# EDGAR Filing Document

**Accession Number:** 0001276520
**File Stem:** 0001193125-23-025621
**Filing Date:** 2023-2
**Character Count:** 207956
**Document Hash:** 4d2c7cc576e8835c172bd8e1c9ce111c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-025621.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001193125-23-025621

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GENWORTH FINANCIAL INC
- **CENTRAL INDEX KEY:** 0001276520
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 800873306
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32195
- **FILM NUMBER:** 23590975

**BUSINESS ADDRESS:**
- **STREET 1:** 6620 WEST BROAD STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230
- **BUSINESS PHONE:** 804-281-6000

**MAIL ADDRESS:**
- **STREET 1:** 6620 WEST BROAD STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### February 6, 2023

#### Date of Report

#### (Date of earliest event reported)

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![LOGO](g444617g0204041107488.jpg)

## GENWORTH FINANCIAL, INC.

#### (Exact name of registrant as specified in its charter)

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---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32195** | **80-0873306** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **6620 West Broad Street, Richmond, VA** | **23230** |
| **(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)

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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):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ 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:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol** | **Name of each exchange**<br> **on which registered** |
| Class A 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 ☐

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. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

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On February 6, 2023, Genworth Financial, Inc. (the "Company") issued (1) a press release announcing its financial results for the quarter ended December 31, 2022, 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 December 31, 2022, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

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.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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The following materials are furnished as exhibits to this Current Report on Form 8-K:

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| | |
|:---|:---|
| Exhibit<br>Number | Description of Exhibit |
| 99.1 | [Press Release dated February 6, 2023](d444617dex991.htm) |
| 99.2 | [Financial Supplement for the quarter ended December 31, 2022](d444617dex992.htm) |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document) |

---

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

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| | | |
|:---|:---|:---|
|  | GENWORTH FINANCIAL, INC. | GENWORTH FINANCIAL, INC. |
| Date: February 6, 2023 | By: | /s/ Jerome T. Upton |
|  |  | Jerome T. Upton |
|  |  | Senior Vice President and Controller |
|  |  | (Principal Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g444617snap2.jpg)

**Genworth Financial Announces Fourth Quarter 2022 Results** 

Fourth Quarter Net Income of $175 Million and Adjusted Operating Income of $167 Million;

2022 Full Year Net Income of $609 Million and Adjusted Operating Income of $633 Million

• Enact segment fourth quarter adjusted operating income of $120 million, with 10 percent annual growth
in primary insurance in-force

• Received $168 million capital returns from Enact in the fourth quarter, including $148 million special
dividend

• U.S. Life Insurance segment fourth quarter adjusted operating income of $38 million

• Continued progress against long-term care insurance (LTC) multi-year rate action plan, with approximately
$23.5 billion net present value from achieved LTC rate actions since 2012

• Annual U.S. GAAP assumption review completed for U.S. Life Insurance segment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LTC U.S. GAAP active life margins remained positive and in the prior year range of $0.5 to $1.0 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable impact of $34 million after-tax in life insurance

• U.S. life insurance companies' risk-based capital
ratio<sup>1</sup> estimated at 290 percent

• Genworth holding company cash and liquid assets of $307 million at year-end

• Executed $30 million in share repurchases in the quarter; $64 million in total executed through
December 2022

Richmond, VA (February 6, 2023) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended December 31, 2022. The company reported net income<sup>2</sup> of $175 million, or $0.35 per diluted share, in the fourth quarter of 2022, compared with net income of $163 million, or $0.32 per diluted share, in the fourth quarter of 2021. The company reported adjusted operating income<sup>3</sup> of $167 million, or $0.33 per diluted share, in the fourth quarter of 2022, compared with adjusted operating income of $164 million, or $0.32 per diluted share, in the fourth quarter of 2021.

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<sup>1</sup> Risk-based capital ratio based on company action level.

<sup>2</sup> Unless otherwise stated, all references in this press release to net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share and book value per share should be read as net income (loss) available to Genworth's common stockholders, net income (loss) available to Genworth's common stockholders per diluted share, adjusted operating income (loss) available to Genworth's common stockholders, adjusted operating income (loss) available to Genworth's common stockholders per diluted share and book value available to Genworth's common stockholders per share, respectively. 

<sup>3</sup> This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles (Non-GAAP). See the Use of Non-GAAP Measures section of this press release for additional information.

------

The company reported full year net income of $609 million, or $1.19 per diluted share, in 2022, compared with net income of $904 million, or $1.76 per diluted share in 2021. The company reported adjusted operating income of $633 million, or $1.24 per diluted share, in 2022, compared with adjusted operating income of $765 million, or $1.48 per diluted share, in 2021.

"Genworth delivered strong earnings in the fourth quarter and for the full year," said Tom McInerney, Genworth President and CEO. "I'm proud of the company's accomplishments in 2022, including achieving our long-term holding company debt target, returning capital to shareholders for the first time in over 13 years and receiving multiple ratings upgrades. These accomplishments have improved Genworth's financial strength and allowed us to enter 2023 with enhanced flexibility for investments in future growth and capital return to shareholders."

**<u>Financial Performance</u>**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Net Income & Adjusted Operating Income** | **Consolidated Net Income & Adjusted Operating Income** | **Consolidated Net Income & Adjusted Operating Income** | | | | | | | | |
|  | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 |  | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 |  |
|  | 2022 | 2022 | 2021 | 2021 |  | 2022 | 2022 | 2021 | 2021 |  |
| *(Amounts in millions, except per share)* | Total | Per<br>diluted<br>share | Total | Per<br>diluted<br>share | Total% change | Total | Per<br>diluted<br>share | Total | Per<br>diluted<br>share | Total% change |
|  Net income available to Genworth's common stockholders | $175 | $0.35 | $163 | $0.32 | 7% | $609 | $1.19 | $904 | $1.76 | (33)% |
|  Adjusted operating income | $167 | $0.33 | $164 | $0.32 | 2% | $633 | $1.24 | $765 | $1.48 | (17)% |
|  Weighted-average diluted common shares | 503.2 |  | 515.6 |  |  | 511.0 |  | 514.7 |  |  |
|  | As of December 31 | As of December 31 | As of December 31 | As of December 31 |  |  |  |  |  |  |
|  | 2022 | 2022 | 2021 | 2021 |  |  |  |  |  |  |
|  Book value per share |  | $20.15 |  | $30.57 |  |  |  |  |  |  |
|  Book value per share, excluding accumulated other comprehensive income (loss) |  | $24.63 |  | $22.96 |  |  |  |  |  |  |

---

Net investment gains, net of taxes and other adjustments, increased net income by $12 million in the current quarter, compared with net investment losses in the prior quarter that decreased income by $53 million and net investment gains in the prior year that increased income by $106 million. The investment gains in the current quarter were primarily from mark-to-market adjustments on limited partnership and equity investments held in the LTC business, partially offset by net trading losses.

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Net investment income was $787 million in the quarter, compared to $808 million in the prior quarter and $866 million in the prior year. Net investment income decreased versus the prior quarter as a result of lower income from limited partnerships and the inflation impact on Treasury Inflation-Protected Securities (TIPS), primarily in the LTC business. Net investment income decreased versus the prior year as a result of lower variable investment income, primarily driven by lower income from bond calls, commercial mortgage loan (CML) prepayments and limited partnerships. The reported yield and the core yield<sup>3</sup> for the current quarter were 4.84 percent and 4.81 percent, respectively, compared to 4.97 percent and 4.93 percent, respectively, in the prior quarter.

Genworth's effective tax rate on income from continuing operations for the current quarter was approximately 21.5 percent. As in past quarters, the effective tax rate was increased by the tax effect on certain forward starting swap gains that are taxed at 35 percent when amortized into net investment income, mostly offset by a prior year adjustment.

The table below shows adjusted operating income (loss) by segment and for Corporate and Other activities:

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| | | | |
|:---|:---|:---|:---|
| **Adjusted Operating Income (Loss)**<br> *(Amounts in millions)* | **Q4 22** | **Q3 22** | **Q4 21** |
|  Enact<sup>4</sup> | $120 | $156 | $125 |
|  U.S. Life Insurance | 38 | 11 | 41 |
|  Runoff | 17 | 9 | 16 |
|  Corporate and Other | (8) | (17) | (18) |
|  **Total Adjusted Operating Income** | $**167** | $**159** | $**164** |

---

Adjusted operating income (loss) represents income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and other adjustments. A reconciliation of net income to adjusted operating income is included at the end of this press release.

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<sup>4</sup> Reflects Genworth's ownership amount excluding noncontrolling interests of $27 million, $35 million and $29 million in the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively. 

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**<u>Enact</u>**

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| | | | |
|:---|:---|:---|:---|
| **Operating Metrics**<br> *(Dollar amounts in millions)* | **Q4 22** | **Q3 22** | **Q4 21** |
|  Adjusted operating income<sup>4</sup> | $120 | $156 | $125 |
|  Primary new insurance written | $15145 | $15069 | $21441 |
|  Loss ratio | 8% | (17)% | 3% |

---

Enact reported adjusted operating income of $120 million, compared with $156 million in the prior quarter and $125 million in the prior year. Enact's primary insurance in-force increased 10 percent versus the prior year, driven by new insurance written (NIW) and higher persistency. Primary NIW was down 29 percent versus the prior year, primarily from a smaller estimated private mortgage insurance market driven by lower purchase and refinancing originations as a result of increased interest rates. Enact's expenses in the current quarter were $62 million, resulting in an expense ratio of 27 percent.

Enact's current quarter results reflected losses of $18 million, which included a net pre-tax reserve release of $42 million, primarily from favorable cure performance on COVID-19 delinquencies. The loss ratio in the current quarter was eight percent, compared to negative 17 percent and three percent in the prior quarter and prior year, respectively. Losses in the prior quarter included a favorable $80 million net pre-tax reserve release, primarily related to favorable cure performance on COVID-19 delinquencies. New delinquencies in the current quarter were 10,304, an increase of 13 percent from 9,121 in the prior quarter, driven by new delinquencies in FEMA<sup>5</sup> impacted areas, seasonality and aging of large, new books. Current quarter new delinquencies increased 24 percent from 8,282 in the prior year, primarily from the aging of large, new books and new delinquencies in FEMA impacted areas. The current quarter new delinquency rate of 1.1 percent increased slightly from the prior quarter of 1.0 percent and remains in line with pre-pandemic levels.

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<sup>5</sup> Federal emergency management agency.

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**<u>U.S. Life Insurance</u>**

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| | | | |
|:---|:---|:---|:---|
| **Adjusted Operating Income (Loss)** <br> *(Amounts in millions)* | **Q4 22** | **Q3 22** | **Q4 21** |
|  Long-Term Care Insurance | $24 | $25 | $119 |
|  Life Insurance | (2) | (33) | (98) |
|  Fixed Annuities | 16 | 19 | 20 |
|  Total U.S. Life Insurance | $38 | $11 | $41 |
| **Long-Term Care Insurance In-Force Rate Action Performance** <br> *(Amounts in millions)* | **Q4 22** | **Q3 22** | **Q4 21** |
|  Adjusted Operating Income from In-Force Rate Actions<sup>6</sup><sup>,</sup><sup>7</sup> | $287 | $258 | $296 |

---

***Long-Term Care Insurance***

Long-term care insurance reported adjusted operating income of $24 million, compared with $25 million in the prior quarter and $119 million in the prior year. Terminations were lower versus the prior year, as the pandemic impacts subside. New claims increased versus the prior quarter and prior year driven by both higher severity and frequency as the blocks age.

LTC results reflected lower net investment income of $49 million after-tax versus the prior year, primarily from the impact of lower income from limited partnerships, bond calls and CML prepayments. Compared to the prior quarter, LTC had lower net investment income of $21 million after-tax, primarily from less favorable impacts of TIPS and limited partnerships.

Adjusted operating income impacts of $287 million<sup>6</sup> from cumulative in-force rate actions were favorable compared to the prior quarter, driven by reserve releases related to a second legal settlement that began on August 1, 2022. However, these benefits were less favorable than the prior year, as the second settlement, on the company's PCS I and PCS II policies, affects a smaller number of policies than the first LTC legal settlement on the company's Choice I policies.

In the current quarter, the company completed its annual review of LTC claim, or disabled life, reserve assumptions and methodologies, and did not significantly change existing claim reserves, as experience in the aggregate was in line with expectations.

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<sup>6</sup> Excludes reserve updates resulting from profits followed by losses and reserve changes for group products.

<sup>7</sup> Adjusted operating income from in-force rate actions includes estimated impacts from legal settlements, net of tax and litigation expenses, of $21 million, $(1) million and $57 million in the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively. 

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In the current quarter, the company also completed its annual review of U.S. GAAP LTC active life margins, referred to as loss recognition testing. All key margin testing assumptions were reviewed and updated where appropriate. As of December 31, 2022, the combined loss recognition testing margins for the separately tested LTC acquired and historic blocks remained positive and within the $0.5 to $1.0 billion range. As margins remained positive, there was no reserve strengthening required, and therefore no resulting charge to current quarter earnings.

***Life Insurance***

Life insurance reported an adjusted operating loss of $2 million, compared with adjusted operating losses of $33 million in the prior quarter and $98 million in the prior year. During the current quarter, the company completed its annual review of life insurance assumptions and recorded a benefit of $34 million after-tax, driven by assumption changes in universal life insurance products<sup>8</sup> primarily related to higher interest rates. Results in the prior year included an unfavorable charge of $70 million after-tax related to the company's annual review of life insurance assumptions.

Mortality results in the current quarter were favorable versus the prior year, as the pandemic impacts subside. Amortization of deferred acquisition costs (DAC) related to term lapses in the current quarter were higher than the prior year as the 20-year term block issued in 2002 entered the post-level premium period.

Prior quarter and prior year results included after-tax charges related to DAC recoverability testing in the company's universal life insurance products of $10 million and $32 million, respectively.

***Fixed Annuities***

Fixed annuities reported adjusted operating income of $16 million, compared with $19 million in the prior quarter and $20 million in the prior year. Net investment spreads were lower versus the prior year, primarily from lower bond calls and CML prepayments, as well as anticipated block runoff. Fixed index annuity product reserves increased, with a smaller benefit from rising interest rates versus the prior quarter. Compared to the prior year, there was a favorable adjustment for state guaranty funds and lower DAC amortization with increasing interest rates.

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<sup>8</sup> Includes universal life and term universal life insurance products.

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**<u>Runoff</u>**

Runoff reported adjusted operating income of $17 million, compared with $9 million in the prior quarter and $16 million in the prior year. Current quarter results in the closed variable annuity product line were impacted by positive equity market performance, which was favorable compared to the prior quarter and less favorable compared to the prior year.

**<u>Corporate And Other</u>**

Corporate and Other reported an adjusted operating loss of $8 million, compared with $17 million in the prior quarter and $18 million in the prior year. The current quarter loss was lower compared to both the prior quarter and prior year driven by favorable taxes and higher investment income, as well as lower interest expense versus the prior year.

