and summary presentation posted to the company’s website at https://investor.genworth.com for additional information regarding its third quarter 2025 earnings results. Regards, Christine Jewell Investor Relations InvestorInfo@genworth.com GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 3


 
GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 4 Use of Non-GAAP Measures Management evaluates performance and allocates resources based on a non-GAAP financial measure entitled “adjusted operating income (loss).” Management 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. The company’s legacy U.S. life insurance subsidiaries, which comprise the Long-Term Care Insurance and Life and Annuities segments, are managed on a standalone basis; therefore, the company does not allocate capital to its Long-Term Care Insurance and Life and Annuities segments. The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits 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 the company’s net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to the company’s discretion and are influenced by market opportunities, as well as asset- liability matching considerations. The company excludes net investment gains (losses), changes in fair value of market risk benefits 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 the company’s opinion, they are not indicative of overall operating performance. While some of these items may be significant components of net income (loss) determined in accordance with U.S. GAAP, the company believes that adjusted operating income (loss), and measures that are derived from or incorporate adjusted operating income (loss), 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, the company’s 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% current tax rate, plus any associated deferred taxes, and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. The table on page 9 of this financial supplement provides a reconciliation of net income (loss) to adjusted operating income for the periods presented and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting. This financial supplement includes other non-GAAP measures management believes enhances the understanding and comparability of performance by highlighting underlying business activity and profitability drivers. These additional non-GAAP measures are on pages 33 to 35 of this financial supplement. Statutory Accounting Data The company presents certain supplemental statutory data for Genworth Life Insurance Company (GLIC) and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and U.S. GAAP, the values for assets, liabilities and equity, and the recognition of income and expenses, reflected in financial statements prepared in accordance with U.S. GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to, or used in lieu of, U.S. GAAP. This supplemental statutory data includes the impact from in-force rate actions on pre-tax long-term care insurance statutory earnings. Statutory pre-tax earnings represent the net gain from operations, including the impact from in-force rate actions, before dividends to policyholders, refunds to members and federal income taxes and before realized capital gains or (losses). Management uses and provides this supplemental statutory data because it believes it provides a useful measure of, among other things, statutory pre-tax earnings and the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance companies with internally generated capital.


 
GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 5 Results of Operations and Selected Operating Performance Measures The company allocates tax to its businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances, it is appropriate to record the actual effective tax rate for the period if a reliable estimate cannot be made for the full year. For the three months ended September 30, 2025, June 30, 2025, March 31, 2025, September 30, 2024 and June 30, 2024, the company utilized the actual effective tax rate for the interim period to record the provision for income taxes for its Long-Term Care Insurance and Life and Annuities segments and the annualized projected effective tax rate for its Enact segment and Corporate and Other. For the three months ended March 31, 2024, the company used the annualized projected effective tax rate for all segments and Corporate and Other. This financial supplement contains selected operating performance measures including “new insurance written,” “insurance in-force” and “risk in-force,” which are commonly used in the insurance industry as measures of operating performance. Management regularly monitors and reports new insurance written for the company’s Enact segment as a measure of volume of new business generated in a period. The company considers new insurance written to be a measure of the operating performance of its Enact segment because it represents a measure of new sales of mortgage insurance policies during a specified period, rather than a measure of revenues or profitability during that period. Management also regularly monitors and reports insurance in-force and risk in-force for the company’s Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by the company’s U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. These metrics are presented on a direct basis and exclude reinsurance. The company considers insurance in-force and risk in-force to be measures of the operating performance of its Enact segment because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period. Management also regularly monitors and reports a loss ratio for the company’s Enact segment. The company considers 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 company believes the loss ratio helps to enhance the understanding of the operating performance of the Enact segment. These operating performance measures enable the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.


 
September 30, June 30, March 31, December 31, September 30, Balance Sheet Data 2025 2025 2025 2024 2024 Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss) $ 10,207 $ 10,160 $ 10,131 $ 10,136 $ 10,182 Total accumulated other comprehensive income (loss)(1) (1,395) (1,372) (1,421) (1,642) (1,871) Total Genworth Financial, Inc.’s stockholders’ equity $ 8,812 $ 8,788 $ 8,710 $ 8,494 $ 8,311 Book value per share $ 21.88 $ 21.35 $ 20.94 $ 20.16 $ 19.40 Book value per share, excluding accumulated other comprehensive income (loss) $ 25.35 $ 24.68 $ 24.36 $ 24.05 $ 23.77 Common shares outstanding as of the balance sheet date 402.7 411.7 415.9 421.4 428.4 September 30, June 30, March 31, December 31, September 30, Twelve Month Rolling Average ROE 2025 2025 2025 2024 2024 U.S. GAAP Basis ROE 2.2 % 1.9 % 2.1 % 3.0 % 0.9 % Operating ROE(2) 1.5 % 1.8 % 2.4 % 2.7 % 0.3 % September 30, June 30, March 31, December 31, September 30, Quarterly Average ROE 2025 2025 2025 2024 2024 U.S. GAAP Basis ROE 4.6 % 2.0 % 2.1 % — % 3.3 % Operating ROE(2) 0.7 % 2.7 % 1.5 % 0.6 % 1.9 % Three months ended Nine months ended Basic and Diluted Shares September 30, 2025 September 30, 2025 Weighted-average common shares used in basic earnings per share calculations 408.0 413.2 Potentially dilutive securities: Performance stock units, restricted stock units and other equity-based awards 5.3 4.7 Weighted-average common shares used in diluted earnings per share calculations 413.3 417.9 Three months ended Twelve months ended GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Financial Highlights (amounts in millions, except per share data) 6 (1)As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, total accumulated other comprehensive income (loss) includes $143 million, $770 million, $704 million, $1,023 million and $(1,341) million, net of taxes, respectively, related to changes in the discount rate used to remeasure the liability for future policy benefits and related reinsurance recoverables. (2)See page 33 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.


 
Consolidated Quarterly Results 7


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 886 $ 865 $ 862 $ 2,613 $ 876 $ 874 $ 855 $ 875 $ 3,480 799 802 739 2,340 793 777 808 782 3,160 99 (28) 27 98 (41) 66 (61) 49 13 151 157 158 466 154 163 167 158 642 1,935 1,796 1,786 5,517 1,782 1,880 1,769 1,864 7,295 1,227 1,195 1,217 3,639 1,199 1,213 1,151 1,203 4,766 106 60 4 170 88 34 39 (8) 153 (1) (10) 18 7 (3) 21 (8) (23) (13) 96 94 99 289 101 102 125 125 453 259 249 236 744 253 259 229 236 977 57 57 60 174 62 62 60 65 249 27 26 26 79 27 28 30 30 115 1,771 1,671 1,660 5,102 1,727 1,719 1,626 1,628 6,700 164 125 126 415 55 161 143 236 595 9 35 36 80 20 40 32 66 158 155 90 90 335 35 121 111 170 437 (8) (7) (5) (20) (5) (3) (1) (1) (10) 147 83 85 315 30 118 110 169 427 31 32 31 94 31 33 34 30 128 $ 116 $ 51 $ 54 $ 221 $ (1) $ 85 $ 76 $ 139 $ 299 Basic $ 0.30 $ 0.14 $ 0.14 $ 0.58 $ 0.01 $ 0.20 $ 0.18 $ 0.32 $ 0.71 Diluted $ 0.30 $ 0.14 $ 0.14 $ 0.58 $ 0.01 $ 0.20 $ 0.17 $ 0.31 $ 0.70 Basic $ 0.29 $ 0.12 $ 0.13 $ 0.54 $ 0.00 $ 0.20 $ 0.17 $ 0.31 $ 0.69 Diluted $ 0.28 $ 0.12 $ 0.13 $ 0.53 $ 0.00 $ 0.19 $ 0.17 $ 0.31 $ 0.68 Basic 408.0 413.2 418.3 413.2 425.3 430.8 436.4 443.0 433.9 Diluted 413.3 417.5 422.9 417.9 431.0 435.8 440.7 450.3 439.4 2024 Total revenues Policy fees and other income REVENUES: Premiums Net investment gains (losses) Net investment income 2025 BENEFITS AND EXPENSES: Benefits and other changes in policy reserves Changes in fair value of market risk benefits and associated hedges Liability remeasurement (gains) losses Acquisition and operating expenses, net of deferrals Interest credited Amortization of deferred acquisition costs and intangibles Interest expense INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Total benefits and expenses INCOME FROM CONTINUING OPERATIONS Provision for income taxes Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share Weighted-average common shares outstanding Loss from discontinued operations, net of taxes(1) NET INCOME Less: net income attributable to noncontrolling interests Income from continuing operations available to Genworth Financial, Inc.’s common Earnings Per Share Data: GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Consolidated Net Income (Loss) by Quarter (amounts in millions, except per share amounts) 8 (1)Loss from discontinued operations primarily relates to legal costs related to litigation involving the company’s former lifestyle protection insurance business. NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS stockholders per share


