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Genworth 兴。 | --- | --- | |-------------------------------|-------| | | | | | | | 2Q Investor | | | Presentation Earnings Summary | | | July 31, 2024 | | 2 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" or words of si ...

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, 2024 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 ...

Financial Data and Key Metrics Changes - Genworth reported net income of $76 million or $0.17 per share and adjusted operating income of $125 million or $0.28 per share for Q2 2024 [6][16] - Adjusted operating income was primarily driven by Enact, which contributed $165 million, reflecting a 13% increase year-over-year [6][19] - The long-term care (LTC) segment reported an adjusted operating loss of $29 million, while life and annuities reported an adjusted operating loss of $1 million [8][16] Business Line Data and Key Metrics Changes - Enact's primary insurance in-force increased by 3% year-over-year to $266 billion, driven by new insurance written and elevated persistency [19] - The LTC segment's MYRAP achieved $138 million in gross incremental premiums approved, with an average premium increase of 47% [10][21] - Life insurance within the life and annuities segment reported an adjusted operating loss of $23 million, improved from the previous quarter [18] Market Data and Key Metrics Changes - The U.S. Life Insurance companies reported strong pre-tax income estimated at $171 million, driven by LTC rate actions [8][23] - The consolidated risk-based capital ratio for Genworth Life Insurance Company was 319% at the end of June, up from 314% at the end of March [24] Company Strategy and Development Direction - The company aims to maintain self-sustaining, customer-centric LTC life and annuity businesses, with a focus on the MYRAP to achieve breakeven [9][22] - Future growth is targeted through CareScout, with plans to expand the CareScout Quality Network to cover 80% to 85% of the age 65-plus population by year-end [11][32] - The company plans to reenter the market with new long-term care funding solutions in 2025, addressing unmet demand for improved LTC products [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing value creation from Enact and the stabilization of the LTC legacy block [16][30] - The company anticipates continued GAAP earnings pressure in the LTC segment due to short-term deviations from long-term assumptions [17] - Management highlighted the importance of the CareScout initiative in providing high-quality care at reduced costs, expecting revenue growth starting in 2025 [32] Other Important Information - Genworth received approximately $738 million in capital from Enact since its IPO, including $63 million in Q2 2024 [7][20] - The company repurchased approximately $36 million of shares in Q2 2024, with a total of $470 million repurchased since the program's inception [14][30] - The trial date for the case against Santander regarding payment protection insurance is set for March 2025, with potential recoveries for Genworth if AXA is successful [15] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [31][34]