**<u>Capital & Liquidity</u>**

Genworth maintains the following capital positions in its operating subsidiaries:

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| | | | |
|:---|:---|:---|:---|
| **Key Capital & Liquidity Metrics**<br> *(Dollar amounts in millions)* | **Q4 22** | **Q3 22** | **Q4 21** |
|  Enact |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Risk-To-Capital Ratio<sup>9</sup> | 12.8:1 | 12.3:1 | 12.2:1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Mortgage Insurance Corporation Risk-To-Capital Ratio<sup>9</sup> | 12.9:1 | 12.3:1 | 12.3:1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Mortgage Insurer Eligibility Requirements (PMIERs) Sufficiency Ratio<sup>9,</sup><sup>10</sup> | 165% | 174% | 165% |
|  U.S. Life Insurance Companies |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Risk-Based Capital (RBC) Ratio<sup>1,9</sup> | 290% | 286% | 289% |
|  Holding Company Cash and Liquid Assets<sup>11</sup><sup>,</sup><sup>12</sup> | $307 | $145 | $356 |

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**Key Points** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enact's PMIERs sufficiency ratio is estimated to be 165 percent, $2,050 million above published
PMIERs requirements<sup>13</sup>. The PMIERs sufficiency ratio decreased nine points, or by $194 million, sequentially, primarily driven by Enact's operating company distribution to its holding
company, Enact Holdings, partially offset by business cash flows;

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<sup>9</sup> Company estimate for the fourth quarter of 2022 due to timing of the preparation and filing of statutory statements.

<sup>10</sup> The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within the published PMIERs. As of December 31, 2022, September 30, 2022 and December 31, 2021, the PMIERs sufficiency ratios were $2,050 million, $2,249 million and $2,003 million, respectively, of available assets above the published PMIERs requirements. 

<sup>11</sup> Holding company cash and liquid assets comprises assets held in Genworth Holdings, Inc. (the issuer of outstanding public debt) which is a wholly-owned subsidiary of Genworth Financial, Inc.

<sup>12</sup> Genworth Holdings, Inc. had $307 million, $145 million and $331 million of cash, cash equivalents and restricted cash as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Genworth Holdings, Inc. also held $25 million in U.S. government securities as of December 31, 2021, which included $3 million of restricted assets. 

<sup>13</sup> The GSEs have imposed certain capital restrictions which remain in effect until certain conditions are met. These restrictions required Enact Mortgage Insurance Corporation, the company's principal U.S. mortgage insurance subsidiary, to maintain 120 percent and 115 percent of PMIERs minimum required assets among other restrictions in 2022 and 2021, respectively. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMIERs sufficiency benefited from a 0.30 multiplier applied to the risk based required asset factor for certain non-performing loans, which resulted in a reduction of the published PMIERs required assets by an estimated $132 million at the end of the current quarter, compared to $140 million at the end of the prior
quarter and $390 million at the end of the prior year. These amounts are gross of any incremental reinsurance benefit from the elimination of the 0.30 multiplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enact returned $168 million to Genworth in the current quarter, which included $148 million of special
dividend proceeds and $19 million from Enact's quarterly dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. life insurance companies' statutory and cash flow testing results remain in process and will be made
available with year-end statutory filings. The company estimates fourth quarter of 2022 RBC to be 290 percent, up slightly from 286 percent in the prior quarter due to favorable impacts from equity
market performance related to the variable annuity products, as well as net positive impacts from assumption updates and cash flow testing, including a benefit from higher interest rates. The company's estimate for RBC in the fourth quarter of
2022 is in line with the prior year RBC ratio of 289 percent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Genworth's holding company ended the fourth quarter of 2022 with $307 million of cash and liquid
assets, an increase from $145 million at the end of the prior quarter, primarily from capital returns of $168 million from Enact received late in the fourth quarter of 2022. Additionally, the holding company received $37 million of
net intercompany tax payments in late December, repurchased $30 million of Genworth's common stock and repurchased $13 million principal of its 2034 debt obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the current quarter, the company believes it fully satisfied two consecutive quarters of financial metric
conditions related to the GSEs' restrictions on Enact<sup>13</sup>. The company expects to have the restrictions removed in the first quarter of 2023, subject to GSE review and confirmation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company repurchased $30 million of its common stock at an average price of $4.10 per share in the fourth
quarter of 2022. In 2022, the company executed $64 million of its authorized $350 million share repurchase program, which was announced in May 2022, at an average price below $4.00 per share.

**About Genworth Financial**

Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth provides guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit <u>genworth.com</u>, and for more information on Enact Holdings, Inc. visit <u>enactmi.com</u>.

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**Conference Call And Financial Supplement Information** 

Investors are encouraged to read this press release and financial supplement, which are now posted on the company's website, http://investor.genworth.com. Additional information regarding business results will be posted on the company's website by 8:00 a.m. (ET) on February 7, 2023.

Genworth will conduct a conference call on February 7, 2023 at 9:00 a.m. (ET) to discuss its fourth quarter results, which will be accessible via:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Telephone: 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID # 1572215; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast: https://investor.genworth.com/investors/events-and-presentations

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 February 7, 2023 at 8:00 a.m. (ET) to discuss its results from the fourth quarter, which will be accessible via:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Telephone: Click <u>here</u> to obtain a dial-in number and unique PIN
for Enact's live question and answer session; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast: http://ir.enactmi.com/news-and-events/events

Allow at least 15 minutes prior to the call time to register for the call.

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**Use of Non-GAAP Measures** 

This press release includes the non-GAAP financial measures entitled "adjusted operating income (loss)" and "adjusted operating income (loss) per share." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company's segments and Corporate and Other activities. 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. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company's opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company's opinion, they are not indicative of overall operating trends.

While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.'s common stockholders 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), including adjusted operating income (loss) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.'s common stockholders or net income (loss) available to Genworth Financial, Inc.'s common stockholders per share on a basic and diluted basis 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) available to Genworth Financial, Inc.'s common stockholders to adjusted operating income (loss) assume a 21 percent tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.

In the fourth quarter of 2022, the company repurchased $13 million principal amount of Genworth Holdings, Inc.'s (Genworth Holdings) senior notes due in June 2034 for a pre-tax gain of $1 million. In the third quarter of 2022, the company paid a pre-tax make-whole premium of $2 million and wrote off $1 million of bond consent fees and deferred borrowing costs related to the early redemption of Genworth Holdings' senior notes originally scheduled to mature in February 2024. In the second and first quarters of 2022, the company repurchased $48 million and $82 million, respectively, principal amount of Genworth Holdings' senior notes due in February 2024 for a pre-tax loss of $1 million and $3 million, respectively. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings' senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings' senior notes with 2023 and 2024 maturity dates for a pre-tax loss of

------

$15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings' senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.

The company recorded a pre-tax expense of $1 million in both the fourth and second quarters of 2022, and $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continues to evaluate and appropriately size its organizational needs and expenses.

In the fourth and third quarters of 2022, the company incurred $2 million and $6 million, respectively, of pre-tax pension plan termination costs related to one of its defined benefit pension plans. There were no other infrequent or unusual items excluded from adjusted operating income during the periods presented.

The tables at the end of this press release provide a reconciliation of net income available to Genworth Financial, Inc.'s common stockholders to adjusted operating income for the three and twelve months ended December 30, 2022 and 2021, as well as for the three months ended September 30, 2022, and reflect adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.

This press release includes 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. In addition, the company's definition of core yield may differ from the definitions used by other companies. A reconciliation of reported U.S. GAAP yield to core yield is included in a table at the end of this press release.

**Definition of Selected Operating Performance Measures** 

The company taxes its businesses at the U.S. corporate federal income tax rate of 21 percent. 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 activities.

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.

The company reports selected operating performance measures including "sales" and "insurance in-force" or "risk in-force" which are commonly used in the insurance industry as measures of operating performance.

Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company's Enact segment. 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 insurance policies during a specified period, rather than a measure of revenues or profitability during that period.

------

Management 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. 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 businesses. For the mortgage insurance businesses included in the company's Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company's U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.

Management also regularly monitors and reports adjusted operating income from in-force rate actions in the long-term care insurance business included in the company's U.S. Life Insurance segment. Adjusted operating income from in-force rate actions includes premium rate increases and associated benefit reductions on its long-term care insurance products implemented since 2012, which are net of estimated premium tax, commissions, and other expenses on an after-tax basis. Estimates for in-force rate actions 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. In addition, estimates exclude reserve updates resulting from profits followed by losses and reserve changes for group products. The company considers adjusted operating income from in-force rate actions to be a measure of its operating performance because it helps bring older generation long-term care insurance blocks closer to a break-even point over time and helps bring the loss ratios on newer long-term care insurance blocks back towards their original pricing.

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.

**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 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 U.S. GAAP or used in lieu of U.S. GAAP.

This supplemental statutory data includes company action level risk-based capital ratios for GLIC and its consolidating life insurance subsidiaries as well as statutory earnings. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of among other things the adequacy of capital. Management uses this data to measure against its policy to manage the U.S. life insurance businesses with internally generated capital.

------

**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" 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 amount of rate action benefits required for the company's long-term care insurance business to achieve break-even; future financial performance and condition of the company's businesses, including confirmation from the GSEs that Genworth has achieved two consecutive quarters of financial metrics to satisfy certain conditions and remove the GSEs' restrictions placed on Enact Holdings and the impact to Genworth's equity upon adopting new accounting guidance related to long-duration insurance contracts; liquidity and future strategic investments, including new senior care services and products; future business and financial performance of CareScout LLC; as well as statements the company makes regarding the potential impacts of the coronavirus pandemic (COVID-19).

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's inability to successfully execute its strategic plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure by the company to achieve economic break-even on or stabilize its legacy long-term care insurance in-force block, including as a result of the inability to achieve desired levels of in-force rate actions; other regulatory actions negatively impacting the company's
life insurance businesses and/or the inability to establish new long-term care insurance business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 periodic or other reviews, including the annual reviews of claim reserves and margin reviews in the fourth quarter of 2022);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on holding company liquidity caused by any inability to receive dividends or other returns of capital
from Enact Holdings, and limited sources of capital and financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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), inability to meet minimum statutory capital requirements of applicable regulators
or the mortgage insurer eligibility requirements of Fannie Mae or Freddie Mac;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in economic, market and political conditions including as a result of inflation and supply chain
disruptions, a potential recession, continued labor shortages; changes in interest rates; deterioration in economic conditions or a decline in home prices or home sales that adversely affect Enact Holdings' loss experience and/or business
levels; political and economic instability or changes in government policies, and fluctuations in international securities markets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax rates or tax laws, or changes in accounting and reporting standards (including new accounting
guidance effective for the company on January 1, 2023 related to long-duration insurance contracts);

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's inability to achieve anticipated business performance and financial results from CareScout LLC
and its senior care growth initiatives through fee-based services, advice, consulting and products;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of natural or man-made disasters, including geopolitical
tensions and war (including the Russian invasion of Ukraine), COVID-19 or another public health emergency, including pandemics, climate change or cybersecurity breaches; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors described in the risk factors contained in the company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Due to the foregoing risks and other factors, which could materially adversely affect the company's financial condition and results of operations, the company cautions you 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 required by applicable law.

\# \# \#

**Contact Information**:

Investors: Sarah E. Crews

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvestorInfo@genworth.com

Media: Amy Rein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amy.Rein@genworth.com

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**Condensed Consolidated Statements of Income** 

**(Amounts in millions, except per share amounts)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended<br>December 31,** | **Three months ended<br>December 31,** | **Twelve months ended<br>December 31,** | **Twelve months ended<br>December 31,** | **Three months<br>ended<br>September 30,**<br>**2022** |
|  | **2022** | **2021** | **2022** | **2021** | **Three months<br>ended<br>September 30,**<br>**2022** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | | **(Unaudited)** |
|  Revenues: |  |  |  |  |  |
|  Premiums | $927 | $576 | $3719 | $3435 | $934 |
|  Net investment income | 787 | 866 | 3146 | 3370 | 808 |
|  Net investment gains (losses) | 16 | 132 | (17) | 323 | (69) |
|  Policy fees and other income | 165 | 162 | 659 | 704 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 1895 | 1736 | 7507 | 7832 | 1839 |
|  Benefits and expenses: |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 1159 | 861 | 4242 | 4383 | 1180 |
|  Interest credited | 125 | 127 | 503 | 508 | 128 |
|  Acquisition and operating expenses, net of deferrals | 271 | 354 | 1371 | 1223 | 240 |
|  Amortization of deferred acquisition costs and intangibles | 52 | 108 | 307 | 377 | 79 |
|  Interest expense | 28 | 31 | 106 | 160 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 1635 | 1481 | 6529 | 6651 | 1653 |
|  Income from continuing operations before income taxes | 260 | 255 | 978 | 1181 | 186 |
|  Provision for income taxes | 56 | 62 | 239 | 263 | 52 |
|  Income from continuing operations | 204 | 193 | 739 | 918 | 134 |
|  Income (loss) from discontinued operations, net of taxes | (2) | (1) |  | 27 | 5 |
|  Net income | 202 | 192 | 739 | 945 | 139 |
|  Less: net income from continuing operations attributable to noncontrolling interests | 27 | 29 | 130 | 33 | 35 |
|  Less: net income from discontinued operations attributable to noncontrolling interests |  |  |  | 8 |  |
|  Net income available to Genworth Financial, Inc.'s common stockholders | $175 | $163 | $609 | $904 | $104 |
|  Net income available to Genworth Financial, Inc.'s common stockholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | $177 | $164 | $609 | $885 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | (2) | (1) |  | 19 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income available to Genworth Financial, Inc.'s common stockholders | $175 | $163 | $609 | $904 | $104 |
|  Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.36 | $0.32 | $1.21 | $1.75 | $0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.35 | $0.32 | $1.19 | $1.72 | $0.19 |
|  Net income available to Genworth Financial, Inc.'s common stockholders per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.35 | $0.32 | $1.21 | $1.78 | $0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.35 | $0.32 | $1.19 | $1.76 | $0.20 |
|  Weighted-average common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 496.7 | 507.4 | 504.5 | 506.9 | 504.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 503.2 | 515.6 | 511.0 | 514.7 | 509.4 |