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 116 $ 51 $ 54 $ 221 $ (1) $ 85 $ 76 $ 139 $ 299 31 32 31 94 31 33 34 30 128 147 83 85 315 30 118 110 169 427 (8) (7) (5) (20) (5) (3) (1) (1) (10) 155 90 90 335 35 121 111 170 437 31 32 31 94 31 33 34 30 128 124 58 59 241 4 88 77 140 309 (99) 27 (28) (100) 39 (66) 60 (50) (17) (3) (15) 19 1 (24) 17 (10) (26) (43) — — — — (2) (2) 7 (1) 2 1 — (1) — 1 — 4 7 12 (6) (2) 2 (6) (3) 11 (13) 15 10 $ 17 $ 68 $ 51 $ 136 $ 15 $ 48 $ 125 $ 85 $ 273 $ 134 $ 141 $ 137 $ 412 $ 137 $ 148 $ 165 $ 135 $ 585 (100) (37) (30) (167) (104) (46) (29) 3 (176) (15) (20) (44) (79) 2 (40) (23) (33) (94) 10 8 4 22 1 6 12 11 30 9 5 7 21 2 7 10 7 26 4 (7) (33) (36) 5 (27) (1) (15) (38) (21) (29) (23) (73) (23) (27) (10) (38) (98) $ 17 $ 68 $ 51 $ 136 $ 15 $ 48 $ 125 $ 85 $ 273 Basic $ 0.29 $ 0.12 $ 0.13 $ 0.54 $ — $ 0.20 $ 0.17 $ 0.31 $ 0.69 Diluted $ 0.28 $ 0.12 $ 0.13 $ 0.53 $ — $ 0.19 $ 0.17 $ 0.31 $ 0.68 Basic $ 0.04 $ 0.16 $ 0.12 $ 0.33 $ 0.04 $ 0.11 $ 0.29 $ 0.19 $ 0.63 Diluted $ 0.04 $ 0.16 $ 0.12 $ 0.33 $ 0.04 $ 0.11 $ 0.28 $ 0.19 $ 0.62 Basic 408.0 413.2 418.3 413.2 425.3 430.8 436.4 443.0 433.9 Diluted 413.3 417.5 422.9 417.9 431.0 435.8 440.7 450.3 439.4 (4)The three and nine months ended September 30, 2025 include a $27 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets. 2024 INCOME FROM CONTINUING OPERATIONS Less: loss from discontinued operations, net of taxes NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS NET INCOME Add: net income attributable to noncontrolling interests 2025 Less: net income from continuing operations attributable to noncontrolling interests INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH COMMON STOCKHOLDERS Net investment (gains) losses, net(1) FINANCIAL, INC.’S COMMON STOCKHOLDERS: Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(2) (Gains) losses on early extinguishment of debt, net(3) Taxes on adjustments(4) Expenses related to restructuring ADJUSTED OPERATING INCOME (LOSS): ADJUSTED OPERATING INCOME Enact segment Long-Term Care Insurance segment Life Insurance Life and Annuities segment: Variable Annuities Fixed Annuities Total Life and Annuities segment Corporate and Other Earnings Per Share Data: ADJUSTED OPERATING INCOME (3)(Gains) losses on early extinguishment of debt are net of the portion attributable to noncontrolling interests of $2 million for the three months ended June 30, 2024. Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share Adjusted operating income per share Weighted-average common shares outstanding (1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests (see page 31 for reconciliation). (2)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments (see page 21 for reconciliation). GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Reconciliation of Net Income (Loss) to Adjusted Operating Income (amounts in millions, except per share amounts) 9


 
September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 $ 46,110 $ 45,672 $ 45,668 $ 44,902 $ 47,342 546 516 496 515 458 6,374 6,390 6,356 6,450 6,570 (59) (56) (36) (39) (38) Commercial mortgage loans, net 6,315 6,334 6,320 6,411 6,532 2,311 2,366 2,316 2,310 2,316 3,473 3,337 3,241 3,142 3,100 658 643 653 648 772 Total investments 59,413 58,868 58,694 57,928 60,520 2,036 1,797 1,891 2,048 2,057 589 556 639 607 592 1,632 1,680 1,729 1,779 1,831 184 185 193 197 197 17,935 17,662 17,744 17,679 18,626 (23) (23) (25) (24) (27) 17,912 17,639 17,719 17,655 18,599 421 479 489 444 443 1,788 1,680 1,663 1,718 1,846 62 58 47 57 52 4,449 4,394 4,192 4,438 4,623 Total assets $ 88,486 $ 87,336 $ 87,256 $ 86,871 $ 90,760 Commercial mortgage loans Equity securities, at fair value Fixed maturity securities available-for-sale, at fair value(1) ASSETS Investments: Limited partnerships Policy loans Less: Allowance for credit losses Other invested assets Cash, cash equivalents and restricted cash Accrued investment income Reinsurance recoverable Less: Allowance for credit losses Intangible assets Deferred acquisition costs Market risk benefit assets Deferred tax asset Reinsurance recoverable, net Other assets Separate account assets GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Consolidated Balance Sheets (amounts in millions) 10 (1)Amortized cost of $48,379 million, $48,684 million, $48,837 million, $48,720 million and $48,961 million as of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively and allowance for credit losses of $28 million, $25 million, $14 million, $10 million and $— as of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.


