Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32195 GENWORTH FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware 80-0873306 (State or other ...

Genworth Financial (GNW) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsChristine Jewell - Head - Investor RelationsThomas McInerney - President, CEO & DirectorJerome Upton - Executive VP & CFORyan Krueger - Managing DirectorGregg Karawan - EVP & General CounselPeter Enderlin - Portfolio ManagerJosh Esterov - Head of US Insurance ResearchColin Devine - PrincipalOperatorGood morning, ladies and gentlemen, and welcome to Genworth Financial's second quarter twenty twenty five earnings conf ...

Genworth Financial (GNW) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to Genworth Financial's second quarter twenty twenty five earnings conference call. My name is Terren, and I will be your coordinator today. At this time, all participants are in a listen only mode. We will facilitate a question and answer session towards the end of this conference call. As a reminder, the conference is being recorded for replay purposes.Also, we ask that you refr ...

Financial Performance - Genworth reported net income of $51 million, or $0.12 per diluted share, and adjusted operating income of $68 million, or $0.16 per diluted share[12] - Enact's adjusted operating income was $141 million, with $94 million in capital returns distributed to Genworth[12] - U S life insurance companies' RBC ratio was 304%[12] - Genworth holding company cash and liquid assets totaled $248 million at quarter-end[12] Strategic Progress - Enact has provided over $1 billion in capital returns since its IPO[16] - $30 million in share repurchases were executed in 2Q[16] - $620 million in share repurchases have been executed program-to-date through June 30, 2025[16] - Estimated net present value of $31 6 billion achieved from LTC IFAs since 2012[16] CareScout Update - CareScout achieved 55% of its 2025 match target, with 804 matches in 2Q[20, 16] - CareScout is targeting 30-35 jurisdictions for its inaugural LTC product launch[23] Long-Term Care Insurance (LTC) - LTC statutory pre-tax income loss was $(26) million[41] - $41 million of gross incremental LTC premium approvals were obtained in 2Q[16] - The cumulative benefit reduction rate in LTC is 60 0%[16]

Exhibit 99.2 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT SECOND QUARTER 2025 | Table of Contents | Page | | --- | --- | | Investor Letter | 3 | | Use of Non-GAAP Measures | 4 | | Results of Operations and Selected Operating Performance Measures | 5 | | Financial Highlights | 6 | | Consolidated Quarterly Results | | | Consolidated Net Income (Loss) by Quarter | 8 | | Reconciliation of Net Income (Loss) to Adjusted Operating Income | 9 | | Consolidated Balance Sheets | 10-11 | | Consolidated Balance Sheets ...