---

------

**Reconciliation of Net Income to Adjusted Operating Income** 

**(Amounts in millions, except per share amounts)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended<br>December 31,** | **Three months ended<br>December 31,** | **Twelve months ended<br>December 31,** | **Twelve months ended<br>December 31,** | **Three months<br>ended<br>September 30,**<br>**2022** |
|  | **2022** | **2021** | **2022** | **2021** | **Three months<br>ended<br>September 30,**<br>**2022** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | | **(Unaudited)** |
|  Net income available to Genworth Financial, Inc.'s common stockholders | $175 | $163 | $609 | $904 | $104 |
|  Add: net income from continuing operations attributable to noncontrolling interests | 27 | 29 | 130 | 33 | 35 |
|  Add: net income from discontinued operations attributable to noncontrolling interests |  |  |  | 8 |  |
|  Net income | 202 | 192 | 739 | 945 | 139 |
|  Less: income (loss) from discontinued operations, net of taxes | (2) | (1) |  | 27 | 5 |
|  Income from continuing operations | 204 | 193 | 739 | 918 | 134 |
|  Less: net income from continuing operations attributable to noncontrolling interests | 27 | 29 | 130 | 33 | 35 |
|  Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 177 | 164 | 609 | 885 | 99 |
|  Adjustments to income from continuing operations available to Genworth Financial, Inc.'s common stockholders: |  |  |  |  |  |
|  Net investment (gains) losses, net<sup>14</sup> | (15) | (133) | 14 | (324) | 67 |
| (Gains) losses on early extinguishment of debt | (1) | 35 | 6 | 45 | 3 |
|  Initial loss from life block transaction |  | 92 |  | 92 |  |
|  Expenses related to restructuring | 1 | 5 | 2 | 34 |  |
|  Pension plan termination costs | 2 |  | 8 |  | 6 |
|  Taxes on adjustments | 3 | 1 | (6) | 33 | (16) |
|  Adjusted operating income | $167 | $164 | $633 | $765 | $159 |
|  Adjusted operating income (loss): |  |  |  |  |  |
|  Enact segment | $120 | $125 | $578 | $520 | $156 |
|  U.S. Life Insurance segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Care Insurance | 24 | 119 | 142 | 445 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance | (2) | (98) | (148) | (269) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Annuities | 16 | 20 | 72 | 91 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Life Insurance segment | 38 | 41 | 66 | 267 | 11 |
|  Runoff segment | 17 | 16 | 37 | 54 | 9 |
|  Corporate and Other | (8) | (18) | (48) | (76) | (17) |
|  Adjusted operating income | $167 | $164 | $633 | $765 | $159 |
|  Net income available to Genworth Financial, Inc.'s common stockholders per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.35 | $0.32 | $1.21 | $1.78 | $0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.35 | $0.32 | $1.19 | $1.76 | $0.20 |
|  Adjusted operating income per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.34 | $0.32 | $1.26 | $1.51 | $0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.33 | $0.32 | $1.24 | $1.48 | $0.31 |
|  Weighted-average common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 496.7 | 507.4 | 504.5 | 506.9 | 504.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 503.2 | 515.6 | 511.0 | 514.7 | 509.4 |

---

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<sup>14</sup> For the three months ended December 31, 2022 and 2021, the twelve months ended December 31, 2022 and 2021 and the three months ended September 30, 2022, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $1 million, $(1) million, $(3) million, $(1) million and $(2) million, respectively. 

------

**Condensed Consolidated Balance Sheets** 

**(Amounts in millions)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2022** | **December 31,<br>2021** |
|  | **(Unaudited)** | |
|  Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, restricted cash and invested assets | $61390 | $74496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 2200 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 241 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable, net | 16435 | 16813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax and other assets | 1759 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 4417 | 6066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $86442 | $99171 |
|  Liabilities and equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits | $38064 | $41528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances | 17113 | 19354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for policy and contract claims | 12234 | 11841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 584 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 1672 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | 1611 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 4417 | 6066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities related to discontinued operations | 8 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 75703 | 82905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 11869 | 11858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | (2220) | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 3098 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost | (2764) | (2700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Genworth Financial, Inc.'s stockholders' equity | 9984 | 15510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 755 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 10739 | 16266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $86442 | $99171 |

---

------

**Reconciliation of Reported Yield to Core Yield** 

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **(Assets - amounts in billions)** | **December 31,<br>2022** | **September 30,<br>2022** |
|  Reported Total Invested Assets and Cash | $60.7 | $60.1 |
|  Subtract: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains (losses) | (4.2) | (4.9) |
|  Adjusted End of Period Invested Assets and Cash | $64.9 | $65.0 |
|  Average Invested Assets and Cash Used in Reported and Core Yield Calculation | $65.0 | $65.0 |
| **(Income - amounts in millions)** |  |  |
|  Reported Net Investment Income | $787 | $808 |
|  Subtract: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond calls and commercial mortgage loan prepayments | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-core items<sup>15</sup> | (1) |  |
|  Core Net Investment Income | $782 | $802 |
|  Reported Yield | 4.84% | 4.97% |
|  Core Yield | 4.81% | 4.93% |

---

------

<sup>15</sup> Includes cost basis adjustments on structured securities and various other immaterial items.

## Exhibit 99.2

![LOGO](g444617g14a01.jpg)

**Exhibit 99.2** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Letter | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Use of Non-GAAP Measures | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Selected Operating Performance Measures | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights | 6 |
|  ***Consolidated Quarterly Results*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Net Income by Quarter | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of Net Income to Adjusted Operating Income | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Balance Sheets | 10-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Balance Sheets by Segment | 12-13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Acquisition Costs (DAC) Rollforward | 14 |
|  ***Quarterly Results by Business*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted Operating Income and Sales—Enact Segment | 16-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted Operating Income (Loss)—U.S. Life Insurance Segment | 23-26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted Operating Income—Runoff Segment | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted Operating Income (Loss)—Corporate and Other Activities | 30 |
|  ***Additional Financial Data*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments Summary | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Maturity Securities Summary | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Account U.S. GAAP Net Investment Income Yields | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Gains (Losses), Net—Detail | 35 |
|  ***Reconciliations of Non-GAAP Measures*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of Operating Return On Equity (ROE) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of Consolidated Expense Ratio | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of Reported Yield to Core Yield | 39 |

---

**<u>Note:</u>**

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.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

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 <u>http://investor.genworth.com</u> for additional information regarding its fourth quarter 2022 earnings results.

Investors are encouraged to listen to the company's earnings call on fourth quarter 2022 results at 9:00 a.m. (ET) on February 7, 2023.

Regards,

Sarah E. Crews, Investor Relations

<u>InvestorInfo@genworth.com</u>

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Use of Non-GAAP Measures** 

This financial supplement includes the non-GAAP financial measures entitled "adjusted operating income (loss)" and "adjusted operating income (loss) per share." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or initial gains (losses) on reinsurance restructuring for certain blocks of business. The company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the company's segments and Corporate and Other activities. 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. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) because, in the company's opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) if, in the company's opinion, they are not indicative of overall operating trends.

While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.'s common stockholders 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), including adjusted operating income (loss) per share on a basic and diluted basis, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Genworth Financial, Inc.'s common stockholders or net income (loss) available to Genworth Financial, Inc.'s common stockholders per share on a basic and diluted basis 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) available to Genworth Financial, Inc.'s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35).

In the fourth quarter of 2022, the company repurchased $13 million principal amount of Genworth Holdings, Inc.'s (Genworth Holdings) senior notes due in June 2034 for a pre-tax gain of $1 million. In the third quarter of 2022, the company paid a pre-tax make-whole premium of $2 million and wrote off $1 million of bond consent fees and deferred borrowing costs related to the early redemption of Genworth Holdings' senior notes originally scheduled to mature in February 2024. In the second and first quarters of 2022, the company repurchased $48 million and $82 million, respectively, principal amount of Genworth Holdings' senior notes due in February 2024 for a pre-tax loss of $1 million and $3 million, respectively. In the fourth and third quarters of 2021, the company paid a pre-tax make-whole premium of $20 million and $6 million, respectively, related to the early redemption of Genworth Holdings' senior notes originally scheduled to mature in August 2023 and September 2021, respectively. In the fourth quarter of 2021, the company also repurchased $209 million principal amount of Genworth Holdings' senior notes with 2023 and 2024 maturity dates for a pre-tax loss of $15 million. In the first quarter of 2021, the company repurchased $146 million principal amount of Genworth Holdings' senior notes due in September 2021 for a pre-tax loss of $4 million. These transactions were excluded from adjusted operating income as they relate to gains (losses) on the early extinguishment of debt.

In the fourth quarter of 2021, the company recorded a pre-tax loss of $92 million as a result of ceding certain term life insurance policies as part of a life block transaction.

The company recorded a pre-tax expense of $1 million in both the fourth and second quarters of 2022, and $5 million, $3 million, $5 million and $21 million in the fourth, third, second and first quarters of 2021, respectively, related to restructuring costs as it continues to evaluate and appropriately size its organizational needs and expenses.

In the fourth and third quarters of 2022, the company incurred $2 million and $6 million, respectively, of pre-tax pension plan termination costs related to one of its defined benefit pension plans. There were no other infrequent or unusual items excluded from adjusted operating income (loss) during the periods presented.

The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.'s common stockholders 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 37 to 39 of this financial supplement.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Results of Operations and Selected Operating Performance Measures** 

The company's chief operating decision maker evaluates segment performance and allocates resources on the basis of adjusted operating income (loss). The table on page 9 of this financial supplement provides a reconciliation of net income available to Genworth Financial, Inc.'s common stockholders 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.

The company taxes 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 activities.

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.

This financial supplement contains selected operating performance measures including "sales" and "insurance in-force" or "risk in-force" which are commonly used in the insurance industry as measures of operating performance.

Management regularly monitors and reports sales metrics as a measure of volume of new business generated in a period. Sales refer to new insurance written for mortgage insurance products included in the company's Enact segment. 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 insurance policies during a specified period, rather than a measure of revenues or profitability during that period.

Management 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. 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 businesses. For the mortgage insurance businesses included in the company's Enact segment, the loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. For the long-term care insurance business included in the company's U.S. Life Insurance segment, the loss ratio is the ratio of benefits and other changes in reserves less tabular interest on reserves less loss adjustment expenses to net earned premiums. The company considers the loss ratio to be a measure of underwriting performance in these businesses and helps to enhance the understanding of the operating performance of the businesses.

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.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Financial Highlights** 

**(amounts in millions, except per share data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet Data** | **December 31,<br> 2022** | **September 30,<br> 2022** | **June 30,<br> 2022** | **March 31,<br> 2022** | **December 31,<br> 2021** |
|  Total Genworth Financial, Inc.'s stockholders' equity, excluding accumulated other comprehensive income (loss) | $12204 | $12056 | $11965 | $11797 | $11649 |
|  Total accumulated other comprehensive income (loss) | (2220) | (2765) | (145) | 2610 | 3861 |
|  Total Genworth Financial, Inc.'s stockholders' equity | $9984 | $9291 | $11820 | $14407 | $15510 |
|  Book value per share | $20.15 | $18.49 | $23.28 | $28.23 | $30.57 |
|  Book value per share, excluding accumulated other comprehensive income (loss) | $24.63 | $23.99 | $23.56 | $23.12 | $22.96 |
|  Common shares outstanding as of the balance sheet date | 495.4 | 502.6 | 507.8 | 510.3 | 507.4 |
|  | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
| **Twelve Month Rolling Average ROE** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  U.S. GAAP Basis ROE | 5.1% | 5.1% | 6.9% | 7.6% | 8.0% |
|  Operating ROE<sup>(1)</sup>  | 5.3% | 5.3% | 6.1% | 6.3% | 6.8% |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| **Quarterly Average ROE** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  U.S. GAAP Basis ROE | 5.8% | 3.5% | 6.1% | 5.1% | 5.6% |
|  Operating ROE<sup>(1)</sup>  | 5.5% | 5.3% | 5.9% | 4.5% | 5.7% |
| **Basic and Diluted Shares** | **Three months ended<br>December 31, 2022** | **Twelve months ended<br>December 31, 2022** |  |  |  |
|  Weighted-average common shares used in basic earnings per share calculations | 496.7 | 504.5 |  |  |  |
|  Potentially dilutive securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock options, restricted stock units and other equity-based awards | 6.5 | 6.5 |  |  |  |
|  Weighted-average common shares used in diluted earnings per share calculations | 503.2 | 511.0 |  |  |  |

---

------

<sup>(1)</sup> See page 37 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.

------

**Consolidated Quarterly Results** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Consolidated Net Income by Quarter** 

**(amounts in millions, except per share amounts)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums | $927 | $934 | $927 | $931 | $3719 | $576 | $944 | $947 | $968 | $3435 |
|  Net investment income | 787 | 808 | 787 | 764 | 3146 | 866 | 859 | 844 | 801 | 3370 |
|  Net investment gains (losses) | 16 | (69) | 8 | 28 | (17) | 132 | 88 | 70 | 33 | 323 |
|  Policy fees and other income | 165 | 166 | 159 | 169 | 659 | 162 | 179 | 180 | 183 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 1895 | 1839 | 1881 | 1892 | 7507 | 1736 | 2070 | 2041 | 1985 | 7832 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 1159 | 1180 | 764 | 1139 | 4242 | 861 | 1143 | 1161 | 1218 | 4383 |
|  Interest credited | 125 | 128 | 125 | 125 | 503 | 127 | 123 | 127 | 131 | 508 |
|  Acquisition and operating expenses, net of deferrals | 271 | 240 | 589 | 271 | 1371 | 354 | 290 | 304 | 275 | 1223 |
|  Amortization of deferred acquisition costs and intangibles | 52 | 79 | 84 | 92 | 307 | 108 | 106 | 86 | 77 | 377 |
|  Interest expense | 28 | 26 | 26 | 26 | 106 | 31 | 35 | 43 | 51 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 1635 | 1653 | 1588 | 1653 | 6529 | 1481 | 1697 | 1721 | 1752 | 6651 |
|  **INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 260 | 186 | 293 | 239 | 978 | 255 | 373 | 320 | 233 | 1181 |
|  Provision for income taxes | 56 | 52 | 73 | 58 | 239 | 62 | 67 | 75 | 59 | 263 |
|  **INCOME FROM CONTINUING OPERATIONS** | 204 | 134 | 220 | 181 | 739 | 193 | 306 | 245 | 174 | 918 |
|  Income (loss) from discontinued operations, net of taxes<sup>(1)</sup> | (2) | 5 | (1) | (2) |  | (1) | 12 | (5) | 21 | 27 |
|  **NET INCOME** | 202 | 139 | 219 | 179 | 739 | 192 | 318 | 240 | 195 | 945 |
|  Less: net income from continuing operations attributable to noncontrolling interests | 27 | 35 | 38 | 30 | 130 | 29 | 4 |  |  | 33 |
|  Less: net income from discontinued operations attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 8 | 8 |
|  **NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS** | $175 | $104 | $181 | $149 | $609 | $163 | $314 | $240 | $187 | $904 |
|  **NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS:** |  |  |  |  |  |  |  |  |  |  |
|  Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | $177 | $99 | $182 | $151 | $609 | $164 | $302 | $245 | $174 | $885 |
|  Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders | (2) | 5 | (1) | (2) |  | (1) | 12 | (5) | 13 | 19 |
|  **NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS** | $175 | $104 | $181 | $149 | $609 | $163 | $314 | $240 | $187 | $904 |
|  **Earnings Per Share Data:** |  |  |  |  |  |  |  |  |  |  |
|  Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.36 | $0.20 | $0.36 | $0.30 | $1.21 | $0.32 | $0.59 | $0.48 | $0.35 | $1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.35 | $0.19 | $0.36 | $0.29 | $1.19 | $0.32 | $0.59 | $0.47 | $0.34 | $1.72 |
|  Net income available to Genworth Financial, Inc.'s common stockholders per share |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.35 | $0.21 | $0.36 | $0.29 | $1.21 | $0.32 | $0.62 | $0.47 | $0.37 | $1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.35 | $0.20 | $0.35 | $0.29 | $1.19 | $0.32 | $0.61 | $0.47 | $0.37 | $1.76 |
|  Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 496.7 | 504.0 | 509.0 | 508.3 | 504.5 | 507.4 | 507.4 | 507.0 | 506.0 | 506.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 503.2 | 509.4 | 514.2 | 517.4 | 511.0 | 515.6 | 514.2 | 515.0 | 513.8 | 514.7 |

