Financial Performance Highlights - Genworth reported a first quarter net income of $62 million, or $0.12 per diluted share, and adjusted operating income of $84 million, or $0.17 per diluted share[9] - The U S life insurance companies' statutory pre-tax income was $192 million, driving a risk-based capital ratio of 295%[10] - Enact segment achieved adjusted operating income of $143 million[9] - Genworth executed $68 million in share repurchases during the quarter, with a total of $182 million executed through April 2023 at an average price less than $5 00 per share[10] Long-Term Care Insurance (LTC) - Continued progress on the LTC multi-year rate action plan, achieving approximately $23 8 billion net present value from in-force rate actions (IFAs) since 2012[9] - LTC adjusted operating loss was $(37) million, reflecting an unfavorable assumption update for implementation timing of certain IFAs[9, 15] - First quarter included $240 million pre-tax of premiums from implemented in-force rate actions, up $30 million versus prior year[38] - In-force rate action approvals in 1Q23 resulted in $50 million in gross incremental premium[44] Segment Performance - Life and Annuities adjusted operating loss was $(4) million[9] - Corporate and Other reported an adjusted operating loss of $(18) million, reflecting higher expenses related to new growth initiatives with CareScout and higher interest expense[9, 18] Portfolio and Capital Management - Fixed maturities comprised $47 4 billion, or 77%, of the total portfolio[22] - Unrealized loss position of $3 1 billion as of 1Q23, down from $4 3 billion in 4Q22[22] - Genworth holding company cash and liquid assets were $233 million at quarter-end[10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 FINANCI AL, INC. (Exact name of registrant as specified in its charter) Delaware 80-0873306 (State or other jurisdiction of (I.R. ...

Financial Data and Key Metrics Changes - For the full year 2022, net income was $609 million, and adjusted operating income was $633 million or $1.24 per diluted share, exceeding market expectations [10] - In Q4 2022, net income was $175 million and adjusted operating income was $167 million or $0.33 per diluted share [10] - Cash flows from Enact contributed significantly to achieving key milestones and supporting the share repurchase program [11] Business Line Data and Key Metrics Changes - The U.S. Life Insurance segment reported adjusted operating income of $38 million, with $24 million from LTC and $16 million from fixed annuities [21] - LTC adjusted operating income was $24 million, down from $25 million in the prior quarter and $119 million in the prior year, reflecting lower investment income and continued growth in new claims [21] - Fixed annuities reported adjusted operating income of $16 million, compared to $19 million in the prior quarter and $20 million in the prior year [31] Market Data and Key Metrics Changes - Enact's insurance in force increased 10% year-over-year to a record $248 billion, driven by new insurance written and higher persistency [19] - The estimated PMIER sufficiency ratio was 165%, approximately $2.1 billion above published requirements [20] - The U.S. Life Insurance segment's statutory capital and surplus increased from $2.9 billion at the end of 2021 to approximately $3 billion at year-end 2022 [11] Company Strategy and Development Direction - The company aims to invest in growth and return capital to shareholders, with a focus on launching new senior care services under the CareScout brand [39] - A new share repurchase program of up to $350 million was authorized, with $64 million repurchased at an average price of less than $4 per share [7] - The company is pursuing a multiyear rate action plan to stabilize its legacy LTC portfolio, achieving $549 million in annual premium rate increase approvals in 2022 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial strength and flexibility to invest in growth while returning capital to shareholders [6] - The removal of GSE restrictions on Enact is expected to enhance competitiveness and financial conditions [9] - Management highlighted the importance of regulatory support in achieving premium increases for LTC products [53] Other Important Information - The company invested approximately $20 million in CareScout in 2022 and plans an additional $30 million in 2023 [16] - The adoption of the new GAAP accounting standard, LDTI, is expected to result in increased volatility in net income [34][36] - The holding company ended the quarter with $307 million of cash and liquid assets, above the cash target of 2x annual debt service [38] Q&A Session Summary Question: Inquiry about debt repurchase strategy - Management indicated that the focus would be on repurchasing the 2034 senior unsecured notes, with a priority on share buybacks now that debt levels are below the target [41][42] Question: Changes in LTC claim inflation assumptions - Management confirmed that no changes were made to the assumptions or expected approvals in the LTC program, indicating stability in the overall assumptions [44][46] Question: Clarification on LTC premium rate increase assumptions - Management explained that while the cumulative premium rate increase assumption rose to $30.3 billion, the active life reserve margin remained unchanged due to positive impacts from improved regulatory behavior [55][56]

Genworth Financial, Inc. (NYSE:GNW) Q3 2022 Earnings Conference Call November 2, 2022 9:00 AM ET Company Participants Sarah Crews - Director, Investor Relations Tom McInerney - President and CEO Dan Sheehan - Chief Financial Officer and CIO Brian Haendiges - President, U.S. Life Insurance Segment Jerome Upton - Deputy Chief Financial Officer and Controller Conference Call Participants Ryan Krueger - KBW Tom Slattery - Morgan Stanley Anthony Steinmetz - Shawnee Capital Operator Good morning, ladies and gentl ...

Genworth Financial, Inc. (NYSE:GNW) Q2 2022 Earnings Conference Call August 2, 2022 9:00 AM ET Company Participants Sarah Crews - Director, Investor Relations Tom McInerney - President & Chief Executive Officer Dan Sheehan - Chief Financial Officer & Chief Investment Officer Conference Call Participants Ryan Krueger - KBW Geoffrey Dunn - Dowling & Partners Operator Good morning, ladies and gentlemen, and welcome to Genworth Financial's Second Quarter 2022 Earnings Conference Call. My name is Katie, and I wi ...