Capital Returns and Share Repurchases - Enact Holdings provided $76 million of capital returns to Genworth Holdings in Q1 2025, contributing to strategic initiatives and share repurchases[292] - Genworth Financial has repurchased $600 million worth of shares since the initiation of its share repurchase program in May 2022[292] - Genworth Holdings received $76 million in capital returns from Enact Holdings during the first quarter of 2025, including $53 million from share repurchases and $23 million from dividends[343] - Enact Holdings announced a new share repurchase program allowing for the repurchase of up to $350 million of its common stock[452] - Genworth Financial repurchased 6,516,857 shares at an average price of $6.91 per share for a total of $45 million during the three months ended March 31, 2025[453] Long-Term Care Insurance Performance - The long-term care insurance multi-year in-force rate action plan has achieved an estimated cumulative economic benefit of approximately $31.3 billion since 2012[293] - CareScout Services increased its network of long-term care providers to 543, a 10% increase from December 31, 2024, and had 576 matches in Q1 2025, a 34% increase from Q4 2024[295] - Genworth plans to invest approximately $45 million to $50 million in CareScout Services for the full year 2025 to enhance its offerings[295] - The individual long-term care insurance product, CareScout Care Assurance, was approved for 23 jurisdictions and is set to launch later in 2025[296] - Genworth plans to contribute $75 million of capital to its CareScout Insurance subsidiary for regulatory capital requirements in 2025[296] - The Long-Term Care Insurance segment reported an adjusted operating loss of $30 million in Q1 2025 compared to a profit of $3 million in Q1 2024[317] - Total revenues for the Long-Term Care Insurance segment decreased by 5% to $1.051 billion for the three months ended March 31, 2025, compared to $1.105 billion in the same period in 2024[384] - Premiums in the Long-Term Care Insurance segment decreased by 1% to $571 million, primarily due to lower renewal premiums and policy terminations[384] - The company expects overall claims costs in the Long-Term Care Insurance segment to continue increasing as the average attained ages of insured individuals rise[376] - The company has observed an increase in the cost of care in the Long-Term Care Insurance business, which could adversely impact liquidity and financial condition if the trend persists[378] - The company is pursuing premium rate increases and associated benefit reductions on in-force policies to improve the risk and profitability profile of the Long-Term Care Insurance business[381] - Legal settlements regarding premium increases have covered approximately 70% of the long-term care insurance block, resulting in a net favorable economic impact by reducing tail risk[382] - The long-term care insurance business expects overall claim costs to continue increasing over time as the blocks age, with peak claim years over a decade away[460] - Renewal premiums on the in-force block of the legacy long-term care insurance business are expected to decline over time, partially offset by future approved rate actions[461] Financial Performance Overview - Total revenues decreased by 4% from $1,864 million in Q1 2024 to $1,786 million in Q1 2025[305] - Net income available to common stockholders dropped by 61% from $139 million in Q1 2024 to $54 million in Q1 2025[305] - Adjusted operating income available to common stockholders decreased by 40% from $85 million in Q1 2024 to $51 million in Q1 2025[317] - Income from continuing operations fell by 47% from $170 million in Q1 2024 to $90 million in Q1 2025[305] - Basic earnings per share from continuing operations decreased by 56% from $0.32 in Q1 2024 to $0.14 in Q1 2025[316] - Net investment income declined by 5% from $782 million in Q1 2024 to $739 million in Q1 2025[305] - Policy fees and other income remained stable at $158 million for both Q1 2024 and Q1 2025[305] - Benefits and other changes in policy reserves increased by 1% from $1,203 million in Q1 2024 to $1,217 million in Q1 2025[305] - Interest expense decreased by 13% from $30 million in Q1 2024 to $26 million in Q1 2025[305] - Net income for the first quarter of 2025 was $54 million, down from $139 million in the same period of 2024, with adjusted operating income decreasing from $85 million to $51 million[322] Investment and Capital Management - The investment portfolio as of March 31, 2025, totaled $60.585 billion, an increase from $59.976 billion as of December 31, 2024[434] - The fixed maturity securities portfolio was 97% investment grade, comprising 75% of total invested assets and cash[427] - As of March 31, 2025, the company posted initial margin of $81 million to clearing agents, which was $41 million more than required by the clearinghouse[427] - Net investment gains for the three months ended March 31, 2025, were $27 million, compared to $49 million in the same period of 2024[433] - The company recorded $18 million of lower net realized losses related to the sale of available-for-sale fixed maturity securities in the current year[433] - The carrying value of available-for-sale fixed maturity securities was $31.103 billion, representing 51% of total invested assets as of March 31, 2025[434] - Total assets increased by $385 million from $86,871 million as of December 31, 2024, to $87,256 million as of March 31, 2025[441] - Total liabilities increased by $135 million from $77,440 million as of December 31, 2024, to $77,575 million as of March 31, 2025[442] - Total equity increased by $250 million from $9,431 million as of December 31, 2024, to $9,681 million as of March 31, 2025[443] - Net cash from operating activities was $34 million for the three months ended March 31, 2025, compared to net cash used of $(107) million in the prior year[447] Ratings and Regulatory Actions - Fitch Ratings upgraded the financial strength rating of Enact Mortgage Insurance Corporation to "A" from "A-" with a stable outlook on January 17, 2025[298] - The consolidated risk-based capital ratio for U.S. life insurance subsidiaries was approximately 304% as of March 31, 2025, down from 306% at the end of 2024[324] - State filings approved for in-force rate actions were 19 in Q1 2025, down from 23 in Q1 2024, with impacted in-force premiums decreasing from $166 million to $85 million[396] - The weighted-average percentage rate increase approved rose to 28% in Q1 2025 from 25% in Q1 2024, while gross incremental premiums approved decreased from $41 million to $24 million[396] - The cumulative economic benefit of approved rate actions since 2012 through Q1 2025 was approximately $31.3 billion on a net present value basis[396] - The company continues to pursue significant premium rate increases and associated benefit reductions to maintain the self-sustainability of its legacy U.S. life insurance subsidiaries[393] Market and Economic Conditions - Employee costs have increased due to wage inflation and a competitive labor market, with potential material adverse impacts on liquidity if inflationary pressures persist[462] - Market risk remains unchanged since December 31, 2024, with no material changes in market conditions affecting interest rates[470] - The company has provided a guarantee for AXA's recovery of certain PPI mis-selling losses, with a potential payment obligation of up to £80 million[466] - There have been no material changes to guarantees or contractual obligations compared to the amounts disclosed in the 2024 Annual Report[467]