---

------

<sup>(1)</sup> Income (loss) from discontinued operations primarily relates to a settlement agreement involving the company's former lifestyle protection insurance business that was sold on December 1, 2015 and operating results of its former Australia mortgage insurance business prior to its sale on March 3, 2021. 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Reconciliation of Net Income to Adjusted Operating Income** 

**(amounts in millions, except per share amounts)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.'S<br>COMMON STOCKHOLDERS** | $175 | $104 | $181 | $149 | $609 | $163 | $314 | $240 | $187 | $904 |
|  Add: net income from continuing operations attributable to noncontrolling interests | 27 | 35 | 38 | 30 | 130 | 29 | 4 |  |  | 33 |
|  Add: net income from discontinued operations attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 8 | 8 |
|  **NET INCOME** | 202 | 139 | 219 | 179 | 739 | 192 | 318 | 240 | 195 | 945 |
|  Less: income (loss) from discontinued operations, net of taxes | (2) | 5 | (1) | (2) |  | (1) | 12 | (5) | 21 | 27 |
|  **INCOME FROM CONTINUING OPERATIONS** | 204 | 134 | 220 | 181 | 739 | 193 | 306 | 245 | 174 | 918 |
|  Less: net income from continuing operations attributable to noncontrolling interests | 27 | 35 | 38 | 30 | 130 | 29 | 4 |  |  | 33 |
|  **INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH<br>FINANCIAL, INC.'S COMMON STOCKHOLDERS** | 177 | 99 | 182 | 151 | 609 | 164 | 302 | 245 | 174 | 885 |
|  **ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses, net<sup>(1)</sup> | (15) | 67 | (10) | (28) | 14 | (133) | (88) | (70) | (33) | (324) |
| (Gains) losses on early extinguishment of debt | (1) | 3 | 1 | 3 | 6 | 35 | 6 |  | 4 | 45 |
|  Initial loss from life block transaction |  |  |  |  |  | 92 |  |  |  | 92 |
|  Expenses related to restructuring | 1 |  | 1 |  | 2 | 5 | 3 | 5 | 21 | 34 |
|  Pension plan termination costs | 2 | 6 |  |  | 8 |  |  |  |  |  |
|  Taxes on adjustments | 3 | (16) | 2 | 5 | (6) | 1 | 16 | 14 | 2 | 33 |
|  **ADJUSTED OPERATING INCOME** | $167 | $159 | $176 | $131 | $633 | $164 | $239 | $194 | $168 | $765 |
|  **ADJUSTED OPERATING INCOME (LOSS):** |  |  |  |  |  |  |  |  |  |  |
|  Enact segment | $120 | $156 | $167 | $135 | $578 | $125 | $134 | $135 | $126 | $520 |
|  U.S. Life Insurance segment: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Care Insurance | 24 | 25 | 34 | 59 | 142 | 119 | 133 | 98 | 95 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance | (2) | (33) | (34) | (79) | (148) | (98) | (68) | (40) | (63) | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Annuities | 16 | 19 | 21 | 16 | 72 | 20 | 28 | 13 | 30 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Life Insurance segment | 38 | 11 | 21 | (4) | 66 | 41 | 93 | 71 | 62 | 267 |
|  Runoff segment | 17 | 9 | 2 | 9 | 37 | 16 | 11 | 15 | 12 | 54 |
|  Corporate and Other | (8) | (17) | (14) | (9) | (48) | (18) | 1 | (27) | (32) | (76) |
|  **ADJUSTED OPERATING INCOME** | $167 | $159 | $176 | $131 | $633 | $164 | $239 | $194 | $168 | $765 |
|  **Earnings Per Share Data:** |  |  |  |  |  |  |  |  |  |  |
|  Net income available to Genworth Financial, Inc.'s common stockholders per share |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.35 | $0.21 | $0.36 | $0.29 | $1.21 | $0.32 | $0.62 | $0.47 | $0.37 | $1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.35 | $0.20 | $0.35 | $0.29 | $1.19 | $0.32 | $0.61 | $0.47 | $0.37 | $1.76 |
|  Adjusted operating income per share |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.34 | $0.32 | $0.35 | $0.26 | $1.26 | $0.32 | $0.47 | $0.38 | $0.33 | $1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.33 | $0.31 | $0.34 | $0.25 | $1.24 | $0.32 | $0.46 | $0.38 | $0.33 | $1.48 |
|  Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 496.7 | 504.0 | 509.0 | 508.3 | 504.5 | 507.4 | 507.4 | 507.0 | 506.0 | 506.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 503.2 | 509.4 | 514.2 | 517.4 | 511.0 | 515.6 | 514.2 | 515.0 | 513.8 | 514.7 |

---

------

<sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves (see page 35 for reconciliation).

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Consolidated Balance Sheets** 

**(amounts in millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities available-for-sale, at fair value<sup>(1)</sup> | $46583 | $46215 | $49286 | $55027 | $60480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities, at fair value | 319 | 274 | 243 | 230 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage loans<sup>(2)</sup> | 7032 | 7086 | 7088 | 6938 | 6856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for credit losses | (22) | (23) | (23) | (25) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage loans, net | 7010 | 7063 | 7065 | 6913 | 6830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 2139 | 2153 | 2178 | 2028 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited partnerships | 2331 | 2195 | 2123 | 2007 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 566 | 590 | 573 | 671 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 58948 | 58490 | 61468 | 66876 | 72278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash | 1799 | 1561 | 1724 | 1291 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investment income | 643 | 616 | 553 | 696 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 2200 | 2247 | 2314 | 1310 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 241 | 237 | 236 | 159 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | 16495 | 16619 | 16691 | 16821 | 16868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for credit losses | (60) | (61) | (60) | (57) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable, net | 16435 | 16558 | 16631 | 16764 | 16813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 415 | 399 | 412 | 440 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 1344 | 1533 | 1047 | 421 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 4417 | 4298 | 4683 | 5530 | 6066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $86442 | $85939 | $89068 | $93487 | $99171 |

---

------

<sup>(1)</sup> Amortized cost of $50,834 million, $51,248 million, $51,248 million, $52,280 million and $52,611 million as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and allowance for credit losses of $— as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021. 

<sup>(2)</sup> Net of unamortized balance of loan origination fees and costs of $4 million as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021. 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Consolidated Balance Sheets** 

**(amounts in millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  **LIABILITIES AND EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits | $38064 | $38095 | $38133 | $38897 | $41528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances | 17113 | 17589 | 17907 | 18197 | 19354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for policy and contract claims | 12234 | 12004 | 11915 | 11833 | 11841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 584 | 597 | 614 | 639 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 1672 | 1679 | 1468 | 1416 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | 1611 | 1622 | 1773 | 1819 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 4417 | 4298 | 4683 | 5530 | 6066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities related to discontinued operations<sup>(1)</sup> | 8 | 6 | 4 | 4 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 75703 | 75890 | 76497 | 78335 | 82905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 11869 | 11865 | 11859 | 11857 | 11858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss)<sup>(2)</sup> | (2220) | (2765) | (145) | 2610 | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 3098 | 2924 | 2820 | 2639 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost | (2764) | (2734) | (2715) | (2700) | (2700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Genworth Financial, Inc.'s stockholders' equity | 9984 | 9291 | 11820 | 14407 | 15510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 755 | 758 | 751 | 745 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 10739 | 10049 | 12571 | 15152 | 16266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $86442 | $85939 | $89068 | $93487 | $99171 |

---

------

<sup>(1)</sup> Liabilities related to discontinued operations relates to a liability recorded in connection with a settlement agreement reached with AXA and other unrelated liabilities involving the sale of the company's former lifestyle protection insurance business.

<sup>(2)</sup> Accumulated other comprehensive income (loss) decreased primarily from an increase in interest rates in the second and third quarters of 2022.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Consolidated Balance Sheet by Segment** 

**(amounts in millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Enact** | **U.S. Life<br>Insurance** | **Runoff** | **Corporate<br>and<br>Other<sup>(1)</sup>** | **Total** |
|  **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and investments | $5458 | $51777 | $2682 | $1473 | $61390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs and intangible assets | 35 | 2266 | 133 | 7 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable, net |  | 15818 | 617 |  | 16435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax and other assets | 219 | 1116 | 39 | 385 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets |  |  | 4417 |  | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $5712 | $70977 | $7888 | $1865 | $86442 |
|  **LIABILITIES AND EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits | $— | $38062 | $2 | $— | $38064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances |  | 14112 | 3001 |  | 17113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for policy and contract claims | 519 | 11695 | 14 | 6 | 12234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 203 | 379 | 2 |  | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 136 | 1006 | 45 | 485 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 743 |  |  | 868 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities |  |  | 4417 |  | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities related to discontinued operations |  |  |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1601 | 65254 | 7481 | 1367 | 75703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocated equity, excluding accumulated other comprehensive income (loss) | 3669 | 7138 | 414 | 983 | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocated accumulated other comprehensive income (loss) | (313) | (1415) | (7) | (485) | (2220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Genworth Financial, Inc.'s stockholders' equity | 3356 | 5723 | 407 | 498 | 9984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 755 |  |  |  | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 4111 | 5723 | 407 | 498 | 10739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $5712 | $70977 | $7888 | $1865 | $86442 |

---

------

<sup>(1)</sup> Includes inter-segment eliminations and other businesses that are managed outside the operating segments.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Consolidated Balance Sheet by Segment** 

**(amounts in millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** |
|  | **Enact** | **U.S. Life<br>Insurance** | **Runoff** | **Corporate<br>and<br>Other<sup>(1)</sup>** | **Total** |
|  **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and investments | $5466 | $51435 | $2786 | $980 | $60667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs and intangible assets | 34 | 2310 | 133 | 7 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable, net |  | 15922 | 636 |  | 16558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax and other assets | 225 | 1223 | 33 | 451 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets |  |  | 4298 |  | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $5725 | $70890 | $7886 | $1438 | $85939 |
|  **LIABILITIES AND EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits | $— | $38093 | $2 | $— | $38095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances |  | 14515 | 3074 |  | 17589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for policy and contract claims | 510 | 11467 | 21 | 6 | 12004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 213 | 381 | 3 |  | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 129 | 1012 | 43 | 495 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 742 |  |  | 880 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities |  |  | 4298 |  | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities related to discontinued operations |  |  |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1594 | 65468 | 7441 | 1387 | 75890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocated equity, excluding accumulated other comprehensive income (loss) | 3722 | 7289 | 461 | 584 | 12056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocated accumulated other comprehensive income (loss) | (349) | (1867) | (16) | (533) | (2765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Genworth Financial, Inc.'s stockholders' equity | 3373 | 5422 | 445 | 51 | 9291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 758 |  |  |  | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 4131 | 5422 | 445 | 51 | 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $5725 | $70890 | $7886 | $1438 | $85939 |

---

------

<sup>(1)</sup> Includes inter-segment eliminations and other businesses that are managed outside the operating segments.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Deferred Acquisition Costs Rollforward** 

**(amounts in millions)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enact** | **U.S. Life<br>Insurance** | **Runoff** | **Total** |
|  Unamortized balance as of September 30, 2022 | $26 | $2074 | $111 | $2211 |
|  Costs deferred | 2 | (2) |  |  |
|  Amortization, net of interest accretion | (2) | (47) | (2) | (51) |
|  Unamortized balance as of December 31, 2022 | 26 | 2025 | 109 | 2160 |
|  Effect of accumulated net unrealized investment (gains) losses |  | 17 | 23 | 40 |
|  Balance as of December 31, 2022 | $26 | $2042 | $132 | $2200 |

---

------

**Enact Segment** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Income and Sales—Enact Segment** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums | $233 | $235 | $238 | $234 | $940 | $237 | $243 | $243 | $252 | $975 |
|  Net investment income | 45 | 39 | 36 | 35 | 155 | 35 | 36 | 35 | 35 | 141 |
|  Net investment gains (losses) | (1) |  | (1) |  | (2) |  | 1 | (2) | (1) | (2) |
|  Policy fees and other income |  | 1 |  | 1 | 2 | 1 | 1 |  | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 277 | 275 | 273 | 270 | 1095 | 273 | 281 | 276 | 288 | 1118 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 18 | (40) | (62) | (10) | (94) | 6 | 34 | 30 | 55 | 125 |
|  Acquisition and operating expenses, net of deferrals | 60 | 55 | 58 | 54 | 227 | 55 | 55 | 63 | 57 | 230 |
|  Amortization of deferred acquisition costs and intangibles | 2 | 4 | 3 | 3 | 12 | 4 | 3 | 4 | 4 | 15 |
|  Interest expense | 14 | 12 | 13 | 13 | 52 | 13 | 13 | 12 | 13 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 94 | 31 | 12 | 60 | 197 | 78 | 105 | 109 | 129 | 421 |
|  **INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 183 | 244 | 261 | 210 | 898 | 195 | 176 | 167 | 159 | 697 |
|  Provision for income taxes | 39 | 53 | 57 | 45 | 194 | 41 | 38 | 35 | 34 | 148 |
|  **INCOME FROM CONTINUING OPERATIONS** | 144 | 191 | 204 | 165 | 704 | 154 | 138 | 132 | 125 | 549 |
|  Less: net income from continuing operations attributable to noncontrolling interests | 27 | 35 | 38 | 30 | 130 | 29 | 4 |  |  | 33 |
|  **INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS** | 117 | 156 | 166 | 135 | 574 | 125 | 134 | 132 | 125 | 516 |
|  **ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.'S COMMON STOCKHOLDERS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses | 1 |  | 1 |  | 2 |  | (1) | 2 | 1 | 2 |
|  Expenses related to restructuring | 3 |  |  |  | 3 |  | 1 | 2 |  | 3 |
|  Taxes on adjustments | (1) |  |  |  | (1) |  |  | (1) |  | (1) |
|  **ADJUSTED OPERATING INCOME** | $120 | $156 | $167 | $135 | $578 | $125 | $134 | $135 | $126 | $520 |
|  **SALES:** |  |  |  |  |  |  |  |  |  |  |
|  **Primary New Insurance Written (NIW)** | $15145 | $15069 | $17448 | $18823 | $66485 | $21441 | $23972 | $26657 | $24934 | $97004 |