Financial Performance - In Q2 2024, Genworth Financial reported total revenues of $1,769 million, a decrease from $1,864 million in Q1 2024[13]. - Net income available to common stockholders for Q2 2024 was $76 million, compared to $139 million in Q1 2024[13]. - The company experienced a net investment loss of $61 million in Q2 2024, contrasting with a gain of $49 million in Q1 2024[13]. - Total benefits and expenses for Q2 2024 were $1,626 million, slightly down from $1,628 million in Q1 2024[13]. - Income from continuing operations before income taxes was $143 million in Q2 2024, down from $236 million in Q1 2024[13]. - The diluted earnings per share for Q2 2024 was $0.17, compared to $0.31 in Q1 2024[13]. - The company reported benefits and other changes in policy reserves of $1,151 million in Q2 2024, compared to $1,203 million in Q1 2024[13]. - Net income available to common stockholders for Q2 2024 was $76 million, compared to $137 million in Q2 2023, reflecting a decrease of 44.6%[15]. - Adjusted operating income for Q2 2024 was $125 million, up from $85 million in Q1 2024, indicating a 47.1% increase[15]. - The company reported a basic earnings per share of $0.17 for Q2 2024, compared to $0.29 in Q2 2023, a decrease of 41.4%[15]. Assets and Liabilities - Total assets as of June 30, 2024, were $87.543 billion, a decrease from $90.817 billion as of December 31, 2023[16]. - Total liabilities decreased to $78.190 billion as of June 30, 2024, from $82.482 billion at the end of 2023, representing a reduction of 5.2%[19]. - Future policy benefits liabilities were $53.774 billion as of June 30, 2024, down from $57.655 billion at the end of 2023, a decline of 6.5%[19]. - Cash and cash equivalents stood at $1.932 billion as of June 30, 2024, slightly down from $2.215 billion at the end of 2023[16]. - Total investments were $58.359 billion as of June 30, 2024, a decrease from $59.751 billion at the end of 2023[16]. - Total assets as of June 30, 2024, amounted to $87,543 million, an increase from $89,192 million as of March 31, 2024[20][21]. - Total liabilities were reported at $78,190 million as of June 30, 2024, compared to $80,313 million as of March 31, 2024[20][21]. Insurance Segment Performance - New insurance written for the Enact segment was reported at $Z million, indicating the volume of new business generated during the quarter[7]. - The loss ratio for the Enact segment was reported at A%, providing insight into underwriting performance for the period[7]. - The Enact segment reported adjusted operating income of $165 million in Q2 2024, compared to $135 million in Q1 2024, a growth of 22.2%[15]. - The Long-Term Care Insurance segment reported an adjusted operating loss of $29 million in Q2 2024, compared to a profit of $3 million in Q1 2024[15]. Investment Performance - Net investment income for Q2 2024 was $808 million, an increase from $782 million in Q1 2024, totaling $1.590 billion for the first half of 2024[53]. - Gross investment income before expenses and fees reached $833 million in Q2 2024, compared to $805 million in Q1 2024, totaling $1.638 billion for the first half of 2024[53]. - The annualized yield for fixed maturity securities - taxable was 4.7% in Q2 2024, up from 4.5% in Q1 2024[53]. - Total net realized investment losses for Q2 2024 amounted to $(60) million, with a total of $(10) million for the first half of 2024[54]. - The net unrealized gains on equity securities still held were $12 million in Q2 2024, increasing to $44 million for the total period[54]. - The company reported net investment gains (losses), gross of $(61) million in Q2 2024, with a total of $(12) million for the first half of 2024[54]. Shareholder Equity - Total stockholders' equity for Genworth Financial, Inc. increased to $8,459 million as of June 30, 2024, compared to $8,006 million on March 31, 2024, reflecting a growth of 5.6%[9]. - Book value per share rose to $19.49 as of June 30, 2024, up from $18.21 as of March 31, 2024, representing an increase of 7.0%[9]. - The number of common shares outstanding decreased to 434.0 million as of June 30, 2024, down from 439.6 million as of March 31, 2024[9]. - The company’s total equity stood at $9,353 million as of June 30, 2024, down from $8,879 million as of March 31, 2024[20][21]. Operational Metrics - Management continues to focus on enhancing operational performance through strategic measures, including monitoring key performance indicators such as insurance in-force and risk in-force[7]. - The weighted-average common shares outstanding for diluted calculations were 440.7 million in Q2 2024, down from 450.3 million in Q1 2024[13]. - The expense ratio increased by five percentage points for the three months ended June 30, 2024[27]. - The primary delinquency rate improved to 1.96% in Q2 2024 from 2.01% in Q1 2024, indicating a decrease of 0.05 percentage points[31]. - The total number of primary delinquencies at the end of Q2 2024 was 19,051, a decrease from 20,432 in Q4 2023[31].

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 March 31, 2024 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, Inc. (NYSE:GNW) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET Company Participants Sarah Crews - Head, IR Thomas McInerney - President & CEO Jerome Upton - EVP & CFO Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to Genworth Financial's First Quarter 2024 Earnings Conference Call. My name is Cynthia, and I will be your coordinator today. [Operator Instructions]. I would now like to turn the presentation over to Sarah Crews, Director of Inv ...

