Genworth Financial Annual Report 2023

FY2023 Annual Report · Genworth Financial
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Annual Report

Genworth Financial Inc.

2023UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 

FORM 10-K 

È  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the fiscal year ended December 31, 2023 
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 
(State or other jurisdiction of 
incorporation or organization) 

6620 West Broad Street 
Richmond, Virginia 
(Address of principal executive offices) 

80-0873306 
(I.R.S. Employer 
Identification No.) 

23230 
(Zip Code) 

(804) 281-6000 
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act 

Title of Each Class 

Class A Common Stock, par value $.001 per 
share 

Trading 
Symbol 

GNW 

Name of each exchange 
on which registered 

New York Stock Exchange 

Securities registered pursuant to Section 12(g) of the Act 
None 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘ 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No È 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 

of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to 
such filing requirements for the past 90 days. Yes È No ‘ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 
such files). Yes È No ‘ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer  È 
Non-accelerated filer  ‘ 

Accelerated filer 
‘ 
Smaller reporting company  ‘ 
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. ‘ 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm 
that prepared or issued its audit report. È 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 

included in the filing reflect the correction of an error to previously issued financial statements. ‘ 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 

compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ‘ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ‘ No È 
As of February 15, 2024, 442,625,464 shares of Class A Common Stock, par value $0.001 per share were outstanding. 
The aggregate market value of the common equity (based on the closing price of the Class A Common Stock on the New York Stock Exchange) 

held by non-affiliates of the registrant on June 30, 2023, the last business day of the registrant’s most recently completed second fiscal quarter, was 
approximately $2.3 billion. All executive officers and directors of the registrant have been deemed, solely for the purpose of the foregoing 
calculation, to be “affiliates” of the registrant. 

Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 in connection 

with the 2024 annual meeting of the registrant’s stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. 

DOCUMENTS INCORPORATED BY REFERENCE 

 
 
 
Table of Contents 

Cautionary Note Regarding Forward-looking Statements 

PART I 
Item 1. 
Business  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 1A.  Risk Factors  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 1B.  Unresolved Staff Comments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 1C.  Cybersecurity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 2. 
Properties  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 3. 
Item 4. Mine Safety Disclosures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II 
Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 6. 
Reserved  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . .
Item 7A.  Quantitative and Qualitative Disclosures About Market Risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Statements and Supplementary Data  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 8. 
Item 9. 
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure  . . . .
Item 9A.  Controls and Procedures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 9B.  Other Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 9C.  Disclosure Regarding Foreign Jurisdictions that Prevent Inspections  . . . . . . . . . . . . . . . . . . . . . .

PART III 
Item 10.  Directors, Executive Officers and Corporate Governance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 11.  Executive Compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 

Matters  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Item 13.  Certain Relationships and Related Transactions, and Director Independence  . . . . . . . . . . . . . . . .
Item 14.  Principal Accountant Fees and Services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART IV 
Item 15.  Exhibits and Financial Statement Schedules   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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286 

287 

This Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial 

Condition and Results of Operations, 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 our future business and 

financial performance. Examples of forward-looking statements include statements we make relating to potential 

dividends or share repurchases; future return of capital by Enact Holdings, Inc. (“Enact Holdings”), including 

share repurchases, and quarterly and special dividends; the cumulative economic benefit of approved and future 

rate actions contemplated in our long-term care insurance multi-year in-force rate action plan; future financial 

performance and condition of our businesses; liquidity and new lines of business or new products and services, 

such as those we are pursuing with our CareScout business (“CareScout”); as well as statements we make 

regarding the potential occurrence of a recession. 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 items identified under “Part I—Item 1A—Risk 

Factors.” We therefore caution you against relying on any forward-looking statements. 

We undertake no obligation to publicly update any forward-looking statement, whether as a result of new 

information, future developments or otherwise. 

2 

3 

Table of Contents 

Cautionary Note Regarding Forward-looking Statements 

This Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial 
Condition and Results of Operations, 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 our future business and 
financial performance. Examples of forward-looking statements include statements we make relating to potential 
dividends or share repurchases; future return of capital by Enact Holdings, Inc. (“Enact Holdings”), including 
share repurchases, and quarterly and special dividends; the cumulative economic benefit of approved and future 
rate actions contemplated in our long-term care insurance multi-year in-force rate action plan; future financial 
performance and condition of our businesses; liquidity and new lines of business or new products and services, 
such as those we are pursuing with our CareScout business (“CareScout”); as well as statements we make 
regarding the potential occurrence of a recession. 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 items identified under “Part I—Item 1A—Risk 
Factors.” We therefore caution you against relying on any forward-looking statements. 

We undertake no obligation to publicly update any forward-looking statement, whether as a result of new 

information, future developments or otherwise. 

Business  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1A.  Risk Factors  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1B.  Unresolved Staff Comments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1C.  Cybersecurity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Properties  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  Mine Safety Disclosures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 

Equity Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 6. 

Reserved  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . .

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 8. 

Item 9. 

Financial Statements and Supplementary Data  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure  . . . .

Item 9A.  Controls and Procedures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 9B.  Other Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 9C.  Disclosure Regarding Foreign Jurisdictions that Prevent Inspections  . . . . . . . . . . . . . . . . . . . . . .

Item 10.  Directors, Executive Officers and Corporate Governance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 11.  Executive Compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 

Matters  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 13.  Certain Relationships and Related Transactions, and Director Independence  . . . . . . . . . . . . . . . .

Item 14.  Principal Accountant Fees and Services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART I 

Item 1. 

Item 2. 

Item 3. 

Item 4.

PART II 

PART III 

PART IV 

Item 15.  Exhibits and Financial Statement Schedules   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

287 

Page 

4 

32 

63 

63 

65 

66 

66 

67 

68 

69 

126 

129 

277 

277 

280 

280 

281 

286 

286 

286 

286 

2 

3 

 
 
 
 
 
 
In this Annual Report on Form 10-K, unless the context otherwise requires, “Genworth,” the “Company,” 

“we,” “us” and “our” refer to Genworth Financial, Inc. on a consolidated basis. References to “Genworth 
Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries. 

PART I 

Item 1.  Business 

Overview 

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care 
insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private 
mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s U.S. 
life insurance subsidiaries offer long-term care insurance and also manage in-force blocks of life insurance and 
annuity products that are no longer sold. Genworth Financial also has a start-up business whereby it offers 
fee-based services, advice, consulting and other products and services through CareScout, its indirect subsidiary. 

Beginning in the first quarter of 2023, we changed our operating segments to better align with how we 

manage our business. The changes allow us to sharpen our focus on common aspects of products within each 
segment and enhance understanding of business performance. All prior period financial information has been 
re-presented to reflect the reorganized segment reporting structure. Under the new reporting structure, we operate 
our business through three operating segments: Enact; Long-Term Care Insurance; and Life and Annuities. In 
addition to our three operating segments, we report certain of our results of operations in Corporate and Other. 

On September 20, 2021, Genworth Financial, through its wholly owned subsidiary Genworth Holdings, Inc. 

(“Genworth Holdings”), completed a minority initial public offering (“IPO”) of 18.4% of Enact Holdings. The 
minority IPO resulted in Enact Holdings becoming a separate, standalone public company traded on the Nasdaq 
Global Select Market exchange under the ticker symbol “ACT.” Genworth Financial maintains control of Enact 
Holdings through an indirect majority voting interest and accordingly, Enact Holdings remains a consolidated 
subsidiary of Genworth Financial in this Annual Report on Form 10-K. Enact Holdings and its mortgage 
insurance subsidiaries comprise, and can therefore generally be viewed as, our Enact segment, or commonly 
referred to as “Enact.” 

Strategic Priorities 

We have advanced Genworth’s strategy to drive shareholder value over the past several years, culminating 
in several major achievements in 2022 and 2023. We reduced Genworth Holdings’ debt to less than $1.0 billion, 
enhanced the value of Enact, received multiple upgrades from rating agencies, continued to make progress on our 
multi-year long-term care insurance in-force rate action plan and began returning capital to shareholders for the 
first time in over 13 years. Building on this progress and the improvement in Genworth’s financial position over 
the past few years, we have refocused our strategic priorities to three areas: 

•

•

•

further strengthen our legacy long-term care insurance financial and operational capabilities to address 
customer needs; 

allocate capital from Enact to drive Genworth Financial’s long-term shareholder value; and 

leverage our unparalleled long-term care expertise to develop innovative aging care services and 
solutions. 

We estimate that the cumulative economic benefit of approved rate actions in our long-term care insurance 

multiyear in-force rate action plan from 2012 through 2023 was approximately $28.0 billion, on a net present 
value basis. We will continue to execute our first strategic objective primarily through our in-force rate action 
plan, which is critical to the business. We manage our U.S. life insurance subsidiaries on a standalone basis. 
Accordingly, the U.S. life insurance subsidiaries will continue to rely on their statutory capital, significant 

reserves, prudent management of the in-force blocks and long-term care insurance in-force rate actions to satisfy 

policyholder obligations. For additional information regarding our in-force rate actions, see “Part II—Item 7—

Management’s Discussion and Analysis of Financial Condition and Results of Operations—Long-Term Care 

Insurance segment.” 

Enact continues to be a significant driver of value for Genworth. Effective March 1, 2023, the government-

sponsored enterprises (“GSEs”) removed the additional capital restrictions that had been imposed on Enact. This 

was an important milestone as Enact is no longer subject to more stringent capital requirements than its mortgage 

insurance peers. Genworth Holdings received $245 million of capital returns from Enact Holdings in 2023. We 

believe capital returns from Enact will continue to benefit our shareholders by funding our strategic initiatives, 

including new CareScout products and services as well as share repurchases. In July 2023, Genworth Financial’s 

Board of Directors authorized an additional $350 million of share repurchases under the existing share 

repurchase program. Since the initial authorization in May 2022 and through February 13, 2024, we have 

repurchased $384 million worth of shares of Genworth Financial’s common stock. For additional information on 

our share repurchase program, see “Part II—Item 7—Management’s Discussion and Analysis of Financial 

Condition and Results of Operations—Liquidity and Capital Resources.” 

We are focused on advancing Genworth’s senior care growth initiatives and see meaningful opportunities to 

provide the products and services offered by CareScout to address the needs of elderly Americans, as well as 

their caregivers and families. We launched the initial phase of our CareScout services business in March 2023. 

This business includes a digital platform, where we hope to curate a broad marketplace that matches consumers’ 

long-term care needs with a network of quality providers that we are building. In addition to the digital platform 

and quality network offerings to consumers, employers and long-term care insurers, the discounts available 

through the network are expected to have the potential to further mitigate risk in our legacy long-term care 

insurance block by reducing claims costs. Our CareScout services business is currently focused on home care 

providers as the majority of our initial long-term care insurance claims begin with care in the home. While the 

initial focus for the quality network has been with Genworth’s long-term care insurance policyholders in certain 

states, we believe we can accelerate our efforts to build a national quality network of care providers, which we 

expect could allow a high-quality experience and discounted fees for more existing Genworth policyholders and 

broaden the scope of our CareScout services business to new consumer markets. We are also working to build the 

foundation necessary to re-enter the long-term care insurance market through our CareScout insurance business. 

As we expand CareScout, there may be other potential future growth opportunities, such as expanding 

CareScout’s products and services to international markets. 

We will strive to maintain a disciplined approach in Genworth’s capital allocation strategy, balancing 

investments in CareScout growth initiatives with returning value to shareholders. 

Enact Segment 

Through Enact Holdings and its mortgage insurance subsidiaries, we have been providing private mortgage 

insurance products and services in the United States since 1981 and operate in all 50 states and the District of 

Columbia. Enact is engaged in the business of writing and assuming residential mortgage guaranty insurance. 

The insurance covers a portion of the unpaid principal balance of mortgage loans where the loan amount exceeds 

80% of the value of the home (“low down payment mortgages” or “high loan-to-value mortgages”) and protects 

lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of 

trust or other instruments constituting a first lien on residential real estate. Private mortgage insurance facilitates 

the sale of mortgages to the secondary market, including to private investors as well as the Federal National 

Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). 

Fannie Mae and Freddie Mac are government-sponsored enterprises and are collectively referred to as the 

“GSEs.” Credit protection and liquidity through secondary market sales allow mortgage lenders to increase their 

lending capacity, manage risk and expand financing access to prospective homeowners, many of whom are first 

time home buyers. At present, mortgage insurance products are primarily geared towards secondary market sales 

to the GSEs. Enact’s mortgage insurance products predominantly insure prime-based, individually underwritten 

residential mortgage loans. 

4 

5 

In this Annual Report on Form 10-K, unless the context otherwise requires, “Genworth,” the “Company,” 

“we,” “us” and “our” refer to Genworth Financial, Inc. on a consolidated basis. References to “Genworth 

Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries. 

PART I 

Item 1.  Business 

Overview 

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care 

insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private 

mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s U.S. 

life insurance subsidiaries offer long-term care insurance and also manage in-force blocks of life insurance and 

annuity products that are no longer sold. Genworth Financial also has a start-up business whereby it offers 

fee-based services, advice, consulting and other products and services through CareScout, its indirect subsidiary. 

Beginning in the first quarter of 2023, we changed our operating segments to better align with how we 

manage our business. The changes allow us to sharpen our focus on common aspects of products within each 

segment and enhance understanding of business performance. All prior period financial information has been 

re-presented to reflect the reorganized segment reporting structure. Under the new reporting structure, we operate 

our business through three operating segments: Enact; Long-Term Care Insurance; and Life and Annuities. In 

addition to our three operating segments, we report certain of our results of operations in Corporate and Other. 

On September 20, 2021, Genworth Financial, through its wholly owned subsidiary Genworth Holdings, Inc. 

(“Genworth Holdings”), completed a minority initial public offering (“IPO”) of 18.4% of Enact Holdings. The 

minority IPO resulted in Enact Holdings becoming a separate, standalone public company traded on the Nasdaq 

Global Select Market exchange under the ticker symbol “ACT.” Genworth Financial maintains control of Enact 

Holdings through an indirect majority voting interest and accordingly, Enact Holdings remains a consolidated 

subsidiary of Genworth Financial in this Annual Report on Form 10-K. Enact Holdings and its mortgage 

insurance subsidiaries comprise, and can therefore generally be viewed as, our Enact segment, or commonly 

referred to as “Enact.” 

Strategic Priorities 

We have advanced Genworth’s strategy to drive shareholder value over the past several years, culminating 

in several major achievements in 2022 and 2023. We reduced Genworth Holdings’ debt to less than $1.0 billion, 

enhanced the value of Enact, received multiple upgrades from rating agencies, continued to make progress on our 

multi-year long-term care insurance in-force rate action plan and began returning capital to shareholders for the 

first time in over 13 years. Building on this progress and the improvement in Genworth’s financial position over 

the past few years, we have refocused our strategic priorities to three areas: 

further strengthen our legacy long-term care insurance financial and operational capabilities to address 

allocate capital from Enact to drive Genworth Financial’s long-term shareholder value; and 

leverage our unparalleled long-term care expertise to develop innovative aging care services and 

•

•

•

customer needs; 

solutions. 

We estimate that the cumulative economic benefit of approved rate actions in our long-term care insurance 

multiyear in-force rate action plan from 2012 through 2023 was approximately $28.0 billion, on a net present 

value basis. We will continue to execute our first strategic objective primarily through our in-force rate action 

plan, which is critical to the business. We manage our U.S. life insurance subsidiaries on a standalone basis. 

Accordingly, the U.S. life insurance subsidiaries will continue to rely on their statutory capital, significant 

reserves, prudent management of the in-force blocks and long-term care insurance in-force rate actions to satisfy 
policyholder obligations. For additional information regarding our in-force rate actions, see “Part II—Item 7—
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Long-Term Care 
Insurance segment.” 

Enact continues to be a significant driver of value for Genworth. Effective March 1, 2023, the government-
sponsored enterprises (“GSEs”) removed the additional capital restrictions that had been imposed on Enact. This 
was an important milestone as Enact is no longer subject to more stringent capital requirements than its mortgage 
insurance peers. Genworth Holdings received $245 million of capital returns from Enact Holdings in 2023. We 
believe capital returns from Enact will continue to benefit our shareholders by funding our strategic initiatives, 
including new CareScout products and services as well as share repurchases. In July 2023, Genworth Financial’s 
Board of Directors authorized an additional $350 million of share repurchases under the existing share 
repurchase program. Since the initial authorization in May 2022 and through February 13, 2024, we have 
repurchased $384 million worth of shares of Genworth Financial’s common stock. For additional information on 
our share repurchase program, see “Part II—Item 7—Management’s Discussion and Analysis of Financial 
Condition and Results of Operations—Liquidity and Capital Resources.” 

We are focused on advancing Genworth’s senior care growth initiatives and see meaningful opportunities to 

provide the products and services offered by CareScout to address the needs of elderly Americans, as well as 
their caregivers and families. We launched the initial phase of our CareScout services business in March 2023. 
This business includes a digital platform, where we hope to curate a broad marketplace that matches consumers’ 
long-term care needs with a network of quality providers that we are building. In addition to the digital platform 
and quality network offerings to consumers, employers and long-term care insurers, the discounts available 
through the network are expected to have the potential to further mitigate risk in our legacy long-term care 
insurance block by reducing claims costs. Our CareScout services business is currently focused on home care 
providers as the majority of our initial long-term care insurance claims begin with care in the home. While the 
initial focus for the quality network has been with Genworth’s long-term care insurance policyholders in certain 
states, we believe we can accelerate our efforts to build a national quality network of care providers, which we 
expect could allow a high-quality experience and discounted fees for more existing Genworth policyholders and 
broaden the scope of our CareScout services business to new consumer markets. We are also working to build the 
foundation necessary to re-enter the long-term care insurance market through our CareScout insurance business. 
As we expand CareScout, there may be other potential future growth opportunities, such as expanding 
CareScout’s products and services to international markets. 

We will strive to maintain a disciplined approach in Genworth’s capital allocation strategy, balancing 

investments in CareScout growth initiatives with returning value to shareholders. 

Enact Segment 

Through Enact Holdings and its mortgage insurance subsidiaries, we have been providing private mortgage 

insurance products and services in the United States since 1981 and operate in all 50 states and the District of 
Columbia. Enact is engaged in the business of writing and assuming residential mortgage guaranty insurance. 
The insurance covers a portion of the unpaid principal balance of mortgage loans where the loan amount exceeds 
80% of the value of the home (“low down payment mortgages” or “high loan-to-value mortgages”) and protects 
lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of 
trust or other instruments constituting a first lien on residential real estate. Private mortgage insurance facilitates 
the sale of mortgages to the secondary market, including to private investors as well as the Federal National 
Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). 
Fannie Mae and Freddie Mac are government-sponsored enterprises and are collectively referred to as the 
“GSEs.” Credit protection and liquidity through secondary market sales allow mortgage lenders to increase their 
lending capacity, manage risk and expand financing access to prospective homeowners, many of whom are first 
time home buyers. At present, mortgage insurance products are primarily geared towards secondary market sales 
to the GSEs. Enact’s mortgage insurance products predominantly insure prime-based, individually underwritten 
residential mortgage loans. 

4 

5 

The overall U.S. residential mortgage market encompasses both primary and secondary markets. The 
primary market consists of lenders originating home loans to borrowers to support home purchases, which are 
referred to as purchase originations, and loans made to refinance existing mortgages, which are referred to as 
refinancing originations. The secondary market includes institutions buying and selling mortgages in the form of 
whole loans or securitized assets, such as mortgage-backed securities. The GSEs are the largest participants in 
the secondary mortgage market, buying residential mortgages from banks and other primary lenders as part of 
their governmental mandate to provide access, liquidity and stability in the U.S. housing finance system. 

The GSE charters generally require credit enhancement for low down payment mortgages to be eligible for 
purchase by the GSEs. Such credit enhancement can be satisfied if a loan is insured by a GSE-qualified insurer, 
the mortgage seller retains at least a 10% participation in the loan, or the seller agrees to repurchase or replace 
the loan in the event of a default. Private mortgage insurance satisfies the GSEs’ credit enhancement requirement 
and historically has been the preferred method lenders have utilized to meet this GSE charter requirement. As a 
result, the nature of the private mortgage insurance industry in the United States is driven in large part by the 
business practices and mortgage insurance requirements of the GSEs. In furtherance of their respective charter 
requirements, each GSE maintains eligibility criteria to establish when a mortgage insurer is qualified to issue 
coverage that will be acceptable to the GSEs for their portfolio. For more information about the financial and 
other requirements of the GSEs for Enact Holdings and its mortgage insurance subsidiaries, see “—Regulation—
Enact—Mortgage Insurance Regulation—Other U.S. Regulation and Agency Qualification Requirements.” 

Selected financial information and operating performance measures regarding our Enact segment are 
included under “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 
Operations—Enact segment.” 

Products and services 

Enact offers the following mortgage insurance products: 

Primary mortgage insurance 

Substantially all of Enact’s policies are primary mortgage insurance, which provides protection on 

individual loans at specified coverage percentages. Primary mortgage insurance is placed on individual loans at 
the time of origination and is typically delivered to Enact on a loan-by-loan basis. Primary mortgage insurance 
can also be delivered to Enact on an aggregated basis, whereby each mortgage in a given loan portfolio is insured 
in a single transaction after the point of origination. 

Customers who purchase primary mortgage insurance select a specific coverage level for each insured loan. 
A customer may choose the coverage percentage established by a GSE in order to be eligible for purchase by that 
particular GSE or for loans not sold to the GSEs, the customer determines its desired coverage percentage. 
Generally, Enact’s risk across all policies written is approximately 25% of the underlying primary insurance 
in-force, but may vary from policy to policy, typically between 6% and 35% coverage. The loan amount and 
coverage percentage determine Enact’s risk in-force on each insured loan. 

Enact files premium rates, as required, with the insurance departments of U.S. states and the District of 
Columbia. Premium rates cannot be changed after the issuance of coverage. Premium payments for primary 
mortgage insurance coverage are typically made by the borrower and are referred to as borrower-paid mortgage 
insurance. Loans for which premiums are paid by the lender are referred to as lender-paid mortgage insurance. In 
either case, the payment of premium to Enact is generally the responsibility of the insured. Premiums are 
generally calculated as a percentage of the original principal balance and may be paid on a monthly or annual 
basis, as a single premium paid at the time of mortgage origination or split, where an initial lump sum premium is 
paid at the time of mortgage origination in addition to subsequent monthly payments. 

Pool mortgage insurance 

Pool mortgage insurance transactions provide coverage on a finite set of individual loans identified by the 

pool policy. Pool policies contain coverage percentages and provisions limiting the insurer’s obligation to pay 

claims until a threshold amount is reached (known as a “deductible”) or capping the insurer’s potential aggregate 

liability for claims payments (known as a “stop loss”) or a combination of both provisions. Pool mortgage 

insurance is typically used to provide additional credit enhancement for certain secondary market mortgage 

transactions. Pool insurance generally covers the excess of the loss on a defaulted mortgage loan that exceeds the 

claim payment under the primary coverage, if such loan has primary coverage, as well as the total loss on a 

defaulted mortgage loan that did not have primary coverage. In another variation, generally referred to as 

modified pool insurance, policies are structured to include both an exposure limit for each individual loan, as 

well as an aggregate loss limit or a deductible for the entire pool. Currently, Enact has an insignificant amount of 

pool insurance in-force. 

Enact also performs fee-based contract underwriting services for its customers. Contract underwriting 

services provide customers outsourced scalable capacity to underwrite mortgage loans. Enact’s underwriters can 

underwrite the loan on behalf of its customers for both investor compliance and mortgage insurance, thus 

reducing duplicative activities and increasing Enact’s ability to write mortgage insurance for these loans. Under 

contract underwriting agreement terms, Enact agrees to indemnify its customers against losses incurred in the 

event it makes material errors in determining whether loans underwritten by its contract underwriters meet 

specified underwriting or purchase criteria, subject to contractual limitations. As a result, Enact assumes credit 

and processing risk in connection with its contract underwriting services. 

Underwriting and pricing 

Enact establishes and maintains underwriting guidelines based on its risk appetite. Enact’s guidelines 

require borrowers to have a verified capacity and willingness to support their obligation and a well-supported 

valuation of the collateral. Enact’s underwriting guidelines incorporate credit eligibility requirements that, among 

other things, limit its coverage to mortgages that meet its thresholds with respect to borrower Fair Isaac Company 

(“FICO”) scores, maximum loan-to-value ratios, documentation requirements and maximum debt-to-income 

ratios. All loans must pass through its eligibility rules to ensure proper discharge of loans not meeting its 

guidelines and to maintain thorough underwriting standards. 

Enact’s underwriting guidelines are largely consistent with those of the GSEs. Many of its customers use the 

GSEs’ automated loan underwriting systems for making credit determinations. Enact generally accepts the 

underwriting decisions and documentation requirements made by the GSEs’ underwriting systems, subject to its 

review as well as certain limitations and requirements. 

FICO developed the FICO credit scoring model to calculate a score based upon a borrower’s credit history. 

Enact uses the FICO credit score as one indicator of a borrower’s credit quality. Typically, a borrower with a 

higher credit score has a lower likelihood of defaulting on a loan. FICO credit scores range up to 850, with a 

score of 620 or more generally viewed as a “prime” loan and a score below 620 generally viewed as a 

“sub-prime” loan. Generally, “A minus” loans are loans where the borrowers have FICO credit scores between 

575 and 660 and have a blemished credit history. The weighted average FICO score of Enact’s primary insurance 

in-force was 744 as of December 31, 2023. 

Loan applications for primary mortgage insurance are either directly reviewed by Enact (or its contract 

underwriters), or as noted below, by lenders under delegated authority. In either case, automated underwriting 

systems may be utilized. For non-delegated underwriting, customers submit loan files to Enact and Enact 

individually underwrites each application to determine whether it will insure the loan. Enact uses its mortgage 

insurance underwriting system to perform non-delegated underwriting evaluations, and its underwriting staff is 

dispersed throughout the United States. In addition to its employees, Enact uses domestically based contract 

underwriters to assist with underwriting capacity and drive efficiency. 

6 

7 

The overall U.S. residential mortgage market encompasses both primary and secondary markets. The 

primary market consists of lenders originating home loans to borrowers to support home purchases, which are 

referred to as purchase originations, and loans made to refinance existing mortgages, which are referred to as 

refinancing originations. The secondary market includes institutions buying and selling mortgages in the form of 

whole loans or securitized assets, such as mortgage-backed securities. The GSEs are the largest participants in 

the secondary mortgage market, buying residential mortgages from banks and other primary lenders as part of 

their governmental mandate to provide access, liquidity and stability in the U.S. housing finance system. 

The GSE charters generally require credit enhancement for low down payment mortgages to be eligible for 

purchase by the GSEs. Such credit enhancement can be satisfied if a loan is insured by a GSE-qualified insurer, 

the mortgage seller retains at least a 10% participation in the loan, or the seller agrees to repurchase or replace 

the loan in the event of a default. Private mortgage insurance satisfies the GSEs’ credit enhancement requirement 

and historically has been the preferred method lenders have utilized to meet this GSE charter requirement. As a 

result, the nature of the private mortgage insurance industry in the United States is driven in large part by the 

business practices and mortgage insurance requirements of the GSEs. In furtherance of their respective charter 

requirements, each GSE maintains eligibility criteria to establish when a mortgage insurer is qualified to issue 

coverage that will be acceptable to the GSEs for their portfolio. For more information about the financial and 

other requirements of the GSEs for Enact Holdings and its mortgage insurance subsidiaries, see “—Regulation—

Enact—Mortgage Insurance Regulation—Other U.S. Regulation and Agency Qualification Requirements.” 

Selected financial information and operating performance measures regarding our Enact segment are 

included under “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 

Operations—Enact segment.” 

Products and services 

Enact offers the following mortgage insurance products: 

Primary mortgage insurance 

Substantially all of Enact’s policies are primary mortgage insurance, which provides protection on 

individual loans at specified coverage percentages. Primary mortgage insurance is placed on individual loans at 

the time of origination and is typically delivered to Enact on a loan-by-loan basis. Primary mortgage insurance 

can also be delivered to Enact on an aggregated basis, whereby each mortgage in a given loan portfolio is insured 

in a single transaction after the point of origination. 

Customers who purchase primary mortgage insurance select a specific coverage level for each insured loan. 

A customer may choose the coverage percentage established by a GSE in order to be eligible for purchase by that 

particular GSE or for loans not sold to the GSEs, the customer determines its desired coverage percentage. 

Generally, Enact’s risk across all policies written is approximately 25% of the underlying primary insurance 

in-force, but may vary from policy to policy, typically between 6% and 35% coverage. The loan amount and 

coverage percentage determine Enact’s risk in-force on each insured loan. 

Enact files premium rates, as required, with the insurance departments of U.S. states and the District of 

Columbia. Premium rates cannot be changed after the issuance of coverage. Premium payments for primary 

mortgage insurance coverage are typically made by the borrower and are referred to as borrower-paid mortgage 

insurance. Loans for which premiums are paid by the lender are referred to as lender-paid mortgage insurance. In 

either case, the payment of premium to Enact is generally the responsibility of the insured. Premiums are 

generally calculated as a percentage of the original principal balance and may be paid on a monthly or annual 

basis, as a single premium paid at the time of mortgage origination or split, where an initial lump sum premium is 

paid at the time of mortgage origination in addition to subsequent monthly payments. 

Pool mortgage insurance 

Pool mortgage insurance transactions provide coverage on a finite set of individual loans identified by the 
pool policy. Pool policies contain coverage percentages and provisions limiting the insurer’s obligation to pay 
claims until a threshold amount is reached (known as a “deductible”) or capping the insurer’s potential aggregate 
liability for claims payments (known as a “stop loss”) or a combination of both provisions. Pool mortgage 
insurance is typically used to provide additional credit enhancement for certain secondary market mortgage 
transactions. Pool insurance generally covers the excess of the loss on a defaulted mortgage loan that exceeds the 
claim payment under the primary coverage, if such loan has primary coverage, as well as the total loss on a 
defaulted mortgage loan that did not have primary coverage. In another variation, generally referred to as 
modified pool insurance, policies are structured to include both an exposure limit for each individual loan, as 
well as an aggregate loss limit or a deductible for the entire pool. Currently, Enact has an insignificant amount of 
pool insurance in-force. 

Enact also performs fee-based contract underwriting services for its customers. Contract underwriting 
services provide customers outsourced scalable capacity to underwrite mortgage loans. Enact’s underwriters can 
underwrite the loan on behalf of its customers for both investor compliance and mortgage insurance, thus 
reducing duplicative activities and increasing Enact’s ability to write mortgage insurance for these loans. Under 
contract underwriting agreement terms, Enact agrees to indemnify its customers against losses incurred in the 
event it makes material errors in determining whether loans underwritten by its contract underwriters meet 
specified underwriting or purchase criteria, subject to contractual limitations. As a result, Enact assumes credit 
and processing risk in connection with its contract underwriting services. 

Underwriting and pricing 

Enact establishes and maintains underwriting guidelines based on its risk appetite. Enact’s guidelines 
require borrowers to have a verified capacity and willingness to support their obligation and a well-supported 
valuation of the collateral. Enact’s underwriting guidelines incorporate credit eligibility requirements that, among 
other things, limit its coverage to mortgages that meet its thresholds with respect to borrower Fair Isaac Company 
(“FICO”) scores, maximum loan-to-value ratios, documentation requirements and maximum debt-to-income 
ratios. All loans must pass through its eligibility rules to ensure proper discharge of loans not meeting its 
guidelines and to maintain thorough underwriting standards. 

Enact’s underwriting guidelines are largely consistent with those of the GSEs. Many of its customers use the 

GSEs’ automated loan underwriting systems for making credit determinations. Enact generally accepts the 
underwriting decisions and documentation requirements made by the GSEs’ underwriting systems, subject to its 
review as well as certain limitations and requirements. 

FICO developed the FICO credit scoring model to calculate a score based upon a borrower’s credit history. 

Enact uses the FICO credit score as one indicator of a borrower’s credit quality. Typically, a borrower with a 
higher credit score has a lower likelihood of defaulting on a loan. FICO credit scores range up to 850, with a 
score of 620 or more generally viewed as a “prime” loan and a score below 620 generally viewed as a 
“sub-prime” loan. Generally, “A minus” loans are loans where the borrowers have FICO credit scores between 
575 and 660 and have a blemished credit history. The weighted average FICO score of Enact’s primary insurance 
in-force was 744 as of December 31, 2023. 

Loan applications for primary mortgage insurance are either directly reviewed by Enact (or its contract 

underwriters), or as noted below, by lenders under delegated authority. In either case, automated underwriting 
systems may be utilized. For non-delegated underwriting, customers submit loan files to Enact and Enact 
individually underwrites each application to determine whether it will insure the loan. Enact uses its mortgage 
insurance underwriting system to perform non-delegated underwriting evaluations, and its underwriting staff is 
dispersed throughout the United States. In addition to its employees, Enact uses domestically based contract 
underwriters to assist with underwriting capacity and drive efficiency. 

6 

7 

Enact delegates to eligible lender customers the ability to underwrite mortgage insurance based on its 
delegated underwriting guidelines. To perform delegated underwriting, customers must be approved by Enact’s 
risk management team. Enact regularly performs quality assurance reviews on a statistically significant sample of 
delegated loans to assess compliance with its guidelines. Enact also offers a post-closing underwriting review 
when requested by customers for both non-delegated and delegated loans. Upon satisfactory completion of this 
review, Enact agrees to waive its right to rescind coverage under certain circumstances. 

Pricing is highly competitive in the mortgage insurance industry, with industry participants competing for 
market share, customer relationships and overall value. To appropriately align price and risk, dynamic pricing 
engines utilize granular pricing models based on a number of loan, borrower, lender and property risk attributes. 
Enact’s risk-based pricing engine was developed to evaluate returns and volatility under both the private 
mortgage insurer eligibility requirements (“PMIERs”) capital framework and its internal economic capital 
framework, which is sensitive to economic cycles and current housing market conditions. The model assesses the 
performance of new business under expected and stress scenarios on an individualized loan basis, which is used 
to determine pricing and inform Enact’s risk selection strategy that seeks to optimize economic value by 
balancing return and volatility. 

Enact seeks to charge premium rates commensurate with the underlying risk of each loan insured. Enact’s 

proprietary pricing platform provides a flexible, granular and analytical approach to selecting and pricing risk 
and its use allows Enact to adjust its risk tolerance by quickly changing prices in response to evolving economic 
conditions, new analytical insights or industry pricing trends. 

Loss mitigation 

Enact’s loss mitigation and claims department is led by seasoned personnel who are supported by default 
tracking and claims processing capabilities within their integrated platform. Enact’s loss mitigation staff is also 
actively engaged with the GSEs and servicers regarding appropriate servicing and loss mitigation practices. 
Enact has granted loss mitigation delegation to the GSEs and servicers, whereby they perform certain loss 
mitigation efforts on Enact’s behalf. Moreover, the Consumer Financial Protection Bureau’s (“CFPB”) mortgage 
servicing rule obligates servicers to engage in early intervention and loss mitigation efforts with a borrower prior 
to foreclosure. These efforts have traditionally involved loan modifications intended to enable qualified 
borrowers to make restructured loan payments or sell the property, thereby potentially reducing claim amounts. 
Borrower forbearance plans offered by the GSEs, including as a result of the coronavirus pandemic 
(“COVID-19”), allow deferred or reduced payments for borrowers experiencing financial hardship under certain 
circumstances. At the conclusion of the forbearance term, a borrower may either bring the loan current, defer any 
missed payments until the end of the loan, or modify the loan through a repayment plan or extension of the 
mortgage term. Enact’s goal is to keep borrowers in their homes. If a loan becomes delinquent, Enact works 
closely with the customer, investor and servicer to attempt to cure the delinquency and allow the homeowner to 
retain ownership of the property. 

Claims result from delinquencies that are not cured, or from losses on short sales, other third-party sales or 

deeds-in-lieu of foreclosure that Enact approves. Under the terms of Enact’s primary insurance master policy, 
customers are required to file claims within 60 days of the earliest of: (i) the date the customer acquired title to 
the underlying property (typically through foreclosure); (ii) the date of an approved short sale (or other third-
party sale of the underlying property); or (iii) the date a request is made by Enact to file a claim. Upon review 
and determination that a filed claim is valid, Enact may pay the coverage percentage specified in the certificate of 
insurance and related expenses, pay the amount of the claim required to make the customer whole, commonly 
referred to as the “actual loss amount,” following the approved sale or pay the full claim amount and acquire title 
to the property. 

Claim activity is not evenly spread across the coverage period of loans Enact insures. The number of 

delinquencies may not correlate directly with the number of claims received because the rate at which 

delinquencies are cured is influenced by borrowers’ financial resources and circumstances, as well as regional 

economic differences. For those loans that fail to cure, whether delinquency leads to a claim principally depends 

upon the borrower’s equity at the time of delinquency and the borrower’s or the insured’s ability to sell the home 

for an amount sufficient to satisfy all amounts due under the mortgage loan. 

When claim notices are received, Enact reviews the loan and servicing files to determine the appropriateness 

of a claim amount. Failure to deliver the required documentation or Enact’s review of such documentation may 

result in a rescission, cancellation or claim denial. Enact’s insurance policies allow for the reduction or denial of 

a claim if the servicer does not materially comply with its obligations under Enact’s policies, including the 

requirement to pursue reasonable loss mitigation actions. Enact also periodically receives claim notices that 

request coverage for costs and expenses associated with items not covered under its policies, such as losses 

resulting from property damage to a covered home. Enact actively reviews claim notices to ensure it pays only 

for covered expenses. A reduction in the claim amount paid relative to the amount requested in the claim notice 

is deemed to be a curtailment. 

When reviewing loan and servicing files in connection with the delinquency or claims process, Enact may 

also decide to rescind coverage of the underlying mortgages or deny payment of claims. Enact’s ability to rescind 

coverage is limited by the terms of its master policies. Enact may rescind coverage in situations where, among 

other things, (i) fraudulent misrepresentations were made or materially inaccurate information was provided 

regarding a borrower’s income, debts, intention to occupy a property or property value or (ii) a loan was 

originated in material violation of Enact’s underwriting guidelines. 

Consideration is given to an insured’s appeal of rescinded coverage. If Enact agrees with the appeal, it takes 

the necessary steps to reinstate insurance coverage and reactivate the loan certificate or otherwise address the 

issues raised in the appeal. If the parties are unable to agree on the outcome of the appeal, the insured may 

choose to pursue arbitration or litigation under the terms of the applicable master policy and challenge the results. 

Subject to applicable limitations in Enact’s policies and by state law, legal challenges to Enact’s actions may be 

brought several years after the disposal of a claim. 

From time to time, Enact enters into agreements with policyholders to accelerate claims and negotiate an 

agreed-upon payment amount for claims on an identified group of delinquent loans. In exchange for the 

accelerated claim payment, mortgage insurance is canceled, and Enact is discharged from any further liability on 

the identified loans. 

Distribution and customers 

Enact distributes its mortgage insurance products through a dedicated sales force located throughout the 

United States, including in-house sales representatives. Enact’s sales force utilizes a digital marketing program 

designed to expand its customer reach beyond traditional sales. Enact’s sales force primarily markets to financial 

institutions and mortgage originators that impose a requirement for mortgage insurance as part of the borrower’s 

financing. 

Enact’s industry presence has enabled it to build active customer relationships with mortgage lenders across 

the United States. Enact’s customers are broadly diversified by size, type and geography and include large money 

center banks, non-bank lenders, national and local mortgage bankers, community banks and credit unions. 

Enact’s principal mortgage insurance customers are originators of residential mortgage loans who typically 

determine which mortgage insurer or insurers they will use for the placement of mortgage insurance written on 

loans they originate. For the year ended December 31, 2023, approximately 33% of Enact’s new insurance 

written was attributable to its largest five lender customers, of which 19% was attributable to its largest customer. 

Earned premiums from Enact’s largest customer accounted for 10% of Enact’s total revenues for the year ended 

December 31, 2023. No other customer exceeded 10% of Enact’s new insurance written during 2023 or had 

earned premiums that accounted for 10% or more of Enact’s total revenues for the year ended December 31, 

8 

9 

Enact delegates to eligible lender customers the ability to underwrite mortgage insurance based on its 

delegated underwriting guidelines. To perform delegated underwriting, customers must be approved by Enact’s 

risk management team. Enact regularly performs quality assurance reviews on a statistically significant sample of 

delegated loans to assess compliance with its guidelines. Enact also offers a post-closing underwriting review 

when requested by customers for both non-delegated and delegated loans. Upon satisfactory completion of this 

review, Enact agrees to waive its right to rescind coverage under certain circumstances. 

Pricing is highly competitive in the mortgage insurance industry, with industry participants competing for 

market share, customer relationships and overall value. To appropriately align price and risk, dynamic pricing 

engines utilize granular pricing models based on a number of loan, borrower, lender and property risk attributes. 

Enact’s risk-based pricing engine was developed to evaluate returns and volatility under both the private 

mortgage insurer eligibility requirements (“PMIERs”) capital framework and its internal economic capital 

framework, which is sensitive to economic cycles and current housing market conditions. The model assesses the 

performance of new business under expected and stress scenarios on an individualized loan basis, which is used 

to determine pricing and inform Enact’s risk selection strategy that seeks to optimize economic value by 

balancing return and volatility. 

Enact seeks to charge premium rates commensurate with the underlying risk of each loan insured. Enact’s 

proprietary pricing platform provides a flexible, granular and analytical approach to selecting and pricing risk 

and its use allows Enact to adjust its risk tolerance by quickly changing prices in response to evolving economic 

conditions, new analytical insights or industry pricing trends. 

Loss mitigation 

Enact’s loss mitigation and claims department is led by seasoned personnel who are supported by default 

tracking and claims processing capabilities within their integrated platform. Enact’s loss mitigation staff is also 

actively engaged with the GSEs and servicers regarding appropriate servicing and loss mitigation practices. 

Enact has granted loss mitigation delegation to the GSEs and servicers, whereby they perform certain loss 

mitigation efforts on Enact’s behalf. Moreover, the Consumer Financial Protection Bureau’s (“CFPB”) mortgage 

servicing rule obligates servicers to engage in early intervention and loss mitigation efforts with a borrower prior 

to foreclosure. These efforts have traditionally involved loan modifications intended to enable qualified 

borrowers to make restructured loan payments or sell the property, thereby potentially reducing claim amounts. 

Borrower forbearance plans offered by the GSEs, including as a result of the coronavirus pandemic 

(“COVID-19”), allow deferred or reduced payments for borrowers experiencing financial hardship under certain 

circumstances. At the conclusion of the forbearance term, a borrower may either bring the loan current, defer any 

missed payments until the end of the loan, or modify the loan through a repayment plan or extension of the 

mortgage term. Enact’s goal is to keep borrowers in their homes. If a loan becomes delinquent, Enact works 

closely with the customer, investor and servicer to attempt to cure the delinquency and allow the homeowner to 

retain ownership of the property. 

Claims result from delinquencies that are not cured, or from losses on short sales, other third-party sales or 

deeds-in-lieu of foreclosure that Enact approves. Under the terms of Enact’s primary insurance master policy, 

customers are required to file claims within 60 days of the earliest of: (i) the date the customer acquired title to 

the underlying property (typically through foreclosure); (ii) the date of an approved short sale (or other third-

party sale of the underlying property); or (iii) the date a request is made by Enact to file a claim. Upon review 

and determination that a filed claim is valid, Enact may pay the coverage percentage specified in the certificate of 

insurance and related expenses, pay the amount of the claim required to make the customer whole, commonly 

referred to as the “actual loss amount,” following the approved sale or pay the full claim amount and acquire title 

to the property. 

Claim activity is not evenly spread across the coverage period of loans Enact insures. The number of 

delinquencies may not correlate directly with the number of claims received because the rate at which 

delinquencies are cured is influenced by borrowers’ financial resources and circumstances, as well as regional 
economic differences. For those loans that fail to cure, whether delinquency leads to a claim principally depends 
upon the borrower’s equity at the time of delinquency and the borrower’s or the insured’s ability to sell the home 
for an amount sufficient to satisfy all amounts due under the mortgage loan. 

When claim notices are received, Enact reviews the loan and servicing files to determine the appropriateness 

of a claim amount. Failure to deliver the required documentation or Enact’s review of such documentation may 
result in a rescission, cancellation or claim denial. Enact’s insurance policies allow for the reduction or denial of 
a claim if the servicer does not materially comply with its obligations under Enact’s policies, including the 
requirement to pursue reasonable loss mitigation actions. Enact also periodically receives claim notices that 
request coverage for costs and expenses associated with items not covered under its policies, such as losses 
resulting from property damage to a covered home. Enact actively reviews claim notices to ensure it pays only 
for covered expenses. A reduction in the claim amount paid relative to the amount requested in the claim notice 
is deemed to be a curtailment. 

When reviewing loan and servicing files in connection with the delinquency or claims process, Enact may 
also decide to rescind coverage of the underlying mortgages or deny payment of claims. Enact’s ability to rescind 
coverage is limited by the terms of its master policies. Enact may rescind coverage in situations where, among 
other things, (i) fraudulent misrepresentations were made or materially inaccurate information was provided 
regarding a borrower’s income, debts, intention to occupy a property or property value or (ii) a loan was 
originated in material violation of Enact’s underwriting guidelines. 

Consideration is given to an insured’s appeal of rescinded coverage. If Enact agrees with the appeal, it takes 

the necessary steps to reinstate insurance coverage and reactivate the loan certificate or otherwise address the 
issues raised in the appeal. If the parties are unable to agree on the outcome of the appeal, the insured may 
choose to pursue arbitration or litigation under the terms of the applicable master policy and challenge the results. 
Subject to applicable limitations in Enact’s policies and by state law, legal challenges to Enact’s actions may be 
brought several years after the disposal of a claim. 

From time to time, Enact enters into agreements with policyholders to accelerate claims and negotiate an 

agreed-upon payment amount for claims on an identified group of delinquent loans. In exchange for the 
accelerated claim payment, mortgage insurance is canceled, and Enact is discharged from any further liability on 
the identified loans. 

Distribution and customers 

Enact distributes its mortgage insurance products through a dedicated sales force located throughout the 

United States, including in-house sales representatives. Enact’s sales force utilizes a digital marketing program 
designed to expand its customer reach beyond traditional sales. Enact’s sales force primarily markets to financial 
institutions and mortgage originators that impose a requirement for mortgage insurance as part of the borrower’s 
financing. 

Enact’s industry presence has enabled it to build active customer relationships with mortgage lenders across 
the United States. Enact’s customers are broadly diversified by size, type and geography and include large money 
center banks, non-bank lenders, national and local mortgage bankers, community banks and credit unions. 
Enact’s principal mortgage insurance customers are originators of residential mortgage loans who typically 
determine which mortgage insurer or insurers they will use for the placement of mortgage insurance written on 
loans they originate. For the year ended December 31, 2023, approximately 33% of Enact’s new insurance 
written was attributable to its largest five lender customers, of which 19% was attributable to its largest customer. 
Earned premiums from Enact’s largest customer accounted for 10% of Enact’s total revenues for the year ended 
December 31, 2023. No other customer exceeded 10% of Enact’s new insurance written during 2023 or had 
earned premiums that accounted for 10% or more of Enact’s total revenues for the year ended December 31, 

8 

9 

2023. For more information on the potential impacts due to customer concentration, see “Item 1A—Risk 
Factors—Enact Holdings’ reliance on key customers or distribution relationships could cause a loss of significant 
sales if one or more of those relationships terminate or are reduced.” 

Competition 

Enact’s principal sources of competition are U.S. federal, state and local government agencies and other 

private mortgage insurers. Enact also competes with mortgage lenders and other investors, the GSEs, portfolio 
lenders who self-insure, reinsurers, and other capital markets participants who may utilize financial instruments 
designed to mitigate risk. 

U.S. federal, state and local government agencies 

Enact and other private mortgage insurers compete for mortgage insurance business directly with U.S. 
federal agencies, principally the Federal Housing Administration (“FHA”) and the U.S. Department of Veterans 
Affairs (“VA”), and to a lesser extent, state and local housing finance agencies. Enact’s competition with 
government agencies is principally on the basis of price and underwriting guidelines. In contrast to private 
mortgage insurers, government agencies generally have less restrictive guidelines and apply a flat pricing 
structure regardless of an individual borrower’s credit profile. As a result, we believe borrowers with lower FICO 
scores are more likely to secure mortgage loans with coverage by government agencies and borrowers with 
higher FICO scores are more likely to secure mortgage loans with coverage by private mortgage insurers. 

Private mortgage insurers 

The U.S. private mortgage insurance industry is highly competitive. Enact competes on pricing, 

underwriting guidelines, customer relationships, service levels, policy terms, loss mitigation practices, perceived 
financial strength (including comparative financial strength ratings), reputation, product features, and effective 
use and ease of technology. There are currently six active mortgage insurers in the United States, including 
Enact. 

GSEs, portfolio lenders, reinsurers and other capital markets participants 

Enact also competes with various participants in the mortgage finance industry including the GSEs, 

portfolio lenders, reinsurers and other participants in the capital markets. Enact competes with these participants 
primarily based on pricing, policy terms and perceived financial strength. The GSEs enter into risk sharing 
transactions with financial institutions designed to reduce the risk of their mortgage portfolios. Competition also 
comes from portfolio lenders that are willing to hold credit risk on their balance sheets without credit 
enhancement. In addition, investors can make use of risk-sharing structures designed to mitigate the impact of 
mortgage defaults in place of private mortgage insurance. Finally, although their presence is a fraction of what it 
was in the past, there are products designed to eliminate the need for private mortgage insurance, such as 
“simultaneous seconds,” which combine a first lien loan with a second lien loan in order to meet the 80% 
loan-to-value threshold required for sale to the GSEs without certain credit protections. 

Long-Term Care Insurance Segment 

Our Long-Term Care Insurance segment includes long-term care insurance products that are intended to 

protect against the significant and escalating costs of long-term care services provided in the insured’s home or 
assisted living or nursing facilities. We currently offer individual long-term care insurance policies to customers 
who contact us directly (subject to state availability); however, we no longer accept applications for new group 
long-term care insurance policies but will accept new applications and issue new coverage certificates on current 
open group cases on certain group policy forms. We established ourselves as a leader in long-term care insurance 
over 40 years ago and remain a leading insurer. 

As part of our strategy for our long-term care insurance business, and in connection with our strategic 

priority to further strengthen our legacy long-term care insurance business, we have been implementing, and 

expect to continue to pursue, significant premium rate increases and associated benefit reductions on older 

generation blocks of business in order to ensure the continued self-sustainability of this business over time and 

reduce the strain on its earnings and capital. We are also requesting premium rate increases and associated 

benefit reductions on newer blocks of business, as needed, some of which will be significant, to help bring these 

blocks closer to their original pricing. For certain risks related to our long-term care insurance business and 

in-force rate actions, see “Item 1A—Risk Factors—The inability to obtain in-force rate action increases 

(including increased premiums and associated benefit reductions) in our long-term care insurance business could 

have a material adverse impact on our business, including our results of operations and financial condition.” 

See “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 

Operations—Long-Term Care Insurance segment” for selected operating performance measures related to our 

long-term care insurance in-force rate actions. 

Life and Annuities Segment 

We service a variety of protection and retirement income products through our principal U.S. life insurance 

subsidiaries. Our Life and Annuities segment includes traditional and non-traditional life insurance (term, 

universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), 

fixed annuities and variable annuities. We have not actively sold our life insurance and fixed annuity products 

since 2016 and our variable annuity products since 2011. 

Corporate and Other 

Corporate and Other includes debt financing expenses that are incurred at the Genworth Holdings level, 

unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other 

businesses that are reported outside of our operating segments, such as certain international businesses and 

discontinued operations. Corporate and Other also includes startup results of our CareScout business related to 

our senior care growth initiatives. See “Item 1—Business—Strategic Priorities” for additional details. 

On March 3, 2021, we completed a sale of our entire ownership interest of approximately 52% in Genworth 

Mortgage Insurance Australia Limited, our former Australian mortgage insurance business. This business is 

reported as discontinued operations and its results of operations and cash flows are separately reported for the 

year ended December 31, 2021. See note 28 in our consolidated financial statements under “Part II—Item 8—

Financial Statements and Supplementary Data” for additional information. 

Risk Management 

Risk management is a critical part of all of our businesses. We have an enterprise risk management 

framework that includes risk management processes relating to strategic priorities and risks (including emerging 

risks), product development and pricing, management of in-force business, including certain mitigating strategies 

and claims risk management, credit risk management, asset-liability management, liquidity management, 

investment activities (including derivatives), model risk management, portfolio diversification, underwriting and 

loss mitigation, information systems, information technology risk management, data security and cybersecurity, 

business acquisitions and dispositions, operational risk assessment capabilities and overall operational risk 

management. For additional information regarding cybersecurity risk management, see “Item 1C—

Cybersecurity.” 

We have identified the following as the most significant risk types to our business: credit risk, market risk, 

insurance risk, housing risk, model risk, operational risk and information technology risk. In addition, we have 

processes in place to identify, understand and manage emerging risks (such as artificial intelligence), with the 

10 

11 

2023. For more information on the potential impacts due to customer concentration, see “Item 1A—Risk 

Factors—Enact Holdings’ reliance on key customers or distribution relationships could cause a loss of significant 

sales if one or more of those relationships terminate or are reduced.” 

Competition 

Enact’s principal sources of competition are U.S. federal, state and local government agencies and other 

private mortgage insurers. Enact also competes with mortgage lenders and other investors, the GSEs, portfolio 

lenders who self-insure, reinsurers, and other capital markets participants who may utilize financial instruments 

designed to mitigate risk. 

U.S. federal, state and local government agencies 

Enact and other private mortgage insurers compete for mortgage insurance business directly with U.S. 

federal agencies, principally the Federal Housing Administration (“FHA”) and the U.S. Department of Veterans 

Affairs (“VA”), and to a lesser extent, state and local housing finance agencies. Enact’s competition with 

government agencies is principally on the basis of price and underwriting guidelines. In contrast to private 

mortgage insurers, government agencies generally have less restrictive guidelines and apply a flat pricing 

structure regardless of an individual borrower’s credit profile. As a result, we believe borrowers with lower FICO 

scores are more likely to secure mortgage loans with coverage by government agencies and borrowers with 

higher FICO scores are more likely to secure mortgage loans with coverage by private mortgage insurers. 

Private mortgage insurers 

The U.S. private mortgage insurance industry is highly competitive. Enact competes on pricing, 

underwriting guidelines, customer relationships, service levels, policy terms, loss mitigation practices, perceived 

financial strength (including comparative financial strength ratings), reputation, product features, and effective 

use and ease of technology. There are currently six active mortgage insurers in the United States, including 

Enact. 

GSEs, portfolio lenders, reinsurers and other capital markets participants 

Enact also competes with various participants in the mortgage finance industry including the GSEs, 

portfolio lenders, reinsurers and other participants in the capital markets. Enact competes with these participants 

primarily based on pricing, policy terms and perceived financial strength. The GSEs enter into risk sharing 

transactions with financial institutions designed to reduce the risk of their mortgage portfolios. Competition also 

comes from portfolio lenders that are willing to hold credit risk on their balance sheets without credit 

enhancement. In addition, investors can make use of risk-sharing structures designed to mitigate the impact of 

mortgage defaults in place of private mortgage insurance. Finally, although their presence is a fraction of what it 

was in the past, there are products designed to eliminate the need for private mortgage insurance, such as 

“simultaneous seconds,” which combine a first lien loan with a second lien loan in order to meet the 80% 

loan-to-value threshold required for sale to the GSEs without certain credit protections. 

Long-Term Care Insurance Segment 

Our Long-Term Care Insurance segment includes long-term care insurance products that are intended to 

protect against the significant and escalating costs of long-term care services provided in the insured’s home or 

assisted living or nursing facilities. We currently offer individual long-term care insurance policies to customers 

who contact us directly (subject to state availability); however, we no longer accept applications for new group 

long-term care insurance policies but will accept new applications and issue new coverage certificates on current 

open group cases on certain group policy forms. We established ourselves as a leader in long-term care insurance 

over 40 years ago and remain a leading insurer. 

As part of our strategy for our long-term care insurance business, and in connection with our strategic 

priority to further strengthen our legacy long-term care insurance business, we have been implementing, and 
expect to continue to pursue, significant premium rate increases and associated benefit reductions on older 
generation blocks of business in order to ensure the continued self-sustainability of this business over time and 
reduce the strain on its earnings and capital. We are also requesting premium rate increases and associated 
benefit reductions on newer blocks of business, as needed, some of which will be significant, to help bring these 
blocks closer to their original pricing. For certain risks related to our long-term care insurance business and 
in-force rate actions, see “Item 1A—Risk Factors—The inability to obtain in-force rate action increases 
(including increased premiums and associated benefit reductions) in our long-term care insurance business could 
have a material adverse impact on our business, including our results of operations and financial condition.” 

See “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 
Operations—Long-Term Care Insurance segment” for selected operating performance measures related to our 
long-term care insurance in-force rate actions. 

Life and Annuities Segment 

We service a variety of protection and retirement income products through our principal U.S. life insurance 

subsidiaries. Our Life and Annuities segment includes traditional and non-traditional life insurance (term, 
universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), 
fixed annuities and variable annuities. We have not actively sold our life insurance and fixed annuity products 
since 2016 and our variable annuity products since 2011. 

Corporate and Other 

Corporate and Other includes debt financing expenses that are incurred at the Genworth Holdings level, 

unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other 
businesses that are reported outside of our operating segments, such as certain international businesses and 
discontinued operations. Corporate and Other also includes startup results of our CareScout business related to 
our senior care growth initiatives. See “Item 1—Business—Strategic Priorities” for additional details. 

On March 3, 2021, we completed a sale of our entire ownership interest of approximately 52% in Genworth 

Mortgage Insurance Australia Limited, our former Australian mortgage insurance business. This business is 
reported as discontinued operations and its results of operations and cash flows are separately reported for the 
year ended December 31, 2021. See note 28 in our consolidated financial statements under “Part II—Item 8—
Financial Statements and Supplementary Data” for additional information. 

Risk Management 

Risk management is a critical part of all of our businesses. We have an enterprise risk management 

framework that includes risk management processes relating to strategic priorities and risks (including emerging 
risks), product development and pricing, management of in-force business, including certain mitigating strategies 
and claims risk management, credit risk management, asset-liability management, liquidity management, 
investment activities (including derivatives), model risk management, portfolio diversification, underwriting and 
loss mitigation, information systems, information technology risk management, data security and cybersecurity, 
business acquisitions and dispositions, operational risk assessment capabilities and overall operational risk 
management. For additional information regarding cybersecurity risk management, see “Item 1C—
Cybersecurity.” 

We have identified the following as the most significant risk types to our business: credit risk, market risk, 
insurance risk, housing risk, model risk, operational risk and information technology risk. In addition, we have 
processes in place to identify, understand and manage emerging risks (such as artificial intelligence), with the 

10 

11 

goal of mitigating adverse impacts to our business. Related to these identified risk types and our process for 
emerging risks, we have classified both our top and emerging risks and report these risks to both senior 
management and the risk committee of Genworth Financial’s Board of Directors. 

Our risk management framework includes seven key components: risk type key attributes (to ensure full 
coverage); identification of risk exposures to identify top risks; business strategy and planning; governance; risk 
assessment (both qualitative and quantitative); risk appetite and limits; and stress testing. Our risk management 
framework also includes an assessment and implementation of company and business risk appetites, the 
identification and assessment of risks, a proactive decision process to determine which risks are acceptable to be 
retained (based on risk and reward considerations, among other factors) and the ongoing management, 
monitoring and reporting of material risks. 

Our long-term care insurance business continues to pursue significant premium rate increases and associated 
benefit reductions on its insurance in-force. In support of this initiative, we have developed processes that include 
experience studies to analyze emerging experience, reviews of in-force product performance, an assumption 
review process, and comprehensive monitoring and reporting. In connection with these processes, our risk 
management team works closely with our long-term care insurance business to ensure proper governance and to 
better align the development of assumptions with the identified risks. 

As part of our evaluation of overall in-force product performance, new product initiatives and service 

offerings, and risk mitigation alternatives, we monitor regulatory and rating agency capital models as well as 
internal economic capital models to determine the appropriate level of risk-adjusted capital requirements. We 
utilize a stress testing framework to assess the risk of loss to our capital resources based upon the portfolio of 
risks we underwrite and retain and upon our asset and operational risk profiles. Our commitment to risk 
management involves the ongoing review and expansion of internal risk management capabilities aligned with 
industry best practices. 

Operations and Technology 

Service and support 

Enact Holdings and its U.S. mortgage insurance subsidiaries have introduced technology enabled services to 

help their customers (lenders and servicers) as well as consumers (borrowers and homeowners). Enact Holdings 
heavily relies upon information technology, and a number of critical aspects are highly automated. Our U.S. life 
insurance subsidiaries heavily rely upon information technology to support and improve their overall operations. 
Enact Holdings and our U.S. life insurance subsidiaries both accept insurance applications, issue approvals, 
process claims and reconcile premium remittance through electronic submissions. For Enact Holdings, in order to 
facilitate these processes, direct connections have been established with many of its customers’ and servicers’ 
systems to enable the selection of its mortgage insurance products and to allow for direct communication. Enact 
Holdings and our U.S. life insurance subsidiaries also provide their customers secure access to their web-based 
portals to facilitate transactions and provide customers with access to their account information. Enact Holdings 
and our U.S. life insurance subsidiaries regularly upgrade and enhance their systems and technology in an effort 
to achieve their goals of expanding their capabilities, improve productivity and enhance the customer experience. 

Operating centers 

We have established scalable, efficient operating centers for our U.S. life insurance subsidiaries in Virginia 
and for Enact Holdings in North Carolina. In addition, through an arrangement with an outsourcing provider, we 
have a team of professionals in India and the Philippines who provide a variety of services primarily to our U.S. 
life insurance subsidiaries and certain corporate functions, including data entry, transaction processing and 
functional support. 

In June 2022, we outsourced operational servicing of our life insurance and fixed annuity blocks to a third-
party servicer. In connection with the outsourcing, we will convert certain administrative systems to those used 

by the third-party servicer over the next few years, with a targeted completion date in 2026. There was no impact 

to the servicing of our long-term care insurance products because they were not a part of the third-party 

outsourcing agreement. 

Reinsurance 

We reinsure a portion of our annuities, life insurance, long-term care insurance and mortgage insurance with 

unaffiliated reinsurers, and beginning in 2023, also established an affiliated reinsurer, Enact Re Ltd. (“Enact 

Re”). In a reinsurance transaction, a reinsurer agrees to indemnify another insurer for part or all of its liability 

under a policy or policies it has issued for an agreed upon premium. We participate in reinsurance activities in 

order to minimize exposure to significant risks, limit losses and provide additional capacity for future growth. 

We also obtain reinsurance to reduce certain capital requirements, including sometimes utilizing intercompany 

reinsurance agreements to manage our statutory capital positions. However, these intercompany agreements do 

not have an effect on our consolidated U.S. generally accepted accounting principles (“U.S. GAAP”) financial 

statements as they eliminate in consolidation. 

We enter into various agreements with reinsurers that cover individual risks, group risks or defined blocks 

of business, primarily on a coinsurance, yearly renewable term, excess of loss or quota share basis. Under the 

terms of the reinsurance agreements, the reinsurer agrees to reimburse us for the ceded amount in the event a 

claim is paid. Cessions under reinsurance agreements do not discharge our obligations as the primary insurer. In 

the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance 

recoverable balances could become uncollectible. Our amounts recoverable from reinsurers represent receivables 

from and/or reserves ceded to reinsurers. The amounts recoverable from reinsurers, net of allowance for credit 

losses, were $19.0 billion as of December 31, 2023 and 2022. 

We focus on obtaining reinsurance from a diverse group of highly rated reinsurers. We regularly evaluate 

the financial condition of our reinsurers and monitor concentration risk with our reinsurers at least annually. 

U.S. life insurance subsidiaries 

Our U.S. life insurance subsidiaries have established standards and criteria for our use and selection of 

reinsurers. In order for a new reinsurer to participate in our current program, without collateralization, we require 

the reinsurer to have a S&P Global Rating (“S&P”) rating of “A-” or better or a Moody’s Investors Service, Inc. 

(“Moody’s”) rating of “A3” or better and a minimum capital and surplus level of $350 million. If the reinsurer 

does not have these ratings, our U.S. life insurance subsidiaries generally require it to post collateral as described 

below. In addition, our U.S. life insurance subsidiaries may require collateral from a reinsurer to mitigate credit/

collectability risk. Typically, in such cases, the reinsurer must either maintain minimum specified ratings and 

risk-based capital (“RBC”) ratios or provide the specified quality and quantity of collateral. Similarly, our U.S. 

life insurance subsidiaries have also required collateral in connection with books of business sold pursuant to 

indemnity reinsurance agreements and have been required to post collateral when purchasing books of business. 

Reinsurers that are not licensed, accredited or authorized in the state of domicile of the reinsured (“ceding 

company”) are required to post statutorily prescribed forms of collateral for the ceding company to receive 

reinsurance credit. The three primary forms of collateral are: (i) qualifying assets held in a reserve credit trust; 

(ii) irrevocable, unconditional, evergreen letters of credit issued by a qualified U.S. financial institution; and 

(iii) assets held by the ceding company in a segregated funds withheld account. Collateral must be maintained in 

accordance with the rules of the ceding company’s state of domicile and must be readily accessible by the ceding 

company to cover claims under the reinsurance agreement. Accordingly, our U.S. life insurance subsidiaries 

require unauthorized reinsurers that are not so licensed, accredited or authorized to post acceptable forms of 

collateral to support their reinsurance obligations. 

12 

13 

goal of mitigating adverse impacts to our business. Related to these identified risk types and our process for 

emerging risks, we have classified both our top and emerging risks and report these risks to both senior 

management and the risk committee of Genworth Financial’s Board of Directors. 

by the third-party servicer over the next few years, with a targeted completion date in 2026. There was no impact 
to the servicing of our long-term care insurance products because they were not a part of the third-party 
outsourcing agreement. 

Our risk management framework includes seven key components: risk type key attributes (to ensure full 

coverage); identification of risk exposures to identify top risks; business strategy and planning; governance; risk 

assessment (both qualitative and quantitative); risk appetite and limits; and stress testing. Our risk management 

framework also includes an assessment and implementation of company and business risk appetites, the 

identification and assessment of risks, a proactive decision process to determine which risks are acceptable to be 

retained (based on risk and reward considerations, among other factors) and the ongoing management, 

monitoring and reporting of material risks. 

Our long-term care insurance business continues to pursue significant premium rate increases and associated 

benefit reductions on its insurance in-force. In support of this initiative, we have developed processes that include 

experience studies to analyze emerging experience, reviews of in-force product performance, an assumption 

review process, and comprehensive monitoring and reporting. In connection with these processes, our risk 

management team works closely with our long-term care insurance business to ensure proper governance and to 

better align the development of assumptions with the identified risks. 

As part of our evaluation of overall in-force product performance, new product initiatives and service 

offerings, and risk mitigation alternatives, we monitor regulatory and rating agency capital models as well as 

internal economic capital models to determine the appropriate level of risk-adjusted capital requirements. We 

utilize a stress testing framework to assess the risk of loss to our capital resources based upon the portfolio of 

risks we underwrite and retain and upon our asset and operational risk profiles. Our commitment to risk 

management involves the ongoing review and expansion of internal risk management capabilities aligned with 

industry best practices. 

Operations and Technology 

Service and support 

Enact Holdings and its U.S. mortgage insurance subsidiaries have introduced technology enabled services to 

help their customers (lenders and servicers) as well as consumers (borrowers and homeowners). Enact Holdings 

heavily relies upon information technology, and a number of critical aspects are highly automated. Our U.S. life 

insurance subsidiaries heavily rely upon information technology to support and improve their overall operations. 

Enact Holdings and our U.S. life insurance subsidiaries both accept insurance applications, issue approvals, 

process claims and reconcile premium remittance through electronic submissions. For Enact Holdings, in order to 

facilitate these processes, direct connections have been established with many of its customers’ and servicers’ 

systems to enable the selection of its mortgage insurance products and to allow for direct communication. Enact 

Holdings and our U.S. life insurance subsidiaries also provide their customers secure access to their web-based 

portals to facilitate transactions and provide customers with access to their account information. Enact Holdings 

and our U.S. life insurance subsidiaries regularly upgrade and enhance their systems and technology in an effort 

to achieve their goals of expanding their capabilities, improve productivity and enhance the customer experience. 

Operating centers 

We have established scalable, efficient operating centers for our U.S. life insurance subsidiaries in Virginia 

and for Enact Holdings in North Carolina. In addition, through an arrangement with an outsourcing provider, we 

have a team of professionals in India and the Philippines who provide a variety of services primarily to our U.S. 

life insurance subsidiaries and certain corporate functions, including data entry, transaction processing and 

functional support. 

In June 2022, we outsourced operational servicing of our life insurance and fixed annuity blocks to a third-

party servicer. In connection with the outsourcing, we will convert certain administrative systems to those used 

Reinsurance 

We reinsure a portion of our annuities, life insurance, long-term care insurance and mortgage insurance with 

unaffiliated reinsurers, and beginning in 2023, also established an affiliated reinsurer, Enact Re Ltd. (“Enact 
Re”). In a reinsurance transaction, a reinsurer agrees to indemnify another insurer for part or all of its liability 
under a policy or policies it has issued for an agreed upon premium. We participate in reinsurance activities in 
order to minimize exposure to significant risks, limit losses and provide additional capacity for future growth. 
We also obtain reinsurance to reduce certain capital requirements, including sometimes utilizing intercompany 
reinsurance agreements to manage our statutory capital positions. However, these intercompany agreements do 
not have an effect on our consolidated U.S. generally accepted accounting principles (“U.S. GAAP”) financial 
statements as they eliminate in consolidation. 

We enter into various agreements with reinsurers that cover individual risks, group risks or defined blocks 

of business, primarily on a coinsurance, yearly renewable term, excess of loss or quota share basis. Under the 
terms of the reinsurance agreements, the reinsurer agrees to reimburse us for the ceded amount in the event a 
claim is paid. Cessions under reinsurance agreements do not discharge our obligations as the primary insurer. In 
the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance 
recoverable balances could become uncollectible. Our amounts recoverable from reinsurers represent receivables 
from and/or reserves ceded to reinsurers. The amounts recoverable from reinsurers, net of allowance for credit 
losses, were $19.0 billion as of December 31, 2023 and 2022. 

We focus on obtaining reinsurance from a diverse group of highly rated reinsurers. We regularly evaluate 

the financial condition of our reinsurers and monitor concentration risk with our reinsurers at least annually. 

U.S. life insurance subsidiaries 

Our U.S. life insurance subsidiaries have established standards and criteria for our use and selection of 
reinsurers. In order for a new reinsurer to participate in our current program, without collateralization, we require 
the reinsurer to have a S&P Global Rating (“S&P”) rating of “A-” or better or a Moody’s Investors Service, Inc. 
(“Moody’s”) rating of “A3” or better and a minimum capital and surplus level of $350 million. If the reinsurer 
does not have these ratings, our U.S. life insurance subsidiaries generally require it to post collateral as described 
below. In addition, our U.S. life insurance subsidiaries may require collateral from a reinsurer to mitigate credit/
collectability risk. Typically, in such cases, the reinsurer must either maintain minimum specified ratings and 
risk-based capital (“RBC”) ratios or provide the specified quality and quantity of collateral. Similarly, our U.S. 
life insurance subsidiaries have also required collateral in connection with books of business sold pursuant to 
indemnity reinsurance agreements and have been required to post collateral when purchasing books of business. 

Reinsurers that are not licensed, accredited or authorized in the state of domicile of the reinsured (“ceding 

company”) are required to post statutorily prescribed forms of collateral for the ceding company to receive 
reinsurance credit. The three primary forms of collateral are: (i) qualifying assets held in a reserve credit trust; 
(ii) irrevocable, unconditional, evergreen letters of credit issued by a qualified U.S. financial institution; and 
(iii) assets held by the ceding company in a segregated funds withheld account. Collateral must be maintained in 
accordance with the rules of the ceding company’s state of domicile and must be readily accessible by the ceding 
company to cover claims under the reinsurance agreement. Accordingly, our U.S. life insurance subsidiaries 
require unauthorized reinsurers that are not so licensed, accredited or authorized to post acceptable forms of 
collateral to support their reinsurance obligations. 

12 

13 

The following table sets forth our exposure, represented by the amount of reinsurance recoverable measured 

loss reinsurance relating to GSE credit risk transfer and reinsured EMICO’s new and existing insurance in-force 

at the locked-in discount rate owed by the principal reinsurers to our U.S. life insurance subsidiaries as of 
December 31, 2023: 

(Amounts in millions) 

UFLIC (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
RGA Reinsurance Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Reinsurance Corporation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Riversource Life Insurance Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCOR Global Life USA Reinsurance Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinsurance 
recoverable 

$13,020 
2,262 
656 
348 
333 

(1)  We have several significant reinsurance transactions with Union Fidelity Life Insurance Company 

(“UFLIC”), an affiliate of General Electric Company (“GE”), which results in a significant concentration of 
reinsurance risk. UFLIC’s obligations to us are secured by trust accounts. See note 9 in our consolidated 
financial statements under “Part II—Item 8—Financial Statements and Supplementary Data” for additional 
details. 

External new business reinsurance is dependent on a number of factors, including price, availability, risk 
tolerance and capital levels. For additional information on our reinsurance agreements and the associated risks 
and impacts on our business, see “Item 1A—Risk Factors—Reinsurance may not be available, affordable or 
adequate to protect us against losses.” 

Enact 

Enact Holdings, through Enact Mortgage Insurance Corporation (“EMICO”), its principal U.S. mortgage 
insurance subsidiary, cedes a portion of its mortgage insurance risk to reduce the risk of loss and to obtain capital 
credit towards the financial requirements of the GSEs’ PMIERs. Enact Holdings’ credit risk transfer program 
distributes risk to highly rated counterparties through its traditional reinsurance program, as well as to insurance-
linked note investors via fully collateralized special purpose reinsurance vehicles. Its traditional reinsurance 
program utilizes excess of loss and quota share insurance coverage. Enact Holdings’ excess of loss reinsurance 
transactions generally cover a subset of loans in a given book year where typically both the attachment and 
detachment points of the ceded risk tier are within the PMIERs capital requirements at inception, providing both 
loss volatility protection and PMIERs capital credit. Each reinsurance treaty has a term of ten years or more and 
provides a unilateral right to commute prior to the full term, subject to certain performance triggers. Enact 
Holdings selects the type and structure of the credit risk transfer transactions based on a variety of factors 
including, but not limited to, capacity, cost, flexibility, sustainability and diversification. Under Enact Holdings’ 
quota share reinsurance agreements, the reinsurer receives a premium in exchange for covering an agreed-upon 
portion of incurred losses. 

Since 2015 and through December 31, 2023, Enact Holdings has executed $5.0 billion of excess of loss 

transactions across both traditional reinsurance arrangements and insurance-linked note transactions and 
$1.9 billion of ceded risk in-force through quota share transactions. Enact Holdings’ credit risk transfer program 
provided an estimated aggregate of $1.7 billion of PMIERs capital credit as of December 31, 2023. Enact 
Holdings’ traditional reinsurance coverage is provided by a panel of reinsurance partners each currently rated 
“A-” or better by Moody’s, S&P or A.M. Best Company, Inc. (“A.M. Best”). These reinsurers are contractually 
required to collateralize a portion (typically 20% to 30%) of the reinsurance exposures consistent with PMIERs. 

In 2023, EMICO contributed $500 million into Enact Re, its wholly owned Bermuda-based subsidiary. 
Enact Re is expected to create value by addressing the opportunity for favorable risk-adjusted returns in the GSE 
credit risk transfer market and leverage affiliate quota share reinsurance for ratings and capital efficiency. Enact 
Re is expected to have a minimal impact on Enact’s overall expense structure and is anticipated to contribute to 
Enact’s increasing statutory dividend capacity over time. As of December 31, 2023, Enact Re assumed excess of 

under quota share reinsurance agreements. 

For additional information related to reinsurance, see note 9 in our consolidated financial statements under 

“Part II—Item 8—Financial Statements and Supplementary Data.” 

Ratings 

Financial Strength Ratings 

Ratings with respect to the financial strength of operating subsidiaries are an important factor in establishing 

the competitive position of insurance companies. Ratings are important to maintaining public confidence in us 

and our ability to market our products. Rating organizations review the financial performance and condition of 

most insurers and provide opinions regarding financial strength, operating performance and ability to meet 

obligations to policyholders. 

As of February 27, 2024, EMICO was rated in terms of financial strength as follows: 

Rating Agency 

Rating 

Rating categories 

S&P  . . . . . . . . . . . . . . . . . . . . . . . . . .

Moody’s . . . . . . . . . . . . . . . . . . . . . . .

Fitch Ratings, Inc. (“Fitch”)  . . . . . . .

A.M. Best . . . . . . . . . . . . . . . . . . . . . .

A- (7th highest of 21) 

A3 (7th highest of 21) 

A- (7th highest of 21) 

A- (4th highest of 13) 

AAA to D 

Aaa to C 

AAA to C 

A++ to D 

As of February 27, 2024, our principal life insurance subsidiaries were rated in terms of financial strength 

by A.M. Best as follows: 

Company 

Genworth Life Insurance Company (“GLIC”)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C++ (9th highest of 13) 

Genworth Life and Annuity Insurance Company (“GLAIC”)  . . . . . . . . . . . . . . . . . . . . .

B- (8th highest of 13) 

Genworth Life Insurance Company of New York (“GLICNY”)  . . . . . . . . . . . . . . . . . . . C++ (9th highest of 13) 

The financial strength ratings of our operating companies are not designed to be, and do not serve as, 

measures of protection or valuation offered to investors. These financial strength ratings should not be relied on 

with respect to making an investment in our securities. 

A.M. Best rating 

Credit Ratings 

In addition to the financial strength ratings for our operating subsidiaries, rating agencies also assign credit 

ratings to the debt issued by our intermediate holding company, Genworth Holdings. In addition, S&P and A.M. 

Best assign credit ratings to Genworth Financial. These ratings are typically notched lower than the financial 

strength ratings of our primary operating subsidiaries, reflecting Genworth Holdings’ reliance on dividends from 

the operating subsidiaries to service its debt obligations. The unsecured debt ratings may be used in evaluating 

Genworth Holdings’ debt as a fixed-income investment and are only disclosed by us given their potential impact 

on our business, including their potential to affect, among other things, our ability to raise capital through the 

issuance of debt and other forms of credit. These credit ratings may change at any time and should not be relied 

on as a recommendation with respect to making an investment in our securities. 

As of February 27, 2024, Genworth Holdings’ senior unsecured debt was assigned the following credit 

ratings: 

Rating Agency 

S&P  . . . . . . . . . . . . . . . . . . . . . . . . . .

Moody’s . . . . . . . . . . . . . . . . . . . . . . .

A.M. Best . . . . . . . . . . . . . . . . . . . . . .

BB- (13th highest of 21) 

Ba1 (11th highest of 21) 

b+ (14th highest of 21) 

AAA to D 

Aaa to C 

aaa to c 

Rating 

Rating categories 

14 

15 

 
December 31, 2023: 

(Amounts in millions) 

UFLIC (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$13,020 

RGA Reinsurance Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,262 

General Reinsurance Corporation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Riversource Life Insurance Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCOR Global Life USA Reinsurance Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

656 

348 

333 

(1)  We have several significant reinsurance transactions with Union Fidelity Life Insurance Company 

(“UFLIC”), an affiliate of General Electric Company (“GE”), which results in a significant concentration of 

reinsurance risk. UFLIC’s obligations to us are secured by trust accounts. See note 9 in our consolidated 

financial statements under “Part II—Item 8—Financial Statements and Supplementary Data” for additional 

External new business reinsurance is dependent on a number of factors, including price, availability, risk 

tolerance and capital levels. For additional information on our reinsurance agreements and the associated risks 

and impacts on our business, see “Item 1A—Risk Factors—Reinsurance may not be available, affordable or 

adequate to protect us against losses.” 

details. 

Enact 

Enact Holdings, through Enact Mortgage Insurance Corporation (“EMICO”), its principal U.S. mortgage 

insurance subsidiary, cedes a portion of its mortgage insurance risk to reduce the risk of loss and to obtain capital 

credit towards the financial requirements of the GSEs’ PMIERs. Enact Holdings’ credit risk transfer program 

distributes risk to highly rated counterparties through its traditional reinsurance program, as well as to insurance-

linked note investors via fully collateralized special purpose reinsurance vehicles. Its traditional reinsurance 

program utilizes excess of loss and quota share insurance coverage. Enact Holdings’ excess of loss reinsurance 

transactions generally cover a subset of loans in a given book year where typically both the attachment and 

detachment points of the ceded risk tier are within the PMIERs capital requirements at inception, providing both 

loss volatility protection and PMIERs capital credit. Each reinsurance treaty has a term of ten years or more and 

provides a unilateral right to commute prior to the full term, subject to certain performance triggers. Enact 

Holdings selects the type and structure of the credit risk transfer transactions based on a variety of factors 

including, but not limited to, capacity, cost, flexibility, sustainability and diversification. Under Enact Holdings’ 

quota share reinsurance agreements, the reinsurer receives a premium in exchange for covering an agreed-upon 

portion of incurred losses. 

Since 2015 and through December 31, 2023, Enact Holdings has executed $5.0 billion of excess of loss 

transactions across both traditional reinsurance arrangements and insurance-linked note transactions and 

$1.9 billion of ceded risk in-force through quota share transactions. Enact Holdings’ credit risk transfer program 

provided an estimated aggregate of $1.7 billion of PMIERs capital credit as of December 31, 2023. Enact 

Holdings’ traditional reinsurance coverage is provided by a panel of reinsurance partners each currently rated 

“A-” or better by Moody’s, S&P or A.M. Best Company, Inc. (“A.M. Best”). These reinsurers are contractually 

required to collateralize a portion (typically 20% to 30%) of the reinsurance exposures consistent with PMIERs. 

In 2023, EMICO contributed $500 million into Enact Re, its wholly owned Bermuda-based subsidiary. 