---

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Primary New Insurance Written Metrics— Enact Segment** 

**(amounts in millions)** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **4Q** | **3Q** | **3Q** | **2Q** | **2Q** | **1Q** | **1Q** | **4Q** | **4Q** | **3Q** | **3Q** | **2Q** | **2Q** | **1Q** | **1Q** |
|  | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** | **Primary<br>NIW** | **% of<br>Primary<br>NIW** |
|  **Payment Type** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monthly | $13745 | 91% | $14138 | 94% | $16169 | 93% | $17071 | 91% | $19395 | 91% | $21475 | 90% | $24887 | 93% | $23358 | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single | 1368 | 9 | 890 | 6 | 1218 | 7 | 1690 | 9 | 1991 | 9 | 2431 | 10 | 1686 | 7 | 1446 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other<sup>(1)</sup> | 32 |  | 41 |  | 61 |  | 62 |  | 55 |  | 66 |  | 84 |  | 130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary** | $15145 | 100% | $15069 | 100% | $17448 | 100% | $18823 | 100% | $21441 | 100% | $23972 | 100% | $26657 | 100% | $24934 | 100% |
|  **Origination** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase | $14744 | 97% | $14634 | 97% | $16802 | 96% | $17326 | 92% | $19284 | 90% | $20988 | 88% | $21143 | 79% | $15500 | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinance | 401 | 3 | 435 | 3 | 646 | 4 | 1497 | 8 | 2157 | 10 | 2984 | 12 | 5514 | 21 | 9434 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary** | $15145 | 100% | $15069 | 100% | $17448 | 100% | $18823 | 100% | $21441 | 100% | $23972 | 100% | $26657 | 100% | $24934 | 100% |
|  **FICO Scores** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 760 | $6951 | 46% | $6948 | 46% | $7981 | 45% | $8359 | 45% | $9401 | 44% | $10708 | 45% | $11762 | 44% | $10520 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 - 759 | 2709 | 18 | 2554 | 17 | 2916 | 17 | 3085 | 16 | 3406 | 16 | 3830 | 16 | 3995 | 15 | 3836 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 - 739 | 2226 | 15 | 2106 | 14 | 2530 | 15 | 2515 | 13 | 2844 | 13 | 3177 | 13 | 3467 | 13 | 3423 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 - 719 | 1489 | 10 | 1531 | 10 | 1917 | 11 | 1952 | 10 | 2257 | 11 | 2702 | 11 | 3131 | 12 | 2979 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 - 699 | 1035 | 7 | 1085 | 7 | 1099 | 6 | 1316 | 7 | 1589 | 7 | 1875 | 8 | 2513 | 9 | 2480 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 - 679<sup>(2)</sup> | 478 | 3 | 527 | 3 | 598 | 3 | 931 | 5 | 1106 | 5 | 1010 | 4 | 1068 | 4 | 983 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 - 659 | 189 | 1 | 234 | 2 | 297 | 2 | 486 | 3 | 611 | 3 | 504 | 2 | 547 | 2 | 511 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 - 639 | 66 |  | 79 | 1 | 106 | 1 | 173 | 1 | 223 | 1 | 166 | 1 | 174 | 1 | 202 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <620 | 2 |  | 5 |  | 4 |  | 6 |  | 4 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary** | $15145 | 100% | $15069 | 100% | $17448 | 100% | $18823 | 100% | $21441 | 100% | $23972 | 100% | $26657 | 100% | $24934 | 100% |
|  **Loan-To-Value Ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95.01% and above | $2423 | 16% | $1741 | 11% | $2177 | 12% | $3146 | 17% | $3660 | 17% | $3396 | 14% | $2767 | 11% | $2241 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90.01% to 95.00% | 5684 | 37 | 6184 | 41 | 7458 | 43 | 6682 | 35 | 7548 | 35 | 8838 | 37 | 10758 | 40 | 9453 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.01% to 90.00% | 4971 | 33 | 5094 | 34 | 5207 | 30 | 5620 | 30 | 6253 | 29 | 7454 | 31 | 8618 | 32 | 8392 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.00% and below | 2067 | 14 | 2050 | 14 | 2606 | 15 | 3375 | 18 | 3980 | 19 | 4284 | 18 | 4514 | 17 | 4848 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary** | $15145 | 100% | $15069 | 100% | $17448 | 100% | $18823 | 100% | $21441 | 100% | $23972 | 100% | $26657 | 100% | $24934 | 100% |
|  **Debt-To-Income Ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.01% and above | $4294 | 28% | $3728 | 25% | $4067 | 23% | $4452 | 24% | $4977 | 23% | $4167 | 17% | $3269 | 12% | $2566 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.01% to 45.00% | 5518 | 37 | 5681 | 38 | 6436 | 37 | 6361 | 34 | 7047 | 33 | 7949 | 33 | 9204 | 35 | 8746 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.00% and below | 5333 | 35 | 5660 | 37 | 6945 | 40 | 8010 | 42 | 9417 | 44 | 11856 | 50 | 14184 | 53 | 13622 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary** | $15145 | 100% | $15069 | 100% | $17448 | 100% | $18823 | 100% | $21441 | 100% | $23972 | 100% | $26657 | 100% | $24934 | 100% |

---

------

<sup>(1)</sup> Includes loans with annual and split payment types.

<sup>(2)</sup> Loans with unknown FICO scores are included in the 660-679 category.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Other Metrics—Enact Segment** 

**(dollar amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **Primary Insurance In-Force**<sup>(1)</sup> | $248262 | $241813 | $237563 | $231853 |  | $226514 | $222464 | $217477 | $210187 |  |
|  **Risk In-Force** |  |  |  |  |  |  |  |  |  |  |
|  Primary<sup>(2)</sup> | $62791 | $61124 | $59911 | $58295 |  | $56881 | $55866 | $54643 | $52866 |  |
|  Pool | 79 | 84 | 89 | 97 |  | 105 | 117 | 123 | 134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Risk In-Force** | $62870 | $61208 | $60000 | $58392 |  | $56986 | $55983 | $54766 | $53000 |  |
|  **Expense Ratio**<sup>(3)</sup> | 27% | 25% | 26% | 24% | 25% | 25% | 24% | 27% | 24% | 25% |
|  **Primary Persistency Rate** | 86% | 82% | 80% | 76% | 80% | 69% | 65% | 63% | 56% | 62% |
|  **Combined Risk To Capital Ratio**<sup>(4)</sup> | 12.8:1 | 12.3:1 | 12.6:1 | 12.0:1 |  | 12.2:1 | 11.8:1 | 11.8:1 | 11.7:1 |  |
|  **EMICO Risk To Capital Ratio**<sup>(4),(5)</sup> | 12.9:1 | 12.3:1 | 12.6:1 | 12.1:1 |  | 12.3:1 | 11.9:1 | 12.0:1 | 11.9:1 |  |
|  **PMIERs Available Assets**<sup>(6)</sup> | $5206 | $5292 | $5147 | $5222 |  | $5077 | $5126 | $4926 | $4769 |  |
|  **PMIERs Required Assets**<sup>(6)</sup> | $3156 | $3043 | $3100 | $2961 |  | $3074 | $2839 | $2985 | $3005 |  |
|  **Available Assets Above PMIERs Requirements**<sup>(6)</sup> | $2050 | $2249 | $2047 | $2261 |  | $2003 | $2287 | $1941 | $1764 |  |
|  **PMIERs Sufficiency Ratio**<sup>(6)</sup> | 165% | 174% | 166% | 176% |  | 165% | 181% | 165% | 159% |  |
|  **Average Primary Loan Size (in thousands)** | $259 | $255 | $251 | $246 |  | $242 | $237 | $233 | $228 |  |

---

The expense ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

------

<sup>(1)</sup> Primary insurance in-force represents aggregate unpaid balance for loans the company's U.S. mortgage insurance subsidiaries insure.

<sup>(2)</sup> Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors.

<sup>(3)</sup> The ratio of an insurer's general expenses to net earned premiums. In the business, general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles.

<sup>(4)</sup> Certain states limit a private mortgage insurer's risk in-force to 25 times the total of the insurer's policyholders' surplus plus the statutory contingency reserve, commonly known as the "risk to capital" requirement. The current period risk to capital ratio is an estimate due to the timing of the filing of statutory statements and is prepared consistent with the presentation of the statutory financial statements in the combined annual statement of the company's U.S. mortgage insurance subsidiaries. 

<sup>(5)</sup> Enact Mortgage Insurance Corporation (EMICO), the company's principal U.S. mortgage insurance subsidiary.

<sup>(6)</sup> 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 and does not take into consideration the impact of restrictions recently imposed by the government-sponsored enterprises (GSEs). The GSEs have imposed certain capital restrictions on the company's U.S. mortgage insurance subsidiaries which remain in effect until certain conditions are met. These restrictions required EMICO to maintain 115% of published PMIERs minimum required assets among other restrictions as of December 31, 2021. Effective January 1, 2022, these requirements increased to 120%. 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Loss Metrics—Enact Segment** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **Average Paid Claim (in thousands)**<sup>(1)</sup> | $48.7 | $42.2 | $50.1 | $51.6 |  | $27.2 | $26.7 | $63.1 | $54.7 |  |
|  **Average Reserve Per Primary Delinquency (in thousands)**<sup>(2)</sup> | $24.0 | $25.2 | $27.0 | $26.2 |  | $24.4 | $21.2 | $17.5 | $13.7 |  |
|  **Reserves:** |  |  |  |  |  |  |  |  |  |  |
|  Direct primary case | $479 | $476 | $526 | $591 |  | $606 | $613 | $589 | $564 |  |
|  All other<sup>(3)</sup> | 40 | 34 | 33 | 34 |  | 35 | 35 | 35 | 39 |  |
|  **Total Reserves** | $519 | $510 | $559 | $625 |  | $641 | $648 | $624 | $603 |  |
|  **Beginning Reserves** | $510 | $559 | $625 | $641 | $641 | $648 | $624 | $603 | $555 | $555 |
|  Paid claims | (9) | (9) | (4) | (6) | (28) | (13) | (10) | (9) | (7) | (39) |
|  Increase (decrease) in reserves | 18 | (40) | (62) | (10) | (94) | 6 | 34 | 30 | 55 | 125 |
|  **Ending Reserves** | $519 | $510 | $559 | $625 | $519 | $641 | $648 | $624 | $603 | $641 |
|  **Loss Ratio**<sup>(4)</sup>  | 8% | (17)% | (26)% | (4)% | (10)% | 3% | 14% | 12% | 22% | 13% |

---

The loss ratio included above was calculated using whole dollars and may be different than the ratio calculated using the rounded numbers included herein.

------

<sup>(1)</sup> Average paid claim in the fourth and third quarters of 2022 and 2021 includes payments in relation to agreements on non-performing loans.

<sup>(2)</sup> Direct primary case reserves divided by primary delinquency count.

<sup>(3)</sup> Other includes loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

<sup>(4)</sup> The ratio of benefits and other changes in policy reserves to net earned premiums.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Delinquency Metrics—Enact Segment** 

**(dollar amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
| **Primary Loans** |  |  |  |  |  |  |  |  |  |  |
|  Primary loans in-force | 960306 | 949052 | 946891 | 941689 |  | 937350 | 936934 | 933616 | 922186 |  |
|  Primary delinquent loans | 19943 | 18856 | 19513 | 22571 |  | 24820 | 28904 | 33568 | 41332 |  |
|  Primary delinquency rate | 2.08% | 1.99% | 2.06% | 2.40% |  | 2.65% | 3.08% | 3.60% | 4.48% |  |
|  **Beginning Number of Primary Delinquencies** | 18856 | 19513 | 22571 | 24820 | 24820 | 28904 | 33568 | 41332 | 44904 | 44904 |
|  New delinquencies | 10304 | 9121 | 7847 | 8724 | 35996 | 8282 | 7427 | 6862 | 10053 | 32624 |
|  Delinquency cures | (9024) | (9588) | (10806) | (10860) | (40278) | (11929) | (11746) | (14473) | (13478) | (51626) |
|  Paid claims | (190) | (187) | (90) | (107) | (574) | (430) | (343) | (143) | (134) | (1050) |
|  Rescissions and claim denials | (3) | (3) | (9) | (6) | (21) | (7) | (2) | (10) | (13) | (32) |
|  **Ending Number of Primary Delinquencies** | 19943 | 18856 | 19513 | 22571 | 19943 | 24820 | 28904 | 33568 | 41332 | 24820 |
|  **Composition of Cures** |  |  |  |  |  |  |  |  |  |  |
|  Reported delinquent and cured-intraquarter | 1489 | 1598 | 1306 | 1581 |  | 1274 | 1143 | 1149 | 1549 |  |
|  Number of missed payments delinquent prior to cure: |  |  |  |  |  |  |  |  |  |  |
|  3 payments or less | 4179 | 3719 | 4037 | 3902 |  | 3563 | 3080 | 4179 | 4812 |  |
|  4 - 11 payments | 2001 | 2279 | 2484 | 2315 |  | 2691 | 3492 | 6055 | 6849 |  |
|  12 payments or more | 1355 | 1992 | 2979 | 3062 |  | 4401 | 4031 | 3090 | 268 |  |
|  **Total** | 9024 | 9588 | 10806 | 10860 |  | 11929 | 11746 | 14473 | 13478 |  |
|  **Primary Delinquencies by Missed Payment Status** |  |  |  |  |  |  |  |  |  |  |
|  3 payments or less | 8920 | 7446 | 6442 | 6837 |  | 6586 | 6192 | 6030 | 8296 |  |
|  4 - 11 payments | 6466 | 6119 | 6372 | 6875 |  | 7360 | 9021 | 12378 | 21011 |  |
|  12 payments or more | 4557 | 5291 | 6699 | 8859 |  | 10874 | 13691 | 15160 | 12025 |  |
|  **Primary Delinquencies** | 19943 | 18856 | 19513 | 22571 |  | 24820 | 28904 | 33568 | 41332 |  |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |  |  |  |  |  |  |  |
| **Direct Primary Case Reserves**<sup>(1)</sup> **and Percentage**<br> **Reserved by Payment Status** | **Direct Primary<br>Case Reserves** | **Risk<br>In-Force** | **Reserves as % of<br>Risk In-Force** |  |  |  |  |  |  |  |
|  3 payments or less in default | $69 | $509 | 14% |  |  |  |  |  |  |  |
|  4 - 11 payments in default | 166 | 390 | 43% |  |  |  |  |  |  |  |
|  12 payments or more in default | 244 | 248 | 98% |  |  |  |  |  |  |  |
|  **Totals** | $479 | $1147 | 42% |  |  |  |  |  |  |  |
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |  |  |  |  |  |  |  |
| **Direct Primary Case Reserves**<sup>(1)</sup> **and Percentage**<br> **Reserved by Payment Status** | **Direct Primary<br>Case Reserves** | **Risk<br>In-Force** | **Reserves as % of<br>Risk In-Force** |  |  |  |  |  |  |  |
|  3 payments or less in default | $35 | $340 | 10% |  |  |  |  |  |  |  |
|  4 - 11 payments in default | 111 | 426 | 26% |  |  |  |  |  |  |  |
|  12 payments or more in default | 460 | 643 | 72% |  |  |  |  |  |  |  |
|  **Total** | $606 | $1409 | 43% |  |  |  |  |  |  |  |