Financial Data and Key Metrics Changes - Genworth reported net income of $54 million or $0.13 per share for Q1 2025, with adjusted operating income of $51 million [9][24] - The liquidity position remains strong, ending the quarter with cash and liquid assets of $211 million [10][36] - The total estimated pretax statutory loss for U.S. Life insurance companies was $1 million, primarily driven by losses in life and annuities [9][32] Business Line Data and Key Metrics Changes - Enact contributed $137 million in adjusted operating income, reflecting strong performance and reserve releases [9][28] - The long-term care insurance segment reported an adjusted operating loss of $30 million, impacted by lower limited partnership income and anticipated premium declines [25] - Life and Annuities reported an adjusted operating loss of $33 million, with life insurance losses of $34 million due to seasonally high mortality [27][32] Market Data and Key Metrics Changes - CareScout achieved a significant increase in matches between policyholders and providers, growing from 52 matches in Q1 2024 to 576 in Q1 2025, representing over a 10x increase year over year [13] - The CareScout quality network now includes nearly 550 providers, achieving 90% coverage for the aged 65 census population in the U.S. [14][15] Company Strategy and Development Direction - The company continues to focus on three strategic priorities: increasing shareholder value, maintaining self-sustainability of legacy businesses, and expanding CareScout services [10][12] - Genworth is committed to managing U.S. life insurance companies as a closed system, leveraging existing reserves and capital to cover future claims without additional capital injections [31] - The company is developing a hybrid long-term care product and expanding its CareScout network to include assisted living communities [16][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential macroeconomic challenges, including tariff negotiations and possible recession scenarios, while emphasizing the growing demand for aging care products [20][21] - The company anticipates continued strong growth in CareScout and expects to return similar levels of capital to shareholders in 2025 as in 2024 [29][38] Other Important Information - The company is actively engaged with policymakers regarding the WISH Act, which aims to provide financial support for long-term care [17][66] - Genworth has agreed to cover up to £80 million of AXA's losses in ongoing litigation, aligning interests for maximum recovery [41][42] Q&A Session Summary Question: Clarification on AXA litigation agreement - Management clarified that the agreement with AXA ensures alignment of interests for maximum recovery, with AXA claiming damages of approximately $700 million [41][42] Question: Future capital contributions for CareScout - Management indicated that while significant upfront capital is required for the new insurance entity, future contributions are expected to be manageable, potentially in the range of $20 million to $25 million over time [44][48] Question: Breakeven timeline for CareScout quality network - Management noted that while CareScout is not yet at breakeven, the projected savings from the network could significantly impact Genworth's claim costs, adding value to the company [50][54] Question: Tailwinds from the WISH Act for CareScout - Management discussed how the WISH Act could provide a framework for catastrophic coverage, aligning well with CareScout's offerings and addressing the long-term care financing gap [58][66]