Enact Re is expected to create value by addressing the opportunity for favorable risk-adjusted returns in the GSE 

credit risk transfer market and leverage affiliate quota share reinsurance for ratings and capital efficiency. Enact 

Re is expected to have a minimal impact on Enact’s overall expense structure and is anticipated to contribute to 

Enact’s increasing statutory dividend capacity over time. As of December 31, 2023, Enact Re assumed excess of 

The following table sets forth our exposure, represented by the amount of reinsurance recoverable measured 

at the locked-in discount rate owed by the principal reinsurers to our U.S. life insurance subsidiaries as of 

loss reinsurance relating to GSE credit risk transfer and reinsured EMICO’s new and existing insurance in-force 
under quota share reinsurance agreements. 

Reinsurance 

recoverable 

For additional information related to reinsurance, see note 9 in our consolidated financial statements under 

“Part II—Item 8—Financial Statements and Supplementary Data.” 

Ratings 

Financial Strength Ratings 

Ratings with respect to the financial strength of operating subsidiaries are an important factor in establishing 

the competitive position of insurance companies. Ratings are important to maintaining public confidence in us 
and our ability to market our products. Rating organizations review the financial performance and condition of 
most insurers and provide opinions regarding financial strength, operating performance and ability to meet 
obligations to policyholders. 

As of February 27, 2024, EMICO was rated in terms of financial strength as follows: 

Rating Agency 

Rating 

Rating categories 

S&P  . . . . . . . . . . . . . . . . . . . . . . . . . .
Moody’s . . . . . . . . . . . . . . . . . . . . . . .
Fitch Ratings, Inc. (“Fitch”)  . . . . . . .
A.M. Best . . . . . . . . . . . . . . . . . . . . . .

A- (7th highest of 21) 
A3 (7th highest of 21) 
A- (7th highest of 21) 
A- (4th highest of 13) 

AAA to D 
Aaa to C 
AAA to C 
A++ to D 

As of February 27, 2024, our principal life insurance subsidiaries were rated in terms of financial strength 

by A.M. Best as follows: 

Company 

A.M. Best rating 

Genworth Life Insurance Company (“GLIC”)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C++ (9th highest of 13) 
Genworth Life and Annuity Insurance Company (“GLAIC”)  . . . . . . . . . . . . . . . . . . . . .
B- (8th highest of 13) 
Genworth Life Insurance Company of New York (“GLICNY”)  . . . . . . . . . . . . . . . . . . . C++ (9th highest of 13) 

The financial strength ratings of our operating companies are not designed to be, and do not serve as, 
measures of protection or valuation offered to investors. These financial strength ratings should not be relied on 
with respect to making an investment in our securities. 

Credit Ratings 

In addition to the financial strength ratings for our operating subsidiaries, rating agencies also assign credit 
ratings to the debt issued by our intermediate holding company, Genworth Holdings. In addition, S&P and A.M. 
Best assign credit ratings to Genworth Financial. These ratings are typically notched lower than the financial 
strength ratings of our primary operating subsidiaries, reflecting Genworth Holdings’ reliance on dividends from 
the operating subsidiaries to service its debt obligations. The unsecured debt ratings may be used in evaluating 
Genworth Holdings’ debt as a fixed-income investment and are only disclosed by us given their potential impact 
on our business, including their potential to affect, among other things, our ability to raise capital through the 
issuance of debt and other forms of credit. These credit ratings may change at any time and should not be relied 
on as a recommendation with respect to making an investment in our securities. 

As of February 27, 2024, Genworth Holdings’ senior unsecured debt was assigned the following credit 

ratings: 

Rating Agency 

Rating 

Rating categories 

S&P  . . . . . . . . . . . . . . . . . . . . . . . . . .
Moody’s . . . . . . . . . . . . . . . . . . . . . . .
A.M. Best . . . . . . . . . . . . . . . . . . . . . .

BB- (13th highest of 21) 
Ba1 (11th highest of 21) 
b+ (14th highest of 21) 

AAA to D 
Aaa to C 
aaa to c 

14 

15 

 
Ratings actions 

regularly evaluating our asset class mix and pursuing additional investment classes when prudent; and 

• On February 27, 2024, S&P affirmed the credit rating of “BB-” of Genworth Financial and Genworth 

continuously monitoring asset quality and market conditions that could affect our assets. 

Holdings with an outlook of stable. 

• On January 8, 2024, S&P upgraded the financial strength rating of EMICO to “A-” from “BBB+” with 

an outlook of stable. 

• On August 1, 2023, A.M. Best assigned an initial public financial strength rating of “A-” to EMICO, 

with an outlook of stable. 

• On April 25, 2023, Fitch upgraded the financial strength rating of EMICO to “A-” from “BBB+” with 

an outlook of stable. 

• On March 1, 2023, Moody’s upgraded the credit rating of Genworth Holdings to “Ba1” from “Ba2” 
and upgraded the financial strength rating of EMICO to “A3” from “Baa1.” The outlooks for the 
ratings are stable. 

• On February 16, 2023, S&P upgraded the credit rating of Genworth Financial and Genworth Holdings 
to “BB-” from “B+” with an outlook of stable and upgraded the financial strength rating of EMICO to 
“BBB+” from “BBB.” 

S&P, Moody’s, Fitch, and A.M. Best review their ratings periodically and we cannot assure you that we will 

maintain our current ratings in the future. These and other agencies may also rate our holding companies or 
insurance subsidiaries on a solicited or an unsolicited basis. We do not provide non-public information to 
agencies issuing unsolicited ratings and cannot ensure that any agencies that rate our holding companies or 
insurance subsidiaries on an unsolicited basis will continue to do so. 

For information on adverse credit rating actions related to Genworth and the potential impact of credit 
ratings on our business, see “Item 1A—Risk Factors—Adverse rating agency actions have in the past resulted in 
a loss of business and adversely affected our results of operations, financial condition and business, and future 
adverse rating actions could have a further and more significant adverse impact on us.” 

Investments 

Under the direction of our Chief Investment Officer, our investments department is responsible for 
managing the assets in our various portfolios, including establishing investment and derivatives policies and 
strategies, reviewing asset-liability management, performing asset allocations and setting risk limits. We manage 
our assets to meet diversification, credit quality, yield and liquidity requirements of our policy and contract 
liabilities by investing primarily in fixed maturity securities, including government, municipal and corporate 
bonds and mortgage-backed and other asset-backed securities. We also hold commercial mortgage loans, limited 
partnerships and other invested assets, which includes derivatives, bank loans and short-term investments. 
Investments for our insurance company subsidiaries are required to comply with our risk management 
requirements, as well as applicable insurance laws and regulations. Investment strategies, policy and risk 
management are closely monitored by Genworth Financial’s management investment committee and the risk 
committee of Genworth Financial’s Board of Directors. 

Our primary investment objective is to meet our obligations to policyholders and contractholders while 
increasing value to our stockholders by investing in a diversified, high-quality portfolio, comprised primarily of 
income producing securities and other assets. Our investment strategy focuses on: 

• managing interest rate risk, as appropriate, through monitoring asset durations relative to policyholder 

and contractholder obligations; 

selecting assets based on fundamental, research-driven strategies; 

emphasizing fixed-income, low-volatility assets while pursuing active strategies to enhance yield; 

•

•

• maintaining sufficient liquidity to meet financial obligations; 

16 

17 

•

•

Supplementary Data.” 

Regulation 

General 

For further information related to our invested assets, see “Part II—Item 7—Management’s Discussion and 

Analysis of Financial Condition and Results of Operations—Investments and Derivative Instruments” and notes 

5, 6 and 21 to our consolidated financial statements under “Part II—Item 8—Financial Statements and 

Our insurance operations are subject to a wide variety of laws and regulations. U.S. state insurance laws and 

regulations (“Insurance Laws”) regulate most aspects of our U.S. insurance businesses, and our U.S. insurers are 

regulated by the insurance departments of the states in which they are domiciled and licensed. Our non-U.S. 

insurance operations are principally regulated by insurance regulatory authorities in the jurisdictions in which 

they are domiciled. Our insurance products and businesses are also affected by U.S. federal, state and local tax 

laws, and the tax laws of non-U.S. jurisdictions. Our securities operations, including our insurance products that 

are regulated as securities, such as variable annuities, are subject to U.S. federal and state and non-U.S. securities 

laws and regulations. The U.S. Securities and Exchange Commission (“SEC”), U.S. Financial Industry 

Regulatory Authority, state securities authorities and similar non-U.S. authorities regulate and supervise these 

products. 

The primary purpose of the Insurance Laws regulating our insurance businesses and their equivalents in the 

other countries in which we operate, and the securities laws affecting certain of our products and our broker/

dealer, is to protect our policyholders, contractholders and clients, not our stockholders. These laws and 

regulations are regularly re-examined and any changes to these laws or new laws may be more restrictive or 

otherwise adversely affect our operations. 

Insurance and securities regulatory authorities (including state law enforcement agencies and attorneys 

general or their non-U.S. equivalents) periodically make inquiries regarding compliance with insurance, 

securities and other laws and regulations, and we cooperate with such inquiries and take corrective action when 

warranted. 

U.S. Insurance Regulation 

Our U.S. insurers are licensed and regulated in all jurisdictions in which they conduct insurance business. 

The extent of this regulation varies but Insurance Laws generally govern the financial condition of insurers, 

including standards of solvency, types and concentrations of permissible investments, establishment and 

maintenance of reserves, credit for reinsurance and requirements of capital adequacy. Insurance Laws also 

govern the business conduct of insurers, including marketplace activities, affecting the form and content of 

disclosure to consumers, product illustrations, advertising, product replacement, sales and underwriting practices, 

and complaint and claims handling, and these provisions are generally enforced through periodic market conduct 

examinations. In addition, Insurance Laws usually require the licensing of insurers and agents, the filing or 

approval of policy forms and related materials prior to their use, and approval of premium rates for certain lines 

of insurance. 

Our U.S. insurers must file periodic reports, including detailed annual financial statements, with insurance 

regulatory authorities in each jurisdiction in which they do business, and their operations and accounts are 

subject to periodic examination by such authorities. Insurance departments in U.S. jurisdictions conduct periodic 

detailed examinations of the books, records, accounts and business practices of domestic insurers. These 

examinations generally are conducted in cooperation with insurance departments of two or three other states or 

Ratings actions 

• On February 27, 2024, S&P affirmed the credit rating of “BB-” of Genworth Financial and Genworth 

Holdings with an outlook of stable. 

• On January 8, 2024, S&P upgraded the financial strength rating of EMICO to “A-” from “BBB+” with 

• On August 1, 2023, A.M. Best assigned an initial public financial strength rating of “A-” to EMICO, 

• On April 25, 2023, Fitch upgraded the financial strength rating of EMICO to “A-” from “BBB+” with 

• On March 1, 2023, Moody’s upgraded the credit rating of Genworth Holdings to “Ba1” from “Ba2” 

and upgraded the financial strength rating of EMICO to “A3” from “Baa1.” The outlooks for the 

• On February 16, 2023, S&P upgraded the credit rating of Genworth Financial and Genworth Holdings 

to “BB-” from “B+” with an outlook of stable and upgraded the financial strength rating of EMICO to 

an outlook of stable. 

with an outlook of stable. 

an outlook of stable. 

ratings are stable. 

“BBB+” from “BBB.” 

S&P, Moody’s, Fitch, and A.M. Best review their ratings periodically and we cannot assure you that we will 

maintain our current ratings in the future. These and other agencies may also rate our holding companies or 

insurance subsidiaries on a solicited or an unsolicited basis. We do not provide non-public information to 

agencies issuing unsolicited ratings and cannot ensure that any agencies that rate our holding companies or 

insurance subsidiaries on an unsolicited basis will continue to do so. 

For information on adverse credit rating actions related to Genworth and the potential impact of credit 

ratings on our business, see “Item 1A—Risk Factors—Adverse rating agency actions have in the past resulted in 

a loss of business and adversely affected our results of operations, financial condition and business, and future 

adverse rating actions could have a further and more significant adverse impact on us.” 

Investments 

Under the direction of our Chief Investment Officer, our investments department is responsible for 

managing the assets in our various portfolios, including establishing investment and derivatives policies and 

strategies, reviewing asset-liability management, performing asset allocations and setting risk limits. We manage 

our assets to meet diversification, credit quality, yield and liquidity requirements of our policy and contract 

liabilities by investing primarily in fixed maturity securities, including government, municipal and corporate 

bonds and mortgage-backed and other asset-backed securities. We also hold commercial mortgage loans, limited 

partnerships and other invested assets, which includes derivatives, bank loans and short-term investments. 

Investments for our insurance company subsidiaries are required to comply with our risk management 

requirements, as well as applicable insurance laws and regulations. Investment strategies, policy and risk 

management are closely monitored by Genworth Financial’s management investment committee and the risk 

committee of Genworth Financial’s Board of Directors. 

Our primary investment objective is to meet our obligations to policyholders and contractholders while 

increasing value to our stockholders by investing in a diversified, high-quality portfolio, comprised primarily of 

income producing securities and other assets. Our investment strategy focuses on: 

• managing interest rate risk, as appropriate, through monitoring asset durations relative to policyholder 

and contractholder obligations; 

selecting assets based on fundamental, research-driven strategies; 

•

•

emphasizing fixed-income, low-volatility assets while pursuing active strategies to enhance yield; 

• maintaining sufficient liquidity to meet financial obligations; 

•

•

regularly evaluating our asset class mix and pursuing additional investment classes when prudent; and 

continuously monitoring asset quality and market conditions that could affect our assets. 

For further information related to our invested assets, see “Part II—Item 7—Management’s Discussion and 
Analysis of Financial Condition and Results of Operations—Investments and Derivative Instruments” and notes 
5, 6 and 21 to our consolidated financial statements under “Part II—Item 8—Financial Statements and 
Supplementary Data.” 

Regulation 

General 

Our insurance operations are subject to a wide variety of laws and regulations. U.S. state insurance laws and 
regulations (“Insurance Laws”) regulate most aspects of our U.S. insurance businesses, and our U.S. insurers are 
regulated by the insurance departments of the states in which they are domiciled and licensed. Our non-U.S. 
insurance operations are principally regulated by insurance regulatory authorities in the jurisdictions in which 
they are domiciled. Our insurance products and businesses are also affected by U.S. federal, state and local tax 
laws, and the tax laws of non-U.S. jurisdictions. Our securities operations, including our insurance products that 
are regulated as securities, such as variable annuities, are subject to U.S. federal and state and non-U.S. securities 
laws and regulations. The U.S. Securities and Exchange Commission (“SEC”), U.S. Financial Industry 
Regulatory Authority, state securities authorities and similar non-U.S. authorities regulate and supervise these 
products. 

The primary purpose of the Insurance Laws regulating our insurance businesses and their equivalents in the 

other countries in which we operate, and the securities laws affecting certain of our products and our broker/
dealer, is to protect our policyholders, contractholders and clients, not our stockholders. These laws and 
regulations are regularly re-examined and any changes to these laws or new laws may be more restrictive or 
otherwise adversely affect our operations. 

Insurance and securities regulatory authorities (including state law enforcement agencies and attorneys 

general or their non-U.S. equivalents) periodically make inquiries regarding compliance with insurance, 
securities and other laws and regulations, and we cooperate with such inquiries and take corrective action when 
warranted. 

U.S. Insurance Regulation 

Our U.S. insurers are licensed and regulated in all jurisdictions in which they conduct insurance business. 

The extent of this regulation varies but Insurance Laws generally govern the financial condition of insurers, 
including standards of solvency, types and concentrations of permissible investments, establishment and 
maintenance of reserves, credit for reinsurance and requirements of capital adequacy. Insurance Laws also 
govern the business conduct of insurers, including marketplace activities, affecting the form and content of 
disclosure to consumers, product illustrations, advertising, product replacement, sales and underwriting practices, 
and complaint and claims handling, and these provisions are generally enforced through periodic market conduct 
examinations. In addition, Insurance Laws usually require the licensing of insurers and agents, the filing or 
approval of policy forms and related materials prior to their use, and approval of premium rates for certain lines 
of insurance. 

Our U.S. insurers must file periodic reports, including detailed annual financial statements, with insurance 

regulatory authorities in each jurisdiction in which they do business, and their operations and accounts are 
subject to periodic examination by such authorities. Insurance departments in U.S. jurisdictions conduct periodic 
detailed examinations of the books, records, accounts and business practices of domestic insurers. These 
examinations generally are conducted in cooperation with insurance departments of two or three other states or 

16 

17 

jurisdictions representing each of the National Association of Insurance Commissioners (“NAIC”) zones, under 
guidelines promulgated by the NAIC. State insurance departments may also conduct examinations of 
non-domiciliary insurers licensed in their states. 

The Insurance Laws applicable to us and our U.S. insurers are described below. Our U.S. mortgage insurers 
are also subject to additional Insurance Laws applicable specifically to mortgage insurers discussed below under 
“—Enact—Mortgage Insurance Regulation.” 

Insurance holding company regulation 

Our primary U.S. insurance companies are domiciled in the following states: Delaware, New York, North 

Carolina and Virginia and (except for our captive insurers) they are required to register as members of an 
insurance holding company system under their domiciliary state’s insurance holding company act. They are also 
required to submit annual reports to the state insurance regulatory authority identifying the members of the 
insurance holding company system and describing certain transactions between the insurer and any member of its 
insurance group that may materially affect the operations, management or financial condition of the insurers 
within the system. All transactions between an insurer and an affiliate must be fair and reasonable, and certain 
transactions are subject to prior approval by the domiciliary state insurance regulator. In addition, most states 
have adopted insurance regulations setting forth detailed requirements for cost sharing and management 
agreements between an insurer and its affiliates. 

Our U.S. insurers’ ability to pay dividends or other distributions is regulated by their domiciliary state 
insurance regulators. Our U.S. life insurance subsidiaries had negative unassigned surplus as of December 31, 
2023, and as a result, we do not expect these subsidiaries to pay dividends for the foreseeable future. Our 
principal U.S. mortgage insurance subsidiaries may pay dividends only from unassigned surplus; payments made 
from other sources, such as paid-in and contributed surplus, are categorized as distributions. Notice of all 
dividends must be submitted to the commissioner within five business days after declaration of the dividend, and 
at least 30 days before payment thereof. No dividend may be paid unless the commissioner has not disapproved 
or has approved the payment within that 30-day period. Any distribution, regardless of amount, requires that 
same 30-day notice to the commissioner, but also requires the commissioner’s affirmative approval before being 
paid. Under the insurance laws of the State of North Carolina (our mortgage insurance subsidiaries’ primary state 
of domicile), an “extraordinary” dividend or distribution is defined as a dividend or distribution that, together 
with other dividends and distributions made within the preceding 12 months, exceeds the greater of: (i) 10% of 
the mortgage insurer’s statutory surplus as of the immediately prior year end; or (ii) the statutory net income 
during the prior calendar year. 

In addition, insurance regulators may prohibit the payment of ordinary dividends and distributions or other 

payments by our insurers to group affiliates (such as a payment under a tax sharing agreement or for employment 
or other services) if they determine that such payment could be adverse to policyholders or contractholders. 

Acquisition or change of control of a U.S. insurer requires the prior approval of the insurer’s domiciliary 

state insurance regulator. The domiciliary states of our U.S. insurers also require prior notice of a divestiture of 
control. Control is generally presumed to exist if any person, directly or indirectly, owns, controls, holds with the 
power to vote, or holds proxies representing 10% or more of the voting securities of the insurer or any parent 
company of the insurer. Certain state provisions may not require acquisition approval but can lead to imposition 
of conditions on an acquisition that could delay or prevent its consummation. Such laws may discourage 
potential acquisition proposals and may delay, deter or prevent an investment in or a change of control involving 
us, or one or more of our regulated subsidiaries, including transactions that our management and some or all of 
our stockholders might consider desirable. 

The NAIC Risk Management and Own Risk and Solvency Assessment (“ORSA”) Model Act requires an 
insurer to regularly, and at least annually, undertake a confidential internal assessment of material and relevant 

risks and upon an insurance regulator’s request, submit a confidential, high-level summary assessment of the 

material and relevant risks associated with an insurer or insurance group’s current business plan and the 

sufficiency of capital and liquidity resources to support those risks. We file an ORSA summary report annually 

with Virginia, our lead domiciliary state. 

The NAIC Corporate Governance Annual Disclosure Model Act and Corporate Governance Annual 

Disclosure Model Regulation require insurers to provide detailed information regarding their corporate 

governance practices to their lead state and/or domestic regulator. 

The NAIC implemented a regulatory framework through an actuarial guideline (“AG 48”) applicable to the 

use of captive insurers in connection with Regulation XXX and Regulation AXXX transactions. Among other 

things, the framework calls for more disclosure of an insurer’s use of captives in its statutory financial statements 

and narrows the types of assets permitted to back statutory reserves that are required to support the insurer’s 

future obligations. AG 48 requires the actuary of the ceding insurer that opines on the insurer’s reserves to issue a 

qualified opinion if the framework is not followed. The NAIC adopted an amended version of AG 48, which 

applies to new policies issued and new reinsurance transactions entered into on or after January 1, 2017. AG 48 

does not affect reinsurance arrangements that were pre-existing as of January 1, 2015, and the changes set forth 

in the amended version do not affect reinsurance arrangements that were pre-existing as of January 1, 2017. The 

NAIC also adopted the Term and Universal Life Insurance Reserve Financing Model Regulation, which contains 

the same substantive requirements as the amended version of AG 48. States must either adopt the model 

regulation or use AG 48 to satisfy the NAIC accreditation requirement. Virginia, the domestic state regulator for 

GLAIC, one of our principal life insurance subsidiaries, has adopted the model regulation. 

The NAIC developed a group capital calculation (“GCC”) tool using an RBC aggregation methodology for 

all entities within the insurance holding company system, including non-U.S. entities. The GCC provides 

regulators with an additional tool for conducting group-wide supervision and enhances transparency into how 

capital is allocated. In December 2020, the NAIC adopted a Group Capital Calculation Template and 

Instructions, and it amended the Holding Company System Model Act and Regulation to implement an annual 

GCC filing requirement. Virginia, our insurance holding company group’s lead state, adopted the amendments in 

2022, and we submitted our first annual filing in 2023. It is unclear how the development of a group capital tool 

by the NAIC will interact with existing capital requirements for U.S. insurance companies. 

Long-term care insurance rate increase regulation 

In general, we implement rate increases on our long-term care insurance policies in accordance with the 

laws of the state in which a policy was issued. In 2019, the NAIC established the Long-Term Care Insurance 

Task Force to address efforts to create a national standard for reviewing and approving long-term care insurance 

rate increase requests. This task force was charged with developing a consistent national approach for reviewing 

rate increase requests that results in actuarially appropriate increases being granted by the states in a timely 

manner and eliminates cross-state rate subsidization, among others. In April 2022, the NAIC adopted the Long-

Term Care Insurance Multistate Rate Review Framework, and as of December 2023, the task force is monitoring 

and evaluating the progress of the rate review process, including how to address large rate increase requests, as 

outlined in the framework. We continue to work closely with state regulators on our in-force long-term care 

insurance rate action plan (including increased premiums and associated benefit reductions) to achieve a shared 

goal of ensuring that our U.S. life insurance subsidiaries can honor their policyholder commitments in the future. 

Guaranty associations and similar arrangements 

Most jurisdictions in which our U.S. insurers are licensed require those insurers to participate in guaranty 

associations which pay contractual benefits owed under the policies of impaired or insolvent insurers. These 

associations levy assessments, up to prescribed limits, on each member insurer in a jurisdiction on the basis of 

the proportionate share of the premiums written by such insurer in the lines of business in which the impaired, 

18 

19 

jurisdictions representing each of the National Association of Insurance Commissioners (“NAIC”) zones, under 

guidelines promulgated by the NAIC. State insurance departments may also conduct examinations of 

non-domiciliary insurers licensed in their states. 

The Insurance Laws applicable to us and our U.S. insurers are described below. Our U.S. mortgage insurers 

are also subject to additional Insurance Laws applicable specifically to mortgage insurers discussed below under 

“—Enact—Mortgage Insurance Regulation.” 

Insurance holding company regulation 

Our primary U.S. insurance companies are domiciled in the following states: Delaware, New York, North 

Carolina and Virginia and (except for our captive insurers) they are required to register as members of an 

insurance holding company system under their domiciliary state’s insurance holding company act. They are also 

required to submit annual reports to the state insurance regulatory authority identifying the members of the 

insurance holding company system and describing certain transactions between the insurer and any member of its 

insurance group that may materially affect the operations, management or financial condition of the insurers 

within the system. All transactions between an insurer and an affiliate must be fair and reasonable, and certain 

transactions are subject to prior approval by the domiciliary state insurance regulator. In addition, most states 

have adopted insurance regulations setting forth detailed requirements for cost sharing and management 

agreements between an insurer and its affiliates. 

Our U.S. insurers’ ability to pay dividends or other distributions is regulated by their domiciliary state 

insurance regulators. Our U.S. life insurance subsidiaries had negative unassigned surplus as of December 31, 

2023, and as a result, we do not expect these subsidiaries to pay dividends for the foreseeable future. Our 

principal U.S. mortgage insurance subsidiaries may pay dividends only from unassigned surplus; payments made 

from other sources, such as paid-in and contributed surplus, are categorized as distributions. Notice of all 

dividends must be submitted to the commissioner within five business days after declaration of the dividend, and 

at least 30 days before payment thereof. No dividend may be paid unless the commissioner has not disapproved 

or has approved the payment within that 30-day period. Any distribution, regardless of amount, requires that 

same 30-day notice to the commissioner, but also requires the commissioner’s affirmative approval before being 

paid. Under the insurance laws of the State of North Carolina (our mortgage insurance subsidiaries’ primary state 

of domicile), an “extraordinary” dividend or distribution is defined as a dividend or distribution that, together 

with other dividends and distributions made within the preceding 12 months, exceeds the greater of: (i) 10% of 

the mortgage insurer’s statutory surplus as of the immediately prior year end; or (ii) the statutory net income 

during the prior calendar year. 

In addition, insurance regulators may prohibit the payment of ordinary dividends and distributions or other 

payments by our insurers to group affiliates (such as a payment under a tax sharing agreement or for employment 

or other services) if they determine that such payment could be adverse to policyholders or contractholders. 

Acquisition or change of control of a U.S. insurer requires the prior approval of the insurer’s domiciliary 

state insurance regulator. The domiciliary states of our U.S. insurers also require prior notice of a divestiture of 

control. Control is generally presumed to exist if any person, directly or indirectly, owns, controls, holds with the 

power to vote, or holds proxies representing 10% or more of the voting securities of the insurer or any parent 

company of the insurer. Certain state provisions may not require acquisition approval but can lead to imposition 

of conditions on an acquisition that could delay or prevent its consummation. Such laws may discourage 

potential acquisition proposals and may delay, deter or prevent an investment in or a change of control involving 

us, or one or more of our regulated subsidiaries, including transactions that our management and some or all of 

our stockholders might consider desirable. 

The NAIC Risk Management and Own Risk and Solvency Assessment (“ORSA”) Model Act requires an 

insurer to regularly, and at least annually, undertake a confidential internal assessment of material and relevant 

risks and upon an insurance regulator’s request, submit a confidential, high-level summary assessment of the 
material and relevant risks associated with an insurer or insurance group’s current business plan and the 
sufficiency of capital and liquidity resources to support those risks. We file an ORSA summary report annually 
with Virginia, our lead domiciliary state. 

The NAIC Corporate Governance Annual Disclosure Model Act and Corporate Governance Annual 

Disclosure Model Regulation require insurers to provide detailed information regarding their corporate 
governance practices to their lead state and/or domestic regulator. 

The NAIC implemented a regulatory framework through an actuarial guideline (“AG 48”) applicable to the 

use of captive insurers in connection with Regulation XXX and Regulation AXXX transactions. Among other 
things, the framework calls for more disclosure of an insurer’s use of captives in its statutory financial statements 
and narrows the types of assets permitted to back statutory reserves that are required to support the insurer’s 
future obligations. AG 48 requires the actuary of the ceding insurer that opines on the insurer’s reserves to issue a 
qualified opinion if the framework is not followed. The NAIC adopted an amended version of AG 48, which 
applies to new policies issued and new reinsurance transactions entered into on or after January 1, 2017. AG 48 
does not affect reinsurance arrangements that were pre-existing as of January 1, 2015, and the changes set forth 
in the amended version do not affect reinsurance arrangements that were pre-existing as of January 1, 2017. The 
NAIC also adopted the Term and Universal Life Insurance Reserve Financing Model Regulation, which contains 
the same substantive requirements as the amended version of AG 48. States must either adopt the model 
regulation or use AG 48 to satisfy the NAIC accreditation requirement. Virginia, the domestic state regulator for 
GLAIC, one of our principal life insurance subsidiaries, has adopted the model regulation. 

The NAIC developed a group capital calculation (“GCC”) tool using an RBC aggregation methodology for 

all entities within the insurance holding company system, including non-U.S. entities. The GCC provides 
regulators with an additional tool for conducting group-wide supervision and enhances transparency into how 
capital is allocated. In December 2020, the NAIC adopted a Group Capital Calculation Template and 
Instructions, and it amended the Holding Company System Model Act and Regulation to implement an annual 
GCC filing requirement. Virginia, our insurance holding company group’s lead state, adopted the amendments in 
2022, and we submitted our first annual filing in 2023. It is unclear how the development of a group capital tool 
by the NAIC will interact with existing capital requirements for U.S. insurance companies. 

Long-term care insurance rate increase regulation 

In general, we implement rate increases on our long-term care insurance policies in accordance with the 
laws of the state in which a policy was issued. In 2019, the NAIC established the Long-Term Care Insurance 
Task Force to address efforts to create a national standard for reviewing and approving long-term care insurance 
rate increase requests. This task force was charged with developing a consistent national approach for reviewing 
rate increase requests that results in actuarially appropriate increases being granted by the states in a timely 
manner and eliminates cross-state rate subsidization, among others. In April 2022, the NAIC adopted the Long-
Term Care Insurance Multistate Rate Review Framework, and as of December 2023, the task force is monitoring 
and evaluating the progress of the rate review process, including how to address large rate increase requests, as 
outlined in the framework. We continue to work closely with state regulators on our in-force long-term care 
insurance rate action plan (including increased premiums and associated benefit reductions) to achieve a shared 
goal of ensuring that our U.S. life insurance subsidiaries can honor their policyholder commitments in the future. 

Guaranty associations and similar arrangements 

Most jurisdictions in which our U.S. insurers are licensed require those insurers to participate in guaranty 

associations which pay contractual benefits owed under the policies of impaired or insolvent insurers. These 
associations levy assessments, up to prescribed limits, on each member insurer in a jurisdiction on the basis of 
the proportionate share of the premiums written by such insurer in the lines of business in which the impaired, 

18 

19 

insolvent or failed insurer is engaged. Some jurisdictions permit member insurers to recover assessments paid 
through full or partial premium tax offsets. 

Aggregate assessments levied against our U.S. insurers were not significant to our consolidated financial 

statements for the years ended December 31, 2023, 2022 and 2021. 

Policy and contract reserve sufficiency analysis 

The Insurance Laws of our U.S. life insurers’ domiciliary jurisdictions require each such insurer to conduct 

an annual analysis of the sufficiency of their life and health insurance and annuity reserves. Other jurisdictions 
where insurers are licensed may have certain reserve requirements that differ from those of their domiciliary 
jurisdictions. In each case, a qualified actuary must submit an opinion stating that the aggregate statutory 
reserves, when considered in light of the assets held with respect to such reserves, make good and sufficient 
provision for the insurer’s associated contractual obligations and related expenses. If such an opinion cannot be 
provided, the insurer must establish additional reserves by transferring funds from surplus. Our U.S. life insurers 
submit these opinions annually to their insurance regulatory authorities, and each year they conduct a statutory 
cash flow testing process to support these opinions. Different reserve requirements exist for our U.S. mortgage 
insurance subsidiaries. See “—Enact—Mortgage Insurance Regulation—State regulation—Reserves.” 

Surplus and capital requirements 

Insurance regulators have the discretionary authority, in connection with maintaining the licensing of our 
U.S. insurers, to limit or restrict insurers from issuing new policies, or policies having a dollar value over certain 
thresholds, if, in the regulators’ judgment, the insurer is not maintaining a sufficient amount of surplus or is in a 
hazardous financial condition. We seek to maintain capital management and new business strategies to support 
meeting related regulatory requirements. 

Risk-based capital 

The NAIC has established RBC standards for U.S. life insurers, as well as a Risk-Based Capital for Insurers 
Model Act (“RBC Model Act”). All 50 states and the District of Columbia have adopted the RBC Model Act or a 
substantially similar law or regulation. The RBC Model Act requires that life insurers annually submit a report to 
state regulators regarding their RBC based upon four categories of risk: asset risk, insurance risk, interest rate 
risk and business risk. The capital requirement for each is generally determined by applying factors which vary 
based upon the degree of risk to various asset, premium and reserve items. The formula is an early warning tool 
to identify possible weakly capitalized companies for purposes of initiating further regulatory action. 

Regulatory compliance is determined by a ratio of a company’s total adjusted capital (“TAC”) to its 
authorized control level RBC (“ACL RBC”). The minimum level of TAC before corrective action commences 
(“Company Action Level”) is two times the ACL RBC or three times the ACL RBC with a negative trend. If an 
insurer’s ACL RBC falls below specified levels, it would be subject to different degrees of regulatory action 
depending upon the level, ranging from requiring the insurer to propose actions to correct the capital deficiency 
to placing the insurer under regulatory control. Our U.S. life insurance subsidiaries’ reported RBC ratio measures 
the ratio of TAC to our Company Action Level. 

As of December 31, 2023, the RBC of each of our U.S. life insurance subsidiaries exceeded the level of 

RBC that would require any of them to take or become subject to any corrective action in their respective 
domiciliary state. For additional information on the RBC of our U.S. life insurance subsidiaries, see note 22 in 
our consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary Data.” 

Statutory accounting principles 

U.S. insurance regulators developed statutory accounting principles (“SAP”) as a basis of accounting used 

to monitor and regulate the solvency of insurers. Since insurance regulators are primarily concerned with 

ensuring an insurer’s ability to pay its current and future obligations to policyholders, statutory accounting 

conservatively values the assets and liabilities of insurers, generally in accordance with standards specified by the 

insurer’s domiciliary jurisdiction. Uniform statutory accounting practices are established by the NAIC and are 

generally adopted by regulators in the various U.S. jurisdictions. 

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. 

Regulation of investments 

Each of our U.S. insurers is subject to Insurance Laws that require diversification of its investment portfolio 

and limit the proportion of investments in different asset categories. Assets invested contrary to such regulatory 

limitations must be treated as non-admitted assets for purposes of measuring surplus, and in some instances, 

regulations require divestiture of such non-complying investments. We believe the investments made by our U.S. 

insurers comply with these Insurance Laws. 

Enact—Mortgage Insurance Regulation 

Forbearance programs 

For mortgages insured by the federal government (including those purchased by Fannie Mae and Freddie 

Mac), forbearance allowed borrowers impacted by COVID-19 to temporarily suspend mortgage payments up to 

18 months subject to certain limits. However, the Biden Administration ended the national emergency for 

COVID-19 in April 2023, and as a result, the deadline for requesting a COVID-19 related forbearance under the 

Coronavirus Aid, Relief, and Economic Security (“CARES”) Act ended in August 2023. In addition, the GSEs 

retired their COVID-19 servicing-related policies including with respect to forbearance in November 2023 and 

reverted to standard forbearance policies as a loss mitigation option for borrowers that meet general hardship and 

program guidelines. 

In March 2023, the GSEs announced new loss mitigation programs that would allow six-month payment 

deferrals for borrowers facing financial hardship and encouraged servicers to start evaluating borrowers for these 

programs as early as July 1, 2023, but no later than October 1, 2023. Even though most foreclosure moratoriums 

expired at the end of 2021, federal laws and regulations continue to require servicers to discuss loss mitigation 

options with borrowers before proceeding with foreclosures. These requirements could further extend the 

foreclosure timeline, which could negatively impact the severity of loss on loans that go to claim. 

State regulation 

General 

Mortgage insurers generally are limited by Insurance Laws to directly writing only mortgage guaranty 

insurance business to the exclusion of other types of insurance. Mortgage insurers are not subject to the NAIC’s 

RBC requirements, but certain states and other regulators impose another form of capital requirement on 

mortgage insurers, requiring maintenance of a risk-to-capital ratio not to exceed 25:1. Each of Enact Holdings’ 

mortgage insurance subsidiaries met its capital requirements as of December 31, 2023. See note 22 in our 

consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary Data” for 

additional information. 

The North Carolina Department of Insurance’s (“NCDOI”) current regulatory framework by which 

EMICO’s risk-to-capital ratio is calculated differs from the capital requirements of the GSEs as discussed under 

“—Other U.S. Regulation and Agency Qualification Requirements.” 

20 

21 

insolvent or failed insurer is engaged. Some jurisdictions permit member insurers to recover assessments paid 

through full or partial premium tax offsets. 

Aggregate assessments levied against our U.S. insurers were not significant to our consolidated financial 

statements for the years ended December 31, 2023, 2022 and 2021. 

Policy and contract reserve sufficiency analysis 

The Insurance Laws of our U.S. life insurers’ domiciliary jurisdictions require each such insurer to conduct 

an annual analysis of the sufficiency of their life and health insurance and annuity reserves. Other jurisdictions 

where insurers are licensed may have certain reserve requirements that differ from those of their domiciliary 

jurisdictions. In each case, a qualified actuary must submit an opinion stating that the aggregate statutory 

reserves, when considered in light of the assets held with respect to such reserves, make good and sufficient 

provision for the insurer’s associated contractual obligations and related expenses. If such an opinion cannot be 

provided, the insurer must establish additional reserves by transferring funds from surplus. Our U.S. life insurers 

submit these opinions annually to their insurance regulatory authorities, and each year they conduct a statutory 

cash flow testing process to support these opinions. Different reserve requirements exist for our U.S. mortgage 

insurance subsidiaries. See “—Enact—Mortgage Insurance Regulation—State regulation—Reserves.” 

Surplus and capital requirements 

Insurance regulators have the discretionary authority, in connection with maintaining the licensing of our 

U.S. insurers, to limit or restrict insurers from issuing new policies, or policies having a dollar value over certain 

thresholds, if, in the regulators’ judgment, the insurer is not maintaining a sufficient amount of surplus or is in a 

hazardous financial condition. We seek to maintain capital management and new business strategies to support 

meeting related regulatory requirements. 

Risk-based capital 

The NAIC has established RBC standards for U.S. life insurers, as well as a Risk-Based Capital for Insurers 

Model Act (“RBC Model Act”). All 50 states and the District of Columbia have adopted the RBC Model Act or a 

substantially similar law or regulation. The RBC Model Act requires that life insurers annually submit a report to 

state regulators regarding their RBC based upon four categories of risk: asset risk, insurance risk, interest rate 

risk and business risk. The capital requirement for each is generally determined by applying factors which vary 

based upon the degree of risk to various asset, premium and reserve items. The formula is an early warning tool 

to identify possible weakly capitalized companies for purposes of initiating further regulatory action. 

Regulatory compliance is determined by a ratio of a company’s total adjusted capital (“TAC”) to its 

authorized control level RBC (“ACL RBC”). The minimum level of TAC before corrective action commences 

(“Company Action Level”) is two times the ACL RBC or three times the ACL RBC with a negative trend. If an 

insurer’s ACL RBC falls below specified levels, it would be subject to different degrees of regulatory action 

depending upon the level, ranging from requiring the insurer to propose actions to correct the capital deficiency 

to placing the insurer under regulatory control. Our U.S. life insurance subsidiaries’ reported RBC ratio measures 

the ratio of TAC to our Company Action Level. 

As of December 31, 2023, the RBC of each of our U.S. life insurance subsidiaries exceeded the level of 

RBC that would require any of them to take or become subject to any corrective action in their respective 

domiciliary state. For additional information on the RBC of our U.S. life insurance subsidiaries, see note 22 in 

our consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary Data.” 

Statutory accounting principles 

U.S. insurance regulators developed statutory accounting principles (“SAP”) as a basis of accounting used 

to monitor and regulate the solvency of insurers. Since insurance regulators are primarily concerned with 

ensuring an insurer’s ability to pay its current and future obligations to policyholders, statutory accounting 
conservatively values the assets and liabilities of insurers, generally in accordance with standards specified by the 
insurer’s domiciliary jurisdiction. Uniform statutory accounting practices are established by the NAIC and are 
generally adopted by regulators in the various U.S. jurisdictions. 

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. 

Regulation of investments 

Each of our U.S. insurers is subject to Insurance Laws that require diversification of its investment portfolio 

and limit the proportion of investments in different asset categories. Assets invested contrary to such regulatory 
limitations must be treated as non-admitted assets for purposes of measuring surplus, and in some instances, 
regulations require divestiture of such non-complying investments. We believe the investments made by our U.S. 
insurers comply with these Insurance Laws. 

Enact—Mortgage Insurance Regulation 

Forbearance programs 

For mortgages insured by the federal government (including those purchased by Fannie Mae and Freddie 

Mac), forbearance allowed borrowers impacted by COVID-19 to temporarily suspend mortgage payments up to 
18 months subject to certain limits. However, the Biden Administration ended the national emergency for 
COVID-19 in April 2023, and as a result, the deadline for requesting a COVID-19 related forbearance under the 
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act ended in August 2023. In addition, the GSEs 
retired their COVID-19 servicing-related policies including with respect to forbearance in November 2023 and 
reverted to standard forbearance policies as a loss mitigation option for borrowers that meet general hardship and 
program guidelines. 

In March 2023, the GSEs announced new loss mitigation programs that would allow six-month payment 
deferrals for borrowers facing financial hardship and encouraged servicers to start evaluating borrowers for these 
programs as early as July 1, 2023, but no later than October 1, 2023. Even though most foreclosure moratoriums 
expired at the end of 2021, federal laws and regulations continue to require servicers to discuss loss mitigation 
options with borrowers before proceeding with foreclosures. These requirements could further extend the 
foreclosure timeline, which could negatively impact the severity of loss on loans that go to claim. 

State regulation 

General 

Mortgage insurers generally are limited by Insurance Laws to directly writing only mortgage guaranty 
insurance business to the exclusion of other types of insurance. Mortgage insurers are not subject to the NAIC’s 
RBC requirements, but certain states and other regulators impose another form of capital requirement on 
mortgage insurers, requiring maintenance of a risk-to-capital ratio not to exceed 25:1. Each of Enact Holdings’ 
mortgage insurance subsidiaries met its capital requirements as of December 31, 2023. See note 22 in our 
consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary Data” for 
additional information. 

The North Carolina Department of Insurance’s (“NCDOI”) current regulatory framework by which 

EMICO’s risk-to-capital ratio is calculated differs from the capital requirements of the GSEs as discussed under 
“—Other U.S. Regulation and Agency Qualification Requirements.” 

20 

21 

In August 2023, the NAIC adopted amendments to the Mortgage Guaranty Insurance Model Act (the “MGI 

Model Act”) and is in the process of making conforming revisions to the Statement of Statutory Accounting 
Principles No. 58—Mortgage Guaranty Insurance. The revisions to the MGI Model Act are extensive, including 
with respect to risk concentration limits, capital and reserve requirements, reinsurance, underwriting practices 
and quality assurance. For a discussion of the potential risks to our business associated with these amendments, 
see “Item 1A—Risk Factors—Enact Holdings’ U.S. mortgage insurance subsidiaries are subject to minimum 
statutory capital requirements, which if not met or waived, would result in restrictions or prohibitions on them 
doing business and could have a material adverse impact on our business, financial condition and results of 
operations.” 

Reserves 

Insurance Laws require our U.S. mortgage insurers to establish a special statutory contingency reserve in 

their statutory financial statements to provide for claims and other expenses in the event of significant economic 
declines. Annual additions to the statutory contingency reserve must be at least 50% of net earned premiums as 
defined by Insurance Laws. These contingency reserves generally are held until the earlier of (i) 10 years or 
(ii) when loss ratios exceed 35%, in which case the amount above 35% can be released under certain 
circumstances, although regulators have granted discretionary releases from time to time. However, approval by 
the NCDOI, the primary domiciliary regulator for our U.S. mortgage insurers, is required for contingency reserve 
releases when loss ratios exceed 35%. The establishment of the statutory contingency reserve is funded by 
premiums that would otherwise generate net earnings that would be reflected in policyholder surplus. This 
reserve reduces the policyholder surplus of our U.S. mortgage insurers, and therefore, their ability to pay 
dividends to our holding companies. See note 22 in our consolidated financial statements under “Part II—Item 
8—Financial Statements and Supplementary Data” for information on the statutory contingency reserve for our 
U.S. mortgage insurers. 

Premium rates 

In most states where our U.S. mortgage insurance subsidiaries are licensed, premium rates are required to be 

filed before the authorization is granted to charge premiums. In some states, these premium rates must be 
approved before their use. Likewise, changes in premium rates must be filed and receive approval. In general, 
states may require actuarial justification on the basis of the insurer’s loss experience, expenses and future 
projections. In addition, states may consider general default experience in the mortgage insurance industry in 
assessing the premium rates charged by U.S. mortgage insurers. 

Federal regulation 

In addition to federal laws directly applicable to mortgage insurers, the laws and regulations applicable to 

mortgage originators and lenders, purchasers of mortgage loans such as the GSEs, and governmental insurers 
such as the FHA and VA indirectly affect mortgage insurers. Moreover, mortgage origination and servicing 
transactions are subject to compliance with various state and federal laws. Changes in federal housing legislation 
and other laws and regulations that affect the demand for private mortgage insurance, or the way in which such 
laws and regulations are interpreted or applied, may have a material effect on private mortgage insurers. For 
example, the Enterprise Capital Framework of the Federal Housing Finance Agency (“FHFA”) that became 
effective in 2021 includes significantly higher regulatory capital requirements for the GSEs over current 
requirements. Higher GSE capital requirements could ultimately lead to increased costs to borrowers of GSE 
loans, which in turn could shift the market away from the GSEs to the FHA or lender portfolios. Such a shift 
could result in a smaller market for private mortgage insurance. See “Item 1A—Risk Factors—Changes to the 
role of the GSEs or to the charters or business practices of the GSEs, including actions or decisions to decrease or 
discontinue the use of mortgage insurance, could adversely affect our business, financial condition and results of 
operations.” 

The Homeowners Protection Act of 1998 (“HOPA”) provides for the automatic termination, or cancellation 

upon a borrower’s request, of the borrower’s obligation to pay for private mortgage insurance upon satisfaction 

of certain conditions, although mortgage servicers may continue to keep the coverage in place at their expense. 

HOPA applies to owner-occupied residential mortgage loans regardless of lien priority and to borrower-paid 

mortgage insurance closed after July 29, 1999. HOPA requires lenders to automatically terminate a borrower’s 

obligation to pay for mortgage insurance coverage once the loan-to-value ratio reaches 78% of the original value. 

A borrower generally may also request cancellation of mortgage insurance from the lender once the actual 

payments reduce the loan balance to 80% of the home’s original value. For borrower-initiated cancellation of 

mortgage insurance, the borrower must have a “good payment history” as defined by HOPA. 

The Real Estate Settlement Procedures Act of 1974 (“RESPA”) applies to most residential mortgages 

insured by private mortgage insurers. Mortgage insurance is considered a “settlement service” for purposes of 

loans subject to RESPA. Subject to limited exceptions, RESPA precludes our U.S. mortgage insurance 

subsidiaries from providing services to mortgage lenders or other settlement service providers free of charge, 

charging fees for services that are lower than their reasonable or fair market value, and paying fees for services 

that others provide that are higher than their reasonable or fair market value. In addition, RESPA prohibits 

persons from giving or accepting any portion or percentage of a charge for a real estate settlement service, other 

than for services actually performed. Although many states prohibit mortgage insurers from giving rebates, 

RESPA has been interpreted to cover many non-fee services as well. Mortgage insurers and their customers are 

subject to the possible sanctions of this law, which may be enforced by the CFPB, state insurance departments, 

state attorneys general and other enforcement authorities. 

The Fair Housing Act and the Fair Credit Reporting Act (“FCRA”) also affect the business of mortgage 

insurance in various ways. The Fair Housing Act generally prohibits discrimination in the terms, conditions or 

privileges in residential real estate-related transactions on the basis of race, color, religion, sex, familial status or 

national origin. Numerous courts have held that the Fair Housing Act prohibits discriminatory insurance 

practices. The FCRA governs the access and use of consumer credit information in credit transactions and 

requires notices to consumers in certain circumstances. It imposes restrictions on the permissible use of credit 

report information and requires mortgage insurance companies to provide adverse action notices to consumers in 

the event an application for mortgage insurance is declined or offered at less than the best available rate for the 

loan program applied for due to information contained in a consumer’s credit report. 

Other U.S. Regulation and Agency Qualification Requirements 

The GSEs impose eligibility requirements that private mortgage insurers must satisfy in order to be 

approved to insure loans purchased by the GSEs. The PMIERs aim to ensure that approved insurers possess the 

financial and operational capacity to serve as strong counterparties to the GSEs throughout various market 

conditions. The PMIERs are comprehensive, covering virtually all aspects of our U.S. mortgage insurance 

subsidiaries’ business and operations as private mortgage insurers of GSE loans, including internal risk 

management and quality controls, underwriting, claim processing and loss mitigation, among other aspects. In 

addition, the PMIERs require private mortgage insurers to obtain the prior consent of the GSEs before taking 

certain actions, which may include entering into various intercompany agreements and commuting or reinsuring 

risk, among others. The financial requirements of PMIERs mandate that a mortgage insurer’s “Available Assets” 

(generally only the most liquid assets of an insurer) must meet or exceed “Minimum Required Assets” (which are 

based on an insurer’s risk in-force and are calculated from tables of factors with several risk dimensions and are 

subject to a floor amount). 

During 2020 and 2021, the GSEs issued several amendments to PMIERs. Many of the provisions are no 

longer applicable, but for loans that became non-performing due to a COVID-19 hardship, PMIERs was 

temporarily amended with respect to each non-performing loan that (i) had an initial missed monthly payment 

occurring on or after March 1, 2020 and prior to April 1, 2021 or (ii) is subject to a forbearance plan granted in 

response to a financial hardship related to COVID-19, the terms of which are materially consistent with terms of 

22 

23 

In August 2023, the NAIC adopted amendments to the Mortgage Guaranty Insurance Model Act (the “MGI 

Model Act”) and is in the process of making conforming revisions to the Statement of Statutory Accounting 

Principles No. 58—Mortgage Guaranty Insurance. The revisions to the MGI Model Act are extensive, including 

with respect to risk concentration limits, capital and reserve requirements, reinsurance, underwriting practices 

and quality assurance. For a discussion of the potential risks to our business associated with these amendments, 

see “Item 1A—Risk Factors—Enact Holdings’ U.S. mortgage insurance subsidiaries are subject to minimum 

statutory capital requirements, which if not met or waived, would result in restrictions or prohibitions on them 

doing business and could have a material adverse impact on our business, financial condition and results of 

operations.” 

Reserves 

Insurance Laws require our U.S. mortgage insurers to establish a special statutory contingency reserve in 

their statutory financial statements to provide for claims and other expenses in the event of significant economic 

declines. Annual additions to the statutory contingency reserve must be at least 50% of net earned premiums as 

defined by Insurance Laws. These contingency reserves generally are held until the earlier of (i) 10 years or 

(ii) when loss ratios exceed 35%, in which case the amount above 35% can be released under certain 

circumstances, although regulators have granted discretionary releases from time to time. However, approval by 

the NCDOI, the primary domiciliary regulator for our U.S. mortgage insurers, is required for contingency reserve 

releases when loss ratios exceed 35%. The establishment of the statutory contingency reserve is funded by 

premiums that would otherwise generate net earnings that would be reflected in policyholder surplus. This 

reserve reduces the policyholder surplus of our U.S. mortgage insurers, and therefore, their ability to pay 

dividends to our holding companies. See note 22 in our consolidated financial statements under “Part II—Item 

8—Financial Statements and Supplementary Data” for information on the statutory contingency reserve for our 

U.S. mortgage insurers. 

Premium rates 

In most states where our U.S. mortgage insurance subsidiaries are licensed, premium rates are required to be 

filed before the authorization is granted to charge premiums. In some states, these premium rates must be 

approved before their use. Likewise, changes in premium rates must be filed and receive approval. In general, 

states may require actuarial justification on the basis of the insurer’s loss experience, expenses and future 

projections. In addition, states may consider general default experience in the mortgage insurance industry in 

assessing the premium rates charged by U.S. mortgage insurers. 

Federal regulation 

In addition to federal laws directly applicable to mortgage insurers, the laws and regulations applicable to 

mortgage originators and lenders, purchasers of mortgage loans such as the GSEs, and governmental insurers 

such as the FHA and VA indirectly affect mortgage insurers. Moreover, mortgage origination and servicing 

transactions are subject to compliance with various state and federal laws. Changes in federal housing legislation 

and other laws and regulations that affect the demand for private mortgage insurance, or the way in which such 

laws and regulations are interpreted or applied, may have a material effect on private mortgage insurers. For 

example, the Enterprise Capital Framework of the Federal Housing Finance Agency (“FHFA”) that became 

effective in 2021 includes significantly higher regulatory capital requirements for the GSEs over current 

requirements. Higher GSE capital requirements could ultimately lead to increased costs to borrowers of GSE 

loans, which in turn could shift the market away from the GSEs to the FHA or lender portfolios. Such a shift 

could result in a smaller market for private mortgage insurance. See “Item 1A—Risk Factors—Changes to the 

role of the GSEs or to the charters or business practices of the GSEs, including actions or decisions to decrease or 

discontinue the use of mortgage insurance, could adversely affect our business, financial condition and results of 

operations.” 

The Homeowners Protection Act of 1998 (“HOPA”) provides for the automatic termination, or cancellation 

upon a borrower’s request, of the borrower’s obligation to pay for private mortgage insurance upon satisfaction 
of certain conditions, although mortgage servicers may continue to keep the coverage in place at their expense. 
HOPA applies to owner-occupied residential mortgage loans regardless of lien priority and to borrower-paid 
mortgage insurance closed after July 29, 1999. HOPA requires lenders to automatically terminate a borrower’s 
obligation to pay for mortgage insurance coverage once the loan-to-value ratio reaches 78% of the original value. 
A borrower generally may also request cancellation of mortgage insurance from the lender once the actual 
payments reduce the loan balance to 80% of the home’s original value. For borrower-initiated cancellation of 
mortgage insurance, the borrower must have a “good payment history” as defined by HOPA. 

The Real Estate Settlement Procedures Act of 1974 (“RESPA”) applies to most residential mortgages 
insured by private mortgage insurers. Mortgage insurance is considered a “settlement service” for purposes of 
loans subject to RESPA. Subject to limited exceptions, RESPA precludes our U.S. mortgage insurance 
subsidiaries from providing services to mortgage lenders or other settlement service providers free of charge, 
charging fees for services that are lower than their reasonable or fair market value, and paying fees for services 
that others provide that are higher than their reasonable or fair market value. In addition, RESPA prohibits 
persons from giving or accepting any portion or percentage of a charge for a real estate settlement service, other 
than for services actually performed. Although many states prohibit mortgage insurers from giving rebates, 
RESPA has been interpreted to cover many non-fee services as well. Mortgage insurers and their customers are 
subject to the possible sanctions of this law, which may be enforced by the CFPB, state insurance departments, 
state attorneys general and other enforcement authorities. 

The Fair Housing Act and the Fair Credit Reporting Act (“FCRA”) also affect the business of mortgage 

insurance in various ways. The Fair Housing Act generally prohibits discrimination in the terms, conditions or 
privileges in residential real estate-related transactions on the basis of race, color, religion, sex, familial status or 
national origin. Numerous courts have held that the Fair Housing Act prohibits discriminatory insurance 
practices. The FCRA governs the access and use of consumer credit information in credit transactions and 
requires notices to consumers in certain circumstances. It imposes restrictions on the permissible use of credit 
report information and requires mortgage insurance companies to provide adverse action notices to consumers in 
the event an application for mortgage insurance is declined or offered at less than the best available rate for the 
loan program applied for due to information contained in a consumer’s credit report. 

Other U.S. Regulation and Agency Qualification Requirements 

The GSEs impose eligibility requirements that private mortgage insurers must satisfy in order to be 
approved to insure loans purchased by the GSEs. The PMIERs aim to ensure that approved insurers possess the 
financial and operational capacity to serve as strong counterparties to the GSEs throughout various market 
conditions. The PMIERs are comprehensive, covering virtually all aspects of our U.S. mortgage insurance 
subsidiaries’ business and operations as private mortgage insurers of GSE loans, including internal risk 
management and quality controls, underwriting, claim processing and loss mitigation, among other aspects. In 
addition, the PMIERs require private mortgage insurers to obtain the prior consent of the GSEs before taking 
certain actions, which may include entering into various intercompany agreements and commuting or reinsuring 
risk, among others. The financial requirements of PMIERs mandate that a mortgage insurer’s “Available Assets” 
(generally only the most liquid assets of an insurer) must meet or exceed “Minimum Required Assets” (which are 
based on an insurer’s risk in-force and are calculated from tables of factors with several risk dimensions and are 
subject to a floor amount). 

During 2020 and 2021, the GSEs issued several amendments to PMIERs. Many of the provisions are no 

longer applicable, but for loans that became non-performing due to a COVID-19 hardship, PMIERs was 
temporarily amended with respect to each non-performing loan that (i) had an initial missed monthly payment 
occurring on or after March 1, 2020 and prior to April 1, 2021 or (ii) is subject to a forbearance plan granted in 
response to a financial hardship related to COVID-19, the terms of which are materially consistent with terms of 

22 

23 

forbearance plans offered by the GSEs. The risk-based required asset amount factor for the non-performing loan 
is the greater of (a) the applicable risk-based required asset amount factor for a performing loan were it not 
delinquent, and (b) the product of a 0.30 multiplier and the applicable risk-based required asset amount factor for 
a non-performing loan. In the case of (i) above, absent the loan being subject to a forbearance plan described in 
(ii) above, the 0.30 multiplier is applicable for no longer than three calendar months beginning with the month in 
which the loan became a non-performing loan due to having missed two monthly payments. Loans subject to a 
forbearance plan described in (ii) above include those that are either in a repayment plan or loan modification 
trial period following the forbearance plan unless reported to the approved insurer that the loan is no longer in 
such forbearance plan, repayment plan, or loan modification trial period. In addition, the PMIERs amendments 
made permanent revisions to the risk-based required asset amount factor for non-performing loans for properties 
located in future Federal Emergency Management Agency Declared Major Disaster Areas eligible for individual 
assistance. 

In their respective letters approving credit for reinsurance and other credit risk transfer transactions against 

PMIERs financial requirements, the GSEs require U.S. mortgage insurers not to exceed a maximum statutory 
risk-to-capital ratio of 18:1 or they reserve the right to re-evaluate the amount of PMIERs credit indicated in their 
approval letters. Freddie Mac has also imposed additional requirements on our option to commute these 
reinsurance agreements. Both GSEs reserved the right to periodically review the reinsurance and credit risk 
transfer transactions for treatment under PMIERs. 

In September 2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs 

imposed certain restrictions (the “GSE Restrictions”) on Enact with respect to capital. In May 2021, in 
connection with their conditional approval of the partial sale of Enact Holdings, the GSEs confirmed the GSE 
Restrictions would remain in effect until certain conditions (the “GSE Conditions”) were met for two consecutive 
quarters. These conditions were met as of December 31, 2022 and in March 2023, the GSEs confirmed that Enact 
is no longer subject to the GSE Restrictions and the GSE Conditions. 

Each approved mortgage insurer is required to provide the GSEs with an annual certification and a quarterly 

report as to its compliance with PMIERs. As of December 31, 2023, Enact met the PMIERs financial and 
operational requirements. For additional information, see note 22 in our consolidated financial statements under 
“Part II—Item 8—Financial Statements and Supplementary Data.” Although we expect Enact will continue to 
retain its eligibility status with the GSEs, there can be no assurance these conditions will continue, see “Item 
1A—Risk Factors—If Enact is unable to continue to meet the requirements mandated by PMIERs because the 
GSEs amend them or the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of 
capital that are higher than planned or otherwise, Enact may not be eligible to write new insurance on loans 
acquired by the GSEs, which would have a material adverse effect on our business, results of operations and 
financial condition.” 

Non-U.S. Insurance Regulation 

We operate in and have certain subsidiaries domiciled in countries outside the United States, principally 

including Mexico, Bermuda and India. Generally, our subsidiaries conducting business in these countries must 
obtain licenses from local regulatory authorities and satisfy local regulatory requirements, including those 
relating to rates, forms, capital, reserves and financial reporting. 

Enact Re is subject to regulation by the Bermuda Monetary Authority. This includes required filing of 
financial and capital information as well as certain restrictions on its ability to pay dividends and distributions. 

stringent regulation. 

24 

25 

Other Laws and Regulations 

Changes in tax laws 

On August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act (“IRA”) which, 

among other things, implemented a 15% corporate alternative minimum tax (“CAMT”) based on adjusted 

financial statement income and imposed a 1% excise tax on corporate stock repurchases, effective January 1, 

2023. The enactment of the CAMT did not have a material impact on our financial statements for the year ended 

December 31, 2023. Excise tax incurred on our share repurchases is recognized as part of the cost basis of the 

treasury stock acquired and not reported as part of income tax expense, and it did not have a material impact on 

our financial position for the year ended December 31, 2023. There was no other U.S. federal income tax-related 

legislation or administrative guidance issued in 2023 or 2022 that had a significant impact on our results of 

operations or financial condition. 

Dodd-Frank Act and other federal initiatives 

Although the federal government generally does not directly regulate the insurance business, federal 

initiatives often have an impact on the business in a variety of ways, including through regulation of financial 

services. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) made 

extensive changes to the laws regulating financial services firms and required various federal agencies to adopt a 

broad range of rules and regulations. 

In the case of Enact Holdings, the Dodd-Frank Act prohibits a creditor from making a residential mortgage 

loan unless the creditor makes a reasonable and good faith determination that, at the time the loan is 

consummated, the consumer has a reasonable ability to repay the loan. In addition, the Dodd-Frank Act created 

the CFPB, which regulates certain aspects of the offering and provision of consumer financial products or 

services but not the business of insurance. Certain rules and regulations established by the CFPB require 

mortgage lenders to demonstrate that they have effectively considered the consumer’s ability to repay a mortgage 

loan, establish when a mortgage may be classified as a Qualified Mortgage (“QM”) and determine when a lender 

is eligible for a safe harbor as a presumption that the lender has complied with the ability-to-repay requirements. 

The Financial Stability Oversight Council (“FSOC”) is authorized to designate certain financial companies, 

which may include insurance companies, as non-bank systemically important financial institutions (“SIFIs”). The 

FSOC is authorized to subject SIFIs to stricter prudential standards, including a special orderly liquidation 

process outside the federal Bankruptcy Code, among other requirements. On November 3, 2023, the FSOC 

adopted new guidance that no longer requires the FSOC to conduct a cost-benefit analysis and assessment of the 

likelihood of a non-bank financial company’s material financial distress before designating the company as a 

non-bank SIFI. The new guidance could have the effect of simplifying and shortening the FSOC’s procedures for 

designating certain financial companies as non-bank SIFIs. We have not been, nor do we believe we will be, 

designated as systemically significant by the FSOC. A future determination that we or our counterparties are 

systemically significant could impose significant burdens on us, impact the way we conduct our business, 

increase compliance costs, duplicate state regulation and result in a competitive disadvantage. 

The Dodd-Frank Act established a Federal Insurance Office (“FIO”) within the U.S. Department of the 

Treasury. While not having a general supervisory or regulatory authority over the business of insurance, the 

director of this office performs various functions with respect to insurance, including serving as a non-voting 

member of the FSOC and making recommendations to the FSOC regarding insurers to be designated for more 

The Dodd-Frank Act established a framework of regulation of over-the-counter (“OTC”) derivatives 

markets which requires us to pledge highly liquid securities or cash to meet initial and variation margin 

requirements for most interest rate derivatives we trade. In addition, federal bank regulations require certain 

bank-regulated counterparties to include in certain derivatives contracts terms that delay or restrict the rights of 

forbearance plans offered by the GSEs. The risk-based required asset amount factor for the non-performing loan 

is the greater of (a) the applicable risk-based required asset amount factor for a performing loan were it not 

delinquent, and (b) the product of a 0.30 multiplier and the applicable risk-based required asset amount factor for 

a non-performing loan. In the case of (i) above, absent the loan being subject to a forbearance plan described in 

(ii) above, the 0.30 multiplier is applicable for no longer than three calendar months beginning with the month in 

which the loan became a non-performing loan due to having missed two monthly payments. Loans subject to a 

forbearance plan described in (ii) above include those that are either in a repayment plan or loan modification 

trial period following the forbearance plan unless reported to the approved insurer that the loan is no longer in 

such forbearance plan, repayment plan, or loan modification trial period. In addition, the PMIERs amendments 

made permanent revisions to the risk-based required asset amount factor for non-performing loans for properties 

located in future Federal Emergency Management Agency Declared Major Disaster Areas eligible for individual 

assistance. 

In their respective letters approving credit for reinsurance and other credit risk transfer transactions against 

PMIERs financial requirements, the GSEs require U.S. mortgage insurers not to exceed a maximum statutory 

risk-to-capital ratio of 18:1 or they reserve the right to re-evaluate the amount of PMIERs credit indicated in their 

approval letters. Freddie Mac has also imposed additional requirements on our option to commute these 

reinsurance agreements. Both GSEs reserved the right to periodically review the reinsurance and credit risk 

transfer transactions for treatment under PMIERs. 

In September 2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs 

imposed certain restrictions (the “GSE Restrictions”) on Enact with respect to capital. In May 2021, in 

connection with their conditional approval of the partial sale of Enact Holdings, the GSEs confirmed the GSE 

Restrictions would remain in effect until certain conditions (the “GSE Conditions”) were met for two consecutive 

quarters. These conditions were met as of December 31, 2022 and in March 2023, the GSEs confirmed that Enact 

is no longer subject to the GSE Restrictions and the GSE Conditions. 

Each approved mortgage insurer is required to provide the GSEs with an annual certification and a quarterly 

report as to its compliance with PMIERs. As of December 31, 2023, Enact met the PMIERs financial and 

operational requirements. For additional information, see note 22 in our consolidated financial statements under 

“Part II—Item 8—Financial Statements and Supplementary Data.” Although we expect Enact will continue to 

retain its eligibility status with the GSEs, there can be no assurance these conditions will continue, see “Item 

1A—Risk Factors—If Enact is unable to continue to meet the requirements mandated by PMIERs because the 

GSEs amend them or the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of 

capital that are higher than planned or otherwise, Enact may not be eligible to write new insurance on loans 

acquired by the GSEs, which would have a material adverse effect on our business, results of operations and 

financial condition.” 

Non-U.S. Insurance Regulation 

We operate in and have certain subsidiaries domiciled in countries outside the United States, principally 

including Mexico, Bermuda and India. Generally, our subsidiaries conducting business in these countries must 

obtain licenses from local regulatory authorities and satisfy local regulatory requirements, including those 

relating to rates, forms, capital, reserves and financial reporting. 

Enact Re is subject to regulation by the Bermuda Monetary Authority. This includes required filing of 

financial and capital information as well as certain restrictions on its ability to pay dividends and distributions. 

Other Laws and Regulations 

Changes in tax laws 

On August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act (“IRA”) which, 
among other things, implemented a 15% corporate alternative minimum tax (“CAMT”) based on adjusted 
financial statement income and imposed a 1% excise tax on corporate stock repurchases, effective January 1, 
2023. The enactment of the CAMT did not have a material impact on our financial statements for the year ended 
December 31, 2023. Excise tax incurred on our share repurchases is recognized as part of the cost basis of the 
treasury stock acquired and not reported as part of income tax expense, and it did not have a material impact on 
our financial position for the year ended December 31, 2023. There was no other U.S. federal income tax-related 
legislation or administrative guidance issued in 2023 or 2022 that had a significant impact on our results of 
operations or financial condition. 

Dodd-Frank Act and other federal initiatives 

Although the federal government generally does not directly regulate the insurance business, federal 
initiatives often have an impact on the business in a variety of ways, including through regulation of financial 
services. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) made 
extensive changes to the laws regulating financial services firms and required various federal agencies to adopt a 
broad range of rules and regulations. 

In the case of Enact Holdings, the Dodd-Frank Act prohibits a creditor from making a residential mortgage 

loan unless the creditor makes a reasonable and good faith determination that, at the time the loan is 
consummated, the consumer has a reasonable ability to repay the loan. In addition, the Dodd-Frank Act created 
the CFPB, which regulates certain aspects of the offering and provision of consumer financial products or 
services but not the business of insurance. Certain rules and regulations established by the CFPB require 
mortgage lenders to demonstrate that they have effectively considered the consumer’s ability to repay a mortgage 
loan, establish when a mortgage may be classified as a Qualified Mortgage (“QM”) and determine when a lender 
is eligible for a safe harbor as a presumption that the lender has complied with the ability-to-repay requirements. 

The Financial Stability Oversight Council (“FSOC”) is authorized to designate certain financial companies, 
which may include insurance companies, as non-bank systemically important financial institutions (“SIFIs”). The 
FSOC is authorized to subject SIFIs to stricter prudential standards, including a special orderly liquidation 
process outside the federal Bankruptcy Code, among other requirements. On November 3, 2023, the FSOC 
adopted new guidance that no longer requires the FSOC to conduct a cost-benefit analysis and assessment of the 
likelihood of a non-bank financial company’s material financial distress before designating the company as a 
non-bank SIFI. The new guidance could have the effect of simplifying and shortening the FSOC’s procedures for 
designating certain financial companies as non-bank SIFIs. We have not been, nor do we believe we will be, 
designated as systemically significant by the FSOC. A future determination that we or our counterparties are 
systemically significant could impose significant burdens on us, impact the way we conduct our business, 
increase compliance costs, duplicate state regulation and result in a competitive disadvantage. 

The Dodd-Frank Act established a Federal Insurance Office (“FIO”) within the U.S. Department of the 
Treasury. While not having a general supervisory or regulatory authority over the business of insurance, the 
director of this office performs various functions with respect to insurance, including serving as a non-voting 
member of the FSOC and making recommendations to the FSOC regarding insurers to be designated for more 
stringent regulation. 

The Dodd-Frank Act established a framework of regulation of over-the-counter (“OTC”) derivatives 

markets which requires us to pledge highly liquid securities or cash to meet initial and variation margin 
requirements for most interest rate derivatives we trade. In addition, federal bank regulations require certain 
bank-regulated counterparties to include in certain derivatives contracts terms that delay or restrict the rights of 

24 

25 

counterparties, which could adversely affect our ability to terminate, or realize amounts to be received under, 
such derivatives agreements. As the marketplace continues to evolve, we may have to alter or limit the way we 
use derivatives in the future, which could have an adverse effect on our results of operations and financial 
condition. 

On December 13, 2023, the SEC adopted rules to require that covered clearing agencies have policies and 
procedures reasonably designed to require every direct participant of the agency to submit for clearing eligible 
secondary market transactions in U.S. Treasury securities. The rule effectively requires such participants to clear 
eligible cash transactions in U.S. Treasury securities by December 31, 2025, and eligible repurchase transactions 
in U.S. Treasury securities by June 30, 2026. The rule’s potential effect on the U.S. Treasury markets is 
uncertain. 

On October 26, 2022, the SEC adopted a final rule to implement Section 954 of the Dodd-Frank Act titled 
“Listing Standards for Recovery of Erroneously Awarded Compensation.” The final rule added Section 10D to 
the Exchange Act, which requires national security exchanges to adopt listing standards that mandate issuers of 
securities listed on an exchange to develop and implement a policy for recovering erroneously awarded 
incentive-based compensation paid to executive officers in connection with a financial restatement, regardless of 
fault or misconduct, on or after October 2, 2023 (commonly referred to as a “clawback” policy). We revised our 
Incentive-Based Compensation Recovery Policy to include the applicable provisions of the final rule, see “—Part 
IV—Item 15—Exhibits and Financial Statement Schedules” for additional details. 

We cannot predict the effect of all the regulations or legislation adopted under the Dodd-Frank Act on 
financial markets generally, or on our businesses specifically, the additional costs associated with compliance 
with such regulations or legislation, or any changes to our operations that may be necessary to comply with the 
Dodd-Frank Act and the regulations thereunder, any of which could have a material adverse effect on our 
business, results of operations, cash flows or financial condition. We also cannot predict whether other federal 
initiatives will be adopted or what impact, if any, such initiatives, if adopted as laws, may have on our business, 
financial condition or results of operations. 

Environmental considerations 

As an owner and operator of real property, we are subject to extensive U.S. federal and state and non-U.S. 

environmental laws and regulations. Potential environmental liabilities and costs in connection with any required 
remediation of our properties is also an inherent risk in property ownership and operation. In addition, we hold 
equity interests in companies, and have made loans secured by properties, which could potentially be subject to 
environmental liabilities. We routinely have environmental assessments performed with respect to real estate 
being acquired for investment and real property to be acquired through foreclosure. Based upon information 
currently available to us, we believe that any costs associated with compliance with environmental laws and 
regulations, or any remediation of such properties will not have a material adverse effect on our business, 
financial condition or results of operations. 

Climate change and financial risks 

The topic of climate risk has come under increased scrutiny by the NAIC and insurance regulators. The 
NAIC has adopted a new standard for insurance companies to report their climate-related risks as part of its 
annual Climate Risk Disclosure Survey, which applies to insurers that meet the reporting threshold of 
$100 million in countrywide direct premium and are licensed in one of the participating jurisdictions. The new 
disclosure standard is consistent with the international Task Force on Climate-Related Financial Disclosures’ 
framework for reporting climate-related financial information. 

NYDFS expects insurers to integrate financial risks related to climate change into their governance frameworks, 

risk management processes and business strategies, and that insurers should develop their approach to climate 

related financial disclosure. We have initiated and continue to build upon a multi-phase climate risk management 

process. 

On November 15, 2021, the NYDFS issued additional guidance for New York domestic insurers (the “2021 

Guidance”), applicable to GLICNY, related to the management of financial risks from climate change. Such 

insurers are expected to manage these risks by outlining actions that are proportionate to the nature, scale and 

complexity of their businesses. For instance, the 2021 Guidance states that an insurer should: (i) incorporate 

climate risk into its financial risk management, including its ORSA; (ii) manage climate risk through its 

enterprise risk management functions and ensure that its organizational structure clearly defines roles and 

responsibilities related to managing such risk; (iii) use scenario analysis when developing business strategies and 

identifying risks; and (iv) incorporate the management of climate risk into its corporate governance structure at 

the group or insurer entity level. As of August 15, 2022, insurers were required to implement certain corporate 

governance changes and develop plans to implement the organizational structure changes. We complied with this 

requirement and provided our plan to the NYDFS. Insurers are encouraged to work on additional changes that 

may take longer to implement, although the NYDFS will issue further guidance with more specific timelines. 

The NYDFS also amended the regulation that governs enterprise risk management, effective as of 

August 13, 2021, that requires an insurance group to include certain additional risks, such as climate change risk, 

in its enterprise risk management function. 

In addition, the FIO is authorized to monitor the U.S. insurance industry under the Dodd-Frank Act. 

Pursuant to its statutory authority, the FIO is assessing how the insurance sector may mitigate climate risks and 

help achieve national climate-related goals. On June 27, 2023, the FIO released a report titled, Insurance 

Supervision and Regulation of Climate-Related Risks, which evaluates climate-related issues and gaps in insurer 

regulation. The report urges insurance regulators to adopt climate-related risk-monitoring guidance in order to 

enhance their regulation and supervision of insurers. 

On October 7, 2023, California enacted two climate disclosure laws that will require entities that do 

business in the state and meet certain annual revenue thresholds to provide climate-related disclosures. Insurance 

companies are specifically excluded from the disclosure requirements of the Climate-Related Financial Risk Act 

(“SB 261”); however, it is expected that thousands of public and private companies will be subject to the 

disclosure requirements of the Climate Corporate Data Accountability Act (“SB 253”), including Genworth. SB 

253 requires entities with more than $1.0 billion in annual revenue to annually disclose their Scope 1, Scope 2 

and Scope 3 emissions in accordance with the Greenhouse Gas Protocol and obtain limited assurance over those 

disclosures beginning in 2026 and reasonable assurance beginning in 2030. SB 253 requires disclosures of Scope 

1 and Scope 2 emissions beginning in 2026 (using fiscal year ended 2025 data), and Scope 3 emissions 

disclosures beginning in 2027. The California legislature continues to review implementation details under the 

new climate laws, including deadlines, as well as the potential impacts of the law on business entities; therefore, 

we cannot predict at this time whether there will be changes in how and when the laws are applied or the impact 

on our business, results of operations and financial condition. 

Diversity and corporate governance 

The NAIC and state insurance regulators are also focused on the topic of race, diversity and inclusion within 

the insurance industry. In New York, the NYDFS expects the insurers it regulates to make diversity of their 

leadership a business priority and a key element of their corporate governance. 

Privacy and cybersecurity 

The New York State Department of Financial Services (“NYDFS”) issued a circular letter in 2020 to New 

York domestic and foreign authorized insurers, which applies to certain of our subsidiaries, stating that the 

In the United States, federal and state laws and regulations require financial institutions, including insurance 

companies, to protect the privacy and security of consumer financial information and to notify consumers about 

26 

27 

counterparties, which could adversely affect our ability to terminate, or realize amounts to be received under, 

such derivatives agreements. As the marketplace continues to evolve, we may have to alter or limit the way we 

use derivatives in the future, which could have an adverse effect on our results of operations and financial 

On December 13, 2023, the SEC adopted rules to require that covered clearing agencies have policies and 

procedures reasonably designed to require every direct participant of the agency to submit for clearing eligible 

secondary market transactions in U.S. Treasury securities. The rule effectively requires such participants to clear 

eligible cash transactions in U.S. Treasury securities by December 31, 2025, and eligible repurchase transactions 

in U.S. Treasury securities by June 30, 2026. The rule’s potential effect on the U.S. Treasury markets is 

condition. 

uncertain. 

On October 26, 2022, the SEC adopted a final rule to implement Section 954 of the Dodd-Frank Act titled 

“Listing Standards for Recovery of Erroneously Awarded Compensation.” The final rule added Section 10D to 

the Exchange Act, which requires national security exchanges to adopt listing standards that mandate issuers of 

securities listed on an exchange to develop and implement a policy for recovering erroneously awarded 

incentive-based compensation paid to executive officers in connection with a financial restatement, regardless of 

fault or misconduct, on or after October 2, 2023 (commonly referred to as a “clawback” policy). We revised our 

Incentive-Based Compensation Recovery Policy to include the applicable provisions of the final rule, see “—Part 

IV—Item 15—Exhibits and Financial Statement Schedules” for additional details. 

We cannot predict the effect of all the regulations or legislation adopted under the Dodd-Frank Act on 

financial markets generally, or on our businesses specifically, the additional costs associated with compliance 

with such regulations or legislation, or any changes to our operations that may be necessary to comply with the 

Dodd-Frank Act and the regulations thereunder, any of which could have a material adverse effect on our 

business, results of operations, cash flows or financial condition. We also cannot predict whether other federal 

initiatives will be adopted or what impact, if any, such initiatives, if adopted as laws, may have on our business, 

financial condition or results of operations. 

Environmental considerations 

As an owner and operator of real property, we are subject to extensive U.S. federal and state and non-U.S. 

environmental laws and regulations. Potential environmental liabilities and costs in connection with any required 

remediation of our properties is also an inherent risk in property ownership and operation. In addition, we hold 

equity interests in companies, and have made loans secured by properties, which could potentially be subject to 

environmental liabilities. We routinely have environmental assessments performed with respect to real estate 

being acquired for investment and real property to be acquired through foreclosure. Based upon information 

currently available to us, we believe that any costs associated with compliance with environmental laws and 

regulations, or any remediation of such properties will not have a material adverse effect on our business, 

financial condition or results of operations. 

Climate change and financial risks 

The topic of climate risk has come under increased scrutiny by the NAIC and insurance regulators. The 

NAIC has adopted a new standard for insurance companies to report their climate-related risks as part of its 

annual Climate Risk Disclosure Survey, which applies to insurers that meet the reporting threshold of 

$100 million in countrywide direct premium and are licensed in one of the participating jurisdictions. The new 

disclosure standard is consistent with the international Task Force on Climate-Related Financial Disclosures’ 

framework for reporting climate-related financial information. 

NYDFS expects insurers to integrate financial risks related to climate change into their governance frameworks, 
risk management processes and business strategies, and that insurers should develop their approach to climate 
related financial disclosure. We have initiated and continue to build upon a multi-phase climate risk management 
process. 

On November 15, 2021, the NYDFS issued additional guidance for New York domestic insurers (the “2021 

Guidance”), applicable to GLICNY, related to the management of financial risks from climate change. Such 
insurers are expected to manage these risks by outlining actions that are proportionate to the nature, scale and 
complexity of their businesses. For instance, the 2021 Guidance states that an insurer should: (i) incorporate 
climate risk into its financial risk management, including its ORSA; (ii) manage climate risk through its 
enterprise risk management functions and ensure that its organizational structure clearly defines roles and 
responsibilities related to managing such risk; (iii) use scenario analysis when developing business strategies and 
identifying risks; and (iv) incorporate the management of climate risk into its corporate governance structure at 
the group or insurer entity level. As of August 15, 2022, insurers were required to implement certain corporate 
governance changes and develop plans to implement the organizational structure changes. We complied with this 
requirement and provided our plan to the NYDFS. Insurers are encouraged to work on additional changes that 
may take longer to implement, although the NYDFS will issue further guidance with more specific timelines. 

The NYDFS also amended the regulation that governs enterprise risk management, effective as of 

August 13, 2021, that requires an insurance group to include certain additional risks, such as climate change risk, 
in its enterprise risk management function. 

In addition, the FIO is authorized to monitor the U.S. insurance industry under the Dodd-Frank Act. 
Pursuant to its statutory authority, the FIO is assessing how the insurance sector may mitigate climate risks and 
help achieve national climate-related goals. On June 27, 2023, the FIO released a report titled, Insurance 
Supervision and Regulation of Climate-Related Risks, which evaluates climate-related issues and gaps in insurer 
regulation. The report urges insurance regulators to adopt climate-related risk-monitoring guidance in order to 
enhance their regulation and supervision of insurers. 