---

------

<sup>(1)</sup> Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.s

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Portfolio Quality Metrics—Enact Segment** 

**(amounts in millions)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Policy Year** | **% of Direct<br>Primary Case<br>Reserves**<sup>(1)</sup> | **Primary Insurance<br>In-Force** | **% of Total** | **Primary Risk<br>In-Force** | **% of Total** | **Delinquency<br>Rate** |
|  2008 and prior | 26% | $6596 | 3% | $1699 | 3% | 9.61% |
| 2009-2014 | 4 | 2113 | 1 | 560 | 1 | 5.01% |
| 2015 | 3 | 2912 | 1 | 781 | 1 | 3.61% |
| 2016 | 6 | 6296 | 2 | 1681 | 3 | 3.17% |
| 2017 | 7 | 6495 | 3 | 1708 | 3 | 3.78% |
| 2018 | 9 | 6839 | 3 | 1736 | 3 | 4.63% |
| 2019 | 11 | 16352 | 7 | 4143 | 7 | 2.71% |
| 2020 | 17 | 55358 | 22 | 14158 | 22 | 1.47% |
| 2021 | 14 | 81724 | 33 | 20418 | 32 | 1.20% |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 63577 | &nbsp;&nbsp;&nbsp;&nbsp;25 | 15907 | &nbsp;&nbsp;&nbsp;&nbsp;25 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100% | $248262 | 100% | $62791 | 100% | 2.08% |
|  | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Primary Risk<br>In-Force** | **Percent of<br>Primary Risk<br>In-Force** | **Primary Risk<br>In-Force** | **Percent of<br>Primary Risk<br>In-Force** | **Primary Risk<br>In-Force** | **Percent of<br>Primary Risk<br>In-Force** |
|  **Loan-to-value ratio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95.01% and above | $11136 | 18% | $10809 | 18% | $9907 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90.01% to 95.00% | 30079 | 48 | 29379 | 48 | 27608 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.01% to 90.00% | 17621 | 28 | 17019 | 28 | 15644 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.00% and below | 3955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 3917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 3722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $62791 | 100% | $61124 | 100% | $56881 | 100% |
|  | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Primary Risk<br>In-Force** | **Percent of<br>Primary Risk<br>In-Force** | **Primary Risk<br>In-Force** | **Percent of<br>Primary Risk<br>In-Force** | **Primary Risk<br>In-Force** | **Percent of<br>Primary Risk<br>In-Force** |
|  **Credit Quality** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 760 | $25807 | 41% | $24965 | 41% | $22489 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 - 759 | 10154 | 16 | 9808 | 16 | 9009 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 - 739 | 8931 | 14 | 8656 | 14 | 8055 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 - 719 | 7317 | 12 | 7200 | 12 | 6907 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 - 699 | 5428 | 9 | 5356 | 9 | 5334 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 - 679<sup>(2)</sup> | 2767 | 5 | 2739 | 4 | 2638 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 - 659 | 1540 | 2 | 1541 | 3 | 1530 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 - 639 | 665 | 1 | 672 | 1 | 702 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <620 | 182 |  | 187 |  | 217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $62791 | 100% | $61124 | 100% | $56881 | 100% |

---

------

<sup>(1)</sup> Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves.

<sup>(2)</sup> Loans with unknown FICO scores are included in the 660-679 category.

------

**U.S. Life Insurance Segment** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Income (Loss)—U.S. Life Insurance Segment** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums | $693 | $697 | $688 | $695 | $2773 | $338 | $699 | $703 | $714 | $2454 |
|  Net investment income | 682 | 711 | 700 | 676 | 2769 | 777 | 773 | 763 | 716 | 3029 |
|  Net investment gains (losses) | 17 | (61) | 4 | 56 | 16 | 134 | 87 | 66 | 42 | 329 |
|  Policy fees and other income | 139 | 138 | 129 | 137 | 543 | 128 | 144 | 145 | 148 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 1531 | 1485 | 1521 | 1564 | 6101 | 1377 | 1703 | 1677 | 1620 | 6377 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 1134 | 1210 | 816 | 1141 | 4301 | 849 | 1097 | 1129 | 1155 | 4230 |
|  Interest credited | 79 | 81 | 80 | 82 | 322 | 84 | 85 | 87 | 90 | 346 |
|  Acquisition and operating expenses, net of deferrals | 197 | 169 | 513 | 199 | 1078 | 243 | 211 | 219 | 192 | 865 |
|  Amortization of deferred acquisition costs and intangibles | 48 | 69 | 72 | 83 | 272 | 99 | 96 | 77 | 68 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 1458 | 1529 | 1481 | 1505 | 5973 | 1275 | 1489 | 1512 | 1505 | 5781 |
|  **INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 73 | (44) | 40 | 59 | 128 | 102 | 214 | 165 | 115 | 596 |
|  Provision (benefit) for income taxes | 22 | (2) | 15 | 20 | 55 | 28 | 53 | 42 | 32 | 155 |
|  **INCOME (LOSS) FROM CONTINUING OPERATIONS** | 51 | (42) | 25 | 39 | 73 | 74 | 161 | 123 | 83 | 441 |
|  **ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses, net<sup>(1)</sup> | (17) | 60 | (5) | (55) | (17) | (135) | (87) | (67) | (41) | (330) |
|  Initial loss from life block transaction |  |  |  |  |  | 92 |  |  |  | 92 |
|  Expenses related to restructuring | (2) |  | 1 |  | (1) |  | 1 | 2 | 14 | 17 |
|  Pension plan termination costs | 2 | 6 |  |  | 8 |  |  |  |  |  |
|  Taxes on adjustments | 4 | (13) |  | 12 | 3 | 10 | 18 | 13 | 6 | 47 |
|  **ADJUSTED OPERATING INCOME (LOSS)** | $38 | $11 | $21 | $(4) | $66 | $41 | $93 | $71 | $62 | $267 |
|  <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment (gains) losses, gross | $(17) | $61 | $(4) | $(56) | $(16) | $(134) | $(87) | $(66) | $(42) | $(329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for DAC and other intangible amortization and certain benefit reserves |  | (1) | (1) | 1 | (1) | (1) |  | (1) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment (gains) losses, net | $(17) | $60 | $(5) | $(55) | $(17) | $(135) | $(87) | $(67) | $(41) | $(330) |

---

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Income—U.S. Life Insurance Segment—Long-Term Care Insurance** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums | $648 | $642 | $628 | $621 | $2539 | $644 | $652 | $648 | $646 | $2590 |
|  Net investment income | 470 | 497 | 486 | 447 | 1900 | 532 | 521 | 509 | 465 | 2027 |
|  Net investment gains (losses) | 20 | (47) | 5 | 41 | 19 | 83 | 80 | 67 | 27 | 257 |
|  Policy fees and other income | 1 |  |  |  | 1 | (6) | 3 | 2 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 1139 | 1092 | 1119 | 1109 | 4459 | 1253 | 1256 | 1226 | 1140 | 4875 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 906 | 961 | 935 | 812 | 3614 | 817 | 802 | 822 | 829 | 3270 |
|  Interest credited |  |  |  |  |  |  |  |  |  |  |
|  Acquisition and operating expenses, net of deferrals | 150 | 117 | 104 | 143 | 514 | 163 | 165 | 176 | 141 | 645 |
|  Amortization of deferred acquisition costs and intangibles | 22 | 21 | 23 | 29 | 95 | 30 | 31 | 27 | 24 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 1078 | 1099 | 1062 | 984 | 4223 | 1010 | 998 | 1025 | 994 | 4027 |
|  **INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 61 | (7) | 57 | 125 | 236 | 243 | 258 | 201 | 146 | 848 |
|  Provision for income taxes | 20 | 6 | 19 | 34 | 79 | 59 | 63 | 50 | 38 | 210 |
|  **INCOME (LOSS) FROM CONTINUING OPERATIONS** | 41 | (13) | 38 | 91 | 157 | 184 | 195 | 151 | 108 | 638 |
|  **ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses | (20) | 47 | (5) | (41) | (19) | (83) | (80) | (67) | (27) | (257) |
|  Expenses related to restructuring | (1) |  | 1 |  |  |  | 1 | 1 | 10 | 12 |
|  Taxes on adjustments | 4 | (9) |  | 9 | 4 | 18 | 17 | 13 | 4 | 52 |
|  **ADJUSTED OPERATING INCOME** | $24 | $25 | $34 | $59 | $142 | $119 | $133 | $98 | $95 | $445 |
|  **RATIOS:** |  |  |  |  |  |  |  |  |  |  |
|  Loss Ratio<sup>(1)</sup> | 73% | 83% | 81% | 64% | 75% | 62% | 58% | 62% | 62% | 61% |
|  Gross Benefits Ratio<sup>(2)</sup> | 140% | 149% | 149% | 131% | 142% | 127% | 123% | 127% | 128% | 126% |

---

------

<sup>(1)</sup> The loss ratio was calculated by dividing benefits and other changes in policy reserves less tabular interest on reserves less loss adjustment expenses by net earned premiums.

<sup>(2)</sup> The gross benefits ratio was calculated by dividing benefits and other changes in policy reserves by net earned premiums.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Loss—U.S. Life Insurance Segment—Life Insurance** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums<sup>(1)</sup> | $45 | $55 | $60 | $74 | $234 | $(306) | $47 | $55 | $68 | $(136) |
|  Net investment income | 119 | 118 | 121 | 121 | 479 | 124 | 128 | 126 | 125 | 503 |
|  Net investment gains (losses) | 1 | (7) | 2 | 9 | 5 | 50 | 6 | 6 | 12 | 74 |
|  Policy fees and other income | 137 | 136 | 127 | 135 | 535 | 131 | 139 | 142 | 143 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 302 | 302 | 310 | 339 | 1253 | (1) | 320 | 329 | 348 | 996 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves<sup>(1)</sup> | 190 | 215 | 213 | 282 | 900 | (14) | 252 | 245 | 282 | 765 |
|  Interest credited | 52 | 53 | 52 | 52 | 209 | 53 | 53 | 53 | 56 | 215 |
|  Acquisition and operating expenses, net of deferrals | 40 | 45 | 37 | 47 | 169 | 66 | 36 | 34 | 40 | 176 |
|  Amortization of deferred acquisition costs and intangibles | 23 | 45 | 49 | 50 | 167 | 62 | 59 | 43 | 41 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 305 | 358 | 351 | 431 | 1445 | 167 | 400 | 375 | 419 | 1361 |
|  **LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | (3) | (56) | (41) | (92) | (192) | (168) | (80) | (46) | (71) | (365) |
|  Benefit for income taxes | (1) | (12) | (9) | (20) | (42) | (37) | (17) | (10) | (15) | (79) |
|  **LOSS FROM CONTINUING OPERATIONS** | (2) | (44) | (32) | (72) | (150) | (131) | (63) | (36) | (56) | (286) |
|  **ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses | (1) | 7 | (2) | (9) | (5) | (50) | (6) | (6) | (12) | (74) |
|  Initial loss from life block transaction |  |  |  |  |  | 92 |  |  |  | 92 |
|  Expenses related to restructuring | (1) |  |  |  | (1) |  |  | 1 | 3 | 4 |
|  Pension plan termination costs | 2 | 6 |  |  | 8 |  |  |  |  |  |
|  Taxes on adjustments |  | (2) |  | 2 |  | (9) | 1 | 1 | 2 | (5) |
|  **ADJUSTED OPERATING LOSS** | $(2) | $(33) | $(34) | $(79) | $(148) | $(98) | $(68) | $(40) | $(63) | $(269) |

---

------

<sup>(1)</sup> In the fourth quarter of 2021, as part of a life block transaction, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies. This new reinsurance agreement primarily reduced premiums by $360 million and reduced benefits and other changes in policy reserves by $268 million for the amounts initially ceded. 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Income—U.S. Life Insurance Segment—Fixed Annuities** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  Net investment income | 93 | 96 | 93 | 108 | 390 | 121 | 124 | 128 | 126 | 499 |
|  Net investment gains (losses) | (4) | (7) | (3) | 6 | (8) | 1 | 1 | (7) | 3 | (2) |
|  Policy fees and other income | 1 | 2 | 2 | 2 | 7 | 3 | 2 | 1 | 3 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 90 | 91 | 92 | 116 | 389 | 125 | 127 | 122 | 132 | 506 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves<sup>(1)</sup> | 38 | 34 | (332) | 47 | (213) | 46 | 43 | 62 | 44 | 195 |
|  Interest credited | 27 | 28 | 28 | 30 | 113 | 31 | 32 | 34 | 34 | 131 |
|  Acquisition and operating expenses, net of deferrals<sup>(1)</sup> | 7 | 7 | 372 | 9 | 395 | 14 | 10 | 9 | 11 | 44 |
|  Amortization of deferred acquisition costs and intangibles | 3 | 3 |  | 4 | 10 | 7 | 6 | 7 | 3 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 75 | 72 | 68 | 90 | 305 | 98 | 91 | 112 | 92 | 393 |
|  **INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 15 | 19 | 24 | 26 | 84 | 27 | 36 | 10 | 40 | 113 |
|  Provision for income taxes | 3 | 4 | 5 | 6 | 18 | 6 | 7 | 2 | 9 | 24 |
|  **INCOME FROM CONTINUING OPERATIONS** | 12 | 15 | 19 | 20 | 66 | 21 | 29 | 8 | 31 | 89 |
|  **ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses, net<sup>(2)</sup> | 4 | 6 | 2 | (5) | 7 | (2) | (1) | 6 | (2) | 1 |
|  Expenses related to restructuring |  |  |  |  |  |  |  |  | 1 | 1 |
|  Taxes on adjustments |  | (2) |  | 1 | (1) | 1 |  | (1) |  |  |
|  **ADJUSTED OPERATING INCOME** | $16 | $19 | $21 | $16 | $72 | $20 | $28 | $13 | $30 | $91 |
|  <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> In the second quarter of 2022, the recapture of certain single premium immediate annuity contracts by a third party reduced benefits and other changes in policy reserves by $374 million and increased acquisition and operating expenses, net of deferrals, by $365 million.<br> <sup>(2)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment (gains) losses, gross | $4 | $7 | $3 | $(6) | $8 | $(1) | $(1) | $7 | $(3) | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for DAC and other intangible amortization and certain benefit reserves |  | (1) | (1) | 1 | (1) | (1) |  | (1) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment (gains) losses, net | $4 | $6 | $2 | $(5) | $7 | $(2) | $(1) | $6 | $(2) | $1 |