 
September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 $ 55,364 $ 54,111 $ 54,158 $ 53,610 $ 57,303 14,039 14,163 14,447 14,594 14,864 429 453 516 465 532 710 763 698 670 655 96 101 108 115 121 2,056 2,052 1,933 2,026 1,859 1,520 1,520 1,519 1,518 1,548 4,449 4,394 4,192 4,438 4,623 2 — 4 4 — Total liabilities 78,665 77,557 77,575 77,440 81,505 1 1 1 1 1 11,879 11,871 11,862 11,875 11,868 143 770 704 1,023 (1,341) (1,538) (2,142) (2,125) (2,665) (530) (1,395) (1,372) (1,421) (1,642) (1,871) 1,731 1,615 1,565 1,511 1,512 (3,404) (3,327) (3,297) (3,251) (3,199) Total Genworth Financial, Inc.’s stockholders’ equity 8,812 8,788 8,710 8,494 8,311 1,009 991 971 937 944 Total equity 9,821 9,779 9,681 9,431 9,255 Total liabilities and equity $ 88,486 $ 87,336 $ 87,256 $ 86,871 $ 90,760 Liabilities: Liability for policy and contract claims Market risk benefit liabilities Policyholder account balances Future policy benefits LIABILITIES AND EQUITY Unearned premiums Other liabilities Long-term borrowings Separate account liabilities Equity: Common stock Liabilities related to discontinued operations(1) All other Change in the discount rate used to measure future policy benefits Accumulated other comprehensive income (loss): Additional paid-in capital Total accumulated other comprehensive income (loss) Retained earnings Treasury stock, at cost Noncontrolling interests GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Consolidated Balance Sheets (amounts in millions) 11 (1)Liabilities related to discontinued operations primarily relates to legal costs related to litigation involving the sale of the company’s former lifestyle protection insurance business.


 
Enact Long-Term Care Insurance Life and Annuities Corporate and Other(1) Total $ 6,691 $ 36,635 $ 17,231 $ 1,481 $ 62,038 57 800 945 14 1,816 4 7,522 10,386 — 17,912 123 1,697 274 115 2,209 — — 62 — 62 — — 4,449 — 4,449 Total assets $ 6,875 $ 46,654 $ 33,347 $ 1,610 $ 88,486 $ — $ 43,017 $ 12,347 $ — $ 55,364 — — 14,039 — 14,039 — — 429 — 429 572 — 132 6 710 96 — — — 96 134 1,091 271 560 2,056 744 — — 776 1,520 — — 4,449 — 4,449 — — — 2 2 Total liabilities 1,546 44,108 31,667 1,344 78,665 4,354 2,730 2,447 676 10,207 (34) (184) (767) (410) (1,395) 4,320 2,546 1,680 266 8,812 1,009 — — — 1,009 5,329 2,546 1,680 266 9,821 $ 6,875 $ 46,654 $ 33,347 $ 1,610 $ 88,486 ASSETS Deferred acquisition costs and intangible assets Reinsurance recoverable, net Cash and investments September 30, 2025 Separate account assets Deferred tax and other assets Market risk benefit assets LIABILITIES AND EQUITY Liabilities: Future policy benefits Policyholder account balances Unearned premiums Other liabilities Liability for policy and contract claims Market risk benefit liabilities Liabilities associated with discontinued operations Borrowings Separate account liabilities Equity: Allocated equity, excluding accumulated other comprehensive income (loss) (1)Includes inter-segment eliminations and other businesses that are not individually reportable, including start-up businesses that offer fee-based services, advice, consulting and other aging care services, as well as long- term care insurance products, through the company’s CareScout business (“CareScout”), and certain international businesses. Allocated accumulated other comprehensive income (loss) Total Genworth Financial, Inc.’s stockholders’ equity Total liabilities and equity Total equity Noncontrolling interests GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Consolidated Balance Sheet by Segment (amounts in millions) 12


 
Enact Long-Term Care Insurance Life and Annuities Corporate and Other(1) Total $ 6,589 $ 36,013 $ 17,281 $ 1,338 $ 61,221 55 814 982 14 1,865 3 7,313 10,323 — 17,639 130 1,585 317 127 2,159 — — 58 — 58 — — 4,394 — 4,394 Total assets $ 6,777 $ 45,725 $ 33,355 $ 1,479 $ 87,336 $ — $ 41,800 $ 12,311 $ — $ 54,111 — — 14,163 — 14,163 — — 453 — 453 552 — 203 8 763 101 — — — 101 145 1,138 297 472 2,052 744 — — 776 1,520 — — 4,394 — 4,394 — — — — — Total liabilities 1,542 42,938 31,821 1,256 77,557 4,329 2,668 2,440 723 10,160 (85) 119 (906) (500) (1,372) 4,244 2,787 1,534 223 8,788 991 — — — 991 5,235 2,787 1,534 223 9,779 $ 6,777 $ 45,725 $ 33,355 $ 1,479 $ 87,336 ASSETS Deferred acquisition costs and intangible assets Reinsurance recoverable, net Cash and investments June 30, 2025 Separate account assets Deferred tax and other assets Market risk benefit assets LIABILITIES AND EQUITY Liabilities: Future policy benefits Policyholder account balances Unearned premiums Other liabilities Liability for policy and contract claims Market risk benefit liabilities Liabilities related to discontinued operations Borrowings Separate account liabilities Equity: Allocated equity, excluding accumulated other comprehensive income (loss) Allocated accumulated other comprehensive income (loss) Total Genworth Financial, Inc.’s stockholders’ equity Total liabilities and equity Total equity Noncontrolling interests GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Consolidated Balance Sheet by Segment (amounts in millions) 13 (1)Includes inter-segment eliminations and other businesses that are not individually reportable, including CareScout and certain international businesses.


 
14 Enact Segment


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 245 $ 245 $ 245 $ 735 $ 246 $ 249 $ 244 $ 241 $ 980 68 66 63 197 62 62 59 57 240 (2) (8) (3) (13) (7) (1) (8) (6) (22) 1 1 2 4 1 — 3 — 4 312 304 307 923 302 310 298 292 1,202 36 25 31 92 24 12 (17) 20 39 51 50 50 151 55 53 65 51 224 2 3 2 7 3 3 2 2 10 13 12 12 37 12 13 13 13 51 102 90 95 287 94 81 63 86 324 210 214 212 636 208 229 235 206 878 47 46 46 139 45 49 51 45 190 163 168 166 497 163 180 184 161 688 31 32 31 94 31 33 34 30 128 132 136 135 403 132 147 150 131 560 2 7 2 11 5 1 7 5 18 — — — — — — 9 — 9 1 (1) 1 1 1 — 3 — 4 (1) (1) (1) (3) (1) — (4) (1) (6) $ 134 $ 141 $ 137 $ 412 $ 137 $ 148 $ 165 $ 135 $ 585 $ 2 $ 8 $ 3 $ 13 $ 7 $ 1 $ 8 $ 6 $ 22 — (1) (1) (2) (2) — (1) (1) (4) $ 2 $ 7 $ 2 $ 11 $ 5 $ 1 $ 7 $ 5 $ 18 ADJUSTED OPERATING INCOME Net investment (gains) losses, gross (1)Net investment (gains) losses were adjusted for the portion of net investment gain (losses) attributable to noncontrolling interests as reconciled below: (2)(Gains) losses on early extinguishment of debt are net of the portion attributable to noncontrolling interests of $2 million for the three months ended June 30, 2024. Net investment (gains) losses, net Adjustment for net investment gains (losses) attributable to noncontrolling interests ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS: (Gains) losses on early extinguishment of debt, net(2) Net investment (gains) losses, net(1) Taxes on adjustments Expenses related to restructuring INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Provision for income taxes Less: net income attributable to noncontrolling interests INCOME FROM CONTINUING OPERATIONS GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS INCOME FROM CONTINUING OPERATIONS AVAILABLE TO BENEFITS AND EXPENSES: Benefits and other changes in policy reserves Amortization of deferred acquisition costs and intangibles Acquisition and operating expenses, net of deferrals Total benefits and expenses Interest expense 2025 2024 Total revenues Policy fees and other income REVENUES: Premiums Net investment gains (losses) Net investment income GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 15 Adjusted Operating Income—Enact Segment (amounts in millions)