On October 7, 2023, California enacted two climate disclosure laws that will require entities that do 

business in the state and meet certain annual revenue thresholds to provide climate-related disclosures. Insurance 
companies are specifically excluded from the disclosure requirements of the Climate-Related Financial Risk Act 
(“SB 261”); however, it is expected that thousands of public and private companies will be subject to the 
disclosure requirements of the Climate Corporate Data Accountability Act (“SB 253”), including Genworth. SB 
253 requires entities with more than $1.0 billion in annual revenue to annually disclose their Scope 1, Scope 2 
and Scope 3 emissions in accordance with the Greenhouse Gas Protocol and obtain limited assurance over those 
disclosures beginning in 2026 and reasonable assurance beginning in 2030. SB 253 requires disclosures of Scope 
1 and Scope 2 emissions beginning in 2026 (using fiscal year ended 2025 data), and Scope 3 emissions 
disclosures beginning in 2027. The California legislature continues to review implementation details under the 
new climate laws, including deadlines, as well as the potential impacts of the law on business entities; therefore, 
we cannot predict at this time whether there will be changes in how and when the laws are applied or the impact 
on our business, results of operations and financial condition. 

Diversity and corporate governance 

The NAIC and state insurance regulators are also focused on the topic of race, diversity and inclusion within 

the insurance industry. In New York, the NYDFS expects the insurers it regulates to make diversity of their 
leadership a business priority and a key element of their corporate governance. 

Privacy and cybersecurity 

The New York State Department of Financial Services (“NYDFS”) issued a circular letter in 2020 to New 

York domestic and foreign authorized insurers, which applies to certain of our subsidiaries, stating that the 

In the United States, federal and state laws and regulations require financial institutions, including insurance 

companies, to protect the privacy and security of consumer financial information and to notify consumers about 

26 

27 

policies and practices relating to the collection, use and disclosure of consumer information, as well as policies 
relating to protecting the confidentiality, integrity and availability of that information. Similarly, federal and state 
laws and regulations govern the disclosure and security of consumer health information. In particular, regulations 
promulgated by the U.S. Department of Health and Human Services pursuant to the Health Insurance Portability 
and Accountability Act and various states regulate the disclosure and use of protected health information by 
health insurers and other covered entities, the physical and procedural safeguards employed to protect the 
security of that information, and the electronic transmission of such information. From time to time, Congress 
and state legislatures consider additional legislation relating to privacy and other aspects of consumer 
information. We cannot predict whether such legislation will be enacted, or what impact, if any, such legislation 
may have on our business, financial condition or results of operations. 

The California Consumer Privacy Act of 2018 (the “CCPA”) is applicable to portions of our business and 
was significantly amended by the California Privacy Rights Act of 2020 (“CPRA”). The CCPA, as amended by 
the CPRA, grants California residents the right to know what information a business has collected about them 
and the sourcing and sharing of that information, as well as the right to access and correct their personal 
information, and (subject to certain exemptions) the right to have a business delete their personal information. 
The CPRA created the California Privacy Protection Agency to enforce the CCPA and to promulgate regulations 
thereunder, imposed additional obligations regarding the privacy notice and service provider contracts, created 
new requirements around the protection of sensitive personal information and eliminated certain exemptions for 
personal information collected in employment or business-to-business contexts. The majority of the CPRA 
provisions went into effect on January 1, 2023. Failure to comply with the CCPA risks regulatory fines, and the 
law grants a private right of action for any unauthorized disclosure of certain personal information not subject to 
an exemption as a result of failure to maintain reasonable security procedures and practices. 

Other states have enacted, or are considering enacting, similar comprehensive data privacy laws. These laws 
generally include entity-wide exemptions for financial institutions subject to Title V of the Gramm-Leach-Bliley 
Act. However, such new laws and regulations vary by jurisdiction, and adapting our data privacy practices may 
increase the risk of noncompliance, along with our compliance costs. 

The NAIC’s Privacy Protections (H) Working Group (“PPWG”) is also developing a new Insurance 
Consumer Privacy Protections Model Law (Model 674) to replace the NAIC’s Insurance Information and 
Privacy Protection Model Act and the Privacy of Consumer Financial and Health Information Regulation. Due to 
the large number of comments received on a revised draft of Model 674, the PPWG received an extension until 
December 31, 2024 to develop the new model law. 

Cybersecurity continues to be an area of significant and increasing focus of legislatures and regulators. For 

example, on November 1, 2023, the NYDFS adopted amendments to its cybersecurity regulation specific to 
financial services institutions, including banking and insurance entities, under its jurisdiction. The regulation 
requires a company’s cybersecurity program to be reasonably designed to protect consumers’ private data and to 
include robust controls regarding access privileges, application security, policies and procedures for the disposal 
of nonpublic information, regular cybersecurity awareness training, encryption of nonpublic information, third-
party due diligence and an incident response plan. The amendments expand requirements for notification to the 
NYDFS of cybersecurity events, including related to ransomware attacks, and expand technical requirements 
around system penetration testing, vulnerability assessments, risk assessments and audits. The amendments also 
add new requirements related to cybersecurity plans and expand cybersecurity governance requirements, among 
other things. We are required to file an annual certification of compliance with the NYDFS regarding our 
cybersecurity program. 

In addition, the NAIC’s Insurance Data Security Model Law (the “Cybersecurity Model Law”), which is 

similar to New York’s cybersecurity regulation, establishes standards for data security and for the investigation 
of and notification to insurance commissioners of cybersecurity events involving unauthorized access to, or the 
misuse of, certain nonpublic information. The Cybersecurity Model Law provides requirements to protect the 

confidentiality, integrity and availability of covered information systems and the sensitive or business 

information thereon. Approximately 23 states have adopted a version of the Cybersecurity Model Law, including 

Delaware and Virginia. 

Finally, effective as of June 2023, the Federal Trade Commission (“FTC”) amended the “Standards for 

Safeguarding Customer Information Rules” (known as the “Safeguards Rule”) to add requirements for certain 

covered financial institutions to implement and maintain certain data security practices in their information 

security programs. In November 2023, the FTC published a final rule further amending the Safeguards Rule to 

require notification to the FTC of certain data breach events. These additional amendments take effect in May 

For additional information regarding our cybersecurity risk management and governance, see “Item 1C—

We are committed to helping families become more financially secure, self-reliant and prepared for the 

future, and that philosophy extends to our employees. We take a holistic approach to human capital management, 

including attracting and retaining talent with comprehensive benefits and compensation packages, providing 

professional development and learning opportunities, facilitating access to dedicated resources that foster an 

equitable and inclusive environment and encouraging a sincere commitment to community service and 

2024. 

Cybersecurity.” 

Human Capital Management 

involvement. 

Total rewards and well-being 

• Our compensation package, including salary, bonus and long-term incentives, aligns employee and 

stockholder interests. In 2023, we introduced a new rewards and recognition platform that encourages 

our employees to recognize one another for exemplifying our values to make it human, make it about 

others, make it happen and make it better as they serve our current and future customers. 

•

In addition to a competitive compensation program, we also offer our employees benefits such as life 

and health insurance, paid time off, paid family leave, identity theft protection, financial planning and a 

retirement savings plan. 

• To further support our employees, we continue to provide additional financial, health and wellbeing 

resources, as well as a flexible work schedule to allow employees additional time for self-care and the 

care of family members. We are currently operating under a hybrid approach organizationally, allowing 

flexibility to work remotely or in the office. 

Learning and development 

• We offer a multitude of professional development and career enrichment opportunities, including 

building leadership skills, professional skills training and industry-specific matters, as well as 

education reimbursement benefits and student loan repayment to aid career progression. 

• Additionally, we facilitate an annual organization-wide talent management process to support career 

development, progression and succession planning. 

Diversity and inclusion 

• We are committed to fostering an inclusive work environment that encourages employees to be their 

authentic selves. Our executive leadership established a diversity, equity, and inclusion executive 

steering committee to emphasize the importance of Genworth’s diversity philosophy. We have built 

28 

29 

policies and practices relating to the collection, use and disclosure of consumer information, as well as policies 

relating to protecting the confidentiality, integrity and availability of that information. Similarly, federal and state 

laws and regulations govern the disclosure and security of consumer health information. In particular, regulations 

promulgated by the U.S. Department of Health and Human Services pursuant to the Health Insurance Portability 

and Accountability Act and various states regulate the disclosure and use of protected health information by 

health insurers and other covered entities, the physical and procedural safeguards employed to protect the 

security of that information, and the electronic transmission of such information. From time to time, Congress 

and state legislatures consider additional legislation relating to privacy and other aspects of consumer 

information. We cannot predict whether such legislation will be enacted, or what impact, if any, such legislation 

may have on our business, financial condition or results of operations. 

The California Consumer Privacy Act of 2018 (the “CCPA”) is applicable to portions of our business and 

was significantly amended by the California Privacy Rights Act of 2020 (“CPRA”). The CCPA, as amended by 

the CPRA, grants California residents the right to know what information a business has collected about them 

and the sourcing and sharing of that information, as well as the right to access and correct their personal 

information, and (subject to certain exemptions) the right to have a business delete their personal information. 

The CPRA created the California Privacy Protection Agency to enforce the CCPA and to promulgate regulations 

thereunder, imposed additional obligations regarding the privacy notice and service provider contracts, created 

new requirements around the protection of sensitive personal information and eliminated certain exemptions for 

personal information collected in employment or business-to-business contexts. The majority of the CPRA 

provisions went into effect on January 1, 2023. Failure to comply with the CCPA risks regulatory fines, and the 

law grants a private right of action for any unauthorized disclosure of certain personal information not subject to 

an exemption as a result of failure to maintain reasonable security procedures and practices. 

Other states have enacted, or are considering enacting, similar comprehensive data privacy laws. These laws 

generally include entity-wide exemptions for financial institutions subject to Title V of the Gramm-Leach-Bliley 

Act. However, such new laws and regulations vary by jurisdiction, and adapting our data privacy practices may 

increase the risk of noncompliance, along with our compliance costs. 

The NAIC’s Privacy Protections (H) Working Group (“PPWG”) is also developing a new Insurance 

Consumer Privacy Protections Model Law (Model 674) to replace the NAIC’s Insurance Information and 

Privacy Protection Model Act and the Privacy of Consumer Financial and Health Information Regulation. Due to 

the large number of comments received on a revised draft of Model 674, the PPWG received an extension until 

December 31, 2024 to develop the new model law. 

Cybersecurity continues to be an area of significant and increasing focus of legislatures and regulators. For 

example, on November 1, 2023, the NYDFS adopted amendments to its cybersecurity regulation specific to 

financial services institutions, including banking and insurance entities, under its jurisdiction. The regulation 

requires a company’s cybersecurity program to be reasonably designed to protect consumers’ private data and to 

include robust controls regarding access privileges, application security, policies and procedures for the disposal 

of nonpublic information, regular cybersecurity awareness training, encryption of nonpublic information, third-

party due diligence and an incident response plan. The amendments expand requirements for notification to the 

NYDFS of cybersecurity events, including related to ransomware attacks, and expand technical requirements 

around system penetration testing, vulnerability assessments, risk assessments and audits. The amendments also 

add new requirements related to cybersecurity plans and expand cybersecurity governance requirements, among 

other things. We are required to file an annual certification of compliance with the NYDFS regarding our 

cybersecurity program. 

In addition, the NAIC’s Insurance Data Security Model Law (the “Cybersecurity Model Law”), which is 

similar to New York’s cybersecurity regulation, establishes standards for data security and for the investigation 

of and notification to insurance commissioners of cybersecurity events involving unauthorized access to, or the 

misuse of, certain nonpublic information. The Cybersecurity Model Law provides requirements to protect the 

confidentiality, integrity and availability of covered information systems and the sensitive or business 
information thereon. Approximately 23 states have adopted a version of the Cybersecurity Model Law, including 
Delaware and Virginia. 

Finally, effective as of June 2023, the Federal Trade Commission (“FTC”) amended the “Standards for 

Safeguarding Customer Information Rules” (known as the “Safeguards Rule”) to add requirements for certain 
covered financial institutions to implement and maintain certain data security practices in their information 
security programs. In November 2023, the FTC published a final rule further amending the Safeguards Rule to 
require notification to the FTC of certain data breach events. These additional amendments take effect in May 
2024. 

For additional information regarding our cybersecurity risk management and governance, see “Item 1C—

Cybersecurity.” 

Human Capital Management 

We are committed to helping families become more financially secure, self-reliant and prepared for the 
future, and that philosophy extends to our employees. We take a holistic approach to human capital management, 
including attracting and retaining talent with comprehensive benefits and compensation packages, providing 
professional development and learning opportunities, facilitating access to dedicated resources that foster an 
equitable and inclusive environment and encouraging a sincere commitment to community service and 
involvement. 

Total rewards and well-being 

• Our compensation package, including salary, bonus and long-term incentives, aligns employee and 

stockholder interests. In 2023, we introduced a new rewards and recognition platform that encourages 
our employees to recognize one another for exemplifying our values to make it human, make it about 
others, make it happen and make it better as they serve our current and future customers. 

•

In addition to a competitive compensation program, we also offer our employees benefits such as life 
and health insurance, paid time off, paid family leave, identity theft protection, financial planning and a 
retirement savings plan. 

• To further support our employees, we continue to provide additional financial, health and wellbeing 

resources, as well as a flexible work schedule to allow employees additional time for self-care and the 
care of family members. We are currently operating under a hybrid approach organizationally, allowing 
flexibility to work remotely or in the office. 

Learning and development 

• We offer a multitude of professional development and career enrichment opportunities, including 
building leadership skills, professional skills training and industry-specific matters, as well as 
education reimbursement benefits and student loan repayment to aid career progression. 

• Additionally, we facilitate an annual organization-wide talent management process to support career 

development, progression and succession planning. 

Diversity and inclusion 

• We are committed to fostering an inclusive work environment that encourages employees to be their 
authentic selves. Our executive leadership established a diversity, equity, and inclusion executive 
steering committee to emphasize the importance of Genworth’s diversity philosophy. We have built 

28 

29 

Our website also includes the charters of our audit committee, nominating and corporate governance 

committee, risk committee, and management development and compensation committee, any key practices of 

these committees, our governance principles, and the Company’s code of ethics. Copies of these materials also 

are available, without charge, from Genworth Investor Relations, at the above address. Within the time period 

required by the SEC and the New York Stock Exchange, we will post on our website any amendment to our code 

of ethics and any waiver applicable to any of our directors, executive officers or senior financial officers. 

On May 30, 2023, our President and Chief Executive Officer certified to the New York Stock Exchange that 

he was not aware of any violation by us of the New York Stock Exchange’s corporate governance listing 

standards. 

Transfer Agent and Registrar 

Our transfer agent and registrar is Computershare, P.O. Box 505000, Louisville, KY 40233-5000. 

Telephone: 866-229-8413; 201-680-6578 (outside the United States and Canada may call collect); and 

800-231-5469 (for hearing impaired). 

and continue to actively engage strong community connections and partnerships with diverse 
organizations to promote equitable opportunities and have implemented training initiatives to enhance 
employee inclusivity and self-awareness. 

• We empower our employees to embrace their differences and commonalities to contribute to a culture 
of belonging. To help in this important work, all employees are encouraged to participate in our 13 
Employee Resource Groups (“ERGs”) and Toastmasters, a communication and leadership club. These 
ERGs and Toastmasters are central to Genworth’s identity, driving allyship, education, resources and 
positive change throughout our workforce. 

Social responsibility 

• We use our outreach platforms, including the Genworth Foundation, to extend our very purposeful 
impact in our communities through grants, program sponsorships, paid volunteer time for our 
employees and employee-directed charitable giving. We align philanthropic efforts with our primary 
business focus areas, our commitment to sustainability and other programs that are important to our 
employees. 

•

Please read our Sustainability Report to learn more about our collective accomplishments and plans to 
continue serving our customers, our colleagues, and our community. 

Workforce demographics 

• We are proud to embrace a future where the diversity of our associates, leadership and executives 

contribute to a culture of belonging and inclusion. 

• As of December 31, 2023, we employed approximately 2,700 full-time and part-time employees 
globally, none of which are subject to a collective bargaining agreement. Women comprised 
approximately 61% of our total U.S. employee population, while 34% of our employees in the U.S. 
were ethnically diverse. Among people leaders in the U.S., 46% were women and 24% were ethnically 
diverse and for our senior management, which we designate based on internal human resource 
compensation levels, 32% were women and 22% were ethnically diverse. With respect to the eight 
members of our non-management Board of Directors, four are women and two are ethnically diverse. 
In addition, as of January 1, 2024, of the five senior leaders of our top business lines and our 
investments group, three are women and four are ethnically diverse. 

Information posted on our website, including our Sustainability Report, is not incorporated by reference into 

and does not form part of this Annual Report on Form 10-K. 

Directors and Executive Officers 

See Part III, Item 10 of this Annual Report on Form 10-K for information about our directors and executive 

officers. 

Available Information 

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K 

and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act 
are available, without charge, on our website, www.genworth.com, as soon as reasonably practicable after 
we file or furnish such reports with the SEC. The public may read and copy any electronic materials we 
file or furnish with the SEC at the SEC’s website, www.sec.gov. Copies of our SEC filed or furnished 
reports are also available, without charge, from Genworth Investor Relations, 6620 West Broad Street, 
Richmond, VA 23230. 

30 

31 

Our website also includes the charters of our audit committee, nominating and corporate governance 
committee, risk committee, and management development and compensation committee, any key practices of 
these committees, our governance principles, and the Company’s code of ethics. Copies of these materials also 
are available, without charge, from Genworth Investor Relations, at the above address. Within the time period 
required by the SEC and the New York Stock Exchange, we will post on our website any amendment to our code 
of ethics and any waiver applicable to any of our directors, executive officers or senior financial officers. 

On May 30, 2023, our President and Chief Executive Officer certified to the New York Stock Exchange that 

he was not aware of any violation by us of the New York Stock Exchange’s corporate governance listing 
standards. 

Transfer Agent and Registrar 

Our transfer agent and registrar is Computershare, P.O. Box 505000, Louisville, KY 40233-5000. 
Telephone: 866-229-8413; 201-680-6578 (outside the United States and Canada may call collect); and 
800-231-5469 (for hearing impaired). 

and continue to actively engage strong community connections and partnerships with diverse 

organizations to promote equitable opportunities and have implemented training initiatives to enhance 

employee inclusivity and self-awareness. 

• We empower our employees to embrace their differences and commonalities to contribute to a culture 

of belonging. To help in this important work, all employees are encouraged to participate in our 13 

Employee Resource Groups (“ERGs”) and Toastmasters, a communication and leadership club. These 

ERGs and Toastmasters are central to Genworth’s identity, driving allyship, education, resources and 

positive change throughout our workforce. 

Social responsibility 

• We use our outreach platforms, including the Genworth Foundation, to extend our very purposeful 

impact in our communities through grants, program sponsorships, paid volunteer time for our 

employees and employee-directed charitable giving. We align philanthropic efforts with our primary 

business focus areas, our commitment to sustainability and other programs that are important to our 

employees. 

•

Please read our Sustainability Report to learn more about our collective accomplishments and plans to 

continue serving our customers, our colleagues, and our community. 

Workforce demographics 

• We are proud to embrace a future where the diversity of our associates, leadership and executives 

contribute to a culture of belonging and inclusion. 

• As of December 31, 2023, we employed approximately 2,700 full-time and part-time employees 

globally, none of which are subject to a collective bargaining agreement. Women comprised 

approximately 61% of our total U.S. employee population, while 34% of our employees in the U.S. 

were ethnically diverse. Among people leaders in the U.S., 46% were women and 24% were ethnically 

diverse and for our senior management, which we designate based on internal human resource 

compensation levels, 32% were women and 22% were ethnically diverse. With respect to the eight 

members of our non-management Board of Directors, four are women and two are ethnically diverse. 

In addition, as of January 1, 2024, of the five senior leaders of our top business lines and our 

investments group, three are women and four are ethnically diverse. 

Information posted on our website, including our Sustainability Report, is not incorporated by reference into 

and does not form part of this Annual Report on Form 10-K. 

See Part III, Item 10 of this Annual Report on Form 10-K for information about our directors and executive 

Directors and Executive Officers 

officers. 

Available Information 

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K 

and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act 

are available, without charge, on our website, www.genworth.com, as soon as reasonably practicable after 

we file or furnish such reports with the SEC. The public may read and copy any electronic materials we 

file or furnish with the SEC at the SEC’s website, www.sec.gov. Copies of our SEC filed or furnished 

reports are also available, without charge, from Genworth Investor Relations, 6620 West Broad Street, 

Richmond, VA 23230. 

30 

31 

Item 1A.  Risk Factors 

You should carefully consider the following risks. These risks could materially affect our business, results of 
operations or financial condition, cause the trading price of our common stock to decline materially or cause our 
actual results to differ materially from those expected or those expressed in any forward-looking statements 
made by us or on our behalf. These risks are not exclusive, and additional risks to which we are subject include, 
but are not limited to, the factors mentioned under “Cautionary note regarding forward-looking statements” and 
the risks of our businesses described elsewhere in this Annual Report on Form 10-K for the year ended 
December 31, 2023. 

Risk Factor Summary 

The following summarizes material risks to the Company and is qualified by the full description contained below. 

The occurrence of any of the following risks or of unknown risks and uncertainties may adversely affect our business, 

operating results and financial condition. 

Risks Relating to Our Ability to Grow Our New Business, Products or Services 

• New lines of business or new products and services, such as those we are pursuing with CareScout, may not 

be successful or may subject us to additional risks. 

Risks Relating to Estimates, Assumptions and Valuations 

• We may be required to increase our reserves as a result of deviations from our estimates and actuarial 

assumptions or other reasons, which could have a material adverse effect on our business, results of 

operations and financial condition. 

•

If the models used in our businesses are inaccurate, it could have a material adverse impact on our business, 

results of operations and financial condition. 

• Our valuation of fixed maturity and equity securities uses methodologies, estimations and assumptions that 

are subject to change and differing interpretations which could result in changes to investment valuations that 

may materially adversely affect our business, results of operations and financial condition. 

Liquidity, Financial Strength and Credit Ratings, and Counterparty and Credit Risks 

• Genworth Financial and Genworth Holdings depend on the ability of Enact Holdings and its subsidiaries to 

pay dividends and make other payments and distributions to each of them and to meet their obligations. 

• Our sources of capital have become more limited, and under certain conditions we may need to seek 

additional capital on unfavorable terms. 

• Adverse rating agency actions have in the past resulted in a loss of business and adversely affected our 

results of operations, financial condition and business, and future adverse rating actions could have a further 

and more significant adverse impact on us. 

• Defaults by counterparties to our reinsurance arrangements or to derivative instruments we use to hedge our 

business risks, or defaults by us on agreements we have with these counterparties, may expose us to risks we 

sought to mitigate, which could have a material adverse effect on our business, results of operations and 

financial condition. 

• Defaults or other events impacting the value of our fixed maturity securities portfolio may reduce our income. 

Risks Relating to Economic and Market Conditions 

•

Interest rates and changes in rates, including changes in monetary policy to combat inflation, could 

materially adversely affect our business and profitability. 

• A deterioration in economic conditions, a severe recession or a decline in home prices, all of which could be 

driven by many potential factors, may adversely affect Enact Holdings’ loss experience. 

Regulatory and Legal Risks 

• Changes in accounting and reporting standards issued by the Financial Accounting Standards Board or other 

standard-setting bodies and insurance regulators could materially adversely affect our business, financial 

condition and results of operations. 

• The inability to obtain in-force rate action increases (including increased premiums and associated benefit 

reductions) in our long-term care insurance business could have a material adverse impact on our business, 

including our results of operations and financial condition. 

• Our insurance businesses are extensively regulated and changes in regulation may reduce our profitability 

and limit our growth. 

• Litigation and regulatory investigations or other actions are common in the insurance business and may result 

in financial losses and harm our reputation. 

• An adverse change in the regulatory requirements on our U.S. life insurance subsidiaries, including risk-

based capital requirements, could have a material adverse impact on our business, results of operations and 

financial condition. 

32 

33 

Item 1A.  Risk Factors 

You should carefully consider the following risks. These risks could materially affect our business, results of 

operations or financial condition, cause the trading price of our common stock to decline materially or cause our 

actual results to differ materially from those expected or those expressed in any forward-looking statements 

made by us or on our behalf. These risks are not exclusive, and additional risks to which we are subject include, 

but are not limited to, the factors mentioned under “Cautionary note regarding forward-looking statements” and 

the risks of our businesses described elsewhere in this Annual Report on Form 10-K for the year ended 

December 31, 2023. 

Risk Factor Summary 

The following summarizes material risks to the Company and is qualified by the full description contained below. 
The occurrence of any of the following risks or of unknown risks and uncertainties may adversely affect our business, 
operating results and financial condition. 

Risks Relating to Our Ability to Grow Our New Business, Products or Services 

• New lines of business or new products and services, such as those we are pursuing with CareScout, may not 

be successful or may subject us to additional risks. 

Risks Relating to Estimates, Assumptions and Valuations 

• We may be required to increase our reserves as a result of deviations from our estimates and actuarial 
assumptions or other reasons, which could have a material adverse effect on our business, results of 
operations and financial condition. 
If the models used in our businesses are inaccurate, it could have a material adverse impact on our business, 
results of operations and financial condition. 

•

• Our valuation of fixed maturity and equity securities uses methodologies, estimations and assumptions that 

are subject to change and differing interpretations which could result in changes to investment valuations that 
may materially adversely affect our business, results of operations and financial condition. 

Liquidity, Financial Strength and Credit Ratings, and Counterparty and Credit Risks 

• Genworth Financial and Genworth Holdings depend on the ability of Enact Holdings and its subsidiaries to 
pay dividends and make other payments and distributions to each of them and to meet their obligations. 

• Our sources of capital have become more limited, and under certain conditions we may need to seek 

additional capital on unfavorable terms. 

• Adverse rating agency actions have in the past resulted in a loss of business and adversely affected our 

results of operations, financial condition and business, and future adverse rating actions could have a further 
and more significant adverse impact on us. 

• Defaults by counterparties to our reinsurance arrangements or to derivative instruments we use to hedge our 
business risks, or defaults by us on agreements we have with these counterparties, may expose us to risks we 
sought to mitigate, which could have a material adverse effect on our business, results of operations and 
financial condition. 

• Defaults or other events impacting the value of our fixed maturity securities portfolio may reduce our income. 

Risks Relating to Economic and Market Conditions 

•

Interest rates and changes in rates, including changes in monetary policy to combat inflation, could 
materially adversely affect our business and profitability. 

• A deterioration in economic conditions, a severe recession or a decline in home prices, all of which could be 

driven by many potential factors, may adversely affect Enact Holdings’ loss experience. 

Regulatory and Legal Risks 

• Changes in accounting and reporting standards issued by the Financial Accounting Standards Board or other 
standard-setting bodies and insurance regulators could materially adversely affect our business, financial 
condition and results of operations. 

• The inability to obtain in-force rate action increases (including increased premiums and associated benefit 
reductions) in our long-term care insurance business could have a material adverse impact on our business, 
including our results of operations and financial condition. 

• Our insurance businesses are extensively regulated and changes in regulation may reduce our profitability 

and limit our growth. 

• Litigation and regulatory investigations or other actions are common in the insurance business and may result 

in financial losses and harm our reputation. 

• An adverse change in the regulatory requirements on our U.S. life insurance subsidiaries, including risk-

based capital requirements, could have a material adverse impact on our business, results of operations and 
financial condition. 

32 

33 

• Changes to the role of the GSEs or to the charters or business practices of the GSEs, including actions or 
decisions to decrease or discontinue the use of mortgage insurance, could adversely affect our business, 
financial condition and results of operations. 

•

If Enact is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend them or 
the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of capital that are higher 
than planned or otherwise, Enact may not be eligible to write new insurance on loans acquired by the GSEs, 
which would have a material adverse effect on our business, results of operations and financial condition. 

• Enact Holdings’ U.S. mortgage insurance subsidiaries are subject to minimum statutory capital requirements, 
which if not met or waived, would result in restrictions or prohibitions on them doing business and could 
have a material adverse impact on our business, financial condition and results of operations. 

• Changes in regulations that adversely affect the mortgage insurance markets in which Enact Holdings 
operates could affect its operations significantly and could reduce the demand for mortgage insurance. 

• Our U.S. life insurance subsidiaries may not be able to continue to mitigate the impact of Regulations XXX 
or AXXX and, therefore, they may incur higher operating costs that could have a material adverse effect on 
our business, financial condition and results of operations. 

Operational Risks 

•

If we are unable to retain, attract and motivate qualified employees or senior management, our results of 
operations, financial condition and business operations may be adversely impacted. 

• Enact Holdings’ reliance on key customers or distribution relationships could cause a loss of significant sales 

if one or more of those relationships terminate or are reduced. 

• Our businesses could be adversely impacted from deficiencies in our disclosure controls and procedures or 

internal control over financial reporting. 

• Our computer systems and those of our third-party service providers have in the past and may in the future 
fail or be compromised, including through cybersecurity breaches; we may experience issues from new and 
complex information technology methodologies such as artificial intelligence; and unanticipated problems 
could materially adversely impact our disaster recovery systems and business continuity plans, any of which 
could damage our reputation, impair our ability to conduct business effectively, result in enforcement action 
or litigation, and materially adversely affect our business, financial condition and results of operations. 

• We rely upon third-party vendors who may be unable or unwilling to meet their obligations to us. 

Insurance and Product-Related Risks 

• Enact Holdings may be unable to maintain or increase capital in its mortgage insurance subsidiaries in a 

timely manner, on anticipated terms or at all, including through improved business performance, reinsurance 
or similar transactions, securities offerings or otherwise, in each case as and when required. 

• Reinsurance may not be available, affordable or adequate to protect us against losses. 

• A decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of 

mortgage insurance cancellations could result in a decline in Enact Holdings’ revenue. 

• The amount of mortgage insurance written by Enact Holdings could decline significantly if alternatives to 

private mortgage insurance are used or lower coverage levels of mortgage insurance are selected. 

• Enact Holdings’ delegated underwriting program may subject its mortgage insurance subsidiaries to 

unanticipated claims. 

• Medical advances, such as genetic research and diagnostic imaging, emerging new technology, including 

artificial intelligence and related legislation, could materially adversely affect the financial performance of 
our life insurance, long-term care insurance and annuity businesses. 

Other Emerging Risks 

• Other emerging risks, such as the occurrence of natural or man-made disasters, including geopolitical 

tensions and war; a public health emergency, including pandemics; climate change; or unknown risks and 
uncertainties associated with artificial intelligence could materially adversely affect our business, financial 
condition and results of operations. 

Risks Relating to Our Ability to Grow Our New Business, Products or Services 

New lines of business or new products and services, such as those we are pursuing with CareScout, may 

not be successful or may subject us to additional risks. 

Our senior care growth initiatives, which include fee-based services, advice and consulting along with 

traditional insurance products, including long-term care insurance offered by CareScout, constitute a new line of 

business we are pursuing. There are risks and uncertainties associated with any new line of business. In 

developing and marketing new lines of business and new products and services, we expect to invest significant 

time and resources, including capital, and the attention of management and our Board of Directors could be 

diverted from other business operations. Our planned timeline for the development and introduction of new 

products or services may not be achieved, our expenditures may exceed revenues for longer than we anticipate, 

and our price and profitability targets may not prove feasible. Our ability to achieve anticipated business 

performance and financial results from CareScout could be adversely impacted for a variety of reasons and 

unforeseen events, including but not limited to, lower than anticipated customer demand, higher capital needs, 

staffing shortages and continued workflow disruptions, and impediments to Genworth Holdings’ liquidity caused 

by, among other things, downturns in the U.S. economy that reduce its strategic investments in CareScout. 

Furthermore, if customers do not perceive our new offerings as providing significant value, they may fail to 

accept our new products and services in the way we anticipate. External factors, such as competitive alternatives, 

commercial and/or regulatory challenges and shifting market preferences, may also impact the successful 

implementation of a new line of business or a new product or service. Failure to successfully manage these risks 

in the development and implementation of our new lines of business or new products or services, specifically our 

inability to achieve anticipated business performance and financial results from CareScout, could have a material 

adverse effect on our business, results of operations and financial condition. 

Risks Relating to Estimates, Assumptions and Valuations 

We may be required to increase our reserves as a result of deviations from our estimates and actuarial 

assumptions or other reasons, which could have a material adverse effect on our business, results of 

operations and financial condition. 

We calculate and maintain reserves for estimated future payments of claims to our policyholders and 

contractholders in accordance with U.S. GAAP and industry accounting practices. We release these reserves as 

those future obligations are paid, experience changes or policies lapse. The reserves we establish reflect estimates 

and actuarial assumptions with regard to our future experience. These estimates and actuarial assumptions 

involve the exercise of significant judgment. Our future financial results depend significantly upon the extent to 

which our actual future experience is consistent with the assumptions and methodologies we have used in pricing 

our products and calculating our reserves. 

Many factors, and changes in these factors, can affect future experience, including but not limited to: 

interest rates; investment returns and volatility; economic and social conditions, such as inflation, unemployment, 

home price appreciation or depreciation, and health care experience (including the type of care and cost of care); 

policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force from one 

period to the next); insured mortality (i.e., life expectancy or longevity); insured morbidity (i.e., frequency and 

severity of claim, including claim termination rates, claim incidence, duration of claim and benefit utilization 

rates); future premium rate increases and associated benefit reductions; expenses; and doctrines of legal liability 

and damage awards in litigation. Because these factors are not known in advance, change over time, are difficult 

to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we 

will pay for actual claims or the timing of those payments. 

At least annually, as part of our ongoing assessment of our business performance and risks, we review our 

assumptions to determine the adequacy of reserves. Generally, we do not anticipate trends in actual versus 

expected experience to change significantly in the short-term and, to the extent these trends may change, we 

34 

35 

• Changes to the role of the GSEs or to the charters or business practices of the GSEs, including actions or 

decisions to decrease or discontinue the use of mortgage insurance, could adversely affect our business, 

financial condition and results of operations. 

•

If Enact is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend them or 

the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of capital that are higher 

than planned or otherwise, Enact may not be eligible to write new insurance on loans acquired by the GSEs, 

which would have a material adverse effect on our business, results of operations and financial condition. 

• Enact Holdings’ U.S. mortgage insurance subsidiaries are subject to minimum statutory capital requirements, 

which if not met or waived, would result in restrictions or prohibitions on them doing business and could 

have a material adverse impact on our business, financial condition and results of operations. 

• Changes in regulations that adversely affect the mortgage insurance markets in which Enact Holdings 

operates could affect its operations significantly and could reduce the demand for mortgage insurance. 

• Our U.S. life insurance subsidiaries may not be able to continue to mitigate the impact of Regulations XXX 

or AXXX and, therefore, they may incur higher operating costs that could have a material adverse effect on 

our business, financial condition and results of operations. 

Operational Risks 

•

If we are unable to retain, attract and motivate qualified employees or senior management, our results of 

operations, financial condition and business operations may be adversely impacted. 

• Enact Holdings’ reliance on key customers or distribution relationships could cause a loss of significant sales 

if one or more of those relationships terminate or are reduced. 

• Our businesses could be adversely impacted from deficiencies in our disclosure controls and procedures or 

internal control over financial reporting. 

• Our computer systems and those of our third-party service providers have in the past and may in the future 

fail or be compromised, including through cybersecurity breaches; we may experience issues from new and 

complex information technology methodologies such as artificial intelligence; and unanticipated problems 

could materially adversely impact our disaster recovery systems and business continuity plans, any of which 

could damage our reputation, impair our ability to conduct business effectively, result in enforcement action 

or litigation, and materially adversely affect our business, financial condition and results of operations. 

• We rely upon third-party vendors who may be unable or unwilling to meet their obligations to us. 

Insurance and Product-Related Risks 

• Enact Holdings may be unable to maintain or increase capital in its mortgage insurance subsidiaries in a 

timely manner, on anticipated terms or at all, including through improved business performance, reinsurance 

or similar transactions, securities offerings or otherwise, in each case as and when required. 

• Reinsurance may not be available, affordable or adequate to protect us against losses. 

• A decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of 

mortgage insurance cancellations could result in a decline in Enact Holdings’ revenue. 

• The amount of mortgage insurance written by Enact Holdings could decline significantly if alternatives to 

private mortgage insurance are used or lower coverage levels of mortgage insurance are selected. 

• Enact Holdings’ delegated underwriting program may subject its mortgage insurance subsidiaries to 

unanticipated claims. 

• Medical advances, such as genetic research and diagnostic imaging, emerging new technology, including 

artificial intelligence and related legislation, could materially adversely affect the financial performance of 

our life insurance, long-term care insurance and annuity businesses. 

Other Emerging Risks 

• Other emerging risks, such as the occurrence of natural or man-made disasters, including geopolitical 

tensions and war; a public health emergency, including pandemics; climate change; or unknown risks and 

uncertainties associated with artificial intelligence could materially adversely affect our business, financial 

condition and results of operations. 

Risks Relating to Our Ability to Grow Our New Business, Products or Services 

New lines of business or new products and services, such as those we are pursuing with CareScout, may 
not be successful or may subject us to additional risks. 

Our senior care growth initiatives, which include fee-based services, advice and consulting along with 
traditional insurance products, including long-term care insurance offered by CareScout, constitute a new line of 
business we are pursuing. There are risks and uncertainties associated with any new line of business. In 
developing and marketing new lines of business and new products and services, we expect to invest significant 
time and resources, including capital, and the attention of management and our Board of Directors could be 
diverted from other business operations. Our planned timeline for the development and introduction of new 
products or services may not be achieved, our expenditures may exceed revenues for longer than we anticipate, 
and our price and profitability targets may not prove feasible. Our ability to achieve anticipated business 
performance and financial results from CareScout could be adversely impacted for a variety of reasons and 
unforeseen events, including but not limited to, lower than anticipated customer demand, higher capital needs, 
staffing shortages and continued workflow disruptions, and impediments to Genworth Holdings’ liquidity caused 
by, among other things, downturns in the U.S. economy that reduce its strategic investments in CareScout. 
Furthermore, if customers do not perceive our new offerings as providing significant value, they may fail to 
accept our new products and services in the way we anticipate. External factors, such as competitive alternatives, 
commercial and/or regulatory challenges and shifting market preferences, may also impact the successful 
implementation of a new line of business or a new product or service. Failure to successfully manage these risks 
in the development and implementation of our new lines of business or new products or services, specifically our 
inability to achieve anticipated business performance and financial results from CareScout, could have a material 
adverse effect on our business, results of operations and financial condition. 

Risks Relating to Estimates, Assumptions and Valuations 

We may be required to increase our reserves as a result of deviations from our estimates and actuarial 
assumptions or other reasons, which could have a material adverse effect on our business, results of 
operations and financial condition. 

We calculate and maintain reserves for estimated future payments of claims to our policyholders and 
contractholders in accordance with U.S. GAAP and industry accounting practices. We release these reserves as 
those future obligations are paid, experience changes or policies lapse. The reserves we establish reflect estimates 
and actuarial assumptions with regard to our future experience. These estimates and actuarial assumptions 
involve the exercise of significant judgment. Our future financial results depend significantly upon the extent to 
which our actual future experience is consistent with the assumptions and methodologies we have used in pricing 
our products and calculating our reserves. 

Many factors, and changes in these factors, can affect future experience, including but not limited to: 

interest rates; investment returns and volatility; economic and social conditions, such as inflation, unemployment, 
home price appreciation or depreciation, and health care experience (including the type of care and cost of care); 
policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force from one 
period to the next); insured mortality (i.e., life expectancy or longevity); insured morbidity (i.e., frequency and 
severity of claim, including claim termination rates, claim incidence, duration of claim and benefit utilization 
rates); future premium rate increases and associated benefit reductions; expenses; and doctrines of legal liability 
and damage awards in litigation. Because these factors are not known in advance, change over time, are difficult 
to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we 
will pay for actual claims or the timing of those payments. 

At least annually, as part of our ongoing assessment of our business performance and risks, we review our 

assumptions to determine the adequacy of reserves. Generally, we do not anticipate trends in actual versus 
expected experience to change significantly in the short-term and, to the extent these trends may change, we 

34 

35 

expect such changes to be gradual over the long-term. However, this may not prove to be the case. If we 
conclude that our reserves are insufficient to cover actual or expected policy and contract benefits and claim 
payments as a result of changes in experience, assumptions or otherwise, we would be required to increase our 
reserves and record a charge through earnings in the period in which we make the determination. The amounts of 
such increases to reserves and charges to earnings may be significant, and this could materially adversely affect 
our results of operations and financial condition. Small changes in assumptions or small deviations of actual 
experience from assumptions can have, and in the past have had, material impacts on our reserves, results of 
operations and financial condition. 

The long-term profitability of our products depends upon the accuracy of our long-term assumptions used to 

calculate our reserves and how our actual experience compares with our expected experience. If any of our long-
term assumptions prove to be inaccurate, our reserves may be inadequate. 

See “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 
Operations—Critical Accounting Estimates” and notes 10, 11, 12 and 15 in our consolidated financial statements 
under “Part II—Item 8—Financial Statements and Supplementary Data” for additional information. Significant 
increases to our reserves may, among other things, limit our ability to execute on our business initiatives and 
adversely impact our credit or financial strength ratings. Any of these results could have a material adverse 
impact on our business, results of operations and financial condition. 

We also perform cash flow testing or “asset adequacy analysis” separately for each of our U.S. life 

insurance subsidiaries on a statutory accounting basis. To the extent that the cash flow testing margin is negative 
in any of our U.S. life insurance subsidiaries, we would need to increase statutory reserves in that company, 
which would decrease our RBC ratios. For additional information regarding impacts to statutory capital as a 
result of reserve increases, see “—An adverse change in the regulatory requirements on our U.S. life insurance 
subsidiaries, including risk-based capital requirements, could have a material adverse impact on our business, 
results of operations and financial condition.” 

Long-Term Care Insurance Segment 

Long-term care insurance policies provide for long-duration coverage and, therefore, our actual claims 

experience will emerge over many years, or decades. The prices and expected future profitability of our long-
term care insurance products are based in part upon expected patterns of premiums, expenses and benefits, using 
a number of assumptions, including, but not limited to, persistency, morbidity, and future premium rate increases 
and associated benefit reductions. 

For our long-term care insurance policies, actual persistency in later policy durations that is higher than our 
expected persistency assumptions could have a negative impact on profitability. If these policies remain in-force 
longer than we assumed, then we could be required to make greater benefit payments than we anticipated. A 
significant number of our long-term care insurance policies have experienced higher persistency than we had 
originally assumed, which has resulted in higher claims and an adverse effect on profitability. 

In addition, if morbidity rates are higher or mortality rates are lower than our valuation assumptions, we could 
be required to make greater payments and thus establish more reserves under our long-term care insurance policies 
than we had expected, and such amounts could be significant. Among other factors, changes in economic and 
interest rate risk, socio-demographics, behavioral trends (e.g., location of care and level of benefit use) and medical 
advances, may also have a material adverse impact on our future claims trends. For example, the impact of inflation 
on claims could be more pronounced for our long-term care insurance business than our other businesses given the 
“long tail” nature of this business. To the extent inflation or other factors causes health care costs to increase more 
than we anticipated, we will be required to increase our reserves which could negatively impact our profitability. 
Although we consider the potential effects of inflation when setting premium rates, our premiums may not fully 
offset the effects of inflation and may result in our underpricing of the risks we insure. Given these inherent 
challenges, our ability to precisely forecast future claim costs for long-term care insurance is limited. 

For additional information on our long-term care insurance reserves, see “Part II—Item 7—Management’s 

Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates—

Liability for future policy benefits.” 

Long-duration Targeted Improvements (“LDTI”) 

Under LDTI, we use best estimate assumptions for our long-term care insurance business and the impacts of 

assumption updates are reflected as remeasurement gains or losses in the income statement based on issue-year 

cohorts. As a result, assumption updates as well as actual versus expected experience on these long-duration 

products will continue to drive volatility in our long-term care insurance results. Approximately 50% of our 

cohorts currently have net premium ratios capped at 100%. The net premium ratio represents the portion of the 

gross premiums required to provide for all benefits and certain expenses in our long-term care insurance 

business. These capped cohorts are generally our older long-term care insurance policies, largely sold prior to 

2003. The other 50% of our cohorts have a net premium ratio of less than 100% and are currently expected to be 

profitable. We would expect ongoing income statement impacts and volatility related to assumption updates and 

variances between actual and expected experience in our older, unprofitable capped cohorts going forward. 

Conversely, we currently expect the profitable uncapped cohorts to have a more modest earnings impact related 

to assumption updates and variances between actual and expected experience, with a portion of the impact 

reflected in current period results and the remaining majority of the impact recognized over the life of the cohort. 

While quarterly variations are typically expected to be relatively small compared to the overall size of our 

liability for future policy benefits of $42.2 billion, at the locked-in discount rate, for our long-term care insurance 

business as of December 31, 2023, these variations have had, and may in the future have, a material impact on 

our quarterly results of operations and can result in material losses in our long-term care insurance business. 

See “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 

Operations—Long-Term Care Insurance segment” for the impacts of assumption updates and actual versus 

expected experience. 

In-force rate actions 

The adequacy of our current long-term care insurance reserves depends significantly on our assumptions 

regarding our continuing ability to successfully execute our multi-year in-force rate action plan through premium 

rate increases and associated benefit reductions. In measuring our long-term care insurance reserves under U.S. 

GAAP, our in-force rate action assumptions include significant future premium rate increases and associated 

benefit reductions resulting from rate actions that have been approved and related legal settlements, as well as 

rate actions that are anticipated to be approved (including premium rate increases and associated benefit 

reductions not yet filed) under our in-force rate action plan. 

As part of our cash flow testing process for our U.S. life insurance subsidiaries, we also consider incremental 

benefits from expected future in-force rate actions in our long-term care insurance products that help mitigate the 

impact of deteriorating experience. We may not be able to obtain regulatory approval for the future in-force rate 

actions we assumed in connection with our cash flow testing for our life insurance subsidiaries. If we do not obtain 

regulatory approval, we may be required to significantly further increase statutory reserves which could have a 

material adverse effect on our business, statutory results of operations and financial condition. 

The NYDFS, which regulates GLICNY, our New York insurance subsidiary, also requires specific 

adequacy testing scenarios that are generally more severe than those deemed acceptable in other states. 

Moreover, the required testing scenarios by the NYDFS have a disproportionate impact on our long-term care 

insurance products. In addition, we use New York specific experience for setting assumptions in our long-term 

care insurance products in GLICNY. While the NYDFS generally does not permit in-force rate increases for 

long-term care insurance to be used in asset adequacy analysis until such increases have been approved, it has 

allowed GLICNY to incorporate recently filed in-force rate actions in its asset adequacy analysis prior to 

36 

37 

expect such changes to be gradual over the long-term. However, this may not prove to be the case. If we 

conclude that our reserves are insufficient to cover actual or expected policy and contract benefits and claim 

payments as a result of changes in experience, assumptions or otherwise, we would be required to increase our 

reserves and record a charge through earnings in the period in which we make the determination. The amounts of 

such increases to reserves and charges to earnings may be significant, and this could materially adversely affect 

our results of operations and financial condition. Small changes in assumptions or small deviations of actual 

experience from assumptions can have, and in the past have had, material impacts on our reserves, results of 

operations and financial condition. 

The long-term profitability of our products depends upon the accuracy of our long-term assumptions used to 

calculate our reserves and how our actual experience compares with our expected experience. If any of our long-

term assumptions prove to be inaccurate, our reserves may be inadequate. 

See “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 

Operations—Critical Accounting Estimates” and notes 10, 11, 12 and 15 in our consolidated financial statements 

under “Part II—Item 8—Financial Statements and Supplementary Data” for additional information. Significant 

increases to our reserves may, among other things, limit our ability to execute on our business initiatives and 

adversely impact our credit or financial strength ratings. Any of these results could have a material adverse 

impact on our business, results of operations and financial condition. 

We also perform cash flow testing or “asset adequacy analysis” separately for each of our U.S. life 

insurance subsidiaries on a statutory accounting basis. To the extent that the cash flow testing margin is negative 

in any of our U.S. life insurance subsidiaries, we would need to increase statutory reserves in that company, 

which would decrease our RBC ratios. For additional information regarding impacts to statutory capital as a 

result of reserve increases, see “—An adverse change in the regulatory requirements on our U.S. life insurance 

subsidiaries, including risk-based capital requirements, could have a material adverse impact on our business, 

results of operations and financial condition.” 

Long-Term Care Insurance Segment 

Long-term care insurance policies provide for long-duration coverage and, therefore, our actual claims 

experience will emerge over many years, or decades. The prices and expected future profitability of our long-

term care insurance products are based in part upon expected patterns of premiums, expenses and benefits, using 

a number of assumptions, including, but not limited to, persistency, morbidity, and future premium rate increases 

and associated benefit reductions. 

For our long-term care insurance policies, actual persistency in later policy durations that is higher than our 

expected persistency assumptions could have a negative impact on profitability. If these policies remain in-force 

longer than we assumed, then we could be required to make greater benefit payments than we anticipated. A 

significant number of our long-term care insurance policies have experienced higher persistency than we had 

originally assumed, which has resulted in higher claims and an adverse effect on profitability. 

In addition, if morbidity rates are higher or mortality rates are lower than our valuation assumptions, we could 

be required to make greater payments and thus establish more reserves under our long-term care insurance policies 

than we had expected, and such amounts could be significant. Among other factors, changes in economic and 

interest rate risk, socio-demographics, behavioral trends (e.g., location of care and level of benefit use) and medical 

advances, may also have a material adverse impact on our future claims trends. For example, the impact of inflation 

on claims could be more pronounced for our long-term care insurance business than our other businesses given the 

“long tail” nature of this business. To the extent inflation or other factors causes health care costs to increase more 

than we anticipated, we will be required to increase our reserves which could negatively impact our profitability. 

Although we consider the potential effects of inflation when setting premium rates, our premiums may not fully 

offset the effects of inflation and may result in our underpricing of the risks we insure. Given these inherent 

challenges, our ability to precisely forecast future claim costs for long-term care insurance is limited. 

For additional information on our long-term care insurance reserves, see “Part II—Item 7—Management’s 

Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates—
Liability for future policy benefits.” 

Long-duration Targeted Improvements (“LDTI”) 

Under LDTI, we use best estimate assumptions for our long-term care insurance business and the impacts of 

assumption updates are reflected as remeasurement gains or losses in the income statement based on issue-year 
cohorts. As a result, assumption updates as well as actual versus expected experience on these long-duration 
products will continue to drive volatility in our long-term care insurance results. Approximately 50% of our 
cohorts currently have net premium ratios capped at 100%. The net premium ratio represents the portion of the 
gross premiums required to provide for all benefits and certain expenses in our long-term care insurance 
business. These capped cohorts are generally our older long-term care insurance policies, largely sold prior to 
2003. The other 50% of our cohorts have a net premium ratio of less than 100% and are currently expected to be 
profitable. We would expect ongoing income statement impacts and volatility related to assumption updates and 
variances between actual and expected experience in our older, unprofitable capped cohorts going forward. 
Conversely, we currently expect the profitable uncapped cohorts to have a more modest earnings impact related 
to assumption updates and variances between actual and expected experience, with a portion of the impact 
reflected in current period results and the remaining majority of the impact recognized over the life of the cohort. 
While quarterly variations are typically expected to be relatively small compared to the overall size of our 
liability for future policy benefits of $42.2 billion, at the locked-in discount rate, for our long-term care insurance 
business as of December 31, 2023, these variations have had, and may in the future have, a material impact on 
our quarterly results of operations and can result in material losses in our long-term care insurance business. 

See “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of 
Operations—Long-Term Care Insurance segment” for the impacts of assumption updates and actual versus 
expected experience. 

In-force rate actions 

The adequacy of our current long-term care insurance reserves depends significantly on our assumptions 
regarding our continuing ability to successfully execute our multi-year in-force rate action plan through premium 
rate increases and associated benefit reductions. In measuring our long-term care insurance reserves under U.S. 
GAAP, our in-force rate action assumptions include significant future premium rate increases and associated 
benefit reductions resulting from rate actions that have been approved and related legal settlements, as well as 
rate actions that are anticipated to be approved (including premium rate increases and associated benefit 
reductions not yet filed) under our in-force rate action plan. 

As part of our cash flow testing process for our U.S. life insurance subsidiaries, we also consider incremental 
benefits from expected future in-force rate actions in our long-term care insurance products that help mitigate the 
impact of deteriorating experience. We may not be able to obtain regulatory approval for the future in-force rate 
actions we assumed in connection with our cash flow testing for our life insurance subsidiaries. If we do not obtain 
regulatory approval, we may be required to significantly further increase statutory reserves which could have a 
material adverse effect on our business, statutory results of operations and financial condition. 

The NYDFS, which regulates GLICNY, our New York insurance subsidiary, also requires specific 
adequacy testing scenarios that are generally more severe than those deemed acceptable in other states. 
Moreover, the required testing scenarios by the NYDFS have a disproportionate impact on our long-term care 
insurance products. In addition, we use New York specific experience for setting assumptions in our long-term 
care insurance products in GLICNY. While the NYDFS generally does not permit in-force rate increases for 
long-term care insurance to be used in asset adequacy analysis until such increases have been approved, it has 
allowed GLICNY to incorporate recently filed in-force rate actions in its asset adequacy analysis prior to 

36 

37 

approval in the past. As a result, after discussions with the NYDFS and through the exercise of professional 
actuarial judgment, GLICNY incorporated in its 2023 and 2022 asset adequacy analysis assumptions for future 
in-force rate actions for long-term care insurance products to offset the emerging adverse experience for these 
products. With these assumption updates, GLICNY’s 2023 and 2022 asset adequacy analysis produced a 
negative margin. To address the negative margin, GLICNY recorded an incremental $87 million and $98 million 
of additional statutory reserves in 2023 and 2022, respectively, which resulted in RBC of 202% and 201% for 
GLICNY as of December 31, 2023 and 2022, respectively. For additional information on GLICNY asset 
adequacy testing, see note 22 in our consolidated financial statements under “Part II—Item 8—Financial 
Statements and Supplementary Data.” If the NYDFS no longer allows GLICNY to incorporate assumptions for 
future in-force rate actions in its asset adequacy analysis, this would result in a material decrease in GLICNY’s 
cash flow testing margin and would require GLICNY to further significantly increase its statutory reserves. This 
would have a material adverse effect on GLICNY’s financial condition and RBC ratio. 

For additional information on our in-force rate actions in our long-term care insurance business, see “—The 
inability to obtain in-force rate action increases (including increased premiums and associated benefit reductions) 
in our long-term care insurance business could have a material adverse impact on our business, including our 
results of operations and financial condition.” 

Life and Annuities Segment 

The prices and expected future profitability of our life insurance and annuity products are based in part upon 

expected patterns of premiums, expenses and benefits, using a number of assumptions, including mortality, 
persistency and lapse. For example, if mortality rates are higher than our pricing and valuation assumptions, we 
could be required to make greater payments under our life insurance policies and annuity contracts with 
guaranteed minimum death benefits (“GMDBs”) than we had projected. Conversely, if mortality rates are lower 
than our valuation assumptions, we could be required to make greater payments and thus establish additional 
reserves under our annuity contracts without GMDBs and such amounts could be significant. 

For our universal life insurance contracts, increased persistency that is the result of the sale of contracts by 

the insured to third parties that continue to make premium payments on contracts that would otherwise have 
lapsed, also known as life settlements, could have an adverse impact on profitability because of the higher claims 
rate associated with settled contracts. For our deferred annuity products with GMWBs and guaranteed 
annuitization benefits, actual persistency that is higher than our persistency assumptions could have an adverse 
impact on profitability because we could be required to make withdrawal or annuitization payments for a longer 
period of time than the account value would support. 

The risk that our lapse experience may differ significantly from our valuation assumptions is also significant 

for our term life and term universal life insurance products. These products generally have a level premium 
period for a specified period of years (e.g., 10 years to 30 years) after which the premium increases, which may 
be significant. If the frequency of lapses is higher than our expected reserve assumption, we would experience 
lower premiums and could experience higher benefit costs. In addition, it may be that healthy policyholders are 
the ones who lapse (as they can more easily replace coverage), creating adverse selection where less healthy 
policyholders remain in our portfolio. We have experienced both a greater frequency of policyholder lapses and 
more severe adverse selection after the level premium period, and this experience could continue or worsen. If 
lapse experience continues or worsens on future 10-, 15-and 20-year level premium period blocks, we would 
expect volatility in premiums and mortality experience, which would reduce profitability in our term life 
insurance products, in amounts that could be material, if persistency is lower than our original assumptions. For 
additional information on our term life insurance reserves, including select sensitivities, see “Part II—Item 7—
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting 
Estimates—Liability for future policy benefits.” 

LDTI also introduced market risk benefits (“MRBs”), the valuation of which is subject to capital market 
risks, primarily through equity market and interest rate volatility. We attempt to mitigate some of these risks 

through hedging strategies; however, adverse changes in equity market performance or interest rate fluctuations 

could devalue the expected benefits to contractholders resulting in the need to increase our MRB reserves, which 

may have a material adverse effect on our financial condition and results of operations. 

Enact Segment 

The establishment of loss reserves for Enact Holdings and its mortgage insurance subsidiaries is subject to 

inherent uncertainty and requires significant judgment and numerous assumptions. Enact Holdings establishes 

loss reserves using its best estimate of the rates at which delinquencies go to claim (“claim rates”) and claim 

severity to calculate estimated losses on loans reported as being in default as of the end of each reporting period. 

Enact Holdings also establishes incurred but not reported (“IBNR”) reserves for estimated losses incurred on 

loans in default that have not yet been reported by servicers. The sources of uncertainty affecting estimates are 

numerous and include both internal and external factors. Internal factors include, but are not limited to, changes 

in the mix of exposures, loss mitigation activities and claim settlement practices. Significant external factors 

include changes in general economic conditions, such as home prices, unemployment/underemployment, interest 

rates, tax policy, credit availability, government housing policies, government and GSE loss mitigation and 

mortgage forbearance programs, state foreclosure timelines, GSE and state foreclosure moratoriums and types of 

mortgage products. For example, during recessionary periods in the past, accompanied by increased 

unemployment and declining home prices, Enact Holdings has experienced higher delinquencies and increased 

losses. Because assumptions related to these factors are not known in advance, change over time, are difficult to 

accurately predict and are inherently uncertain, Enact Holdings cannot determine with precision the ultimate 

amounts it will pay for actual claims or the timing of those payments. Even in a stable economic environment, 

the actual claim payments made may be substantially different and even materially exceed the amount of the 

corresponding loss reserves for such claims. Enact Holdings regularly reviews its reserves and associated 

assumptions as part of its ongoing assessment of business performance and risks. If Enact Holdings concludes its 

reserves are insufficient to cover actual or expected claim payments as a result of changes in experience, 

assumptions or otherwise, it would be required to increase its reserves and incur charges in the period in which 

the determination was made. The amounts of such increases could be significant, and this may materially 

adversely affect our results of operations, financial condition and liquidity. 

In addition, sudden and/or unexpected deterioration of economic conditions may cause estimates of loss 

reserves to be materially understated. To the extent actual losses are greater than current loss reserves or if loans 

in default ultimately become delinquent and go to claim more than expected, it could materially adversely impact 

our results of operations and financial condition and restrict Enact Holdings’ ability to distribute dividends to 

Genworth Holdings, thereby negatively impacting our liquidity. Furthermore, consistent with industry practice, 

Enact Holdings does not record losses on insured loans that are not in default. Therefore, future potential losses 

may develop from loans not currently in default and may have a materially adverse impact on our results of 

operations, financial condition and liquidity. 

Enact Holdings depends on the reliability of third-party servicing of the loans that it insures. If a servicer 

were to experience adverse effects to its business, such servicer could experience delays in its reporting and 

premium payment requirements. Without reliable, consistent third-party servicing, Enact Holdings may be 

unable to properly recognize and establish reserves on loans when a delinquency exists or occurs but is not 

reported. In addition, if these servicers fail to limit and mitigate losses when appropriate, Enact Holdings’ losses 

may unexpectedly increase. 

Enact Holdings establishes premium rates for the duration of a mortgage insurance certificate upon issuance 

and cannot adjust the premiums after a certificate is issued. As a result, Enact Holdings cannot offset the impact 

of unanticipated claims with premium increases on coverage in-force. Enact Holdings’ premium rates vary with 

the perceived risk of a claim and prepayment on the insured loan and are developed using models based on long 

term historical experience, which takes into account a number of factors including, but not limited to, the 

loan-to-value ratio, whether the mortgage provides for fixed payments or variable payments, the term of the 

mortgage, the borrower’s credit history, the borrower’s income and assets, and home price appreciation. In the 

38 

39 

approval in the past. As a result, after discussions with the NYDFS and through the exercise of professional 

actuarial judgment, GLICNY incorporated in its 2023 and 2022 asset adequacy analysis assumptions for future 

in-force rate actions for long-term care insurance products to offset the emerging adverse experience for these 

products. With these assumption updates, GLICNY’s 2023 and 2022 asset adequacy analysis produced a 

negative margin. To address the negative margin, GLICNY recorded an incremental $87 million and $98 million 

of additional statutory reserves in 2023 and 2022, respectively, which resulted in RBC of 202% and 201% for 

GLICNY as of December 31, 2023 and 2022, respectively. For additional information on GLICNY asset 

adequacy testing, see note 22 in our consolidated financial statements under “Part II—Item 8—Financial 

Statements and Supplementary Data.” If the NYDFS no longer allows GLICNY to incorporate assumptions for 

future in-force rate actions in its asset adequacy analysis, this would result in a material decrease in GLICNY’s 

cash flow testing margin and would require GLICNY to further significantly increase its statutory reserves. This 

would have a material adverse effect on GLICNY’s financial condition and RBC ratio. 

For additional information on our in-force rate actions in our long-term care insurance business, see “—The 

inability to obtain in-force rate action increases (including increased premiums and associated benefit reductions) 

in our long-term care insurance business could have a material adverse impact on our business, including our 

results of operations and financial condition.” 

Life and Annuities Segment 

The prices and expected future profitability of our life insurance and annuity products are based in part upon 

expected patterns of premiums, expenses and benefits, using a number of assumptions, including mortality, 

persistency and lapse. For example, if mortality rates are higher than our pricing and valuation assumptions, we 

could be required to make greater payments under our life insurance policies and annuity contracts with 

guaranteed minimum death benefits (“GMDBs”) than we had projected. Conversely, if mortality rates are lower 

than our valuation assumptions, we could be required to make greater payments and thus establish additional 

reserves under our annuity contracts without GMDBs and such amounts could be significant. 

For our universal life insurance contracts, increased persistency that is the result of the sale of contracts by 

the insured to third parties that continue to make premium payments on contracts that would otherwise have 

lapsed, also known as life settlements, could have an adverse impact on profitability because of the higher claims 

rate associated with settled contracts. For our deferred annuity products with GMWBs and guaranteed 

annuitization benefits, actual persistency that is higher than our persistency assumptions could have an adverse 

impact on profitability because we could be required to make withdrawal or annuitization payments for a longer 

period of time than the account value would support. 

The risk that our lapse experience may differ significantly from our valuation assumptions is also significant 

for our term life and term universal life insurance products. These products generally have a level premium 

period for a specified period of years (e.g., 10 years to 30 years) after which the premium increases, which may 

be significant. If the frequency of lapses is higher than our expected reserve assumption, we would experience 

lower premiums and could experience higher benefit costs. In addition, it may be that healthy policyholders are 

the ones who lapse (as they can more easily replace coverage), creating adverse selection where less healthy 

policyholders remain in our portfolio. We have experienced both a greater frequency of policyholder lapses and 

more severe adverse selection after the level premium period, and this experience could continue or worsen. If 

lapse experience continues or worsens on future 10-, 15-and 20-year level premium period blocks, we would 

expect volatility in premiums and mortality experience, which would reduce profitability in our term life 

insurance products, in amounts that could be material, if persistency is lower than our original assumptions. For 

additional information on our term life insurance reserves, including select sensitivities, see “Part II—Item 7—

Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting 

Estimates—Liability for future policy benefits.” 

LDTI also introduced market risk benefits (“MRBs”), the valuation of which is subject to capital market 

risks, primarily through equity market and interest rate volatility. We attempt to mitigate some of these risks 

through hedging strategies; however, adverse changes in equity market performance or interest rate fluctuations 
could devalue the expected benefits to contractholders resulting in the need to increase our MRB reserves, which 
may have a material adverse effect on our financial condition and results of operations. 

Enact Segment 

The establishment of loss reserves for Enact Holdings and its mortgage insurance subsidiaries is subject to 

inherent uncertainty and requires significant judgment and numerous assumptions. Enact Holdings establishes 
loss reserves using its best estimate of the rates at which delinquencies go to claim (“claim rates”) and claim 
severity to calculate estimated losses on loans reported as being in default as of the end of each reporting period. 
Enact Holdings also establishes incurred but not reported (“IBNR”) reserves for estimated losses incurred on 
loans in default that have not yet been reported by servicers. The sources of uncertainty affecting estimates are 
numerous and include both internal and external factors. Internal factors include, but are not limited to, changes 
in the mix of exposures, loss mitigation activities and claim settlement practices. Significant external factors 
include changes in general economic conditions, such as home prices, unemployment/underemployment, interest 
rates, tax policy, credit availability, government housing policies, government and GSE loss mitigation and 
mortgage forbearance programs, state foreclosure timelines, GSE and state foreclosure moratoriums and types of 
mortgage products. For example, during recessionary periods in the past, accompanied by increased 
unemployment and declining home prices, Enact Holdings has experienced higher delinquencies and increased 
losses. Because assumptions related to these factors are not known in advance, change over time, are difficult to 
accurately predict and are inherently uncertain, Enact Holdings cannot determine with precision the ultimate 
amounts it will pay for actual claims or the timing of those payments. Even in a stable economic environment, 
the actual claim payments made may be substantially different and even materially exceed the amount of the 
corresponding loss reserves for such claims. Enact Holdings regularly reviews its reserves and associated 
assumptions as part of its ongoing assessment of business performance and risks. If Enact Holdings concludes its 
reserves are insufficient to cover actual or expected claim payments as a result of changes in experience, 
assumptions or otherwise, it would be required to increase its reserves and incur charges in the period in which 
the determination was made. The amounts of such increases could be significant, and this may materially 
adversely affect our results of operations, financial condition and liquidity. 

In addition, sudden and/or unexpected deterioration of economic conditions may cause estimates of loss 
reserves to be materially understated. To the extent actual losses are greater than current loss reserves or if loans 
in default ultimately become delinquent and go to claim more than expected, it could materially adversely impact 
our results of operations and financial condition and restrict Enact Holdings’ ability to distribute dividends to 
Genworth Holdings, thereby negatively impacting our liquidity. Furthermore, consistent with industry practice, 
Enact Holdings does not record losses on insured loans that are not in default. Therefore, future potential losses 
may develop from loans not currently in default and may have a materially adverse impact on our results of 
operations, financial condition and liquidity. 

Enact Holdings depends on the reliability of third-party servicing of the loans that it insures. If a servicer 

were to experience adverse effects to its business, such servicer could experience delays in its reporting and 
premium payment requirements. Without reliable, consistent third-party servicing, Enact Holdings may be 
unable to properly recognize and establish reserves on loans when a delinquency exists or occurs but is not 
reported. In addition, if these servicers fail to limit and mitigate losses when appropriate, Enact Holdings’ losses 
may unexpectedly increase. 

Enact Holdings establishes premium rates for the duration of a mortgage insurance certificate upon issuance 
and cannot adjust the premiums after a certificate is issued. As a result, Enact Holdings cannot offset the impact 
of unanticipated claims with premium increases on coverage in-force. Enact Holdings’ premium rates vary with 
the perceived risk of a claim and prepayment on the insured loan and are developed using models based on long 
term historical experience, which takes into account a number of factors including, but not limited to, the 
loan-to-value ratio, whether the mortgage provides for fixed payments or variable payments, the term of the 
mortgage, the borrower’s credit history, the borrower’s income and assets, and home price appreciation. In the 

38 

39 

event the premiums Enact Holdings charges do not adequately compensate for the risks and costs associated with 
the provided coverage, including costs associated with unforeseen higher claims, it may have a material adverse 
effect on our business, results of operations and financial condition. 

If the models used in our businesses are inaccurate, it could have a material adverse impact on our 
business, results of operations and financial condition. 

We employ models to, among other uses, price products, calculate reserves, value assets, make investment 
decisions and generate projections used to estimate future pre-tax income, as well as to evaluate risk, determine 
internal capital requirements and perform stress testing. These models rely on estimates and projections that are 
inherently uncertain, may use data and/or assumptions that do not adequately reflect recent experience and 
relevant industry data, and may not operate as intended. In addition, from time to time we seek to improve certain 
actuarial and financial models, and the conversion process may result in material changes to assumptions and 
financial results. The models we employ are complex, which increases our risk of error in their design, 
implementation or use. Also, the associated input data, assumptions and calculations and the controls we have in 
place to mitigate these risks may not be effective in all cases. The risks related to our models often increase when 
we change assumptions and/or methodologies, add or change modeling platforms or implement model changes 
under time constraints. These risks are exacerbated when the process for assumption changes strains our overall 
governance and timing around our financial reporting. 

We intend to continue developing our modeling capabilities, including new and emerging artificial 
intelligence methodologies. During or after the implementation of model updates or enhancements, we may 
discover errors, risks or other deficiencies in existing models, assumptions and/or methodologies. Moreover, we 
may use additional, more granular and detailed information through enhancements in our reserving and other 
processes or we may employ more simplified approaches in the future, either of which may cause us to refine or 
otherwise change existing assumptions and/or methodologies and thus associated reserve levels, which in turn 
could have a material adverse impact on our business, results of operations and financial condition. 

Specific to Enact Holdings, models may prove to be less predictive than expected for a variety of reasons, 
including changes in credit scoring and reporting processes, economic conditions that develop differently than 
forecasted, unique conditions for which we do not have good historical comparators, unexpected economic and 
unemployment conditions that arise, changes in the law or in PMIERs and the use of short-term financial metrics 
that do not reveal long-term trends. 

Our valuation of fixed maturity and equity securities uses methodologies, estimations and assumptions 
that are subject to change and differing interpretations which could result in changes to investment 
valuations that may materially adversely affect our business, results of operations and financial condition. 

We report fixed maturity and equity securities at fair value in our consolidated balance sheets. These 
securities represent the majority of our total cash, cash equivalents and invested assets. Our portfolio of fixed 
maturity securities consists primarily of investment grade securities. Valuations use inputs and assumptions that 
are less observable or require greater estimation, as well as valuation methods that are more complex or require 
greater estimation, thereby resulting in values that are less certain and may vary significantly from the value at 
which the investments may be ultimately sold. The methodologies, estimates and assumptions we use in valuing 
our investment securities evolve over time and are subject to different interpretation (including based on 
developments in relevant accounting literature), all of which can lead to changes in the value of our investment 
securities. Rapidly changing and unanticipated interest rate, external macroeconomic, credit and equity market 
conditions could materially impact the valuation of investment securities as reported within our consolidated 
financial statements, and the period-to-period changes in value could vary significantly. Decreases in value may 
have a material adverse effect on our results of operations or financial condition. 

Liquidity, Financial Strength and Credit Ratings, and Counterparty and Credit Risks 

Genworth Financial and Genworth Holdings depend on the ability of Enact Holdings and its subsidiaries 

to pay dividends and make other payments and distributions to each of them and to meet their obligations. 

Genworth Financial and Genworth Holdings each act as a holding company and do not have business operations of 

their own. Dividends from Enact Holdings and its subsidiaries, permitted payments to Genworth Financial and Genworth 

Holdings under tax sharing and expense reimbursement arrangements with their subsidiaries and proceeds from 

borrowings are their principal sources of cash to meet their obligations. These obligations principally include operating 

expenses and interest and principal payments on current and future borrowings. If the cash Genworth Financial or 

Genworth Holdings receives pursuant to dividends and tax sharing and expense reimbursement arrangements is 

insufficient to fund any of their obligations, or if a subsidiary is unable or unwilling for any reason to pay dividends to 

either of them, our liquidity would be materially adversely impacted which would likely have a material adverse effect on 

our financial condition and overall business. Moreover, if Genworth Financial or Genworth Holdings do not receive 

sufficient cash to fund their obligations, they may be forced to raise cash through unfavorable arrangements or terms, 

including but not limited to, the incurrence of debt (including convertible or exchangeable debt), the sale of assets or the 

issuance of equity. See “—Our sources of capital have become more limited, and under certain conditions we may need to 

seek additional capital on unfavorable terms” for additional details. We began paying federal taxes in 2023 due to 

projected taxable income and the utilization of our remaining foreign tax credits; therefore, we expect intercompany cash 

tax payments retained by Genworth Holdings from its subsidiaries to be lower starting in 2024. 

Our holding companies’ liquidity and capital positions are highly dependent on the performance of Enact 

Holdings and its ability to pay future dividends. Our principal U.S. life insurance subsidiaries had negative 

unassigned surplus of approximately $563 million under statutory accounting as of December 31, 2023, and as a 

result, we do not expect these subsidiaries to have the ability to pay dividends for the foreseeable future. Enact 

Holdings’ evaluation of future dividend payments to Genworth Holdings and our holding companies’ overall 

resulting liquidity plans are subject to and dependent on, among other things, current and future market 

conditions, Enact Holdings’ business performance and capital preservation, corporate law restrictions, insurance 

laws and regulations, Enact Holdings’ ability to maintain adequate capital to meet its current and future 

requirements mandated by PMIERs or other GSE requirements, and business and regulatory approvals. 

For additional details on PMIERs and risks associated with an inability to meet its requirements, see “—If Enact 

is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend them or the GSEs’ 

interpretation of the financial requirements requires Enact to hold amounts of capital that are higher than planned or 

otherwise, Enact may not be eligible to write new insurance on loans acquired by the GSEs, which would have a 

material adverse effect on our business, results of operations and financial condition” and “Regulation—Enact—

Mortgage Insurance Regulation—Other U.S. Regulation and Agency Qualification Requirements.” 

In general, dividends are required to be submitted to an insurer’s domiciliary department of insurance for review, 

and distributions from sources other than unassigned surplus require affirmative approval before being paid. In 

addition, insurance regulators may prohibit the payment of dividends and distributions or other payments by the 

insurance subsidiaries (such as a payment under a tax sharing agreement or for employee or other services, including 

expense reimbursements) if they determine that such payment could be adverse to policyholders. 

Genworth Financial has the right to appoint a majority of directors to the board of directors of Enact 

Holdings; however, actions taken by Enact Holdings and its board of directors (including in the case of the 

payment of dividends, the approval of Enact Holdings’ independent capital committee) are subject to and may be 

limited by the interests of Enact Holdings, including but not limited to, its use of capital for growth opportunities 

and regulatory requirements. 

Our sources of capital have become more limited, and under certain conditions we may need to seek 

additional capital on unfavorable terms. 

Although Genworth Financial and Genworth Holdings continue to significantly improve their overall 

financial condition, they still need liquidity to pay operating expenses, debt servicing costs and other obligations. 

40 

41 

event the premiums Enact Holdings charges do not adequately compensate for the risks and costs associated with 

the provided coverage, including costs associated with unforeseen higher claims, it may have a material adverse 

effect on our business, results of operations and financial condition. 

If the models used in our businesses are inaccurate, it could have a material adverse impact on our 

business, results of operations and financial condition. 

We employ models to, among other uses, price products, calculate reserves, value assets, make investment 

decisions and generate projections used to estimate future pre-tax income, as well as to evaluate risk, determine 

internal capital requirements and perform stress testing. These models rely on estimates and projections that are 

inherently uncertain, may use data and/or assumptions that do not adequately reflect recent experience and 

relevant industry data, and may not operate as intended. In addition, from time to time we seek to improve certain 

actuarial and financial models, and the conversion process may result in material changes to assumptions and 

financial results. The models we employ are complex, which increases our risk of error in their design, 

implementation or use. Also, the associated input data, assumptions and calculations and the controls we have in 

place to mitigate these risks may not be effective in all cases. The risks related to our models often increase when 

we change assumptions and/or methodologies, add or change modeling platforms or implement model changes 

under time constraints. These risks are exacerbated when the process for assumption changes strains our overall 

governance and timing around our financial reporting. 

We intend to continue developing our modeling capabilities, including new and emerging artificial 

intelligence methodologies. During or after the implementation of model updates or enhancements, we may 

discover errors, risks or other deficiencies in existing models, assumptions and/or methodologies. Moreover, we 

may use additional, more granular and detailed information through enhancements in our reserving and other 

processes or we may employ more simplified approaches in the future, either of which may cause us to refine or 

otherwise change existing assumptions and/or methodologies and thus associated reserve levels, which in turn 

could have a material adverse impact on our business, results of operations and financial condition. 

Specific to Enact Holdings, models may prove to be less predictive than expected for a variety of reasons, 

including changes in credit scoring and reporting processes, economic conditions that develop differently than 

forecasted, unique conditions for which we do not have good historical comparators, unexpected economic and 

unemployment conditions that arise, changes in the law or in PMIERs and the use of short-term financial metrics 

that do not reveal long-term trends. 

Our valuation of fixed maturity and equity securities uses methodologies, estimations and assumptions 

that are subject to change and differing interpretations which could result in changes to investment 

valuations that may materially adversely affect our business, results of operations and financial condition. 

We report fixed maturity and equity securities at fair value in our consolidated balance sheets. These 

securities represent the majority of our total cash, cash equivalents and invested assets. Our portfolio of fixed 

maturity securities consists primarily of investment grade securities. Valuations use inputs and assumptions that 

are less observable or require greater estimation, as well as valuation methods that are more complex or require 

greater estimation, thereby resulting in values that are less certain and may vary significantly from the value at 

which the investments may be ultimately sold. The methodologies, estimates and assumptions we use in valuing 

our investment securities evolve over time and are subject to different interpretation (including based on 

developments in relevant accounting literature), all of which can lead to changes in the value of our investment 

securities. Rapidly changing and unanticipated interest rate, external macroeconomic, credit and equity market 

conditions could materially impact the valuation of investment securities as reported within our consolidated 

financial statements, and the period-to-period changes in value could vary significantly. Decreases in value may 

have a material adverse effect on our results of operations or financial condition. 

Liquidity, Financial Strength and Credit Ratings, and Counterparty and Credit Risks 

Genworth Financial and Genworth Holdings depend on the ability of Enact Holdings and its subsidiaries 
to pay dividends and make other payments and distributions to each of them and to meet their obligations. 

Genworth Financial and Genworth Holdings each act as a holding company and do not have business operations of 
their own. Dividends from Enact Holdings and its subsidiaries, permitted payments to Genworth Financial and Genworth 
Holdings under tax sharing and expense reimbursement arrangements with their subsidiaries and proceeds from 
borrowings are their principal sources of cash to meet their obligations. These obligations principally include operating 
expenses and interest and principal payments on current and future borrowings. If the cash Genworth Financial or 
Genworth Holdings receives pursuant to dividends and tax sharing and expense reimbursement arrangements is 
insufficient to fund any of their obligations, or if a subsidiary is unable or unwilling for any reason to pay dividends to 
either of them, our liquidity would be materially adversely impacted which would likely have a material adverse effect on 
our financial condition and overall business. Moreover, if Genworth Financial or Genworth Holdings do not receive 
sufficient cash to fund their obligations, they may be forced to raise cash through unfavorable arrangements or terms, 
including but not limited to, the incurrence of debt (including convertible or exchangeable debt), the sale of assets or the 
issuance of equity. See “—Our sources of capital have become more limited, and under certain conditions we may need to 
seek additional capital on unfavorable terms” for additional details. We began paying federal taxes in 2023 due to 
projected taxable income and the utilization of our remaining foreign tax credits; therefore, we expect intercompany cash 
tax payments retained by Genworth Holdings from its subsidiaries to be lower starting in 2024. 

Our holding companies’ liquidity and capital positions are highly dependent on the performance of Enact 

Holdings and its ability to pay future dividends. Our principal U.S. life insurance subsidiaries had negative 
unassigned surplus of approximately $563 million under statutory accounting as of December 31, 2023, and as a 
result, we do not expect these subsidiaries to have the ability to pay dividends for the foreseeable future. Enact 
Holdings’ evaluation of future dividend payments to Genworth Holdings and our holding companies’ overall 
resulting liquidity plans are subject to and dependent on, among other things, current and future market 
conditions, Enact Holdings’ business performance and capital preservation, corporate law restrictions, insurance 
laws and regulations, Enact Holdings’ ability to maintain adequate capital to meet its current and future 
requirements mandated by PMIERs or other GSE requirements, and business and regulatory approvals. 

For additional details on PMIERs and risks associated with an inability to meet its requirements, see “—If Enact 

is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend them or the GSEs’ 
interpretation of the financial requirements requires Enact to hold amounts of capital that are higher than planned or 
otherwise, Enact may not be eligible to write new insurance on loans acquired by the GSEs, which would have a 
material adverse effect on our business, results of operations and financial condition” and “Regulation—Enact—
Mortgage Insurance Regulation—Other U.S. Regulation and Agency Qualification Requirements.” 

In general, dividends are required to be submitted to an insurer’s domiciliary department of insurance for review, 

and distributions from sources other than unassigned surplus require affirmative approval before being paid. In 
addition, insurance regulators may prohibit the payment of dividends and distributions or other payments by the 
insurance subsidiaries (such as a payment under a tax sharing agreement or for employee or other services, including 
expense reimbursements) if they determine that such payment could be adverse to policyholders. 

Genworth Financial has the right to appoint a majority of directors to the board of directors of Enact 

Holdings; however, actions taken by Enact Holdings and its board of directors (including in the case of the 
payment of dividends, the approval of Enact Holdings’ independent capital committee) are subject to and may be 
limited by the interests of Enact Holdings, including but not limited to, its use of capital for growth opportunities 
and regulatory requirements. 

Our sources of capital have become more limited, and under certain conditions we may need to seek 
additional capital on unfavorable terms. 

Although Genworth Financial and Genworth Holdings continue to significantly improve their overall 
financial condition, they still need liquidity to pay operating expenses, debt servicing costs and other obligations. 