Exhibit 99.2 GENWORTH FINANCIAL, INC. FINANCIAL SUPPLEMENT FIRST QUARTER 2024 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 (Loss) 9 Consolidated Balance Sheets 10-11 Consolidated Balance Sheets by Segment 12-13 Quarterly Results by Business Adjusted Operatin ...

Housing Market Trends - The U.S. housing market saw a significant decline in mortgage originations in 2022 and 2023 due to rising interest rates, impacting new insurance written by Enact Holdings [234]. - Home price appreciation slowed temporarily in 2022 but regained an upward trend in 2023, with low supply of homes offsetting higher borrowing costs [238]. - Economic uncertainty persisted throughout 2023, with some economists predicting a recession in 2024, which could adversely affect home prices and increase default rates [236]. - A decline in high loan-to-value mortgage originations could significantly reduce demand for mortgage insurance, adversely affecting revenue [306]. - Changes in mortgage insurance cancellation requirements could reduce the amount of insurance in-force, adversely affecting financial results [309]. Regulatory and Compliance Risks - The company faces regulatory risks that could materially affect its business, including potential changes in accounting standards and insurance regulations [243]. - An adverse change in regulatory requirements could significantly impact the company's business and financial condition [259]. - The company is subject to various legal and regulatory investigations, which could result in financial losses and reputational harm [257]. - Compliance with PMIERs is critical; failure to meet these requirements could prevent the company from writing new insurance on loans acquired by the GSEs [269]. - Changes in federal and state regulations could significantly affect the mortgage insurance market and reduce demand for private mortgage insurance [278]. Financial Performance and Risks - Enact Holdings could experience a material adverse impact on results if the volume of new insurance written remains suppressed for an extended period [234]. - Rising unemployment rates and adverse economic conditions generally increase the likelihood of borrower defaults, impacting Enact Holdings' loss experience [235]. - The company has seen limited claims emerge from COVID-19-related forbearance programs, but uncertainty remains regarding the timing and severity of remaining delinquencies [241]. - Future increases in statutory reserves could negatively impact the RBC ratios of the company's U.S. life insurance subsidiaries [260]. - The availability and affordability of reinsurance are impacted by the company's financial performance and market conditions, which could increase risk and expenses [303]. Customer and Market Dependence - Enact Holdings' largest customer accounted for 19% of its total new insurance written and 10% of its total revenues in 2023 [288]. - The top five customers generated 33% of Enact Holdings' new insurance written in 2023 [288]. - Enact Holdings' reliance on key customers poses a risk of significant sales loss if relationships are terminated or reduced [288]. - The company faces intense competition for key employees, which could adversely impact its operations and financial condition [285]. Operational and Technological Challenges - The company is actively involved in credit risk transfer programs with Fannie Mae and Freddie Mac, which could influence its business operations [267]. - Enact Holdings relies on third-party vendors for efficient execution and may face risks if these vendors fail to meet obligations, potentially leading to financial and reputational damage [299]. - Inability to leverage new technology developments, such as artificial intelligence, could adversely affect future business success [322]. - Poor implementation of new technologies may lead to additional risks that cannot be adequately mitigated, impacting financial performance [322]. Emerging Risks - Emerging risks include natural disasters, geopolitical tensions, and public health emergencies, which could adversely affect financial conditions and operations [321]. - Geopolitical tensions, such as the Russia-Ukraine conflict, may increase costs and disrupt supply chains, particularly oil supply [321]. - Public health emergencies, similar to COVID-19, expose the company to significant operational risks and behavioral changes among policyholders [321].

Genworth Financial, Inc. (NYSE:GNW) Q4 2023 Earnings Conference Call February 22, 2024 9:00 AM ET Corporate Participants Brian Johnson - Senior Vice President, Financial Planning and Analysis Jerome Upton - Executive Vice President and Chief Financial Officer Tom McInerney - President and Chief Executive Officer Jamala Arland - Executive Vice President, U.S. Life Insurance Conference Call Participants Ryan Krueger - KBW Arthur Tetyevsky - Cantor Fitzgerald Operator Good morning, ladies and gentlemen. Welcom ...