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total Direct Primary New Insurance Written $ 14,048 $ 13,254 $ 9,818 $ 37,120 $ 13,266 $ 13,591 $ 13,619 $ 10,526 $ 51,002 Direct Primary Insurance In-Force $ 272,349 $ 269,754 $ 268,366 $ 268,825 $ 268,003 $ 266,060 $ 263,645 Direct Primary Risk In-Force $ 71,144 $ 70,401 $ 69,937 $ 69,985 $ 69,611 $ 68,878 $ 67,950 Primary Delinquencies 23,382 22,118 22,349 67,849 23,566 21,027 19,051 19,492 23,566 New Delinquencies 12,998 11,567 12,237 36,802 13,717 12,964 10,461 11,395 48,537 Paid Claims (253) (218) (179) (650) (191) (220) (160) (172) (743) Primary Cures(1) (11,481) (11,580) (13,275) (36,336) (10,987) (10,768) (10,742) (12,163) (44,660) Loss Ratio(2) 15 % 10 % 12 % 12 % 10 % 5 % (7)% 8 % 4 % Available Assets Above PMIERs Requirements(3) $ 1,904 $ 1,961 $ 1,966 $ 2,052 $ 2,190 $ 2,057 $ 1,883 PMIERs Sufficiency Ratio(3) 162 % 165 % 165 % 167 % 173 % 169 % 163 % Reserves: Direct primary case(4) $ 520 $ 500 $ 489 $ 472 $ 461 $ 462 $ 486 All other(4) 52 52 54 53 49 46 46 Total Reserves $ 572 $ 552 $ 543 $ 525 $ 510 $ 508 $ 532 2025 2024 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Selected Operating Metrics - Enact Segment (dollar amounts in millions) 16 (1)Includes rescissions and claim denials. The loss ratio is calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein. (3)The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing. (4)Direct primary case reserves exclude loss adjustment expenses (LAE), pool, incurred but not reported (IBNR) and reinsurance reserves. Other includes LAE, pool, IBNR and reinsurance reserves. For additional information related to the Enact segment, refer to the current quarter Quarterly Financial Supplement posted to the Enact Holdings, Inc. investor page: https://ir.enactmi.com/financials-and-filings/quarterly-results (2)


 
17 Long-Term Care Insurance Segment


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 597 $ 578 $ 571 $ 1,746 $ 587 $ 581 $ 564 $ 578 $ 2,310 505 516 451 1,472 499 483 494 464 1,940 104 25 29 158 (21) 71 (47) 63 66 Total revenues 1,206 1,119 1,051 3,376 1,065 1,135 1,011 1,105 4,316 972 951 944 2,867 955 949 934 936 3,774 113 50 (18) 145 117 28 43 (16) 172 118 115 109 342 121 118 82 102 423 17 16 17 50 17 17 18 17 69 1,220 1,132 1,052 3,404 1,210 1,112 1,077 1,039 4,438 (14) (13) (1) (28) (145) 23 (66) 66 (122) 4 4 6 14 (24) 13 — 14 3 (18) (17) (7) (42) (121) 10 (66) 52 (125) (104) (25) (29) (158) 21 (71) 47 (63) (66) — — — — — — — 1 1 22 5 6 33 (4) 15 (10) 13 14 $ (100) $ (37) $ (30) $ (167) $ (104) $ (46) $ (29) $ 3 $ (176) $ 6 $ 8 $ (1) $ 13 $ 20 $ (63) $ (24) $ (2) $ (69) 107 42 (17) 132 97 91 67 (14) 241 $ 113 $ 50 $ (18) $ 145 $ 117 $ 28 $ 43 $ (16) $ 172 0.27 % 0.11 % (0.04)% 0.34 % 0.28 % 0.07% 0.10% (0.04)% 0.41 % 2024 BENEFITS AND EXPENSES: Benefits and other changes in policy reserves REVENUES: Premiums Net investment gains (losses) Net investment income 2025 Liability remeasurement (gains) losses Amortization of deferred acquisition costs and intangibles Acquisition and operating expenses, net of deferrals Total benefits and expenses INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Provision (benefit) for income taxes INCOME (LOSS) FROM CONTINUING OPERATIONS Net investment (gains) losses ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: Taxes on adjustments Expenses related to restructuring Ratio of the liability remeasurement (gains) losses to beginning reserves(2) (1)In the fourth quarter of 2024, the liability remeasurement loss of $117 million in the company's long-term care insurance business included an unfavorable impact from annual cash flow assumption updates of $20 million, reflecting net unfavorable updates to healthy life assumptions to better align with near-term experience, as well as an unfavorable impact related to higher assumed benefit utilization related to cost of care inflation. These unfavorable impacts were partially offset by favorable assumption updates for future in-force rate action approvals based on recent experience and short-term incidence assumptions for incurred but not reported claims. Also included in the liability remeasurement loss of $117 million were unfavorable actual variances from expected experience of $97 million associated with lower terminations and higher claims. (2)The ratio of the liability remeasurement (gains) losses to beginning reserves is calculated by dividing the liability remeasurement (gains) losses by the beginning liability for future policy benefits at the locked-in discount rate as of each applicable quarter. ADJUSTED OPERATING INCOME (LOSS) Cash flow assumption updates Liability remeasurement (gains) losses(1): Total Actual variances from expected experience GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Adjusted Operating Income (Loss)—Long-Term Care Insurance Segment (amounts in millions) 18


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 256 $ 247 $ 240 $ 743 $ 245 $ 232 $ 220 $ 217 $ 914 81 95 97 273 97 90 102 114 403 — — 5 5 19 133 222 240 614 — — (2) (2) (6) (45) (99) (109) (259) — — 3 3 13 88 123 131 355 $ 337 $ 342 $ 340 $ 1,019 $ 355 $ 410 $ 445 $ 462 $ 1,672 2024 (1)Includes all implemented in-force rate actions since 2012. (2)Earned premium and reserve change estimates for statutory earnings reflect certain simplifying assumptions that may vary materially from actual historical results, including but not limited to, a uniform rate of coinsurance and premium taxes in addition to consistent policyholder behavior over time. Actual behavior may differ significantly from these assumptions and these impacts exclude reserve updates. Settlement impacts, net Settlement impacts - litigation expenses and settlement payments Statutory earnings from in-force rate actions Impact of in-force rate actions on pre-tax statutory earnings(1) Premiums, premium tax, commissions and other expenses, net(2) Settlement impacts - reserve changes Reserve changes(2) 2025 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Statutory Impact of In-Force Rate Actions—Long-Term Care Insurance Segment (amounts in millions) 19