40 

41 

As of December 31, 2023, Genworth Holdings had approximately $856 million of outstanding debt that matures 
starting in 2034. Given our expectation that we will not receive dividends from our U.S. life insurance 
subsidiaries for the foreseeable future, we are reliant on dividends from Enact Holdings to fund holding company 
obligations. Absent receiving dividends from Enact Holdings as anticipated, we would likely need to access 
additional liquidity through third party sources. However, we may not be able to raise capital and/or borrowings 
on favorable terms based on our credit ratings and current business prospects, particularly given the 
aforementioned risks associated with launching new business initiatives offered by CareScout. There is no 
guarantee that any of these factors will improve in the future when we would seek additional capital. Disruptions, 
volatility and uncertainty in the financial markets and downgrades in our credit ratings may force us to delay 
raising capital, issue shorter term securities than would be optimal, bear an unattractive cost of capital or be 
unable to raise capital at any price. Furthermore, the availability of raising additional capital, including through 
additional minority equity offerings of Enact Holdings or the issuance of equity or debt, could depend on a 
variety of factors such as market conditions, regulatory considerations, the general availability of credit, the level 
of activity and availability of reinsurance, our credit ratings and credit capacity and the performance of and 
outlook for Enact Holdings. Market conditions and a variety of other factors may make it difficult or 
impracticable to generate additional liquidity on favorable terms or at all. Similarly, market conditions and a 
variety of other factors may make it difficult or impracticable to generate additional liquidity through asset sales 
or the issuance of additional equity, and any issuance of equity in such circumstances could be highly dilutive to 
our stockholders. Any failure to meet our financial obligations as they become due would have a material adverse 
effect on our business, financial condition and results of operations. 

We do not currently have a revolving credit facility at the Genworth Holdings level to provide liquidity. To 
the extent we need additional funding to satisfy our additional liquidity needs, we may not be able to enter into a 
new credit facility on terms (or at targeted amounts) acceptable to us or at all. 

For a further discussion of our liquidity, see “Part II—Item 7—Management’s Discussion and Analysis of 

Financial Condition and Results of Operations—Liquidity and Capital Resources.” 

Adverse rating agency actions have in the past resulted in a loss of business and adversely affected our 
results of operations, financial condition and business, and future adverse rating actions could have a 
further and more significant adverse impact on us. 

Financial strength ratings, which various rating agencies publish as measures of an insurance company’s 
ability to meet contractholder and policyholder obligations, are important to maintaining public confidence in our 
products, the ability to market our products and our competitive position. Credit ratings, which rating agencies 
publish as measures of an entity’s ability to repay its indebtedness, are important to our ability to raise capital 
through the issuance of debt and other forms of credit and to the cost of such financing. 

Over the course of the last several years prior to 2021, the ratings of our holding companies and all our 

insurance subsidiaries were downgraded, placed on negative outlook and/or put on review for potential 
downgrade on various occasions. A ratings downgrade, negative outlook or review could occur again for a 
variety of reasons, including reasons specifically related to our company, generally related to our industry or the 
broader financial services industry or as a result of changes by the rating agencies in their methodologies or 
rating criteria. A negative outlook on our ratings or a downgrade in any of our financial strength or credit ratings, 
the announcement of a potential downgrade, negative outlook or review, or customer, investor, regulator or other 
concerns about the possibility of a downgrade, negative outlook or review, could have a material adverse effect 
on our results of operations, financial condition and business. 

See “Item 1—Business—Ratings” for information regarding the current financial strength ratings of our 

principal insurance subsidiaries. 

The direct or indirect effects of such adverse ratings actions or any future actions could include, but are not 

limited to: 

•

ceasing and/or reducing new sales of our products or limiting the business opportunities we are 
presented with; 

•

•

•

•

•

•

•

•

•

•

•

adversely affecting our relationships with distributors, including the loss of exclusivity under 

certain agreements with our independent sales intermediaries and distribution partners; 

causing us to lose key distributors that have ratings requirements that we may no longer satisfy (or 

resulting in our renegotiation of new, less favorable arrangements with those distributors); 

requiring us to modify some of our existing products or services to remain competitive, including 

reducing premiums we charge, or introduce new products or services; 

• materially increasing the number or amount of policy surrenders, withdrawals and loans by 

contractholders and policyholders; 

requiring us to post additional collateral for our derivatives or hedging agreements tied to the 

credit ratings of our holding companies; 

requiring us to provide support, or to arrange for third-party support, in the form of collateral, 

capital contributions or letters of credit under the terms of certain of our reinsurance and other 

agreements, or otherwise securing our commercial counterparties for the perceived risk of our 

financial strength; 

adversely affecting our ability to maintain reinsurance or obtain new reinsurance or obtain it on 

reasonable pricing and other terms; 

increasing the capital charge associated with affiliated investments within certain of our U.S. life 

insurance subsidiaries thereby lowering capital and RBC of these subsidiaries and negatively 

impacting our financial flexibility; 

regulators requiring certain of our subsidiaries to maintain additional capital, limiting thereby our 

financial flexibility and requiring us to raise additional capital; 

adversely affecting our ability to raise capital; 

increased scrutiny by the GSEs and/or by customers, potentially resulting in a decrease in the 

amount of new insurance written; 

or enter into a credit agreement; and 

increasing our cost of borrowing and making it more difficult to borrow in the public debt markets 

• making it more difficult to execute on CareScout initiatives. 

Under PMIERs, the GSEs require maintenance of at least one rating with a rating agency acceptable to the 

respective GSEs. The current PMIERs do not include a specific ratings requirement with respect to eligibility, 

but if this were to change in the future, Enact may become subject to a ratings requirement in order to retain its 

eligibility status under PMIERs. Ratings downgrades that result in the inability of Enact to insure new mortgage 

loans sold to the GSEs, or the transfer by the GSEs of its existing policies to an alternative mortgage insurer, 

would have a material adverse effect on our business, results of operations and financial condition. See “—If 

Enact is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend them or the 

GSEs’ interpretation of the financial requirements requires Enact to hold amounts of capital that are higher than 

planned or otherwise, Enact may not be eligible to write new insurance on loans acquired by the GSEs, which 

would have a material adverse effect on our business, results of operations and financial condition” for additional 

information regarding the requirements under PMIERs. Relationships with mortgage insurance customers may 

be adversely affected by the ratings assigned to Genworth Holdings or our principal insurance subsidiaries which 

could have a material adverse effect on our business, financial condition and results of operations. EMICO, our 

principal U.S. mortgage insurance subsidiary, has financial strength ratings that are relatively consistent with its 

competitors. However, any assigned financial strength rating that is below other private mortgage insurers could 

hinder our competitiveness in the marketplace and could result in an adverse impact to our business. Moreover, 

any future downgrade in the financial strength ratings of EMICO or the announcement of a potential downgrade 

could have a material adverse impact on our business, results of operations and financial condition. 

42 

43 

As of December 31, 2023, Genworth Holdings had approximately $856 million of outstanding debt that matures 

starting in 2034. Given our expectation that we will not receive dividends from our U.S. life insurance 

subsidiaries for the foreseeable future, we are reliant on dividends from Enact Holdings to fund holding company 

obligations. Absent receiving dividends from Enact Holdings as anticipated, we would likely need to access 

additional liquidity through third party sources. However, we may not be able to raise capital and/or borrowings 

on favorable terms based on our credit ratings and current business prospects, particularly given the 

aforementioned risks associated with launching new business initiatives offered by CareScout. There is no 

guarantee that any of these factors will improve in the future when we would seek additional capital. Disruptions, 

volatility and uncertainty in the financial markets and downgrades in our credit ratings may force us to delay 

raising capital, issue shorter term securities than would be optimal, bear an unattractive cost of capital or be 

unable to raise capital at any price. Furthermore, the availability of raising additional capital, including through 

additional minority equity offerings of Enact Holdings or the issuance of equity or debt, could depend on a 

variety of factors such as market conditions, regulatory considerations, the general availability of credit, the level 

of activity and availability of reinsurance, our credit ratings and credit capacity and the performance of and 

outlook for Enact Holdings. Market conditions and a variety of other factors may make it difficult or 

impracticable to generate additional liquidity on favorable terms or at all. Similarly, market conditions and a 

variety of other factors may make it difficult or impracticable to generate additional liquidity through asset sales 

or the issuance of additional equity, and any issuance of equity in such circumstances could be highly dilutive to 

our stockholders. Any failure to meet our financial obligations as they become due would have a material adverse 

effect on our business, financial condition and results of operations. 

We do not currently have a revolving credit facility at the Genworth Holdings level to provide liquidity. To 

the extent we need additional funding to satisfy our additional liquidity needs, we may not be able to enter into a 

new credit facility on terms (or at targeted amounts) acceptable to us or at all. 

For a further discussion of our liquidity, see “Part II—Item 7—Management’s Discussion and Analysis of 

Financial Condition and Results of Operations—Liquidity and Capital Resources.” 

Adverse rating agency actions have in the past resulted in a loss of business and adversely affected our 

results of operations, financial condition and business, and future adverse rating actions could have a 

further and more significant adverse impact on us. 

Financial strength ratings, which various rating agencies publish as measures of an insurance company’s 

ability to meet contractholder and policyholder obligations, are important to maintaining public confidence in our 

products, the ability to market our products and our competitive position. Credit ratings, which rating agencies 

publish as measures of an entity’s ability to repay its indebtedness, are important to our ability to raise capital 

through the issuance of debt and other forms of credit and to the cost of such financing. 

Over the course of the last several years prior to 2021, the ratings of our holding companies and all our 

insurance subsidiaries were downgraded, placed on negative outlook and/or put on review for potential 

downgrade on various occasions. A ratings downgrade, negative outlook or review could occur again for a 

variety of reasons, including reasons specifically related to our company, generally related to our industry or the 

broader financial services industry or as a result of changes by the rating agencies in their methodologies or 

rating criteria. A negative outlook on our ratings or a downgrade in any of our financial strength or credit ratings, 

the announcement of a potential downgrade, negative outlook or review, or customer, investor, regulator or other 

concerns about the possibility of a downgrade, negative outlook or review, could have a material adverse effect 

on our results of operations, financial condition and business. 

See “Item 1—Business—Ratings” for information regarding the current financial strength ratings of our 

principal insurance subsidiaries. 

limited to: 

presented with; 

The direct or indirect effects of such adverse ratings actions or any future actions could include, but are not 

•

ceasing and/or reducing new sales of our products or limiting the business opportunities we are 

•

•

•

adversely affecting our relationships with distributors, including the loss of exclusivity under 
certain agreements with our independent sales intermediaries and distribution partners; 

causing us to lose key distributors that have ratings requirements that we may no longer satisfy (or 
resulting in our renegotiation of new, less favorable arrangements with those distributors); 

requiring us to modify some of our existing products or services to remain competitive, including 
reducing premiums we charge, or introduce new products or services; 

• materially increasing the number or amount of policy surrenders, withdrawals and loans by 

contractholders and policyholders; 

•

•

•

•

•

•

•

•

requiring us to post additional collateral for our derivatives or hedging agreements tied to the 
credit ratings of our holding companies; 

requiring us to provide support, or to arrange for third-party support, in the form of collateral, 
capital contributions or letters of credit under the terms of certain of our reinsurance and other 
agreements, or otherwise securing our commercial counterparties for the perceived risk of our 
financial strength; 

adversely affecting our ability to maintain reinsurance or obtain new reinsurance or obtain it on 
reasonable pricing and other terms; 

increasing the capital charge associated with affiliated investments within certain of our U.S. life 
insurance subsidiaries thereby lowering capital and RBC of these subsidiaries and negatively 
impacting our financial flexibility; 

regulators requiring certain of our subsidiaries to maintain additional capital, limiting thereby our 
financial flexibility and requiring us to raise additional capital; 

adversely affecting our ability to raise capital; 

increased scrutiny by the GSEs and/or by customers, potentially resulting in a decrease in the 
amount of new insurance written; 

increasing our cost of borrowing and making it more difficult to borrow in the public debt markets 
or enter into a credit agreement; and 

• making it more difficult to execute on CareScout initiatives. 

Under PMIERs, the GSEs require maintenance of at least one rating with a rating agency acceptable to the 

respective GSEs. The current PMIERs do not include a specific ratings requirement with respect to eligibility, 
but if this were to change in the future, Enact may become subject to a ratings requirement in order to retain its 
eligibility status under PMIERs. Ratings downgrades that result in the inability of Enact to insure new mortgage 
loans sold to the GSEs, or the transfer by the GSEs of its existing policies to an alternative mortgage insurer, 
would have a material adverse effect on our business, results of operations and financial condition. See “—If 
Enact is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend them or the 
GSEs’ interpretation of the financial requirements requires Enact to hold amounts of capital that are higher than 
planned or otherwise, Enact may not be eligible to write new insurance on loans acquired by the GSEs, which 
would have a material adverse effect on our business, results of operations and financial condition” for additional 
information regarding the requirements under PMIERs. Relationships with mortgage insurance customers may 
be adversely affected by the ratings assigned to Genworth Holdings or our principal insurance subsidiaries which 
could have a material adverse effect on our business, financial condition and results of operations. EMICO, our 
principal U.S. mortgage insurance subsidiary, has financial strength ratings that are relatively consistent with its 
competitors. However, any assigned financial strength rating that is below other private mortgage insurers could 
hinder our competitiveness in the marketplace and could result in an adverse impact to our business. Moreover, 
any future downgrade in the financial strength ratings of EMICO or the announcement of a potential downgrade 
could have a material adverse impact on our business, results of operations and financial condition. 

42 

43 

Defaults by counterparties to our reinsurance arrangements or to derivative instruments we use to hedge 
our business risks, or defaults by us on agreements we have with these counterparties, may expose us to 
risks we sought to mitigate, which could have a material adverse effect on our business, results of 
operations and financial condition. 

We routinely execute reinsurance and derivative transactions with reinsurers, brokers/dealers, commercial 
banks, investment banks and other institutional counterparties to mitigate our risks in various circumstances and 
to hedge various business risks. Many of these transactions expose us to credit risk in the event of default of our 
counterparty or client or change in collateral value. Reinsurance does not relieve us of our direct liability to our 
policyholders, even when the reinsurer is liable to us. Accordingly, we bear credit risk with respect to our 
reinsurers. We cannot be sure that our reinsurers will pay the reinsurance recoverable owed to us now or in the 
future or that they will pay these recoverables on a timely basis. A reinsurer’s insolvency, inability or 
unwillingness to make payments under the terms of its reinsurance agreement with us could have a material 
adverse effect on our financial condition and results of operations. Collateral is often posted by the counterparty 
to offset this risk; however, we bear the risk that the collateral declines in value or otherwise is inadequate to 
fully compensate us in the event of a default. We also enter into a variety of derivative instruments, including 
options, swaps, forwards, and interest rate and currency swaps with a number of counterparties. If our 
counterparties fail or refuse to honor their obligations under the derivative instruments, and collateral posted, if 
any, is inadequate, our hedges of the related risk will be ineffective. In addition, if we trigger downgrade 
provisions on risk-hedging or reinsurance arrangements, the counterparties to these arrangements may be able to 
terminate our arrangements with them or require us to take other measures, such as post additional collateral, 
contribute capital or provide letters of credit. We have agreed to new terms with almost all of our counterparties 
concerning our collateral arrangements given our low ratings and, in most cases, agreed to post excess collateral 
to maintain our existing derivative agreements. Moreover, the new terms also removed the credit downgrade 
provisions from all of the insurance company master swap agreements and replaced them with a provision that 
allows the counterparty to terminate the derivative transaction if the RBC ratio of the applicable insurance 
company goes below a certain threshold. Although we believe this has allowed us to maintain effective hedging 
relationships with our counterparties, it has added additional strain on liquidity and collateral sufficiency. 
Furthermore, we may not be able to maintain these current arrangements in the foreseeable future or at all. If 
counterparties exercise their rights to terminate transactions, we may be required to make cash payments to the 
counterparty based on the current contract value, which would hinder our ability to manage future risks. 

We ceded to UFLIC our in-force structured settlements block of business issued prior to 2004, certain 

variable annuity business issued prior to 2004 and the long-term care insurance business assumed from legal 
entities now a part of Brighthouse Life Insurance Company. UFLIC has established trust accounts for our benefit 
to secure its obligations under the reinsurance arrangements. GE is obligated to maintain UFLIC’s RBC above a 
specified minimum level pursuant to a Capital Maintenance Agreement. If UFLIC becomes insolvent 
notwithstanding this agreement, and the amounts in the trust accounts are insufficient to pay UFLIC’s obligations 
to us, it could have a material adverse effect on our financial condition and results of operations. The loss of 
material risk-hedging or reinsurance arrangements could have a material adverse effect on our financial condition 
and results of operations. For additional information on UFLIC reinsurance, see note 9 in our consolidated 
financial statements under “Part II—Item 8—Financial Statements and Supplementary Data.” 

Defaults or other events impacting the value of our fixed maturity securities portfolio may reduce our 
income. 

We are subject to the risk that the issuers or guarantors of investment securities we own may default on 
principal or interest payments they owe us. As of December 31, 2023, fixed maturity securities of $46.8 billion in 
our investment portfolio represented 75% of our total cash, cash equivalents and invested assets. Events reducing 
the value of our investment portfolio other than on a temporary basis could have a material adverse effect on our 
business, results of operations and financial condition. Levels of write-downs or expected credit losses are 
impacted by our assessment of the financial condition of the issuer, whether or not the issuer is expected to pay 
its principal and interest obligations, and our expected recoveries in the event of a default or circumstances that 
would require us to sell securities that have declined in value. 

Risks Relating to Economic and Market Conditions 

Interest rates and changes in rates, including changes in monetary policy to combat inflation, could 

materially adversely affect our business and profitability. 

Insurance Products and Investments 

Our products and investment portfolio are impacted by interest rate fluctuations. We have experienced 

significant declines in investment valuations as a result of elevated interest rates, and we may experience further 

declines if credit deteriorates resulting in credit losses and/or if interest rates continue to rise. During periods of 

increasing interest rates, market values of lower-yielding assets will decline resulting in unrealized losses on our 

investment portfolio. The rise in interest rates during 2022 and 2023 had an adverse impact on our financial 

position, and if interest rates continue to climb, we may experience a further decline in our stockholders’ equity 

in future periods. Rising interest rates erode the value of our investment portfolio and reduce our unrealized 

investment gains. Any material reduction in unrealized gains or increase in unrealized losses on our investment 

portfolio or forward starting swap derivatives due to higher interest rates could impede our ability to utilize 

certain deferred tax assets and/or result in the need to establish higher tax valuation allowances, either of which 

could materially adversely impact our results of operations and financial position. 

During periods of increasing market interest rates, we may increase crediting rates on interest-sensitive 

in-force products, such as universal life insurance and fixed annuities. Rapidly rising interest rates may lead to 

increased policy surrenders, withdrawals from life insurance policies and annuity contracts and requests for 

policy loans, as policyholders and contractholders shift assets into higher yielding investments. Increases in 

crediting rates, as well as surrenders and withdrawals, could have a material adverse effect on our financial 

condition and results of operations, including the requirement to liquidate fixed-income investments in an 

unrealized loss position to satisfy surrenders or withdrawals. 

Our insurance and investment products, such as those included in our policyholder account balances and 

separate accounts, are sensitive to interest rate fluctuations and expose us to the risk that declines in interest rates or 

tightening credit spreads will reduce our interest rate margin or net spreads (the difference between the returns we 

earn on the investments that support our obligations under these products and the amounts that we pay to 

policyholders and contractholders). We may reduce the interest rates we credit on most of these products only at 

limited, pre-established intervals, and some contracts have guaranteed minimum interest crediting rates. As a result 

of historic low interest rates prior to 2022 and declines in our interest rate margin on these products, our business 

and profitability have been adversely impacted. During 2023, we continued to experience lower net spreads on our 

annuity products due to crediting rates outpacing investment returns, coupled with lower annuity account values 

driven by block runoff. This unfavorable trend occurred in spite of the higher interest rate environment, and if it 

persists, could result in further net spread compression and an adverse impact to our results of operations. 

Prior to the significant rise in interest rates in 2022, sustained low interest rates adversely impacted our prior 

business results, reserves and profitability. For additional information, including the financial impact of annual 

assumption reviews, see “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and 

Results of Operations—Critical Accounting Estimates—Liability for future policy benefits.” If interest rates were to 

return to historic lows, our financial condition, most notably stockholders’ equity, and our results of operations and 

overall business could be materially adversely impacted. 

In addition, our insurance reserves are sensitive to movements in interest rates as we are required under LDTI to 

remeasure our liability for future policy benefits and related reinsurance recoverables at the current discount rate, 

commonly interpreted to be a single-A rated bond rate. This will likely result in volatility to our stockholders’ equity. 

For example, if the U.S. Federal Reserve reverses its monetary tightening by reducing interest rates, our insurance 

reserves would increase and our stockholders’ equity would decrease by amounts that could be material, which may 

have a material adverse effect on our financial condition. See note 2 in “Part II—Item 8—Financial Statements and 

Supplementary Data” for additional details on the measurement of our insurance reserves. 

44 

45 

Defaults by counterparties to our reinsurance arrangements or to derivative instruments we use to hedge 

our business risks, or defaults by us on agreements we have with these counterparties, may expose us to 

risks we sought to mitigate, which could have a material adverse effect on our business, results of 

operations and financial condition. 

We routinely execute reinsurance and derivative transactions with reinsurers, brokers/dealers, commercial 

banks, investment banks and other institutional counterparties to mitigate our risks in various circumstances and 

to hedge various business risks. Many of these transactions expose us to credit risk in the event of default of our 

counterparty or client or change in collateral value. Reinsurance does not relieve us of our direct liability to our 

policyholders, even when the reinsurer is liable to us. Accordingly, we bear credit risk with respect to our 

reinsurers. We cannot be sure that our reinsurers will pay the reinsurance recoverable owed to us now or in the 

future or that they will pay these recoverables on a timely basis. A reinsurer’s insolvency, inability or 

unwillingness to make payments under the terms of its reinsurance agreement with us could have a material 

adverse effect on our financial condition and results of operations. Collateral is often posted by the counterparty 

to offset this risk; however, we bear the risk that the collateral declines in value or otherwise is inadequate to 

fully compensate us in the event of a default. We also enter into a variety of derivative instruments, including 

options, swaps, forwards, and interest rate and currency swaps with a number of counterparties. If our 

counterparties fail or refuse to honor their obligations under the derivative instruments, and collateral posted, if 

any, is inadequate, our hedges of the related risk will be ineffective. In addition, if we trigger downgrade 

provisions on risk-hedging or reinsurance arrangements, the counterparties to these arrangements may be able to 

terminate our arrangements with them or require us to take other measures, such as post additional collateral, 

contribute capital or provide letters of credit. We have agreed to new terms with almost all of our counterparties 

concerning our collateral arrangements given our low ratings and, in most cases, agreed to post excess collateral 

to maintain our existing derivative agreements. Moreover, the new terms also removed the credit downgrade 

provisions from all of the insurance company master swap agreements and replaced them with a provision that 

allows the counterparty to terminate the derivative transaction if the RBC ratio of the applicable insurance 

company goes below a certain threshold. Although we believe this has allowed us to maintain effective hedging 

relationships with our counterparties, it has added additional strain on liquidity and collateral sufficiency. 

Furthermore, we may not be able to maintain these current arrangements in the foreseeable future or at all. If 

counterparties exercise their rights to terminate transactions, we may be required to make cash payments to the 

counterparty based on the current contract value, which would hinder our ability to manage future risks. 

We ceded to UFLIC our in-force structured settlements block of business issued prior to 2004, certain 

variable annuity business issued prior to 2004 and the long-term care insurance business assumed from legal 

entities now a part of Brighthouse Life Insurance Company. UFLIC has established trust accounts for our benefit 

to secure its obligations under the reinsurance arrangements. GE is obligated to maintain UFLIC’s RBC above a 

specified minimum level pursuant to a Capital Maintenance Agreement. If UFLIC becomes insolvent 

notwithstanding this agreement, and the amounts in the trust accounts are insufficient to pay UFLIC’s obligations 

to us, it could have a material adverse effect on our financial condition and results of operations. The loss of 

material risk-hedging or reinsurance arrangements could have a material adverse effect on our financial condition 

and results of operations. For additional information on UFLIC reinsurance, see note 9 in our consolidated 

financial statements under “Part II—Item 8—Financial Statements and Supplementary Data.” 

Defaults or other events impacting the value of our fixed maturity securities portfolio may reduce our 

income. 

We are subject to the risk that the issuers or guarantors of investment securities we own may default on 

principal or interest payments they owe us. As of December 31, 2023, fixed maturity securities of $46.8 billion in 

our investment portfolio represented 75% of our total cash, cash equivalents and invested assets. Events reducing 

the value of our investment portfolio other than on a temporary basis could have a material adverse effect on our 

business, results of operations and financial condition. Levels of write-downs or expected credit losses are 

impacted by our assessment of the financial condition of the issuer, whether or not the issuer is expected to pay 

its principal and interest obligations, and our expected recoveries in the event of a default or circumstances that 

would require us to sell securities that have declined in value. 

Risks Relating to Economic and Market Conditions 

Interest rates and changes in rates, including changes in monetary policy to combat inflation, could 
materially adversely affect our business and profitability. 

Insurance Products and Investments 

Our products and investment portfolio are impacted by interest rate fluctuations. We have experienced 
significant declines in investment valuations as a result of elevated interest rates, and we may experience further 
declines if credit deteriorates resulting in credit losses and/or if interest rates continue to rise. During periods of 
increasing interest rates, market values of lower-yielding assets will decline resulting in unrealized losses on our 
investment portfolio. The rise in interest rates during 2022 and 2023 had an adverse impact on our financial 
position, and if interest rates continue to climb, we may experience a further decline in our stockholders’ equity 
in future periods. Rising interest rates erode the value of our investment portfolio and reduce our unrealized 
investment gains. Any material reduction in unrealized gains or increase in unrealized losses on our investment 
portfolio or forward starting swap derivatives due to higher interest rates could impede our ability to utilize 
certain deferred tax assets and/or result in the need to establish higher tax valuation allowances, either of which 
could materially adversely impact our results of operations and financial position. 

During periods of increasing market interest rates, we may increase crediting rates on interest-sensitive 

in-force products, such as universal life insurance and fixed annuities. Rapidly rising interest rates may lead to 
increased policy surrenders, withdrawals from life insurance policies and annuity contracts and requests for 
policy loans, as policyholders and contractholders shift assets into higher yielding investments. Increases in 
crediting rates, as well as surrenders and withdrawals, could have a material adverse effect on our financial 
condition and results of operations, including the requirement to liquidate fixed-income investments in an 
unrealized loss position to satisfy surrenders or withdrawals. 

Our insurance and investment products, such as those included in our policyholder account balances and 
separate accounts, are sensitive to interest rate fluctuations and expose us to the risk that declines in interest rates or 
tightening credit spreads will reduce our interest rate margin or net spreads (the difference between the returns we 
earn on the investments that support our obligations under these products and the amounts that we pay to 
policyholders and contractholders). We may reduce the interest rates we credit on most of these products only at 
limited, pre-established intervals, and some contracts have guaranteed minimum interest crediting rates. As a result 
of historic low interest rates prior to 2022 and declines in our interest rate margin on these products, our business 
and profitability have been adversely impacted. During 2023, we continued to experience lower net spreads on our 
annuity products due to crediting rates outpacing investment returns, coupled with lower annuity account values 
driven by block runoff. This unfavorable trend occurred in spite of the higher interest rate environment, and if it 
persists, could result in further net spread compression and an adverse impact to our results of operations. 

Prior to the significant rise in interest rates in 2022, sustained low interest rates adversely impacted our prior 

business results, reserves and profitability. For additional information, including the financial impact of annual 
assumption reviews, see “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and 
Results of Operations—Critical Accounting Estimates—Liability for future policy benefits.” If interest rates were to 
return to historic lows, our financial condition, most notably stockholders’ equity, and our results of operations and 
overall business could be materially adversely impacted. 

In addition, our insurance reserves are sensitive to movements in interest rates as we are required under LDTI to 

remeasure our liability for future policy benefits and related reinsurance recoverables at the current discount rate, 
commonly interpreted to be a single-A rated bond rate. This will likely result in volatility to our stockholders’ equity. 
For example, if the U.S. Federal Reserve reverses its monetary tightening by reducing interest rates, our insurance 
reserves would increase and our stockholders’ equity would decrease by amounts that could be material, which may 
have a material adverse effect on our financial condition. See note 2 in “Part II—Item 8—Financial Statements and 
Supplementary Data” for additional details on the measurement of our insurance reserves. 

44 

45 

Enact—Mortgage Insurance 

The mortgage origination market has been negatively impacted by elevated interest rates and housing 
affordability pressure, which could cause new insurance written by Enact Holdings to decline materially, and 
could thereby pressure earnings and lead to an adverse effect on our results of operations and financial condition. 
The U.S. housing market experienced a dramatic decline in the volume of mortgage originations in 2022 and 
2023 due largely to rising interest rates, resulting in lower new insurance written at Enact Holdings. While the 
decrease in new insurance written was generally offset by higher persistency on Enact Holdings’ existing insured 
loans, the ultimate impact on Enact Holdings’ premiums and future new insurance written is difficult to predict. 
We could experience a future adverse impact to our results of operations if the volume of new insurance written 
remains suppressed for a prolonged period of time. While the terms of recent vintages of adjustable-rate 
mortgages (“ARMs”) have changed to limit the frequency and severity of shocks, rising interest rates can also 
increase the monthly mortgage payments for homeowners with insured loans that have ARMs that could have the 
effect of increasing default rates on ARM loans. Higher interest rates can lead to an increase in defaults, as 
borrowers who default will find it harder to qualify for a replacement loan. Rising interest rates can also have a 
negative impact on home prices, which increases our risk of loss. Home price appreciation slowed temporarily in 
2022 as a result of rising interest rates but regained its upward trend in 2023 as the low supply of homes more 
than offset higher borrowing costs. Any significant decline in home values, either due to rising rates or otherwise, 
particularly if accompanied by increased unemployment in a recessionary environment, could increase 
delinquencies and foreclosures at Enact Holdings, which could have a material adverse effect on our business, 
results of operations and financial condition. See “—A deterioration in economic conditions, a severe recession 
or a decline in home prices, all of which could be driven by many potential factors, may adversely affect Enact 
Holdings’ loss experience.” 

As seen prior to 2022, declining interest rates historically have increased the rate at which borrowers 
refinance their existing mortgages, resulting in cancellations of the mortgage insurance covering the refinanced 
loans. Declining interest rates have also contributed to home price appreciation, which may provide borrowers in 
the United States with the option of cancelling their mortgage insurance coverage earlier than we anticipated 
when pricing that coverage. In addition, during 2021 and 2020, as a result of the low interest rate environment, 
Enact Holdings experienced a decline in persistency rates. Lower persistency rates can result in reduced 
insurance in-force and earned premiums, which could have a significant adverse impact on our results of 
operations. See “—A decrease in the volume of high loan-to-value home mortgage originations or an increase in 
the volume of mortgage insurance cancellations could result in a decline in our revenue in our mortgage 
insurance subsidiaries.” 

See “Part II—Item 7A—Quantitative and Qualitative Disclosures About Market Risk” for additional 

information about interest rate risk. 

A deterioration in economic conditions, a severe recession or a decline in home prices, all of which could 
be driven by many potential factors, may adversely affect Enact Holdings’ loss experience. 

Loss experience in Enact Holdings generally results from adverse economic events, such as a borrower’s 

reduction of income, unemployment, underemployment, divorce, illness, inability to manage credit, or a change 
in interest rate levels or home values, that reduce a borrower’s willingness or ability to continue to make 
mortgage payments. Rising unemployment rates and deterioration in economic conditions across the United 
States or in specific regional economies generally increase the likelihood of borrower defaults and can also 
adversely affect housing values, which increases our risk of loss. 

Economic uncertainty persisted throughout 2023. Variability in consumer confidence due in part to elevated 

inflation and interest rates, along with developments related to the U.S. federal debt ceiling and geopolitical 
tensions, continue to create a backdrop of uncertainty in the overall macroeconomic environment. Some 
economists still predict a recession in 2024. 

Unfavorable or uncertain economic conditions, such as those described above, could also impact home 
prices. A decline in home values typically makes it more difficult for borrowers to sell or refinance their homes, 

results of operations. 

46 

47 

increasing the likelihood of a default followed by a claim if borrowers experience a job loss or other life events that 

reduce their incomes or increase their expenses. In addition, declines in home values may also decrease the 

willingness of borrowers with sufficient financial resources to make mortgage payments when their mortgage 

balances exceed the values of their homes. Declines in home values typically increase the severity of claims Enact 

Holdings may pay. A decline in home prices, whether or not in conjunction with deteriorating economic conditions, 

may increase the risk of loss. Generally, home prices steadily rose over the past decade, and in many geographic 

locations, home price appreciation outpaced borrower incomes. Home price appreciation coupled with rising 

interest rates and a low supply of available homes has placed pressure on housing affordability in recent years, most 

notably beginning in 2022. Home prices temporarily declined in late 2022 but regained an upward trend in 2023 as 

the low supply of homes more than offset the higher borrowing costs. Housing supply remains depressed as 

homeowners are reluctant to sell their house and pay significantly higher mortgage rates for a new one. We are 

uncertain as to whether and to what extent the higher interest rate environment will affect home values, but it is 

possible the housing market could experience a sharp price correction if the U.S. Federal Reserve maintains its 

current policy of keeping rates higher for longer to combat inflation. We could experience a higher frequency and 

severity of defaults on more recent book years should home values decline. Declining home values erode the value 

of the underlying collateral and reduce the likelihood that foreclosed homes can be sold for an amount sufficient to 

offset the unpaid principal and interest which may adversely impact Enact Holdings’ loss mitigation activities. 

Furthermore, Enact Holdings’ estimates of claims-paying resources and claim obligations are based on various 

assumptions, including but not limited to, the timing of receipt of claims on delinquent loans, estimates of future 

claims that will ultimately be received, the ultimate resolution of borrower forbearance plans, including whether 

loans in forbearance cure or result in a claim payment, anticipated loss mitigation activities, premiums, housing 

prices and unemployment rates. These assumptions are subject to inherent uncertainty and require judgment. Any of 

these events may have a material adverse effect on Enact Holdings which could result in a material adverse effect 

on our business, results of operations and financial condition. 

The ultimate amount of the loss suffered depends, in part, on whether the home of a borrower who defaults 

on a mortgage can be sold for an amount that will cover the unpaid principal balance, interest and the expenses of 

the sale. In previous economic slowdowns in the United States, a pronounced weakness in the housing market 

ensued, as well as declines in home prices. If we experience a future economic slowdown or an economic 

recession in the United States that impacts the housing market in a similar way as compared to past economic 

slowdowns, we would expect higher levels of delinquencies in Enact Holdings. 

Mortgage forbearance programs and any delays in foreclosure processes could cause Enact Holdings’ losses 

to increase as expenses accrue for longer periods or if the value of foreclosed homes further declines during such 

delays. If Enact Holdings experiences a higher number and/or severity of delinquencies than expected, including 

as a result of borrowers’ exit from forbearance programs upon reaching the maximum forbearance term, our 

business, results of operations and financial condition could be adversely affected. 

In response to COVID-19, the federal government and the GSEs offered programs to support borrowers 

through economic hardship including mortgage payment forbearance options and foreclosure and eviction 

moratoriums. The pandemic initially resulted in a material increase in new defaults as borrowers failed to make 

timely payments on their mortgages, primarily as a result of these forbearance programs. These delinquencies 

have largely cured at rates favorable to Enact Holdings’ initial expectations; however, there is still uncertainty as 

to the timing and ultimate severity of the COVID-19 delinquencies that remain. Though the ability to take 

advantage of COVID-19-specific forbearance for new delinquencies ended in 2023, Enact Holdings has seen 

limited claims emerge from this population of loans. Further, in March 2023, the GSEs announced new loss 

mitigation programs that would allow six-month payment deferrals for borrowers facing financial hardship, 

including hardship unrelated to COVID-19. As a result of the continued availability of forbearance and lack of 

foreclosure experience, the impact this will have on our business, results of operations and financial condition 

remains uncertain. If Enact Holdings experiences an increase in claim severity resulting in claim amounts that are 

higher than expected, it would adversely affect Enact Holdings and consequently our financial position and 

Enact—Mortgage Insurance 

The mortgage origination market has been negatively impacted by elevated interest rates and housing 

affordability pressure, which could cause new insurance written by Enact Holdings to decline materially, and 

could thereby pressure earnings and lead to an adverse effect on our results of operations and financial condition. 

The U.S. housing market experienced a dramatic decline in the volume of mortgage originations in 2022 and 

2023 due largely to rising interest rates, resulting in lower new insurance written at Enact Holdings. While the 

decrease in new insurance written was generally offset by higher persistency on Enact Holdings’ existing insured 

loans, the ultimate impact on Enact Holdings’ premiums and future new insurance written is difficult to predict. 

We could experience a future adverse impact to our results of operations if the volume of new insurance written 

remains suppressed for a prolonged period of time. While the terms of recent vintages of adjustable-rate 

mortgages (“ARMs”) have changed to limit the frequency and severity of shocks, rising interest rates can also 

increase the monthly mortgage payments for homeowners with insured loans that have ARMs that could have the 

effect of increasing default rates on ARM loans. Higher interest rates can lead to an increase in defaults, as 

borrowers who default will find it harder to qualify for a replacement loan. Rising interest rates can also have a 

negative impact on home prices, which increases our risk of loss. Home price appreciation slowed temporarily in 

2022 as a result of rising interest rates but regained its upward trend in 2023 as the low supply of homes more 

than offset higher borrowing costs. Any significant decline in home values, either due to rising rates or otherwise, 

particularly if accompanied by increased unemployment in a recessionary environment, could increase 

delinquencies and foreclosures at Enact Holdings, which could have a material adverse effect on our business, 

results of operations and financial condition. See “—A deterioration in economic conditions, a severe recession 

or a decline in home prices, all of which could be driven by many potential factors, may adversely affect Enact 

Holdings’ loss experience.” 

As seen prior to 2022, declining interest rates historically have increased the rate at which borrowers 

refinance their existing mortgages, resulting in cancellations of the mortgage insurance covering the refinanced 

loans. Declining interest rates have also contributed to home price appreciation, which may provide borrowers in 

the United States with the option of cancelling their mortgage insurance coverage earlier than we anticipated 

when pricing that coverage. In addition, during 2021 and 2020, as a result of the low interest rate environment, 

Enact Holdings experienced a decline in persistency rates. Lower persistency rates can result in reduced 

insurance in-force and earned premiums, which could have a significant adverse impact on our results of 

operations. See “—A decrease in the volume of high loan-to-value home mortgage originations or an increase in 

the volume of mortgage insurance cancellations could result in a decline in our revenue in our mortgage 

insurance subsidiaries.” 

information about interest rate risk. 

See “Part II—Item 7A—Quantitative and Qualitative Disclosures About Market Risk” for additional 

A deterioration in economic conditions, a severe recession or a decline in home prices, all of which could 

be driven by many potential factors, may adversely affect Enact Holdings’ loss experience. 

Loss experience in Enact Holdings generally results from adverse economic events, such as a borrower’s 

reduction of income, unemployment, underemployment, divorce, illness, inability to manage credit, or a change 

in interest rate levels or home values, that reduce a borrower’s willingness or ability to continue to make 

mortgage payments. Rising unemployment rates and deterioration in economic conditions across the United 

States or in specific regional economies generally increase the likelihood of borrower defaults and can also 

adversely affect housing values, which increases our risk of loss. 

Economic uncertainty persisted throughout 2023. Variability in consumer confidence due in part to elevated 

inflation and interest rates, along with developments related to the U.S. federal debt ceiling and geopolitical 

tensions, continue to create a backdrop of uncertainty in the overall macroeconomic environment. Some 

economists still predict a recession in 2024. 

Unfavorable or uncertain economic conditions, such as those described above, could also impact home 

prices. A decline in home values typically makes it more difficult for borrowers to sell or refinance their homes, 

increasing the likelihood of a default followed by a claim if borrowers experience a job loss or other life events that 
reduce their incomes or increase their expenses. In addition, declines in home values may also decrease the 
willingness of borrowers with sufficient financial resources to make mortgage payments when their mortgage 
balances exceed the values of their homes. Declines in home values typically increase the severity of claims Enact 
Holdings may pay. A decline in home prices, whether or not in conjunction with deteriorating economic conditions, 
may increase the risk of loss. Generally, home prices steadily rose over the past decade, and in many geographic 
locations, home price appreciation outpaced borrower incomes. Home price appreciation coupled with rising 
interest rates and a low supply of available homes has placed pressure on housing affordability in recent years, most 
notably beginning in 2022. Home prices temporarily declined in late 2022 but regained an upward trend in 2023 as 
the low supply of homes more than offset the higher borrowing costs. Housing supply remains depressed as 
homeowners are reluctant to sell their house and pay significantly higher mortgage rates for a new one. We are 
uncertain as to whether and to what extent the higher interest rate environment will affect home values, but it is 
possible the housing market could experience a sharp price correction if the U.S. Federal Reserve maintains its 
current policy of keeping rates higher for longer to combat inflation. We could experience a higher frequency and 
severity of defaults on more recent book years should home values decline. Declining home values erode the value 
of the underlying collateral and reduce the likelihood that foreclosed homes can be sold for an amount sufficient to 
offset the unpaid principal and interest which may adversely impact Enact Holdings’ loss mitigation activities. 
Furthermore, Enact Holdings’ estimates of claims-paying resources and claim obligations are based on various 
assumptions, including but not limited to, the timing of receipt of claims on delinquent loans, estimates of future 
claims that will ultimately be received, the ultimate resolution of borrower forbearance plans, including whether 
loans in forbearance cure or result in a claim payment, anticipated loss mitigation activities, premiums, housing 
prices and unemployment rates. These assumptions are subject to inherent uncertainty and require judgment. Any of 
these events may have a material adverse effect on Enact Holdings which could result in a material adverse effect 
on our business, results of operations and financial condition. 

The ultimate amount of the loss suffered depends, in part, on whether the home of a borrower who defaults 

on a mortgage can be sold for an amount that will cover the unpaid principal balance, interest and the expenses of 
the sale. In previous economic slowdowns in the United States, a pronounced weakness in the housing market 
ensued, as well as declines in home prices. If we experience a future economic slowdown or an economic 
recession in the United States that impacts the housing market in a similar way as compared to past economic 
slowdowns, we would expect higher levels of delinquencies in Enact Holdings. 

Mortgage forbearance programs and any delays in foreclosure processes could cause Enact Holdings’ losses 
to increase as expenses accrue for longer periods or if the value of foreclosed homes further declines during such 
delays. If Enact Holdings experiences a higher number and/or severity of delinquencies than expected, including 
as a result of borrowers’ exit from forbearance programs upon reaching the maximum forbearance term, our 
business, results of operations and financial condition could be adversely affected. 

In response to COVID-19, the federal government and the GSEs offered programs to support borrowers 

through economic hardship including mortgage payment forbearance options and foreclosure and eviction 
moratoriums. The pandemic initially resulted in a material increase in new defaults as borrowers failed to make 
timely payments on their mortgages, primarily as a result of these forbearance programs. These delinquencies 
have largely cured at rates favorable to Enact Holdings’ initial expectations; however, there is still uncertainty as 
to the timing and ultimate severity of the COVID-19 delinquencies that remain. Though the ability to take 
advantage of COVID-19-specific forbearance for new delinquencies ended in 2023, Enact Holdings has seen 
limited claims emerge from this population of loans. Further, in March 2023, the GSEs announced new loss 
mitigation programs that would allow six-month payment deferrals for borrowers facing financial hardship, 
including hardship unrelated to COVID-19. As a result of the continued availability of forbearance and lack of 
foreclosure experience, the impact this will have on our business, results of operations and financial condition 
remains uncertain. If Enact Holdings experiences an increase in claim severity resulting in claim amounts that are 
higher than expected, it would adversely affect Enact Holdings and consequently our financial position and 
results of operations. 

46 

47 

Regulatory and Legal Risks 

Our insurance businesses are extensively regulated and changes in regulation may reduce our profitability 

Changes in accounting and reporting standards issued by the Financial Accounting Standards Board or 
other standard-setting bodies and insurance regulators could materially adversely affect our business, 
financial condition and results of operations. 

Our financial statements are subject to the application of U.S. GAAP, which is periodically revised and/or 
expanded. Accordingly, from time to time, we are required to adopt new or revised accounting standards issued 
by recognized authoritative bodies, including the Financial Accounting Standards Board. It is possible that future 
accounting and reporting standards we are required to adopt could change the current accounting treatment that 
we apply to our financial statements and that such changes could have a material adverse effect on our financial 
condition and results of operations. In addition, the required adoption of future accounting and reporting 
standards, including certain proposals by the SEC related to climate-related disclosures, may result in significant 
costs to implement. These requirements would also likely require us to make significant changes to systems and 
add additional resources, either of which may be material to our business and results of operations. 

The inability to obtain in-force rate action increases (including increased premiums and associated benefit 
reductions) in our long-term care insurance business could have a material adverse impact on our 
business, including our results of operations and financial condition. 

The continued sustainability of our long-term care insurance business, as well as that of GLIC and 

GLICNY, is based on our ability to obtain significant premium rate increases and associated benefit reductions 
on our in-force long-term care insurance products. 

Although the terms of our long-term care insurance policies permit us to increase premiums under certain 
circumstances during the premium-paying period, these increases generally require regulatory approval, which 
can often take a long time to obtain and may not be obtained in all relevant jurisdictions or for the full amounts 
requested. In addition, some states have adopted or are considering adopting laws that would further limit 
increases in long-term care insurance premium rates beyond the statutes and regulations previously adopted in 
certain states, which would adversely impact our ability to achieve anticipated rate increases. Furthermore, some 
states have refused to approve actuarially justified rate actions or have required that approved rate actions be 
phased in over an extended period of time. 

Regulators may be unwilling to approve premium rates we seek to charge. We cannot predict how regulators 

may react to any in-force rate increases, nor can we predict if regulators will approve requested in-force rate 
increases. 

We will not be able to realize our future premium rate increases and associated benefit reductions in the 

future if we cannot obtain the required regulatory approvals. In this event, we would have to increase our long-
term care insurance reserves by amounts that would likely be material and would result in a material adverse 
impact to earnings. Moreover, we may not be able to sufficiently mitigate the impact of unexpected adverse 
experience through premium rate increases and associated benefit reductions. Given the claims history in our 
long-term care insurance business and its related pressure to reserve levels and earnings, and the expectation that 
claims will continue to rise due to the aging of the block and from higher incidence and severity, among other 
factors, our results of operations, capital levels, RBC and financial condition would be materially adversely 
affected absent future premium rate increases and associated benefit reductions. 

We cannot predict how our policyholders may react to any in-force rate increases. In certain circumstances, 

our policyholders have brought legal action against us due to alleged misleading and inadequate disclosures 
regarding premium rate increases. See “—Litigation and regulatory investigations or other actions are common 
in the insurance business and may result in financial losses and harm our reputation” and note 25 in our 
consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary Data” for 
additional information. 

and limit our growth. 

Our insurance operations are subject to a wide variety of laws and regulations and are extensively regulated. 

State insurance laws regulate most aspects of our U.S. insurance businesses, and our insurance subsidiaries are 

regulated by the insurance departments of the states in which they are domiciled and licensed. Our international 

operations, predominantly located in Mexico as well as a new subsidiary of Enact Holdings domiciled in 

Bermuda, are principally regulated by insurance regulatory authorities in the jurisdictions in which they are 

domiciled. Failure to comply with applicable regulations or to obtain or maintain appropriate authorizations or 

exemptions under any applicable laws could result in restrictions on our ability to do business or engage in 

activities regulated in one or more jurisdictions in which we operate and could subject us to fines and other 

sanctions which could have a material adverse effect on our business. In addition, the nature and extent of 

regulation of our activities in applicable jurisdictions could materially change causing a material adverse effect 

on our business. Although future regulatory changes are unknown, we expect our regulators to continue to pursue 

new regulation in the areas of environmental, social and corporate governance, as well as cybersecurity and 

artificial intelligence. 

Insurance regulatory authorities have broad administrative powers, which at times, are coordinated and 

communicated across regulatory bodies. These administrative powers include, but are not limited to: 

licensing companies and agents to transact business; 

calculating the value of assets and determining the eligibility of assets to determine compliance with 

statutory requirements; 

• mandating certain insurance benefits; 

regulating certain premium rates; 

reviewing and approving policy forms; 

regulating discrimination in pricing, coverage terms and other insurance practices, as well as unfair 

trade and claims practices, including through the imposition of restrictions on marketing and sales 

practices, distribution arrangements and payment of inducements; 

establishing and revising statutory capital and reserve requirements and solvency standards; 

fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting 

rates on life insurance policies and annuity contracts; 

approving premium increases and associated benefit reductions; 

evaluating enterprise risk to an insurer; 

approving changes in control of insurance companies; 

restricting the payment of dividends and other transactions between affiliates; 

regulating the types, amounts and valuation of investments; 

restricting the types of insurance products that may be offered; and 

imposing insurance eligibility criteria. 

State insurance regulators and the NAIC regularly re-examine existing laws and regulations, specifically 

focusing on modifications to SAP, interpretations of existing laws and the development of new laws and 

regulations applicable to insurance companies and their products. Any adopted future legislation or NAIC 

regulations may be more restrictive on our ability to conduct business than current regulatory requirements or 

may result in higher costs or increased statutory capital and reserve requirements. Further, because laws and 

regulations can be complex and sometimes inexact, there is also a risk that any particular regulator’s or 

enforcement authority’s interpretation of a legal, accounting or reserving issue may change over time to our 

detriment or expose us to different or additional regulatory risks. The application of these regulations and 

guidelines by insurers involves interpretations and judgments that may differ from those of state insurance 

•

•

•

•

•

•

•

•

•

•

•

•

•

•

48 

49 

Regulatory and Legal Risks 

Changes in accounting and reporting standards issued by the Financial Accounting Standards Board or 

other standard-setting bodies and insurance regulators could materially adversely affect our business, 

financial condition and results of operations. 

Our financial statements are subject to the application of U.S. GAAP, which is periodically revised and/or 

expanded. Accordingly, from time to time, we are required to adopt new or revised accounting standards issued 

by recognized authoritative bodies, including the Financial Accounting Standards Board. It is possible that future 

accounting and reporting standards we are required to adopt could change the current accounting treatment that 

we apply to our financial statements and that such changes could have a material adverse effect on our financial 

condition and results of operations. In addition, the required adoption of future accounting and reporting 

standards, including certain proposals by the SEC related to climate-related disclosures, may result in significant 

costs to implement. These requirements would also likely require us to make significant changes to systems and 

add additional resources, either of which may be material to our business and results of operations. 

The inability to obtain in-force rate action increases (including increased premiums and associated benefit 

reductions) in our long-term care insurance business could have a material adverse impact on our 

business, including our results of operations and financial condition. 

The continued sustainability of our long-term care insurance business, as well as that of GLIC and 

GLICNY, is based on our ability to obtain significant premium rate increases and associated benefit reductions 

on our in-force long-term care insurance products. 

Although the terms of our long-term care insurance policies permit us to increase premiums under certain 

circumstances during the premium-paying period, these increases generally require regulatory approval, which 

can often take a long time to obtain and may not be obtained in all relevant jurisdictions or for the full amounts 

requested. In addition, some states have adopted or are considering adopting laws that would further limit 

increases in long-term care insurance premium rates beyond the statutes and regulations previously adopted in 

certain states, which would adversely impact our ability to achieve anticipated rate increases. Furthermore, some 

states have refused to approve actuarially justified rate actions or have required that approved rate actions be 

phased in over an extended period of time. 

Regulators may be unwilling to approve premium rates we seek to charge. We cannot predict how regulators 

may react to any in-force rate increases, nor can we predict if regulators will approve requested in-force rate 

increases. 

We will not be able to realize our future premium rate increases and associated benefit reductions in the 

future if we cannot obtain the required regulatory approvals. In this event, we would have to increase our long-

term care insurance reserves by amounts that would likely be material and would result in a material adverse 

impact to earnings. Moreover, we may not be able to sufficiently mitigate the impact of unexpected adverse 

experience through premium rate increases and associated benefit reductions. Given the claims history in our 

long-term care insurance business and its related pressure to reserve levels and earnings, and the expectation that 

claims will continue to rise due to the aging of the block and from higher incidence and severity, among other 

factors, our results of operations, capital levels, RBC and financial condition would be materially adversely 

affected absent future premium rate increases and associated benefit reductions. 

We cannot predict how our policyholders may react to any in-force rate increases. In certain circumstances, 

our policyholders have brought legal action against us due to alleged misleading and inadequate disclosures 

regarding premium rate increases. See “—Litigation and regulatory investigations or other actions are common 

in the insurance business and may result in financial losses and harm our reputation” and note 25 in our 

consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary Data” for 

additional information. 

Our insurance businesses are extensively regulated and changes in regulation may reduce our profitability 
and limit our growth. 

Our insurance operations are subject to a wide variety of laws and regulations and are extensively regulated. 

State insurance laws regulate most aspects of our U.S. insurance businesses, and our insurance subsidiaries are 
regulated by the insurance departments of the states in which they are domiciled and licensed. Our international 
operations, predominantly located in Mexico as well as a new subsidiary of Enact Holdings domiciled in 
Bermuda, are principally regulated by insurance regulatory authorities in the jurisdictions in which they are 
domiciled. Failure to comply with applicable regulations or to obtain or maintain appropriate authorizations or 
exemptions under any applicable laws could result in restrictions on our ability to do business or engage in 
activities regulated in one or more jurisdictions in which we operate and could subject us to fines and other 
sanctions which could have a material adverse effect on our business. In addition, the nature and extent of 
regulation of our activities in applicable jurisdictions could materially change causing a material adverse effect 
on our business. Although future regulatory changes are unknown, we expect our regulators to continue to pursue 
new regulation in the areas of environmental, social and corporate governance, as well as cybersecurity and 
artificial intelligence. 

Insurance regulatory authorities have broad administrative powers, which at times, are coordinated and 

communicated across regulatory bodies. These administrative powers include, but are not limited to: 

•

•

licensing companies and agents to transact business; 

calculating the value of assets and determining the eligibility of assets to determine compliance with 
statutory requirements; 

• mandating certain insurance benefits; 

•

•

•

•

•

•

•

•

•

•

•

•

regulating certain premium rates; 

reviewing and approving policy forms; 

regulating discrimination in pricing, coverage terms and other insurance practices, as well as unfair 
trade and claims practices, including through the imposition of restrictions on marketing and sales 
practices, distribution arrangements and payment of inducements; 

establishing and revising statutory capital and reserve requirements and solvency standards; 

fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting 
rates on life insurance policies and annuity contracts; 

approving premium increases and associated benefit reductions; 

evaluating enterprise risk to an insurer; 

approving changes in control of insurance companies; 

restricting the payment of dividends and other transactions between affiliates; 

regulating the types, amounts and valuation of investments; 

restricting the types of insurance products that may be offered; and 

imposing insurance eligibility criteria. 

State insurance regulators and the NAIC regularly re-examine existing laws and regulations, specifically 

focusing on modifications to SAP, interpretations of existing laws and the development of new laws and 
regulations applicable to insurance companies and their products. Any adopted future legislation or NAIC 
regulations may be more restrictive on our ability to conduct business than current regulatory requirements or 
may result in higher costs or increased statutory capital and reserve requirements. Further, because laws and 
regulations can be complex and sometimes inexact, there is also a risk that any particular regulator’s or 
enforcement authority’s interpretation of a legal, accounting or reserving issue may change over time to our 
detriment or expose us to different or additional regulatory risks. The application of these regulations and 
guidelines by insurers involves interpretations and judgments that may differ from those of state insurance 

48 

49 

departments. Such differences of opinion may result in regulatory, tax or other challenges to the actions we have 
taken to date. The result of those potential challenges could require us to increase levels of statutory capital and 
reserves or incur higher operating costs and/or have implications on certain tax positions. 

Litigation and regulatory investigations or other actions are common in the insurance business and may 
result in financial losses and harm our reputation. 

We face the risk of litigation and regulatory investigations or other actions in the ordinary course of operating our 

businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings 
specific to us and others generally applicable to business practices in the industries in which we operate. 

In our insurance operations, we are, have been, or may become subject to class actions and individual suits 

alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term 
care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, 
product design, product disclosure, product administration, additional premium charges for premiums paid on a 
periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending 
unsuitable products to customers, our pricing structures and business practices in our mortgage insurance 
subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations 
of RESPA or related state anti-inducement laws, mortgage insurance policy rescissions and curtailments, and 
breaching fiduciary or other duties to customers, including but not limited to cybersecurity breaches of customer 
information. In our investment-related operations, we are subject to litigation involving commercial disputes with 
counterparties. We may also have disputes with reinsurance partners relating to the parties’ rights and obligations 
under reinsurance treaties and/or related administration agreements. In addition, we are also subject to various 
regulatory inquiries, such as information requests, subpoenas, books and record examinations and market 
conduct and financial examinations from state, federal and international regulators and other authorities. 
Plaintiffs in class action and other lawsuits against us, as well as regulators, may seek very large or indeterminate 
amounts, which may remain unknown for substantial periods of time. 

We are also subject to litigation arising out of our general business activities such as our contractual and 

employment relationships, including claims under the Employee Retirement Income Security Act of 1974, and 
we are also subject to shareholder putative class action lawsuits alleging securities law violations. 

A substantial legal liability or a significant regulatory action (including uncertainty about the outcome of 
pending legal and regulatory investigations and actions) against us could have a material adverse effect on our 
business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, 
regulatory action or investigation, we could suffer significant reputational harm and incur significant legal 
expenses, which could have a material adverse effect on our business, financial condition or results of operations. 
At this time, it is not feasible to predict, nor determine, the ultimate outcomes of any pending investigations and 
legal proceedings, nor to provide reasonable ranges of possible losses other than those that have been disclosed. 

For a further discussion of certain current investigations and proceedings in which we are involved, see note 

25 in “Part II—Item 8—Financial Statements and Supplementary Data.” These investigations and proceedings 
could have a material adverse effect on our liquidity, business, financial condition or results of operations. It is 
also possible that we could become subject to further investigations and have lawsuits filed or enforcement 
actions initiated against us. In addition, increased regulatory scrutiny and any resulting investigations or legal 
proceedings could result in new legal precedents and industry-wide regulations or practices that could materially 
adversely affect our business, financial condition and results of operations. 

An adverse change in the regulatory requirements on our U.S. life insurance subsidiaries, including risk-
based capital requirements, could have a material adverse impact on our business, results of operations 
and financial condition. 

insurance subsidiaries to meet applicable RBC requirements or minimum statutory capital and surplus 

requirements could subject our insurance subsidiaries to further examination or corrective action imposed by 

state insurance regulators, including limitations on their ability to write additional business, or the addition of 

state regulatory supervision, rehabilitation, seizure or liquidation. As of December 31, 2023, the RBC of each of 

our U.S. life insurance subsidiaries exceeded the level of RBC that would require any of them to take or become 

subject to any corrective action in their respective domiciliary state. However, we continue to face challenges in 

our principal life insurance subsidiaries, particularly those subsidiaries that rely heavily on in-force rate actions 

as a source of earnings and capital. We may see variability in statutory results and a decline in the RBC ratios of 

these subsidiaries given the time lag between the approval of in-force rate actions versus when the benefits from 

the in-force rate actions (including increased premiums and associated benefit reductions) are fully realized in 

our financial results. Additionally, the RBC ratio of our U.S. life insurance subsidiaries would be negatively 

impacted by future increases in our statutory reserves, including results of Actuarial Guideline 38, cash flow 

testing and assumption reviews, particularly in our long-term care and life insurance products. 

An adverse change in our U.S. life insurance subsidiaries’ RBC or our ability to meet other minimum 

regulatory requirements could cause rating agencies to downgrade the financial strength ratings of our insurance 

subsidiaries and the credit ratings of Genworth Holdings, which could have an adverse impact on our ability to 

execute our strategic priorities, including stabilizing the legacy long-term care insurance in-force block and 

advancing CareScout’s new lines of business or new products and services, and would further restrict our ability 

to retain and write new business. Furthermore, it may cause regulators to take regulatory or supervisory actions 

with respect to our U.S. life insurance subsidiaries, thereby limiting the financial flexibility of our holding 

company, all of which could have a material adverse effect on our results of operations, financial condition and 

business. 

Changes to the role of the GSEs or to the charters or business practices of the GSEs, including actions or 

decisions to decrease or discontinue the use of mortgage insurance, could adversely affect our business, 

financial condition and results of operations. 

The requirements and practices of the GSEs impact the operating results and financial performance of 

approved mortgage insurers, including Enact Holdings. Changes in the charters or business practices of Freddie 

Mac or Fannie Mae could materially reduce the number of mortgages they purchase that are insured by Enact 

Holdings and consequently diminish the value of our business. The GSEs could be directed to make such 

changes by the FHFA, which was appointed as their conservator in September 2008 and has the authority to 

control and direct the operations of the GSEs. Congress may legislate, or the administration may implement 

through administrative reform, structural and other changes to the GSEs and the functioning of the secondary 

mortgage market. In the absence of legislation, the FHFA continues to move forward on administrative reform 

efforts to prepare the GSEs for the end of conservatorship, once fully and adequately capitalized. 

Effective February 16, 2021, the FHFA enacted the Enterprise Capital Framework, which imposes a capital 

framework on the GSEs, including risk-based and leverage capital requirements and capital buffers in excess of 

regulatory minimums that can be drawn down in periods of financial stress. However, the GSEs will not be 

subject to any requirement under the Enterprise Capital Framework until (i) the date of termination of the 

conservatorship of a GSE or (ii) any later compliance date provided in a consent order or other transition order 

applicable to such GSE. The Enterprise Capital Framework significantly increases capital requirements and 

reduces capital credit on credit risk transfer transactions as compared to the previous framework. This rule could 

accelerate the recent diversification of the GSEs’ risk transfer programs to encompass a broader array of 

instruments beyond private mortgage insurance, which could adversely impact Enact Holdings and our business. 

Likewise, legislation or regulation that changes the role of the GSEs, ends the GSEs’ conservatorship or 

increases the number of people eligible for FHA or VA mortgages could have a material adverse effect on Enact 

Holdings and limit its ability to compete with the FHA or VA thereby adversely impacting our business. 

Our U.S. life insurance subsidiaries are subject to the NAIC’s RBC standards and other minimum statutory 
capital and surplus requirements imposed under the laws of their respective states of domicile. The failure of our 

On January 14, 2021, the FHFA and the Treasury Department agreed to amend the PSPAs between the 

Treasury Department and each of the GSEs to increase the amount of capital each GSE may retain. Among other 

50 

51 

departments. Such differences of opinion may result in regulatory, tax or other challenges to the actions we have 

taken to date. The result of those potential challenges could require us to increase levels of statutory capital and 

reserves or incur higher operating costs and/or have implications on certain tax positions. 

Litigation and regulatory investigations or other actions are common in the insurance business and may 

result in financial losses and harm our reputation. 

We face the risk of litigation and regulatory investigations or other actions in the ordinary course of operating our 

businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings 

specific to us and others generally applicable to business practices in the industries in which we operate. 

In our insurance operations, we are, have been, or may become subject to class actions and individual suits 

alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term 

care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, 

product design, product disclosure, product administration, additional premium charges for premiums paid on a 

periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending 

unsuitable products to customers, our pricing structures and business practices in our mortgage insurance 

subsidiaries, such as captive reinsurance arrangements with lenders and contract underwriting services, violations 

of RESPA or related state anti-inducement laws, mortgage insurance policy rescissions and curtailments, and 

breaching fiduciary or other duties to customers, including but not limited to cybersecurity breaches of customer 

information. In our investment-related operations, we are subject to litigation involving commercial disputes with 

counterparties. We may also have disputes with reinsurance partners relating to the parties’ rights and obligations 

under reinsurance treaties and/or related administration agreements. In addition, we are also subject to various 

regulatory inquiries, such as information requests, subpoenas, books and record examinations and market 

conduct and financial examinations from state, federal and international regulators and other authorities. 

Plaintiffs in class action and other lawsuits against us, as well as regulators, may seek very large or indeterminate 

amounts, which may remain unknown for substantial periods of time. 

We are also subject to litigation arising out of our general business activities such as our contractual and 

employment relationships, including claims under the Employee Retirement Income Security Act of 1974, and 

we are also subject to shareholder putative class action lawsuits alleging securities law violations. 

A substantial legal liability or a significant regulatory action (including uncertainty about the outcome of 

pending legal and regulatory investigations and actions) against us could have a material adverse effect on our 

business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, 

regulatory action or investigation, we could suffer significant reputational harm and incur significant legal 

expenses, which could have a material adverse effect on our business, financial condition or results of operations. 

At this time, it is not feasible to predict, nor determine, the ultimate outcomes of any pending investigations and 

legal proceedings, nor to provide reasonable ranges of possible losses other than those that have been disclosed. 

For a further discussion of certain current investigations and proceedings in which we are involved, see note 

25 in “Part II—Item 8—Financial Statements and Supplementary Data.” These investigations and proceedings 

could have a material adverse effect on our liquidity, business, financial condition or results of operations. It is 

also possible that we could become subject to further investigations and have lawsuits filed or enforcement 

actions initiated against us. In addition, increased regulatory scrutiny and any resulting investigations or legal 

proceedings could result in new legal precedents and industry-wide regulations or practices that could materially 

adversely affect our business, financial condition and results of operations. 

An adverse change in the regulatory requirements on our U.S. life insurance subsidiaries, including risk-

based capital requirements, could have a material adverse impact on our business, results of operations 

and financial condition. 

insurance subsidiaries to meet applicable RBC requirements or minimum statutory capital and surplus 
requirements could subject our insurance subsidiaries to further examination or corrective action imposed by 
state insurance regulators, including limitations on their ability to write additional business, or the addition of 
state regulatory supervision, rehabilitation, seizure or liquidation. As of December 31, 2023, the RBC of each of 
our U.S. life insurance subsidiaries exceeded the level of RBC that would require any of them to take or become 
subject to any corrective action in their respective domiciliary state. However, we continue to face challenges in 
our principal life insurance subsidiaries, particularly those subsidiaries that rely heavily on in-force rate actions 
as a source of earnings and capital. We may see variability in statutory results and a decline in the RBC ratios of 
these subsidiaries given the time lag between the approval of in-force rate actions versus when the benefits from 
the in-force rate actions (including increased premiums and associated benefit reductions) are fully realized in 
our financial results. Additionally, the RBC ratio of our U.S. life insurance subsidiaries would be negatively 
impacted by future increases in our statutory reserves, including results of Actuarial Guideline 38, cash flow 
testing and assumption reviews, particularly in our long-term care and life insurance products. 

An adverse change in our U.S. life insurance subsidiaries’ RBC or our ability to meet other minimum 
regulatory requirements could cause rating agencies to downgrade the financial strength ratings of our insurance 
subsidiaries and the credit ratings of Genworth Holdings, which could have an adverse impact on our ability to 
execute our strategic priorities, including stabilizing the legacy long-term care insurance in-force block and 
advancing CareScout’s new lines of business or new products and services, and would further restrict our ability 
to retain and write new business. Furthermore, it may cause regulators to take regulatory or supervisory actions 
with respect to our U.S. life insurance subsidiaries, thereby limiting the financial flexibility of our holding 
company, all of which could have a material adverse effect on our results of operations, financial condition and 
business. 

Changes to the role of the GSEs or to the charters or business practices of the GSEs, including actions or 
decisions to decrease or discontinue the use of mortgage insurance, could adversely affect our business, 
financial condition and results of operations. 

The requirements and practices of the GSEs impact the operating results and financial performance of 
approved mortgage insurers, including Enact Holdings. Changes in the charters or business practices of Freddie 
Mac or Fannie Mae could materially reduce the number of mortgages they purchase that are insured by Enact 
Holdings and consequently diminish the value of our business. The GSEs could be directed to make such 
changes by the FHFA, which was appointed as their conservator in September 2008 and has the authority to 
control and direct the operations of the GSEs. Congress may legislate, or the administration may implement 
through administrative reform, structural and other changes to the GSEs and the functioning of the secondary 
mortgage market. In the absence of legislation, the FHFA continues to move forward on administrative reform 
efforts to prepare the GSEs for the end of conservatorship, once fully and adequately capitalized. 

Effective February 16, 2021, the FHFA enacted the Enterprise Capital Framework, which imposes a capital 
framework on the GSEs, including risk-based and leverage capital requirements and capital buffers in excess of 
regulatory minimums that can be drawn down in periods of financial stress. However, the GSEs will not be 
subject to any requirement under the Enterprise Capital Framework until (i) the date of termination of the 
conservatorship of a GSE or (ii) any later compliance date provided in a consent order or other transition order 
applicable to such GSE. The Enterprise Capital Framework significantly increases capital requirements and 
reduces capital credit on credit risk transfer transactions as compared to the previous framework. This rule could 
accelerate the recent diversification of the GSEs’ risk transfer programs to encompass a broader array of 
instruments beyond private mortgage insurance, which could adversely impact Enact Holdings and our business. 
Likewise, legislation or regulation that changes the role of the GSEs, ends the GSEs’ conservatorship or 
increases the number of people eligible for FHA or VA mortgages could have a material adverse effect on Enact 
Holdings and limit its ability to compete with the FHA or VA thereby adversely impacting our business. 

Our U.S. life insurance subsidiaries are subject to the NAIC’s RBC standards and other minimum statutory 

capital and surplus requirements imposed under the laws of their respective states of domicile. The failure of our 

On January 14, 2021, the FHFA and the Treasury Department agreed to amend the PSPAs between the 
Treasury Department and each of the GSEs to increase the amount of capital each GSE may retain. Among other 

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51 

things, the amendments to the PSPAs limit the number of certain mortgages the GSEs may acquire with two or 
more prescribed risk factors, including certain mortgages with combined loan-to-value ratios above 90%. 
However, on September 14, 2021, the FHFA and Treasury Department suspended certain provisions of the 
amendments to the PSPAs, including the limit on the number of mortgages with two or more risk factors that the 
GSEs may acquire. Such suspensions end six months after the Treasury Department notifies the GSEs of 
termination. The limit on the number of mortgages with two or more risk factors was based on the market size at 
the time. While Enact Holdings does not expect any material impact to the private mortgage market, changes in 
the provisions or enforcement of this rule could impact our results of operations. 

The adoption of any GSE reform, whether through legislation or administrative action, could impact the 
current role of private mortgage insurance as a credit enhancement, including its reduction or elimination, which 
would have an adverse effect on our business, revenue, results of operations and financial condition. As a result, 
it is uncertain what role private capital, including mortgage insurance, will play in the U.S. residential housing 
finance system in the future or the impact any such changes could have on our business. Passage and timing of 
any comprehensive GSE reform or incremental change (legislative or administrative) is uncertain, making the 
actual impact on Enact Holdings and the private mortgage insurance industry difficult to predict. Any such 
changes that occur could have a significant impact on our business, results of operations and financial condition. 

The FHFA has set goals for the GSEs to transfer significant portions of the GSEs’ mortgage credit risk to 

the private sector. This mandate builds upon the goal established by the GSEs to increase the role of private 
capital through experimenting with different forms of transactions and structures. Enact Holdings participates in 
credit risk transfer programs developed by Fannie Mae and Freddie Mac. The GSEs have in the past piloted and 
may in the future attempt to launch alternative products or transactions. To the extent these credit risk products 
evolve in a manner that displaces primary mortgage insurance coverage, the amount of insurance Enact Holdings 
writes may be reduced. It is difficult to predict the impact of alternative credit risk transfer products that are 
developed to meet the goals established by the FHFA. 

Fannie Mae and Freddie Mac also possess substantial market power, which enables them to influence Enact 

Holdings and the mortgage insurance industry in general. Although Enact Holdings actively monitors and 
develops its relationship with Fannie Mae and Freddie Mac, a deterioration in any of these relationships, or the 
loss of business or opportunities for new business, could have a material adverse effect on our business, financial 
condition and results of operations. 

If Enact is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend 
them or the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of capital 
that are higher than planned or otherwise, Enact may not be eligible to write new insurance on loans 
acquired by the GSEs, which would have a material adverse effect on our business, results of operations 
and financial condition. 

In furtherance of Fannie Mae and Freddie Mac’s respective charter requirements, each GSE adopted 

PMIERs effective December 31, 2015. The GSEs have in the past and may in the future amend or waive PMIERs 
at their discretion or impose additional conditions or restrictions, and the GSEs have broad discretion to interpret 
PMIERs, any of which could impact the calculation of Available Assets and/or Minimum Required Assets or 
require an increase in assets held to remain compliant. For a discussion of PMIERs requirements and recent 
amendments to PMIERs, see “Regulation—Enact—Mortgage Insurance Regulation—Other U.S. Regulation and 
Agency Qualification Requirements.” 

The amount of capital that may be required in the future to maintain the Minimum Required Assets, as 
defined in PMIERs, is dependent upon, among other things: (i) the way PMIERs are applied and interpreted by 
the GSEs and the FHFA; (ii) the future performance of the U.S. housing market; (iii) Enact Holdings’ generation 
of earnings, available assets and risk-based required assets, reducing risk in-force and reducing delinquencies as 
anticipated, and writing anticipated amounts and types of new mortgage insurance business; and (iv) Enact 
Holdings’ overall financial performance, capital and liquidity levels. Depending on actual experience, the amount 

of capital required under PMIERs for Enact Holdings’ subsidiaries may be higher than currently anticipated. In 

the absence of a premium increase on new business, if Enact Holdings’ subsidiaries hold more capital relative to 

their insured loans, their returns will be lower. Enact Holdings may be unable to increase premium rates on new 

business for various reasons, principally due to competition. Enact Holdings’ inability to increase its capital as 

required in the anticipated timeframes and on anticipated terms, and realize the anticipated benefits, could have a 

material adverse impact on our business, results of operations and financial condition. More specifically, Enact 

Holdings’ subsidiaries’ ability to continue to meet the PMIERs financial requirements and maintain a prudent 

amount of capital in excess of those requirements, given the dynamic nature of asset valuations and requirement 

changes over time, is dependent upon, among other things: (i) Enact Holdings’ ability to complete credit risk 

transfer transactions on its anticipated terms and timetable, which as applicable, are subject to market conditions, 

third-party approvals and other actions (including approval by regulators and the GSEs), and other factors that 

are outside its control; and (ii) Enact Holdings’ ability to contribute its holding company cash or other sources of 

capital to satisfy the portion of the financial requirements that are not satisfied through credit risk transfer 

transactions. In addition, another potential capital source includes, but is not limited to, the issuance of securities 

by Genworth Financial, Genworth Holdings or Enact Holdings, which could materially adversely impact our 

business, shareholders and debtholders. 

Enact Holdings’ assessment of PMIERs compliance is based on a number of factors, including its 

understanding of the GSEs’ interpretation of the PMIERs financial requirements. Although we believe Enact 

Holdings has sufficient capital as required under PMIERs and it remains an approved insurer, it is possible these 

conditions may not continue. In addition, Enact Holdings may not continue to meet the conditions contained in 

the GSE letters granting PMIERs credit for reinsurance and other credit risk transfer transactions including, but 

not limited to, its ability to remain below a statutory risk-to-capital ratio of 18:1. The GSEs also reserve the right 

to re-evaluate the credit for reinsurance and other credit risk transfer transactions available under PMIERs. If 

Enact is unable to continue to meet the requirements mandated by PMIERs or the GSEs, whether because the 

GSEs amend them or the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of 

capital that are higher than planned or otherwise, Enact may not be eligible to write new insurance on loans 

acquired by the GSEs, which would have a material adverse effect on our business, results of operations and 

financial condition. 

Additionally, compliance with PMIERs requires Enact Holdings to seek the GSEs’ prior approval before 

taking many actions, including implementing certain new products or services or entering into intercompany 

agreements among others. PMIERs’ approval requirements could prohibit, materially modify or delay Enact 

Holdings’ intended course of action. Further, the GSEs may modify or change their interpretation of terms they 

require Enact Holdings to include in its mortgage insurance coverage for loans purchased by the GSEs, requiring 

Enact Holdings to modify its terms of coverage or operational procedures to remain an approved insurer, and 

such changes could have a material adverse impact on our financial position and operating results. It is possible 

the GSEs could, at their own discretion, require additional limitations and/or conditions on Enact Holdings’ 

activities and practices that are not currently in PMIERs in order for Enact Holdings to remain an approved 

insurer. Additional requirements or conditions imposed by the GSEs could limit Enact Holdings’ operating 

flexibility and the areas in which it may write new business. Any of these events would have a material adverse 

effect on our business, results of operations and financial condition. 

Enact Holdings’ U.S. mortgage insurance subsidiaries are subject to minimum statutory capital 

requirements, which if not met or waived, would result in restrictions or prohibitions on them doing 

business and could have a material adverse impact on our business, financial condition and results of 

operations. 

In addition to PMIERs, mortgage insurers are required by certain states and other regulators to maintain a 

minimum amount of statutory capital relative to their level of risk in-force. While formulations of minimum 

capital vary in certain states, the most common measure applied allows for a maximum permitted risk-to-capital 

ratio of 25:1. If one of Enact Holdings’ U.S. mortgage insurance subsidiaries that is writing business in a 

particular state fails to maintain that state’s required minimum capital level, it would generally be required to 

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53 

things, the amendments to the PSPAs limit the number of certain mortgages the GSEs may acquire with two or 

more prescribed risk factors, including certain mortgages with combined loan-to-value ratios above 90%. 

However, on September 14, 2021, the FHFA and Treasury Department suspended certain provisions of the 

amendments to the PSPAs, including the limit on the number of mortgages with two or more risk factors that the 

GSEs may acquire. Such suspensions end six months after the Treasury Department notifies the GSEs of 

termination. The limit on the number of mortgages with two or more risk factors was based on the market size at 

the time. While Enact Holdings does not expect any material impact to the private mortgage market, changes in 

the provisions or enforcement of this rule could impact our results of operations. 

The adoption of any GSE reform, whether through legislation or administrative action, could impact the 

current role of private mortgage insurance as a credit enhancement, including its reduction or elimination, which 

would have an adverse effect on our business, revenue, results of operations and financial condition. As a result, 

it is uncertain what role private capital, including mortgage insurance, will play in the U.S. residential housing 

finance system in the future or the impact any such changes could have on our business. Passage and timing of 

any comprehensive GSE reform or incremental change (legislative or administrative) is uncertain, making the 

actual impact on Enact Holdings and the private mortgage insurance industry difficult to predict. Any such 

changes that occur could have a significant impact on our business, results of operations and financial condition. 

The FHFA has set goals for the GSEs to transfer significant portions of the GSEs’ mortgage credit risk to 

the private sector. This mandate builds upon the goal established by the GSEs to increase the role of private 

capital through experimenting with different forms of transactions and structures. Enact Holdings participates in 

credit risk transfer programs developed by Fannie Mae and Freddie Mac. The GSEs have in the past piloted and 

may in the future attempt to launch alternative products or transactions. To the extent these credit risk products 

evolve in a manner that displaces primary mortgage insurance coverage, the amount of insurance Enact Holdings 

writes may be reduced. It is difficult to predict the impact of alternative credit risk transfer products that are 

developed to meet the goals established by the FHFA. 

Fannie Mae and Freddie Mac also possess substantial market power, which enables them to influence Enact 

Holdings and the mortgage insurance industry in general. Although Enact Holdings actively monitors and 

develops its relationship with Fannie Mae and Freddie Mac, a deterioration in any of these relationships, or the 

loss of business or opportunities for new business, could have a material adverse effect on our business, financial 

condition and results of operations. 

If Enact is unable to continue to meet the requirements mandated by PMIERs because the GSEs amend 

them or the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of capital 

that are higher than planned or otherwise, Enact may not be eligible to write new insurance on loans 

acquired by the GSEs, which would have a material adverse effect on our business, results of operations 

and financial condition. 

In furtherance of Fannie Mae and Freddie Mac’s respective charter requirements, each GSE adopted 

PMIERs effective December 31, 2015. The GSEs have in the past and may in the future amend or waive PMIERs 

at their discretion or impose additional conditions or restrictions, and the GSEs have broad discretion to interpret 

PMIERs, any of which could impact the calculation of Available Assets and/or Minimum Required Assets or 

require an increase in assets held to remain compliant. For a discussion of PMIERs requirements and recent 

amendments to PMIERs, see “Regulation—Enact—Mortgage Insurance Regulation—Other U.S. Regulation and 

Agency Qualification Requirements.” 

The amount of capital that may be required in the future to maintain the Minimum Required Assets, as 

defined in PMIERs, is dependent upon, among other things: (i) the way PMIERs are applied and interpreted by 

the GSEs and the FHFA; (ii) the future performance of the U.S. housing market; (iii) Enact Holdings’ generation 

of earnings, available assets and risk-based required assets, reducing risk in-force and reducing delinquencies as 

anticipated, and writing anticipated amounts and types of new mortgage insurance business; and (iv) Enact 

Holdings’ overall financial performance, capital and liquidity levels. Depending on actual experience, the amount 

of capital required under PMIERs for Enact Holdings’ subsidiaries may be higher than currently anticipated. In 
the absence of a premium increase on new business, if Enact Holdings’ subsidiaries hold more capital relative to 
their insured loans, their returns will be lower. Enact Holdings may be unable to increase premium rates on new 
business for various reasons, principally due to competition. Enact Holdings’ inability to increase its capital as 
required in the anticipated timeframes and on anticipated terms, and realize the anticipated benefits, could have a 
material adverse impact on our business, results of operations and financial condition. More specifically, Enact 
Holdings’ subsidiaries’ ability to continue to meet the PMIERs financial requirements and maintain a prudent 
amount of capital in excess of those requirements, given the dynamic nature of asset valuations and requirement 
changes over time, is dependent upon, among other things: (i) Enact Holdings’ ability to complete credit risk 
transfer transactions on its anticipated terms and timetable, which as applicable, are subject to market conditions, 
third-party approvals and other actions (including approval by regulators and the GSEs), and other factors that 
are outside its control; and (ii) Enact Holdings’ ability to contribute its holding company cash or other sources of 
capital to satisfy the portion of the financial requirements that are not satisfied through credit risk transfer 
transactions. In addition, another potential capital source includes, but is not limited to, the issuance of securities 
by Genworth Financial, Genworth Holdings or Enact Holdings, which could materially adversely impact our 
business, shareholders and debtholders. 