---

------

**Runoff Segment** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Income—Runoff Segment** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment income | $56 | $57 | $51 | $50 | $214 | $53 | $49 | $43 | $49 | $194 |
|  Net investment gains (losses) | 21 | (12) | (10) | (15) | (16) |  | (1) | 10 | (6) | 3 |
|  Policy fees and other income | 26 | 28 | 29 | 31 | 114 | 33 | 33 | 35 | 33 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 103 | 73 | 70 | 66 | 312 | 86 | 81 | 88 | 76 | 331 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 6 | 10 | 11 | 8 | 35 | 5 | 12 | 2 | 8 | 27 |
|  Interest credited | 46 | 47 | 45 | 43 | 181 | 43 | 38 | 40 | 41 | 162 |
|  Acquisition and operating expenses, net of deferrals | 8 | 10 | 12 | 12 | 42 | 14 | 12 | 14 | 13 | 53 |
|  Amortization of deferred acquisition costs and intangibles | 2 | 6 | 9 | 6 | 23 | 4 | 7 | 4 | 5 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 62 | 73 | 77 | 69 | 281 | 66 | 69 | 60 | 67 | 262 |
|  **INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 41 |  | (7) | (3) | 31 | 20 | 12 | 28 | 9 | 69 |
|  Provision (benefit) for income taxes | 9 | (1) | (2) | (1) | 5 | 4 | 2 | 6 | 1 | 13 |
|  **INCOME (LOSS) FROM CONTINUING OPERATIONS** | 32 | 1 | (5) | (2) | 26 | 16 | 10 | 22 | 8 | 56 |
|  **ADJUSTMENTS TO INCOME (LOSS) FROM CONTINUING OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses, net<sup>(1)</sup> | (20) | 11 | 9 | 14 | 14 |  | 1 | (9) | 5 | (3) |
|  Taxes on adjustments | 5 | (3) | (2) | (3) | (3) |  |  | 2 | (1) | 1 |
|  **ADJUSTED OPERATING INCOME** | $17 | $9 | $2 | $9 | $37 | $16 | $11 | $15 | $12 | $54 |
|  <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: | <br> <sup>(1)</sup> Net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves as reconciled below: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment (gains) losses, gross | $(21) | $12 | $10 | $15 | $16 | $— | $1 | $(10) | $6 | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for DAC and other intangible amortization and certain benefit reserves | 1 | (1) | (1) | (1) | (2) |  |  | 1 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment (gains) losses, net | $(20) | $11 | $9 | $14 | $14 | $— | $1 | $(9) | $5 | $(3) |

---

------

**Corporate and Other** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Adjusted Operating Income (Loss)—Corporate and Other**<sup>(1)</sup>

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **REVENUES:** |  |  |  |  |  |  |  |  |  |  |
|  Premiums | $1 | $2 | $1 | $2 | $6 | $1 | $2 | $1 | $2 | $6 |
|  Net investment income | 4 | 1 |  | 3 | 8 | 1 | 1 | 3 | 1 | 6 |
|  Net investment gains (losses) | (21) | 4 | 15 | (13) | (15) | (2) | 1 | (4) | (2) | (7) |
|  Policy fees and other income |  | (1) | 1 |  |  |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | (16) | 6 | 17 | (8) | (1) |  | 5 |  | 1 | 6 |
|  **BENEFITS AND EXPENSES:** |  |  |  |  |  |  |  |  |  |  |
|  Benefits and other changes in policy reserves | 1 |  | (1) |  |  | 1 |  |  |  | 1 |
|  Acquisition and operating expenses, net of deferrals | 6 | 6 | 6 | 6 | 24 | 42 | 12 | 8 | 13 | 75 |
|  Amortization of deferred acquisition costs and intangibles |  |  |  |  |  | 1 |  | 1 |  | 2 |
|  Interest expense | 14 | 14 | 13 | 13 | 54 | 18 | 22 | 31 | 38 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 21 | 20 | 18 | 19 | 78 | 62 | 34 | 40 | 51 | 187 |
|  **LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | (37) | (14) | (1) | (27) | (79) | (62) | (29) | (40) | (50) | (181) |
|  Provision (benefit) for income taxes | (14) | 2 | 3 | (6) | (15) | (11) | (26) | (8) | (8) | (53) |
|  **LOSS FROM CONTINUING OPERATIONS** | (23) | (16) | (4) | (21) | (64) | (51) | (3) | (32) | (42) | (128) |
|  **ADJUSTMENTS TO LOSS FROM CONTINUING OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Net investment (gains) losses | 21 | (4) | (15) | 13 | 15 | 2 | (1) | 4 | 2 | 7 |
| (Gains) losses on early extinguishment of debt | (1) | 3 | 1 | 3 | 6 | 35 | 6 |  | 4 | 45 |
|  Expenses related to restructuring |  |  |  |  |  | 5 | 1 | 1 | 7 | 14 |
|  Taxes on adjustments | (5) |  | 4 | (4) | (5) | (9) | (2) |  | (3) | (14) |
|  **ADJUSTED OPERATING INCOME (LOSS)** | $(8) | $(17) | $(14) | $(9) | $(48) | $(18) | $1 | $(27) | $(32) | $(76) |

---

------

<sup>(1)</sup> Includes inter-segment eliminations and the results of other businesses that are managed outside the operating segments, including certain international mortgage insurance businesses.

------

**Additional Financial Data** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Investments Summary** 

**(amounts in millions)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **June 30, 2022** | **June 30, 2022** | **March 31, 2022** | **March 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| | | **Carrying<br>Amount** | **% of<br>Total** | **Carrying<br>Amount** | **% of<br>Total** | **Carrying<br>Amount** | **% of<br>Total** | **Carrying<br>Amount** | **% of<br>Total** | **Carrying<br>Amount** | **% of<br>Total** |
| **Composition of Investment Portfolio** | **Composition of Investment Portfolio** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment grade: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment grade: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public fixed maturity securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public fixed maturity securities | $26047 | 43% | $25550 | 43% | $27342 | 43% | $30897 | 45% | $34181 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private fixed maturity securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private fixed maturity securities | 11126 | 19 | 10997 | 18 | 11727 | 19 | 12873 | 19 | 13872 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities<sup>(1)</sup> | 995 | 2 | 1069 | 2 | 1213 | 2 | 1320 | 2 | 1440 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities | 1900 | 3 | 1980 | 3 | 2126 | 3 | 2349 | 3 | 2570 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities | 2117 | 3 | 2139 | 4 | 2009 | 3 | 2016 | 3 | 2127 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | 2399 | 4 | 2532 | 4 | 2849 | 5 | 3134 | 5 | 3450 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-investment grade fixed maturity securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-investment grade fixed maturity securities | 1999 | 3 | 1948 | 3 | 2020 | 3 | 2438 | 4 | 2840 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks and mutual funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks and mutual funds | 258 | 1 | 204 |  | 172 |  | 151 |  | 115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 61 |  | 70 |  | 71 |  | 79 |  | 83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage loans, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage loans, net | 7010 | 11 | 7063 | 11 | 7065 | 12 | 6913 | 10 | 6830 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 2139 | 3 | 2153 | 4 | 2178 | 3 | 2028 | 3 | 2050 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited partnerships | 2331 | 4 | 2195 | 4 | 2123 | 3 | 2007 | 3 | 1900 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, restricted cash and short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, restricted cash and short-term investments | 1802 | 3 | 1563 | 3 | 1774 | 3 | 1367 | 2 | 1597 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets: | Derivatives: |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 24 |  | 25 |  | 30 |  | 162 |  | 364 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 20 |  | 32 |  | 17 |  | 5 |  | 6 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity index options | 6 |  | 38 |  | 30 |  | 30 |  | 42 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency contracts |  |  |  |  |  |  |  |  | 2 |  |
|  | Other | 513 | 1 | 493 | 1 | 446 | 1 | 398 | 1 | 380 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total invested assets and cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total invested assets and cash | $60747 | 100% | $60051 | 100% | $63192 | 100% | $68167 | 100% | $73849 | 100% |
| **Public Fixed Maturity Securities—Credit Quality:** | **Public Fixed Maturity Securities—Credit Quality:** |  |  |  |  |  |  |  |  |  |  |
|  **<u>NRSRO</u>**<u><sup>(2)</sup> **Designation**</u> |  |  |  |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $6067 | 19% | $6174 | 20% | $6713 | 20% | $7484 | 20% | $8316 | 20% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 2859 | 9 | 2958 | 9 | 3245 | 10 | 3538 | 9 | 3872 | 9 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 8398 | 27 | 8278 | 26 | 8886 | 26 | 9880 | 26 | 11039 | 26 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 13623 | 43 | 13322 | 43 | 14155 | 42 | 16177 | 42 | 17789 | 42 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB | 776 | 2 | 780 | 2 | 846 | 2 | 1079 | 3 | 1443 | 3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | 34 |  | 33 |  | 33 |  | 61 |  | 42 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC and lower | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC and lower |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total public fixed maturity securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total public fixed maturity securities | $31757 | 100% | $31545 | 100% | $33878 | 100% | $38219 | 100% | $42501 | 100% |
| **Private Fixed Maturity Securities—Credit Quality:** | **Private Fixed Maturity Securities—Credit Quality:** |  |  |  |  |  |  |  |  |  |  |
|  **<u>NRSRO</u>**<u><sup>(2)</sup> **Designation**</u> |  |  |  |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $825 | 6% | $830 | 6% | $806 | 5% | $775 | 5% | $821 | 5% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 1421 | 10 | 1407 | 10 | 1421 | 9 | 1554 | 9 | 1718 | 9 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 4170 | 28 | 4059 | 28 | 4308 | 28 | 4773 | 28 | 5224 | 29 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 7221 | 48 | 7239 | 48 | 7732 | 50 | 8408 | 50 | 8861 | 49 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB | 1076 | 7 | 1028 | 7 | 1015 | 7 | 1159 | 7 | 1186 | 7 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | 113 | 1 | 107 | 1 | 120 | 1 | 131 | 1 | 161 | 1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC and lower | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC and lower |  |  |  |  | 6 |  | 8 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total private fixed maturity securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total private fixed maturity securities | $14826 | 100% | $14670 | 100% | $15408 | 100% | $16808 | 100% | $17979 | 100% |

---

------

<sup>(1)</sup> The company does not have any material exposure to residential mortgage-backed securities collateralized debt obligations (CDOs).

<sup>(2)</sup> Nationally Recognized Statistical Rating Organizations.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Fixed Maturity Securities Summary** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **June 30, 2022** | **June 30, 2022** | **March 31, 2022** | **March 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Fair Value** | **% of<br>Total** | **Fair Value** | **% of<br>Total** | **Fair Value** | **% of<br>Total** | **Fair Value** | **% of<br>Total** | **Fair Value** | **% of<br>Total** |
|  **<u>Fixed Maturity Securities—Security Sector:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government, agencies and government-sponsored enterprises | $3341 | 7% | $3307 | 7% | $3627 | 7% | $4097 | 8% | $4552 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | 2399 | 5 | 2532 | 6 | 2849 | 6 | 3134 | 6 | 3450 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign government | 645 | 1 | 622 | 1 | 682 | 1 | 784 | 1 | 835 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. corporate | 27119 | 59 | 26562 | 58 | 28243 | 58 | 31823 | 58 | 34924 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign corporate | 8010 | 17 | 7947 | 17 | 8482 | 17 | 9453 | 17 | 10535 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities | 995 | 2 | 1069 | 2 | 1213 | 2 | 1320 | 2 | 1440 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities | 1908 | 4 | 1989 | 4 | 2137 | 5 | 2361 | 4 | 2584 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities | 2166 | 5 | 2187 | 5 | 2053 | 4 | 2055 | 4 | 2160 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity securities | $46583 | 100% | $46215 | 100% | $49286 | 100% | $55027 | 100% | $60480 | 100% |
|  **<u>Corporate Bond Holdings—Industry Sector:</u>** |  |  |  |  |  |  |  |  |  |  |
|  Investment Grade: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and insurance | $8986 | 26% | $8858 | 26% | $9313 | 25% | $10235 | 25% | $11204 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 4591 | 13 | 4476 | 13 | 4857 | 14 | 5450 | 14 | 5963 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2813 | 8 | 2790 | 8 | 3043 | 8 | 3372 | 8 | 3622 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer - non-cyclical | 4872 | 14 | 4782 | 14 | 5221 | 15 | 5967 | 15 | 6635 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer - cyclical | 1594 | 5 | 1557 | 5 | 1576 | 4 | 1758 | 4 | 1877 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital goods | 2517 | 7 | 2505 | 7 | 2677 | 7 | 2972 | 7 | 3291 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1863 | 5 | 1806 | 5 | 1877 | 5 | 2092 | 5 | 2278 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology and communications | 3564 | 10 | 3481 | 10 | 3681 | 10 | 4224 | 10 | 4612 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | 1439 | 4 | 1385 | 4 | 1465 | 4 | 1642 | 4 | 1832 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1048 | 3 | 1072 | 3 | 1147 | 3 | 1298 | 3 | 1473 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 33287 | 95 | 32712 | 95 | 34857 | 95 | 39010 | 95 | 42787 | 94 |
|  Non-Investment Grade: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and insurance | 153 | 1 | 159 | 1 | 168 | 1 | 185 |  | 219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 47 |  | 48 |  | 56 |  | 62 |  | 69 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 409 | 1 | 399 | 1 | 431 | 1 | 568 | 1 | 695 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer - non-cyclical | 151 |  | 140 |  | 141 |  | 192 | 1 | 267 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer - cyclical | 299 | 1 | 302 | 1 | 290 | 1 | 321 | 1 | 363 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital goods | 167 | 1 | 158 | 1 | 146 |  | 159 |  | 159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 152 |  | 146 |  | 171 | 1 | 209 | 1 | 263 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology and communications | 277 | 1 | 266 | 1 | 286 | 1 | 372 | 1 | 446 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | 36 |  | 35 |  | 29 |  | 29 |  | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 151 |  | 144 |  | 150 |  | 169 |  | 163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 1842 | 5 | 1797 | 5 | 1868 | 5 | 2266 | 5 | 2672 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $35129 | 100% | $34509 | 100% | $36725 | 100% | $41276 | 100% | $45459 | 100% |
|  **<u>Fixed Maturity Securities—Contractual Maturity Dates:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $1234 | 3% | $1128 | 2% | $1314 | 3% | $1420 | 3% | $1499 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years | 7931 | 17 | 7856 | 17 | 7958 | 16 | 8501 | 15 | 8807 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years | 11915 | 26 | 11751 | 25 | 12765 | 26 | 13943 | 25 | 15053 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due after ten years | 20434 | 43 | 20235 | 45 | 21846 | 44 | 25427 | 47 | 28937 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 41514 | 89 | 40970 | 89 | 43883 | 89 | 49291 | 90 | 54296 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage and asset-backed securities | 5069 | 11 | 5245 | 11 | 5403 | 11 | 5736 | 10 | 6184 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity securities | $46583 | 100% | $46215 | 100% | $49286 | 100% | $55027 | 100% | $60480 | 100% |