 
20 Life and Annuities Segment


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 42 $ 39 $ 44 $ 125 $ 40 $ 42 $ 44 $ 53 $ 179 221 216 220 657 227 228 250 254 959 (11) (17) 1 (27) (8) (4) (4) (4) (20) 150 156 156 462 153 163 164 158 638 402 394 421 1,217 412 429 454 461 1,756 222 220 244 686 222 253 237 250 962 (7) 10 22 25 (29) 6 (4) 8 (19) (1) (10) 18 7 (3) 21 (8) (23) (13) 96 94 99 289 101 102 125 125 453 60 55 58 173 58 63 60 54 235 37 37 40 114 41 41 39 45 166 407 406 481 1,294 390 486 449 459 1,784 (5) (12) (60) (77) 22 (57) 5 2 (28) (2) (3) (13) (18) 4 (13) 1 — (8) (3) (9) (47) (59) 18 (44) 4 2 (20) 11 17 (1) 27 8 4 4 4 20 (3) (15) 19 1 (24) 17 (10) (26) (43) (1) — (4) (5) 3 (4) 1 5 5 $ 4 $ (7) $ (33) $ (36) $ 5 $ (27) $ (1) $ (15) $ (38) $ — $ — $ — $ — $ 27 $ — $ — $ — $ 27 (7) 10 22 25 (56) 6 (4) 8 (46) $ (7) $ 10 $ 22 $ 25 $ (29) $ 6 $ (4) $ 8 $ (19) $ (1) $ (10) $ 18 $ 7 $ (3) $ 21 $ (8) $ (23) $ (13) (2) (5) 1 (6) (21) (4) (2) (3) (30) $ (3) $ (15) $ 19 $ 1 $ (24) $ 17 $ (10) $ (26) $ (43) 2025 2024 Total revenues Policy fees and other income REVENUES: Premiums Net investment gains (losses) Net investment income BENEFITS AND EXPENSES: Benefits and other changes in policy reserves Changes in fair value of market risk benefits and associated hedges Liability remeasurement (gains) losses Acquisition and operating expenses, net of deferrals Interest credited Amortization of deferred acquisition costs and intangibles Provision (benefit) for income taxes INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Total benefits and expenses ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: INCOME (LOSS) FROM CONTINUING OPERATIONS Net investment (gains) losses Changes in fair value of market risk benefits attributable to interest rates, equity markets Taxes on adjustments and associated hedges(1) ADJUSTED OPERATING INCOME (LOSS) Liability remeasurement (gains) losses(2): Cash flow assumption updates Total Actual variances from expected experience (2)In the fourth quarter of 2024, the liability remeasurement gain of $29 million was primarily related to the company’s life insurance products, reflecting net favorable model and cash flow assumption updates of $30 million, partially offset by an unfavorable update to mortality assumptions for universal life insurance contracts originating from term life insurance conversions and unfavorable interest rate assumption updates. (1)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below: Changes in fair value of market risk benefits and associated hedges Adjustment for changes in reserves, attributed fees and benefit payments and associated hedges Changes in fair value of market risk benefits attributable to interest rates, equity markets GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Adjusted Operating Income (Loss)—Life and Annuities Segment (amounts in millions) 21


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 42 $ 39 $ 44 $ 125 $ 40 $ 42 $ 44 $ 53 $ 179 148 139 144 431 147 146 167 167 627 (3) (9) — (12) (3) (2) 5 5 5 123 130 129 382 125 135 136 129 525 310 299 317 926 309 321 352 354 1,336 186 183 201 570 187 213 200 208 808 — 9 25 34 (28) 5 — 11 (12) 75 73 77 225 78 78 101 99 356 39 36 36 111 38 41 43 35 157 32 33 34 99 35 36 33 38 142 332 334 373 1,039 310 373 377 391 1,451 (22) (35) (56) (113) (1) (52) (25) (37) (115) (4) (8) (12) (24) (1) (11) (5) (8) (25) (18) (27) (44) (89) — (41) (20) (29) (90) 3 9 — 12 3 2 (5) (5) (5) — (2) — (2) (1) (1) 2 1 1 $ (15) $ (20) $ (44) $ (79) $ 2 $ (40) $ (23) $ (33) $ (94) 2024 Total revenues Policy fees and other income REVENUES: Premiums Net investment gains (losses) Net investment income BENEFITS AND EXPENSES: Benefits and other changes in policy reserves Interest credited Liability remeasurement (gains) losses Amortization of deferred acquisition costs and intangibles Acquisition and operating expenses, net of deferrals Taxes on adjustments ADJUSTED OPERATING INCOME (LOSS) Total benefits and expenses LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES LOSS FROM CONTINUING OPERATIONS Benefit for income taxes Net investment (gains) losses ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS: GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Adjusted Operating Income (Loss)—Life and Annuities Segment—Life Insurance (amounts in millions) 22


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 67 $ 70 $ 70 $ 207 $ 73 $ 76 $ 77 $ 80 $ 306 (8) (8) 1 (15) (5) (2) (9) (9) (25) 1 1 2 4 2 1 2 2 7 60 63 73 196 70 75 70 73 288 30 30 34 94 30 34 33 36 133 (7) 1 (3) (9) (1) 1 (4) (3) (7) 2 (4) 9 7 (4) 8 (4) (7) (7) 20 20 21 61 22 23 23 25 93 11 9 12 32 10 12 9 8 39 2 2 2 6 2 2 2 3 9 58 58 75 191 59 80 59 62 260 2 5 (2) 5 11 (5) 11 11 28 — 1 — 1 2 (1) 3 2 6 2 4 (2) 4 9 (4) 8 9 22 8 8 (1) 15 5 2 9 9 25 2 (4) 9 7 (15) 9 (3) (7) (16) (2) — (2) (4) 2 (1) (2) — (1) $ 10 $ 8 $ 4 $ 22 $ 1 $ 6 $ 12 $ 11 $ 30 $ 2 $ (4) $ 9 $ 7 $ (4) $ 8 $ (4) $ (7) $ (7) — — — — (11) 1 1 — (9) $ 2 $ (4) $ 9 $ 7 $ (15) $ 9 $ (3) $ (7) $ (16) 2025 2024 Total revenues BENEFITS AND EXPENSES: REVENUES: Net investment income Policy fees and other income Net investment gains (losses) Benefits and other changes in policy reserves Liability remeasurement (gains) losses Interest credited Changes in fair value of market risk benefits and associated hedges Amortization of deferred acquisition costs and intangibles Acquisition and operating expenses, net of deferrals INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES INCOME (LOSS) FROM CONTINUING OPERATIONS Provision (benefit) for income taxes Total benefits and expenses Net investment (gains) losses ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: Adjustment for changes in reserves, attributed fees and benefit payments and associated hedges Changes in fair value of market risk benefits attributable to interest rates, equity markets (1)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below: Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(1) ADJUSTED OPERATING INCOME Taxes on adjustments Changes in fair value of market risk benefits and associated hedges GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Adjusted Operating Income—Life and Annuities Segment—Fixed Annuities (amounts in millions) 23


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 6 $ 7 $ 6 $ 19 $ 7 $ 6 $ 6 $ 7 $ 26 26 25 25 76 26 27 26 27 106 32 32 31 95 33 33 32 34 132 6 7 9 22 5 6 4 6 21 (3) (6) 9 — 1 13 (4) (16) (6) 1 1 1 3 1 1 1 1 4 10 10 10 30 10 10 8 11 39 3 2 4 9 4 3 4 4 15 17 14 33 64 21 33 13 6 73 15 18 (2) 31 12 — 19 28 59 2 4 (1) 5 3 (1) 3 6 11 13 14 (1) 26 9 1 16 22 48 (5) (11) 10 (6) (9) 8 (7) (19) (27) 1 2 (2) 1 2 (2) 1 4 5 $ 9 $ 5 $ 7 $ 21 $ 2 $ 7 $ 10 $ 7 $ 26 $ (3) $ (6) $ 9 $ — $ 1 $ 13 $ (4) $ (16) $ (6) (2) (5) 1 (6) (10) (5) (3) (3) (21) $ (5) $ (11) $ 10 $ (6) $ (9) $ 8 $ (7) $ (19) $ (27) 2025 2024 Benefits and other changes in policy reserves BENEFITS AND EXPENSES: REVENUES: Net investment income Policy fees and other income Total revenues Changes in fair value of market risk benefits and associated hedges Interest credited Amortization of deferred acquisition costs and intangibles Acquisition and operating expenses, net of deferrals Total benefits and expenses INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Provision (benefit) for income taxes INCOME (LOSS) FROM CONTINUING OPERATIONS Changes in fair value of market risk benefits attributable to interest rates, equity markets ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: and associated hedges (1)Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments as reconciled below: Taxes on adjustments and associated hedges(1) ADJUSTED OPERATING INCOME Changes in fair value of market risk benefits and associated hedges Changes in fair value of market risk benefits attributable to interest rates, equity markets Adjustment for changes in reserves, attributed fees and benefit payments GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Adjusted Operating Income—Life and Annuities Segment—Variable Annuities (amounts in millions) 24