Enact Holdings’ assessment of PMIERs compliance is based on a number of factors, including its 
understanding of the GSEs’ interpretation of the PMIERs financial requirements. Although we believe Enact 
Holdings has sufficient capital as required under PMIERs and it remains an approved insurer, it is possible these 
conditions may not continue. In addition, Enact Holdings may not continue to meet the conditions contained in 
the GSE letters granting PMIERs credit for reinsurance and other credit risk transfer transactions including, but 
not limited to, its ability to remain below a statutory risk-to-capital ratio of 18:1. The GSEs also reserve the right 
to re-evaluate the credit for reinsurance and other credit risk transfer transactions available under PMIERs. If 
Enact is unable to continue to meet the requirements mandated by PMIERs or the GSEs, whether because the 
GSEs amend them or the GSEs’ interpretation of the financial requirements requires Enact to hold amounts of 
capital that are higher than planned or otherwise, Enact may not be eligible to write new insurance on loans 
acquired by the GSEs, which would have a material adverse effect on our business, results of operations and 
financial condition. 

Additionally, compliance with PMIERs requires Enact Holdings to seek the GSEs’ prior approval before 
taking many actions, including implementing certain new products or services or entering into intercompany 
agreements among others. PMIERs’ approval requirements could prohibit, materially modify or delay Enact 
Holdings’ intended course of action. Further, the GSEs may modify or change their interpretation of terms they 
require Enact Holdings to include in its mortgage insurance coverage for loans purchased by the GSEs, requiring 
Enact Holdings to modify its terms of coverage or operational procedures to remain an approved insurer, and 
such changes could have a material adverse impact on our financial position and operating results. It is possible 
the GSEs could, at their own discretion, require additional limitations and/or conditions on Enact Holdings’ 
activities and practices that are not currently in PMIERs in order for Enact Holdings to remain an approved 
insurer. Additional requirements or conditions imposed by the GSEs could limit Enact Holdings’ operating 
flexibility and the areas in which it may write new business. Any of these events would have a material adverse 
effect on our business, results of operations and financial condition. 

Enact Holdings’ U.S. mortgage insurance subsidiaries are subject to minimum statutory capital 
requirements, which if not met or waived, would result in restrictions or prohibitions on them doing 
business and could have a material adverse impact on our business, financial condition and results of 
operations. 

In addition to PMIERs, mortgage insurers are required by certain states and other regulators to maintain a 

minimum amount of statutory capital relative to their level of risk in-force. While formulations of minimum 
capital vary in certain states, the most common measure applied allows for a maximum permitted risk-to-capital 
ratio of 25:1. If one of Enact Holdings’ U.S. mortgage insurance subsidiaries that is writing business in a 
particular state fails to maintain that state’s required minimum capital level, it would generally be required to 

52 

53 

immediately stop writing new business in the state until the insurer re-establishes the required level of capital or 
receives a waiver of the requirement from the state’s insurance regulator, or until it establishes an alternative 
source of underwriting capacity acceptable to the regulator. If Enact Holdings’ insurance subsidiaries exceed 
required risk-to-capital levels in the future, Enact Holdings and Genworth Financial would seek required 
regulatory and GSE forbearance and approvals or seek approval for the utilization of alternative insurance 
vehicles. However, such forbearance and approvals may not be obtained or may be obtained on unfavorable 
terms. 

In August 2023, the NAIC adopted amendments to the MGI Model Act and is in the process of making 

corresponding revisions to the Statement of Statutory Accounting Principles No. 58—Mortgage Guaranty 
Insurance. The revisions to the MGI Model Act are extensive, including with respect to risk concentration limits, 
capital and reserve requirements, reinsurance, underwriting practices and quality assurance. At this time, we 
cannot predict which states, if any, will adopt the amended MGI Model Act or any of its specific provisions, the 
effect changes will have on the mortgage guaranty insurance market generally, or on our business specifically, 
the additional costs associated with compliance with any such changes, or any changes to our operations that may 
be necessary to comply, any of which could have a material adverse effect on our business, results of operations 
and financial condition. We also cannot predict whether other regulatory initiatives will be adopted or what 
impact, if any, such initiatives, if adopted as laws, may have on our business, results of operations and financial 
condition. 

Changes in regulations that adversely affect the mortgage insurance markets in which Enact Holdings 
operates could affect its operations significantly and could reduce the demand for mortgage insurance. 

In addition to the general regulatory risks that are described under “—Our insurance businesses are 
extensively regulated and changes in regulation may reduce our profitability and limit our growth,” we are also 
affected, through our ownership of Enact Holdings, by various additional regulations related specifically to 
mortgage insurance operations. 

Federal and state regulations affect the scope of competitor operations, which influences the size of the 
mortgage insurance market and the intensity of the competition. This competition includes not only other private 
mortgage insurers, but also U.S. federal and state governmental and quasi-governmental agencies, principally the 
FHA and the VA, which are governed by federal regulations. Increases in the maximum loan amount that the 
FHA can insure, and reductions in the mortgage insurance premiums the FHA charges, such as the reduction 
implemented in 2023, can reduce the demand for private mortgage insurance. Decreases in the maximum loan 
amounts or maximum loan-to-value ratio of loans the GSEs will purchase or guarantee or increases in GSE fees 
can also reduce demand for private mortgage insurance. Legislative, regulatory or administrative changes could 
cause demand for private mortgage insurance to decrease. 

Enact Holdings and its U.S. mortgage insurance subsidiaries, as credit enhancement providers in the 
residential mortgage lending industry, are also subject to compliance with various federal and state consumer 
protection and insurance laws, including RESPA, the ECOA, the Fair Housing Act, the Dodd-Frank Act 
(including the adoption of the QM Rule), HOPA, the FCRA and the Fair Debt Collection Practices Act, among 
others. These laws prohibit payments for referrals of settlement service business, providing services to lenders 
for no or reduced fees, or payments for services not actually performed; require cancellation of insurance and 
refund of unearned premiums under certain circumstances; and govern the circumstances under which companies 
may obtain and use consumer credit information. Changes in these laws or regulations, changes in the 
appropriate regulator’s interpretation of these laws or regulations or heightened enforcement activity could 
materially adversely affect the operations and profitability of Enact Holdings. 

Basel Framework 

Following the financial crisis of 2008, the Basel Committee on Banking Supervision issued Basel III that 

established RBC and leverage capital requirements for most U.S. banking organizations (although banking 

organizations with less than $10.0 billion in total assets may now choose to comply with an alternative 

community bank leverage ratio framework established by the Federal Banking Agencies in 2019). In 2013, the 

U.S. federal banking regulators confirmed the role of mortgage insurance as a component of prudential bank 

regulation for high loan-to-value mortgages. More recently, in July 2023, the U.S. Federal Reserve, the Federal 

Deposit Insurance Corporation and the Office of the Comptroller of the Currency proposed for comment the 

Basel III Endgame rule. Under the proposed rule, commercial banks with total assets greater than $100.0 billion 

would no longer receive the 50% capital relief for high loan-to-value portfolio loans with mortgage insurance. If 

adopted as proposed, this rule could decrease the demand for mortgage insurance. The federal banking regulators 

are currently in the review process and it remains unclear whether there will be changes to the final rule ahead of 

its planned implementation in 2025. 

Our U.S. life insurance subsidiaries may not be able to continue to mitigate the impact of Regulations XXX 

or AXXX and, therefore, they may incur higher operating costs that could have a material adverse effect 

on our business, financial condition and results of operations. 

We have increased term and universal life insurance statutory reserves in response to Regulations XXX and 

AXXX and have taken steps to mitigate the impact these regulations have had on our business, including 

increasing premium rates and implementing reserve funding structures. One way that we and other insurance 

companies have mitigated the impact of these regulations is through captive reinsurance companies. If we were 

to discontinue our use of captive life reinsurance subsidiaries to finance statutory reserves in response to 

regulatory changes on a prospective basis, the reasonably likely impact would be increased costs related to 

alternative financing, such as third-party reinsurance, which would adversely impact our consolidated results of 

operations and financial condition. In addition, we cannot be certain that affordable alternative financing would 

be available. 

While we are no longer writing new life insurance business, we may not be able to continue to implement 

actions to mitigate the impacts of Regulations XXX or AXXX on our in-force term and universal life insurance 

products which are not currently part of reserve funding structures, or which may be part of existing reserve 

arrangements and need refinancing. 

Additionally, there may be future regulatory, tax or other impacts to existing reserve funding structures and/

or future refinancing, which could require us to increase statutory reserves or incur higher operating and/or tax 

costs. 

Operational Risks 

If we are unable to retain, attract and motivate qualified employees or senior management, our results of 

operations, financial condition and business operations may be adversely impacted. 

Our success is largely dependent on our ability to retain, attract and motivate qualified employees and senior 

management. We face intense competition in our industry for key employees with demonstrated ability, 

including actuarial, finance, legal, investment, risk, compliance and other professional skills. Our ability to 

retain, attract and motivate experienced and qualified employees and senior management has been more 

challenging in light of our previous financial difficulties, announcements concerning expense reductions and 

from the demands being placed on our employees, as well as recruitment challenges due to the ongoing labor 

shortage and low labor participation rate. In addition, our ability to attract, recruit, retain and motivate current 

and prospective employees may be adversely impacted due to uncertainty and/or the Company changing its 

strategic direction. Furthermore, should work arrangements, such as remote work environments, become more 

flexible and commonplace, our ability to compete for qualified employees could be further challenged. A remote 

work environment has expanded competition among employers, which has likely exacerbated the battle for talent 

in an already tight labor market. We cannot be sure we will be able to attract, retain and motivate the desired 

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55 

immediately stop writing new business in the state until the insurer re-establishes the required level of capital or 

receives a waiver of the requirement from the state’s insurance regulator, or until it establishes an alternative 

source of underwriting capacity acceptable to the regulator. If Enact Holdings’ insurance subsidiaries exceed 

required risk-to-capital levels in the future, Enact Holdings and Genworth Financial would seek required 

regulatory and GSE forbearance and approvals or seek approval for the utilization of alternative insurance 

vehicles. However, such forbearance and approvals may not be obtained or may be obtained on unfavorable 

terms. 

In August 2023, the NAIC adopted amendments to the MGI Model Act and is in the process of making 

corresponding revisions to the Statement of Statutory Accounting Principles No. 58—Mortgage Guaranty 

Insurance. The revisions to the MGI Model Act are extensive, including with respect to risk concentration limits, 

capital and reserve requirements, reinsurance, underwriting practices and quality assurance. At this time, we 

cannot predict which states, if any, will adopt the amended MGI Model Act or any of its specific provisions, the 

effect changes will have on the mortgage guaranty insurance market generally, or on our business specifically, 

the additional costs associated with compliance with any such changes, or any changes to our operations that may 

be necessary to comply, any of which could have a material adverse effect on our business, results of operations 

and financial condition. We also cannot predict whether other regulatory initiatives will be adopted or what 

impact, if any, such initiatives, if adopted as laws, may have on our business, results of operations and financial 

condition. 

Changes in regulations that adversely affect the mortgage insurance markets in which Enact Holdings 

operates could affect its operations significantly and could reduce the demand for mortgage insurance. 

In addition to the general regulatory risks that are described under “—Our insurance businesses are 

extensively regulated and changes in regulation may reduce our profitability and limit our growth,” we are also 

affected, through our ownership of Enact Holdings, by various additional regulations related specifically to 

mortgage insurance operations. 

Federal and state regulations affect the scope of competitor operations, which influences the size of the 

mortgage insurance market and the intensity of the competition. This competition includes not only other private 

mortgage insurers, but also U.S. federal and state governmental and quasi-governmental agencies, principally the 

FHA and the VA, which are governed by federal regulations. Increases in the maximum loan amount that the 

FHA can insure, and reductions in the mortgage insurance premiums the FHA charges, such as the reduction 

implemented in 2023, can reduce the demand for private mortgage insurance. Decreases in the maximum loan 

amounts or maximum loan-to-value ratio of loans the GSEs will purchase or guarantee or increases in GSE fees 

can also reduce demand for private mortgage insurance. Legislative, regulatory or administrative changes could 

cause demand for private mortgage insurance to decrease. 

Enact Holdings and its U.S. mortgage insurance subsidiaries, as credit enhancement providers in the 

residential mortgage lending industry, are also subject to compliance with various federal and state consumer 

protection and insurance laws, including RESPA, the ECOA, the Fair Housing Act, the Dodd-Frank Act 

(including the adoption of the QM Rule), HOPA, the FCRA and the Fair Debt Collection Practices Act, among 

others. These laws prohibit payments for referrals of settlement service business, providing services to lenders 

for no or reduced fees, or payments for services not actually performed; require cancellation of insurance and 

refund of unearned premiums under certain circumstances; and govern the circumstances under which companies 

may obtain and use consumer credit information. Changes in these laws or regulations, changes in the 

appropriate regulator’s interpretation of these laws or regulations or heightened enforcement activity could 

materially adversely affect the operations and profitability of Enact Holdings. 

Basel Framework 

Following the financial crisis of 2008, the Basel Committee on Banking Supervision issued Basel III that 

established RBC and leverage capital requirements for most U.S. banking organizations (although banking 

organizations with less than $10.0 billion in total assets may now choose to comply with an alternative 
community bank leverage ratio framework established by the Federal Banking Agencies in 2019). In 2013, the 
U.S. federal banking regulators confirmed the role of mortgage insurance as a component of prudential bank 
regulation for high loan-to-value mortgages. More recently, in July 2023, the U.S. Federal Reserve, the Federal 
Deposit Insurance Corporation and the Office of the Comptroller of the Currency proposed for comment the 
Basel III Endgame rule. Under the proposed rule, commercial banks with total assets greater than $100.0 billion 
would no longer receive the 50% capital relief for high loan-to-value portfolio loans with mortgage insurance. If 
adopted as proposed, this rule could decrease the demand for mortgage insurance. The federal banking regulators 
are currently in the review process and it remains unclear whether there will be changes to the final rule ahead of 
its planned implementation in 2025. 

Our U.S. life insurance subsidiaries may not be able to continue to mitigate the impact of Regulations XXX 
or AXXX and, therefore, they may incur higher operating costs that could have a material adverse effect 
on our business, financial condition and results of operations. 

We have increased term and universal life insurance statutory reserves in response to Regulations XXX and 

AXXX and have taken steps to mitigate the impact these regulations have had on our business, including 
increasing premium rates and implementing reserve funding structures. One way that we and other insurance 
companies have mitigated the impact of these regulations is through captive reinsurance companies. If we were 
to discontinue our use of captive life reinsurance subsidiaries to finance statutory reserves in response to 
regulatory changes on a prospective basis, the reasonably likely impact would be increased costs related to 
alternative financing, such as third-party reinsurance, which would adversely impact our consolidated results of 
operations and financial condition. In addition, we cannot be certain that affordable alternative financing would 
be available. 

While we are no longer writing new life insurance business, we may not be able to continue to implement 
actions to mitigate the impacts of Regulations XXX or AXXX on our in-force term and universal life insurance 
products which are not currently part of reserve funding structures, or which may be part of existing reserve 
arrangements and need refinancing. 

Additionally, there may be future regulatory, tax or other impacts to existing reserve funding structures and/

or future refinancing, which could require us to increase statutory reserves or incur higher operating and/or tax 
costs. 

Operational Risks 

If we are unable to retain, attract and motivate qualified employees or senior management, our results of 
operations, financial condition and business operations may be adversely impacted. 

Our success is largely dependent on our ability to retain, attract and motivate qualified employees and senior 

management. We face intense competition in our industry for key employees with demonstrated ability, 
including actuarial, finance, legal, investment, risk, compliance and other professional skills. Our ability to 
retain, attract and motivate experienced and qualified employees and senior management has been more 
challenging in light of our previous financial difficulties, announcements concerning expense reductions and 
from the demands being placed on our employees, as well as recruitment challenges due to the ongoing labor 
shortage and low labor participation rate. In addition, our ability to attract, recruit, retain and motivate current 
and prospective employees may be adversely impacted due to uncertainty and/or the Company changing its 
strategic direction. Furthermore, should work arrangements, such as remote work environments, become more 
flexible and commonplace, our ability to compete for qualified employees could be further challenged. A remote 
work environment has expanded competition among employers, which has likely exacerbated the battle for talent 
in an already tight labor market. We cannot be sure we will be able to attract, retain and motivate the desired 

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55 

workforce, and our failure to do so could have a material adverse effect on our results of operations, financial 
condition and business operations. In addition, we may not be able to meet regulatory requirements relating to 
required expertise in various professional positions. 

Managing key employee succession and retention is also critical to our success. We would be adversely 
affected if we fail to adequately plan for the succession of our senior management and other key employees. 
While we have succession plans and long-term compensation plans, including retention programs, designed to 
retain our employees, our succession plans may not operate effectively, and our compensation plans cannot 
guarantee that the services of these employees will continue to be available to us. 

Enact Holdings’ reliance on key customers or distribution relationships could cause a loss of significant 
sales if one or more of those relationships terminate or are reduced. 

Our businesses depend on our relationships with our customers, and in particular, our relationships with our 

largest lending customers in Enact Holdings. Customers place private mortgage insurance provided by Enact 
Holdings directly on loans that they originate and indirectly through purchases of loans that already have 
mortgage insurance coverage provided by Enact Holdings. Customer relationships may influence the amount of 
business written with Enact Holdings and the customers’ willingness to continue to approve Enact Holdings as a 
mortgage insurance provider for loans that they purchase. In 2023, Enact Holdings’ largest customer accounted 
for 19% of its total new insurance written and 10% of its total revenues. Its top five customers generated 33% of 
its new insurance written in 2023. An inability to maintain a relationship with one or more of these customers 
could have an adverse effect on the amount of new business Enact Holdings is able to write and consequently, 
our financial condition and results of operations. Enact Holdings’ ability to maintain business relationships and 
business volumes with its largest lending customers remains critical to the success of our business. 

In addition, customer concentration may adversely affect our financial condition if a significant customer 
chooses to increase its use of other mortgage insurers, merges with a competitor or exits the mortgage finance 
business, chooses alternatives to mortgage insurance or experiences a decrease in its business. We cannot be certain 
that any loss of business from significant customers, or any single lender, would be replaced by other customers, 
existing or new. As a result of current market conditions and increased regulatory requirements, Enact Holdings’ 
lending customers may decide to write business only with a limited number of mortgage insurers or only with 
certain mortgage insurers based on their views of an insurer’s pricing, service levels, underwriting guidelines, loss 
mitigation practices, financial strength, ratings, mechanisms of credit enhancements or other factors. 

Our businesses could be adversely impacted from deficiencies in our disclosure controls and procedures or 
internal control over financial reporting. 

The design and effectiveness of our disclosure controls and procedures and internal control over financial 

reporting, including incremental controls added to implement LDTI, may not prevent all errors, misstatements or 
misrepresentations. While management continually reviews the effectiveness of our disclosure controls and 
procedures and internal control over financial reporting, there can be no guarantee that our internal control over 
financial reporting will be effective in accomplishing all control objectives all of the time. Any material 
weaknesses in internal control over financial reporting, such as those we have reported in the past, or any other 
failure to maintain effective disclosure controls and procedures could result in material errors or restatements in 
our historical financial statements or untimely filings, which could cause investors to lose confidence in our 
reported financial information, that would result in a material adverse impact on our business and financial 
condition. 

Our computer systems and those of our third-party service providers have in the past and may in the 

future fail or be compromised, including through cybersecurity breaches; we may experience issues from 

new and complex information technology methodologies such as artificial intelligence; and unanticipated 

problems could materially adversely impact our disaster recovery systems and business continuity plans, 

any of which could damage our reputation, impair our ability to conduct business effectively, result in 

enforcement action or litigation, and materially adversely affect our business, financial condition and 

results of operations. 

Our business is highly dependent upon the effective operation of our computer systems. We also have 

arrangements in place with our partners and other third-party service providers through which we share and 

receive information. We rely on these systems throughout our business for a variety of functions, including 

processing claims and applications, providing information to customers and distributors, performing actuarial 

analyses and maintaining financial records. We have implemented and maintain what we believe to be reasonable 

security controls and back-up measures, but despite this, our computer systems and those of our partners and 

third-party service providers have been, and may be in the future, vulnerable to physical or electronic intrusions, 

computer malware, malicious code or other attacks, system failures, programming errors, employee and third-

party errors or wrongdoing, and similar disruption or adverse outcomes. The failure of these systems for any 

reason could cause significant interruptions to our operations, which could result in a material adverse effect on 

our business, financial condition or results of operations. 

Technology continues to expand and plays an ever-increasing role in our business. While it is our goal to 

safeguard information assets from physical theft and cybersecurity threats, our information security measures 

may not detect, and protect information assets from, or fully mitigate, these ever-increasing risks. Information 

assets include both information itself in the form of computer data, written materials, knowledge and supporting 

processes, and the information technology systems, networks, other electronic devices and storage media used to 

store, process, retrieve and transmit that information. As more information is used and shared by our employees, 

customers and suppliers, both within and outside our company, cybersecurity threats become expansive in nature. 

Additionally, cybersecurity threats have continued to grow in sophistication, in part through the deployment of 

artificial intelligence technologies. The confidentiality, integrity, security and availability of information are 

essential to maintaining our reputation and ability to conduct our operations. Although we have implemented 

controls and continue to train our employees, a cybersecurity event could still occur which would cause damage 

to our reputation with our customers, distributors and other stakeholders, could have a material adverse effect on 

our business, financial condition or results of operations, or expose us to litigation or other enforcement actions. 

For example, during the second quarter of 2023, we were notified by PBI Research Services (“PBI”), a 

third-party vendor, that PBI was subject to the widely reported security events involving the MOVEit file transfer 

system, which PBI uses in the performance of its services (the “MOVEit Cybersecurity Incident”). The MOVEit 

Cybersecurity Incident resulted in the unauthorized acquisition of data by a third party from PBI as well as 

several organizations and governmental agencies. After being notified of the security event, we, together with 

PBI, promptly launched an investigation to determine to whether and to what extent personal information had 

been unlawfully accessed. Approximately 2.5 to 2.7 million of our policyholders’ or other customers’ personal 

information, including social security numbers, was exposed to and obtained by the threat actor as a result of the 

MOVEit Cybersecurity Incident. We do not currently believe this incident will have a material adverse effect on 

our business, results of operations or financial condition. However, there could be a material adverse effect in the 

future, especially if the amount of insurance coverage we maintain is not sufficient to cover claims or liabilities 

relating to this or a future incident. 

We retain confidential information in our computer systems, and we rely on commercial technologies to 

maintain the security of those systems, including computers or mobile devices. Anyone who is able to 

circumvent our security measures and penetrate our computer systems or misuse authorized access could access, 

view, misappropriate, alter, delete or disclose any information in the systems, including personal information, 

personal health information and proprietary business information. Our employees, distribution partners and other 

vendors use portable computers or mobile devices which may contain similar information to that in our computer 

56 

57 

workforce, and our failure to do so could have a material adverse effect on our results of operations, financial 

condition and business operations. In addition, we may not be able to meet regulatory requirements relating to 

required expertise in various professional positions. 

Managing key employee succession and retention is also critical to our success. We would be adversely 

affected if we fail to adequately plan for the succession of our senior management and other key employees. 

While we have succession plans and long-term compensation plans, including retention programs, designed to 

retain our employees, our succession plans may not operate effectively, and our compensation plans cannot 

guarantee that the services of these employees will continue to be available to us. 

Enact Holdings’ reliance on key customers or distribution relationships could cause a loss of significant 

sales if one or more of those relationships terminate or are reduced. 

Our businesses depend on our relationships with our customers, and in particular, our relationships with our 

largest lending customers in Enact Holdings. Customers place private mortgage insurance provided by Enact 

Holdings directly on loans that they originate and indirectly through purchases of loans that already have 

mortgage insurance coverage provided by Enact Holdings. Customer relationships may influence the amount of 

business written with Enact Holdings and the customers’ willingness to continue to approve Enact Holdings as a 

mortgage insurance provider for loans that they purchase. In 2023, Enact Holdings’ largest customer accounted 

for 19% of its total new insurance written and 10% of its total revenues. Its top five customers generated 33% of 

its new insurance written in 2023. An inability to maintain a relationship with one or more of these customers 

could have an adverse effect on the amount of new business Enact Holdings is able to write and consequently, 

our financial condition and results of operations. Enact Holdings’ ability to maintain business relationships and 

business volumes with its largest lending customers remains critical to the success of our business. 

In addition, customer concentration may adversely affect our financial condition if a significant customer 

chooses to increase its use of other mortgage insurers, merges with a competitor or exits the mortgage finance 

business, chooses alternatives to mortgage insurance or experiences a decrease in its business. We cannot be certain 

that any loss of business from significant customers, or any single lender, would be replaced by other customers, 

existing or new. As a result of current market conditions and increased regulatory requirements, Enact Holdings’ 

lending customers may decide to write business only with a limited number of mortgage insurers or only with 

certain mortgage insurers based on their views of an insurer’s pricing, service levels, underwriting guidelines, loss 

mitigation practices, financial strength, ratings, mechanisms of credit enhancements or other factors. 

Our businesses could be adversely impacted from deficiencies in our disclosure controls and procedures or 

internal control over financial reporting. 

The design and effectiveness of our disclosure controls and procedures and internal control over financial 

reporting, including incremental controls added to implement LDTI, may not prevent all errors, misstatements or 

misrepresentations. While management continually reviews the effectiveness of our disclosure controls and 

procedures and internal control over financial reporting, there can be no guarantee that our internal control over 

financial reporting will be effective in accomplishing all control objectives all of the time. Any material 

weaknesses in internal control over financial reporting, such as those we have reported in the past, or any other 

failure to maintain effective disclosure controls and procedures could result in material errors or restatements in 

our historical financial statements or untimely filings, which could cause investors to lose confidence in our 

reported financial information, that would result in a material adverse impact on our business and financial 

condition. 

Our computer systems and those of our third-party service providers have in the past and may in the 
future fail or be compromised, including through cybersecurity breaches; we may experience issues from 
new and complex information technology methodologies such as artificial intelligence; and unanticipated 
problems could materially adversely impact our disaster recovery systems and business continuity plans, 
any of which could damage our reputation, impair our ability to conduct business effectively, result in 
enforcement action or litigation, and materially adversely affect our business, financial condition and 
results of operations. 

Our business is highly dependent upon the effective operation of our computer systems. We also have 
arrangements in place with our partners and other third-party service providers through which we share and 
receive information. We rely on these systems throughout our business for a variety of functions, including 
processing claims and applications, providing information to customers and distributors, performing actuarial 
analyses and maintaining financial records. We have implemented and maintain what we believe to be reasonable 
security controls and back-up measures, but despite this, our computer systems and those of our partners and 
third-party service providers have been, and may be in the future, vulnerable to physical or electronic intrusions, 
computer malware, malicious code or other attacks, system failures, programming errors, employee and third-
party errors or wrongdoing, and similar disruption or adverse outcomes. The failure of these systems for any 
reason could cause significant interruptions to our operations, which could result in a material adverse effect on 
our business, financial condition or results of operations. 

Technology continues to expand and plays an ever-increasing role in our business. While it is our goal to 
safeguard information assets from physical theft and cybersecurity threats, our information security measures 
may not detect, and protect information assets from, or fully mitigate, these ever-increasing risks. Information 
assets include both information itself in the form of computer data, written materials, knowledge and supporting 
processes, and the information technology systems, networks, other electronic devices and storage media used to 
store, process, retrieve and transmit that information. As more information is used and shared by our employees, 
customers and suppliers, both within and outside our company, cybersecurity threats become expansive in nature. 
Additionally, cybersecurity threats have continued to grow in sophistication, in part through the deployment of 
artificial intelligence technologies. The confidentiality, integrity, security and availability of information are 
essential to maintaining our reputation and ability to conduct our operations. Although we have implemented 
controls and continue to train our employees, a cybersecurity event could still occur which would cause damage 
to our reputation with our customers, distributors and other stakeholders, could have a material adverse effect on 
our business, financial condition or results of operations, or expose us to litigation or other enforcement actions. 

For example, during the second quarter of 2023, we were notified by PBI Research Services (“PBI”), a 
third-party vendor, that PBI was subject to the widely reported security events involving the MOVEit file transfer 
system, which PBI uses in the performance of its services (the “MOVEit Cybersecurity Incident”). The MOVEit 
Cybersecurity Incident resulted in the unauthorized acquisition of data by a third party from PBI as well as 
several organizations and governmental agencies. After being notified of the security event, we, together with 
PBI, promptly launched an investigation to determine to whether and to what extent personal information had 
been unlawfully accessed. Approximately 2.5 to 2.7 million of our policyholders’ or other customers’ personal 
information, including social security numbers, was exposed to and obtained by the threat actor as a result of the 
MOVEit Cybersecurity Incident. We do not currently believe this incident will have a material adverse effect on 
our business, results of operations or financial condition. However, there could be a material adverse effect in the 
future, especially if the amount of insurance coverage we maintain is not sufficient to cover claims or liabilities 
relating to this or a future incident. 

We retain confidential information in our computer systems, and we rely on commercial technologies to 

maintain the security of those systems, including computers or mobile devices. Anyone who is able to 
circumvent our security measures and penetrate our computer systems or misuse authorized access could access, 
view, misappropriate, alter, delete or disclose any information in the systems, including personal information, 
personal health information and proprietary business information. Our employees, distribution partners and other 
vendors use portable computers or mobile devices which may contain similar information to that in our computer 

56 

57 

systems, and these devices have been and can be lost, stolen or damaged, and therefore subject to the same risks 
as our other computer systems. In addition, an increasing number of states and foreign countries require that 
affected parties be notified or other actions be taken (which could involve significant costs to us) if a security 
breach results in the unlawful disclosure of personal information. We have experienced occasional, actual or 
attempted breaches of our cybersecurity, although to date, none of these breaches has had a material effect on our 
business, operations or reputation. Any compromise of the security of our computer systems or those of our 
partners and third-party service providers that results in the unauthorized disclosure of customer personal 
information, like the one involving PBI and MOVEit discussed above, could damage our reputation in the 
marketplace, deter people from purchasing our products, subject us to significant civil and criminal liability and 
require us to incur significant technical, legal and other expenses. 

Cybersecurity, data privacy and artificial intelligence risks and uncertainties have come under increased 
scrutiny in recent years, with various countries, government agencies and insurance regulators introducing and/or 
passing legislation in an attempt to safeguard personal information from escalating cybersecurity threats and 
other unknown risks and uncertainties. For additional details, see “Regulation—Other Laws and Regulations—
Privacy and cybersecurity.” We have implemented internal policies, practices and controls designed to comply 
with applicable data privacy and security laws. Failure, by us or any third-party on which we rely, to comply with 
these laws, regulations and rules may result in enforcement action, litigation, monetary fines, or other penalties, 
which could have a material adverse effect on our business, financial condition, and reputation. For additional 
details on our cybersecurity risk management, strategy and governance, see “Item 1C—Cybersecurity.” 

In addition, unanticipated problems with, or failures of, our disaster recovery systems and business 
continuity plans could have a material adverse impact on our ability to conduct business and on our results of 
operations and financial condition, particularly if those problems affect our information technology systems and 
destroy, lose or otherwise compromise the integrity or availability of valuable data. Furthermore, in the event that 
a significant number of our employees were unavailable in the event of a disaster or a pandemic, our ability to 
effectively conduct business could be severely compromised. The failure of our disaster recovery systems and 
business continuity plans could adversely impact our profitability and our business. 

We rely upon third-party vendors who may be unable or unwilling to meet their obligations to us. 

We rely on third-party vendors to efficiently execute in-house processes and other outsourcing 

arrangements, as well as to provide unique or cost-efficient products or services. We rely on the controls and risk 
management processes of these third parties. While we have certain contractual protections and perform third-
party vendor due diligence procedures, it is possible that third-party vendors may not provide accurate and 
complete information to us, maintain adequate internal controls, meet their obligations on a timely basis and 
adhere to the provisions of our agreements. If any third-party provider (or such third-party’s supplier, vendor or 
subcontractor) experiences any deficiency in internal controls, determines that its practices and procedures used 
in providing services to us (including administering any of our policies) require review, or it otherwise fails to 
provide services to us in accordance with appropriate standards, we could incur expenses and experience other 
adverse effects as a result. Additionally, if a third-party vendor is unable to source and maintain a capable 
workforce or supply us with contractors during times of peak volume, then we may be unable to satisfy our 
customer obligations and/or regulatory reporting requirements. In addition, some third-party vendors may 
provide unique services and the loss of those services may be difficult to replace and/or the cost to receive the 
third-party services may be significant, including conversion costs to establish the appropriate technology 
infrastructure. Any of the above scenarios could lead to reputational damage and/or an adverse financial impact, 
including the imposition of penalties or being subject to litigation costs. 

Insurance and Product-Related Risks 

Enact Holdings may be unable to maintain or increase capital in its mortgage insurance subsidiaries in a 

timely manner, on anticipated terms or at all, including through improved business performance, 

reinsurance or similar transactions, securities offerings or otherwise, in each case as and when required. 

Enact Holdings may require incremental capital to support its growth, meet regulatory or GSE capital 

requirements, comply with rating agency criteria to maintain ratings, repay its debt due in 2025, operate and meet 

unexpected cash flow obligations. Our ability to support the capital needs of Enact Holdings is limited. 

Accordingly, we are largely reliant on Enact Holdings to support its own capital needs. Furthermore, our current 

plans do not include any additional minority sales resulting in Genworth owning less than 80% of Enact 

Holdings, and accordingly, Enact Holdings’ ability to raise additional capital by issuing its stock to third parties 

is limited. Enact Holdings’ inability to fund or raise the capital required in the anticipated timeframes and on the 

anticipated terms could cause a reduction in its business levels or subject it to a variety of regulatory actions, 

which would have a material adverse impact on our business, results of operations and financial condition. 

Specifically, as Enact Holdings’ outstanding debt matures, Enact Holdings may face challenges in refinancing or 

extending the debt on favorable terms. Unfavorable market conditions, changes in Enact Holdings’ financial 

position or changes to its ratings could limit its ability to refinance the debt, potentially impacting our liquidity. 

In addition, the implementation of any further credit risk transfer transactions or other transactions with 

third parties to provide additional capital depends on a number of factors, including but not limited to, market 

conditions, necessary third-party approvals (including approval by regulators and the GSEs) and other factors 

which are outside Enact Holdings’ control. Therefore, Enact Holdings may not be able to successfully implement 

these actions on the anticipated timetable and terms, or at all. Even if Enact Holdings is able to successfully 

implement these actions, it may not be able to achieve the anticipated benefits from the actions. 

Reinsurance may not be available, affordable or adequate to protect us against losses. 

As part of our overall risk and capital management strategy, we purchase reinsurance from external 

reinsurers, use credit risk transfer transactions and provide internal reinsurance support for certain risks 

underwritten by our various business segments. These reinsurance arrangements and credit risk transfer 

transactions are intended to enable our businesses to transfer risks in exchange for some of the associated 

economic benefits and, as a result, improve our statutory capital position, manage risk to within our tolerance 

level and improve the PMIERs position of Enact Holdings. The availability and cost of reinsurance protection are 

impacted by our operating and financial performance, including ratings, as well as conditions beyond our control, 

including changes in regulation. For example, our U.S. life insurance subsidiaries’ low financial strength ratings 

may reduce the availability of certain types of reinsurance and have made it more costly when it is available, as 

reinsurers have been less willing to take on credit risk in the volatile market. Accordingly, we may continue to be 

forced into incurring additional expenses for reinsurance and/or we may not be able to obtain new reinsurance or 

renew existing reinsurance arrangements on acceptable terms, or at all, which could increase our risk and 

adversely affect our ability to obtain statutory capital credit for new reinsurance or could require us to make 

capital contributions to maintain regulatory capital requirements. Moreover, absent the availability and 

affordability to enter into new credit risk transfer transactions, the ability of Enact Holdings to obtain PMIERs or 

statutory credit for new transactions would be adversely impacted. See “—If Enact is unable to continue to meet 

the requirements mandated by PMIERs because the GSEs amend them or the GSEs’ interpretation of the 

financial requirements requires Enact to hold amounts of capital that are higher than planned or otherwise, Enact 

may not be eligible to write new insurance on loans acquired by the GSEs, which would have a material adverse 

effect on our business, results of operations and financial condition.” 

We also manage risk and capital allocated to our long-term care insurance business through utilization of 

external reinsurance in the form of coinsurance. Our U.S. life insurance subsidiaries have executed external 

reinsurance agreements to reinsure sales of some of their older blocks of long-term care insurance products (10% 

of new business issued from 2003 to 2008; 20% to 30% of new business issued from 2009 to 2011; and 40% of 

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59 

systems, and these devices have been and can be lost, stolen or damaged, and therefore subject to the same risks 

as our other computer systems. In addition, an increasing number of states and foreign countries require that 

affected parties be notified or other actions be taken (which could involve significant costs to us) if a security 

breach results in the unlawful disclosure of personal information. We have experienced occasional, actual or 

attempted breaches of our cybersecurity, although to date, none of these breaches has had a material effect on our 

business, operations or reputation. Any compromise of the security of our computer systems or those of our 

partners and third-party service providers that results in the unauthorized disclosure of customer personal 

information, like the one involving PBI and MOVEit discussed above, could damage our reputation in the 

marketplace, deter people from purchasing our products, subject us to significant civil and criminal liability and 

require us to incur significant technical, legal and other expenses. 

Cybersecurity, data privacy and artificial intelligence risks and uncertainties have come under increased 

scrutiny in recent years, with various countries, government agencies and insurance regulators introducing and/or 

passing legislation in an attempt to safeguard personal information from escalating cybersecurity threats and 

other unknown risks and uncertainties. For additional details, see “Regulation—Other Laws and Regulations—

Privacy and cybersecurity.” We have implemented internal policies, practices and controls designed to comply 

with applicable data privacy and security laws. Failure, by us or any third-party on which we rely, to comply with 

these laws, regulations and rules may result in enforcement action, litigation, monetary fines, or other penalties, 

which could have a material adverse effect on our business, financial condition, and reputation. For additional 

details on our cybersecurity risk management, strategy and governance, see “Item 1C—Cybersecurity.” 

In addition, unanticipated problems with, or failures of, our disaster recovery systems and business 

continuity plans could have a material adverse impact on our ability to conduct business and on our results of 

operations and financial condition, particularly if those problems affect our information technology systems and 

destroy, lose or otherwise compromise the integrity or availability of valuable data. Furthermore, in the event that 

a significant number of our employees were unavailable in the event of a disaster or a pandemic, our ability to 

effectively conduct business could be severely compromised. The failure of our disaster recovery systems and 

business continuity plans could adversely impact our profitability and our business. 

We rely upon third-party vendors who may be unable or unwilling to meet their obligations to us. 

We rely on third-party vendors to efficiently execute in-house processes and other outsourcing 

arrangements, as well as to provide unique or cost-efficient products or services. We rely on the controls and risk 

management processes of these third parties. While we have certain contractual protections and perform third-

party vendor due diligence procedures, it is possible that third-party vendors may not provide accurate and 

complete information to us, maintain adequate internal controls, meet their obligations on a timely basis and 

adhere to the provisions of our agreements. If any third-party provider (or such third-party’s supplier, vendor or 

subcontractor) experiences any deficiency in internal controls, determines that its practices and procedures used 

in providing services to us (including administering any of our policies) require review, or it otherwise fails to 

provide services to us in accordance with appropriate standards, we could incur expenses and experience other 

adverse effects as a result. Additionally, if a third-party vendor is unable to source and maintain a capable 

workforce or supply us with contractors during times of peak volume, then we may be unable to satisfy our 

customer obligations and/or regulatory reporting requirements. In addition, some third-party vendors may 

provide unique services and the loss of those services may be difficult to replace and/or the cost to receive the 

third-party services may be significant, including conversion costs to establish the appropriate technology 

infrastructure. Any of the above scenarios could lead to reputational damage and/or an adverse financial impact, 

including the imposition of penalties or being subject to litigation costs. 

Insurance and Product-Related Risks 

Enact Holdings may be unable to maintain or increase capital in its mortgage insurance subsidiaries in a 
timely manner, on anticipated terms or at all, including through improved business performance, 
reinsurance or similar transactions, securities offerings or otherwise, in each case as and when required. 

Enact Holdings may require incremental capital to support its growth, meet regulatory or GSE capital 
requirements, comply with rating agency criteria to maintain ratings, repay its debt due in 2025, operate and meet 
unexpected cash flow obligations. Our ability to support the capital needs of Enact Holdings is limited. 
Accordingly, we are largely reliant on Enact Holdings to support its own capital needs. Furthermore, our current 
plans do not include any additional minority sales resulting in Genworth owning less than 80% of Enact 
Holdings, and accordingly, Enact Holdings’ ability to raise additional capital by issuing its stock to third parties 
is limited. Enact Holdings’ inability to fund or raise the capital required in the anticipated timeframes and on the 
anticipated terms could cause a reduction in its business levels or subject it to a variety of regulatory actions, 
which would have a material adverse impact on our business, results of operations and financial condition. 
Specifically, as Enact Holdings’ outstanding debt matures, Enact Holdings may face challenges in refinancing or 
extending the debt on favorable terms. Unfavorable market conditions, changes in Enact Holdings’ financial 
position or changes to its ratings could limit its ability to refinance the debt, potentially impacting our liquidity. 

In addition, the implementation of any further credit risk transfer transactions or other transactions with 
third parties to provide additional capital depends on a number of factors, including but not limited to, market 
conditions, necessary third-party approvals (including approval by regulators and the GSEs) and other factors 
which are outside Enact Holdings’ control. Therefore, Enact Holdings may not be able to successfully implement 
these actions on the anticipated timetable and terms, or at all. Even if Enact Holdings is able to successfully 
implement these actions, it may not be able to achieve the anticipated benefits from the actions. 

Reinsurance may not be available, affordable or adequate to protect us against losses. 

As part of our overall risk and capital management strategy, we purchase reinsurance from external 
reinsurers, use credit risk transfer transactions and provide internal reinsurance support for certain risks 
underwritten by our various business segments. These reinsurance arrangements and credit risk transfer 
transactions are intended to enable our businesses to transfer risks in exchange for some of the associated 
economic benefits and, as a result, improve our statutory capital position, manage risk to within our tolerance 
level and improve the PMIERs position of Enact Holdings. The availability and cost of reinsurance protection are 
impacted by our operating and financial performance, including ratings, as well as conditions beyond our control, 
including changes in regulation. For example, our U.S. life insurance subsidiaries’ low financial strength ratings 
may reduce the availability of certain types of reinsurance and have made it more costly when it is available, as 
reinsurers have been less willing to take on credit risk in the volatile market. Accordingly, we may continue to be 
forced into incurring additional expenses for reinsurance and/or we may not be able to obtain new reinsurance or 
renew existing reinsurance arrangements on acceptable terms, or at all, which could increase our risk and 
adversely affect our ability to obtain statutory capital credit for new reinsurance or could require us to make 
capital contributions to maintain regulatory capital requirements. Moreover, absent the availability and 
affordability to enter into new credit risk transfer transactions, the ability of Enact Holdings to obtain PMIERs or 
statutory credit for new transactions would be adversely impacted. See “—If Enact is unable to continue to meet 
the requirements mandated by PMIERs because the GSEs amend them or the GSEs’ interpretation of the 
financial requirements requires Enact to hold amounts of capital that are higher than planned or otherwise, Enact 
may not be eligible to write new insurance on loans acquired by the GSEs, which would have a material adverse 
effect on our business, results of operations and financial condition.” 

We also manage risk and capital allocated to our long-term care insurance business through utilization of 

external reinsurance in the form of coinsurance. Our U.S. life insurance subsidiaries have executed external 
reinsurance agreements to reinsure sales of some of their older blocks of long-term care insurance products (10% 
of new business issued from 2003 to 2008; 20% to 30% of new business issued from 2009 to 2011; and 40% of 

58 

59 

new business issued from 2011 to early 2013). We also have external reinsurance on some older blocks of 
business which includes a treaty on a yearly renewable term basis on business that was written between 1998 and 
2003. This yearly renewable term reinsurance provides coverage for claims on those policies for 15 years after 
the policy was written. After 15 years, reinsurance coverage ends for policies not on claim, while reinsurance 
coverage continues for policies on claim until the claim ends. The 15-year coverage on the policies written in 
2003 expired in 2018; therefore, any new claims will not have reinsurance coverage under this treaty. Since 
2013, we have seen, and may continue to see, an increase in our benefit costs as policies with reinsurance 
coverage exhaust their benefits or terminate and policies which are not covered by reinsurance go on claim. Over 
time, affordable or any reinsurance may not continue to be available. 

A decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of 
mortgage insurance cancellations could result in a decline in Enact Holdings’ revenue. 

Enact Holdings provides mortgage insurance primarily for high loan-to-value mortgages. Factors that could 

lead to a decrease in the volume of high loan-to-value mortgage originations include, but are not limited to: 

•

•

•

•

•

•

•

•

•

•

•

an increase in home mortgage interest rates; 

limitations on the tax benefits of homeownership and mortgage interest; 

implementation of more rigorous mortgage lending regulation; 

a decline in economic conditions generally, or in conditions in regional and local economies; 

events outside of Enact Holdings’ control, including natural and man-made disasters and pandemics 
adversely affecting housing markets and home buying; 

the level of consumer confidence, which may be adversely affected by economic instability, war or 
terrorist events; 

an increase in the price of homes relative to income levels; 

a lack of housing supply at lower home prices; 

adverse population trends, including lower homeownership rates; 

high rates of home price appreciation, which for refinancings affect whether refinanced loans have 
loan-to-value ratios that require mortgage insurance; and 

changes in government housing policy encouraging loans to first-time home buyers. 

A decline in the volume of high loan-to-value mortgage originations would reduce the demand for mortgage 
insurance and, therefore, could have a material adverse effect on Enact Holdings and our financial condition and 
results of operations. 

In addition, each year, Enact Holdings recognizes a significant percentage of its earned premiums from 
renewal premiums on insurance policies written in previous years. As a result, the length of time insurance remains 
in-force is an important determinant of Genworth’s mortgage insurance revenues. Fannie Mae, Freddie Mac and 
many other mortgage investors generally permit a homeowner to ask the loan servicer to cancel the borrower’s 
obligation to pay for mortgage insurance when the principal amount of the mortgage falls below 80% of the home’s 
value. Factors that tend to reduce the length of time our mortgage insurance remains in-force include: 

•

•

declining interest rates, which may result in the refinancing of the mortgages underlying the insurance 
policies with new mortgage loans that may not require mortgage insurance or that Enact Holdings does 
not insure; 

customer concentration levels with certain customers that actively market refinancing opportunities to 
their existing borrowers; 

•

•

•

•

•

•

•

•

significant appreciation in the value of homes, which causes the unpaid balance of the mortgage to 

decrease below 80% of the value of the home and enables the borrower to request cancellation of the 

mortgage insurance; and 

applicable law. 

changes in mortgage insurance cancellation requirements or procedures of the GSEs or under 

Any change in the methodology by which servicers determine the cancellation dates of mortgage insurance 

under HOPA; GSE requirements or otherwise, including as a result of changes in law or regulation; GSE rules or 

guidance, including changes in response to COVID-19 or homeowner affordability initiatives; and/or for any 

other reason, could reduce the amount of Enact Holdings’ insurance in-force and may have a material adverse 

effect on our financial condition and results of operations. 

Enact Holdings experienced elevated persistency in 2023 and 2022 primarily as a result of the rising interest 

rate environment in response to inflationary pressures. A decrease in persistency generally would reduce the 

amount of Enact Holdings’ insurance in-force and could have a material adverse effect on our financial condition 

and results of operations. Conversely, higher persistency on certain higher-risk products could have a material 

adverse effect if claims generated by such products remain elevated or increase. 

The amount of mortgage insurance written by Enact Holdings could decline significantly if alternatives to 

private mortgage insurance are used or lower coverage levels of mortgage insurance are selected. 

There are a variety of alternatives to private mortgage insurance that may reduce the amount of mortgage 

insurance written by Enact Holdings. These alternatives include: 

originating mortgages that consist of two simultaneous loans, known as “simultaneous seconds,” 

comprising a first mortgage with a loan-to-value ratio of 80% and a simultaneous second mortgage for the 

excess portion of the loan, instead of a single mortgage with a loan-to-value ratio of more than 80%; 

using government mortgage insurance programs; 

holding mortgages in the lenders’ own loan portfolios and self-insuring; 

using programs, such as those offered by Fannie Mae and Freddie Mac in the United States, requiring 

lower mortgage insurance coverage levels; 

originating and securitizing loans in mortgage-backed securities whose underlying mortgages are not 

insured with private mortgage insurance or which are structured so that the risk of default lies with the 

investor, rather than a private mortgage insurer; and 

using risk-sharing insurance programs, credit default swaps or similar instruments, instead of private 

mortgage insurance, to transfer credit risk on mortgages. 

The degree to which lenders or borrowers may select these alternatives now, or in the future, is difficult to 

predict. The performance and resiliency of the private mortgage insurance industry could impact the perception 

of the industry and private mortgage insurance execution as the primary choice of first-loss credit protection, 

which could influence the popularity of alternative forms of mortgage insurance in the future. As one or more of 

the alternatives described above, or new alternatives that enter the market, are chosen over private mortgage 

insurance, Enact Holdings’ revenue could be adversely impacted. The loss of business in general or the specific 

loss of more profitable business in Enact Holdings could have a material adverse effect on our results of 

operations and financial condition. 

Additionally, Enact Holdings competes with the FHA and the VA, as well as certain local-and state-level 

housing finance agencies. Separately, the government-owned and government-sponsored enterprises, including 

Fannie Mae and Freddie Mac, compete with Enact Holdings through certain of their risk-sharing insurance 

programs. Those competitors may establish pricing terms and business practices that may be influenced by 

60 

61 

new business issued from 2011 to early 2013). We also have external reinsurance on some older blocks of 

business which includes a treaty on a yearly renewable term basis on business that was written between 1998 and 

2003. This yearly renewable term reinsurance provides coverage for claims on those policies for 15 years after 

the policy was written. After 15 years, reinsurance coverage ends for policies not on claim, while reinsurance 

coverage continues for policies on claim until the claim ends. The 15-year coverage on the policies written in 

2003 expired in 2018; therefore, any new claims will not have reinsurance coverage under this treaty. Since 

2013, we have seen, and may continue to see, an increase in our benefit costs as policies with reinsurance 

coverage exhaust their benefits or terminate and policies which are not covered by reinsurance go on claim. Over 

time, affordable or any reinsurance may not continue to be available. 

A decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of 

mortgage insurance cancellations could result in a decline in Enact Holdings’ revenue. 

Enact Holdings provides mortgage insurance primarily for high loan-to-value mortgages. Factors that could 

lead to a decrease in the volume of high loan-to-value mortgage originations include, but are not limited to: 

an increase in home mortgage interest rates; 

limitations on the tax benefits of homeownership and mortgage interest; 

implementation of more rigorous mortgage lending regulation; 

a decline in economic conditions generally, or in conditions in regional and local economies; 

events outside of Enact Holdings’ control, including natural and man-made disasters and pandemics 

adversely affecting housing markets and home buying; 

the level of consumer confidence, which may be adversely affected by economic instability, war or 

terrorist events; 

an increase in the price of homes relative to income levels; 

a lack of housing supply at lower home prices; 

adverse population trends, including lower homeownership rates; 

high rates of home price appreciation, which for refinancings affect whether refinanced loans have 

loan-to-value ratios that require mortgage insurance; and 

changes in government housing policy encouraging loans to first-time home buyers. 

A decline in the volume of high loan-to-value mortgage originations would reduce the demand for mortgage 

insurance and, therefore, could have a material adverse effect on Enact Holdings and our financial condition and 

results of operations. 

In addition, each year, Enact Holdings recognizes a significant percentage of its earned premiums from 

renewal premiums on insurance policies written in previous years. As a result, the length of time insurance remains 

in-force is an important determinant of Genworth’s mortgage insurance revenues. Fannie Mae, Freddie Mac and 

many other mortgage investors generally permit a homeowner to ask the loan servicer to cancel the borrower’s 

obligation to pay for mortgage insurance when the principal amount of the mortgage falls below 80% of the home’s 

value. Factors that tend to reduce the length of time our mortgage insurance remains in-force include: 

declining interest rates, which may result in the refinancing of the mortgages underlying the insurance 

policies with new mortgage loans that may not require mortgage insurance or that Enact Holdings does 

not insure; 

their existing borrowers; 

customer concentration levels with certain customers that actively market refinancing opportunities to 

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

significant appreciation in the value of homes, which causes the unpaid balance of the mortgage to 
decrease below 80% of the value of the home and enables the borrower to request cancellation of the 
mortgage insurance; and 

changes in mortgage insurance cancellation requirements or procedures of the GSEs or under 
applicable law. 

Any change in the methodology by which servicers determine the cancellation dates of mortgage insurance 
under HOPA; GSE requirements or otherwise, including as a result of changes in law or regulation; GSE rules or 
guidance, including changes in response to COVID-19 or homeowner affordability initiatives; and/or for any 
other reason, could reduce the amount of Enact Holdings’ insurance in-force and may have a material adverse 
effect on our financial condition and results of operations. 

Enact Holdings experienced elevated persistency in 2023 and 2022 primarily as a result of the rising interest 

rate environment in response to inflationary pressures. A decrease in persistency generally would reduce the 
amount of Enact Holdings’ insurance in-force and could have a material adverse effect on our financial condition 
and results of operations. Conversely, higher persistency on certain higher-risk products could have a material 
adverse effect if claims generated by such products remain elevated or increase. 

The amount of mortgage insurance written by Enact Holdings could decline significantly if alternatives to 
private mortgage insurance are used or lower coverage levels of mortgage insurance are selected. 

There are a variety of alternatives to private mortgage insurance that may reduce the amount of mortgage 

insurance written by Enact Holdings. These alternatives include: 

•

•

•

•

•

•

originating mortgages that consist of two simultaneous loans, known as “simultaneous seconds,” 
comprising a first mortgage with a loan-to-value ratio of 80% and a simultaneous second mortgage for the 
excess portion of the loan, instead of a single mortgage with a loan-to-value ratio of more than 80%; 

using government mortgage insurance programs; 

holding mortgages in the lenders’ own loan portfolios and self-insuring; 

using programs, such as those offered by Fannie Mae and Freddie Mac in the United States, requiring 
lower mortgage insurance coverage levels; 

originating and securitizing loans in mortgage-backed securities whose underlying mortgages are not 
insured with private mortgage insurance or which are structured so that the risk of default lies with the 
investor, rather than a private mortgage insurer; and 

using risk-sharing insurance programs, credit default swaps or similar instruments, instead of private 
mortgage insurance, to transfer credit risk on mortgages. 

The degree to which lenders or borrowers may select these alternatives now, or in the future, is difficult to 
predict. The performance and resiliency of the private mortgage insurance industry could impact the perception 
of the industry and private mortgage insurance execution as the primary choice of first-loss credit protection, 
which could influence the popularity of alternative forms of mortgage insurance in the future. As one or more of 
the alternatives described above, or new alternatives that enter the market, are chosen over private mortgage 
insurance, Enact Holdings’ revenue could be adversely impacted. The loss of business in general or the specific 
loss of more profitable business in Enact Holdings could have a material adverse effect on our results of 
operations and financial condition. 

Additionally, Enact Holdings competes with the FHA and the VA, as well as certain local-and state-level 
housing finance agencies. Separately, the government-owned and government-sponsored enterprises, including 
Fannie Mae and Freddie Mac, compete with Enact Holdings through certain of their risk-sharing insurance 
programs. Those competitors may establish pricing terms and business practices that may be influenced by 

60 

61 

motives such as advancing social housing policy or stabilizing the mortgage lending industry, which may not be 
consistent with maximizing return on capital or other profitability measures. In addition, those governmental 
enterprises typically do not have the same capital requirements or cost of capital that Enact Holdings and other 
mortgage insurance companies have and therefore may have financial flexibility in their pricing and capacity that 
could put Enact Holdings at a competitive disadvantage. In the event that a government-owned or sponsored 
entity decides to change prices significantly or alter the terms and conditions of its mortgage insurance or other 
credit enhancement products in furtherance of social or other goals rather than a profit or risk management 
motive, Enact Holdings may be unable to compete effectively, which could have a material adverse effect on our 
business, financial condition and results of operations. 

Enact Holdings’ delegated underwriting program may subject its mortgage insurance subsidiaries to 
unanticipated claims. 

Certain of Enact Holdings’ customers commit Enact Holdings to insure loans that use its pre-established 

guidelines under delegated underwriting authority. Delegated underwriting represented approximately 70% and 
71% of Enact Holdings’ total new insurance written by loan count for the years ended December 31, 2023 and 
2022, respectively. Once a customer is accepted into Enact Holdings’ delegated underwriting program, a loan 
originated by that customer is generally insured without validating the accuracy of the data submitted, 
investigating for fraud or reviewing to ensure the customer followed the pre-established guidelines for delegated 
underwriting. Under this program, it is possible a customer could commit Enact Holdings to insure a material 
number of loans that would fail Enact Holdings’ pre-established guidelines for delegated underwriting but pass 
its model, among other criteria, before Enact Holdings discovers the problem and terminates the customer’s 
delegated underwriting authority. Although coverage on such loans may be rescindable or otherwise limited 
under the terms of Enact Holdings’ master policies, the burden of establishing the right to rescind or deny 
coverage lies with the insurer. To the extent that Enact Holdings’ customers exceed their delegated underwriting 
authorities, our business, results of operations and financial condition could be materially adversely affected. 

Medical advances, such as genetic research and diagnostic imaging, emerging new technology, including 
artificial intelligence and related legislation, could materially adversely affect the financial performance of 
our life insurance, long-term care insurance and annuity businesses. 

Genetic testing research and discovery is advancing at a rapid pace. In addition, future reliance on new 
artificial intelligence methodologies may drastically change medical research and science. Though some of this 
medical research is focused on identifying the genes associated with rare diseases, much of the research is 
focused on identifying the genes associated with an increased risk of various common diseases such as diabetes, 
heart disease, cancer and Alzheimer’s disease. Diagnostic testing utilizing various blood panels or imaging 
techniques, including the use of artificial intelligence, may allow clinicians to detect similar diseases during an 
earlier treatment phase and prescribe more acute medicine or treatments. We believe that if an individual learns 
through such testing that they are predisposed to a condition that may reduce their life expectancy or increase 
their chances of requiring long-term care, they potentially will be more likely to purchase life and long-term care 
insurance policies or avoid lapsing their existing policy. In contrast, if an individual learns that they lack the 
genetic predisposition to develop the conditions that reduce longevity or require long-term care, they potentially 
will be less likely to purchase life and long-term care insurance products or allow their life and long-term care 
insurance policies to lapse but would be more likely to purchase certain annuity products. 

Being able to access and use the medical information (including the results of genetic research, diagnostic 
testing and artificial intelligence methodologies) known to our prospective policyholders is important to ensure 
that an underwriting risk assessment matches the anticipated risk priced into our life and long-term care 
insurance products, as well as our annuity products. Currently, there are some state level restrictions related to an 
insurer’s access and use of genetic information, and periodically new genetic testing legislation is being 
introduced. However, further restrictions on the access and use of such medical information could create a 
mismatch between an assessed risk and the product pricing. Such a mismatch has the potential to increase 
product pricing causing a decrease in sales to lower risk individuals resulting in higher risk individuals becoming 
the more likely buyer. In addition, it is possible that regulators may enforce anti-discrimination provisions even 

when medical information is available that indicates a purchaser is at higher risk. The net result of this could 

cause a deterioration in the risk profile of our portfolio which could lead to payments to our policyholders and 

contractholders that are materially higher than anticipated. Any of these events could materially adversely affect 

our business, results of operations and financial condition. 

In addition to earlier diagnosis or knowledge of disease risk, medical advances may also lead to newer 

forms of preventive care which could improve an individual’s overall health and/or longevity. If this were to 

occur, the duration of payments made by us under certain forms of life insurance policies or annuity contracts 

would likely increase thereby reducing our profitability on those products. Conversely, slower progressing 

medical advances, particularly in the areas of cognitive decline, could adversely impact our long-term care 

insurance business as policyholders may remain on claim for a long period of time resulting in higher severity 

and duration of claims. 

Other Emerging Risks 

Other emerging risks, such as the occurrence of natural or man-made disasters, including geopolitical 

tensions and war; a public health emergency, including pandemics; climate change; or unknown risks and 

uncertainties associated with artificial intelligence could materially adversely affect our business, financial 

condition and results of operations. 

We are exposed to various risks arising out of natural disasters, including fires, earthquakes, hurricanes, 

floods and tornadoes, many of which could be exacerbated by climate change. Increasing geopolitical tensions 

and war (including the Russian invasion of Ukraine and the Israel-Hamas conflict) could impact the economic 

environment and reduce available resources or increase costs due to supply chain impacts, including restricting 

oil supply and/or increasing the price of oil. The risk of a public health emergency, including from a pandemic, 

exposes us to risks similar to those experienced during COVID-19. A future natural or man-made disaster could 

disrupt our computer systems and our ability to conduct or process business, as well as lead to unexpected 

changes in mortgage borrower, policyholder and contractholder behavior. We are also exposed to the continued 

threat of terrorism, military actions and other man-made disasters, which may cause significant volatility in 

global financial markets and could trigger an economic downturn in the areas directly or indirectly affected by 

the disaster. These consequences could, among other things, result in a decline in business and increased claims 

from those areas, as well as an adverse effect on home prices in those areas, which could result in increased loss 

experience in our mortgage insurance subsidiaries. Disasters or a public health emergency, including a pandemic, 

could also disrupt public and private infrastructure, including communications and financial services, which 

could disrupt our normal business operations. 

Our inability to anticipate and leverage new technology developments, such as artificial intelligence, could 

adversely affect the future success of our business. We may not be successful in anticipating or responding to 

these developments on a timely and cost-effective basis, and our investments in these capabilities may not deliver 

the benefits anticipated or perform as expected. Poor implementation of new technologies, including artificial 

intelligence, by us or our third-party service providers, could subject us to additional risks we cannot adequately 

mitigate, which could have a material adverse impact to our business, results of operations and financial 

condition. 

Item 1B.  Unresolved Staff Comments 

We have no unresolved comments from the staff of the SEC. 

Item 1C.  Cybersecurity 

We have identified information technology and cybersecurity risk as some of the most significant risk types 

to our business. Related to these identified risk types, we have classified our top risks and report these risks to 

62 

63 

motives such as advancing social housing policy or stabilizing the mortgage lending industry, which may not be 

consistent with maximizing return on capital or other profitability measures. In addition, those governmental 

enterprises typically do not have the same capital requirements or cost of capital that Enact Holdings and other 

mortgage insurance companies have and therefore may have financial flexibility in their pricing and capacity that 

could put Enact Holdings at a competitive disadvantage. In the event that a government-owned or sponsored 

entity decides to change prices significantly or alter the terms and conditions of its mortgage insurance or other 

credit enhancement products in furtherance of social or other goals rather than a profit or risk management 

motive, Enact Holdings may be unable to compete effectively, which could have a material adverse effect on our 

business, financial condition and results of operations. 

Enact Holdings’ delegated underwriting program may subject its mortgage insurance subsidiaries to 

unanticipated claims. 

Certain of Enact Holdings’ customers commit Enact Holdings to insure loans that use its pre-established 

guidelines under delegated underwriting authority. Delegated underwriting represented approximately 70% and 

71% of Enact Holdings’ total new insurance written by loan count for the years ended December 31, 2023 and 

2022, respectively. Once a customer is accepted into Enact Holdings’ delegated underwriting program, a loan 

originated by that customer is generally insured without validating the accuracy of the data submitted, 

investigating for fraud or reviewing to ensure the customer followed the pre-established guidelines for delegated 

underwriting. Under this program, it is possible a customer could commit Enact Holdings to insure a material 

number of loans that would fail Enact Holdings’ pre-established guidelines for delegated underwriting but pass 

its model, among other criteria, before Enact Holdings discovers the problem and terminates the customer’s 

delegated underwriting authority. Although coverage on such loans may be rescindable or otherwise limited 

under the terms of Enact Holdings’ master policies, the burden of establishing the right to rescind or deny 

coverage lies with the insurer. To the extent that Enact Holdings’ customers exceed their delegated underwriting 

authorities, our business, results of operations and financial condition could be materially adversely affected. 

Medical advances, such as genetic research and diagnostic imaging, emerging new technology, including 

artificial intelligence and related legislation, could materially adversely affect the financial performance of 

our life insurance, long-term care insurance and annuity businesses. 

Genetic testing research and discovery is advancing at a rapid pace. In addition, future reliance on new 

artificial intelligence methodologies may drastically change medical research and science. Though some of this 

medical research is focused on identifying the genes associated with rare diseases, much of the research is 

focused on identifying the genes associated with an increased risk of various common diseases such as diabetes, 

heart disease, cancer and Alzheimer’s disease. Diagnostic testing utilizing various blood panels or imaging 

techniques, including the use of artificial intelligence, may allow clinicians to detect similar diseases during an 

earlier treatment phase and prescribe more acute medicine or treatments. We believe that if an individual learns 

through such testing that they are predisposed to a condition that may reduce their life expectancy or increase 

their chances of requiring long-term care, they potentially will be more likely to purchase life and long-term care 

insurance policies or avoid lapsing their existing policy. In contrast, if an individual learns that they lack the 

genetic predisposition to develop the conditions that reduce longevity or require long-term care, they potentially 

will be less likely to purchase life and long-term care insurance products or allow their life and long-term care 

insurance policies to lapse but would be more likely to purchase certain annuity products. 

Being able to access and use the medical information (including the results of genetic research, diagnostic 

testing and artificial intelligence methodologies) known to our prospective policyholders is important to ensure 

that an underwriting risk assessment matches the anticipated risk priced into our life and long-term care 

insurance products, as well as our annuity products. Currently, there are some state level restrictions related to an 

insurer’s access and use of genetic information, and periodically new genetic testing legislation is being 

introduced. However, further restrictions on the access and use of such medical information could create a 

mismatch between an assessed risk and the product pricing. Such a mismatch has the potential to increase 

product pricing causing a decrease in sales to lower risk individuals resulting in higher risk individuals becoming 

the more likely buyer. In addition, it is possible that regulators may enforce anti-discrimination provisions even 

when medical information is available that indicates a purchaser is at higher risk. The net result of this could 
cause a deterioration in the risk profile of our portfolio which could lead to payments to our policyholders and 
contractholders that are materially higher than anticipated. Any of these events could materially adversely affect 
our business, results of operations and financial condition. 

In addition to earlier diagnosis or knowledge of disease risk, medical advances may also lead to newer 
forms of preventive care which could improve an individual’s overall health and/or longevity. If this were to 
occur, the duration of payments made by us under certain forms of life insurance policies or annuity contracts 
would likely increase thereby reducing our profitability on those products. Conversely, slower progressing 
medical advances, particularly in the areas of cognitive decline, could adversely impact our long-term care 
insurance business as policyholders may remain on claim for a long period of time resulting in higher severity 
and duration of claims. 

Other Emerging Risks 

Other emerging risks, such as the occurrence of natural or man-made disasters, including geopolitical 
tensions and war; a public health emergency, including pandemics; climate change; or unknown risks and 
uncertainties associated with artificial intelligence could materially adversely affect our business, financial 
condition and results of operations. 

We are exposed to various risks arising out of natural disasters, including fires, earthquakes, hurricanes, 

floods and tornadoes, many of which could be exacerbated by climate change. Increasing geopolitical tensions 
and war (including the Russian invasion of Ukraine and the Israel-Hamas conflict) could impact the economic 
environment and reduce available resources or increase costs due to supply chain impacts, including restricting 
oil supply and/or increasing the price of oil. The risk of a public health emergency, including from a pandemic, 
exposes us to risks similar to those experienced during COVID-19. A future natural or man-made disaster could 
disrupt our computer systems and our ability to conduct or process business, as well as lead to unexpected 
changes in mortgage borrower, policyholder and contractholder behavior. We are also exposed to the continued 
threat of terrorism, military actions and other man-made disasters, which may cause significant volatility in 
global financial markets and could trigger an economic downturn in the areas directly or indirectly affected by 
the disaster. These consequences could, among other things, result in a decline in business and increased claims 
from those areas, as well as an adverse effect on home prices in those areas, which could result in increased loss 
experience in our mortgage insurance subsidiaries. Disasters or a public health emergency, including a pandemic, 
could also disrupt public and private infrastructure, including communications and financial services, which 
could disrupt our normal business operations. 

Our inability to anticipate and leverage new technology developments, such as artificial intelligence, could 

adversely affect the future success of our business. We may not be successful in anticipating or responding to 
these developments on a timely and cost-effective basis, and our investments in these capabilities may not deliver 
the benefits anticipated or perform as expected. Poor implementation of new technologies, including artificial 
intelligence, by us or our third-party service providers, could subject us to additional risks we cannot adequately 
mitigate, which could have a material adverse impact to our business, results of operations and financial 
condition. 

Item 1B.  Unresolved Staff Comments 

We have no unresolved comments from the staff of the SEC. 

Item 1C.  Cybersecurity 

We have identified information technology and cybersecurity risk as some of the most significant risk types 

to our business. Related to these identified risk types, we have classified our top risks and report these risks to 

62 

63 

both senior management and the risk committee of Genworth Financial’s Board of Directors. For additional 
information regarding the risks associated with these matters, see “Item 1A—Risk Factors.” 

Governance 

Risk Management 

Genworth’s risk management framework recognizes the significant operational risk, including risk of losses, 

from cyber incidents and the importance of a strong cybersecurity program for effective risk management. As 
part of our risk management, we have implemented a Data Security and Cybersecurity Program (the “DSCP”) 
which sets policy expectations, ensures broad coverage over information technology risks, integrates the 
Information Security and Information Technology Risk Management Framework into our broader risk 
management systems, establishes clear roles and governance, and aligns control expectations to the National 
Institute of Standards and Technology (“NIST”). Under the DSCP, we have processes for identifying, assessing 
and managing technology and cybersecurity risk. The DSCP employs various controls and policies to secure our 
operations and information, which include monitoring, reporting, managing and remediating cybersecurity 
threats. Key features of the DSCP include access controls, security training, system security testing, dedicated 
security personnel, security event monitoring, and when necessary, consultation with third-party data security 
experts. Through a cross-functional team, we assess and mitigate risks associated with our third-party providers 
and have processes in place to regularly monitor and evaluate cybersecurity risks and threats associated with the 
use of third-party providers. Our information security team, overseen by our Chief Information Security Officer 
(“CISO”), conducts annual information security awareness training for employees involved in our systems and 
processes that handle customer data. We have conducted cybersecurity awareness training with management, 
including a tabletop exercise to simulate a response to a cybersecurity incident, and used these findings to 
improve our processes and technologies. In addition, the DSCP includes an incident response plan, which 
coordinates the activities we take to prepare for, detect, respond to and recover from cybersecurity incidents, 
which include processes to assess the materiality of the incident, escalate, contain, investigate and remediate the 
incident, as well as to comply with potentially applicable legal reporting and other obligations and mitigate 
reputational damage. We also carry insurance that provides protection against the potential losses arising from a 
cybersecurity incident. 

Additionally, we have procedures set forth in the DSCP for reporting and responding to potential security 

incidents as well as determining applicable disclosure requirements, including timely incident reporting. For 
example, as disclosed in our Form 8-K filed on June 22, 2023, we were notified by PBI, a third-party vendor, that 
PBI was subject to the widely reported security events involving the MOVEit file transfer system, which PBI 
uses in the performance of its services. The MOVEit Cybersecurity Incident resulted in the unauthorized 
acquisition of data by a third party from PBI as well as several organizations and governmental agencies. After 
being notified of the security event, we, together with PBI, promptly launched an investigation to determine 
whether and to what extent personal information had been unlawfully accessed. Approximately 2.5 to 2.7 million 
of our policyholders’ or other customers’ personal information, including social security numbers, was exposed 
to and obtained by the threat actor as a result of the MOVEit Cybersecurity Incident. We believe that the 
MOVEit Cybersecurity Incident has not had any impact on any of our information systems, including our 
financial systems, and that there has not been any material interruption of our business operations. While we are 
continuing to measure the impact, including certain remediation expenses and other potential liabilities, we do 
not currently believe this incident or other known risks from cybersecurity threats are reasonably likely to have a 
material adverse effect on our business, results of operations or financial condition. See “Item 1A—Risk 
Factors—Our computer systems and those of our third-party service providers have in the past and may in the 
future fail or be compromised, including through cybersecurity breaches; we may experience issues from new 
and complex information technology methodologies such as artificial intelligence; and unanticipated problems 
could materially adversely impact our disaster recovery systems and business continuity plans, any of which 
could damage our reputation, impair our ability to conduct business effectively, result in enforcement action or 
litigation, and materially adversely affect our business, financial condition and results of operations.” 

Our Board of Directors recognizes the importance of maintaining the privacy and security of customer 

information, as well as the availability of our systems, and consequently dedicates meaningful time and attention 

to oversight of cybersecurity risk. In light of these risks, our Board of Directors is actively engaged in the 

oversight of the Company’s information technology, which includes periodic briefings on cybersecurity threats 

and participation in cybersecurity preparedness exercises. Furthermore, under its charter, the Board’s risk 

committee has primary responsibility for cybersecurity oversight. In this capacity, the risk committee oversees 

the Company’s processes for identifying, assessing and managing technology and cybersecurity risk. In 

connection with the MOVEit Cybersecurity Incident, the risk committee was immediately notified by 

management and regularly briefed on the matter, and worked with management, including Genworth’s CISO and 

Chief Risk Officer (“CRO”), to assess and manage the risk and implement the Company’s response to the 

incident. 

Genworth’s CISO and CRO, both members of management, support the cybersecurity risk oversight 

responsibilities of the Board and the risk committee and involve applicable management personnel in 

cybersecurity risk management. The risk committee receives periodic reports from the CISO and CRO on the 

Company’s technology and cybersecurity risk profiles, information security program and key cybersecurity 

initiatives. Additionally, the CISO and CRO follow a risk-based escalation process to notify the risk committee 

outside of the regular reporting cycle when they identify potential substantive cybersecurity risks or issues. 

Genworth’s CISO is an information technology and security professional with 23 years of experience and 11 

years of service at Genworth. In his 23 years of experience, he has held roles in information technology 

infrastructure administration, information technology infrastructure, security consulting and security 

administration. He received a Bachelor of Science Degree in Business Administration from Regent University 

and is a Certified Information Systems Security Professional (CISSP). 

Genworth’s CRO has served in information technology and risk management leadership roles for over 

twenty years, including oversight of enterprise risk management and operational risk, as well as oversight for 

financial reporting systems, operational and technology platforms, and testing and quality assurance programs. 

He received a Bachelor of Science Degree in Decision Support Systems from Virginia Polytechnic Institute 

(Virginia Tech) and graduated from the Tuck Global Executive Leadership Program through Dartmouth in 2020. 

For more information about our CRO, see “Part III—Item 10—Directors, Executive Officers and Corporate 

Governance.” 

Item 2. 

Properties 

Genworth owns a campus facility in Richmond, Virginia, which previously served as its headquarters, 

consisting of approximately 450,000 square feet in four buildings, as well as one facility in Lynchburg, Virginia 

with approximately 210,000 square feet. Genworth has leased and is currently renovating a 174,000 square foot 

facility in Richmond, Virginia for use as its new headquarters office. Genworth has leased 89,000 square feet of 

office space in Richmond, Virginia to use as its interim headquarters until the new space is ready. In addition, 

Genworth leases 11,000 square feet in Lynchburg, Virginia, and another 61,000 square feet of office space in 

four locations throughout the United States. One of Genworth’s international subsidiaries leases office space in 

Mexico. Enact Holdings leases its headquarters facility in Raleigh, North Carolina, which consists of 

approximately 130,000 square feet, and also leases one other office space of approximately 2,000 square feet in 

Washington, D.C. 

Genworth has entered into a contract to sell its owned campus facility in Richmond, Virginia. The contract 

purchaser is conducting its due diligence as permitted under the contract. 

64 

65 

both senior management and the risk committee of Genworth Financial’s Board of Directors. For additional 

information regarding the risks associated with these matters, see “Item 1A—Risk Factors.” 

Risk Management 

Genworth’s risk management framework recognizes the significant operational risk, including risk of losses, 

from cyber incidents and the importance of a strong cybersecurity program for effective risk management. As 

part of our risk management, we have implemented a Data Security and Cybersecurity Program (the “DSCP”) 

which sets policy expectations, ensures broad coverage over information technology risks, integrates the 

Information Security and Information Technology Risk Management Framework into our broader risk 

management systems, establishes clear roles and governance, and aligns control expectations to the National 

Institute of Standards and Technology (“NIST”). Under the DSCP, we have processes for identifying, assessing 

and managing technology and cybersecurity risk. The DSCP employs various controls and policies to secure our 

operations and information, which include monitoring, reporting, managing and remediating cybersecurity 

threats. Key features of the DSCP include access controls, security training, system security testing, dedicated 

security personnel, security event monitoring, and when necessary, consultation with third-party data security 

experts. Through a cross-functional team, we assess and mitigate risks associated with our third-party providers 

and have processes in place to regularly monitor and evaluate cybersecurity risks and threats associated with the 

use of third-party providers. Our information security team, overseen by our Chief Information Security Officer 

(“CISO”), conducts annual information security awareness training for employees involved in our systems and 

processes that handle customer data. We have conducted cybersecurity awareness training with management, 

including a tabletop exercise to simulate a response to a cybersecurity incident, and used these findings to 

improve our processes and technologies. In addition, the DSCP includes an incident response plan, which 

coordinates the activities we take to prepare for, detect, respond to and recover from cybersecurity incidents, 

which include processes to assess the materiality of the incident, escalate, contain, investigate and remediate the 

incident, as well as to comply with potentially applicable legal reporting and other obligations and mitigate 

reputational damage. We also carry insurance that provides protection against the potential losses arising from a 

cybersecurity incident. 

Additionally, we have procedures set forth in the DSCP for reporting and responding to potential security 

incidents as well as determining applicable disclosure requirements, including timely incident reporting. For 

example, as disclosed in our Form 8-K filed on June 22, 2023, we were notified by PBI, a third-party vendor, that 

PBI was subject to the widely reported security events involving the MOVEit file transfer system, which PBI 

uses in the performance of its services. The MOVEit Cybersecurity Incident resulted in the unauthorized 

acquisition of data by a third party from PBI as well as several organizations and governmental agencies. After 

being notified of the security event, we, together with PBI, promptly launched an investigation to determine 

whether and to what extent personal information had been unlawfully accessed. Approximately 2.5 to 2.7 million 

of our policyholders’ or other customers’ personal information, including social security numbers, was exposed 

to and obtained by the threat actor as a result of the MOVEit Cybersecurity Incident. We believe that the 

MOVEit Cybersecurity Incident has not had any impact on any of our information systems, including our 

financial systems, and that there has not been any material interruption of our business operations. While we are 

continuing to measure the impact, including certain remediation expenses and other potential liabilities, we do 

not currently believe this incident or other known risks from cybersecurity threats are reasonably likely to have a 

material adverse effect on our business, results of operations or financial condition. See “Item 1A—Risk 

Factors—Our computer systems and those of our third-party service providers have in the past and may in the 

future fail or be compromised, including through cybersecurity breaches; we may experience issues from new 

and complex information technology methodologies such as artificial intelligence; and unanticipated problems 

could materially adversely impact our disaster recovery systems and business continuity plans, any of which 

could damage our reputation, impair our ability to conduct business effectively, result in enforcement action or 

litigation, and materially adversely affect our business, financial condition and results of operations.” 

Governance 

Our Board of Directors recognizes the importance of maintaining the privacy and security of customer 
information, as well as the availability of our systems, and consequently dedicates meaningful time and attention 
to oversight of cybersecurity risk. In light of these risks, our Board of Directors is actively engaged in the 
oversight of the Company’s information technology, which includes periodic briefings on cybersecurity threats 
and participation in cybersecurity preparedness exercises. Furthermore, under its charter, the Board’s risk 
committee has primary responsibility for cybersecurity oversight. In this capacity, the risk committee oversees 
the Company’s processes for identifying, assessing and managing technology and cybersecurity risk. In 
connection with the MOVEit Cybersecurity Incident, the risk committee was immediately notified by 
management and regularly briefed on the matter, and worked with management, including Genworth’s CISO and 
Chief Risk Officer (“CRO”), to assess and manage the risk and implement the Company’s response to the 
incident. 

Genworth’s CISO and CRO, both members of management, support the cybersecurity risk oversight 

responsibilities of the Board and the risk committee and involve applicable management personnel in 
cybersecurity risk management. The risk committee receives periodic reports from the CISO and CRO on the 
Company’s technology and cybersecurity risk profiles, information security program and key cybersecurity 
initiatives. Additionally, the CISO and CRO follow a risk-based escalation process to notify the risk committee 
outside of the regular reporting cycle when they identify potential substantive cybersecurity risks or issues. 

Genworth’s CISO is an information technology and security professional with 23 years of experience and 11 

years of service at Genworth. In his 23 years of experience, he has held roles in information technology 
infrastructure administration, information technology infrastructure, security consulting and security 
administration. He received a Bachelor of Science Degree in Business Administration from Regent University 
and is a Certified Information Systems Security Professional (CISSP). 

Genworth’s CRO has served in information technology and risk management leadership roles for over 

twenty years, including oversight of enterprise risk management and operational risk, as well as oversight for 
financial reporting systems, operational and technology platforms, and testing and quality assurance programs. 
He received a Bachelor of Science Degree in Decision Support Systems from Virginia Polytechnic Institute 
(Virginia Tech) and graduated from the Tuck Global Executive Leadership Program through Dartmouth in 2020. 
For more information about our CRO, see “Part III—Item 10—Directors, Executive Officers and Corporate 
Governance.” 

Item 2. 

Properties 

Genworth owns a campus facility in Richmond, Virginia, which previously served as its headquarters, 
consisting of approximately 450,000 square feet in four buildings, as well as one facility in Lynchburg, Virginia 
with approximately 210,000 square feet. Genworth has leased and is currently renovating a 174,000 square foot 
facility in Richmond, Virginia for use as its new headquarters office. Genworth has leased 89,000 square feet of 
office space in Richmond, Virginia to use as its interim headquarters until the new space is ready. In addition, 
Genworth leases 11,000 square feet in Lynchburg, Virginia, and another 61,000 square feet of office space in 
four locations throughout the United States. One of Genworth’s international subsidiaries leases office space in 
Mexico. Enact Holdings leases its headquarters facility in Raleigh, North Carolina, which consists of 
approximately 130,000 square feet, and also leases one other office space of approximately 2,000 square feet in 
Washington, D.C. 

Genworth has entered into a contract to sell its owned campus facility in Richmond, Virginia. The contract 

purchaser is conducting its due diligence as permitted under the contract. 