---

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**General Account U.S. GAAP Net Investment Income Yields**

**(amounts in millions)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  **U.S. GAAP Net Investment Income** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities - taxable | $562 | $576 | $578 | $580 | $2296 | $590 | $614 | $608 | $599 | $2411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities - non-taxable | 1 | 2 | 1 | 1 | 5 | 2 | 2 | 1 | 2 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 3 | 3 | 2 | 2 | 10 | 2 | 2 | 2 | 3 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage loans | 81 | 81 | 78 | 81 | 321 | 102 | 93 | 103 | 78 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 55 | 55 | 51 | 50 | 211 | 52 | 47 | 40 | 50 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited partnerships | 22 | 38 | 32 | 7 | 99 | 79 | 59 | 54 | 31 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 71 | 67 | 66 | 63 | 267 | 62 | 63 | 58 | 58 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, restricted cash and short-term investments | 12 | 7 | 1 |  | 20 |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross investment income before expenses and fees | 807 | 829 | 809 | 784 | 3229 | 889 | 881 | 866 | 821 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses and fees | (20) | (21) | (22) | (20) | (83) | (23) | (22) | (22) | (20) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $787 | $808 | $787 | $764 | $3146 | $866 | $859 | $844 | $801 | $3370 |
|  **Annualized Yields** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities - taxable | 4.4% | 4.5% | 4.5% | 4.4% | 4.5% | 4.5% | 4.6% | 4.6% | 4.5% | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities - non-taxable | 4.0% | 7.1% | 3.6% | 3.6% | 4.7% | 6.7% | 6.3% | 3.1% | 6.3% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 4.0% | 4.6% | 3.4% | 3.7% | 4.0% | 4.5% | 5.3% | 4.1% | 3.8% | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage loans | 4.6% | 4.6% | 4.5% | 4.7% | 4.6% | 5.9% | 5.4% | 6.0% | 4.6% | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 10.3% | 10.2% | 9.7% | 9.8% | 10.0% | 10.1% | 9.1% | 7.9% | 10.1% | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited partnerships<sup>(1)</sup> | 3.9% | 7.0% | 6.2% | 1.4% | 4.7% | 18.0% | 15.9% | 17.2% | 11.2% | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets<sup>(2)</sup> | 56.6% | 57.0% | 62.6% | 64.8% | 59.9% | 71.9% | 79.5% | 68.6% | 65.0% | 69.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, restricted cash and short-term investments | 2.9% | 1.7% | 0.3% | —% | 1.2% | —% | 0.2% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross investment income before expenses and fees | 5.0% | 5.1% | 4.9% | 4.8% | 5.0% | 5.4% | 5.3% | 5.2% | 5.0% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses and fees | (0.2)% | (0.1)% | (0.1)% | (0.1)% | (0.2)% | (0.1)% | (0.1)% | (0.1)% | (0.2)% | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.8% | 5.0% | 4.8% | 4.7% | 4.8% | 5.3% | 5.2% | 5.1% | 4.8% | 5.1% |

---

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, and securities lending activity, which was included in other invested assets prior to the suspension of the company's securities lending program in the third quarter of 2021 and was calculated net of the corresponding securities lending liability. See page 39 herein for average invested assets and cash used in the yield calculation.

------

<sup>(1)</sup> Limited partnership investments are primarily equity-based and do not have fixed returns by period.

<sup>(2)</sup> Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation.

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Net Investment Gains (Losses), Net—Detail** 

**(amounts in millions)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  Realized investment gains (losses): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. corporate | $(25) | $(23) | $(2) | $(12) | $(62) | $28 | $8 | $2 | $4 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government, agencies and government-sponsored enterprises |  | 9 |  | 6 | 15 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign corporate | (6) | (7) | (1) | (2) | (16) | 10 | 1 | (2) | 1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign government |  |  |  |  |  |  | (1) | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities | (4) | (5) | (1) |  | (10) | 3 | 3 |  | (1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities |  | (1) |  |  | (1) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized gains (losses) on available-for-sale securities | (35) | (27) | (4) | (8) | (74) | 41 | 11 | 1 | 4 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on equity securities sold |  |  |  |  |  |  |  | (2) | (5) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on limited partnerships |  |  |  |  |  |  |  |  | 3 | 3 |
|  Total net realized investment gains (losses) | (35) | (27) | (4) | (8) | (74) | 41 | 11 | (1) | 2 | 53 |
|  Net change in allowance for credit losses on available-for-sale fixed maturity securities |  |  |  |  |  |  |  | (4) | (2) | (6) |
|  Write-down of available-for-sale fixed maturity securities |  |  |  | (2) | (2) |  |  |  | (1) | (1) |
|  Net unrealized gains (losses) on equity securities still held | 11 | (13) | (27) | (6) | (35) | 4 | (1) | 6 | (8) | 1 |
|  Net unrealized gains (losses) on limited partnerships | 36 | (24) | 24 | 35 | 71 | 90 | 75 | 65 | 34 | 264 |
|  Commercial mortgage loans | 1 |  | 2 | 1 | 4 | (4) | 3 | (1) | (1) | (3) |
|  Derivative instruments | 9 | (5) | 9 | 4 | 17 | 5 | (3) | 4 | 8 | 14 |
|  Other | (6) |  | 4 | 4 | 2 | (4) | 3 | 1 | 1 | 1 |
|  Net investment gains (losses), gross | 16 | (69) | 8 | 28 | (17) | 132 | 88 | 70 | 33 | 323 |
|  Adjustment for DAC and other intangible amortization and certain benefit reserves | (1) | 2 | 2 |  | 3 | 1 |  |  |  | 1 |
|  Net investment gains (losses), net | $15 | $(67) | $10 | $28 | $(14) | $133 | $88 | $70 | $33 | $324 |

---

------

**Reconciliations of Non-GAAP Measures** 

------

**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Reconciliation of Operating ROE** 

**(amounts in millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Twelve Month Rolling Average ROE** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
| **U.S. GAAP Basis ROE** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  Net income available to Genworth Financial, Inc.'s common stockholders for the twelve months ended<sup>(1)</sup> | $609 | $597 | $807 | $866 | $904 |
|  Quarterly average Genworth Financial, Inc.'s stockholders' equity, excluding accumulated other comprehensive income (loss)<sup>(2)</sup> | $11934 | $11789 | $11643 | $11467 | $11286 |
|  U.S. GAAP Basis ROE<sup>(1)/(2)</sup> | 5.1% | 5.1% | 6.9% | 7.6% | 8.0% |
|  **Operating ROE** |  |  |  |  |  |
|  Adjusted operating income for the twelve months ended<sup>(1)</sup> | $633 | $630 | $710 | $728 | $765 |
|  Quarterly average Genworth Financial, Inc.'s stockholders' equity, excluding accumulated other comprehensive income (loss)<sup>(2)</sup> | $11934 | $11789 | $11643 | $11467 | $11286 |
|  Operating ROE<sup>(1)/(2)</sup> | 5.3% | 5.3% | 6.1% | 6.3% | 6.8% |
| **Quarterly Average ROE** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| **U.S. GAAP Basis ROE** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  Net income available to Genworth Financial, Inc.'s common stockholders for the period ended<sup>(3)</sup> | $175 | $104 | $181 | $149 | $163 |
|  Quarterly average Genworth Financial, Inc.'s stockholders' equity for the period, excluding accumulated other comprehensive income (loss)<sup>(4)</sup> | $12130 | $12011 | $11881 | $11723 | $11563 |
|  Annualized U.S. GAAP Quarterly Basis ROE<sup>(3)/(4)</sup> | 5.8% | 3.5% | 6.1% | 5.1% | 5.6% |
|  **Operating ROE** |  |  |  |  |  |
|  Adjusted operating income for the period ended<sup>(3)</sup> | $167 | $159 | $176 | $131 | $164 |
|  Quarterly average Genworth Financial, Inc.'s stockholders' equity for the period, excluding accumulated other comprehensive income (loss)<sup>(4)</sup> | $12130 | $12011 | $11881 | $11723 | $11563 |
|  Annualized Operating Quarterly Basis ROE<sup>(3)/(4)</sup>  | 5.5% | 5.3% | 5.9% | 4.5% | 5.7% |

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**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) in average ending Genworth Financial, Inc.'s stockholders' equity. 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.

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<sup>(1)</sup> The twelve months ended information is derived by adding the four quarters of net income available to Genworth Financial, Inc.'s common stockholders and adjusted operating income from page 9 herein.

<sup>(2)</sup> 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. 

<sup>(3)</sup> Net income available to Genworth Financial, Inc.'s common stockholders and adjusted operating income from page 9 herein.

<sup>(4)</sup> 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).

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**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Reconciliation of Consolidated Expense Ratio** 

**(amounts in millions)** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **GAAP Basis Expense Ratio** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
| **(A)** | Acquisition and operating expenses, net of deferrals | $271 | $240 | $589 | $271 | $1371 | $354 | $290 | $304 | $275 | $1223 |
| **(B)** | Premiums | $927 | $934 | $927 | $931 | $3719 | $576 | $944 | $947 | $968 | $3435 |
| **(A) / (B)** | GAAP Basis Expense Ratio | 29% | 26% | 64% | 29% | 37% | 61% | 31% | 32% | 28% | 36% |
|  | **Adjusted Expense Ratio** |  |  |  |  |  |  |  |  |  |  |
|  | Acquisition and operating expenses, net of deferrals | $271 | $240 | $589 | $271 | $1371 | $354 | $290 | $304 | $275 | $1223 |
|  | Less: Reinsurance recapture payment<sup>(1)</sup> |  |  | 365 |  | 365 |  |  |  |  |  |
|  | Less: Legal settlement expenses<sup>(2)</sup> | 45 | 10 | 6 | 43 | 104 | 59 | 57 | 70 | 23 | 209 |
| **(C)** | Adjusted acquisition and operating expenses, net of deferrals | $226 | $230 | $218 | $228 | $902 | $295 | $233 | $234 | $252 | $1014 |
|  | Premiums | $927 | $934 | $927 | $931 | $3719 | $576 | $944 | $947 | $968 | $3435 |
|  | Add: Policy fees and other income | 165 | 166 | 159 | 169 | 659 | 162 | 179 | 180 | 183 | 704 |
|  | Add: Initial ceded premiums from a life block transaction<sup>(3)</sup> |  |  |  |  |  | 360 |  |  |  | 360 |
| **(D)** | Adjusted revenues | $1092 | $1100 | $1086 | $1100 | $4378 | $1098 | $1123 | $1127 | $1151 | $4499 |
| **(C) / (D)** | Adjusted expense ratio<sup>(4)</sup> | 21% | 21% | 20% | 21% | 21% | 27% | 21% | 21% | 22% | 23% |

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**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 expenses incurred in the company's long-term care insurance business divided by the sum of premiums, policy fees and other income and premiums initially ceded under life block transactions. 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.

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<sup>(1)</sup> In the second quarter of 2022, the company paid $365 million to a third party in connection with the recapture of certain single premium immediate annuity contracts. 

<sup>(2)</sup> Estimated pre-tax impact of expenses related to policyholder benefit reduction elections made in connection with legal settlements in the company's long-term care insurance business, which includes cash damages of $40 million, $7 million, $6 million, $43 million, $54 million, $50 million, $61 million and $20 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively. 

<sup>(3)</sup> In the fourth quarter of 2021, the company entered into a new reinsurance agreement to cede certain of its term life insurance policies as part of a life block transaction. Under this new reinsurance agreement, the company initially ceded $360 million of certain term life insurance premiums. 

<sup>(4)</sup> In the first quarter of 2022, the company recorded a legal settlement accrual of $25 million in its life insurance business, which increased the adjusted expense ratio by three percentage points for the three months ended March 31, 2022. 

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**GENWORTH FINANCIAL, INC.** 

**FINANCIAL SUPPLEMENT** 

**FOURTH QUARTER 2022** 

**Reconciliation of Reported Yield to Core Yield** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **(Assets - amounts in billions)** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** | **4Q** | **3Q** | **2Q** | **1Q** | **Total** |
|  | **Reported - Total Invested Assets and Cash** | $60.7 | $60.1 | $63.2 | $68.2 | $60.7 | $73.8 | $74.7 | $75.2 | $72.9 | $73.8 |
|  | Subtract: |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending |  |  |  |  |  |  |  | 0.1 | 0.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains (losses) | (4.2) | (4.9) | (1.9) | 3.0 | (4.2) | 8.2 | 8.5 | 8.9 | 6.9 | 8.2 |
|  | **Adjusted end of period invested assets and cash** | $64.9 | $65.0 | $65.1 | $65.2 | $64.9 | $65.6 | $66.2 | $66.2 | $65.9 | $65.6 |
| **(A)** | **Average Invested Assets and Cash Used in Reported and Core Yield Calculation** | $65.0 | $65.0 | $65.2 | $65.4 | $65.2 | $65.9 | $66.2 | $66.1 | $66.2 | $66.1 |
|  | **(Income - amounts in millions)** |  |  |  |  |  |  |  |  |  |  |
| **(B)** | **Reported - Net Investment Income** | $787 | $808 | $787 | $764 | $3146 | $866 | $859 | $844 | $801 | $3370 |
|  | Subtract: |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond calls and commercial mortgage loan prepayments | 6 | 6 | 7 | 10 | 29 | 38 | 43 | 39 | 15 | 135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-core items<sup>(1)</sup> | (1) |  |  |  | (1) | 2 | (4) | 3 | 2 | 3 |
| **(C)** | **Core Net Investment Income** | $782 | $802 | $780 | $754 | $3118 | $826 | $820 | $802 | $784 | $3232 |
| **(B) / (A)** | **Reported Yield** | 4.84% | 4.97% | 4.83% | 4.67% | 4.83% | 5.26% | 5.19% | 5.11% | 4.84% | 5.10% |
| **(C) / (A)** | **Core Yield** | 4.81% | 4.93% | 4.79% | 4.61% | 4.79% | 5.01% | 4.95% | 4.85% | 4.73% | 4.89% |

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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.

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<sup>(1)</sup> Includes cost basis adjustments on structured securities and various other immaterial items.<sup></sup>