 
25 Corporate and Other


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 2 $ 3 $ 2 $ 7 $ 3 $ 2 $ 3 $ 3 $ 11 5 4 5 14 5 4 5 7 21 8 (28) — (20) (5) — (2) (4) (11) 15 (21) 7 1 3 6 6 6 21 (3) (1) (2) (6) (2) (1) (3) (3) (9) 30 29 19 78 19 25 22 29 95 1 1 1 3 1 1 1 1 4 14 14 14 42 15 15 17 17 64 42 43 32 117 33 40 37 44 154 (27) (64) (25) (116) (30) (34) (31) (38) (133) (40) (12) (3) (55) (5) (9) (20) 7 (27) 13 (52) (22) (61) (25) (25) (11) (45) (106) (8) 28 — 20 5 — 2 4 11 — — — — (2) (2) (2) (1) (7) — 1 (2) (1) — — 1 6 7 (26) (6) 1 (31) (1) — — (2) (3) $ (21) $ (29) $ (23) $ (73) $ (23) $ (27) $ (10) $ (38) $ (98) Total benefits and expenses Taxes on adjustments(2) ADJUSTED OPERATING LOSS (1) Provision (benefit) for income taxes INOME (LOSS) FROM CONTINUING OPERATIONS Net investment (gains) losses ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS: Expenses related to restructuring (Gains) losses on early extinguishment of debt (2) Includes inter-segment eliminations and other businesses that are not individually reportable, including CareScout and certain international businesses. The three and nine months ended September 30, 2025 include a $27 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets. 2024 BENEFITS AND EXPENSES: Total revenues REVENUES: Premiums Net investment gains (losses) Net investment income Benefits and other changes in policy reserves Acquisition and operating expenses, net of deferrals Interest expense Amortization of deferred acquisition costs and intangibles LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Adjusted Operating Loss—Corporate and Other(1) (amounts in millions) 26


 
Additional Financial Data 27


 
Carrying Amount Carrying Amount Carrying Amount Carrying Amount Carrying Amount $ 26,839 45 % $ 26,326 43 % $ 26,470 43 % $ 26,159 44 % $ 27,750 45 % 11,305 18 11,341 19 11,166 18 10,882 18 11,369 18 1,059 2 1,044 2 911 2 811 1 860 1 1,346 2 1,331 2 1,309 2 1,293 2 1,360 2 2,035 3 2,026 3 2,134 4 2,120 4 2,137 3 2,145 3 2,135 4 2,169 4 2,149 4 2,266 4 1,381 2 1,469 2 1,509 2 1,488 2 1,600 3 477 1 447 1 415 1 429 1 422 1 69 — 69 — 81 — 86 — 36 — 6,315 10 6,334 10 6,320 11 6,411 11 6,532 10 2,311 4 2,366 4 2,316 4 2,310 4 2,316 4 3,473 6 3,337 6 3,241 5 3,142 5 3,100 5 2,062 3 1,808 3 1,895 3 2,052 3 2,059 3 Other invested assets: Derivatives: Interest rate swaps 17 — 16 — 23 — 18 — 60 — Foreign currency swaps 5 — 3 — 12 — 13 — 9 — Equity index options 19 — 17 — 12 — 19 — 21 — Forward bond purchase commitments 11 — 6 — 19 — 6 — 60 — Foreign currency forward contracts — — — — 1 — — — — — Other 580 1 590 1 582 1 588 1 620 1 $ 61,449 100 % $ 60,665 100 % $ 60,585 100 % $ 59,976 100 % $ 62,577 100 % NRSRO(2) Designation AAA $ 1,496 5 % $ 1,498 5 % $ 2,467 8 % $ 2,414 8 % $ 2,558 8 % AA 7,166 23 7,063 23 6,158 20 5,988 20 6,311 19 A 9,440 30 9,031 29 8,809 28 8,537 28 9,132 28 BBB 12,993 40 12,951 41 13,165 42 13,208 42 13,948 43 BB 476 2 488 2 477 2 476 2 562 2 B 34 — 46 — 27 — 27 — 28 — CCC and lower — — — — — — — — — — $ 31,605 100 % $ 31,077 100 % $ 31,103 100 % $ 30,650 100 % $ 32,539 100 % NRSRO(2) Designation AAA $ 599 4 % $ 652 4 % $ 766 5 % $ 777 5 % $ 828 6 % AA 1,600 11 1,580 11 1,506 10 1,527 11 1,555 11 A 4,410 31 4,310 30 4,136 28 4,015 28 4,165 28 BBB 7,025 49 7,118 49 7,152 50 6,948 49 7,245 48 BB 773 5 828 6 889 6 850 6 883 6 B 66 — 71 — 73 1 81 1 98 1 CCC and lower 17 — 21 — 28 — 39 — 14 — Not rated 15 — 15 — 15 — 15 — 15 — $ 14,505 100 % $ 14,595 100 % $ 14,565 100 % $ 14,252 100 % $ 14,803 100 % March 31, 2025 % of Total % of Total September 30, 2025 % of Total Private fixed maturity securities Residential mortgage-backed securities(1) Commercial mortgage-backed securities Other asset-backed securities June 30, 2025 Composition of Investment Portfolio Fixed maturity securities: Investment grade: Public Fixed Maturity Securities - Credit Quality: % of Total December 31, 2024 September 30, 2024 % of Total Commercial mortgage loans, net Policy loans Limited partnerships Cash, cash equivalents, restricted cash and short-term investments Total invested assets and cash State and political subdivisions Non-investment grade fixed maturity securities Equity securities: Common stocks and mutual funds Preferred stocks Public fixed maturity securities Total public fixed maturity securities Private Fixed Maturity Securities - Credit Quality: Total private fixed maturity securities GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Investments Summary (amounts in millions) 28 (1) (2) The company does not have any material exposure to residential mortgage-backed securities collateralized debt obligations (CDOs). Nationally Recognized Statistical Rating Organizations.