64 

65 

Item 3.  Legal Proceedings 

See note 25 in our consolidated financial statements under “Part II—Item 8—Financial Statements and 

Supplementary Data” for a description of material pending litigation and regulatory matters affecting us. 

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 

PART II 

Item 4.  Mine Safety Disclosures 

Not applicable. 

Equity Securities 

Market for Common Stock 

Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “GNW.” As of 

February 15, 2024, we had 272 holders of record of our Class A Common Stock. 

Common Stock Performance Graph 

The following performance graph and related information shall not be deemed “soliciting material” nor to 

be “filed” with the SEC, nor shall such information be incorporated by reference into any future filings under the 

Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent we 

specifically incorporate it by reference into such filing. 

In April 2021, we were included in the S&P SmallCap 600 Index, which is more representative of our total 

market capitalization. The following graph compares the cumulative total stockholder return on our Class A 

Common Stock with the cumulative total stockholder return on the S&P 500 Stock Index, S&P 500 Insurance 

Index, S&P SmallCap 600 Index and S&P SmallCap 600 Insurance Index. 

Comparison of Cumulative Five Year Total Return

$250

$200

$150

$100

$50

$0

12/31/18

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

Genworth Financial

S&P 500 Insurance Index

S&P SmallCap 600 Insurance Index

S&P 500 Index

S&P SmallCap 600 Index

2018 

2019 

2020 

2021 

2022 

2023 

Genworth Financial, Inc. . . . . . . . . . . . . . . . . . . . .

$100.00  $ 94.42  $ 81.12  $ 86.91  $113.52  $143.35 

S&P 500®  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$100.00  $131.49  $155.68  $200.37  $164.08  $207.21 

S&P 500 Insurance Index  . . . . . . . . . . . . . . . . . . .

$100.00  $129.38  $128.81  $170.19  $187.42  $204.78 

S&P SmallCap 600 Index  . . . . . . . . . . . . . . . . . . .

$100.00  $122.78  $136.64  $173.29  $145.39  $168.73 

S&P SmallCap 600 Insurance Index . . . . . . . . . . .

$100.00  $114.89  $117.89  $123.81  $103.30  $112.17 

66 

67 

 
 
Item 3.  Legal Proceedings 

See note 25 in our consolidated financial statements under “Part II—Item 8—Financial Statements and 

Supplementary Data” for a description of material pending litigation and regulatory matters affecting us. 

Item 4.  Mine Safety Disclosures 

Not applicable. 

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 

PART II 

Equity Securities 

Market for Common Stock 

Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “GNW.” As of 

February 15, 2024, we had 272 holders of record of our Class A Common Stock. 

Common Stock Performance Graph 

The following performance graph and related information shall not be deemed “soliciting material” nor to 

be “filed” with the SEC, nor shall such information be incorporated by reference into any future filings under the 
Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent we 
specifically incorporate it by reference into such filing. 

In April 2021, we were included in the S&P SmallCap 600 Index, which is more representative of our total 

market capitalization. The following graph compares the cumulative total stockholder return on our Class A 
Common Stock with the cumulative total stockholder return on the S&P 500 Stock Index, S&P 500 Insurance 
Index, S&P SmallCap 600 Index and S&P SmallCap 600 Insurance Index. 

Comparison of Cumulative Five Year Total Return

$250

$200

$150

$100

$50

$0
12/31/18

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

Genworth Financial

S&P 500 Insurance Index

S&P SmallCap 600 Insurance Index

S&P 500 Index

S&P SmallCap 600 Index

2018 

2019 

2020 

2021 

2022 

2023 

Genworth Financial, Inc. . . . . . . . . . . . . . . . . . . . .
S&P 500®  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S&P 500 Insurance Index  . . . . . . . . . . . . . . . . . . .
S&P SmallCap 600 Index  . . . . . . . . . . . . . . . . . . .
S&P SmallCap 600 Insurance Index . . . . . . . . . . .

$100.00  $ 94.42  $ 81.12  $ 86.91  $113.52  $143.35 
$100.00  $131.49  $155.68  $200.37  $164.08  $207.21 
$100.00  $129.38  $128.81  $170.19  $187.42  $204.78 
$100.00  $122.78  $136.64  $173.29  $145.39  $168.73 
$100.00  $114.89  $117.89  $123.81  $103.30  $112.17 

66 

67 

 
 
Dividends 

In November 2008, Genworth Financial’s Board of Directors suspended the payment of dividends to its 
shareholders indefinitely. In 2022, Genworth Financial’s Board of Directors approved a new share repurchase 
program. Any amounts used for the purpose of returning capital to Genworth Financial’s shareholders, including 
share repurchases or dividends if a new dividend policy is ultimately approved, will be dependent on many 
factors. These factors will include, in addition to any other factors that may arise in the future, the receipt of 
dividends and/or other returns of capital from Enact Holdings, Genworth’s operating results and financial 
condition, the capital requirements of our subsidiaries, legal requirements, regulatory constraints, debt 
obligations of Genworth Holdings and Enact Holdings, our credit and financial strength ratings, the capital needs 
of our subsidiaries for future growth and other factors Genworth Financial’s Board of Directors deems relevant. 
In addition, we cannot assure you when, whether or at what level we will resume paying dividends on Genworth 
Financial’s common stock. 

See “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” for 

additional information. 

Issuer Purchases of Common Stock 

The following table sets forth information regarding Genworth Financial’s share repurchases during the 

three months ended December 31, 2023: 

(Dollar amounts in millions, except per share amounts) 

Total 
number of 
shares 
purchased 
as part of 
publicly 
announced 
program 

Approximate 
dollar 
amount of 
shares that 
may yet be 
purchased 
under the 
program (1) 

Total 
number of 
shares 
purchased 

Average 
price paid 
per share 

October 1, 2023 through October 31, 2023 . . . . . . . . . . . . . 1,717,825  $5.82  1,717,825 
November 1, 2023 through November 30, 2023 . . . . . . . . . 2,581,077  $5.81  2,581,077 
December 1, 2023 through December 31, 2023  . . . . . . . . . 1,600,446  $6.14  1,600,446 

$366 
$351 
$341 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,899,348 

  5,899,348 

(1)  On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 

which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. 
On July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 
repurchases under the existing share repurchase program. Under the program, share repurchases may be 
made at the Company’s discretion from time to time in open market transactions, privately negotiated 
transactions, or other means, including through Rule 10b5-1 trading plans. The timing and number of future 
shares repurchased under the program will depend on a variety of factors, including Genworth Financial’s 
stock price and trading volume, and general business and market conditions, among other factors. The 
authorization has no expiration date and may be modified, suspended or terminated at any time. For 
additional information on the share repurchase program, see “Item 7—Management’s Discussion and 
Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” 

Item 6.  Reserved 

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations 

The following discussion and analysis of our consolidated financial condition and results of operations 

should be read in conjunction with our audited consolidated financial statements and related notes included in 

“Item 8—Financial Statements and Supplementary Data.” 

Item 7 of our Annual Report on Form 10-K generally discusses year-to-year comparisons between the years 

ended December 31, 2023 and 2022. In addition, with the exception of our Enact segment, this Form 10-K also 

includes discussions of information related to 2021 and year-to-year comparisons between 2022 and 2021, which 

have been re-presented to reflect the adoption of LDTI and the change in our operating segments. Detailed 

comparative discussions between 2022 and 2021 for our Enact segment, which was not impacted by the new 

accounting guidance or change in operating segments, can be found in “Item 7—Management’s Discussion and 

Analysis of Financial Condition and Results of Operations—Enact segment” in our Annual Report on Form 10-K 

for the year ended December 31, 2022. 

Overview 

Our business 

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care 

insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private 

mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s U.S. 

life insurance subsidiaries offer long-term care insurance and also manage in-force blocks of life insurance and 

annuity products which are no longer sold. We report our business results through three operating business 

segments: Enact; Long-Term Care Insurance; and Life and Annuities. In addition to our three operating 

segments, we report certain of our results of operations in Corporate and Other. 

Our financial information 

financial statements. 

The financial information in this Annual Report on Form 10-K has been derived from our consolidated 

Revenues and expenses 

Our revenues consist primarily of the following: 

• Premiums. Premiums consist primarily of premiums earned on insurance products for mortgage, long-

term care and term life insurance. 

• Net investment income. Net investment income represents the income earned on our investments. For 

discussion of the change in net investment income, see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

• Net investment gains (losses). Net investment gains (losses) consist primarily of realized gains and 

losses from the sale of our investments, credit losses, unrealized and realized gains and losses from our 

equity securities, limited partnership investments and derivative instruments. For discussion of the 

change in net investment gains (losses), see the comparison for this line item under “—Investments and 

Derivative Instruments.”  

• Policy fees and other income. Policy fees and other income consists primarily of fees assessed against 

policyholder and contractholder account values, surrender charges, cost of insurance assessed on 

universal and term universal life insurance policies, advisory and administration service fees assessed 

on investment contractholder account values, broker/dealer commission revenues, fee revenue from 

contract underwriting services and other fees.  

68 

69 

 
Dividends 

In November 2008, Genworth Financial’s Board of Directors suspended the payment of dividends to its 

shareholders indefinitely. In 2022, Genworth Financial’s Board of Directors approved a new share repurchase 

program. Any amounts used for the purpose of returning capital to Genworth Financial’s shareholders, including 

share repurchases or dividends if a new dividend policy is ultimately approved, will be dependent on many 

factors. These factors will include, in addition to any other factors that may arise in the future, the receipt of 

dividends and/or other returns of capital from Enact Holdings, Genworth’s operating results and financial 

condition, the capital requirements of our subsidiaries, legal requirements, regulatory constraints, debt 

obligations of Genworth Holdings and Enact Holdings, our credit and financial strength ratings, the capital needs 

of our subsidiaries for future growth and other factors Genworth Financial’s Board of Directors deems relevant. 

In addition, we cannot assure you when, whether or at what level we will resume paying dividends on Genworth 

See “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” for 

Financial’s common stock. 

additional information. 

Issuer Purchases of Common Stock 

three months ended December 31, 2023: 

The following table sets forth information regarding Genworth Financial’s share repurchases during the 

Total 

Approximate 

number of 

shares 

purchased 

as part of 

publicly 

announced 

program 

dollar 

amount of 

shares that 

may yet be 

purchased 

under the 

program (1) 

Total 

number of 

shares 

purchased 

Average 

price paid 

per share 

(Dollar amounts in millions, except per share amounts) 

October 1, 2023 through October 31, 2023 . . . . . . . . . . . . . 1,717,825  $5.82  1,717,825 

November 1, 2023 through November 30, 2023 . . . . . . . . . 2,581,077  $5.81  2,581,077 

December 1, 2023 through December 31, 2023  . . . . . . . . . 1,600,446  $6.14  1,600,446 

$366 

$351 

$341 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,899,348 

  5,899,348 

(1)  On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 

which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. 

On July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 

repurchases under the existing share repurchase program. Under the program, share repurchases may be 

made at the Company’s discretion from time to time in open market transactions, privately negotiated 

transactions, or other means, including through Rule 10b5-1 trading plans. The timing and number of future 

shares repurchased under the program will depend on a variety of factors, including Genworth Financial’s 

stock price and trading volume, and general business and market conditions, among other factors. The 

authorization has no expiration date and may be modified, suspended or terminated at any time. For 

additional information on the share repurchase program, see “Item 7—Management’s Discussion and 

Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” 

Item 6.  Reserved 

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations 

The following discussion and analysis of our consolidated financial condition and results of operations 
should be read in conjunction with our audited consolidated financial statements and related notes included in 
“Item 8—Financial Statements and Supplementary Data.” 

Item 7 of our Annual Report on Form 10-K generally discusses year-to-year comparisons between the years 

ended December 31, 2023 and 2022. In addition, with the exception of our Enact segment, this Form 10-K also 
includes discussions of information related to 2021 and year-to-year comparisons between 2022 and 2021, which 
have been re-presented to reflect the adoption of LDTI and the change in our operating segments. Detailed 
comparative discussions between 2022 and 2021 for our Enact segment, which was not impacted by the new 
accounting guidance or change in operating segments, can be found in “Item 7—Management’s Discussion and 
Analysis of Financial Condition and Results of Operations—Enact segment” in our Annual Report on Form 10-K 
for the year ended December 31, 2022. 

Overview 

Our business 

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care 
insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private 
mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s U.S. 
life insurance subsidiaries offer long-term care insurance and also manage in-force blocks of life insurance and 
annuity products which are no longer sold. We report our business results through three operating business 
segments: Enact; Long-Term Care Insurance; and Life and Annuities. In addition to our three operating 
segments, we report certain of our results of operations in Corporate and Other. 

Our financial information 

The financial information in this Annual Report on Form 10-K has been derived from our consolidated 

financial statements. 

Revenues and expenses 

Our revenues consist primarily of the following: 

• Premiums. Premiums consist primarily of premiums earned on insurance products for mortgage, long-

term care and term life insurance. 

• Net investment income. Net investment income represents the income earned on our investments. For 

discussion of the change in net investment income, see the comparison for this line item under 
“—Investments and Derivative Instruments.” 

• Net investment gains (losses). Net investment gains (losses) consist primarily of realized gains and 

losses from the sale of our investments, credit losses, unrealized and realized gains and losses from our 
equity securities, limited partnership investments and derivative instruments. For discussion of the 
change in net investment gains (losses), see the comparison for this line item under “—Investments and 
Derivative Instruments.”  

• Policy fees and other income. Policy fees and other income consists primarily of fees assessed against 
policyholder and contractholder account values, surrender charges, cost of insurance assessed on 
universal and term universal life insurance policies, advisory and administration service fees assessed 
on investment contractholder account values, broker/dealer commission revenues, fee revenue from 
contract underwriting services and other fees.  

68 

69 

 
Our expenses consist primarily of the following: 

Consolidated Results of Operations 

• Benefits and other changes in policy reserves. Benefits and other changes in policy reserves consist 
primarily of benefits paid, interest accretion expense and other reserve activity related to current 
claims, as well as future policy benefits on insurance and investment products for long-term care 
insurance, life insurance, fixed and variable annuities, and claim costs incurred related to mortgage 
insurance products. 

• Liability remeasurement (gains) losses. Liability remeasurement (gains) losses represent changes to 

the net premium ratio for actual versus expected experience and updates to cash flow assumptions used 
to measure long-duration traditional and limited-payment insurance contracts. 

• Changes in fair value of market risk benefits and associated hedges. Changes in fair value of market 
risk benefits and associated hedges consist of fair value changes of market risk benefits (other than 
changes attributable to instrument-specific credit risk), net of changes in the fair value of non-qualified 
derivative instruments associated with our market risk benefits. 

•

Interest credited. Interest credited represents interest credited on behalf of policyholder and 
contractholder general account balances. 

• Acquisition and operating expenses, net of deferrals. Acquisition and operating expenses, net of 

deferrals, represent costs and expenses related to the acquisition and ongoing maintenance of insurance 
and investment contracts, including commissions, policy issuance expenses and other underwriting and 
general operating costs. These costs and expenses are net of amounts that are capitalized and deferred, 
which are costs and expenses that are related directly to the successful acquisition of new or renewal 
insurance policies and investment contracts, such as first-year commissions in excess of ultimate 
renewal commissions and other policy issuance expenses. We allocate corporate expenses to each of 
our operating segments using various methodologies. 

• Amortization of deferred acquisition costs and intangibles. Amortization of deferred acquisition costs 
(“DAC”) and intangibles consists primarily of the amortization of acquisition costs that are capitalized, 
present value of future profits and capitalized software. 

•

Interest expense. Interest expense represents interest related to our borrowings that are incurred at 
Genworth Holdings or Enact Holdings, and certain reinsurance arrangements being accounted for as 
deposits.  

• Provision (benefit) for income taxes. We tax our businesses at the U.S. corporate federal income tax 
rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as 
permanent differences between U.S. GAAP and tax law. The difference between the consolidated 
provision for income taxes and the sum of the provision for income taxes in each segment is reflected 
in Corporate and Other. 

The effective tax rates disclosed herein are calculated using whole numbers. As a result, the 
percentages shown may differ from an effective tax rate calculated using rounded numbers. 

• Net income from continuing operations attributable to noncontrolling interests. Net income from 
continuing operations attributable to noncontrolling interests represents the portion of income from 
continuing operations in a subsidiary attributable to third parties. 

The following table sets forth the consolidated results of operations for the periods indicated: 

Years ended December 31, 

Increase (decrease) and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

(Amounts in millions) 

Revenues: 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,636  $3,680  $3,406  $

Net investment income  . . . . . . . . . . . . . . . . . . . . . .

3,183 

3,146 

3,370 

Net investment gains (losses)  . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . .

23 

646 

(2) 

671 

322 

724 

(44) 

37 

(1)%  $ 274 

1% 

(224) 

25  NM(1) 

(324)  (101)% 

(25) 

(4)% 

(53) 

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . .

7,488 

7,495 

7,822 

(7)  — % 

(327) 

8% 

(7)% 

(7)% 

(4)% 

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . .

Liability remeasurement (gains) losses  . . . . . . . . .

4,783 

587 

4,303 

(290) 

4,575 

242 

480 

11% 

877  NM(1) 

(272) 

(6)% 

(532)  NM(1) 

Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited 

. . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition and operating expenses, net of 

(12) 

503 

(104) 

504 

(160) 

511 

92 

88% 

(1)  — % 

56 

(7) 

35% 

(1)% 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

942 

1,285 

998 

(343) 

(27)% 

287 

29% 

Amortization of deferred acquisition costs and 

intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .

264 

118 

326 

106 

384 

160 

Total benefits and expenses  . . . . . . . . . . . . . .

7,185 

6,130 

6,710 

1,055 

(62) 

(19)% 

12 

11% 

17% 

(58) 

(54) 

(15)% 

(34)% 

(580) 

(9)% 

Income from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision for income taxes  . . . . . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . .

Income from discontinued operations, net of 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations 

Less: net income from discontinued operations 

303 

104 

199 

—  

199 

1,365 

319 

1,046 

—  

1,046 

1,112 

(1,062) 

(78)% 

(67)% 

(215) 

(847) 

(81)% 

253 

71 

182 

23% 

29% 

21% 

—   — % 

(27)  (100)% 

(847) 

(81)% 

155 

17% 

248 

864 

27 

891 

33 

8 

attributable to noncontrolling interests  . . . . . . . .

123 

130 

(7) 

(5)% 

97  NM(1) 

attributable to noncontrolling interests  . . . . . . . .

—  

—  

—   — % 

(8)  (100)% 

Net income available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . .

$

76  $ 916  $ 850  $ (840) 

(92)% $

66 

8% 

Net income available to Genworth Financial, 

Inc.’s common stockholders: 

Income from continuing operations available 

to Genworth Financial, Inc.’s common 

Income from discontinued operations 

available to Genworth Financial, Inc.’s 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . .

$

76  $ 916  $ 831  $ (840) 

(92)% $

85 

10% 

common stockholders  . . . . . . . . . . . . . . . . .

—  

—  

19 

—   — % 

(19)  (100)% 

Net income available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . .

$

76  $ 916  $ 850  $ (840) 

(92)% $

66 

8% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

70 

71 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Our expenses consist primarily of the following: 

Consolidated Results of Operations 

• Benefits and other changes in policy reserves. Benefits and other changes in policy reserves consist 

primarily of benefits paid, interest accretion expense and other reserve activity related to current 

claims, as well as future policy benefits on insurance and investment products for long-term care 

insurance, life insurance, fixed and variable annuities, and claim costs incurred related to mortgage 

insurance products. 

• Liability remeasurement (gains) losses. Liability remeasurement (gains) losses represent changes to 

the net premium ratio for actual versus expected experience and updates to cash flow assumptions used 

to measure long-duration traditional and limited-payment insurance contracts. 

• Changes in fair value of market risk benefits and associated hedges. Changes in fair value of market 

risk benefits and associated hedges consist of fair value changes of market risk benefits (other than 

changes attributable to instrument-specific credit risk), net of changes in the fair value of non-qualified 

derivative instruments associated with our market risk benefits. 

•

Interest credited. Interest credited represents interest credited on behalf of policyholder and 

contractholder general account balances. 

• Acquisition and operating expenses, net of deferrals. Acquisition and operating expenses, net of 

deferrals, represent costs and expenses related to the acquisition and ongoing maintenance of insurance 

and investment contracts, including commissions, policy issuance expenses and other underwriting and 

general operating costs. These costs and expenses are net of amounts that are capitalized and deferred, 

which are costs and expenses that are related directly to the successful acquisition of new or renewal 

insurance policies and investment contracts, such as first-year commissions in excess of ultimate 

renewal commissions and other policy issuance expenses. We allocate corporate expenses to each of 

our operating segments using various methodologies. 

• Amortization of deferred acquisition costs and intangibles. Amortization of deferred acquisition costs 

(“DAC”) and intangibles consists primarily of the amortization of acquisition costs that are capitalized, 

present value of future profits and capitalized software. 

•

Interest expense. Interest expense represents interest related to our borrowings that are incurred at 

Genworth Holdings or Enact Holdings, and certain reinsurance arrangements being accounted for as 

deposits.  

• Provision (benefit) for income taxes. We tax our businesses at the U.S. corporate federal income tax 

rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as 

permanent differences between U.S. GAAP and tax law. The difference between the consolidated 

provision for income taxes and the sum of the provision for income taxes in each segment is reflected 

in Corporate and Other. 

The effective tax rates disclosed herein are calculated using whole numbers. As a result, the 

percentages shown may differ from an effective tax rate calculated using rounded numbers. 

• Net income from continuing operations attributable to noncontrolling interests. Net income from 

continuing operations attributable to noncontrolling interests represents the portion of income from 

continuing operations in a subsidiary attributable to third parties. 

The following table sets forth the consolidated results of operations for the periods indicated: 

Years ended December 31, 

Increase (decrease) and 
percentage change 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income  . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . .

$3,636  $3,680  $3,406  $
3,146 
3,183 
(2) 
23 
671 
646 

3,370 
322 
724 

8% 
(1)%  $ 274 
(44) 
(224) 
37 
(7)% 
1% 
(324)  (101)% 
25  NM(1) 
(7)% 
(53) 
(4)% 
(25) 

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . .

7,488 

7,495 

7,822 

(7)  — % 

(327) 

(4)% 

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . .
Liability remeasurement (gains) losses  . . . . . . . . .
Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited 
Acquisition and operating expenses, net of 

4,783 
587 

4,303 
(290) 

4,575 
242 

11% 
480 
877  NM(1) 

(6)% 
(272) 
(532)  NM(1) 

(12) 
503 

(104) 
504 

(160) 
511 

92 
88% 
(1)  — % 

56 
(7) 

35% 
(1)% 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

942 

1,285 

998 

(343) 

(27)% 

287 

29% 

Amortization of deferred acquisition costs and 

intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .

264 
118 

326 
106 

384 
160 

(62) 
12 

(19)% 
11% 

(58) 
(54) 

(15)% 
(34)% 

Total benefits and expenses  . . . . . . . . . . . . . .

7,185 

6,130 

6,710 

1,055 

17% 

(580) 

(9)% 

Income from continuing operations before income 
taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for income taxes  . . . . . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . .
Income from discontinued operations, net of 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations 

303 
104 

199 

—  

199 

1,365 
319 

1,046 

—  

1,046 

attributable to noncontrolling interests  . . . . . . . .

123 

130 

Less: net income from discontinued operations 

attributable to noncontrolling interests  . . . . . . . .

—  

—  

Net income available to Genworth Financial, 

1,112 
248 

(1,062) 
(215) 

(78)% 
(67)% 

864 

(847) 

(81)% 

253 
71 

182 

23% 
29% 

21% 

27 

891 

33 

8 

—   — % 

(27)  (100)% 

(847) 

(81)% 

155 

17% 

(7) 

(5)% 

97  NM(1) 

—   — % 

(8)  (100)% 

Inc.’s common stockholders  . . . . . . . . . . . . . . . .

$

76  $ 916  $ 850  $ (840) 

(92)% $

66 

8% 

Net income available to Genworth Financial, 

Inc.’s common stockholders: 

Income from continuing operations available 
to Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . .

Income from discontinued operations 

available to Genworth Financial, Inc.’s 
common stockholders  . . . . . . . . . . . . . . . . .

Net income available to Genworth Financial, 
Inc.’s common stockholders  . . . . . . . . . . . .

$

76  $ 916  $ 831  $ (840) 

(92)% $

85 

10% 

—  

—  

19 

—   — % 

(19)  (100)% 

$

76  $ 916  $ 850  $ (840) 

(92)% $

66 

8% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

70 

71 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unless otherwise stated, all references to net income (loss), net income (loss) per share, adjusted operating 
income (loss) and adjusted operating income (loss) per share found in “Item 7—Management’s Discussion and 
Analysis of Financial Condition and Results of Operations” should be read as net income (loss) available to 
Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s 
common stockholders per share, adjusted operating income (loss) available to Genworth Financial, Inc.’s 
common stockholders and adjusted operating income (loss) available to Genworth Financial, Inc.’s common 
stockholders per share, respectively. 

Use of non-GAAP measures 

Reconciliation of net income (loss) to adjusted operating income (loss) 

Management uses non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted 

operating income (loss) per share” to evaluate performance and allocate resources. Adjusted operating income 
(loss) per share is derived from adjusted operating income (loss). We define 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), changes in fair value of market 
risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early 
extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. A component of our 
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 our discretion and are influenced by market opportunities, as well as asset-liability 
matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits 
and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 
restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) because, 
in our opinion, they are not indicative of overall operating performance. 

While some of these items may be significant components of net income (loss) in accordance with U.S. 
GAAP, we believe 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), among other key 
performance indicators, 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) or net income (loss) per share on a basic and diluted basis determined in 
accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) may differ from the 
definitions used by other companies. 

Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% tax rate and 
are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and 
associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. 

The following table presents a reconciliation of net income to adjusted operating income for the years ended 

December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76 

$ 916 

$ 850 

Add: net income from continuing operations attributable to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Add: net income from discontinued operations attributable to 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: income from discontinued operations, net of taxes . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to noncontrolling 

—  

199 

—  

199 

—  

1,046 

—  

1,046 

8 

891 

27 

864 

interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Income from continuing operations available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

76 

916 

831 

Adjustments to income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders: 

Net investment (gains) losses, net (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(25) 

2 

(322) 

Changes in fair value of market risk benefits attributable to interest rates, 

equity markets and associated hedges (2)  . . . . . . . . . . . . . . . . . . . . . . . . .

(142) 

(210) 

(Gains) losses on early extinguishment of debt (3)  . . . . . . . . . . . . . . . . . . . .

Expenses related to restructuring  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pension plan termination costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating income available to Genworth Financial, Inc.’s 

(22) 

(2) 

4 

—  

10 

6 

2 

8 

26 

45 

34 

—  

96 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 41 

$ 818 

$ 474 

(1)  For the year ended December 31, 2023, net investment (gains) losses were adjusted for the portion 

attributable to noncontrolling interests of $2 million. 

(2)  Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in 

reserves, attributed fees and benefit payments of $(10) million, $(38) million and $(50) million for the years 

ended December 31, 2023, 2022 and 2021, respectively. 

(3)  See note 17 in our consolidated financial statements under “Part II—Item 8—Financial Statements and 

Supplementary Data” for additional information on (gains) losses on early extinguishment of debt during 

2023 and 2022. During 2021, we paid pre-tax make-whole premiums of $26 million and incurred pre-tax 

losses of $19 million in connection with the early redemption and repurchase of certain of Genworth 

Holdings’ senior notes. 

Other than pension plan termination costs incurred in 2022 related to one of our defined benefit pension 

plans, there were no infrequent or unusual items excluded from adjusted operating income during the periods 

presented. 

72 

73 

 
 
 
Unless otherwise stated, all references to net income (loss), net income (loss) per share, adjusted operating 

income (loss) and adjusted operating income (loss) per share found in “Item 7—Management’s Discussion and 

Analysis of Financial Condition and Results of Operations” should be read as net income (loss) available to 

Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s 

common stockholders per share, adjusted operating income (loss) available to Genworth Financial, Inc.’s 

common stockholders and adjusted operating income (loss) available to Genworth Financial, Inc.’s common 

stockholders per share, respectively. 

Use of non-GAAP measures 

Reconciliation of net income (loss) to adjusted operating income (loss) 

Management uses non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted 

operating income (loss) per share” to evaluate performance and allocate resources. Adjusted operating income 

(loss) per share is derived from adjusted operating income (loss). We define 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), changes in fair value of market 

risk benefits and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early 

extinguishment of debt, restructuring costs and infrequent or unusual non-operating items. A component of our 

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 our discretion and are influenced by market opportunities, as well as asset-liability 

matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits 

and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 

restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) because, 

in our opinion, they are not indicative of overall operating performance. 

While some of these items may be significant components of net income (loss) in accordance with U.S. 

GAAP, we believe 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), among other key 

performance indicators, 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) or net income (loss) per share on a basic and diluted basis determined in 

accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) may differ from the 

definitions used by other companies. 

Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% tax rate and 

are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and 

associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. 

The following table presents a reconciliation of net income to adjusted operating income for the years ended 

December 31: 

(Amounts in millions) 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add: net income from continuing operations attributable to noncontrolling 
interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Add: net income from discontinued operations attributable to 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: income from discontinued operations, net of taxes . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to noncontrolling 
interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders: 

2023 

2022 

2021 

$ 76 

$ 916 

$ 850 

123 

—  

199 
—  

199 

123 

130 

33 

—  

1,046 
—  

1,046 

8 

891 
27 

864 

130 

33 

76 

916 

831 

Net investment (gains) losses, net (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits attributable to interest rates, 
equity markets and associated hedges (2)  . . . . . . . . . . . . . . . . . . . . . . . . .
(Gains) losses on early extinguishment of debt (3)  . . . . . . . . . . . . . . . . . . . .
Expenses related to restructuring  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pension plan termination costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(25) 

(22) 
(2) 
4 
—  
10 

2 

(322) 

(142) 
6 
2 
8 
26 

(210) 
45 
34 
—  
96 

Adjusted operating income available to Genworth Financial, Inc.’s 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 41 

$ 818 

$ 474 

(1)  For the year ended December 31, 2023, net investment (gains) losses were adjusted for the portion 

attributable to noncontrolling interests of $2 million. 

(2)  Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in 

reserves, attributed fees and benefit payments of $(10) million, $(38) million and $(50) million for the years 
ended December 31, 2023, 2022 and 2021, respectively. 

(3)  See note 17 in our consolidated financial statements under “Part II—Item 8—Financial Statements and 

Supplementary Data” for additional information on (gains) losses on early extinguishment of debt during 
2023 and 2022. During 2021, we paid pre-tax make-whole premiums of $26 million and incurred pre-tax 
losses of $19 million in connection with the early redemption and repurchase of certain of Genworth 
Holdings’ senior notes. 

Other than pension plan termination costs incurred in 2022 related to one of our defined benefit pension 
plans, there were no infrequent or unusual items excluded from adjusted operating income during the periods 
presented. 

72 

73 

 
 
 
Earnings per share 

Executive Summary of Consolidated Financial Results 

The following table provides basic and diluted earnings per common share for the periods indicated: 

(Amounts in millions, except per share amounts) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Years ended December 31, 

Increase (decrease) and 
percentage change 

Income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders per 
share: 

Below is an executive summary of our consolidated financial results for the periods indicated. Amounts 

included within this “Executive Summary of Consolidated Financial Results” are net of taxes, unless otherwise 

indicated. After-tax amounts assume a tax rate of 21%. 

For a discussion of selected financial information and detailed descriptions of operating performance 

measures, see “—Results of Operations and Selected Financial and Operating Performance Measures by 

Segment.” 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.82  $ 1.64  $(1.66)  (91)% $0.18  11% 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.79  $ 1.61  $(1.63)  (91)% $0.18  11% 

2023 compared to 2022 

Net income available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.82  $ 1.68  $(1.66)  (91)% $0.14 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.79  $ 1.65  $(1.63)  (91)% $0.14 

8% 

8% 

Adjusted operating income available to Genworth 

Financial, Inc.’s common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.09  $ 1.62  $ 0.93  $(1.53)  (94)% $0.69  74% 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.09  $ 1.60  $ 0.92  $(1.51)  (94)% $0.68  74% 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468.8 

504.4 

506.9 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474.9 

510.9 

514.7 

Diluted weighted-average common shares outstanding reflect the effects of potentially dilutive securities 

including performance stock units, restricted stock units and other equity-based awards. 

The following table presents a summary of adjusted operating income (loss) for our segments and Corporate 

• We also experienced higher operating costs and lower premiums in 2023. 

and Other for the periods indicated: 

(Amounts in millions) 

Adjusted operating income (loss) available to Genworth 

Financial, Inc.’s common stockholders: 

Enact segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance segment  . . . . . . . . . . . . . . . . .
Life and Annuities segment: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Life and Annuities segment  . . . . . . . . . . . . . . . . . . . . . . . .

Corporate and Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating income available to Genworth 

Years ended 
December 31, 
2022 

2021 

2023 

Increase (decrease) and 
percentage change 

2023 vs. 2022 

2022 vs. 2021 

$ 552  $ 578  $ 520  $ (26) 
(242) 

11% 
(4)% $ 58 
(562)  (176)%  194  154% 

320 

126 

(275) 
50 
37 

(188) 

(81) 

(111) 
62 
21 

(28) 

(52) 

(201) 
83 
22 

(164)  (148)% 
(19)% 
(12) 
76% 
16 

90 
45% 
(21)  (25)% 
(5)% 
(1) 

(96) 

(160)  NM(1) 

(76) 

(29) 

(56)% 

68 

24 

71% 

32% 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . .

$ 41  $ 818  $ 474  $(777) 

(95)% $344 

73% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

• Adjusted operating income increased predominantly due to aging of our in-force 

block, partially offset by a decrease in fee income driven by lower account value in 

74 

75 

• Net income in 2023 and 2022 was $76 million and $916 million, respectively, and adjusted 

operating income was $41 million and $818 million, respectively. Adjusted operating income 

(loss) highlights were as follows: 

• Enact segment 

• Adjusted operating income decreased primarily attributable to higher losses on new 

delinquencies and lower favorable reserve adjustments, partially offset by higher net 

investment income, higher premiums and lower operating costs in 2023. 

• Long-Term Care Insurance segment 

• The change to an adjusted operating loss in 2023 from adjusted operating income in 

2022 was largely driven by unfavorable cash flow assumption updates in 2023 

compared to favorable updates in 2022. 

• The change was also driven by adverse actual versus expected experience in 2023 

primarily related to higher claims and unfavorable timing impacts related to a legal 

settlement. 

• The adjusted operating loss increased largely from $179 million of unfavorable 

updates to our persistency and mortality assumptions, as well as lower premiums 

reflecting runoff of our in-force blocks in 2023. 

• These adverse developments were partially offset by lower DAC amortization 

related to higher lapses in 2022 and a $20 million legal settlement expense in 2022 

• Adjusted operating income decreased mainly attributable to lower net spreads 

primarily related to block runoff, partially offset by favorable mortality experience 

• Life and Annuities segment 

• Life insurance: 

that did not recur. 

•

Fixed annuities: 

in 2023. 

• Variable annuities: 

2023. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share 

Executive Summary of Consolidated Financial Results 

The following table provides basic and diluted earnings per common share for the periods indicated: 

(Amounts in millions, except per share amounts) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Years ended December 31, 

Increase (decrease) and 

percentage change 

Income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders per 

share: 

Below is an executive summary of our consolidated financial results for the periods indicated. Amounts 

included within this “Executive Summary of Consolidated Financial Results” are net of taxes, unless otherwise 
indicated. After-tax amounts assume a tax rate of 21%. 

For a discussion of selected financial information and detailed descriptions of operating performance 

measures, see “—Results of Operations and Selected Financial and Operating Performance Measures by 
Segment.” 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.82  $ 1.64  $(1.66)  (91)% $0.18  11% 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.79  $ 1.61  $(1.63)  (91)% $0.18  11% 

2023 compared to 2022 

• Net income in 2023 and 2022 was $76 million and $916 million, respectively, and adjusted 

operating income was $41 million and $818 million, respectively. Adjusted operating income 
(loss) highlights were as follows: 

• Enact segment 

• Adjusted operating income decreased primarily attributable to higher losses on new 
delinquencies and lower favorable reserve adjustments, partially offset by higher net 
investment income, higher premiums and lower operating costs in 2023. 

• Long-Term Care Insurance segment 

• The change to an adjusted operating loss in 2023 from adjusted operating income in 
2022 was largely driven by unfavorable cash flow assumption updates in 2023 
compared to favorable updates in 2022. 

• The change was also driven by adverse actual versus expected experience in 2023 
primarily related to higher claims and unfavorable timing impacts related to a legal 
settlement. 

The following table presents a summary of adjusted operating income (loss) for our segments and Corporate 

• We also experienced higher operating costs and lower premiums in 2023. 

• Life and Annuities segment 

• Life insurance: 

• The adjusted operating loss increased largely from $179 million of unfavorable 

updates to our persistency and mortality assumptions, as well as lower premiums 
reflecting runoff of our in-force blocks in 2023. 

• These adverse developments were partially offset by lower DAC amortization 

related to higher lapses in 2022 and a $20 million legal settlement expense in 2022 
that did not recur. 

•

Fixed annuities: 

• Adjusted operating income decreased mainly attributable to lower net spreads 

primarily related to block runoff, partially offset by favorable mortality experience 
in 2023. 

• Variable annuities: 

• Adjusted operating income increased predominantly due to aging of our in-force 

block, partially offset by a decrease in fee income driven by lower account value in 
2023. 

74 

75 

Net income available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.82  $ 1.68  $(1.66)  (91)% $0.14 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16  $ 1.79  $ 1.65  $(1.63)  (91)% $0.14 

8% 

8% 

Adjusted operating income available to Genworth 

Financial, Inc.’s common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.09  $ 1.62  $ 0.93  $(1.53)  (94)% $0.69  74% 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.09  $ 1.60  $ 0.92  $(1.51)  (94)% $0.68  74% 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468.8 

504.4 

506.9 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474.9 

510.9 

514.7 

Diluted weighted-average common shares outstanding reflect the effects of potentially dilutive securities 

including performance stock units, restricted stock units and other equity-based awards. 

and Other for the periods indicated: 

Years ended 

December 31, 

Increase (decrease) and 

percentage change 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Adjusted operating income (loss) available to Genworth 

Financial, Inc.’s common stockholders: 

Enact segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 552  $ 578  $ 520  $ (26) 

(4)% $ 58 

11% 

Long-Term Care Insurance segment  . . . . . . . . . . . . . . . . .

(242) 

320 

126 

(562)  (176)%  194  154% 

Life and Annuities segment: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(275) 

(111) 

(201) 

(164)  (148)% 

90 

45% 

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50 

37 

83 

22 

(12) 

(19)% 

(21)  (25)% 

16 

76% 

(1) 

(5)% 

Life and Annuities segment  . . . . . . . . . . . . . . . . . . . . . . . .

(188) 

(96) 

(160)  NM(1) 

Corporate and Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(81) 

(76) 

(29) 

(56)% 

68 

24 

71% 

32% 

62 

21 

(28) 

(52) 

Adjusted operating income available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . .

$ 41  $ 818  $ 474  $(777) 

(95)% $344 

73% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
• Corporate and Other 

• The adjusted operating loss increased primarily from higher expenses related to 

CareScout growth initiatives and higher interest expense attributable to Genworth 
Holdings’ junior subordinated notes, partially offset by higher net investment 
income in 2023. 

2022 compared to 2021 

• Net income in 2022 and 2021 was $916 million and $850 million, respectively, and adjusted 

operating income was $818 million and $474 million, respectively. Adjusted operating income 
(loss) highlights were as follows: 

• Enact segment 

• Adjusted operating income increased primarily attributable to lower losses largely 
driven by net favorable reserve adjustments of $212 million, consisting of reserve 
releases of $248 million primarily related to COVID-19 delinquencies from 2020 and 
2021 curing at levels above original reserve expectations, partially offset by reserve 
strengthening of $36 million related to 2022 delinquencies given uncertainty in the 
economic environment. 

• This improvement was partially offset by the minority initial public offering of Enact 

Holdings that closed in September 2021, which reduced Genworth Financial’s 
ownership percentage to 81.6%. 

• The improvement was also partially offset by lower premiums in 2022. 

• Long-Term Care Insurance segment 

• Adjusted operating income increased largely driven by favorable cash flow assumption 
updates reflecting an expected reserve reduction, net of estimated settlement payments, 
attributable to the inclusion of a legal settlement, partially offset by lower net 
investment income in 2022. 

• Life and Annuities segment 

• Life insurance: 

• The adjusted operating loss decreased largely from favorable cash flow assumption 
updates in our universal and term universal life insurance products in 2022 related 
to higher interest rates compared to unfavorable cash flow assumption updates in 
2021 primarily driven by unfavorable pre-COVID-19 mortality. 

• The decrease was also attributable to lower DAC amortization primarily driven by 

lapse experience in our term life insurance products. 

•

Fixed annuities: 

• Adjusted operating income decreased mainly attributable to lower net spreads 

primarily related to block runoff, partially offset by favorable mortality in 2022. 

• Corporate and Other 

• The adjusted operating loss decreased primarily related to lower interest expense in 
2022, partially offset by tax benefits of $21 million in 2021 from a reduction in 
uncertain tax positions due to the expiration of certain statute of limitations that did not 
recur. 

Significant Developments and Strategic Highlights 

Enact segment 

• Mortgage insurance portfolio. Enact’s primary persistency rate was 85% during 2023 compared to 

80% during 2022. Elevated persistency continued to offset a decline in new insurance written, 

contributing to insurance in-force growth in 2023. New insurance written decreased 20% during 2023 

compared to 2022 mostly from a decline in originations due to elevated interest rates. 

•

Loss performance. Enact recorded favorable pre-tax reserve releases of $241 million in 2023 primarily 

related to favorable cure performance on 2022 and prior delinquencies, including those related to 

COVID-19. New primary delinquencies in 2023 increased compared to 2022 largely due to the aging 

of large, new books of business. 

• Capital. Enact’s PMIERs sufficiency ratio was 161% or $1,887 million above the PMIERs 

requirements as of December 31, 2023. 

• Capital returns. Genworth Holdings received $245 million of capital returns from Enact Holdings 

during 2023. 

Long-Term Care Insurance segment 

•

In-force rate actions. We estimate that the cumulative economic benefit of approved rate actions in our 

long-term care insurance multi-year in-force rate action plan from 2012 through 2023 was 

approximately $28.0 billion, on a net present value basis, which includes our current updated 

assumptions regarding future premiums and benefit reductions from approved rate actions and legal 

settlements as described in “Results of Operations and Selected Financial and Operating Performance 

Measures by Segment.” This estimated cumulative economic benefit reflects progress of approximately 

84% toward our latest estimate of approximately $33.3 billion total net present value of premium 

increases and benefit reductions contemplated in our multi-year in-force rate action plan, which also 

takes into account our current updated assumptions. As a result, based on current assumptions, the 

remaining estimated amount to be achieved through future rate action approvals under our in-force rate 

action plan was reduced by $1.5 billion in 2023 to approximately $5.3 billion. 

• Claims. We expect higher paid claims in our long-term care insurance business as our blocks age with 

peak claim years over a decade away. Paid claims on newer products continue to increase as 

policyholders approach peak claim age, while claims on our older products decline as those 

policyholders are past peak claim age. We also expect overall claim costs to continue to increase as the 

approximately 625,000 insured individuals in our two largest blocks, Choice I and Choice II, with 

average attained ages of 77 and 74, respectively, reach their peak claim years, which are over age 85. 

• Actual to expected experience. Unfavorable pre-tax actual versus expected experience of $269 million 

in 2023 was primarily driven by higher claims and unfavorable timing impacts related to a legal 

settlement. 

• Annual assumption review. As part of our annual review of assumptions in the fourth quarter of 2023, 

our long-term care insurance business had unfavorable pre-tax impacts of $61 million from cash flow 

assumption updates. We made unfavorable updates to our healthy life assumptions to better reflect 

near-term experience for cost of care, mortality, incidence and lapse rates, partially offset by a 

favorable update to our disabled life mortality assumptions to reflect an expectation that mortality will 

continue at elevated levels in the near term post-COVID-19. See “—Critical Accounting Estimates—

Liability for future policy benefits” for additional information on the impact of changes in our long-

term care insurance cash flow assumptions. Assumption updates also included changes for future 

in-force rate action approvals and benefit reductions based on recent favorable experience and reflect a 

recent legal settlement that primarily impacted uncapped cohorts. 

Life and Annuities segment 

• As part of our annual review of assumptions in the fourth quarter of 2023, our life insurance business 

had unfavorable pre-tax impacts of $226 million from cash flow assumption updates. We made 

76 

77 

• Corporate and Other 

• The adjusted operating loss increased primarily from higher expenses related to 

CareScout growth initiatives and higher interest expense attributable to Genworth 

Holdings’ junior subordinated notes, partially offset by higher net investment 

income in 2023. 

2022 compared to 2021 

• Net income in 2022 and 2021 was $916 million and $850 million, respectively, and adjusted 

operating income was $818 million and $474 million, respectively. Adjusted operating income 

(loss) highlights were as follows: 

• Enact segment 

• Adjusted operating income increased primarily attributable to lower losses largely 

driven by net favorable reserve adjustments of $212 million, consisting of reserve 

releases of $248 million primarily related to COVID-19 delinquencies from 2020 and 

2021 curing at levels above original reserve expectations, partially offset by reserve 

strengthening of $36 million related to 2022 delinquencies given uncertainty in the 

economic environment. 

• This improvement was partially offset by the minority initial public offering of Enact 

Holdings that closed in September 2021, which reduced Genworth Financial’s 

ownership percentage to 81.6%. 

• The improvement was also partially offset by lower premiums in 2022. 

• Long-Term Care Insurance segment 

• Adjusted operating income increased largely driven by favorable cash flow assumption 

updates reflecting an expected reserve reduction, net of estimated settlement payments, 

attributable to the inclusion of a legal settlement, partially offset by lower net 

investment income in 2022. 

• Life and Annuities segment 

• Life insurance: 

• The adjusted operating loss decreased largely from favorable cash flow assumption 

updates in our universal and term universal life insurance products in 2022 related 

to higher interest rates compared to unfavorable cash flow assumption updates in 

2021 primarily driven by unfavorable pre-COVID-19 mortality. 

• The decrease was also attributable to lower DAC amortization primarily driven by 

lapse experience in our term life insurance products. 

•

Fixed annuities: 

• Corporate and Other 

• Adjusted operating income decreased mainly attributable to lower net spreads 

primarily related to block runoff, partially offset by favorable mortality in 2022. 

• The adjusted operating loss decreased primarily related to lower interest expense in 

2022, partially offset by tax benefits of $21 million in 2021 from a reduction in 

uncertain tax positions due to the expiration of certain statute of limitations that did not 

recur. 

Significant Developments and Strategic Highlights 

Enact segment 

• Mortgage insurance portfolio. Enact’s primary persistency rate was 85% during 2023 compared to 
80% during 2022. Elevated persistency continued to offset a decline in new insurance written, 
contributing to insurance in-force growth in 2023. New insurance written decreased 20% during 2023 
compared to 2022 mostly from a decline in originations due to elevated interest rates. 

•

Loss performance. Enact recorded favorable pre-tax reserve releases of $241 million in 2023 primarily 
related to favorable cure performance on 2022 and prior delinquencies, including those related to 
COVID-19. New primary delinquencies in 2023 increased compared to 2022 largely due to the aging 
of large, new books of business. 

• Capital. Enact’s PMIERs sufficiency ratio was 161% or $1,887 million above the PMIERs 

requirements as of December 31, 2023. 

• Capital returns. Genworth Holdings received $245 million of capital returns from Enact Holdings 

during 2023. 

Long-Term Care Insurance segment 

•

In-force rate actions. We estimate that the cumulative economic benefit of approved rate actions in our 
long-term care insurance multi-year in-force rate action plan from 2012 through 2023 was 
approximately $28.0 billion, on a net present value basis, which includes our current updated 
assumptions regarding future premiums and benefit reductions from approved rate actions and legal 
settlements as described in “Results of Operations and Selected Financial and Operating Performance 
Measures by Segment.” This estimated cumulative economic benefit reflects progress of approximately 
84% toward our latest estimate of approximately $33.3 billion total net present value of premium 
increases and benefit reductions contemplated in our multi-year in-force rate action plan, which also 
takes into account our current updated assumptions. As a result, based on current assumptions, the 
remaining estimated amount to be achieved through future rate action approvals under our in-force rate 
action plan was reduced by $1.5 billion in 2023 to approximately $5.3 billion. 

• Claims. We expect higher paid claims in our long-term care insurance business as our blocks age with 

peak claim years over a decade away. Paid claims on newer products continue to increase as 
policyholders approach peak claim age, while claims on our older products decline as those 
policyholders are past peak claim age. We also expect overall claim costs to continue to increase as the 
approximately 625,000 insured individuals in our two largest blocks, Choice I and Choice II, with 
average attained ages of 77 and 74, respectively, reach their peak claim years, which are over age 85. 

• Actual to expected experience. Unfavorable pre-tax actual versus expected experience of $269 million 
in 2023 was primarily driven by higher claims and unfavorable timing impacts related to a legal 
settlement. 

• Annual assumption review. As part of our annual review of assumptions in the fourth quarter of 2023, 
our long-term care insurance business had unfavorable pre-tax impacts of $61 million from cash flow 
assumption updates. We made unfavorable updates to our healthy life assumptions to better reflect 
near-term experience for cost of care, mortality, incidence and lapse rates, partially offset by a 
favorable update to our disabled life mortality assumptions to reflect an expectation that mortality will 
continue at elevated levels in the near term post-COVID-19. See “—Critical Accounting Estimates—
Liability for future policy benefits” for additional information on the impact of changes in our long-
term care insurance cash flow assumptions. Assumption updates also included changes for future 
in-force rate action approvals and benefit reductions based on recent favorable experience and reflect a 
recent legal settlement that primarily impacted uncapped cohorts. 

Life and Annuities segment 

• As part of our annual review of assumptions in the fourth quarter of 2023, our life insurance business 
had unfavorable pre-tax impacts of $226 million from cash flow assumption updates. We made 

76 

77 

unfavorable cash flow assumption updates to our persistency assumptions in our universal life 
insurance products with secondary guarantees to better reflect emerging experience. We also made 
unfavorable updates to our mortality assumptions in our term universal, universal and term life 
insurance products to better reflect emerging experience related to more modest mortality improvement 
and to include an expectation that mortality will continue at elevated levels in the near term post-
COVID-19, similar to long-term care insurance. See “—Critical Accounting Estimates—Liability for 
future policy benefits” for additional information on the impact of changes in our life insurance cash 
flow assumptions. 

Capital of U.S. life insurance subsidiaries 

• As of December 31, 2023 and 2022, the consolidated RBC ratio on a company action level basis of our 

U.S. domiciled life insurance subsidiaries was approximately 303% and 291%, respectively. The 
increase was primarily driven by earnings in our annuity products, including a net benefit to variable 
annuities from the impact of equity market and interest rate performance, as well as a net favorable 
impact from assumption updates primarily in our life insurance products in 2023. 

Genworth Financial share repurchase program 

• Genworth Financial executed $295 million in share repurchases, excluding excise taxes and other 

associated costs, during 2023. 

Results of Operations and Selected Financial and Operating Performance Measures by Segment 

Management’s discussion and analysis by segment 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 our Enact segment. 
We consider new insurance written to be a measure of our Enact segment’s operating performance 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 also regularly monitors and reports insurance in-force 
and risk in-force for our Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance 
as of the respective reporting date for loans insured by our U.S. mortgage insurance subsidiaries. Risk in-force is 
based on the coverage percentage applied to the estimated current outstanding loan balance. We consider 
insurance in-force and risk in-force to be measures of our Enact segment’s operating performance 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. These metrics are presented 
on a direct basis and exclude reinsurance. 

Management also regularly monitors and reports a loss ratio for our Enact segment. The loss ratio is the 
ratio of benefits and other changes in policy reserves to net earned premiums, and we consider it to be a measure 
of underwriting performance and helps to enhance the understanding of the operating performance of our Enact 
segment. 

Management regularly monitors and reports on in-force rate actions, including state filing approvals; 
impacted in-force premiums; weighted-average percentage rate increases approved; and gross incremental 
premiums approved in our Long-Term Care Insurance segment. We also estimate the cumulative economic 
benefit of approved rate actions in our long-term care insurance multi-year in-force rate action plan on a net 
present value basis, discounted at our investment portfolio yield. This is defined as the net present value of 
historical and future expected premium increases and benefit reductions as a result of rate increases approved on 
individual and group long-term care insurance policies and reserve reductions related to legal settlements less 

cash payments made to policyholders who elect certain reduced benefit options in connection with the legal 

settlements, referred to as settlement payments. We monitor these selected operating performance measures for 

in-force rate actions to track our progress on ensuring the continued self-sustainability of our long-term care 

insurance business over time. We consider these in-force rate actions metrics to be measures of financial 

performance and help to enhance the understanding of the operating performance of our Long-Term Care 

Insurance segment. 

These operating performance measures enable us to compare our 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. 

Enact segment 

Trends and conditions 

Results of our Enact segment are affected primarily by the following factors: competitor actions; 

unemployment or underemployment levels; other economic and housing market trends, including interest rates, 

home prices, the number of first-time homebuyers, and mortgage origination volume mix and practices; the size 

of the overall private mortgage insurance market and the effect of regulatory actions thereon; the levels and aging 

of mortgage delinquencies; the effect of seasonal variations; the inventory of unsold homes; loan modification 

and other servicing efforts; and litigation, among other items. References to “Enact” included herein “Item 7—

Management’s Discussion and Analysis of Financial Condition and Results of Operations—Enact segment” are, 

unless the context otherwise requires, to our Enact segment. 

Macroeconomic environment 

Mortgage origination activity remained slow throughout 2023 in response to elevated mortgage rates and 

sustained low housing supply. Housing affordability continued to deteriorate due to high interest rates and 

elevated home prices, only marginally offset by rising median family income, according to the National 

Association of Realtors Housing Affordability Index. National home prices rose modestly throughout 2023, 

according to the FHFA Monthly Purchase-Only House Price Index. 

The unemployment rate increased to 3.7% in December 2023, compared to 3.5% in December 2022. As of 

December 31, 2023, the number of unemployed Americans was approximately 6.3 million, and the number of 

long term unemployed over 26 weeks was approximately 1.2 million. Both metrics remain relatively in line with 

pre-pandemic levels in February 2020. 

Forbearance and loss mitigation programs 

For mortgages insured by the federal government (including those purchased by Fannie Mae and Freddie 

Mac), COVID-19 forbearance allowed borrowers impacted by COVID-19 to temporarily suspend mortgage 

payments up to 18 months subject to certain limits. However, the Biden Administration ended the national 

emergency for COVID-19 in April 2023, and as a result, the deadline for requesting a COVID-19 related 

forbearance under the CARES Act ended in August 2023. The GSEs retired their COVID-19 servicing-related 

policies including with respect to forbearance effective November 1, 2023 and reverted to standard forbearance 

policies as a loss mitigation option for borrowers that meet general hardship and program guidelines. 

In March 2023, the GSEs announced new loss mitigation programs that allow six-month payment deferrals 

for borrowers facing financial hardship and encouraged servicers to start evaluating borrowers for these programs 

as early as July 1, 2023 but no later than October 1, 2023. Even though most foreclosure moratoriums expired at 

the end of 2021, federal laws and regulations continue to require servicers to discuss loss mitigation options with 

borrowers before proceeding with foreclosures. These requirements could further extend foreclosure timelines, 

which could negatively impact the severity of loss on loans that go to claim. 

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79 

unfavorable cash flow assumption updates to our persistency assumptions in our universal life 

insurance products with secondary guarantees to better reflect emerging experience. We also made 

unfavorable updates to our mortality assumptions in our term universal, universal and term life 

insurance products to better reflect emerging experience related to more modest mortality improvement 

and to include an expectation that mortality will continue at elevated levels in the near term post-

COVID-19, similar to long-term care insurance. See “—Critical Accounting Estimates—Liability for 

future policy benefits” for additional information on the impact of changes in our life insurance cash 

flow assumptions. 

Capital of U.S. life insurance subsidiaries 

• As of December 31, 2023 and 2022, the consolidated RBC ratio on a company action level basis of our 

U.S. domiciled life insurance subsidiaries was approximately 303% and 291%, respectively. The 

increase was primarily driven by earnings in our annuity products, including a net benefit to variable 

annuities from the impact of equity market and interest rate performance, as well as a net favorable 

impact from assumption updates primarily in our life insurance products in 2023. 

Genworth Financial share repurchase program 

• Genworth Financial executed $295 million in share repurchases, excluding excise taxes and other 

associated costs, during 2023. 

Results of Operations and Selected Financial and Operating Performance Measures by Segment 

Management’s discussion and analysis by segment 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 our Enact segment. 

We consider new insurance written to be a measure of our Enact segment’s operating performance 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 also regularly monitors and reports insurance in-force 

and risk in-force for our Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance 

as of the respective reporting date for loans insured by our U.S. mortgage insurance subsidiaries. Risk in-force is 

based on the coverage percentage applied to the estimated current outstanding loan balance. We consider 

insurance in-force and risk in-force to be measures of our Enact segment’s operating performance 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. These metrics are presented 

on a direct basis and exclude reinsurance. 

Management also regularly monitors and reports a loss ratio for our Enact segment. The loss ratio is the 

ratio of benefits and other changes in policy reserves to net earned premiums, and we consider it to be a measure 

of underwriting performance and helps to enhance the understanding of the operating performance of our Enact 

segment. 

Management regularly monitors and reports on in-force rate actions, including state filing approvals; 

impacted in-force premiums; weighted-average percentage rate increases approved; and gross incremental 

premiums approved in our Long-Term Care Insurance segment. We also estimate the cumulative economic 

benefit of approved rate actions in our long-term care insurance multi-year in-force rate action plan on a net 

present value basis, discounted at our investment portfolio yield. This is defined as the net present value of 

historical and future expected premium increases and benefit reductions as a result of rate increases approved on 

individual and group long-term care insurance policies and reserve reductions related to legal settlements less 

cash payments made to policyholders who elect certain reduced benefit options in connection with the legal 
settlements, referred to as settlement payments. We monitor these selected operating performance measures for 
in-force rate actions to track our progress on ensuring the continued self-sustainability of our long-term care 
insurance business over time. We consider these in-force rate actions metrics to be measures of financial 
performance and help to enhance the understanding of the operating performance of our Long-Term Care 
Insurance segment. 

These operating performance measures enable us to compare our 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. 

Enact segment 

Trends and conditions 

Results of our Enact segment are affected primarily by the following factors: competitor actions; 

unemployment or underemployment levels; other economic and housing market trends, including interest rates, 
home prices, the number of first-time homebuyers, and mortgage origination volume mix and practices; the size 
of the overall private mortgage insurance market and the effect of regulatory actions thereon; the levels and aging 
of mortgage delinquencies; the effect of seasonal variations; the inventory of unsold homes; loan modification 
and other servicing efforts; and litigation, among other items. References to “Enact” included herein “Item 7—
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Enact segment” are, 
unless the context otherwise requires, to our Enact segment. 

Macroeconomic environment 

Mortgage origination activity remained slow throughout 2023 in response to elevated mortgage rates and 

sustained low housing supply. Housing affordability continued to deteriorate due to high interest rates and 
elevated home prices, only marginally offset by rising median family income, according to the National 
Association of Realtors Housing Affordability Index. National home prices rose modestly throughout 2023, 
according to the FHFA Monthly Purchase-Only House Price Index. 

The unemployment rate increased to 3.7% in December 2023, compared to 3.5% in December 2022. As of 

December 31, 2023, the number of unemployed Americans was approximately 6.3 million, and the number of 
long term unemployed over 26 weeks was approximately 1.2 million. Both metrics remain relatively in line with 
pre-pandemic levels in February 2020. 

Forbearance and loss mitigation programs 

For mortgages insured by the federal government (including those purchased by Fannie Mae and Freddie 

Mac), COVID-19 forbearance allowed borrowers impacted by COVID-19 to temporarily suspend mortgage 
payments up to 18 months subject to certain limits. However, the Biden Administration ended the national 
emergency for COVID-19 in April 2023, and as a result, the deadline for requesting a COVID-19 related 
forbearance under the CARES Act ended in August 2023. The GSEs retired their COVID-19 servicing-related 
policies including with respect to forbearance effective November 1, 2023 and reverted to standard forbearance 
policies as a loss mitigation option for borrowers that meet general hardship and program guidelines. 

In March 2023, the GSEs announced new loss mitigation programs that allow six-month payment deferrals 

for borrowers facing financial hardship and encouraged servicers to start evaluating borrowers for these programs 
as early as July 1, 2023 but no later than October 1, 2023. Even though most foreclosure moratoriums expired at 
the end of 2021, federal laws and regulations continue to require servicers to discuss loss mitigation options with 
borrowers before proceeding with foreclosures. These requirements could further extend foreclosure timelines, 
which could negatively impact the severity of loss on loans that go to claim. 

78 

79 

Although it is difficult to predict the future level of reported forbearance and how many of the loans in a 
forbearance plan that remain current on their monthly mortgage payment will go delinquent, servicer reported 
forbearances have generally declined. As of December 31, 2023, approximately 1.2% or 11,536 of Enact’s active 
primary policies were reported in a forbearance plan, of which approximately 31% were reported as delinquent. 

The full impact of COVID-19 and its associated economic effects on Enact’s future business results are 
difficult to predict. Given the maximum length of forbearance plans, the resolution of a delinquency in a plan still 
may not be known for several quarters or longer. Enact continues to monitor regulatory and government actions 
and the resolution of forbearance delinquencies. While the associated risks have moderated and delinquencies 
related to COVID-19 have declined, it is possible that ancillary economic effects of COVID-19 could have an 
adverse impact on Enact’s future results of operations and financial condition. 

Regulatory developments 

Private mortgage insurance market penetration and overall market size are affected in part by actions that 

impact housing or housing finance policy taken by the GSEs and the U.S. government, including but not limited 
to, the FHA and the FHFA. In the past, these actions have included announced changes, or potential changes, to 
underwriting standards, including changes to the GSEs’ automated underwriting systems, FHA pricing, GSE 
guaranty fees, loan limits and alternative products. 

On October 24, 2022, the FHFA announced targeted changes to the GSEs’ guarantee fee pricing by 
eliminating upfront fees for certain first-time home buyers with income at or below area median income and for 
certain GSE affordable mortgage products, while implementing targeted increases to the upfront fees for most 
cash-out refinance loans. The fee reductions went into effect in the fourth quarter of 2022 while the new fees on 
cash-out refinance loans began February 1, 2023. Enact has seen a limited impact from these price changes on 
the private mortgage insurance market. 

The FHFA also announced in October 2022 its validation and approval of certain credit score models for use 

by the GSEs and changed the required number of credit reports provided by lenders from all three nationwide 
consumer reporting agencies to only two. The validation of the new credit scores requires lenders to deliver both 
credit scores for each loan sold to the GSEs. The FHFA has announced preliminary implementation expectations, 
but this is expected to be a multiple year process that will require system and process updates.

In January 2023, the FHFA announced additional updates to its upfront fee structure and pricing matrix. The 

changes marked the third iteration of the FHFA’s ongoing pricing review since early 2022 and impact purchase 
and rate-term refinance loans. Pricing grids are now broken out by loan purpose and are recalibrated to new 
credit score and loan-to-value ratio categories, along with associated loan attributes. The new pricing matrix 
initially included new upfront fees for loans with debt-to-income ratios greater than 40% but those fees were 
rescinded prior to implementation. The remaining changes became effective May 1, 2023. 

In February 2023, the Department of Housing and Urban Development announced a 30 basis point reduction 

of the annual insurance premium charged to borrowers with FHA-insured mortgages in order to reduce the cost 
of borrowing for eligible lower and middle class homebuyers. This price reduction, which went into effect on 
March 20, 2023, is expected to have a negative impact on the U.S. private mortgage insurance market but will be 
partially offset by the effects of the recent FHFA pricing changes referenced above. Enact does not believe this 
net impact has been or will be material. 

Competitive environment 

The U.S. private mortgage insurance industry is highly competitive. Enact Holdings’ market share is 
influenced by the execution of its go to market strategy, including but not limited to, pricing competitiveness 
relative to its peers and its selective participation in forward commitment transactions. Enact continues to 

manage the quality of new business through pricing and its underwriting guidelines, which are modified from 

time to time when circumstances warrant. The market and underwriting conditions, including the mortgage 

insurance pricing environment, are within Enact’s risk adjusted return appetite enabling it to write new business 

at returns it views as attractive. 

Mortgage insurance portfolio 

New insurance written of $53.1 billion in 2023 decreased 20% compared to 2022 mostly from a smaller 

estimated private mortgage insurance market as originations were impacted by elevated interest rates. Enact’s 

primary persistency rate was 85% for the year ended December 31, 2023 compared to 80% for the year ended 

December 31, 2022. The increase in persistency was primarily driven by a decline in the percentage of in-force 

policies with mortgage rates above current mortgage rates and offset the decline in new insurance written in 

2023, contributing to an increase in insurance in-force of $14.7 billion during 2023. 

Net earned premiums increased in 2023 compared to 2022 primarily driven by insurance in-force growth, 

partially offset by the lapse of older, higher priced policies and lower single premium policy cancellations in 

2023. The total number of delinquent loans has declined from the COVID-19 peak in the second quarter of 2020 

as borrowers continued to exit forbearance plans and new forbearances declined. During this time and consistent 

with prior years, servicers continued the practice of remitting premiums during the early stages of default, and 

Enact refunds the post-delinquent premiums to the insured party if the delinquent loan goes to claim. Enact 

records a liability and a reduction to net earned premiums for the post-delinquent premiums it expects to refund. 

The post-delinquent premium liability recorded since the beginning of COVID-19 in the second quarter of 2020 

through December 31, 2023 was not significant to the change in earned premiums for those periods. 

Loss experience 

Enact’s loss ratio was 3% for the year ended December 31, 2023, compared to (10)% for the year ended 

December 31, 2022. Enact recorded favorable reserve adjustments of $241 million in 2023 primarily related to 

favorable cure performance on delinquencies from 2022 and earlier, including those related to COVID-19. 

During the peak of COVID-19, Enact experienced elevated new delinquencies subject to forbearance plans, and 

those delinquencies have continued to cure at levels above Enact’s reserve expectations. In addition, cure 

performance on delinquencies from 2022 has not been negatively impacted by uncertainty in the economic 

environment to the extent initially expected. During 2022, Enact recorded net favorable reserve adjustments of 

$268 million primarily related to favorable cure performance on COVID-19 delinquencies from 2020 and 2021, 

partially offset by reserve strengthening on certain 2022 delinquencies. 

Borrowers who have experienced a financial hardship including, but not limited to, the loss of income due to 

the closing of a business or the loss of a job continue to take advantage of available loss mitigation options, 

including forbearance programs, payment deferral options and other modifications. Loss reserves recorded on 

these delinquencies require a high degree of estimation due to the level of uncertainty regarding whether 

delinquencies in forbearance will ultimately cure or result in claim payments, as well as the timing and severity 

of those payments. The severity of loss on loans that do go to claim may be negatively impacted by the extended 

forbearance and foreclosure timelines, the associated elevated expenses and the higher loan amount of the recent 

new delinquencies. These negative influences on loss severity could be mitigated in part by embedded home 

price appreciation. For loans insured on or after October 1, 2014, Enact’s mortgage insurance policies limit the 

number of months of unpaid interest and associated expenses that are included in the mortgage insurance claim 

amount to a maximum of 36 months. 

New primary delinquencies in 2023 increased compared to 2022 primarily due to the aging of large, new 

books of business. New primary delinquencies of 41,617 contributed $265 million of loss expense in 2023, while 

Enact incurred $171 million of losses from 35,996 new primary delinquencies in 2022. In determining the loss 

expense estimate, considerations were given to recent cure and claim experience and the prevailing and 

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81 

 
Although it is difficult to predict the future level of reported forbearance and how many of the loans in a 

forbearance plan that remain current on their monthly mortgage payment will go delinquent, servicer reported 

forbearances have generally declined. As of December 31, 2023, approximately 1.2% or 11,536 of Enact’s active 

primary policies were reported in a forbearance plan, of which approximately 31% were reported as delinquent. 

manage the quality of new business through pricing and its underwriting guidelines, which are modified from 
time to time when circumstances warrant. The market and underwriting conditions, including the mortgage 
insurance pricing environment, are within Enact’s risk adjusted return appetite enabling it to write new business 
at returns it views as attractive. 

The full impact of COVID-19 and its associated economic effects on Enact’s future business results are 

difficult to predict. Given the maximum length of forbearance plans, the resolution of a delinquency in a plan still 

may not be known for several quarters or longer. Enact continues to monitor regulatory and government actions 

and the resolution of forbearance delinquencies. While the associated risks have moderated and delinquencies 

related to COVID-19 have declined, it is possible that ancillary economic effects of COVID-19 could have an 

adverse impact on Enact’s future results of operations and financial condition. 

Regulatory developments 

Private mortgage insurance market penetration and overall market size are affected in part by actions that 

impact housing or housing finance policy taken by the GSEs and the U.S. government, including but not limited 

to, the FHA and the FHFA. In the past, these actions have included announced changes, or potential changes, to 

underwriting standards, including changes to the GSEs’ automated underwriting systems, FHA pricing, GSE 

guaranty fees, loan limits and alternative products. 

On October 24, 2022, the FHFA announced targeted changes to the GSEs’ guarantee fee pricing by 

eliminating upfront fees for certain first-time home buyers with income at or below area median income and for 

certain GSE affordable mortgage products, while implementing targeted increases to the upfront fees for most 

cash-out refinance loans. The fee reductions went into effect in the fourth quarter of 2022 while the new fees on 

cash-out refinance loans began February 1, 2023. Enact has seen a limited impact from these price changes on 

the private mortgage insurance market. 

The FHFA also announced in October 2022 its validation and approval of certain credit score models for use 

by the GSEs and changed the required number of credit reports provided by lenders from all three nationwide 

consumer reporting agencies to only two. The validation of the new credit scores requires lenders to deliver both 

credit scores for each loan sold to the GSEs. The FHFA has announced preliminary implementation expectations, 

but this is expected to be a multiple year process that will require system and process updates.

In January 2023, the FHFA announced additional updates to its upfront fee structure and pricing matrix. The 

changes marked the third iteration of the FHFA’s ongoing pricing review since early 2022 and impact purchase 

and rate-term refinance loans. Pricing grids are now broken out by loan purpose and are recalibrated to new 

credit score and loan-to-value ratio categories, along with associated loan attributes. The new pricing matrix 

initially included new upfront fees for loans with debt-to-income ratios greater than 40% but those fees were 

rescinded prior to implementation. The remaining changes became effective May 1, 2023. 

In February 2023, the Department of Housing and Urban Development announced a 30 basis point reduction 

of the annual insurance premium charged to borrowers with FHA-insured mortgages in order to reduce the cost 

of borrowing for eligible lower and middle class homebuyers. This price reduction, which went into effect on 

March 20, 2023, is expected to have a negative impact on the U.S. private mortgage insurance market but will be 

partially offset by the effects of the recent FHFA pricing changes referenced above. Enact does not believe this 

net impact has been or will be material. 

Competitive environment 

The U.S. private mortgage insurance industry is highly competitive. Enact Holdings’ market share is 

influenced by the execution of its go to market strategy, including but not limited to, pricing competitiveness 

relative to its peers and its selective participation in forward commitment transactions. Enact continues to 

Mortgage insurance portfolio 

New insurance written of $53.1 billion in 2023 decreased 20% compared to 2022 mostly from a smaller 
estimated private mortgage insurance market as originations were impacted by elevated interest rates. Enact’s 
primary persistency rate was 85% for the year ended December 31, 2023 compared to 80% for the year ended 
December 31, 2022. The increase in persistency was primarily driven by a decline in the percentage of in-force 
policies with mortgage rates above current mortgage rates and offset the decline in new insurance written in 
2023, contributing to an increase in insurance in-force of $14.7 billion during 2023. 

Net earned premiums increased in 2023 compared to 2022 primarily driven by insurance in-force growth, 

partially offset by the lapse of older, higher priced policies and lower single premium policy cancellations in 
2023. The total number of delinquent loans has declined from the COVID-19 peak in the second quarter of 2020 
as borrowers continued to exit forbearance plans and new forbearances declined. During this time and consistent 
with prior years, servicers continued the practice of remitting premiums during the early stages of default, and 
Enact refunds the post-delinquent premiums to the insured party if the delinquent loan goes to claim. Enact 
records a liability and a reduction to net earned premiums for the post-delinquent premiums it expects to refund. 
The post-delinquent premium liability recorded since the beginning of COVID-19 in the second quarter of 2020 
through December 31, 2023 was not significant to the change in earned premiums for those periods. 

Loss experience 

Enact’s loss ratio was 3% for the year ended December 31, 2023, compared to (10)% for the year ended 

December 31, 2022. Enact recorded favorable reserve adjustments of $241 million in 2023 primarily related to 
favorable cure performance on delinquencies from 2022 and earlier, including those related to COVID-19. 
During the peak of COVID-19, Enact experienced elevated new delinquencies subject to forbearance plans, and 
those delinquencies have continued to cure at levels above Enact’s reserve expectations. In addition, cure 
performance on delinquencies from 2022 has not been negatively impacted by uncertainty in the economic 
environment to the extent initially expected. During 2022, Enact recorded net favorable reserve adjustments of 
$268 million primarily related to favorable cure performance on COVID-19 delinquencies from 2020 and 2021, 
partially offset by reserve strengthening on certain 2022 delinquencies. 

Borrowers who have experienced a financial hardship including, but not limited to, the loss of income due to 

the closing of a business or the loss of a job continue to take advantage of available loss mitigation options, 
including forbearance programs, payment deferral options and other modifications. Loss reserves recorded on 
these delinquencies require a high degree of estimation due to the level of uncertainty regarding whether 
delinquencies in forbearance will ultimately cure or result in claim payments, as well as the timing and severity 
of those payments. The severity of loss on loans that do go to claim may be negatively impacted by the extended 
forbearance and foreclosure timelines, the associated elevated expenses and the higher loan amount of the recent 
new delinquencies. These negative influences on loss severity could be mitigated in part by embedded home 
price appreciation. For loans insured on or after October 1, 2014, Enact’s mortgage insurance policies limit the 
number of months of unpaid interest and associated expenses that are included in the mortgage insurance claim 
amount to a maximum of 36 months. 

New primary delinquencies in 2023 increased compared to 2022 primarily due to the aging of large, new 
books of business. New primary delinquencies of 41,617 contributed $265 million of loss expense in 2023, while 
Enact incurred $171 million of losses from 35,996 new primary delinquencies in 2022. In determining the loss 
expense estimate, considerations were given to recent cure and claim experience and the prevailing and 

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Capital returns and other transactions 

In April 2023 and November 2023, EMICO completed distributions to Enact Holdings that support its 

ability to pay a quarterly dividend. Enact Holdings intends to use these proceeds and future EMICO distributions 

to fund the quarterly dividend as well as to bolster its financial flexibility and potentially return additional capital 

to shareholders. Future dividend payments are subject to quarterly review and approval by Enact Holdings’ board 

of directors and Genworth Financial. In addition to Enact’s quarterly dividend program, in November 2022, 

Enact Holdings announced approval by its board of directors of a share repurchase program under which it could 

repurchase up to $75 million of its outstanding common stock, and on August 1, 2023, announced the 

authorization of an additional $100 million of common stock repurchases under a new share repurchase program. 

Genworth Holdings has agreed to participate in order to maintain its overall ownership at its current level. As the 

majority shareholder, Genworth Holdings received $245 million of capital returns from Enact Holdings during 

2023 comprised of $82 million of quarterly dividends, a special dividend of $92 million and $71 million of share 

repurchases. 

In May 2023, EMICO contributed $250 million to Enact Re, which enabled Enact Re to participate in the 

assumption of excess of loss reinsurance relating to GSE credit risk transfer and to reinsure EMICO’s new and 

existing insurance in-force under quota share reinsurance agreements. EMICO contributed an additional $250 

million to Enact Re in November 2023, which will support an increase to the ceding percentage of affiliate quota 

share agreements, along with assumed new insurance written and new business opportunities, including the 

continued execution of GSE credit risk transfer. 

Returning capital to shareholders, balanced with growth and risk management priorities, remains a key 

commitment for Enact Holdings, as it looks to enhance shareholder value through time. Future return of capital 

will be shaped by Enact Holdings’ capital prioritization framework, including: supporting its existing 

policyholders; growing its mortgage insurance business; funding attractive new business opportunities; and 

returning capital to shareholders. Enact Holdings’ total return of capital will also be based on its view of the 

prevailing and prospective macroeconomic conditions, regulatory landscape and business performance. 

prospective economic conditions. Approximately 13% of Enact’s primary new delinquencies in 2023 were 
subject to a forbearance plan compared to 21% in 2022. Due to the declining number of new delinquencies in 
forbearance, Enact no longer differentiates the expected claim rates applied to new delinquencies in forbearance 
versus those not in forbearance. 

Capital requirements 

As of December 31, 2023, EMICO’s risk-to-capital ratio under the current regulatory framework as 
established under North Carolina law and enforced by the NCDOI, EMICO’s domestic insurance regulator, was 
approximately 11.6:1, compared with a risk-to-capital ratio of 12.9:1 as of December 31, 2022. EMICO’s 
risk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s 
calculation of risk-to-capital excludes the risk in-force for delinquent loans given the established loss reserves 
against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of 
future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume 
and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional 
capital that is generated or distributed by the business. 

Under PMIERs, Enact is subject to operational and financial requirements that private mortgage insurers 
must meet in order to remain eligible to insure loans that are purchased by the GSEs. In addition, in September 
2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs imposed certain 
restrictions on Enact with respect to capital. In May 2021, in connection with their conditional approval of the 
then potential partial sale of Enact Holdings, the GSEs confirmed the GSE Restrictions would remain in effect 
until certain conditions were met. These conditions were met as of December 31, 2022, and Enact is no longer 
subject to the GSE Restrictions and the GSE Conditions. 

As of December 31, 2023, Enact had estimated available assets of $5,006 million against $3,119 million net 
required assets under PMIERs compared to available assets of $5,206 million against $3,156 million net required 
assets as of December 31, 2022. The sufficiency ratio as of December 31, 2023 was 161% or $1,887 million 
above the PMIERs requirements, compared to 165% or $2,050 million above the published PMIERS 
requirements as of December 31, 2022. Enact’s PMIERs required assets as of December 31, 2023 and 2022 
benefited from the application of a 0.30 multiplier applied to the risk-based required asset amount factor for 
certain non-performing loans. The application of the 0.30 multiplier to all eligible delinquencies provided 
$73 million and $132 million of benefit to Enact’s PMIERs required assets as of December 31, 2023 and 2022, 
respectively. These amounts are gross of any incremental reinsurance benefit from the elimination of the 0.30 
multiplier. 

During 2023, Enact executed excess of loss reinsurance transactions that provide up to $428 million of 
reinsurance coverage on a portion of its new insurance written for the 2022 and 2023 book years. Enact also 
executed a quota share reinsurance agreement under which it cedes 16.125% of a portion of new insurance 
written in the 2023 book year. Enact’s third-party reinsurance transactions provided an aggregate of 
approximately $1,714 million and $1,578 million of PMIERs capital credit as of December 31, 2023 and 2022, 
respectively. 

On January 3, 2024, Enact entered into a quota share reinsurance agreement under which it will cede 
approximately 21% of a portion of its new insurance written in the 2024 book year. On January 30, 2024, Enact 
executed an excess of loss reinsurance transaction which provides up to $255 million of reinsurance coverage on 
a portion of current and expected new insurance written for the 2024 book year, effective January 1, 2024. See 
note 9 in our consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary 
Data” for additional details on Enact’s reinsurance transactions. 

Enact may execute future credit risk transfer transactions to maintain a prudent level of financial flexibility 

in excess of the PMIERs capital requirements in response to potential changes in performance and PMIERs 
requirements over time. 

82 

83 

Capital returns and other transactions 

In April 2023 and November 2023, EMICO completed distributions to Enact Holdings that support its 
ability to pay a quarterly dividend. Enact Holdings intends to use these proceeds and future EMICO distributions 
to fund the quarterly dividend as well as to bolster its financial flexibility and potentially return additional capital 
to shareholders. Future dividend payments are subject to quarterly review and approval by Enact Holdings’ board 
of directors and Genworth Financial. In addition to Enact’s quarterly dividend program, in November 2022, 
Enact Holdings announced approval by its board of directors of a share repurchase program under which it could 
repurchase up to $75 million of its outstanding common stock, and on August 1, 2023, announced the 
authorization of an additional $100 million of common stock repurchases under a new share repurchase program. 
Genworth Holdings has agreed to participate in order to maintain its overall ownership at its current level. As the 
majority shareholder, Genworth Holdings received $245 million of capital returns from Enact Holdings during 
2023 comprised of $82 million of quarterly dividends, a special dividend of $92 million and $71 million of share 
repurchases. 

In May 2023, EMICO contributed $250 million to Enact Re, which enabled Enact Re to participate in the 
assumption of excess of loss reinsurance relating to GSE credit risk transfer and to reinsure EMICO’s new and 
existing insurance in-force under quota share reinsurance agreements. EMICO contributed an additional $250 
million to Enact Re in November 2023, which will support an increase to the ceding percentage of affiliate quota 
share agreements, along with assumed new insurance written and new business opportunities, including the 
continued execution of GSE credit risk transfer. 

Returning capital to shareholders, balanced with growth and risk management priorities, remains a key 
commitment for Enact Holdings, as it looks to enhance shareholder value through time. Future return of capital 
will be shaped by Enact Holdings’ capital prioritization framework, including: supporting its existing 
policyholders; growing its mortgage insurance business; funding attractive new business opportunities; and 
returning capital to shareholders. Enact Holdings’ total return of capital will also be based on its view of the 
prevailing and prospective macroeconomic conditions, regulatory landscape and business performance. 

prospective economic conditions. Approximately 13% of Enact’s primary new delinquencies in 2023 were 

subject to a forbearance plan compared to 21% in 2022. Due to the declining number of new delinquencies in 

forbearance, Enact no longer differentiates the expected claim rates applied to new delinquencies in forbearance 

versus those not in forbearance. 