Financial Data and Key Metrics Changes - Genworth reported net income of $54 million or $0.13 per share for the first quarter of 2025, with adjusted operating income of $51 million [9][24] - The total estimated pretax statutory loss for U.S. Life insurance companies was $1 million, primarily driven by losses in life and annuities [10][31] - Liquidity remains strong with cash and liquid assets of $211 million at the end of the first quarter [11][34] Business Line Data and Key Metrics Changes - Enact contributed $137 million in adjusted operating income, reflecting strong performance and reserve releases [9][27] - The long-term care insurance segment reported an adjusted operating loss of $30 million, impacted by lower limited partnership income and anticipated premium declines [25] - Life and Annuities reported an adjusted operating loss of $33 million, with Life Insurance reflecting a loss of $44 million due to seasonally high mortality [26][31] Market Data and Key Metrics Changes - CareScout achieved a dramatic increase in matches between Genworth policyholders and quality network providers, rising to 576 from 52 year-over-year [14] - The CareScout quality network now includes nearly 550 providers, achieving 90% coverage for the aged 65 census population in the U.S. [15][16] Company Strategy and Development Direction - Genworth is focused on three strategic priorities: increasing shareholder value, maintaining self-sustainability of legacy businesses, and expanding CareScout services [11][12][13] - The company is actively engaging with policymakers regarding the WISH Act, which aims to provide financial support for long-term care [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential macroeconomic challenges, including a moderate recession, due to low holding company debt and strong liquidity [21][22] - The demand for aging care products is expected to rise significantly as the baby boomer population ages, regardless of economic conditions [22][23] Other Important Information - Genworth's share repurchase program has repurchased a total of $600 million worth of shares at an average price of $5.75 per share since its initial authorization [12] - The company is developing a hybrid long-term care product and has received product approval from 23 states [17] Q&A Session Summary Question: Clarification on AXA litigation agreement - Management clarified that the agreement with AXA involves covering up to £80 million of losses, aligning interests for maximum recovery [41][42][43] Question: Future capital contributions for CareScout - Management indicated that the initial capital contribution of $75 million is significant, but future contributions would be manageable, likely in the range of $20-25 million over time [44][46][48] Question: Breakeven timeline for CareScout quality network - Management noted that while breakeven may take time, the projected savings from the network could already add significant value to the company [49][50][53] Question: Tailwinds from the WISH Act for CareScout - Management discussed how the WISH Act could provide a framework for catastrophic coverage, aligning well with CareScout's offerings [57][62][63]

Earnings Summary April 30, 2025 1Q Investor Presentation 1 Cautionary Note Regarding Forward-Looking Statements This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," "may" or words of similar meaning and include, but are not limited to, statements regarding the outlook for th ...