 
Fair Value Fair Value Fair Value Fair Value Fair Value $ 3,593 8 % $ 3,527 8 % $ 3,594 8 % $ 3,493 8 % $ 3,717 8 % 2,145 5 2,135 5 2,169 5 2,149 5 2,266 5 1,203 3 1,121 2 1,029 2 909 2 863 2 27,391 59 27,154 59 27,229 59 26,771 59 28,313 60 7,301 16 7,302 16 7,260 16 7,327 16 7,804 16 1,059 2 1,044 2 911 2 811 2 859 2 1,360 3 1,340 3 1,318 3 1,301 3 1,360 3 2,058 4 2,049 5 2,158 5 2,141 5 2,160 4 $ 46,110 100 % $ 45,672 100 % $ 45,668 100 % $ 44,902 100 % $ 47,342 100 % $ 8,675 25 % $ 8,587 25 % $ 8,532 25 % $ 8,546 26 % $ 9,089 25 % 5,149 15 5,043 15 4,991 15 4,899 14 5,189 14 3,292 10 3,265 10 3,253 9 3,167 9 3,436 10 4,928 15 4,871 14 4,884 15 4,822 14 5,100 14 1,375 4 1,403 4 1,474 4 1,471 4 1,556 4 2,876 8 2,818 8 2,791 8 2,699 8 2,755 8 1,653 5 1,641 5 1,679 5 1,689 5 1,802 5 3,365 9 3,345 9 3,365 9 3,268 10 3,454 10 1,508 4 1,495 4 1,502 4 1,485 4 1,538 4 688 2 697 2 700 2 744 2 780 2 33,509 97 33,165 96 33,171 96 32,790 96 34,699 96 128 — 135 — 140 1 139 — 185 1 49 — 69 — 73 — 76 1 80 — 126 — 129 — 163 1 151 1 167 1 127 — 137 1 123 — 121 — 134 — 228 1 249 1 258 1 256 1 270 1 136 1 143 1 133 — 135 — 138 — 144 — 166 — 166 — 149 1 160 — 184 1 206 1 181 1 181 — 182 1 — — — — 25 — 25 — 24 — 61 — 57 — 56 — 75 — 78 — 1,183 3 1,291 4 1,318 4 1,308 4 1,418 4 $ 34,692 100 % $ 34,456 100 % $ 34,489 100 % $ 34,098 100 % $ 36,117 100 % $ 1,648 4 % $ 1,481 3 % $ 1,413 3 % $ 1,419 3 % $ 1,311 3 % 8,309 18 8,573 19 8,474 19 7,895 18 8,238 17 11,230 24 11,040 24 11,132 24 11,431 25 11,895 26 20,446 45 20,145 44 20,262 44 19,904 44 21,519 45 41,633 91 41,239 90 41,281 90 40,649 90 42,963 91 4,477 9 4,433 10 4,387 10 4,253 10 4,379 9 $ 46,110 100 % $ 45,672 100 % $ 45,668 100 % $ 44,902 100 % $ 47,342 100 % June 30, 2025 % of Total Foreign government December 31, 2024 % of Total % of Total September 30, 2024 Fixed Maturity Securities - Security Sector: U.S. government, agencies and government-sponsored enterprises State and political subdivisions % of Total September 30, 2025 Corporate Bond Holdings - Industry Sector: Investment Grade: Finance and insurance Utilities U.S. corporate Foreign corporate Residential mortgage-backed securities Commercial mortgage-backed securities Other asset-backed securities Finance and insurance Utilities Energy % of Total March 31, 2025 Technology and communications Transportation Other Subtotal Non-Investment Grade: Energy Consumer - non-cyclical Consumer - cyclical Capital goods Industrial Total fixed maturity securities Consumer - non-cyclical Consumer - cyclical Capital goods Industrial Technology and communications Transportation Other Subtotal Total Fixed Maturity Securities - Contractual Maturity Dates: Mortgage and asset-backed securities Total fixed maturity securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Subtotal GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Fixed Maturity Securities Summary (amounts in millions) 29


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ 565 $ 570 $ 559 $ 1,694 $ 556 $ 557 $ 571 $ 554 $ 2,238 1 — — 1 1 — — 1 2 3 3 3 9 5 3 3 2 13 74 72 73 219 73 74 75 75 297 39 32 36 107 37 38 56 58 189 62 69 8 139 60 36 36 20 152 64 62 61 187 65 70 67 68 270 18 19 22 59 23 24 25 27 99 826 827 762 2,415 820 802 833 805 3,260 (27) (25) (23) (75) (27) (25) (25) (23) (100) $ 799 $ 802 $ 739 $ 2,340 $ 793 $ 777 $ 808 $ 782 $ 3,160 4.7% 4.7% 4.6% 4.6% 4.6% 4.6% 4.7% 4.5% 4.6% 19.0% —% —% 5.6% 11.8% —% —% 10.8% 5.7% 2.3% 2.4% 2.4% 2.3% 4.1% 2.7% 2.8% 1.9% 2.9% 4.7% 4.6% 4.6% 4.6% 4.5% 4.5% 4.5% 4.4% 4.5% 6.7% 5.5% 6.2% 6.1% 6.4% 6.5% 9.8% 10.5% 8.3% 7.3% 8.4 % 1.0 % 5.6% 7.7 % 4.7% 4.9% 2.8 % 5.1% 45.1% 42.3% 41.7% 43.3% 43.0% 45.5% 45.6% 47.7% 45.7% 3.7% 4.1% 4.5% 4.0% 4.5% 4.8% 5.1% 5.1% 4.8% 5.2% 5.2% 4.8% 5.1% 5.1% 5.0% 5.2% 5.0% 5.1% (0.2)% (0.2)% (0.2)% (0.2)% (0.1)% (0.1)% (0.2)% (0.1)% (0.2)% 5.0% 5.0% 4.6% 4.9% 5.0% 4.9% 5.0% 4.9% 4.9% (2)Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation. (1)Limited partnership investments are primarily equity-based and do not have fixed returns by period. Yields are based on net investment income as reported under U.S. GAAP and are consistent with how the company measures its investment performance for management purposes. Yields are annualized, for interim periods, and are calculated as net investment income as a percentage of average quarterly asset carrying values except for fixed maturity securities, derivatives and derivative counterparty collateral, which exclude unrealized fair value adjustments. See page 35 herein for average invested assets and cash used in the yield calculation. Limited partnerships(1) Other invested assets(2) Gross investment income before expenses and fees Cash, cash equivalents, restricted cash and short-term investments Net investment income Expenses and fees Annualized Yields Fixed maturity securities - taxable Equity securities Fixed maturity securities - non-taxable Policy loans Commercial mortgage loans Limited partnerships Other invested assets Gross investment income before expenses and fees Cash, cash equivalents, restricted cash and short-term investments Net investment income Expenses and fees 2024 Policy loans Commercial mortgage loans U.S. GAAP Net Investment Income Fixed maturity securities - taxable Equity securities Fixed maturity securities - non-taxable 2025 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 U.S. GAAP Net Investment Income Yields (amounts in millions) 30


 
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total $ (4) $ (15) $ — $ (19) $ (8) $ (1) $ (9) $ (17) $ (35) — 1 — 1 — — 3 1 4 (4) (1) (2) (7) 3 (6) (7) (3) (13) — (3) (2) (5) (3) 2 1 — — (2) — — (2) (1) (2) (7) (3) (13) Total net realized gains (losses) on available-for-sale securities (10) (18) (4) (32) (9) (7) (19) (22) (57) — 4 1 5 9 — — — 9 (10) (14) (3) (27) — (7) (19) (22) (48) (3) (11) (4) (18) (10) — 7 — (3) — (4) — (4) (9) — — — (9) 30 32 (14) 48 17 22 12 32 83 66 25 38 129 (3) 55 (52) 43 43 (3) (20) 3 (20) (5) (8) (1) (2) (16) 17 (36) 6 (13) (21) 10 (8) 1 (18) 2 — 1 3 (10) (6) — (3) (19) 99 (28) 27 98 (41) 66 (61) 49 13 — 1 1 2 2 — 1 1 4 $ 99 $ (27) $ 28 $ 100 $ (39) $ 66 $ (60) $ 50 $ 17 Net investment gains (losses), gross Net investment gains (losses), net Adjustment for net investment (gains) losses attributable to noncontrolling interests Net change in allowance for credit losses on available-for-sale fixed maturity securities Write-down of available-for-sale fixed maturity securities Net unrealized gains (losses) on limited partnerships Net unrealized gains (losses) on equity securities still held Derivative instruments Commercial mortgage loans Foreign government Mortgage-backed securities Total net realized investment gains (losses) Net realized gains (losses) on equity securities sold Other 2024 Foreign corporate U.S. government, agencies and government-sponsored enterprises Realized investment gains (losses): Net realized gains (losses) on available-for-sale securities: U.S. corporate Fixed maturity securities: 2025 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Net Investment Gains (Losses)—Detail (amounts in millions) 31