Capital requirements 

As of December 31, 2023, EMICO’s risk-to-capital ratio under the current regulatory framework as 

established under North Carolina law and enforced by the NCDOI, EMICO’s domestic insurance regulator, was 

approximately 11.6:1, compared with a risk-to-capital ratio of 12.9:1 as of December 31, 2022. EMICO’s 

risk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s 

calculation of risk-to-capital excludes the risk in-force for delinquent loans given the established loss reserves 

against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of 

future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume 

and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional 

capital that is generated or distributed by the business. 

Under PMIERs, Enact is subject to operational and financial requirements that private mortgage insurers 

must meet in order to remain eligible to insure loans that are purchased by the GSEs. In addition, in September 

2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs imposed certain 

restrictions on Enact with respect to capital. In May 2021, in connection with their conditional approval of the 

then potential partial sale of Enact Holdings, the GSEs confirmed the GSE Restrictions would remain in effect 

until certain conditions were met. These conditions were met as of December 31, 2022, and Enact is no longer 

subject to the GSE Restrictions and the GSE Conditions. 

As of December 31, 2023, Enact had estimated available assets of $5,006 million against $3,119 million net 

required assets under PMIERs compared to available assets of $5,206 million against $3,156 million net required 

assets as of December 31, 2022. The sufficiency ratio as of December 31, 2023 was 161% or $1,887 million 

above the PMIERs requirements, compared to 165% or $2,050 million above the published PMIERS 

requirements as of December 31, 2022. Enact’s PMIERs required assets as of December 31, 2023 and 2022 

benefited from the application of a 0.30 multiplier applied to the risk-based required asset amount factor for 

certain non-performing loans. The application of the 0.30 multiplier to all eligible delinquencies provided 

$73 million and $132 million of benefit to Enact’s PMIERs required assets as of December 31, 2023 and 2022, 

respectively. These amounts are gross of any incremental reinsurance benefit from the elimination of the 0.30 

multiplier. 

respectively. 

During 2023, Enact executed excess of loss reinsurance transactions that provide up to $428 million of 

reinsurance coverage on a portion of its new insurance written for the 2022 and 2023 book years. Enact also 

executed a quota share reinsurance agreement under which it cedes 16.125% of a portion of new insurance 

written in the 2023 book year. Enact’s third-party reinsurance transactions provided an aggregate of 

approximately $1,714 million and $1,578 million of PMIERs capital credit as of December 31, 2023 and 2022, 

On January 3, 2024, Enact entered into a quota share reinsurance agreement under which it will cede 

approximately 21% of a portion of its new insurance written in the 2024 book year. On January 30, 2024, Enact 

executed an excess of loss reinsurance transaction which provides up to $255 million of reinsurance coverage on 

a portion of current and expected new insurance written for the 2024 book year, effective January 1, 2024. See 

note 9 in our consolidated financial statements under “Part II—Item 8—Financial Statements and Supplementary 

Data” for additional details on Enact’s reinsurance transactions. 

Enact may execute future credit risk transfer transactions to maintain a prudent level of financial flexibility 

in excess of the PMIERs capital requirements in response to potential changes in performance and PMIERs 

requirements over time. 

82 

83 

Segment results of operations 

The following table sets forth the results of operations relating to our Enact segment for the periods 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

indicated: 

(Amounts in millions) 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Years ended December 31, 

Increase (decrease) and 
percentage change 

2023 

2022 

2021 

2023 vs. 2022

$ 957  $ 940  $ 975 
$ 17 
141 
53 
(12) 
(2) 
4  —  

155 
(2) 
2 

208 
(14) 
2 

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,153 

1,095 

1,118 

58 

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . . . . . . . . . .
Acquisition and operating expenses, net of deferrals  . . . . . . . . .
Amortization of deferred acquisition costs and intangibles  . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses  . . . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations before income taxes  . . . . .
Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to 

27 
212 
11 
52 

302 

851 
186 

665 

(94) 
227 
12 
52 

197 

898 
194 

704 

121 
125 
(15) 
230 
15 
(1) 
51  —  

421 

697 
148 

549 

105 

(47) 
(8) 

(39) 

2% 
34% 
NM(1) 
— % 

5% 

129% 
(7)% 
(8)% 
— % 

53% 

(5)% 
(4)% 

(6)% 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

(7) 

(5)% 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . . .
Adjustments to income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders: 

542 

574 

516 

(32) 

(6)% 

Net investment (gains) losses, net (2)  . . . . . . . . . . . . . . . . . . . . .
Expenses related to restructuring  . . . . . . . . . . . . . . . . . . . . . . . .
Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12 
—  
(2) 

2 
3 
(1) 

2 
3 
(1) 

10 
(3) 
(1) 

NM(1) 
(100)% 
(100)% 

Adjusted operating income available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 552  $ 578  $ 520 

$ (26) 

(4)% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 
(2)  Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million. 

2023 compared to 2022 

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders 

New insurance written 

Adjusted operating income decreased primarily attributable to higher losses on new delinquencies and lower 

favorable reserve adjustments, partially offset by higher net investment income, higher premiums and lower 
operating costs in 2023. 

Revenues 

Premiums increased mostly from higher insurance in-force, partially offset by the lapse of older, higher 

priced policies, lower single premium policy cancellations and higher ceded premiums in 2023. 

New insurance written decreased primarily due to a smaller estimated private mortgage insurance market in 

2023 as both refinancing and purchase originations were impacted by elevated mortgage rates. 

Loss and expense ratios 

The following table sets forth the loss and expense ratios for Enact for the dates indicated: 

Years ended December 31, 

Increase (decrease) 

2023 

2022 

2021 

2023 vs. 2022 

Net investment income increased primarily from higher investment yields and higher average invested 

assets in 2023. 

Loss ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expense ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3% 

23% 

(10)%  13% 

25% 

25% 

13% 

(2)% 

84 

85 

Benefits and expenses 

Benefits and other changes in policy reserves increased largely from higher losses on new delinquencies and 

lower favorable reserve adjustments in 2023. Enact released $241 million of reserves in 2023 primarily related to 

favorable cure performance on delinquencies from 2022 and earlier, including those related to COVID-19, 

compared to net favorable reserve adjustments of $268 million in 2022. 

Acquisition and operating expenses, net of deferrals, decreased primarily attributable to lower operating 

costs in 2023. 

Provision for income taxes. The effective tax rate was 21.8% and 21.6% for the years ended December 31, 

2023 and 2022, respectively, consistent with the U.S. corporate federal income tax rate. 

Enact selected operating performance measures 

The following table sets forth selected operating performance measures regarding Enact as of and for the 

dates indicated: 

(Amounts in millions) 

Risk in-force: 

Years ended December 31, 

2023 

2022 

2021 

2023 vs. 2022

Increase (decrease) 

and percentage 

change 

Primary insurance in-force  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$262,937  $248,262  $226,514  $ 14,675 

6% 

Primary  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,529  $ 62,791  $ 56,881  $ 4,738 

8% 

Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

69 

79 

105 

(10)  (13)% 

Total risk in-force  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,598  $ 62,870  $ 56,986  $ 4,728 

8% 

New insurance written  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 53,081  $ 66,485  $ 97,004  $(13,404)  (20)% 

2023 compared to 2022 

Primary insurance in-force and risk in-force 

Primary insurance in-force increased largely from new insurance written. In addition, lower lapses and 

cancellations drove higher primary persistency, largely as a result of suppressed refinancing activity due to a 

decline in the percentage of in-force policies with mortgage rates above current mortgage rates. Total risk 

in-force increased largely from higher primary insurance in-force. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment results of operations 

indicated: 

(Amounts in millions) 

Revenues: 

The following table sets forth the results of operations relating to our Enact segment for the periods 

Years ended December 31, 

Increase (decrease) and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 957  $ 940  $ 975 

$ 17 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . . . . .

208 

(14) 

2 

155 

(2) 

2 

141 

(2) 

53 

(12) 

4  —  

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,153 

1,095 

1,118 

58 

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . . . . . . . . . . . .

Acquisition and operating expenses, net of deferrals  . . . . . . . . .

Amortization of deferred acquisition costs and intangibles  . . . .

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses  . . . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations before income taxes  . . . . .

Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to 

27 

212 

11 

52 

302 

851 

186 

665 

51  —  

(94) 

227 

12 

52 

197 

898 

194 

704 

125 

230 

15 

421 

697 

148 

549 

121 

(15) 

(1) 

105 

(47) 

(8) 

(39) 

2% 

34% 

NM(1) 

— % 

5% 

129% 

(7)% 

(8)% 

— % 

53% 

(5)% 

(4)% 

(6)% 

(5)% 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

(7) 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . . .

542 

574 

516 

(32) 

(6)% 

Adjustments to income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders: 

Net investment (gains) losses, net (2)  . . . . . . . . . . . . . . . . . . . . .

Expenses related to restructuring  . . . . . . . . . . . . . . . . . . . . . . . .

Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12 

—  

(2) 

2 

3 

(1) 

2 

3 

(1) 

10 

(3) 

(1) 

NM(1) 

(100)% 

(100)% 

Adjusted operating income available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 552  $ 578  $ 520 

$ (26) 

(4)% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

(2)  Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million. 

2023 compared to 2022 

operating costs in 2023. 

Revenues 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

Benefits and expenses 

Benefits and other changes in policy reserves increased largely from higher losses on new delinquencies and 
lower favorable reserve adjustments in 2023. Enact released $241 million of reserves in 2023 primarily related to 
favorable cure performance on delinquencies from 2022 and earlier, including those related to COVID-19, 
compared to net favorable reserve adjustments of $268 million in 2022. 

Acquisition and operating expenses, net of deferrals, decreased primarily attributable to lower operating 

costs in 2023. 

Provision for income taxes. The effective tax rate was 21.8% and 21.6% for the years ended December 31, 

2023 and 2022, respectively, consistent with the U.S. corporate federal income tax rate. 

Enact selected operating performance measures 

The following table sets forth selected operating performance measures regarding Enact as of and for the 

dates indicated: 

(Amounts in millions) 

Primary insurance in-force  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk in-force: 
Primary  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Years ended December 31, 
2022 

2023 

2021 

Increase (decrease) 
and percentage 
change 
2023 vs. 2022

$262,937  $248,262  $226,514  $ 14,675 

6% 

$ 67,529  $ 62,791  $ 56,881  $ 4,738 

69 

79 

105 

8% 
(10)  (13)% 

Total risk in-force  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,598  $ 62,870  $ 56,986  $ 4,728 

8% 

New insurance written  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 53,081  $ 66,485  $ 97,004  $(13,404)  (20)% 

2023 compared to 2022 

Primary insurance in-force and risk in-force 

Primary insurance in-force increased largely from new insurance written. In addition, lower lapses and 
cancellations drove higher primary persistency, largely as a result of suppressed refinancing activity due to a 
decline in the percentage of in-force policies with mortgage rates above current mortgage rates. Total risk 
in-force increased largely from higher primary insurance in-force. 

Adjusted operating income available to Genworth Financial, Inc.’s common stockholders 

New insurance written 

Adjusted operating income decreased primarily attributable to higher losses on new delinquencies and lower 

favorable reserve adjustments, partially offset by higher net investment income, higher premiums and lower 

New insurance written decreased primarily due to a smaller estimated private mortgage insurance market in 

2023 as both refinancing and purchase originations were impacted by elevated mortgage rates. 

Premiums increased mostly from higher insurance in-force, partially offset by the lapse of older, higher 

priced policies, lower single premium policy cancellations and higher ceded premiums in 2023. 

Loss and expense ratios 

The following table sets forth the loss and expense ratios for Enact for the dates indicated: 

Years ended December 31, 

Increase (decrease) 

2023 

2022 

2021 

2023 vs. 2022 

Net investment income increased primarily from higher investment yields and higher average invested 

assets in 2023. 

Loss ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expense ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3% 
23% 

(10)%  13% 
25% 
25% 

13% 
(2)% 

84 

85 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. The 

expense ratio is the ratio of general expenses to net earned premiums. Enact’s general expenses consist of 
acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles. 

2023 compared to 2022 

The loss ratio increased largely from higher losses on new delinquencies and lower favorable reserve 

adjustments in 2023, as discussed above. 

The expense ratio decreased primarily attributable to lower operating costs in 2023. 

Mortgage insurance loan portfolio 

December 31: 

(Amounts in millions) 

The following table sets forth selected financial information regarding Enact’s loan portfolio as of 

2023 

2022 

2021 

Primary insurance in-force by loan-to-value ratio at origination: 

95.01% and above  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

90.01% to 95.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 44,955 

109,227 

$ 39,509 

103,618 

85.01% to 90.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

85.00% and below  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

77,887 

30,868 

72,132 

33,003 

$ 35,455 

95,149 

64,549 

31,361 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$262,937 

$248,262 

$226,514 

Primary risk in-force by loan-to-value ratio at origination: 

95.01% and above  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 12,878 

$ 11,136 

$

90.01% to 95.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

85.01% to 90.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

85.00% and below  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31,781 

19,163 

3,707 

30,079 

17,621 

3,955 

9,907 

27,608 

15,644 

3,722 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,529 

$ 62,791 

$ 56,881 

Primary insurance in-force by credit quality at origination: 

Over 760 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$110,635 

$102,467 

$ 89,982 

740—759  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

720—739  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

700—719  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

680—699  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

660—679(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

640—659  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

620—639  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

<620  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43,053 

37,020 

29,766 

21,835 

11,357 

6,137 

2,504 

630 

40,097 

34,916 

28,867 

21,554 

10,926 

6,095 

2,630 

710 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$262,937 

$248,262 

$226,514 

Primary risk in-force by credit quality at origination: 

Over 760 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 28,363 

$ 25,807 

$ 22,489 

740—759  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,096 

10,154 

720—739  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

700—719  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

680—699  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

660—679(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

640—659  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

620—639  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

<620  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,621 

7,623 

5,557 

2,908 

1,565 

635 

161 

8,931 

7,317 

5,428 

2,767 

1,540 

665 

182 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,529 

$ 62,791 

$ 56,881 

35,874 

31,730 

27,359 

21,270 

10,549 

6,124 

2,783 

843 

9,009 

8,055 

6,907 

5,334 

2,638 

1,530 

702 

217 

(1)  Loans with unknown FICO scores are included in the 660-679 category. 

The FICO credit score is one indicator of a borrower’s credit quality. Enact continues to underwrite 

predominantly prime loan new business. Based upon FICO at loan closing, the weighted average FICO score of 

Enact’s primary insurance in-force was 744 as of December 31, 2023. 

Delinquent loans and claims 

Enact’s delinquency management process begins with notification by the loan servicer of a delinquency on 

an insured loan. “Delinquency” is defined in Enact’s master policies as the borrower’s failure to pay when due an 

86 

87 

 
 
 
 
 
 
 
 
 
 
 
 
The loss ratio is the ratio of benefits and other changes in policy reserves to net earned premiums. The 

expense ratio is the ratio of general expenses to net earned premiums. Enact’s general expenses consist of 

acquisition and operating expenses, net of deferrals, and amortization of DAC and intangibles. 

2023 compared to 2022 

The loss ratio increased largely from higher losses on new delinquencies and lower favorable reserve 

adjustments in 2023, as discussed above. 

The expense ratio decreased primarily attributable to lower operating costs in 2023. 

Mortgage insurance loan portfolio 

The following table sets forth selected financial information regarding Enact’s loan portfolio as of 

December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Primary insurance in-force by loan-to-value ratio at origination: 
95.01% and above  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90.01% to 95.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85.01% to 90.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85.00% and below  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 44,955 
109,227 
77,887 
30,868 

$ 39,509 
103,618 
72,132 
33,003 

$ 35,455 
95,149 
64,549 
31,361 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$262,937 

$248,262 

$226,514 

Primary risk in-force by loan-to-value ratio at origination: 
95.01% and above  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90.01% to 95.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85.01% to 90.00%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85.00% and below  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 12,878 
31,781 
19,163 
3,707 

$ 11,136 
30,079 
17,621 
3,955 

$

9,907 
27,608 
15,644 
3,722 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,529 

$ 62,791 

$ 56,881 

Primary insurance in-force by credit quality at origination: 
Over 760 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
740—759  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
720—739  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
700—719  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
680—699  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660—679(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
640—659  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
620—639  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<620  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$110,635 
43,053 
37,020 
29,766 
21,835 
11,357 
6,137 
2,504 
630 

$102,467 
40,097 
34,916 
28,867 
21,554 
10,926 
6,095 
2,630 
710 

$ 89,982 
35,874 
31,730 
27,359 
21,270 
10,549 
6,124 
2,783 
843 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$262,937 

$248,262 

$226,514 

Primary risk in-force by credit quality at origination: 
Over 760 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
740—759  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
720—739  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
700—719  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
680—699  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660—679(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
640—659  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
620—639  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<620  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 28,363 
11,096 
9,621 
7,623 
5,557 
2,908 
1,565 
635 
161 

$ 25,807 
10,154 
8,931 
7,317 
5,428 
2,767 
1,540 
665 
182 

$ 22,489 
9,009 
8,055 
6,907 
5,334 
2,638 
1,530 
702 
217 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 67,529 

$ 62,791 

$ 56,881 

(1)  Loans with unknown FICO scores are included in the 660-679 category. 

The FICO credit score is one indicator of a borrower’s credit quality. Enact continues to underwrite 
predominantly prime loan new business. Based upon FICO at loan closing, the weighted average FICO score of 
Enact’s primary insurance in-force was 744 as of December 31, 2023. 

Delinquent loans and claims 

Enact’s delinquency management process begins with notification by the loan servicer of a delinquency on 

an insured loan. “Delinquency” is defined in Enact’s master policies as the borrower’s failure to pay when due an 

86 

87 

 
 
 
 
 
 
 
 
 
 
 
 
amount equal to the scheduled monthly mortgage payment under the terms of the mortgage. Generally, the 
master policies require an insured to notify Enact of a delinquency if the borrower fails to make two consecutive 
monthly mortgage payments prior to the due date of the next mortgage payment. Enact generally considers a loan 
to be delinquent and establishes required reserves after the insured gives notification that the borrower has failed 
to make two scheduled mortgage payments. Borrowers default for a variety of reasons, including a reduction of 
income, unemployment, divorce, illness/death, inability to manage credit, falling home prices and interest rate 
levels. Borrowers may cure delinquencies by making all of the delinquent loan payments, agreeing to a loan 
modification or by selling the property in full satisfaction of all amounts due under the mortgage. In most cases, 
delinquencies that are not cured result in a claim under Enact’s policy. The following table sets forth the number 
of loans insured, the number of delinquent loans and the delinquency rate for Enact’s loan portfolio as of 
December 31: 

Primary insurance: 
Insured loans in-force . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Delinquent loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percentage of delinquent loans (delinquency rate)  . . . . . .

974,516 
20,432 

960,306 
19,943 

937,350 
24,820 

2.10% 

2.08% 

2.65% 

2023 

2022 

2021 

The delinquency rate as of December 31, 2023 increased compared to December 31, 2022 primarily from an 

increase in total delinquencies mostly driven by new delinquencies outpacing cures and paid claims. The 
delinquency rate as of December 31, 2023 decreased compared to December 31, 2021 primarily from a decline in 
total delinquencies as cures outpaced new delinquencies. 

The following tables set forth primary delinquencies, direct primary case reserves and risk in-force by aged 

missed payment status in Enact’s loan portfolio as of December 31: 

(Dollar amounts in millions) 

Payments in default: 
3 payments or less  . . . . . . . . . . . . . . . . . . .
4 – 11 payments . . . . . . . . . . . . . . . . . . . . .
12 payments or more  . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . .

Delinquencies 

Direct primary 
case reserves(1) 

Risk 
in-force 

Reserves as % of 
risk in-force 

2023 

10,166 
6,934 
3,332 

20,432 

$ 88 
205 
184 

$477 

$ 629 
469 
200 

$1,298 

14% 
44% 
92% 

37% 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

2022 

(Dollar amounts in millions) 

Delinquencies 

Direct primary 
case reserves(1) 

Risk 
in-force 

Reserves as % of 
risk in-force 

Payments in default: 
3 payments or less  . . . . . . . . . . . . . . . . . . .
4 – 11 payments . . . . . . . . . . . . . . . . . . . . .
12 payments or more  . . . . . . . . . . . . . . . . .

8,920 
6,466 
4,557 

Total . . . . . . . . . . . . . . . . . . . . . . . . . .

19,943 

$ 69 
166 
244 

$479 

$ 509 
390 
248 

$1,147 

14% 
43% 
98% 

42% 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

Reserves as a percentage of risk in-force as of December 31, 2023 decreased compared to December 31, 

2022 as long-term delinquencies with higher reserves have continued to cure. The number of loans that are 
delinquent for 12 months or more has decreased since December 31, 2022 and is more in line with 
pre-COVID-19 levels. Due to continued forbearance options, foreclosure moratoriums and the uncertainty 

around the lack of progression through the foreclosure process, there is still uncertainty around the likelihood and 

timing of delinquencies going to claim. 

Primary insurance delinquency rates differ from region to region in the United States at any one time 

depending upon economic conditions and cyclical growth patterns. The tables below set forth the dispersion of 

direct primary case reserves and primary delinquency rates for the 10 largest states and the 10 largest 

Metropolitan Statistical Areas (“MSA”) or Metro Divisions (“MD”) by Enact’s primary risk in-force as of the 

dates indicated. Delinquency rates are shown by region based upon the location of the underlying property, rather 

than the location of the lender. 

Percent of primary 

Percent of direct primary 

risk in-force as of 

December 31, 2023 

case reserves as of 

December 31, 2023(1) 

Delinquency rate as of December 31, 

2023 

2022 

2021 

By State: 

California  . . . . . . . . . . . . . . . . . . . . . . . . .

Texas  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Florida(2)  . . . . . . . . . . . . . . . . . . . . . . . . . .

New York(2)  . . . . . . . . . . . . . . . . . . . . . . .

Illinois(2)  . . . . . . . . . . . . . . . . . . . . . . . . . .

Arizona  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Michigan  . . . . . . . . . . . . . . . . . . . . . . . . .

Georgia  . . . . . . . . . . . . . . . . . . . . . . . . . . .

North Carolina  . . . . . . . . . . . . . . . . . . . . .

Washington  . . . . . . . . . . . . . . . . . . . . . . .

By MSA or MD: 

Phoenix, AZ MSA  . . . . . . . . . . . . . . . . . .

Chicago-Naperville, IL MD  . . . . . . . . . . .

Atlanta, GA MSA . . . . . . . . . . . . . . . . . . .

New York, NY MD  . . . . . . . . . . . . . . . . .

Washington-Arlington, DC MD . . . . . . . .

Houston, TX MSA  . . . . . . . . . . . . . . . . . .

Los Angeles-Long Beach, CA MD  . . . . .

Dallas, TX MD . . . . . . . . . . . . . . . . . . . . .

Riverside-San Bernardino, CA MSA . . . .

Denver-Aurora-Lakewood, CO MSA  . . .

13% 

8% 

8% 

5% 

4% 

4% 

4% 

3% 

3% 

3% 

3% 

3% 

3% 

2% 

2% 

2% 

2% 

2% 

2% 

2% 

12% 

8% 

9% 

12% 

6% 

3% 

3% 

4% 

2% 

2% 

2% 

4% 

3% 

7% 

2% 

3% 

3% 

2% 

3% 

1% 

2.22% 

2.22% 

2.39% 

3.05% 

2.61% 

1.93% 

1.94% 

2.23% 

1.56% 

1.77% 

2.09% 

2.12% 

2.54% 

2.95% 

2.54% 

1.78% 

1.79% 

2.23% 

1.59% 

1.92% 

3.17% 

2.89% 

2.97% 

3.80% 

3.09% 

2.31% 

1.87% 

2.94% 

2.18% 

2.98% 

2.01% 

2.88% 

2.40% 

3.60% 

2.01% 

2.67% 

2.39% 

1.92% 

2.83% 

1.12% 

1.83% 

2.84% 

2.42% 

3.75% 

1.85% 

2.60% 

2.18% 

1.86% 

2.89% 

1.12% 

2.36% 

3.68% 

3.28% 

5.32% 

2.96% 

3.61% 

3.95% 

2.31% 

3.42% 

1.66% 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

(2) 

Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time 

it takes for a foreclosure to be completed. 

Percent of primary 

Percent of direct primary 

risk in-force as of 

December 31, 2023 

case reserves as of 

December 31, 2023(1) 

Delinquency rate as of December 31, 

2023 

2022 

2021 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

The number of delinquencies may not correlate directly with the number of claims received because 

delinquencies may cure. The rate at which delinquencies cure is influenced by borrowers’ financial resources and 

circumstances and regional economic differences. Whether a delinquency leads to a claim correlates highly with 

the borrower’s equity at the time of delinquency, as it influences the borrower’s willingness to continue to make 

payments, and the borrower’s or the insured’s ability to sell the home for an amount sufficient to satisfy all 

amounts due under the mortgage loan, as well as the borrower’s financial ability to continue making payments. 

When Enact receives notice of a delinquency, it uses its proprietary model to determine whether a delinquent 

loan is a candidate for a modification. When the model identifies such a candidate, Enact’s loan workout 

88 

89 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
amount equal to the scheduled monthly mortgage payment under the terms of the mortgage. Generally, the 

master policies require an insured to notify Enact of a delinquency if the borrower fails to make two consecutive 

monthly mortgage payments prior to the due date of the next mortgage payment. Enact generally considers a loan 

to be delinquent and establishes required reserves after the insured gives notification that the borrower has failed 

to make two scheduled mortgage payments. Borrowers default for a variety of reasons, including a reduction of 

income, unemployment, divorce, illness/death, inability to manage credit, falling home prices and interest rate 

levels. Borrowers may cure delinquencies by making all of the delinquent loan payments, agreeing to a loan 

modification or by selling the property in full satisfaction of all amounts due under the mortgage. In most cases, 

delinquencies that are not cured result in a claim under Enact’s policy. The following table sets forth the number 

of loans insured, the number of delinquent loans and the delinquency rate for Enact’s loan portfolio as of 

December 31: 

Primary insurance: 

Insured loans in-force . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Delinquent loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

974,516 

20,432 

960,306 

19,943 

937,350 

24,820 

Percentage of delinquent loans (delinquency rate)  . . . . . .

2.10% 

2.08% 

2.65% 

2023 

2022 

2021 

The delinquency rate as of December 31, 2023 increased compared to December 31, 2022 primarily from an 

increase in total delinquencies mostly driven by new delinquencies outpacing cures and paid claims. The 

delinquency rate as of December 31, 2023 decreased compared to December 31, 2021 primarily from a decline in 

total delinquencies as cures outpaced new delinquencies. 

The following tables set forth primary delinquencies, direct primary case reserves and risk in-force by aged 

missed payment status in Enact’s loan portfolio as of December 31: 

2023 

2022 

Delinquencies 

Direct primary 

case reserves(1) 

Risk 

in-force 

Reserves as % of 

risk in-force 

(Dollar amounts in millions) 

Payments in default: 

3 payments or less  . . . . . . . . . . . . . . . . . . .

4 – 11 payments . . . . . . . . . . . . . . . . . . . . .

12 payments or more  . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . .

10,166 

6,934 

3,332 

20,432 

$ 88 

205 

184 

$477 

$ 629 

469 

200 

$1,298 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

Delinquencies 

Direct primary 

case reserves(1) 

Risk 

in-force 

Reserves as % of 

risk in-force 

(Dollar amounts in millions) 

Payments in default: 

3 payments or less  . . . . . . . . . . . . . . . . . . .

4 – 11 payments . . . . . . . . . . . . . . . . . . . . .

12 payments or more  . . . . . . . . . . . . . . . . .

8,920 

6,466 

4,557 

Total . . . . . . . . . . . . . . . . . . . . . . . . . .

19,943 

$ 69 

166 

244 

$479 

$ 509 

390 

248 

$1,147 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

Reserves as a percentage of risk in-force as of December 31, 2023 decreased compared to December 31, 

2022 as long-term delinquencies with higher reserves have continued to cure. The number of loans that are 

delinquent for 12 months or more has decreased since December 31, 2022 and is more in line with 

pre-COVID-19 levels. Due to continued forbearance options, foreclosure moratoriums and the uncertainty 

14% 

44% 

92% 

37% 

14% 

43% 

98% 

42% 

around the lack of progression through the foreclosure process, there is still uncertainty around the likelihood and 
timing of delinquencies going to claim. 

Primary insurance delinquency rates differ from region to region in the United States at any one time 
depending upon economic conditions and cyclical growth patterns. The tables below set forth the dispersion of 
direct primary case reserves and primary delinquency rates for the 10 largest states and the 10 largest 
Metropolitan Statistical Areas (“MSA”) or Metro Divisions (“MD”) by Enact’s primary risk in-force as of the 
dates indicated. Delinquency rates are shown by region based upon the location of the underlying property, rather 
than the location of the lender. 

Percent of primary 
risk in-force as of 
December 31, 2023 

Percent of direct primary 
case reserves as of 
December 31, 2023(1) 

Delinquency rate as of December 31, 

2023 

2022 

2021 

By State: 
California  . . . . . . . . . . . . . . . . . . . . . . . . .
Texas  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Florida(2)  . . . . . . . . . . . . . . . . . . . . . . . . . .
New York(2)  . . . . . . . . . . . . . . . . . . . . . . .
Illinois(2)  . . . . . . . . . . . . . . . . . . . . . . . . . .
Arizona  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Michigan  . . . . . . . . . . . . . . . . . . . . . . . . .
Georgia  . . . . . . . . . . . . . . . . . . . . . . . . . . .
North Carolina  . . . . . . . . . . . . . . . . . . . . .
Washington  . . . . . . . . . . . . . . . . . . . . . . .

13% 
8% 
8% 
5% 
4% 
4% 
4% 
3% 
3% 
3% 

12% 
8% 
9% 
12% 
6% 
3% 
3% 
4% 
2% 
2% 

2.22% 
2.22% 
2.39% 
3.05% 
2.61% 
1.93% 
1.94% 
2.23% 
1.56% 
1.77% 

2.09% 
2.12% 
2.54% 
2.95% 
2.54% 
1.78% 
1.79% 
2.23% 
1.59% 
1.92% 

3.17% 
2.89% 
2.97% 
3.80% 
3.09% 
2.31% 
1.87% 
2.94% 
2.18% 
2.98% 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 
(2) 

Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time 
it takes for a foreclosure to be completed. 

Percent of primary 
risk in-force as of 
December 31, 2023 

Percent of direct primary 
case reserves as of 
December 31, 2023(1) 

Delinquency rate as of December 31, 
2022 

2023 

2021 

By MSA or MD: 
Phoenix, AZ MSA  . . . . . . . . . . . . . . . . . .
Chicago-Naperville, IL MD  . . . . . . . . . . .
Atlanta, GA MSA . . . . . . . . . . . . . . . . . . .
New York, NY MD  . . . . . . . . . . . . . . . . .
Washington-Arlington, DC MD . . . . . . . .
Houston, TX MSA  . . . . . . . . . . . . . . . . . .
Los Angeles-Long Beach, CA MD  . . . . .
Dallas, TX MD . . . . . . . . . . . . . . . . . . . . .
Riverside-San Bernardino, CA MSA . . . .
Denver-Aurora-Lakewood, CO MSA  . . .

3% 
3% 
3% 
2% 
2% 
2% 
2% 
2% 
2% 
2% 

2% 
4% 
3% 
7% 
2% 
3% 
3% 
2% 
3% 
1% 

2.01% 
2.88% 
2.40% 
3.60% 
2.01% 
2.67% 
2.39% 
1.92% 
2.83% 
1.12% 

1.83% 
2.84% 
2.42% 
3.75% 
1.85% 
2.60% 
2.18% 
1.86% 
2.89% 
1.12% 

2.36% 
3.68% 
3.28% 
5.32% 
2.96% 
3.61% 
3.95% 
2.31% 
3.42% 
1.66% 

(1)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

The number of delinquencies may not correlate directly with the number of claims received because 

delinquencies may cure. The rate at which delinquencies cure is influenced by borrowers’ financial resources and 
circumstances and regional economic differences. Whether a delinquency leads to a claim correlates highly with 
the borrower’s equity at the time of delinquency, as it influences the borrower’s willingness to continue to make 
payments, and the borrower’s or the insured’s ability to sell the home for an amount sufficient to satisfy all 
amounts due under the mortgage loan, as well as the borrower’s financial ability to continue making payments. 
When Enact receives notice of a delinquency, it uses its proprietary model to determine whether a delinquent 
loan is a candidate for a modification. When the model identifies such a candidate, Enact’s loan workout 

88 

89 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
specialists prioritize cases for loss mitigation based upon the likelihood that the loan will result in a claim. Loss 
mitigation actions include loan modification, extension of credit to bring a loan current, foreclosure forbearance, 
pre-foreclosure sale and deed-in-lieu. These loss mitigation efforts often are an effective way to reduce Enact’s 
claim exposure and ultimate payouts. 

The following table sets forth the dispersion of Enact’s direct primary case reserves, primary insurance 
in-force and risk in-force by year of policy origination, weighted average mortgage interest rate and delinquency 
rate as of December 31, 2023: 

(Amounts in millions) 

Policy Year 
2008 and prior  . . . . . . . . . . . . . . .
2009 to 2015  . . . . . . . . . . . . . . . .
2016  . . . . . . . . . . . . . . . . . . . . . . .
2017  . . . . . . . . . . . . . . . . . . . . . . .
2018  . . . . . . . . . . . . . . . . . . . . . . .
2019  . . . . . . . . . . . . . . . . . . . . . . .
2020  . . . . . . . . . . . . . . . . . . . . . . .
2021  . . . . . . . . . . . . . . . . . . . . . . .
2022  . . . . . . . . . . . . . . . . . . . . . . .
2023  . . . . . . . . . . . . . . . . . . . . . . .

Total portfolio  . . . . . . . . . . . . . . .

Weighted 
average 
rate (1) 

Percent of 
direct primary 
case reserves(2) 

Primary 
insurance 
in-force 

Percent 
of total 

Primary 
risk 
in-force 

Percent 
of total 

Delinquency 
rate 

5.74% 
4.34% 
3.94% 
4.30% 
4.82% 
4.25% 
3.27% 
3.11% 
4.89% 
6.68% 

4.41% 

18% 
4 
4 
5 
6 
8 
15 
21 
16 
3 

$

5,621 
3,383 
4,659 
5,321 
5,750 
13,773 
44,486 
70,045 
59,267 
50,632 

2%  $ 1,449 
881 
1 
1,248 
2 
1,403 
2 
1,476 
2 
3,544 
5 
11,697 
17 
17,846 
27 
14,907 
23 
13,078 
19 

2% 
1 
2 
2 
2 
5 
17 
27 
22 
20 

100% 

$262,937 

100%  $67,529 

100% 

8.61% 
4.55% 
3.20% 
3.59% 
4.42% 
2.77% 
1.70% 
1.65% 
1.57% 
0.47% 

2.10% 

(1)  Average annual mortgage interest rate weighted by insurance in-force. 
(2)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

Loss reserves in policy years 2008 and prior are outsized compared to their representation of risk in-force. 

The size of these policy years at origination combined with the significant decline in home prices led to 
significant losses in policy years prior to 2009. Although uncertainty remains with respect to the ultimate losses 
Enact will experience on these policy years, they have become a smaller percentage of its total mortgage 
insurance portfolio. Loss reserves have shifted to newer book years, largely 2020 and later given their significant 
representation of risk in-force. As of December 31, 2023, Enact’s 2016 and newer policy years represented 
approximately 97% of its primary risk in-force and 78% of its total direct primary case reserves. 

The ratio of the claim paid to the current risk in-force for a loan is referred to as “claim severity.” The 

current risk in-force is equal to the unpaid principal amount multiplied by the coverage percentage. The main 
determinants of claim severity are the age of the mortgage loan, the value of the underlying property, accrued 
interest on the loan, expenses advanced by the insured and foreclosure expenses. These amounts depend partly 
upon the time required to complete foreclosure, which varies depending upon state laws. Pre-foreclosure sales, 
acquisitions and other early workout and claim administration actions help to reduce overall claim severity. 
Enact’s average primary mortgage insurance claim severity was 97%, 94% and 103% for the years ended 
December 31, 2023, 2022 and 2021, respectively. The average claim severity for the years ended December 31, 
2023 and 2022 was impacted by low claim volumes and lifetime home price appreciation. The average claim 
severities do not include the effects of agreements on non-performing loans. 

Long-Term Care Insurance segment 

Trends and conditions 

The long-term profitability of our long-term care insurance business depends upon how our actual 
experience compares with our valuation assumptions, including but not limited to in-force rate actions, 

morbidity, mortality and persistency. Estimates for in-force rate actions reflect certain simplifying assumptions 

that may vary materially from actual results, including but not limited to consistent policyholder behavior over 

time in addition to a uniform rate of coinsurance and premium taxes. Actual policyholder behavior may differ 

significantly from these assumptions. Results of our long-term care insurance business are also influenced by our 

ability to improve investment yields and manage expenses and reinsurance, among other factors. Changes in laws 

or government programs, including long-term care insurance rate action legislation, regulation and/or practices, 

could also impact our long-term care insurance business either positively or negatively. 

Because these factors are not known in advance, change over time, are difficult to accurately predict and are 

inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or 

the timing of those payments as our actual claims experience will emerge over many years, or decades. For 

example, average claim reserves for new claims have trended higher over time as the mix of claims continues to 

evolve, with an increasing number of policies with higher daily benefit amounts and higher inflation factors 

going on claim. Although new claim counts on our oldest long-term care insurance blocks of business will 

continue to decrease as the blocks run off, we are gaining more experience on our larger new blocks of business 

and fully expect continued overall growth in new claims as policyholders reach their peak claim years. 

Additionally, in our long-term care insurance business, we have observed an increase in the cost of care 

principally attributable to elevated inflation. Increases in cost of care have resulted in higher claim payments in 

our long-term care insurance business, which could have a material adverse impact on our liquidity, results of 

operations and financial condition if it persists. We will continue to monitor our experience and make changes to 

our assumptions and methodologies, as appropriate, for our long-term care insurance products. Even small 

changes in assumptions or small deviations of actual experience from assumptions could have, and in the past 

have had, material impacts on our reserve levels, results of operations and financial condition. 

Under LDTI, the impacts of assumption updates and actual versus expected experience will continue to 

drive volatility in our long-term care insurance results, particularly for our unprofitable capped cohorts. It is 

important to note that quarterly variations resulting from assumption updates and actual versus expected 

experience are typically expected to be relatively small compared to the overall size of our liability for future 

policy benefits of $42.2 billion, at the locked-in discount rate, for our long-term care insurance business as of 

December 31, 2023. 

For a discussion of potential impacts of assumption updates and actual versus expected experience on our 

results of operations, see “Item 1A—Risk Factors—We may be required to increase our reserves as a result of 

deviations from our estimates and actuarial assumptions or other reasons, which could have a material adverse 

effect on our business, results of operations and financial condition.” 

The financial condition of our long-term care insurance business is also impacted by interest rates. We 

remeasure our liability for future policy benefits and related reinsurance recoverables at the single-A bond rate 

each quarter. As a result, our reported insurance liabilities are sensitive to movements in interest rates, which will 

likely result in continued volatility to our reserve balances and equity. For a discussion of the potential impacts 

and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates and changes in 

rates, including changes in monetary policy to combat inflation, could materially adversely affect our business 

and profitability.” 

In-force rate actions and legal settlements 

Given the ongoing challenges in our long-term care insurance business, we continue to pursue initiatives to 

improve the risk and profitability profile of our business, including premium rate increases and associated benefit 

reductions on our in-force policies. Executing on our multi-year long-term care insurance in-force rate action 

plan with premium rate increases and associated benefit reductions on our legacy long-term care insurance 

policies is critical to the business. For an update on in-force rate actions, refer to the selected operating 

performance measures below. 

90 

91 

 
 
 
 
 
 
 
specialists prioritize cases for loss mitigation based upon the likelihood that the loan will result in a claim. Loss 

mitigation actions include loan modification, extension of credit to bring a loan current, foreclosure forbearance, 

pre-foreclosure sale and deed-in-lieu. These loss mitigation efforts often are an effective way to reduce Enact’s 

claim exposure and ultimate payouts. 

The following table sets forth the dispersion of Enact’s direct primary case reserves, primary insurance 

in-force and risk in-force by year of policy origination, weighted average mortgage interest rate and delinquency 

rate as of December 31, 2023: 

(Amounts in millions) 

Policy Year 

2008 and prior  . . . . . . . . . . . . . . .

2009 to 2015  . . . . . . . . . . . . . . . .

2016  . . . . . . . . . . . . . . . . . . . . . . .

2017  . . . . . . . . . . . . . . . . . . . . . . .

2018  . . . . . . . . . . . . . . . . . . . . . . .

2019  . . . . . . . . . . . . . . . . . . . . . . .

2020  . . . . . . . . . . . . . . . . . . . . . . .

2021  . . . . . . . . . . . . . . . . . . . . . . .

2022  . . . . . . . . . . . . . . . . . . . . . . .

2023  . . . . . . . . . . . . . . . . . . . . . . .

Weighted 

average 

rate (1) 

Percent of 

direct primary 

case reserves(2) 

Primary 

insurance 

in-force 

Percent 

of total 

Primary 

risk 

in-force 

Percent 

of total 

Delinquency 

rate 

5.74% 

4.34% 

3.94% 

4.30% 

4.82% 

4.25% 

3.27% 

3.11% 

4.89% 

6.68% 

4.41% 

18% 

$

2%  $ 1,449 

2% 

4 

4 

5 

6 

8 

15 

21 

16 

3 

5,621 

3,383 

4,659 

5,321 

5,750 

13,773 

44,486 

70,045 

59,267 

50,632 

1 

2 

2 

2 

5 

17 

27 

23 

19 

881 

1,248 

1,403 

1,476 

3,544 

11,697 

17,846 

14,907 

13,078 

1 

2 

2 

2 

5 

17 

27 

22 

20 

8.61% 

4.55% 

3.20% 

3.59% 

4.42% 

2.77% 

1.70% 

1.65% 

1.57% 

0.47% 

2.10% 

Total portfolio  . . . . . . . . . . . . . . .

100% 

$262,937 

100%  $67,529 

100% 

(1)  Average annual mortgage interest rate weighted by insurance in-force. 

(2)  Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 

Loss reserves in policy years 2008 and prior are outsized compared to their representation of risk in-force. 

The size of these policy years at origination combined with the significant decline in home prices led to 

significant losses in policy years prior to 2009. Although uncertainty remains with respect to the ultimate losses 

Enact will experience on these policy years, they have become a smaller percentage of its total mortgage 

insurance portfolio. Loss reserves have shifted to newer book years, largely 2020 and later given their significant 

representation of risk in-force. As of December 31, 2023, Enact’s 2016 and newer policy years represented 

approximately 97% of its primary risk in-force and 78% of its total direct primary case reserves. 

The ratio of the claim paid to the current risk in-force for a loan is referred to as “claim severity.” The 

current risk in-force is equal to the unpaid principal amount multiplied by the coverage percentage. The main 

determinants of claim severity are the age of the mortgage loan, the value of the underlying property, accrued 

interest on the loan, expenses advanced by the insured and foreclosure expenses. These amounts depend partly 

upon the time required to complete foreclosure, which varies depending upon state laws. Pre-foreclosure sales, 

acquisitions and other early workout and claim administration actions help to reduce overall claim severity. 

Enact’s average primary mortgage insurance claim severity was 97%, 94% and 103% for the years ended 

December 31, 2023, 2022 and 2021, respectively. The average claim severity for the years ended December 31, 

2023 and 2022 was impacted by low claim volumes and lifetime home price appreciation. The average claim 

severities do not include the effects of agreements on non-performing loans. 

Long-Term Care Insurance segment 

Trends and conditions 

The long-term profitability of our long-term care insurance business depends upon how our actual 

experience compares with our valuation assumptions, including but not limited to in-force rate actions, 

morbidity, mortality and persistency. Estimates for in-force rate actions reflect certain simplifying assumptions 
that may vary materially from actual results, including but not limited to consistent policyholder behavior over 
time in addition to a uniform rate of coinsurance and premium taxes. Actual policyholder behavior may differ 
significantly from these assumptions. Results of our long-term care insurance business are also influenced by our 
ability to improve investment yields and manage expenses and reinsurance, among other factors. Changes in laws 
or government programs, including long-term care insurance rate action legislation, regulation and/or practices, 
could also impact our long-term care insurance business either positively or negatively. 

Because these factors are not known in advance, change over time, are difficult to accurately predict and are 

inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or 
the timing of those payments as our actual claims experience will emerge over many years, or decades. For 
example, average claim reserves for new claims have trended higher over time as the mix of claims continues to 
evolve, with an increasing number of policies with higher daily benefit amounts and higher inflation factors 
going on claim. Although new claim counts on our oldest long-term care insurance blocks of business will 
continue to decrease as the blocks run off, we are gaining more experience on our larger new blocks of business 
and fully expect continued overall growth in new claims as policyholders reach their peak claim years. 
Additionally, in our long-term care insurance business, we have observed an increase in the cost of care 
principally attributable to elevated inflation. Increases in cost of care have resulted in higher claim payments in 
our long-term care insurance business, which could have a material adverse impact on our liquidity, results of 
operations and financial condition if it persists. We will continue to monitor our experience and make changes to 
our assumptions and methodologies, as appropriate, for our long-term care insurance products. Even small 
changes in assumptions or small deviations of actual experience from assumptions could have, and in the past 
have had, material impacts on our reserve levels, results of operations and financial condition. 

Under LDTI, the impacts of assumption updates and actual versus expected experience will continue to 
drive volatility in our long-term care insurance results, particularly for our unprofitable capped cohorts. It is 
important to note that quarterly variations resulting from assumption updates and actual versus expected 
experience are typically expected to be relatively small compared to the overall size of our liability for future 
policy benefits of $42.2 billion, at the locked-in discount rate, for our long-term care insurance business as of 
December 31, 2023. 

For a discussion of potential impacts of assumption updates and actual versus expected experience on our 
results of operations, see “Item 1A—Risk Factors—We may be required to increase our reserves as a result of 
deviations from our estimates and actuarial assumptions or other reasons, which could have a material adverse 
effect on our business, results of operations and financial condition.” 

The financial condition of our long-term care insurance business is also impacted by interest rates. We 
remeasure our liability for future policy benefits and related reinsurance recoverables at the single-A bond rate 
each quarter. As a result, our reported insurance liabilities are sensitive to movements in interest rates, which will 
likely result in continued volatility to our reserve balances and equity. For a discussion of the potential impacts 
and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates and changes in 
rates, including changes in monetary policy to combat inflation, could materially adversely affect our business 
and profitability.” 

In-force rate actions and legal settlements 

Given the ongoing challenges in our long-term care insurance business, we continue to pursue initiatives to 

improve the risk and profitability profile of our business, including premium rate increases and associated benefit 
reductions on our in-force policies. Executing on our multi-year long-term care insurance in-force rate action 
plan with premium rate increases and associated benefit reductions on our legacy long-term care insurance 
policies is critical to the business. For an update on in-force rate actions, refer to the selected operating 
performance measures below. 

90 

91 

 
 
 
 
 
 
 
insurance business in early 2022 was likely impacted by COVID-19. We expected the impacts to be temporary, 

with disabled life mortality remaining elevated over the near term. We saw mortality levels trending back to 

pre-pandemic levels in the latter half of 2022. In the first quarter of 2023, we experienced typical seasonally 

favorable mortality, but mortality was unfavorable for the remainder of 2023, consistent with seasonal trends. 

We also experienced lower than expected new claims incidence in our long-term care insurance business 

during COVID-19. However, we are seeing new claims incidence trending back to pre-pandemic levels. In 

addition, during the pandemic, a larger share of our claimants sought home care instead of facility-based care, 

and as the impacts of the pandemic subside, we have seen that trend reverse. We will continue to monitor long-

term care insurance benefit utilization so that we can evaluate any long-term impact emerging from the 

pandemic. 

While the longer-term impacts of COVID-19 are very difficult to predict, the related outcomes and impact 

on our long-term care insurance business currently depend on the after-effects indirectly caused by the pandemic, 

including elevated inflation, the associated impacts to the cost of care and changes in policyholder behavior. We 

will continue to monitor COVID-19 associated impacts and evaluate all of our assumptions that may need 

updating as a result of longer-term trends related to the pandemic. 

In addition, we have reached certain legal settlements regarding alleged disclosure deficiencies in premium 
increases for long-term care insurance policies. The first legal settlement related to certain of our long-term care 
insurance policies, which represents approximately 20% of our block, was implemented beginning in 2021 and 
its implementation was materially completed in the second quarter of 2022. A second legal settlement on certain 
of our long-term care insurance policies, which represents 15% of our block, was implemented beginning in 
August 2022 and its implementation was materially completed in the fourth quarter of 2023. On March 27, 2023, 
a third similar settlement on certain of our long-term care insurance policies, which represents 35% of our block, 
became final. We began implementation of this settlement during the second quarter of 2023. 

While the legal settlements are similar, their ultimate impact will depend on the policyholder election rates 
and the types of reduced benefits elected. Given our experience with the first and second settlements, we expect 
the third legal settlement to result in an overall net favorable economic impact to our long-term care insurance 
business as it reduces tail risk on these long-duration liabilities. While we expect renewal premiums to decline 
over time, the settlements could accelerate that decline if policyholders continue to elect non-forfeiture and 
reduced benefit options, which have predominantly been the most prevalent policyholder elections for these legal 
settlements and which entitle the policyholder to reduced benefits in exchange for premiums already paid or a 
lower level of future premiums. 

Fourth quarter assumption review 

In the fourth quarter of 2023, our long-term care insurance products had an unfavorable pre-tax impact of 

$61 million from cash flow assumption updates, including updates to our healthy life assumptions to better 
reflect near-term experience for cost of care, mortality, incidence and lapse. For our 2023 assumption updates, 
we generally did not include data after 2019 in setting any long-term assumptions, as we do not have sufficient 
information around longer-term effects of the pandemic, which is consistent with the approach for our 2022 
assumptions. However, we made a favorable update to our disabled life mortality assumptions to reflect an 
expectation that mortality will continue at elevated levels in the near term post-COVID-19. We also evaluated 
our assumptions regarding expectations of future premium rate increase approvals and benefit reductions and did 
not make significant changes to our multi-year in-force rate action plan. However, we did increase our 
assumption for future approvals and benefit reductions given our current plans for rate increase filings and our 
historical experience regarding approvals and regulatory support, as well as benefit reductions and legal 
settlement results. We also updated our assumptions for the third legal settlement in the fourth quarter of 2023; 
however, the changes had a muted favorable income statement impact as this settlement impacts profitable 
uncapped cohorts. 

In the fourth quarter of 2022, our long-term care insurance business had favorable assumption updates of 
$303 million, which reflected an expected reserve reduction, net of estimated settlement payments, attributable to 
the inclusion of the second legal settlement. This settlement primarily impacts older, unprofitable capped cohorts; 
therefore, it had an immediate impact to the fourth quarter of 2022 earnings. 

Under statutory accounting, only changes to our claim reserve assumptions are reflected in statutory income. 

Assumption changes impacting active life reserves are included in cash flow testing margin, which only impacts 
statutory income if the margin falls below zero. We completed statutory cash flow testing for our life insurance 
subsidiaries in the fourth quarter of 2023 and concluded that the margin in GLIC was positive and within the 
$0.5 billion to $1.0 billion range. However, GLICNY had a negative margin and recorded additional statutory 
reserves of $87 million in 2023. 

COVID-19 impacts 

In our long-term care insurance products, we experienced a favorable impact on reserves and our operating 
results related to elevated mortality during COVID-19. Although it is not our practice to track cause of death for 
long-term care insurance policyholders and claimants, we believe the favorable mortality in our long-term care 

92 

93 

insurance business in early 2022 was likely impacted by COVID-19. We expected the impacts to be temporary, 
with disabled life mortality remaining elevated over the near term. We saw mortality levels trending back to 
pre-pandemic levels in the latter half of 2022. In the first quarter of 2023, we experienced typical seasonally 
favorable mortality, but mortality was unfavorable for the remainder of 2023, consistent with seasonal trends. 

We also experienced lower than expected new claims incidence in our long-term care insurance business 

during COVID-19. However, we are seeing new claims incidence trending back to pre-pandemic levels. In 
addition, during the pandemic, a larger share of our claimants sought home care instead of facility-based care, 
and as the impacts of the pandemic subside, we have seen that trend reverse. We will continue to monitor long-
term care insurance benefit utilization so that we can evaluate any long-term impact emerging from the 
pandemic. 

While the longer-term impacts of COVID-19 are very difficult to predict, the related outcomes and impact 

on our long-term care insurance business currently depend on the after-effects indirectly caused by the pandemic, 
including elevated inflation, the associated impacts to the cost of care and changes in policyholder behavior. We 
will continue to monitor COVID-19 associated impacts and evaluate all of our assumptions that may need 
updating as a result of longer-term trends related to the pandemic. 

In addition, we have reached certain legal settlements regarding alleged disclosure deficiencies in premium 

increases for long-term care insurance policies. The first legal settlement related to certain of our long-term care 

insurance policies, which represents approximately 20% of our block, was implemented beginning in 2021 and 

its implementation was materially completed in the second quarter of 2022. A second legal settlement on certain 

of our long-term care insurance policies, which represents 15% of our block, was implemented beginning in 

August 2022 and its implementation was materially completed in the fourth quarter of 2023. On March 27, 2023, 

a third similar settlement on certain of our long-term care insurance policies, which represents 35% of our block, 

became final. We began implementation of this settlement during the second quarter of 2023. 

While the legal settlements are similar, their ultimate impact will depend on the policyholder election rates 

and the types of reduced benefits elected. Given our experience with the first and second settlements, we expect 

the third legal settlement to result in an overall net favorable economic impact to our long-term care insurance 

business as it reduces tail risk on these long-duration liabilities. While we expect renewal premiums to decline 

over time, the settlements could accelerate that decline if policyholders continue to elect non-forfeiture and 

reduced benefit options, which have predominantly been the most prevalent policyholder elections for these legal 

settlements and which entitle the policyholder to reduced benefits in exchange for premiums already paid or a 

lower level of future premiums. 

Fourth quarter assumption review 

In the fourth quarter of 2023, our long-term care insurance products had an unfavorable pre-tax impact of 

$61 million from cash flow assumption updates, including updates to our healthy life assumptions to better 

reflect near-term experience for cost of care, mortality, incidence and lapse. For our 2023 assumption updates, 

we generally did not include data after 2019 in setting any long-term assumptions, as we do not have sufficient 

information around longer-term effects of the pandemic, which is consistent with the approach for our 2022 

assumptions. However, we made a favorable update to our disabled life mortality assumptions to reflect an 

expectation that mortality will continue at elevated levels in the near term post-COVID-19. We also evaluated 

our assumptions regarding expectations of future premium rate increase approvals and benefit reductions and did 

not make significant changes to our multi-year in-force rate action plan. However, we did increase our 

assumption for future approvals and benefit reductions given our current plans for rate increase filings and our 

historical experience regarding approvals and regulatory support, as well as benefit reductions and legal 

settlement results. We also updated our assumptions for the third legal settlement in the fourth quarter of 2023; 

however, the changes had a muted favorable income statement impact as this settlement impacts profitable 

uncapped cohorts. 

In the fourth quarter of 2022, our long-term care insurance business had favorable assumption updates of 

$303 million, which reflected an expected reserve reduction, net of estimated settlement payments, attributable to 

the inclusion of the second legal settlement. This settlement primarily impacts older, unprofitable capped cohorts; 

therefore, it had an immediate impact to the fourth quarter of 2022 earnings. 

Under statutory accounting, only changes to our claim reserve assumptions are reflected in statutory income. 

Assumption changes impacting active life reserves are included in cash flow testing margin, which only impacts 

statutory income if the margin falls below zero. We completed statutory cash flow testing for our life insurance 

subsidiaries in the fourth quarter of 2023 and concluded that the margin in GLIC was positive and within the 

$0.5 billion to $1.0 billion range. However, GLICNY had a negative margin and recorded additional statutory 

reserves of $87 million in 2023. 

COVID-19 impacts 

In our long-term care insurance products, we experienced a favorable impact on reserves and our operating 

results related to elevated mortality during COVID-19. Although it is not our practice to track cause of death for 

long-term care insurance policyholders and claimants, we believe the favorable mortality in our long-term care 

92 

93 

2,027 
257 

1,900 
19 
—  

(1)%  $ (61) 
(127) 
(238) 

(2)% 
(6)% 
(93)% 
(1)  (100)% 

$2,463  $2,500  $2,561  $ (37) 
1% 
14 
1,914 
114 
95  NM(1) 
1  —   — % 
—  

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income  . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . .
Policy fees and other income . . . . . . . . . . . . . . . .

Segment results of operations 

The following table sets forth the results of operations relating to our Long-Term Care Insurance segment 

for the periods indicated: 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Years ended December 31, 

Increase (decrease) and 
percentage change 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . .

4,491 

4,419 

4,846 

72 

2% 

(427) 

(9)% 

terminations in 2023. 

Benefits and expenses: 
Benefits and other changes in policy reserves . . .
Liability remeasurement (gains) losses  . . . . . . . .
Acquisition and operating expenses, net of 

3,802 
321 

3,788 
(317) 

3,808 
68 

14  — % 
638  NM(1) 

(20) 
(1)% 
(385)  NM(1) 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

452 

413 

451 

39 

9% 

(38) 

(8)% 

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71 

74 

76 

(3) 

(4)% 

(2) 

(3)% 

Total benefits and expenses . . . . . . . . . . . . .

4,646 

3,958 

4,403 

688 

17% 

(445) 

(10)% 

Income (loss) from continuing operations before 
income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision (benefit) for income taxes  . . . . . . . . . .

Income (loss) from continuing operations . . . . . .
Adjustments to income (loss) from continuing 

operations: 

(155) 
(3) 

(152) 

461 
125 

336 

443 
123 

320 

(616)  (134)% 
(128)  (102)% 

(488)  (145)% 

18 
2 

16 

4% 
2% 

5% 

Net investment (gains) losses  . . . . . . . . . . . . . . .
Expenses related to restructuring . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
Taxes on adjustments 

(114) 
—  
24 

(19) 
(1) 
4 

(257) 
12 
51 

(95)  NM(1) 
1 
100% 
20  NM(1) 

238 
93% 
(13)  (108)% 
(92)% 
(47) 

Adjusted operating income (loss) available to 

Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (242)  $ 320  $ 126  $(562)  (176)%  $ 194 

154% 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

2023 compared to 2022 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

The change to an adjusted operating loss in 2023 from adjusted operating income in 2022 was largely driven 

by unfavorable cash flow assumption updates in 2023 compared to favorable updates in 2022. The change was 
also driven by adverse actual versus expected experience in 2023 primarily related to higher claims and 
unfavorable timing impacts related to the second legal settlement. We also experienced higher operating costs 
and lower premiums in 2023. 

Revenues 

Premiums decreased primarily driven by lower renewal premiums from policy terminations and policies 
entering paid-up status, partially offset by $70 million of higher premiums from newly implemented in-force rate 
actions in 2023. 

94 

95 

Net investment income increased largely due to higher investment yields and higher income from limited 

partnerships and bank loans, partially offset by lower income from U.S. Government Treasury Inflation Protected 

Securities (“TIPS”). The increase was also partially offset by lower income from bond calls and commercial 

mortgage loan prepayments in 2023. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

Benefits and expenses 

Benefits and other changes in policy reserves increased primarily due to aging of the in-force block, 

including higher interest accretion, as well as higher loss adjustment expenses, partially offset by policy 

The liability remeasurement loss in 2023 was largely driven by adverse actual versus expected experience 

primarily related to higher claims and unfavorable timing impacts from the second legal settlement. In addition, 

cash flow assumption updates were unfavorable in 2023 primarily driven by unfavorable updates to our healthy 

life assumptions to better reflect near-term experience related to cost of care, mortality, incidence and lapse. This 

was partially offset by a favorable update to our disabled life mortality assumptions to reflect an expectation that 

mortality will continue at elevated levels in the near term post-COVID-19. The liability remeasurement gain in 

2022 resulted primarily from favorable cash flow assumption updates reflecting an expected reserve reduction, 

net of estimated settlement payments, attributable to the inclusion of the second legal settlement. 

Acquisition and operating expenses, net of deferrals, increased principally from higher operating costs, 

partially offset by a lower accrual for legal settlement costs in 2023. 

Provision (benefit) for income taxes. The effective tax rate was 2.2% and 27.2% for the years ended 

December 31, 2023 and 2022, respectively. The decrease in the effective tax rate was primarily attributable to tax 

expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax 

rate of 35% as they are amortized into net investment income in relation to a pre-tax loss in 2023. 

2022 compared to 2021 

Revenues 

actions in 2022. 

Adjusted operating income increased largely driven by favorable cash flow assumption updates reflecting an 

expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of the second legal 

settlement, partially offset by lower net investment income in 2022. 

Premiums decreased primarily driven by lower renewal premiums from policy terminations and policies 

entering paid-up status, partially offset by $93 million of higher premiums from newly implemented in-force rate 

Net investment income decreased largely from lower income of $169 million in 2022 mostly attributable to 

limited partnerships, as well as bond calls and commercial mortgage loan prepayments. The decrease was 

partially offset by higher income of $18 million from TIPS and higher average invested assets in 2022. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment results of operations 

for the periods indicated: 

(Amounts in millions) 

Revenues: 

The following table sets forth the results of operations relating to our Long-Term Care Insurance segment 

Years ended December 31, 

Increase (decrease) and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,463  $2,500  $2,561  $ (37) 

(1)%  $ (61) 

Net investment income  . . . . . . . . . . . . . . . . . . . .

1,914 

1,900 

Net investment gains (losses)  . . . . . . . . . . . . . . .

Policy fees and other income . . . . . . . . . . . . . . . .

114 

—  

19 

—  

2,027 

257 

14 

1% 

95  NM(1) 

(127) 

(238) 

1  —   — % 

(1)  (100)% 

(2)% 

(6)% 

(93)% 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . .

4,491 

4,419 

4,846 

72 

2% 

(427) 

(9)% 

Benefits and expenses: 

Benefits and other changes in policy reserves . . .

3,802 

3,788 

3,808 

14  — % 

(20) 

(1)% 

Liability remeasurement (gains) losses  . . . . . . . .

321 

(317) 

68 

638  NM(1) 

(385)  NM(1) 

Acquisition and operating expenses, net of 

Amortization of deferred acquisition costs and 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

452 

413 

451 

39 

9% 

(38) 

(8)% 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71 

74 

76 

(3) 

(4)% 

(2) 

(3)% 

Total benefits and expenses . . . . . . . . . . . . .

4,646 

3,958 

4,403 

688 

17% 

(445) 

(10)% 

(155) 

(3) 

(152) 

461 

125 

336 

443 

123 

320 

(616)  (134)% 

(128)  (102)% 

(488)  (145)% 

18 

2 

16 

4% 

2% 

5% 

Net investment (gains) losses  . . . . . . . . . . . . . . .

(114) 

(257) 

(95)  NM(1) 

238 

93% 

Expenses related to restructuring . . . . . . . . . . . . .

Taxes on adjustments 

. . . . . . . . . . . . . . . . . . . . .

—  

24 

12 

51 

1 

100% 

20  NM(1) 

(13)  (108)% 

(47) 

(92)% 

(19) 

(1) 

4 

Income (loss) from continuing operations before 

income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision (benefit) for income taxes  . . . . . . . . . .

Income (loss) from continuing operations . . . . . .

Adjustments to income (loss) from continuing 

operations: 

Adjusted operating income (loss) available to 

Genworth Financial, Inc.’s common 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

2023 compared to 2022 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

The change to an adjusted operating loss in 2023 from adjusted operating income in 2022 was largely driven 

by unfavorable cash flow assumption updates in 2023 compared to favorable updates in 2022. The change was 

also driven by adverse actual versus expected experience in 2023 primarily related to higher claims and 

unfavorable timing impacts related to the second legal settlement. We also experienced higher operating costs 

and lower premiums in 2023. 

Revenues 

actions in 2023. 

Premiums decreased primarily driven by lower renewal premiums from policy terminations and policies 

entering paid-up status, partially offset by $70 million of higher premiums from newly implemented in-force rate 

Net investment income increased largely due to higher investment yields and higher income from limited 
partnerships and bank loans, partially offset by lower income from U.S. Government Treasury Inflation Protected 
Securities (“TIPS”). The increase was also partially offset by lower income from bond calls and commercial 
mortgage loan prepayments in 2023. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

Benefits and expenses 

Benefits and other changes in policy reserves increased primarily due to aging of the in-force block, 
including higher interest accretion, as well as higher loss adjustment expenses, partially offset by policy 
terminations in 2023. 

The liability remeasurement loss in 2023 was largely driven by adverse actual versus expected experience 
primarily related to higher claims and unfavorable timing impacts from the second legal settlement. In addition, 
cash flow assumption updates were unfavorable in 2023 primarily driven by unfavorable updates to our healthy 
life assumptions to better reflect near-term experience related to cost of care, mortality, incidence and lapse. This 
was partially offset by a favorable update to our disabled life mortality assumptions to reflect an expectation that 
mortality will continue at elevated levels in the near term post-COVID-19. The liability remeasurement gain in 
2022 resulted primarily from favorable cash flow assumption updates reflecting an expected reserve reduction, 
net of estimated settlement payments, attributable to the inclusion of the second legal settlement. 

Acquisition and operating expenses, net of deferrals, increased principally from higher operating costs, 

partially offset by a lower accrual for legal settlement costs in 2023. 

Provision (benefit) for income taxes. The effective tax rate was 2.2% and 27.2% for the years ended 

December 31, 2023 and 2022, respectively. The decrease in the effective tax rate was primarily attributable to tax 
expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax 
rate of 35% as they are amortized into net investment income in relation to a pre-tax loss in 2023. 

2022 compared to 2021 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (242)  $ 320  $ 126  $(562)  (176)%  $ 194 

154% 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

Adjusted operating income increased largely driven by favorable cash flow assumption updates reflecting an 
expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of the second legal 
settlement, partially offset by lower net investment income in 2022. 

Revenues 

Premiums decreased primarily driven by lower renewal premiums from policy terminations and policies 
entering paid-up status, partially offset by $93 million of higher premiums from newly implemented in-force rate 
actions in 2022. 

Net investment income decreased largely from lower income of $169 million in 2022 mostly attributable to 

limited partnerships, as well as bond calls and commercial mortgage loan prepayments. The decrease was 
partially offset by higher income of $18 million from TIPS and higher average invested assets in 2022. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

94 

95 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefits and expenses 

Benefits and other changes in policy reserves decreased primarily due to policy terminations, partially offset 

by aging of the in-force block, including higher interest accretion, as well as higher loss adjustment expenses in 
2022. 

The liability remeasurement gain in 2022 was largely related to favorable cash flow assumption updates 
reflecting an expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of the 
second legal settlement. The liability remeasurement loss in 2021 was primarily driven by unfavorable cash flow 
assumption updates largely related to an update to the benefit utilization trend to reflect expected future increases 
in cost of care, which drove significant updates to the in-force rate action plan and related assumptions. The 
unfavorable assumption updates in 2021 were partially offset by favorable actual to expected experience related 
to claim terminations and in-force rate actions. 

Acquisition and operating expenses, net of deferrals, decreased principally from lower operating costs in 
2022 and restructuring costs of $12 million in 2021 that did not recur, partially offset by a $20 million accrual for 
legal settlement costs in 2022. 

Provision (benefit) for income taxes. The effective tax rate was 27.2% and 27.9% for the years ended 

December 31, 2022 and 2021, respectively. 

Long-Term Care Insurance selected operating performance measures 

Under LDTI, we now include expectations for benefit reductions related to in-force rate actions and legal 
settlements as well as settlement payments in our assumptions for the liability for future policy benefits, which 
have impacted and will continue to impact our reported U.S. GAAP financial results. There was no change in 
how we recognize premiums related to in-force rate actions due to the adoption of LDTI. 

We have experienced and may continue to experience quarterly fluctuations in earnings related to the legal 

settlements to the extent actual experience deviates from our assumptions. However, we expect the legal 
settlements to result in an overall net favorable economic impact to our long-term care insurance business as they 
reduce tail risk on these long-duration liabilities. 

Under LDTI, we elected to update the net premium ratio quarterly for actual versus expected experience; 

therefore, forecasted cash flow assumptions will be replaced with actual cash flows each quarter with any 
difference recorded in net income (loss). As a result, variances between actual experience and our expectations 
for benefit reductions and settlement payments will be reflected in liability remeasurement (gains) losses in our 
operating results on a quarterly basis. 

Remeasurement (gains) losses 

The following table sets forth the pre-tax components of the liability remeasurement (gains) losses for the 

For additional discussion of the change in liability remeasurement (gains) losses, see the comparison for this 

line item above in “—Segment results of operations.” 

In-force rate actions 

As part of our strategy for our long-term care insurance business, we have been implementing, and expect to 

continue to pursue, significant premium rate increases and associated benefit reductions on older generation 

blocks of business in order to ensure the continued self-sustainability of our long-term care insurance business 

over time and reduce the strain on its earnings and capital. 

The following table sets forth filing approvals as part of our multi-year in-force rate action plan for the years 

ended December 31: 

(Dollar amounts in millions) 

2023 

2022 

2021 

State filings approved  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Impacted in-force premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

117 

$697 

139 

173 

$1,143 

$1,095 

Weighted-average percentage rate increase approved  . . . . . . . .

51% 

48% 

37% 

Gross incremental premiums approved . . . . . . . . . . . . . . . . . . . .

$354 

$ 549 

$ 403 

We estimate that the cumulative economic benefit of approved rate actions in our long-term care insurance 

multi-year in-force rate action plan from 2012 through December 31, 2023 was approximately $28.0 billion, on a 

net present value basis, which includes our current updated assumptions regarding future premiums and benefit 

reductions from approved rate actions and legal settlements. The $28.0 billion net present value of progress 

achieved has grown significantly since December 31, 2022, including $2.0 billion of value from rate action 

approvals and settlement implementations in 2023 and an increase of $2.5 billion of the value of benefit 

reductions connected with our previously achieved rate actions and settlements, including the impact of our 

assumption updates. 

During the year ended December 31, 2023, we also submitted 144 new filings on approximately 

$989 million in annualized in-force premiums. 

The approval process for in-force rate actions and the amount and timing of the premium rate increases and 

associated benefit reductions approved vary by state. In certain states, the decision to approve or disapprove a 

rate increase can take a significant amount of time, and the approved amount may be phased in over time. After 

approval, insureds are provided with written notice of the increase and increases are generally applied on the 

insured’s next policy anniversary date. As a result, the benefits of any rate increase are not fully realized until the 

implementation cycle is complete and are, therefore, expected to be realized over time. 

We continue to work closely with the NAIC and state regulators to demonstrate the broad-based need for 

actuarially justified rate increases in order to pay future claims. Because obtaining actuarially justified rate 

increases and associated benefit reductions is important to our ability to pay future claims, we will consider 

litigation against states that decline to approve those actuarially justified rate increases. In January 2022, we 

began litigation with two states that have refused to approve actuarially justified rate increases. 

periods indicated: 

(Amounts in millions) 

Years ended 
December 31 

(Increase) decrease and 
percentage change 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Life and Annuities segment 

Trends and conditions 

Cash flow assumption updates  . . . . . . . . . . . . . . . . . . . . . . .
Actual to expected experience  . . . . . . . . . . . . . . . . . . . . . . .

$ 52  $(335)  $ 227  $387  116%  $(562)  NM(1) 
177  111% 
(159)  251  NM(1) 
269 

18 

Total liability remeasurement (gains) losses  . . . . . . . . . . . .

$321  $(317)  $ 68  $638  NM(1)  $(385)  NM(1) 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

Many factors can affect the results of our life insurance and annuity products, as further discussed below. 

Because these factors are not known in advance, change over time, are difficult to accurately predict and are 

inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or 

the timing of those payments. We will continue to monitor our experience and assumptions closely and make 

changes to our assumptions and methodologies, as appropriate, for our life insurance and annuity products. Even 

small changes in assumptions or small deviations of actual experience from assumptions could have, and in the 

96 

97 

 
Benefits and expenses 

2022. 

Benefits and other changes in policy reserves decreased primarily due to policy terminations, partially offset 

by aging of the in-force block, including higher interest accretion, as well as higher loss adjustment expenses in 

The liability remeasurement gain in 2022 was largely related to favorable cash flow assumption updates 

reflecting an expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of the 

second legal settlement. The liability remeasurement loss in 2021 was primarily driven by unfavorable cash flow 

assumption updates largely related to an update to the benefit utilization trend to reflect expected future increases 

in cost of care, which drove significant updates to the in-force rate action plan and related assumptions. The 

unfavorable assumption updates in 2021 were partially offset by favorable actual to expected experience related 

to claim terminations and in-force rate actions. 

Acquisition and operating expenses, net of deferrals, decreased principally from lower operating costs in 

2022 and restructuring costs of $12 million in 2021 that did not recur, partially offset by a $20 million accrual for 

legal settlement costs in 2022. 

Provision (benefit) for income taxes. The effective tax rate was 27.2% and 27.9% for the years ended 

December 31, 2022 and 2021, respectively. 

Long-Term Care Insurance selected operating performance measures 

Under LDTI, we now include expectations for benefit reductions related to in-force rate actions and legal 

settlements as well as settlement payments in our assumptions for the liability for future policy benefits, which 

have impacted and will continue to impact our reported U.S. GAAP financial results. There was no change in 

how we recognize premiums related to in-force rate actions due to the adoption of LDTI. 

We have experienced and may continue to experience quarterly fluctuations in earnings related to the legal 

settlements to the extent actual experience deviates from our assumptions. However, we expect the legal 

settlements to result in an overall net favorable economic impact to our long-term care insurance business as they 

reduce tail risk on these long-duration liabilities. 

Under LDTI, we elected to update the net premium ratio quarterly for actual versus expected experience; 

therefore, forecasted cash flow assumptions will be replaced with actual cash flows each quarter with any 

difference recorded in net income (loss). As a result, variances between actual experience and our expectations 

for benefit reductions and settlement payments will be reflected in liability remeasurement (gains) losses in our 

The following table sets forth the pre-tax components of the liability remeasurement (gains) losses for the 

operating results on a quarterly basis. 

Remeasurement (gains) losses 

periods indicated: 

(Amounts in millions) 

For additional discussion of the change in liability remeasurement (gains) losses, see the comparison for this 

line item above in “—Segment results of operations.” 

In-force rate actions 

As part of our strategy for our long-term care insurance business, we have been implementing, and expect to 

continue to pursue, significant premium rate increases and associated benefit reductions on older generation 
blocks of business in order to ensure the continued self-sustainability of our long-term care insurance business 
over time and reduce the strain on its earnings and capital. 

The following table sets forth filing approvals as part of our multi-year in-force rate action plan for the years 

ended December 31: 

(Dollar amounts in millions) 

2023 

2022 

2021 

State filings approved  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impacted in-force premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted-average percentage rate increase approved  . . . . . . . .
Gross incremental premiums approved . . . . . . . . . . . . . . . . . . . .

117 
$697 

139 
$1,143 

173 
$1,095 

51% 

48% 

37% 

$354 

$ 549 

$ 403 

We estimate that the cumulative economic benefit of approved rate actions in our long-term care insurance 

multi-year in-force rate action plan from 2012 through December 31, 2023 was approximately $28.0 billion, on a 
net present value basis, which includes our current updated assumptions regarding future premiums and benefit 
reductions from approved rate actions and legal settlements. The $28.0 billion net present value of progress 
achieved has grown significantly since December 31, 2022, including $2.0 billion of value from rate action 
approvals and settlement implementations in 2023 and an increase of $2.5 billion of the value of benefit 
reductions connected with our previously achieved rate actions and settlements, including the impact of our 
assumption updates. 

During the year ended December 31, 2023, we also submitted 144 new filings on approximately 

$989 million in annualized in-force premiums. 

The approval process for in-force rate actions and the amount and timing of the premium rate increases and 

associated benefit reductions approved vary by state. In certain states, the decision to approve or disapprove a 
rate increase can take a significant amount of time, and the approved amount may be phased in over time. After 
approval, insureds are provided with written notice of the increase and increases are generally applied on the 
insured’s next policy anniversary date. As a result, the benefits of any rate increase are not fully realized until the 
implementation cycle is complete and are, therefore, expected to be realized over time. 

We continue to work closely with the NAIC and state regulators to demonstrate the broad-based need for 

actuarially justified rate increases in order to pay future claims. Because obtaining actuarially justified rate 
increases and associated benefit reductions is important to our ability to pay future claims, we will consider 
litigation against states that decline to approve those actuarially justified rate increases. In January 2022, we 
began litigation with two states that have refused to approve actuarially justified rate increases. 

Years ended 

December 31 

(Increase) decrease and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Life and Annuities segment 

Trends and conditions 

Cash flow assumption updates  . . . . . . . . . . . . . . . . . . . . . . .

$ 52  $(335)  $ 227  $387  116%  $(562)  NM(1) 

Actual to expected experience  . . . . . . . . . . . . . . . . . . . . . . .

269 

18 

(159)  251  NM(1) 

177  111% 

Total liability remeasurement (gains) losses  . . . . . . . . . . . .

$321  $(317)  $ 68  $638  NM(1)  $(385)  NM(1) 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

Many factors can affect the results of our life insurance and annuity products, as further discussed below. 

Because these factors are not known in advance, change over time, are difficult to accurately predict and are 
inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or 
the timing of those payments. We will continue to monitor our experience and assumptions closely and make 
changes to our assumptions and methodologies, as appropriate, for our life insurance and annuity products. Even 
small changes in assumptions or small deviations of actual experience from assumptions could have, and in the 

96 

97 

 
As part of our fourth quarter of 2023 review of our cash flow assumptions, we focused on mortality and 

lapse assumptions in our fixed annuity products and made modest updates based on recent experience. 

For fixed indexed annuities, equity market and interest rate performance and volatility could also result in 

additional gains or losses, although associated hedging activities are expected to partially mitigate these impacts. 

Variable annuities 

Results of our variable annuity products are affected primarily by investment performance, interest rate 

levels, the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, 

surrenders and scheduled maturities. In addition, the results of our variable annuity products can significantly 

impact our regulatory capital requirements, distributable earnings and liquidity. We use hedging strategies as 

well as liquidity planning and asset-liability management to help mitigate the impacts. In addition, we have used 

reinsurance to help mitigate volatility in our variable annuity results. 

Equity market volatility and interest rate movements have caused fluctuations in the results of our variable 

annuity products and regulatory capital requirements. In the future, equity and interest rate market performance 

and volatility could result in additional gains or losses in these products although associated hedging activities 

are expected to partially mitigate these impacts. 

past have had, material impacts on our reserve levels, results of operations and financial condition. Results of our 
life insurance and annuity products depend significantly upon the extent to which our actual future experience is 
consistent with assumptions and methodologies we have used in calculating our reserves. 

Results of our life insurance and annuity products are also impacted by interest rates. For a discussion of the 
potential impacts and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates 
and changes in rates, including changes in monetary policy to combat inflation, could materially adversely affect 
our business and profitability.” 

Life insurance 

Results of our life insurance products are impacted primarily by mortality, persistency, investment yields, 

expenses, reinsurance and statutory reserve requirements, among other factors. 

Mortality levels may deviate each period from historical trends. Overall mortality experience was less 

unfavorable during 2023 as compared to 2022. In our life insurance products, COVID-19 deaths significantly 
declined during 2023 from the levels in 2022. We have experienced unfavorable mortality compared to our then-
current and priced-for assumptions in recent years for our universal life insurance block. We have also been 
experiencing higher mortality related charges resulting in an increase in rates charged by our reinsurance partners 
reflecting natural block aging and unfavorable mortality compared to expectations. 

In the fourth quarter of 2023, our life insurance products had an unfavorable impact from cash flow 

assumption updates of $226 million reflecting updates to our persistency and mortality assumptions. We made an 
unfavorable update to our persistency assumptions particularly in certain universal life insurance products with 
secondary guarantees to better reflect emerging experience, consistent with others in the industry. However, 
given the relatively small size and characteristics of our closed block, we believe we experienced a smaller 
impact from our assumption updates relative to others in the industry with larger blocks. We also made 
unfavorable updates to our mortality assumption in our term universal, universal and term life insurance products 
to better reflect emerging experience related to more modest mortality improvement and to include an 
expectation that mortality will continue at elevated levels in the near term post-COVID-19. Our 2023 assumption 
review considered trends during the pandemic years, but updates to our long-term assumptions generally 
excluded experience data after 2019, as we do not have sufficient information around the long-term effects of 
COVID-19. However, similar to our long-term care insurance products, we assessed near-term mortality trends 
as we continue to evaluate the long-term implications of COVID-19. 

In 2022, we made favorable cash flow assumption updates of $37 million in our universal and term 

universal life insurance products primarily related to higher interest rates. 

Certain of our universal life insurance products with secondary guarantees are subject to additional reserves 
on a statutory basis using a regulatory prescribed reinvestment rate. Given the increase in rates, we experienced a 
favorable benefit from the reinvestment rate in 2023, which more than offset negative assumption updates from a 
statutory income perspective. 

Fixed annuities 

Results of our fixed annuity products are affected primarily by investment performance, interest rate levels, 
the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, persistency and 
expense and commission levels. 

We monitor and change crediting rates on fixed deferred annuities on a regular basis to maintain spreads 
and targeted returns, if applicable. However, we have seen and could continue to see declines in our fixed annuity 
spreads and margins as interest rates change, depending on the severity of the change. 

98 

99 

As part of our fourth quarter of 2023 review of our cash flow assumptions, we focused on mortality and 

lapse assumptions in our fixed annuity products and made modest updates based on recent experience. 

For fixed indexed annuities, equity market and interest rate performance and volatility could also result in 

additional gains or losses, although associated hedging activities are expected to partially mitigate these impacts. 

Variable annuities 

Results of our variable annuity products are affected primarily by investment performance, interest rate 

levels, the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, 
surrenders and scheduled maturities. In addition, the results of our variable annuity products can significantly 
impact our regulatory capital requirements, distributable earnings and liquidity. We use hedging strategies as 
well as liquidity planning and asset-liability management to help mitigate the impacts. In addition, we have used 
reinsurance to help mitigate volatility in our variable annuity results. 