Financial Performance - Total revenues for Q1 2025 were $1,786 million, a slight increase from $1,864 million in Q1 2024[33] - Net income available to common stockholders for Q1 2025 was $54 million, compared to a loss of $1 million in Q4 2024 and $85 million in Q3 2024[36] - Adjusted operating income for Q1 2025 was $51 million, up from $15 million in Q4 2024 and $48 million in Q1 2024[36] - Basic earnings per share for continuing operations in Q1 2025 was $0.14, compared to $0.01 in Q4 2024 and $0.20 in Q3 2024[36] - Total revenues for the Long-Term Care Insurance Segment in Q1 2025 were $1,051 million, slightly down from $1,105 million in Q1 2024[59] - Adjusted Operating Loss for the Long-Term Care Insurance Segment was $30 million in Q1 2025, compared to a profit of $3 million in Q1 2024[59] - Total revenues for the Life and Annuities Segment in Q1 2025 were $421 million, a decrease from $461 million in Q1 2024[66] - Adjusted Operating Loss for the Life and Annuities Segment was $33 million in Q1 2025, compared to a loss of $1 million in Q1 2024[66] - The loss from continuing operations for Q1 2025 was $44 million, compared to a loss of $29 million in Q1 2024[69] - The total premiums for the first quarter of 2025 were $862 million, slightly down from $875 million in the first quarter of 2024[98] Assets and Liabilities - Total assets as of March 31, 2025, were $87,256 million, an increase from $86,871 million at the end of 2024[39] - Total liabilities as of March 31, 2025, amounted to $77,575 million, a slight increase from $77,440 million on December 31, 2024[42] - Policyholder account balances stood at $14,447 million as of March 31, 2025, a decrease from $14,594 million on December 31, 2024[42] - Future policy benefits liabilities were recorded at $54,158 million as of March 31, 2025, compared to $53,610 million at the end of 2024, indicating a rise of approximately 1.02%[42] - Total equity increased to $9,681 million as of March 31, 2025, compared to $9,431 million at the end of 2024, reflecting a growth of approximately 2.65%[42] Investment Income - The company reported net investment income of $739 million in Q1 2025, down from $782 million in Q1 2024[33] - U.S. GAAP Net Investment Income for Q1 2025 was $739 million, a decrease from $782 million in Q1 2024[86] - Net investment income for Q1 2025 was $144 million, consistent with Q4 2024, but down from $167 million in Q1 2024[69] - Policy loans generated a net investment income of $36 million in Q1 2025, down from $58 million in Q1 2024[86] - Limited partnerships contributed $8 million to net investment income in Q1 2025, a decrease from $20 million in Q1 2024[86] Insurance Operations - New insurance written for the Enact segment is regularly monitored as a measure of new business volume generated[22] - The company considers the loss ratio for the Enact segment as a measure of underwriting performance, which is calculated as benefits and other changes in policy reserves to net earned premiums[24] - Direct Primary New Insurance Written (NIW) for Q1 2025 was $9,818 million, a decrease from $10,526 million in Q1 2024[54] - Direct Primary Insurance In-Force remained stable at $268,366 million in Q1 2025 compared to $263,645 million in Q1 2024[54] - Primary Delinquencies increased to 22,349 in Q1 2025 from 19,492 in Q1 2024, indicating a rise in risk[54] - The Loss Ratio for Q1 2025 was 12%, up from a negative 7% in Q1 2024, reflecting increased claims relative to premiums[54] Equity and Shareholder Information - Total stockholders' equity as of March 31, 2025, is $8,710 million, an increase from $8,494 million as of December 31, 2024[28] - Book value per share increased to $20.94 as of March 31, 2025, compared to $20.16 as of December 31, 2024[28] - The weighted-average common shares used in basic earnings per share calculations for the first quarter of 2025 is 418.3 million[28] - The weighted-average common shares outstanding for Q1 2025 were 418.3 million, a decrease from 443.0 million in Q1 2024[36] Comprehensive Income - The company reported a total accumulated other comprehensive loss of $1,421 million as of March 31, 2025, down from $1,642 million as of December 31, 2024[28] - Total accumulated other comprehensive income (loss) improved to $(1,421) million as of March 31, 2025, from $(1,642) million on December 31, 2024[42] Investment Strategy - The company continues to focus on maintaining a balanced investment strategy while managing credit risk effectively[81] - The overall investment portfolio composition remains diversified, with fixed maturity securities making up a significant portion of the total assets[81] - Public fixed maturity securities accounted for 43% of the total investment portfolio, with a carrying amount of $26,470 million, slightly up from $26,159 million in the previous quarter[81] - Private fixed maturity securities remained stable at 18% of the total portfolio, with a carrying amount of $11,166 million, compared to $10,882 million in the previous quarter[81]