 
32 Reconciliations of Non-GAAP Measures


 
September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 $ 220 $ 189 $ 214 $ 299 $ 88 $ 10,163 $ 10,151 $ 10,145 $ 10,120 $ 10,148 2.2 % 1.9 % 2.1 % 3.0 % 0.9 % $ 151 $ 182 $ 239 $ 273 $ 28 $ 10,163 $ 10,151 $ 10,145 $ 10,120 $ 10,148 1.5 % 1.8 % 2.4 % 2.7 % 0.3 % September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 $ 116 $ 51 $ 54 $ (1) $ 85 $ 10,184 $ 10,146 $ 10,131 $ 10,159 $ 10,164 4.6% 2.0% 2.1 % — % 3.3 % $ 17 $ 68 $ 51 $ 15 $ 48 $ 10,184 $ 10,146 $ 10,131 $ 10,159 $ 10,164 0.7 % 2.7 % 2.0 % 0.6 % 1.9 % Twelve months ended Three months ended Operating ROE(1)/(2) Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)(2) Operating ROE Adjusted operating income (loss) for the twelve months ended(1) Quarterly Average ROE Twelve Month Rolling Average ROE Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)(2) U.S. GAAP Basis ROE(1)/(2) Net income available to Genworth Financial, Inc.’s common stockholders for the twelve months ended(1) U.S. GAAP Basis ROE U.S. GAAP Basis ROE Net income (loss) available to Genworth Financial, Inc.’s common stockholders for the period ended(3) Operating ROE Adjusted operating income for the period ended(3) Annualized U.S. GAAP Quarterly Basis ROE(3)/(4) Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)(4) Non-GAAP Definition for Operating ROE The company references the non-GAAP financial measure entitled “operating return on equity” or “operating ROE.” The company defines operating ROE as adjusted operating income (loss) divided by average ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss). Management believes that analysis of operating ROE enhances understanding of the efficiency with which the company deploys its capital. However, operating ROE is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders divided by average ending Genworth Financial, Inc.’s stockholders’ equity determined in accordance with U.S. GAAP. Quarterly average Genworth Financial, Inc.’s stockholders’ equity for the period, excluding accumulated other comprehensive income (loss)(4) Annualized Operating Quarterly Basis ROE(3)/(4) (4)Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), over two consecutive quarters. (3)Net income (loss) available to Genworth Financial, Inc.’s common stockholders and adjusted operating income from page 9 herein. (2)Quarterly average Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), is derived by averaging ending Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss), for the most recent five quarters. (1)The twelve months ended information is derived by adding the four quarters of net income (loss) available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss) from page 9 herein. GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Reconciliation of Operating ROE (amounts in millions) 33


 
GAAP Basis Expense Ratio 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total (A) Acquisition and operating expenses, net of deferrals $ 259 $ 249 $ 236 $ 744 $ 253 $ 259 $ 229 $ 236 $ 977 (B) Premiums $ 886 $ 865 $ 862 $ 2,613 $ 876 $ 874 $ 855 $ 875 $ 3,480 (A) / (B) GAAP basis expense ratio 29% 29% 27% 28% 29% 30% 27% 27% 28% Adjusted Expense Ratio Acquisition and operating expenses, net of deferrals $ 259 $ 249 $ 236 $ 744 $ 253 $ 259 $ 229 $ 236 $ 977 Less: Legal settlement (recoveries) expenses(1) — — — — — — (24) (4) (28) Less: (Gains) losses on early extinguishment of debt(2) — — — — (2) (2) 9 (1) 4 (C) Adjusted acquisition and operating expenses, net of deferrals $ 259 $ 249 $ 236 $ 744 $ 255 $ 261 $ 244 $ 241 $ 1,001 Premiums $ 886 $ 865 $ 862 $ 2,613 $ 876 $ 874 $ 855 $ 875 $ 3,480 Add: Policy fees and other income 151 157 158 466 154 163 167 158 642 (D) Adjusted revenues $ 1,037 $ 1,022 $ 1,020 $ 3,079 $ 1,030 $ 1,037 $ 1,022 $ 1,033 $ 4,122 (C) / (D) Adjusted expense ratio 25% 24% 23% 24% 25% 25% 24% 23% 24% 2025 2024 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 Reconciliation of Consolidated Expense Ratio (amounts in millions) 34 Non-GAAP Definition for Adjusted Expense Ratio The company references the non-GAAP financial measure entitled “adjusted expense ratio” as a measure of its operating performance. The company defines adjusted expense ratio as acquisition and operating expenses, net of deferrals, less certain reinsurance expenses, less legal settlement (recoveries) expenses incurred in the company’s long-term care insurance business, less (gains) losses on early extinguishment of debt divided by the sum of premiums, policy fees and other income. Management believes that the expense ratio analysis enhances understanding of the operating performance of the company. However, the adjusted expense ratio as defined by the company should not be viewed as a substitute for the GAAP basis expense ratio. (1)Estimated pre-tax class action attorney fees incurred in connection with legal settlements in the company’s long-term care insurance business. These amounts are accrued in the period the court settlement occurs. Amounts in the second and first quarters of 2024 represent net insurance recoveries on legal costs incurred in connection with these legal settlements. (2)(Gains) losses on early extinguishment of debt include the portion attributable to noncontrolling interests of $2 million for the three months ended June 30, 2024.


 
(Assets - amounts in billions) 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total Reported - Total Invested Assets and Cash $ 61.4 $ 60.7 $ 60.6 $ 61.4 $ 60.0 $ 62.6 $ 60.3 $ 61.0 $ 60.0 Subtract: Unrealized gains (losses) (2.2) (2.9) (3.1) (2.2) (3.8) (1.5) (3.7) (3.1) (3.8) Adjusted end of period invested assets and cash $ 63.6 $ 63.6 $ 63.7 $ 63.6 $ 63.8 $ 64.1 $ 64.0 $ 64.1 $ 63.8 (A) Average Invested Assets and Cash Used in Reported and Core Yield Calculation $ 63.6 $ 63.6 $ 63.7 $ 63.7 $ 63.9 $ 64.0 $ 64.0 $ 64.3 $ 64.1 (Income - amounts in millions) (B) Reported - Net Investment Income $ 799 $ 802 $ 739 $ 2,340 $ 793 $ 777 $ 808 $ 782 $ 3,160 Subtract: Bond calls and commercial mortgage loan prepayments 2 1 2 5 — 1 1 1 3 Other non-core items(1) 2 5 2 9 5 4 4 2 15 (C) Core Net Investment Income $ 795 $ 796 $ 735 $ 2,326 $ 788 $ 772 $ 803 $ 779 $ 3,142 (B) / (A) Reported Yield 5.02% 5.04% 4.64% 4.90% 4.97% 4.86% 5.04% 4.87% 4.93% (C) / (A) Core Yield 5.00% 5.00% 4.62% 4.87% 4.93% 4.82% 5.02% 4.85% 4.91% 2025 2024 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT THIRD QUARTER 2025 35 Reconciliation of Reported Yield to Core Yield Note: Yields have been annualized. Non-GAAP Definition for Core Yield The company references the non-GAAP financial measure entitled “core yield” as a measure of investment yield. The company defines core yield as the investment yield adjusted for items that do not reflect the underlying performance of the investment portfolio. Management believes that analysis of core yield enhances understanding of the investment yield of the company. However, core yield is not a substitute for investment yield determined in accordance with U.S. GAAP. (1)Includes cost basis adjustments on structured securities and various other immaterial items.