Equity market volatility and interest rate movements have caused fluctuations in the results of our variable 
annuity products and regulatory capital requirements. In the future, equity and interest rate market performance 
and volatility could result in additional gains or losses in these products although associated hedging activities 
are expected to partially mitigate these impacts. 

past have had, material impacts on our reserve levels, results of operations and financial condition. Results of our 

life insurance and annuity products depend significantly upon the extent to which our actual future experience is 

consistent with assumptions and methodologies we have used in calculating our reserves. 

Results of our life insurance and annuity products are also impacted by interest rates. For a discussion of the 

potential impacts and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates 

and changes in rates, including changes in monetary policy to combat inflation, could materially adversely affect 

our business and profitability.” 

Life insurance 

Results of our life insurance products are impacted primarily by mortality, persistency, investment yields, 

expenses, reinsurance and statutory reserve requirements, among other factors. 

Mortality levels may deviate each period from historical trends. Overall mortality experience was less 

unfavorable during 2023 as compared to 2022. In our life insurance products, COVID-19 deaths significantly 

declined during 2023 from the levels in 2022. We have experienced unfavorable mortality compared to our then-

current and priced-for assumptions in recent years for our universal life insurance block. We have also been 

experiencing higher mortality related charges resulting in an increase in rates charged by our reinsurance partners 

reflecting natural block aging and unfavorable mortality compared to expectations. 

In the fourth quarter of 2023, our life insurance products had an unfavorable impact from cash flow 

assumption updates of $226 million reflecting updates to our persistency and mortality assumptions. We made an 

unfavorable update to our persistency assumptions particularly in certain universal life insurance products with 

secondary guarantees to better reflect emerging experience, consistent with others in the industry. However, 

given the relatively small size and characteristics of our closed block, we believe we experienced a smaller 

impact from our assumption updates relative to others in the industry with larger blocks. We also made 

unfavorable updates to our mortality assumption in our term universal, universal and term life insurance products 

to better reflect emerging experience related to more modest mortality improvement and to include an 

expectation that mortality will continue at elevated levels in the near term post-COVID-19. Our 2023 assumption 

review considered trends during the pandemic years, but updates to our long-term assumptions generally 

excluded experience data after 2019, as we do not have sufficient information around the long-term effects of 

COVID-19. However, similar to our long-term care insurance products, we assessed near-term mortality trends 

as we continue to evaluate the long-term implications of COVID-19. 

In 2022, we made favorable cash flow assumption updates of $37 million in our universal and term 

universal life insurance products primarily related to higher interest rates. 

Certain of our universal life insurance products with secondary guarantees are subject to additional reserves 

on a statutory basis using a regulatory prescribed reinvestment rate. Given the increase in rates, we experienced a 

favorable benefit from the reinvestment rate in 2023, which more than offset negative assumption updates from a 

statutory income perspective. 

Fixed annuities 

Results of our fixed annuity products are affected primarily by investment performance, interest rate levels, 

the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, persistency and 

expense and commission levels. 

We monitor and change crediting rates on fixed deferred annuities on a regular basis to maintain spreads 

and targeted returns, if applicable. However, we have seen and could continue to see declines in our fixed annuity 

spreads and margins as interest rates change, depending on the severity of the change. 

98 

99 

1,195 
74 
718 

1,083 
(4) 
669 

(12)% $ 370  NM(1) 
(9)% 
(4)%  (112) 
(78)  (105)% 
(7)% 
(49) 

$ 207  $ 234  $ (136)  $ (27) 
(41) 
1,042 
(45)  NM(1) 
(49) 
(3)% 
(23) 
646 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . . . .

Segment results of operations 

The following table sets forth the results of operations relating to our Life and Annuities segment for the 

periods indicated: 

Years ended December 31, 

Increase (decrease) and 
percentage change 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,846 

1,982 

1,851 

(136) 

(7)%  131 

7% 

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . .
Liability remeasurement (gains) losses . . . . . . . . . . . .
Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of 

963 
266 

620 
27 

648 
174 

343 
55% 
239  NM(1) 

(28) 
(147) 

(4)% 
(84)% 

(12) 
503 

(104) 
504 

(160) 
511 

88% 
92 
(1)  —% 

56 
(7) 

35% 
(1)% 

deferrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

213 

604 

233 

(391) 

(65)%  371 

159% 

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181 

240 

291 

(59) 

(25)% 

(51) 

(18)% 

Total benefits and expenses  . . . . . . . . . . . . . . . .

2,114 

1,891 

1,697 

223 

12% 

194 

11% 

Income (loss) from continuing operations before 

income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision (benefit) for income taxes . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . .
Adjustments to income (loss) from continuing 

operations: 

Net investment (gains) losses  . . . . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits 

attributable to interest rates, equity markets and 
associated hedges(2)  . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses related to restructuring  . . . . . . . . . . . . . . . .
Pension plan termination costs  . . . . . . . . . . . . . . . . . .
Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating loss available to Genworth 

(268) 
(59) 

(209) 

91 
16 

75 

154 
30 

124 

(359)  NM(1) 
(75)  NM(1) 

(63) 
(14) 

(41)% 
(47)% 

(284)  NM(1) 

(49) 

(40)% 

49 

4 

(74) 

45  NM(1) 

78 

105% 

Revenues 

(22) 
—  
—  
(6) 

(142) 
(1) 
8 
28 

(210) 
5 
—  
59 

85% 
120 
1 
100% 
(8)  (100)% 
(34)  (121)% 

68 
32% 
(6)  (120)% 
8  NM(1) 
(53)% 

(31) 

Financial, Inc.’s common stockholders  . . . . . . . . .

$ (188)  $ (28)  $ (96)  $(160)  NM(1)  $ 68 

71% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 
(2)  For the years ended December 31, 2023, 2022 and 2021, changes in fair value of market risk benefits and 

associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of 
$(10) million, $(38) million and $(50) million, respectively. 

100 

101 

The following table sets forth adjusted operating income (loss) available to Genworth Financial, Inc.’s 

common stockholders for the products included in our Life and Annuities segment for the periods indicated: 

Years ended 

December 31, 

Increase 

(decrease) and 

percentage change 

Increase 

(decrease) and 

percentage 

change 

Adjusted operating income (loss) available to 

Genworth Financial, Inc.’s common stockholders: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(275)  $(111)  $(201)  $(164)  (148)%  $ 90 

45% 

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50 

37 

62 

21 

83 

22 

(12) 

(19)% 

(21)  (25)% 

16 

76% 

(1) 

(5)% 

Total adjusted operating loss available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . .

$(188)  $ (28)  $ (96)  $(160)  NM(1)  $ 68 

71% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

2023 compared to 2022 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

• The adjusted operating loss in our life insurance products increased largely from $179 million of 

unfavorable updates to our persistency and mortality assumptions, as well as lower premiums reflecting 

runoff of our in-force blocks in 2023. These adverse developments were partially offset by lower DAC 

amortization related to higher lapses in 2022 and a $20 million legal settlement expense in 2022 that 

did not recur. 

• Adjusted operating income in our fixed annuity products decreased mainly attributable to lower net 

spreads primarily related to block runoff, partially offset by favorable mortality experience in 2023. 

• Adjusted operating income in our variable annuity products increased predominantly due to aging of 

our in-force block, partially offset by a decrease in fee income driven by lower account value in 2023. 

Premiums. The decrease was driven by our life insurance products largely due to the continued runoff of our 

in-force blocks in 2023. 

Net investment income. The decrease was primarily attributable to lower average invested assets driven 

mostly by block runoff in our fixed annuity products, partially offset by higher investment yields in 2023. 

Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the 

comparison for this line item under “—Investments and Derivative Instruments.” 

Policy fees and other income. The decrease was principally from lower fee income due mostly to a decline 

in average account value in our variable annuity products and from lower product charges in our life insurance 

products due to the runoff of our in-force blocks in 2023. 

Benefits and expenses 

Benefits and other changes in policy reserves 

• Our fixed annuity products increased $352 million primarily from a third-party recapture of 

$372 million of certain single premium immediate annuity contracts in 2022 that did not recur, partially 

offset by favorable mortality in 2023. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 

45% 
(21)  (25)% 
(5)% 

$(275)  $(111)  $(201)  $(164)  (148)%  $ 90 

50 
37 

62 
21 

83 
22 

(12) 
16 

(19)% 
76% 

Adjusted operating income (loss) available to 

Genworth Financial, Inc.’s common stockholders: 
Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total adjusted operating loss available to Genworth 

The following table sets forth adjusted operating income (loss) available to Genworth Financial, Inc.’s 
common stockholders for the products included in our Life and Annuities segment for the periods indicated: 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Years ended 
December 31, 

Increase 
(decrease) and 
percentage change 

Increase 
(decrease) and 
percentage 
change 

Segment results of operations 

periods indicated: 

(Amounts in millions) 

Revenues: 

The following table sets forth the results of operations relating to our Life and Annuities segment for the 

Years ended December 31, 

Increase (decrease) and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 207  $ 234  $ (136)  $ (27) 

(12)% $ 370  NM(1) 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . .

1,042 

1,083 

1,195 

(41) 

(4)%  (112) 

(9)% 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . . . .

(49) 

646 

(4) 

669 

74 

718 

(45)  NM(1) 

(78)  (105)% 

(23) 

(3)% 

(49) 

(7)% 

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,846 

1,982 

1,851 

(136) 

(7)%  131 

7% 

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . . . .

Liability remeasurement (gains) losses . . . . . . . . . . . .

963 

266 

620 

27 

648 

174 

343 

55% 

(28) 

(4)% 

239  NM(1) 

(147) 

(84)% 

Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12) 

503 

(104) 

504 

(160) 

511 

92 

88% 

(1)  —% 

56 

(7) 

35% 

(1)% 

Acquisition and operating expenses, net of 

Amortization of deferred acquisition costs and 

deferrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

213 

604 

233 

(391) 

(65)%  371 

159% 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181 

240 

291 

(59) 

(25)% 

(51) 

(18)% 

Total benefits and expenses  . . . . . . . . . . . . . . . .

2,114 

1,891 

1,697 

223 

12% 

194 

11% 

Income (loss) from continuing operations before 

income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision (benefit) for income taxes . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . .

Adjustments to income (loss) from continuing 

operations: 

Changes in fair value of market risk benefits 

attributable to interest rates, equity markets and 

associated hedges(2)  . . . . . . . . . . . . . . . . . . . . . . . . .

Expenses related to restructuring  . . . . . . . . . . . . . . . .

Pension plan termination costs  . . . . . . . . . . . . . . . . . .

Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating loss available to Genworth 

(268) 

(59) 

(209) 

91 

16 

75 

154 

30 

124 

(359)  NM(1) 

(75)  NM(1) 

(63) 

(14) 

(41)% 

(47)% 

(284)  NM(1) 

(49) 

(40)% 

(22) 

—  

—  

(6) 

(142) 

(210) 

120 

(1) 

8 

28 

5 

—  

59 

85% 

100% 

1 

68 

32% 

(6)  (120)% 

(8)  (100)% 

8  NM(1) 

(34)  (121)% 

(31) 

(53)% 

Financial, Inc.’s common stockholders  . . . . . . . . .

$ (188)  $ (28)  $ (96)  $(160)  NM(1)  $ 68 

71% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

(2)  For the years ended December 31, 2023, 2022 and 2021, changes in fair value of market risk benefits and 

associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of 

$(10) million, $(38) million and $(50) million, respectively. 

Financial, Inc.’s common stockholders  . . . . . . . . . .

$(188)  $ (28)  $ (96)  $(160)  NM(1)  $ 68 

71% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

2023 compared to 2022 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

• The adjusted operating loss in our life insurance products increased largely from $179 million of 

unfavorable updates to our persistency and mortality assumptions, as well as lower premiums reflecting 
runoff of our in-force blocks in 2023. These adverse developments were partially offset by lower DAC 
amortization related to higher lapses in 2022 and a $20 million legal settlement expense in 2022 that 
did not recur. 

• Adjusted operating income in our fixed annuity products decreased mainly attributable to lower net 
spreads primarily related to block runoff, partially offset by favorable mortality experience in 2023. 

• Adjusted operating income in our variable annuity products increased predominantly due to aging of 

our in-force block, partially offset by a decrease in fee income driven by lower account value in 2023. 

Net investment (gains) losses  . . . . . . . . . . . . . . . . . . .

49 

4 

(74) 

45  NM(1) 

78 

105% 

Revenues 

Premiums. The decrease was driven by our life insurance products largely due to the continued runoff of our 

in-force blocks in 2023. 

Net investment income. The decrease was primarily attributable to lower average invested assets driven 

mostly by block runoff in our fixed annuity products, partially offset by higher investment yields in 2023. 

Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the 

comparison for this line item under “—Investments and Derivative Instruments.” 

Policy fees and other income. The decrease was principally from lower fee income due mostly to a decline 
in average account value in our variable annuity products and from lower product charges in our life insurance 
products due to the runoff of our in-force blocks in 2023. 

Benefits and expenses 

Benefits and other changes in policy reserves 

• Our fixed annuity products increased $352 million primarily from a third-party recapture of 

$372 million of certain single premium immediate annuity contracts in 2022 that did not recur, partially 
offset by favorable mortality in 2023. 

100 

101 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
• Our life insurance products decreased $11 million primarily from less unfavorable mortality, partially 
offset by an increase in cost of reinsurance reserves related to a ceded reinsurance transaction in the 
fourth quarter of 2023. 

Net investment income. The decrease was primarily attributable to lower average invested assets driven 

mostly by block runoff in our fixed annuity products, as well as lower bond calls and commercial mortgage loan 

prepayments in 2022. 

Liability remeasurement (gains) losses. The increase in the liability remeasurement loss was largely 

attributable to a $244 million increase in our life insurance products principally driven by unfavorable updates to 
our persistency assumptions for certain universal life insurance products with secondary guarantees and 
unfavorable mortality updates, including more modest mortality improvement, in our term universal, universal 
and term life insurance products. The unfavorable assumption updates were partially offset by net favorable 
impacts related to a ceded reinsurance transaction in the fourth quarter of 2023. 

Changes in fair value of market risk benefits and associated hedges 

• Our variable annuity products had an unfavorable variance of $50 million principally driven by higher 
derivative losses and lower interest rate increases, partially offset by favorable equity market impacts 
as well as lower attributed fees and higher benefit payments due to aging of our in-force block in 2023. 

• Our fixed annuity products had an unfavorable variance of $42 million primarily attributable to lower 

interest rate increases, partially offset by favorable equity market impacts in 2023. 

Acquisition and operating expenses, net of deferrals 

• Our fixed annuity products decreased $363 million primarily due to a payment of $365 million in 2022 

related to the recapture of certain single premium immediate annuity contracts by a third party. 

• Our life insurance products decreased $23 million primarily due to a legal settlement expense of 
$25 million and pension plan termination costs of $8 million in 2022 that did not recur. These 
decreases were partially offset by higher costs associated with an outsourcing arrangement in 2023. 

Amortization of deferred acquisition costs and intangibles. The decrease was primarily related to our life 

insurance products largely due to higher lapses in 2022 as our 20-year level premium period business written in 
2002 entered its post-level premium period. 

Provision for income taxes. The effective tax rate was 22.1% and 18.2% for the years ended December 31, 
2023 and 2022, respectively. The increase in the effective tax rate was primarily attributable to tax benefits from 
tax favored items in relation to a pre-tax loss in 2023. 

2022 compared to 2021 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

Changes in fair value of market risk benefits and associated hedges 

• The adjusted operating loss in our life insurance products decreased largely from favorable cash flow 
assumption updates in our universal and term universal life insurance products in 2022 related to 
higher interest rates compared to unfavorable cash flow assumption updates in 2021 primarily driven 
by unfavorable pre-COVID-19 mortality. The decrease was also attributable to lower DAC 
amortization primarily driven by lapse experience in our term life insurance products. 

• Adjusted operating income in our fixed annuity products decreased mainly attributable to lower net 

spreads primarily related to block runoff, partially offset by favorable mortality in 2022. 

• Adjusted operating income in our variable annuity products was relatively flat in 2022 compared to 2021. 

Revenues 

Premiums. The increase was driven by our life insurance products largely due to lower ceded premiums, 
partially offset by the continued runoff of our in-force blocks in 2022. In 2021, we ceded $360 million of certain 
term life insurance premiums in connection with a reinsurance transaction. 

102 

103 

Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the 

comparison for this line item under “—Investments and Derivative Instruments.” 

Policy fees and other income. The decrease was principally from lower product charges in our life insurance 

products driven mostly by the runoff of our in-force blocks and lower fee income in our variable annuity 

products driven mostly by a decline in average account value in 2022. 

Benefits and expenses 

Benefits and other changes in policy reserves 

• Our fixed annuity products decreased $395 million primarily from a third-party recapture of 

$372 million of certain single premium immediate annuity contracts and from favorable mortality in 

2022. 

• Our life insurance products increased $352 million primarily from higher ceded reinsurance in 2021, 

partially offset by favorable mortality experience in 2022. We ceded $360 million of certain term life 

insurance reserves in connection with a reinsurance transaction in 2021. 

• Our variable annuity products increased $15 million primarily from unfavorable equity market 

performance and aging of the in-force block in 2022. 

Liability remeasurement (gains) losses 

• The liability remeasurement loss in our life insurance products decreased $117 million mainly 

attributable to favorable cash flow assumption updates in our universal and term universal life 

insurance products in 2022 compared to unfavorable updates in 2021. The favorable cash flow 

assumption updates in 2022 were primarily related to higher interest rates. The unfavorable cash flow 

assumption updates in 2021 were primarily driven by unfavorable pre-COVID-19 mortality. 

• Our fixed annuity products had a liability remeasurement gain of $5 million in 2022 compared to a loss 

of $25 million in 2021. The liability remeasurement loss in 2021 was largely driven by unfavorable 

mortality assumption updates. 

• Our variable annuity products had an unfavorable variance of $75 million principally driven by 

unfavorable equity market impacts, partially offset by higher interest rates and derivative gains in 2022. 

• Our fixed annuity products had a favorable variance of $19 million primarily attributable to higher 

interest rates, partially offset by unfavorable equity market impacts in 2022. 

Acquisition and operating expenses, net of deferrals. The increase was largely attributable to our fixed 

annuity products primarily due to a payment of $365 million in 2022 related to the recapture of certain single 

premium immediate annuity contracts by a third party. 

Amortization of deferred acquisition costs and intangibles. The decrease was primarily driven by lapse 

experience in our term life insurance products. 

Provision for income taxes. The effective tax rate was 18.2% and 19.8% for the years ended December 31, 

2022 and 2021, respectively. 

• Our life insurance products decreased $11 million primarily from less unfavorable mortality, partially 

offset by an increase in cost of reinsurance reserves related to a ceded reinsurance transaction in the 

fourth quarter of 2023. 

Net investment income. The decrease was primarily attributable to lower average invested assets driven 
mostly by block runoff in our fixed annuity products, as well as lower bond calls and commercial mortgage loan 
prepayments in 2022. 

Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the 

comparison for this line item under “—Investments and Derivative Instruments.” 

Policy fees and other income. The decrease was principally from lower product charges in our life insurance 

products driven mostly by the runoff of our in-force blocks and lower fee income in our variable annuity 
products driven mostly by a decline in average account value in 2022. 

Benefits and expenses 

Benefits and other changes in policy reserves 

• Our fixed annuity products decreased $395 million primarily from a third-party recapture of 

$372 million of certain single premium immediate annuity contracts and from favorable mortality in 
2022. 

• Our life insurance products increased $352 million primarily from higher ceded reinsurance in 2021, 
partially offset by favorable mortality experience in 2022. We ceded $360 million of certain term life 
insurance reserves in connection with a reinsurance transaction in 2021. 

• Our variable annuity products increased $15 million primarily from unfavorable equity market 

performance and aging of the in-force block in 2022. 

Liability remeasurement (gains) losses 

• The liability remeasurement loss in our life insurance products decreased $117 million mainly 
attributable to favorable cash flow assumption updates in our universal and term universal life 
insurance products in 2022 compared to unfavorable updates in 2021. The favorable cash flow 
assumption updates in 2022 were primarily related to higher interest rates. The unfavorable cash flow 
assumption updates in 2021 were primarily driven by unfavorable pre-COVID-19 mortality. 

• Our fixed annuity products had a liability remeasurement gain of $5 million in 2022 compared to a loss 
of $25 million in 2021. The liability remeasurement loss in 2021 was largely driven by unfavorable 
mortality assumption updates. 

Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 

Changes in fair value of market risk benefits and associated hedges 

• Our variable annuity products had an unfavorable variance of $75 million principally driven by 

unfavorable equity market impacts, partially offset by higher interest rates and derivative gains in 2022. 

• Our fixed annuity products had a favorable variance of $19 million primarily attributable to higher 

interest rates, partially offset by unfavorable equity market impacts in 2022. 

Acquisition and operating expenses, net of deferrals. The increase was largely attributable to our fixed 

annuity products primarily due to a payment of $365 million in 2022 related to the recapture of certain single 
premium immediate annuity contracts by a third party. 

Amortization of deferred acquisition costs and intangibles. The decrease was primarily driven by lapse 

experience in our term life insurance products. 

Provision for income taxes. The effective tax rate was 18.2% and 19.8% for the years ended December 31, 

2022 and 2021, respectively. 

102 

103 

Liability remeasurement (gains) losses. The increase in the liability remeasurement loss was largely 

attributable to a $244 million increase in our life insurance products principally driven by unfavorable updates to 

our persistency assumptions for certain universal life insurance products with secondary guarantees and 

unfavorable mortality updates, including more modest mortality improvement, in our term universal, universal 

and term life insurance products. The unfavorable assumption updates were partially offset by net favorable 

impacts related to a ceded reinsurance transaction in the fourth quarter of 2023. 

Changes in fair value of market risk benefits and associated hedges 

• Our variable annuity products had an unfavorable variance of $50 million principally driven by higher 

derivative losses and lower interest rate increases, partially offset by favorable equity market impacts 

as well as lower attributed fees and higher benefit payments due to aging of our in-force block in 2023. 

• Our fixed annuity products had an unfavorable variance of $42 million primarily attributable to lower 

interest rate increases, partially offset by favorable equity market impacts in 2023. 

Acquisition and operating expenses, net of deferrals 

• Our fixed annuity products decreased $363 million primarily due to a payment of $365 million in 2022 

related to the recapture of certain single premium immediate annuity contracts by a third party. 

• Our life insurance products decreased $23 million primarily due to a legal settlement expense of 

$25 million and pension plan termination costs of $8 million in 2022 that did not recur. These 

decreases were partially offset by higher costs associated with an outsourcing arrangement in 2023. 

Amortization of deferred acquisition costs and intangibles. The decrease was primarily related to our life 

insurance products largely due to higher lapses in 2022 as our 20-year level premium period business written in 

2002 entered its post-level premium period. 

Provision for income taxes. The effective tax rate was 22.1% and 18.2% for the years ended December 31, 

2023 and 2022, respectively. The increase in the effective tax rate was primarily attributable to tax benefits from 

tax favored items in relation to a pre-tax loss in 2023. 

2022 compared to 2021 

• The adjusted operating loss in our life insurance products decreased largely from favorable cash flow 

assumption updates in our universal and term universal life insurance products in 2022 related to 

higher interest rates compared to unfavorable cash flow assumption updates in 2021 primarily driven 

by unfavorable pre-COVID-19 mortality. The decrease was also attributable to lower DAC 

amortization primarily driven by lapse experience in our term life insurance products. 

• Adjusted operating income in our fixed annuity products decreased mainly attributable to lower net 

spreads primarily related to block runoff, partially offset by favorable mortality in 2022. 

• Adjusted operating income in our variable annuity products was relatively flat in 2022 compared to 2021. 

Revenues 

Premiums. The increase was driven by our life insurance products largely due to lower ceded premiums, 

partially offset by the continued runoff of our in-force blocks in 2022. In 2021, we ceded $360 million of certain 

term life insurance premiums in connection with a reinsurance transaction. 

Life and Annuities selected operating performance measures 

Life insurance 

The following table sets forth selected operating performance measures regarding our life insurance 

The following table sets forth the results of operations relating to Corporate and Other for the periods 

products as of the dates indicated: 

(Amounts in millions) 

Term and whole life insurance 

Years ended December 31, 

Increase (decrease) and 
percentage change 

2023 

2022 

2021 

2023 vs. 2022 

Years ended 

December 31, 

Increase (decrease) and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Corporate and Other 

Results of operations 

indicated: 

(Amounts in millions) 

Revenues: 

Life insurance in-force, net of reinsurance  . . . . . . . .
Life insurance in-force, before reinsurance  . . . . . . . .

(8)% 
$ 44,121  $ 48,162  $ 47,297  $ (4,041) 
$270,950  $300,145  $332,793  $(29,195)  (10)% 

Term universal life insurance 

Life insurance in-force, net of reinsurance  . . . . . . . .
Life insurance in-force, before reinsurance  . . . . . . . .

$ 90,427  $ 92,719  $ 99,471  $ (2,292) 
$ 91,024  $ 93,336  $100,119  $ (2,312) 

(2)% 
(2)% 

Universal life insurance 

Life insurance in-force, net of reinsurance  . . . . . . . .
Life insurance in-force, before reinsurance  . . . . . . . .

$ 28,710  $ 29,798  $ 31,117  $ (1,088) 
$ 32,199  $ 33,622  $ 35,228  $ (1,423) 

(4)% 
(4)% 

The decrease in insurance in-force in our life insurance products reflects the continued runoff of our in-force 

blocks. 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

9  $

6  $

6  $ 3 

50%  $ —   — % 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . .

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . . . . .

19 

(28) 

8 

(15) 

(2)  —  

11 

(7) 

(13) 

138% 

(87)% 

(2)  NM(1) 

1 

14% 

(8)  (114)% 

(1)  (100)% 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) 

(1) 

(1)  (100)% 

(8)  (114)% 

7 

1 

7 

Benefits and expenses: 

Acquisition and operating expenses, net of 

Benefits and other changes in policy reserves  . . . . . . .

(9) 

(11) 

(6) 

2 

18% 

(5) 

(83)% 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

65 

41 

84 

24 

59% 

(43) 

(51)% 

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1  —  

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses  . . . . . . . . . . . . . . . . .

Loss from continuing operations before income 

66 

123 

54 

84 

2 

109 

189 

1  NM(1) 

12 

39 

22% 

46% 

(2)  (100)% 

(55) 

(50)% 

(105) 

(56)% 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit for income taxes  . . . . . . . . . . . . . . . . . . . . . . .

(125) 

(20) 

(85) 

(16) 

(182) 

(53) 

(40) 

(4) 

(47)% 

(25)% 

Loss from continuing operations  . . . . . . . . . . . . . . . . .

(105) 

(69) 

(129) 

(36) 

(52)% 

97 

37 

60 

53% 

70% 

47% 

Adjustments to loss from continuing operations: 

Net investment (gains) losses  . . . . . . . . . . . . . . . . . . .

(Gains) losses on early extinguishment of debt  . . . . . .

Expenses related to restructuring . . . . . . . . . . . . . . . . .

Taxes on adjustments . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating loss available to Genworth 

28 

(2) 

4 

(6) 

15 

6 

1 

7 

45 

14 

(5) 

(13) 

13 

87% 

(8)  (133)% 

3  NM(1) 

(1) 

(20)% 

8 

(39) 

(13) 

8 

114% 

(87)% 

(93)% 

62% 

Financial, Inc.’s common stockholders  . . . . . . . . . .

$ (81)  $ (52)  $ (76)  $(29) 

(56)%  $ 24 

32% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

2023 compared to 2022 

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders 

The adjusted operating loss increased primarily from higher expenses related to CareScout growth 

initiatives and higher interest expense attributable to Genworth Holdings’ junior subordinated notes, partially 

offset by higher net investment income in 2023. 

Revenues 

Net investment income increased largely from higher investment yields in 2023. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

104 

105 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life insurance 

products as of the dates indicated: 

(Amounts in millions) 

Term and whole life insurance 

Term universal life insurance 

Universal life insurance 

Years ended December 31, 

Increase (decrease) and 

percentage change 

2023 

2022 

2021 

2023 vs. 2022 

Life insurance in-force, net of reinsurance  . . . . . . . .

$ 44,121  $ 48,162  $ 47,297  $ (4,041) 

(8)% 

Life insurance in-force, before reinsurance  . . . . . . . .

$270,950  $300,145  $332,793  $(29,195)  (10)% 

Life insurance in-force, net of reinsurance  . . . . . . . .

$ 90,427  $ 92,719  $ 99,471  $ (2,292) 

Life insurance in-force, before reinsurance  . . . . . . . .

$ 91,024  $ 93,336  $100,119  $ (2,312) 

Life insurance in-force, net of reinsurance  . . . . . . . .

$ 28,710  $ 29,798  $ 31,117  $ (1,088) 

Life insurance in-force, before reinsurance  . . . . . . . .

$ 32,199  $ 33,622  $ 35,228  $ (1,423) 

(2)% 

(2)% 

(4)% 

(4)% 

The decrease in insurance in-force in our life insurance products reflects the continued runoff of our in-force 

blocks. 

Life and Annuities selected operating performance measures 

Corporate and Other 

Results of operations 

The following table sets forth selected operating performance measures regarding our life insurance 

The following table sets forth the results of operations relating to Corporate and Other for the periods 

indicated: 

Years ended 
December 31, 

Increase (decrease) and 
percentage change 

(Amounts in millions) 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . . . . .

$

6  $
9  $
8 
19 
(28) 
(15) 
(2)  —  

50%  $ —   — % 
6  $ 3 
138% 
14% 
1 
11 
7 
(8)  (114)% 
(13) 
(7) 
(87)% 
(1)  (100)% 
(2)  NM(1) 
1 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) 

(1) 

7 

(1)  (100)% 

(8)  (114)% 

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . . .
Acquisition and operating expenses, net of 

(9) 

(11) 

(6) 

2 

18% 

(5) 

(83)% 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

65 

41 

84 

24 

59% 

(43) 

(51)% 

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1  —  
54 
66 

Total benefits and expenses  . . . . . . . . . . . . . . . . .

123 

84 

Loss from continuing operations before income 

2 
109 

189 

1  NM(1) 
22% 
12 

(2)  (100)% 
(50)% 
(55) 

39 

46% 

(105) 

(56)% 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit for income taxes  . . . . . . . . . . . . . . . . . . . . . . .

(125) 
(20) 

(85) 
(16) 

(182) 
(53) 

(40) 
(4) 

(47)% 
(25)% 

Loss from continuing operations  . . . . . . . . . . . . . . . . .
Adjustments to loss from continuing operations: 
Net investment (gains) losses  . . . . . . . . . . . . . . . . . . .
(Gains) losses on early extinguishment of debt  . . . . . .
Expenses related to restructuring . . . . . . . . . . . . . . . . .
Taxes on adjustments . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating loss available to Genworth 

97 
37 

60 

53% 
70% 

47% 

(105) 

(69) 

(129) 

(36) 

(52)% 

28 
(2) 
4 
(6) 

15 
6 
1 
(5) 

7 
45 
14 
(13) 

13 
87% 
(8)  (133)% 
3  NM(1) 
(20)% 
(1) 

8 
(39) 
(13) 
8 

114% 
(87)% 
(93)% 
62% 

Financial, Inc.’s common stockholders  . . . . . . . . . .

$ (81)  $ (52)  $ (76)  $(29) 

(56)%  $ 24 

32% 

(1)  We define “NM” as not meaningful for increases or decreases greater than 200%. 

2023 compared to 2022 

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders 

The adjusted operating loss increased primarily from higher expenses related to CareScout growth 
initiatives and higher interest expense attributable to Genworth Holdings’ junior subordinated notes, partially 
offset by higher net investment income in 2023. 

Revenues 

Net investment income increased largely from higher investment yields in 2023. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

104 

105 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
• During the fourth quarter of 2023, the ten-year U.S. Treasury yield rose to its highest level since 2007, 

but U.S. Treasury yields decreased compared to September 30, 2023. Although the two-year U.S. 

Treasury yield remained above the ten-year U.S. Treasury yield in 2023, the differential between the 

two-year yield and the ten-year yield declined compared to December 31, 2022. 

• Credit spreads tightened and credit market performance remained resilient as macroeconomic data 

continued to support market optimism for a soft economic landing in 2023. 

• Bank deposits stabilized in the second half of 2023 after three regional banks were taken into 

receivership by the Federal Deposit Insurance Corporation in early 2023. At this time, we believe our 

investment portfolio is well positioned and any risks to valuations as a result of the pressures in the 

regional banking system and commercial real estate are manageable. 

• As of December 31, 2023, our fixed maturity securities portfolio, which was 96% investment grade, 

comprised 75% of our total invested assets and cash. 

Derivatives 

• As of December 31, 2023, $1.3 billion notional of our derivatives portfolio was cleared through the 

Chicago Mercantile Exchange (“CME”). 

• The customer swap agreements that govern our cleared derivatives contain provisions that enable our 

clearing agents to request initial margin in excess of CME requirements. As of December 31, 2023, we 

posted initial margin of $79 million to our clearing agents, which represented $39 million more than 

was otherwise required by the clearinghouse. Because our clearing agents serve as guarantors of our 

obligations to the CME, the customer agreements contain broad termination provisions that are not 

specifically dependent on ratings. 

• As of December 31, 2023, $11.4 billion notional of our derivatives portfolio was in bilateral OTC 

derivative transactions pursuant to which we have posted aggregate independent amounts of 

$464 million and are holding collateral from counterparties in the amount of $19 million. 

Benefits and expenses 

Acquisition and operating expenses, net of deferrals, increased primarily from higher expenses related to 

CareScout growth initiatives and higher employee-related expenses, partially offset by gains on the early 
extinguishment of certain of Genworth Holdings’ debt in 2023 compared to losses in 2022. 

Interest expense increased largely driven by a higher floating rate of interest on Genworth Holdings’ junior 
subordinated notes in 2023, partially offset by the early redemption in 2022 of Genworth Holdings’ senior notes 
due in 2024. 

The benefit for income taxes increased primarily related to a higher pre-tax loss in 2023, partially offset by a 

state tax benefit in 2022 that did not recur. 

2022 compared to 2021 

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders 

The adjusted operating loss decreased primarily related to lower interest expense in 2022, partially offset by 

tax benefits of $21 million in 2021 from a reduction in uncertain tax positions due to the expiration of certain 
statute of limitations that did not recur. 

Revenues 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

Benefits and expenses 

Benefits and other changes in policy reserves decreased primarily related to inter-segment transactions. 

Acquisition and operating expenses, net of deferrals, decreased mainly driven by $24 million of lower 
make-whole premiums on the early redemption of Genworth Holdings’ senior notes and $15 million of lower net 
losses related to the repurchase of Genworth Holdings’ senior notes in 2022, as well as $13 million of lower 
restructuring costs. These decreases were partially offset by higher expenses related to CareScout growth 
initiatives in 2022. 

Interest expense decreased largely driven by the early redemption and repurchase of Genworth Holdings’ 

senior notes due in September 2021, August 2023 and February 2024, partially offset by a higher floating rate of 
interest on Genworth Holdings’ junior subordinated notes in 2022. 

The decrease in the benefit for income taxes was primarily related to a reduction in uncertain tax positions due 

to the expiration of certain statute of limitations in 2021 that did not recur, as well as a lower pre-tax loss in 2022. 

Investments and Derivative Instruments 

Trends and conditions 

Investments 

During the year ended December 31, 2023, our investments portfolio was impacted, and we believe will 

continue to be impacted, by the following macroeconomic trends. 

• The U.S. Federal Reserve increased interest rates by 100 basis points, bringing the upper end of the 

target range to the highest level since 2001. 

106 

107 

• During the fourth quarter of 2023, the ten-year U.S. Treasury yield rose to its highest level since 2007, 
but U.S. Treasury yields decreased compared to September 30, 2023. Although the two-year U.S. 
Treasury yield remained above the ten-year U.S. Treasury yield in 2023, the differential between the 
two-year yield and the ten-year yield declined compared to December 31, 2022. 

• Credit spreads tightened and credit market performance remained resilient as macroeconomic data 

continued to support market optimism for a soft economic landing in 2023. 

• Bank deposits stabilized in the second half of 2023 after three regional banks were taken into 

receivership by the Federal Deposit Insurance Corporation in early 2023. At this time, we believe our 
investment portfolio is well positioned and any risks to valuations as a result of the pressures in the 
regional banking system and commercial real estate are manageable. 

• As of December 31, 2023, our fixed maturity securities portfolio, which was 96% investment grade, 

comprised 75% of our total invested assets and cash. 

Derivatives 

• As of December 31, 2023, $1.3 billion notional of our derivatives portfolio was cleared through the 

Chicago Mercantile Exchange (“CME”). 

• The customer swap agreements that govern our cleared derivatives contain provisions that enable our 

clearing agents to request initial margin in excess of CME requirements. As of December 31, 2023, we 
posted initial margin of $79 million to our clearing agents, which represented $39 million more than 
was otherwise required by the clearinghouse. Because our clearing agents serve as guarantors of our 
obligations to the CME, the customer agreements contain broad termination provisions that are not 
specifically dependent on ratings. 

• As of December 31, 2023, $11.4 billion notional of our derivatives portfolio was in bilateral OTC 
derivative transactions pursuant to which we have posted aggregate independent amounts of 
$464 million and are holding collateral from counterparties in the amount of $19 million. 

Benefits and expenses 

Acquisition and operating expenses, net of deferrals, increased primarily from higher expenses related to 

CareScout growth initiatives and higher employee-related expenses, partially offset by gains on the early 

extinguishment of certain of Genworth Holdings’ debt in 2023 compared to losses in 2022. 

Interest expense increased largely driven by a higher floating rate of interest on Genworth Holdings’ junior 

subordinated notes in 2023, partially offset by the early redemption in 2022 of Genworth Holdings’ senior notes 

due in 2024. 

The benefit for income taxes increased primarily related to a higher pre-tax loss in 2023, partially offset by a 

state tax benefit in 2022 that did not recur. 

2022 compared to 2021 

Adjusted operating loss available to Genworth Financial, Inc.’s common stockholders 

The adjusted operating loss decreased primarily related to lower interest expense in 2022, partially offset by 

tax benefits of $21 million in 2021 from a reduction in uncertain tax positions due to the expiration of certain 

statute of limitations that did not recur. 

For a discussion of the change in net investment gains (losses), see the comparison for this line item under 

“—Investments and Derivative Instruments.” 

Revenues 

Benefits and expenses 

Benefits and other changes in policy reserves decreased primarily related to inter-segment transactions. 

Acquisition and operating expenses, net of deferrals, decreased mainly driven by $24 million of lower 

make-whole premiums on the early redemption of Genworth Holdings’ senior notes and $15 million of lower net 

losses related to the repurchase of Genworth Holdings’ senior notes in 2022, as well as $13 million of lower 

restructuring costs. These decreases were partially offset by higher expenses related to CareScout growth 

initiatives in 2022. 

Interest expense decreased largely driven by the early redemption and repurchase of Genworth Holdings’ 

senior notes due in September 2021, August 2023 and February 2024, partially offset by a higher floating rate of 

interest on Genworth Holdings’ junior subordinated notes in 2022. 

The decrease in the benefit for income taxes was primarily related to a reduction in uncertain tax positions due 

to the expiration of certain statute of limitations in 2021 that did not recur, as well as a lower pre-tax loss in 2022. 

Investments and Derivative Instruments 

Trends and conditions 

Investments 

During the year ended December 31, 2023, our investments portfolio was impacted, and we believe will 

continue to be impacted, by the following macroeconomic trends. 

• The U.S. Federal Reserve increased interest rates by 100 basis points, bringing the upper end of the 

target range to the highest level since 2001. 

106 

107 

Investment results 

The following table sets forth net investment gains (losses) for the years ended December 31: 

The following table sets forth information about our investment income, excluding net investment gains 

(losses), for each component of our investment portfolio for the years ended December 31: 

(Amounts in millions) 
Fixed maturity securities— 

taxable  . . . . . . . . . . . . . . . .

Fixed maturity securities— 

non-taxable . . . . . . . . . . . . .
Equity securities . . . . . . . . . . .
Commercial mortgage 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Yield  Amount  Yield  Amount  Yield  Amount  Yield  Amount  Yield  Amount 

Increase (decrease) 

4.5% $ 2,244 

4.5% $ 2,296 

4.5% $ 2,411  — %  $ (52)  — %  $(115) 

4.2% 
3.0% 

3 
11 

4.7% 
4.0% 

5 
10 

5.6% 
4.0% 

7 
9 

(0.5)% 
(1.0)% 

(0.9)% 
(2) 
1  — % 

(2) 
1 

loans  . . . . . . . . . . . . . . . . . .

4.4% 
Policy loans  . . . . . . . . . . . . . . 10.2% 
4.5% 
Limited partnerships (1)  . . . . .
Other invested assets (2)  . . . . . 50.5% 
Cash, cash equivalents, 

302 
4.6% 
224  10.0% 
4.7% 
117 
279  59.9% 

5.5% 
321 
211 
9.3% 
99  15.7% 
267  69.7% 

376 
189 
223 
241 

(0.2)% 
0.2% 
(0.2)% 
(9.4)% 

(19) 
13 
18 
12 

(0.9)% 
0.7% 

(55) 
22 
(11.0)%  (124) 
26 

(9.8)% 

restricted cash and short-
term investments  . . . . . . . .

Gross investment income 

before expenses and fees  . .
Expenses and fees  . . . . . . . . .
Net investment income . . . . . .

Average invested assets and 

cash . . . . . . . . . . . . . . . . . . .

4.7% 

95 

1.2% 

20  — % 

1 

3.5% 

75 

1.2% 

19 

3,275 
5.1% 
(0.2)% 
(92) 
4.9% $ 3,183 

3,229 
5.0% 
(0.2)% 
(83) 
4.8% $ 3,146 

3,457 

5.2% 
(0.1)% 
5.1% $ 3,370 

0.1% 
(87)  — % 

46 
(9) 
0.1%  $ 37 

(0.2)%  (228) 
(0.1)% 
4 
(0.3)% $(224) 

  $64,637 

  $65,160 

  $66,099 

$(523) 

$(939) 

2023 compared to 2022 

(1)  Limited partnership investments are primarily equity-based and do not have fixed returns by period. 
(2) 

Investment income for other invested assets includes amortization of terminated cash flow hedges, which 
have no corresponding book value within the yield calculation. 

Yields are based on net investment income as reported under U.S. GAAP and are consistent with how we 
measure our 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 
our securities lending program in the third quarter of 2021 and was calculated net of the corresponding securities 
lending liability. 

Gross annualized weighted-average investment yields increased in 2023 compared to 2022 primarily driven 
by higher investment income on lower average invested assets. Net investment income included higher returns of 
$75 million primarily on our short-term investments due to higher interest rates, $18 million of higher limited 
partnership income and $15 million of higher income from bank loans, partially offset by $41 million of lower 
income related to inflation-driven volatility on TIPS and $26 million of lower bond calls and commercial 
mortgage loan prepayments. 

Gross annualized weighted-average investment yields decreased in 2022 compared to 2021 primarily driven by 

lower net investment income on lower average invested assets. Net investment income included $124 million of 
lower limited partnership income and $106 million of lower bond calls and commercial mortgage loan prepayments, 
partially offset by $18 million of higher income related to inflation-driven volatility on TIPS in 2022. 

108 

109 

(Amounts in millions) 

2023 

2022 

2021 

Realized investment gains (losses): 

Available-for-sale fixed maturity securities: 

Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Realized losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 29 

(154) 

$ 28 

(102) 

$ 67 

(10) 

Net realized gains (losses) on available-for-sale fixed 

maturity securities 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gains (losses) on equity securities sold  . . . . . . .

Net realized gains (losses) on limited partnerships  . . . . . . . .

Total net realized investment gains (losses) . . . . . . . . . . . . . .

(125) 

(74) 

(1)  —  

—  

(126) 

—  

(74) 

Net change in allowance for credit losses on available-for-sale 

fixed maturity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)  —  

Write-down of available-for-sale fixed maturity securities  . . . . . .

Net unrealized gains (losses) on equity securities still held  . . . . . .

Net unrealized gains (losses) on limited partnerships  . . . . . . . . . .

Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1) 

53 

111 

(5) 

7 

(9) 

(2) 

(35) 

71 

4 

32 

2 

57 

(7) 

3 

53 

(6) 

(1) 

1 

264 

(3) 

13 

1 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . .

$ 23 

$

(2)  $322 

• We recorded $125 million of net losses related to the sale of available-for-sale fixed maturity securities 

in 2023 compared to $74 million in 2022. The net losses in 2023 were primarily related to portfolio 

repositioning and liquidity management, as well as regional bank exposure management, including a 

$15 million loss related to the sale of First Republic Bank U.S. corporate bonds. 

• We recorded net unrealized gains on equity securities of $53 million in 2023 driven by favorable equity 

market performance compared to net unrealized losses of $35 million in 2022 from unfavorable 

performance. We recorded $40 million of higher net unrealized gains on limited partnerships driven by 

more favorable private equity market performance in 2023. We also recorded an allowance for credit 

losses on available-for-sale fixed maturity securities of $7 million in 2023. 

• Net investment gains related to derivatives decreased in 2023 primarily from losses on hedging 

programs that support our fixed indexed annuity products compared to gains in 2022, lower gains on 

hedging programs that support our indexed universal life insurance products and losses from forward 

bond purchase commitments in 2023. These decreases were partially offset by gains on equity index 

options in 2023 compared to losses in 2022. 

2022 compared to 2021 

• We recorded net realized losses related to the sale of available-for-sale fixed maturity securities of 

$74 million in 2022 compared to net realized gains of $57 million in 2021 primarily driven by sales of 

U.S. corporate securities to manage asset exposure and to optimize cash at Genworth Holdings in 2022. 

• We recorded $193 million of lower net unrealized gains on limited partnerships in 2022 compared to 

2021 primarily from less favorable private equity market performance in 2022. We also recorded 

$35 million of net unrealized losses on equity securities during 2022 driven by unfavorable equity 

market performance. 

 
 
 
 
 
 
 
 
 
 
 
Investment results 

The following table sets forth information about our investment income, excluding net investment gains 

(losses), for each component of our investment portfolio for the years ended December 31: 

(Amounts in millions) 

Yield  Amount  Yield  Amount  Yield  Amount  Yield  Amount  Yield  Amount 

2023 

2022 

2021 

2023 vs. 2022 

2022 vs. 2021 

Increase (decrease) 

4.5% $ 2,244 

4.5% $ 2,296 

4.5% $ 2,411  — %  $ (52)  — %  $(115) 

Fixed maturity securities— 

taxable  . . . . . . . . . . . . . . . .

Fixed maturity securities— 

non-taxable . . . . . . . . . . . . .

Equity securities . . . . . . . . . . .

Commercial mortgage 

4.2% 

3.0% 

3 

11 

4.7% 

4.0% 

loans  . . . . . . . . . . . . . . . . . .

4.4% 

Policy loans  . . . . . . . . . . . . . . 10.2% 

Limited partnerships (1)  . . . . .

4.5% 

Other invested assets (2)  . . . . . 50.5% 

302 

4.6% 

224  10.0% 

117 

4.7% 

279  59.9% 

5 

10 

321 

211 

5.6% 

4.0% 

5.5% 

9.3% 

99  15.7% 

267  69.7% 

7 

9 

(0.5)% 

(1.0)% 

(2) 

(0.9)% 

1  — % 

(2) 

1 

376 

189 

223 

241 

(0.2)% 

0.2% 

(0.2)% 

(9.4)% 

(19) 

13 

18 

12 

(0.9)% 

0.7% 

(55) 

22 

(11.0)%  (124) 

(9.8)% 

26 

term investments  . . . . . . . .

4.7% 

95 

1.2% 

20  — % 

1 

3.5% 

75 

1.2% 

19 

Net investment income . . . . . .

4.9% $ 3,183 

4.8% $ 3,146 

5.1% $ 3,370 

0.1%  $ 37 

(0.3)% $(224) 

5.1% 

(0.2)% 

3,275 

5.0% 

3,229 

5.2% 

3,457 

0.1% 

(92) 

(0.2)% 

(83) 

(0.1)% 

(87)  — % 

46 

(9) 

(0.2)%  (228) 

(0.1)% 

4 

Cash, cash equivalents, 

restricted cash and short-

Gross investment income 

before expenses and fees  . .

Expenses and fees  . . . . . . . . .

Average invested assets and 

cash . . . . . . . . . . . . . . . . . . .

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

(2) 

Investment income for other invested assets includes amortization of terminated cash flow hedges, which 

have no corresponding book value within the yield calculation. 

Yields are based on net investment income as reported under U.S. GAAP and are consistent with how we 

measure our 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 

our securities lending program in the third quarter of 2021 and was calculated net of the corresponding securities 

lending liability. 

Gross annualized weighted-average investment yields increased in 2023 compared to 2022 primarily driven 

by higher investment income on lower average invested assets. Net investment income included higher returns of 

$75 million primarily on our short-term investments due to higher interest rates, $18 million of higher limited 

partnership income and $15 million of higher income from bank loans, partially offset by $41 million of lower 

income related to inflation-driven volatility on TIPS and $26 million of lower bond calls and commercial 

mortgage loan prepayments. 

Gross annualized weighted-average investment yields decreased in 2022 compared to 2021 primarily driven by 

lower net investment income on lower average invested assets. Net investment income included $124 million of 

lower limited partnership income and $106 million of lower bond calls and commercial mortgage loan prepayments, 

partially offset by $18 million of higher income related to inflation-driven volatility on TIPS in 2022. 

The following table sets forth net investment gains (losses) for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Realized investment gains (losses): 

Available-for-sale fixed maturity securities: 

Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Realized losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 29 
(154) 

$ 28 
(102) 

$ 67 
(10) 

Net realized gains (losses) on available-for-sale fixed 

maturity securities 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized gains (losses) on equity securities sold  . . . . . . .
Net realized gains (losses) on limited partnerships  . . . . . . . .

(125) 

(74) 
(1)  —  
—  

—  

Total net realized investment gains (losses) . . . . . . . . . . . . . .

(126) 

(74) 

Net change in allowance for credit losses on available-for-sale 

fixed maturity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-down of available-for-sale fixed maturity securities  . . . . . .
Net unrealized gains (losses) on equity securities still held  . . . . . .
Net unrealized gains (losses) on limited partnerships  . . . . . . . . . .
Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)  —  
(2) 
(1) 
(35) 
53 
71 
111 
4 
(5) 
32 
7 
2 
(9) 

57 
(7) 
3 

53 

(6) 
(1) 
1 
264 
(3) 
13 
1 

  $64,637 

  $65,160 

  $66,099 

$(523) 

$(939) 

2023 compared to 2022 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . .

$ 23 

$

(2)  $322 

• We recorded $125 million of net losses related to the sale of available-for-sale fixed maturity securities 
in 2023 compared to $74 million in 2022. The net losses in 2023 were primarily related to portfolio 
repositioning and liquidity management, as well as regional bank exposure management, including a 
$15 million loss related to the sale of First Republic Bank U.S. corporate bonds. 

• We recorded net unrealized gains on equity securities of $53 million in 2023 driven by favorable equity 

market performance compared to net unrealized losses of $35 million in 2022 from unfavorable 
performance. We recorded $40 million of higher net unrealized gains on limited partnerships driven by 
more favorable private equity market performance in 2023. We also recorded an allowance for credit 
losses on available-for-sale fixed maturity securities of $7 million in 2023. 

• Net investment gains related to derivatives decreased in 2023 primarily from losses on hedging 

programs that support our fixed indexed annuity products compared to gains in 2022, lower gains on 
hedging programs that support our indexed universal life insurance products and losses from forward 
bond purchase commitments in 2023. These decreases were partially offset by gains on equity index 
options in 2023 compared to losses in 2022. 

2022 compared to 2021 

• We recorded net realized losses related to the sale of available-for-sale fixed maturity securities of 

$74 million in 2022 compared to net realized gains of $57 million in 2021 primarily driven by sales of 
U.S. corporate securities to manage asset exposure and to optimize cash at Genworth Holdings in 2022. 

• We recorded $193 million of lower net unrealized gains on limited partnerships in 2022 compared to 
2021 primarily from less favorable private equity market performance in 2022. We also recorded 
$35 million of net unrealized losses on equity securities during 2022 driven by unfavorable equity 
market performance. 

108 

109 

 
 
 
 
 
 
 
 
 
 
 
Investment portfolio 

The following table sets forth our cash, cash equivalents and invested assets as of December 31: 

(Amounts in millions) 

Carrying value  % of total 

Carrying value  % of total 

2023 

2022 

Available-for-sale fixed maturity securities: 

Public  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Private . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity securities  . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage loans, net  . . . . . . . . . .
Policy loans  . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . . . . . . . . .
Other invested assets  . . . . . . . . . . . . . . . . . . .
Cash, cash equivalents and restricted cash  . . .

Total cash, cash equivalents and 

$32,189 
14,592 
396 
6,802 
2,220 
2,821 
731 
2,215 

51% 
24 
1 
10 
4 
5 
1 
4 

$31,757 
14,826 
319 
7,010 
2,139 
2,331 
566 
1,799 

53% 
24 
1 
11 
3 
4 
1 
3 

invested assets  . . . . . . . . . . . . . . . . . .

$61,966 

100% 

$60,747 

100% 

For a discussion of the change in cash, cash equivalents and invested assets, see the comparison for these 
line items under “—Consolidated Balance Sheets.” See note 5 to our consolidated financial statements under 
“Item 8—Financial Statements and Supplementary Data” for additional information related to our investment 
portfolio. 

We hold fixed maturity and equity securities, limited partnerships, derivatives, embedded derivatives and 

certain other financial instruments, which are carried at fair value. Fair value is the price that would be received 
to sell an asset in an orderly transaction between market participants at the measurement date. As of 
December 31, 2023, approximately 7% of our investment holdings recorded at fair value was based on 
significant inputs that were not market observable and were classified as Level 3 measurements. See note 21 to 
our consolidated financial statements under “Item 8—Financial Statements and Supplementary Data” for 
additional information related to fair value. 

The following table presents our public, private and total fixed maturity securities by the Nationally 

Recognized Statistical Rating Organizations (“NRSRO”) designations and/or equivalent ratings, as well as the 

percentage, based upon fair value that each designation comprises. Certain fixed maturity securities that are not 

rated by an NRSRO are shown based upon internally prepared credit evaluations. 

(Amounts in millions) 

NRSRO designation 

Public fixed maturity securities 

As of December 31, 

2023 

2022 

Amortized 

cost 

Fair 

value 

% of 

total 

Amortized 

cost 

Fair 

value 

% of 

total 

AAA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,779  $ 2,559 

8%  $ 6,394  $ 6,067 

19% 

AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,461 

9,474 

6,170 

9,287 

3,146 

8,860 

2,859 

8,398 

BBB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,346 

13,645 

14,964 

13,623 

BB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CCC and lower  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

518 

32 

—  

498 

30  —  

—   —  

839 

37 

—  

776 

34  —  

—   —  

Total public fixed maturity securities  . . . . . . . . . . .

$33,610  $32,189  100%  $34,240  $31,757  100% 

Private fixed maturity securities 

AAA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

866  $

6%  $

876  $

6% 

AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

BBB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

BB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CCC and lower  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Not rated  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,574 

4,398 

7,709 

1,037 

149 

7 

15 

832 

1,477 

4,043 

7,126 

975 

117 

825 

1,421 

4,170 

7,221 

1,076 

113 

1,562 

4,675 

8,129 

1,217 

135 

—  

—  

7  —  

15  —  

—   —  

—   —  

9 

27 

43 

2 

10 

28 

48 

7 

1 

19 

29 

42 

2 

10 

28 

48 

7 

1 

Total private fixed maturity securities  . . . . . . . . . .

$15,755  $14,592  100%  $16,594  $14,826  100% 

Total fixed maturity securities 

AAA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,645  $ 3,391 

7%  $ 7,270  $ 6,892 

15% 

AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

BBB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

BB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CCC and lower  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Not rated  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,035 

13,872 

22,055 

1,555 

181 

7 

15 

7,647 

13,330 

20,771 

1,473 

16 

29 

45 

3 

147  —  

7  —  

15  —  

4,708 

13,535 

23,093 

2,056 

172 

—  

—  

4,280 

12,568 

20,844 

1,852 

9 

27 

45 

4 

147  —  

—   —  

—   —  

Total fixed maturity securities  . . . . . . . . . . . . . . . .

$49,365  $46,781  100%  $50,834  $46,583  100% 

We invest in privately placed fixed maturity securities to increase diversification and obtain higher yields 

than can ordinarily be obtained with comparable public market securities. Generally, private placements provide 

us with protective covenants, call protection features and, where applicable, a higher level of collateral. However, 

our private placements are not as freely transferable as public securities because of restrictions imposed by 

federal and state securities laws, the terms of the securities and the characteristics of the private market. Based 

upon fair value, public fixed maturity securities represented 69% and 68%, respectively, of total fixed maturity 

securities as of December 31, 2023 and 2022. Private fixed maturity securities represented 31% and 32%, 

respectively, of total fixed maturity securities as of December 31, 2023 and 2022. 

We diversify our corporate securities by industry and issuer. As of December 31, 2023, our combined 

holdings in the 10 corporate issuers to which we had the greatest exposure was $1.8 billion, which was 

110 

111 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment portfolio 

The following table sets forth our cash, cash equivalents and invested assets as of December 31: 

(Amounts in millions) 

Carrying value  % of total 

Carrying value  % of total 

2023 

2022 

Available-for-sale fixed maturity securities: 

Public  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Private . . . . . . . . . . . . . . . . . . . . . . . . . . .

$32,189 

14,592 

Equity securities  . . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage loans, net  . . . . . . . . . .

Policy loans  . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . . . . . . . . .

Other invested assets  . . . . . . . . . . . . . . . . . . .

Cash, cash equivalents and restricted cash  . . .

Total cash, cash equivalents and 

396 

6,802 

2,220 

2,821 

731 

2,215 

51% 

24 

1 

10 

4 

5 

1 

4 

$31,757 

14,826 

319 

7,010 

2,139 

2,331 

566 

1,799 

53% 

24 

1 

11 

3 

4 

1 

3 

invested assets  . . . . . . . . . . . . . . . . . .

$61,966 

100% 

$60,747 

100% 

For a discussion of the change in cash, cash equivalents and invested assets, see the comparison for these 

line items under “—Consolidated Balance Sheets.” See note 5 to our consolidated financial statements under 

“Item 8—Financial Statements and Supplementary Data” for additional information related to our investment 

portfolio. 

We hold fixed maturity and equity securities, limited partnerships, derivatives, embedded derivatives and 

certain other financial instruments, which are carried at fair value. Fair value is the price that would be received 

to sell an asset in an orderly transaction between market participants at the measurement date. As of 

December 31, 2023, approximately 7% of our investment holdings recorded at fair value was based on 

significant inputs that were not market observable and were classified as Level 3 measurements. See note 21 to 

our consolidated financial statements under “Item 8—Financial Statements and Supplementary Data” for 

additional information related to fair value. 

The following table presents our public, private and total fixed maturity securities by the Nationally 
Recognized Statistical Rating Organizations (“NRSRO”) designations and/or equivalent ratings, as well as the 
percentage, based upon fair value that each designation comprises. Certain fixed maturity securities that are not 
rated by an NRSRO are shown based upon internally prepared credit evaluations. 

(Amounts in millions) 

NRSRO designation 

Public fixed maturity securities 
AAA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BBB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CCC and lower  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31, 

2023 

2022 

Amortized 
cost 

Fair 
value 

% of 
total 

Amortized 
cost 

Fair 
value 

% of 
total 

$ 2,779  $ 2,559 
6,170 
9,287 
13,645 
498 

6,461 
9,474 
14,346 
518 
32 
—  

8%  $ 6,394  $ 6,067 
19% 
2,859 
19 
9 
8,398 
29 
27 
13,623 
42 
43 
2 
776 
2 
34  —  
30  —  
—   —  
—   —  

3,146 
8,860 
14,964 
839 
37 
—  

Total public fixed maturity securities  . . . . . . . . . . .

$33,610  $32,189  100%  $34,240  $31,757  100% 

Private fixed maturity securities 
AAA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BBB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CCC and lower  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Not rated  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

866  $

1,574 
4,398 
7,709 
1,037 
149 
7 
15 

832 
1,477 
4,043 
7,126 
975 
117 

6%  $
10 
28 
48 
7 
1 
7  —  
15  —  

876  $

1,562 
4,675 
8,129 
1,217 
135 
—  
—  

6% 
825 
10 
1,421 
28 
4,170 
48 
7,221 
7 
1,076 
113 
1 
—   —  
—   —  

Total private fixed maturity securities  . . . . . . . . . .

$15,755  $14,592  100%  $16,594  $14,826  100% 

Total fixed maturity securities 
AAA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BBB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BB  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CCC and lower  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Not rated  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,645  $ 3,391 
7,647 
13,330 
20,771 
1,473 

8,035 
13,872 
22,055 
1,555 
181 
7 
15 

7%  $ 7,270  $ 6,892 
4,280 
16 
12,568 
29 
20,844 
45 
1,852 
3 
147  —  
7  —  
15  —  

4,708 
13,535 
23,093 
2,056 
172 
—  
—  

15% 
9 
27 
45 
4 
147  —  
—   —  
—   —  

Total fixed maturity securities  . . . . . . . . . . . . . . . .

$49,365  $46,781  100%  $50,834  $46,583  100% 

We invest in privately placed fixed maturity securities to increase diversification and obtain higher yields 

than can ordinarily be obtained with comparable public market securities. Generally, private placements provide 
us with protective covenants, call protection features and, where applicable, a higher level of collateral. However, 
our private placements are not as freely transferable as public securities because of restrictions imposed by 
federal and state securities laws, the terms of the securities and the characteristics of the private market. Based 
upon fair value, public fixed maturity securities represented 69% and 68%, respectively, of total fixed maturity 
securities as of December 31, 2023 and 2022. Private fixed maturity securities represented 31% and 32%, 
respectively, of total fixed maturity securities as of December 31, 2023 and 2022. 

We diversify our corporate securities by industry and issuer. As of December 31, 2023, our combined 

holdings in the 10 corporate issuers to which we had the greatest exposure was $1.8 billion, which was 

110 

111 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
approximately 3% of our total cash, cash equivalents and invested assets. The exposure to the largest single 
corporate issuer held as of December 31, 2023 was $273 million, which was less than 1% of our total cash, cash 
equivalents and invested assets. See note 5 to our consolidated financial statements under “Part II—Item 8—
Financial Statements and Supplementary Data” for additional information on diversification by sector. 

Other invested assets 

The following table sets forth the carrying values of our other invested assets as of December 31: 

2023 

2022 

(Amounts in millions) 

Carrying value  % of total 

Carrying value  % of total 

Bank loan investments  . . . . . . . . . . . . . . . . . .
Derivatives  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term investments . . . . . . . . . . . . . . . . . .
Other investments  . . . . . . . . . . . . . . . . . . . . . .

Total other invested assets  . . . . . . . . . . .

$529 
131 
27 
44 

$731 

72% 
18 
4 
6 

100% 

$467 
50 
3 
46 

$566 

82% 
9 
1 
8 

100% 

Bank loan investments increased from funding of additional investments, partially offset by principal 
payments in 2023. Derivatives increased largely from higher contracted notional interest rates on forward bond 
purchase commitments in excess of current market rates. 

Derivatives 

The activity associated with derivative instruments can generally be measured by the change in notional 

value over the periods presented. However, for fixed indexed annuity and indexed universal life embedded 

derivatives, the change between periods is best illustrated by the number of policies. The following tables 

represent activity associated with derivative instruments as of the dates indicated: 

Measurement 

2022 

Additions 

December 31, 

Maturities/ 

terminations 

December 31, 

2023 

(Notional in millions) 

Derivatives designated as hedges 

Cash flow hedges: 

Interest rate swaps  . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . . . . . . . .

Forward bond purchase commitments  . . .

Notional 

Notional 

Notional 

Total cash flow hedges  . . . . . . . . . . . . . . .

Total derivatives designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . .

Derivatives not designated as hedges 

$ 8,542 

$1,857 

$(1,424) 

$ 8,975 

144 

—  

8,686 

—  

1,075 

2,932 

(13) 

—  

131 

1,075 

(1,437) 

10,181 

8,686 

2,932 

(1,437) 

10,181 

Equity index options . . . . . . . . . . . . . . . . . . . . .

Financial futures  . . . . . . . . . . . . . . . . . . . . . . . .

Forward bond purchase commitments  . . . . . . .

Notional 

Notional 

Notional 

936 

1,403 

—  

729 

5,488 

500 

(963) 

(5,640) 

—  

702 

1,251 

500 

Total derivatives not designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . . . . . .

2,339 

6,717 

(6,603) 

2,453 

Total derivatives  . . . . . . . . . . . . . . . .

$11,025 

$9,649 

$(8,040) 

$12,634 

Measurement 

2022 

Additions 

December 31, 

Maturities/ 

terminations 

December 31, 

2023 

(Number of policies) 

Derivatives not designated as hedges 

Fixed indexed annuity embedded 

Indexed universal life embedded 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

7,315 

(1,489) 

5,826 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

771 

(22) 

749 

—  

—  

The increase in the notional value of derivatives was primarily attributable to the addition of forward bond 

purchase commitments and interest rate swaps that support our long-term care and universal life insurance 

businesses, partially offset by a decrease in equity index options used to support our fixed indexed annuity 

The number of policies with embedded derivatives decreased as these products are no longer being offered 

products. 

and continue to runoff. 

Critical Accounting Estimates 

The accounting estimates and assumptions (including sensitivities) discussed in this section are those that we 

consider to be critical to an understanding of our consolidated financial statements because their application places 

significant demands on our ability to judge the effect of inherently uncertain matters on our financial results. For all 

of these accounting estimates and assumptions (including sensitivities), we caution that future events seldom 

develop as estimated and management’s best estimates often require adjustment. See “Cautionary Note Regarding 

Forward-looking Statements.” For a detailed discussion of our significant accounting policies, see note 2 in our 

consolidated financial statements under “Item 8—Financial Statements and Supplementary Data.” 

112 

113 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
approximately 3% of our total cash, cash equivalents and invested assets. The exposure to the largest single 

corporate issuer held as of December 31, 2023 was $273 million, which was less than 1% of our total cash, cash 

equivalents and invested assets. See note 5 to our consolidated financial statements under “Part II—Item 8—

Financial Statements and Supplementary Data” for additional information on diversification by sector. 

Other invested assets 

The following table sets forth the carrying values of our other invested assets as of December 31: 

(Amounts in millions) 

Carrying value  % of total 

Carrying value  % of total 

2023 

2022 

Bank loan investments  . . . . . . . . . . . . . . . . . .

Derivatives  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term investments . . . . . . . . . . . . . . . . . .

Other investments  . . . . . . . . . . . . . . . . . . . . . .

72% 

18 

4 

6 

$467 

50 

3 

46 

82% 

9 

1 

8 

Total other invested assets  . . . . . . . . . . .

100% 

$566 

100% 

$529 

131 

27 

44 

$731 

Bank loan investments increased from funding of additional investments, partially offset by principal 

payments in 2023. Derivatives increased largely from higher contracted notional interest rates on forward bond 

purchase commitments in excess of current market rates. 

Derivatives 

The activity associated with derivative instruments can generally be measured by the change in notional 

value over the periods presented. However, for fixed indexed annuity and indexed universal life embedded 
derivatives, the change between periods is best illustrated by the number of policies. The following tables 
represent activity associated with derivative instruments as of the dates indicated: 

(Notional in millions) 

Derivatives designated as hedges 
Cash flow hedges: 

Measurement 

December 31, 
2022 

Additions 

Maturities/ 
terminations 

December 31, 
2023 

Interest rate swaps  . . . . . . . . . . . . . . . . . .
Foreign currency swaps  . . . . . . . . . . . . . .
Forward bond purchase commitments  . . .

Notional 
Notional 
Notional 

$ 8,542 
144 
—  

$1,857 
—  
1,075 

$(1,424) 
(13) 
—  

$ 8,975 
131 
1,075 

Total cash flow hedges  . . . . . . . . . . . . . . .

8,686 

2,932 

(1,437) 

10,181 

Total derivatives designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . .

Derivatives not designated as hedges 
Equity index options . . . . . . . . . . . . . . . . . . . . .
Financial futures  . . . . . . . . . . . . . . . . . . . . . . . .
Forward bond purchase commitments  . . . . . . .

Total derivatives not designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . . . . . .

8,686 

2,932 

(1,437) 

10,181 

Notional 
Notional 
Notional 

936 
1,403 
—  

729 
5,488 
500 

(963) 
(5,640) 
—  

702 
1,251 
500 

2,339 

6,717 

(6,603) 

2,453 

Total derivatives  . . . . . . . . . . . . . . . .

$11,025 

$9,649 

$(8,040) 

$12,634 

(Number of policies) 

Derivatives not designated as hedges 
Fixed indexed annuity embedded 

Measurement 

December 31, 
2022 

Additions 

Maturities/ 
terminations 

December 31, 
2023 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

7,315 

Indexed universal life embedded 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

771 

—  

—  

(1,489) 

5,826 

(22) 

749 

The increase in the notional value of derivatives was primarily attributable to the addition of forward bond 

purchase commitments and interest rate swaps that support our long-term care and universal life insurance 
businesses, partially offset by a decrease in equity index options used to support our fixed indexed annuity 
products. 

The number of policies with embedded derivatives decreased as these products are no longer being offered 

and continue to runoff. 

Critical Accounting Estimates 

The accounting estimates and assumptions (including sensitivities) discussed in this section are those that we 
consider to be critical to an understanding of our consolidated financial statements because their application places 
significant demands on our ability to judge the effect of inherently uncertain matters on our financial results. For all 
of these accounting estimates and assumptions (including sensitivities), we caution that future events seldom 
develop as estimated and management’s best estimates often require adjustment. See “Cautionary Note Regarding 
Forward-looking Statements.” For a detailed discussion of our significant accounting policies, see note 2 in our 
consolidated financial statements under “Item 8—Financial Statements and Supplementary Data.” 

112 

113 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The sensitivities in the tables below are changes that we consider to be reasonably possible given historical 
changes in market conditions and our experience with these products. The impacts are discrete and do not reflect 
the impact one factor may have on another. In any period and over time, our actual experience may have a 
positive or negative variance from our long-term assumptions, either singularly or collectively, and these 
variances may offset each other. 

Liability for future policy benefits 

The measurement of the liability for future policy benefits reflects estimates and actuarial assumptions and 

methodologies which involve the exercise of significant judgment and are inherently uncertain. Because these 
assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict 
and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual 
claims or the timing of those payments. Establishing assumptions for the liability for future policy benefits is 
complex and involves many factors. Any future adverse changes in our assumptions would likely result in the 
establishment of additional future policy benefit reserves with a corresponding loss recognized in net income 
(loss). Our future financial results depend significantly upon the extent to which our actual future experience is 
consistent with the assumptions we have used in determining our liability for future policy benefits. Even small 
changes in assumptions or small deviations of actual experience from assumptions could have, and in the past 
have had, material impacts on our reserve levels, results of operations and financial condition. Moreover, for our 
long-term care insurance products, we may not be able to mitigate the impact of unexpected adverse experience 
by increasing premiums and/or other charges to policyholders (where we have the right to do so) or by offering 
benefit reductions as an alternative to increasing premiums. 

The liability for future policy benefits is equal to the present value of expected future benefits and claim-

related expenses, less the present value of expected future net premiums. Cash flow assumptions, as applicable, 
used to estimate the liability for future policy benefits include health care experience (including type of care and 
cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force 
from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., 
frequency and severity of claim, including claim termination rates and benefit utilization rates), estimates of 
future in-force rate actions, which include premium rate increases and benefit reductions associated with our 
long-term care insurance products. The liability is measured for each group of contracts, or cohorts, using best 
estimate cash flow assumptions, which are reviewed at least annually in the fourth quarter or more frequently if 
actual experience indicates a change is required. The change in the liability for future policy benefits, at the 
locked-in discount rate, resulting from cash flow assumption updates and variances between actual and expected 
experience is reflected as liability remeasurement (gains) losses in the consolidated statements of income. 

See notes 2 and 10 in our consolidated financial statements under “Item 8—Financial Statements and 

Supplementary Data” for additional information related to the liability for future policy benefits. 

Long-term care insurance 

Key cash flow assumptions used to estimate the liability for future policy benefits for our long-term care 

insurance products include claim termination rates, incidence and benefit utilization rates, mortality, lapse rates 
and in-force rate actions. Claim termination rates represent the expected rates at which claims end. Incidence 
rates represent the likelihood the policyholder will go on claim. Benefit utilization rates represent how much of 
the available policy benefits are expected to be used. In-force rate actions represent the remaining premium rate 
increases and associated benefit reductions not yet achieved in our long-term care insurance multi-year in-force 
rate action plan and are based on our best estimate given our current plans for rate increase filings and our 
historical experience regarding rate increase approvals. In-force rate actions also include cash payments made to 
policyholders who elect certain reduced benefit options in connection with legal settlements, referred to as 
settlement payments. 

In the fourth quarter of 2023, liability remeasurement gains (losses) within net income included unfavorable 

cash flow assumption updates of $61 million primarily related to updates to our healthy life assumptions to better 

reflect near-term experience, partially offset by a favorable update to disabled life mortality assumptions to 

reflect an expectation that mortality will continue at elevated levels in the near term post-COVID-19. Updates 

also included favorable assumption updates for future in-force rate action approvals and benefit reductions based 

on recent favorable rate increase approval experience and feedback from regulators, along with the reflection of 

the third legal settlement, which had a muted favorable income statement impact in the fourth quarter of 2023 

because it primarily impacted profitable uncapped cohorts. In the fourth quarter of 2022, liability remeasurement 

gains (losses) within net income included favorable cash flow assumption updates of $303 million reflecting an 

expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of the second legal 

settlement, which primarily impacted capped cohorts. 

A summary of certain of our significant estimates and assumptions used in the calculation of our long-term 

care insurance liability for future policy benefits, net of reinsurance recoverable, was as follows for the years 

ended December 31: 

(Amounts in millions) 

2023 

2022 

2023 vs. 2022 

Present value of expected net premiums (1)  . . . . . . . . . . . . . . . .

Present value of expected future policy benefits (1) . . . . . . . . . .

$15,333 

$50,095 

$16,691 

$50,551 

$(1,358) 

$ (456) 

(8)% 

(1)% 

Increase 

(decrease) and 

percentage change 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 

and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 

(1)  At the locked-in discount rate. 

income for the year ended December 31, 2023: 

(Amounts in millions) 

5% increase in future claim costs (1)  . . . . . . . . . . . . . . . . . . . . .

Reduction in claim termination rates (2)  . . . . . . . . . . . . . . . . . .

10% reduction in benefit of future in-force rate actions (3) . . . .

$(1,490) 

$ (290) 

$ (175) 

(1)  Reflects the impact of an unfavorable assumption change for claim terminations, incidence or benefit 

utilization rates (any discrete adverse assumption changes therefrom or in combination with, that results in 

our future claim costs increasing by 5%). 

(2)  Reflects the impact of a 3% decrease in mortality and 8% decrease in lapse rates. 

(3)  Reflects the impact of an unfavorable change to our assumptions for future premium rate increases and 

benefit reductions. 

Life insurance 

Key cash flow assumptions used to estimate the liability for future policy benefits for our life insurance 

products include mortality and lapse rates. 

In the fourth quarter of 2023, liability remeasurement gains (losses) within net income included unfavorable 

cash flow assumption updates of $56 million primarily as a result of updates to our mortality assumptions, 

including emerging experience related to more modest mortality improvement and an expectation that mortality 

will continue at elevated levels in the near-term post-COVID-19. There were no cash flow assumption changes 

for our life insurance products in the fourth quarter of 2022. 

114 

115 

 
 
 
 
The sensitivities in the tables below are changes that we consider to be reasonably possible given historical 

changes in market conditions and our experience with these products. The impacts are discrete and do not reflect 

the impact one factor may have on another. In any period and over time, our actual experience may have a 

positive or negative variance from our long-term assumptions, either singularly or collectively, and these 

variances may offset each other. 

Liability for future policy benefits 

The measurement of the liability for future policy benefits reflects estimates and actuarial assumptions and 

methodologies which involve the exercise of significant judgment and are inherently uncertain. Because these 

assumptions relate to factors that are not known in advance, change over time, are difficult to accurately predict 

and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual 

claims or the timing of those payments. Establishing assumptions for the liability for future policy benefits is 

complex and involves many factors. Any future adverse changes in our assumptions would likely result in the 

establishment of additional future policy benefit reserves with a corresponding loss recognized in net income 

(loss). Our future financial results depend significantly upon the extent to which our actual future experience is 

consistent with the assumptions we have used in determining our liability for future policy benefits. Even small 

changes in assumptions or small deviations of actual experience from assumptions could have, and in the past 

have had, material impacts on our reserve levels, results of operations and financial condition. Moreover, for our 

long-term care insurance products, we may not be able to mitigate the impact of unexpected adverse experience 

by increasing premiums and/or other charges to policyholders (where we have the right to do so) or by offering 

benefit reductions as an alternative to increasing premiums. 

The liability for future policy benefits is equal to the present value of expected future benefits and claim-

related expenses, less the present value of expected future net premiums. Cash flow assumptions, as applicable, 

used to estimate the liability for future policy benefits include health care experience (including type of care and 

cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force 

from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., 

frequency and severity of claim, including claim termination rates and benefit utilization rates), estimates of 

future in-force rate actions, which include premium rate increases and benefit reductions associated with our 

long-term care insurance products. The liability is measured for each group of contracts, or cohorts, using best 

estimate cash flow assumptions, which are reviewed at least annually in the fourth quarter or more frequently if 

actual experience indicates a change is required. The change in the liability for future policy benefits, at the 

locked-in discount rate, resulting from cash flow assumption updates and variances between actual and expected 

experience is reflected as liability remeasurement (gains) losses in the consolidated statements of income. 

See notes 2 and 10 in our consolidated financial statements under “Item 8—Financial Statements and 

Supplementary Data” for additional information related to the liability for future policy benefits. 

Long-term care insurance 

Key cash flow assumptions used to estimate the liability for future policy benefits for our long-term care 

insurance products include claim termination rates, incidence and benefit utilization rates, mortality, lapse rates 

and in-force rate actions. Claim termination rates represent the expected rates at which claims end. Incidence 

rates represent the likelihood the policyholder will go on claim. Benefit utilization rates represent how much of 

the available policy benefits are expected to be used. In-force rate actions represent the remaining premium rate 

increases and associated benefit reductions not yet achieved in our long-term care insurance multi-year in-force 

rate action plan and are based on our best estimate given our current plans for rate increase filings and our 

historical experience regarding rate increase approvals. In-force rate actions also include cash payments made to 

policyholders who elect certain reduced benefit options in connection with legal settlements, referred to as 

settlement payments. 

In the fourth quarter of 2023, liability remeasurement gains (losses) within net income included unfavorable 
cash flow assumption updates of $61 million primarily related to updates to our healthy life assumptions to better 
reflect near-term experience, partially offset by a favorable update to disabled life mortality assumptions to 
reflect an expectation that mortality will continue at elevated levels in the near term post-COVID-19. Updates 
also included favorable assumption updates for future in-force rate action approvals and benefit reductions based 
on recent favorable rate increase approval experience and feedback from regulators, along with the reflection of 
the third legal settlement, which had a muted favorable income statement impact in the fourth quarter of 2023 
because it primarily impacted profitable uncapped cohorts. In the fourth quarter of 2022, liability remeasurement 
gains (losses) within net income included favorable cash flow assumption updates of $303 million reflecting an 
expected reserve reduction, net of estimated settlement payments, attributable to the inclusion of the second legal 
settlement, which primarily impacted capped cohorts. 

A summary of certain of our significant estimates and assumptions used in the calculation of our long-term 

care insurance liability for future policy benefits, net of reinsurance recoverable, was as follows for the years 
ended December 31: 

Increase 
(decrease) and 
percentage change 

(Amounts in millions) 

2023 

2022 

2023 vs. 2022 

Present value of expected net premiums (1)  . . . . . . . . . . . . . . . .
Present value of expected future policy benefits (1) . . . . . . . . . .

$15,333 
$50,095 

$16,691 
$50,551 

$(1,358) 
$ (456) 

(8)% 
(1)% 

(1)  At the locked-in discount rate. 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 
and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 
income for the year ended December 31, 2023: 

(Amounts in millions) 

5% increase in future claim costs (1)  . . . . . . . . . . . . . . . . . . . . .
Reduction in claim termination rates (2)  . . . . . . . . . . . . . . . . . .
10% reduction in benefit of future in-force rate actions (3) . . . .

$(1,490) 
$ (290) 
$ (175) 

(1)  Reflects the impact of an unfavorable assumption change for claim terminations, incidence or benefit 

utilization rates (any discrete adverse assumption changes therefrom or in combination with, that results in 
our future claim costs increasing by 5%). 

(2)  Reflects the impact of a 3% decrease in mortality and 8% decrease in lapse rates. 
(3)  Reflects the impact of an unfavorable change to our assumptions for future premium rate increases and 

benefit reductions. 

Life insurance 

Key cash flow assumptions used to estimate the liability for future policy benefits for our life insurance 

products include mortality and lapse rates. 

In the fourth quarter of 2023, liability remeasurement gains (losses) within net income included unfavorable 

cash flow assumption updates of $56 million primarily as a result of updates to our mortality assumptions, 
including emerging experience related to more modest mortality improvement and an expectation that mortality 
will continue at elevated levels in the near-term post-COVID-19. There were no cash flow assumption changes 
for our life insurance products in the fourth quarter of 2022. 

114 

115 

 
 
 
 
features in addition to the contract value where the additional benefit reserves are calculated by applying a 

benefit ratio to accumulated contractholder assessments, and then deducting accumulated paid claims, commonly 

referred to as the additional insurance liability. The benefit ratio is equal to the present value of total expected 

benefit payments over the life of the contract divided by the present value of total expected assessments over the 

life of the contract, discounted by the projected crediting rate. The assumptions used to calculate the benefit ratio 

include insured mortality, interest rates and policyholder persistency or lapses, among other assumptions. 

We perform an annual review of assumptions for our universal and term universal life insurance products in 

the fourth quarter. Our 2023 review resulted in an expense recorded to pre-tax income of $200 million primarily 

to reflect unfavorable persistency and mortality assumptions. We made unfavorable updates to our persistency 

assumptions in our universal life insurance products with secondary guarantees to better reflect emerging 

experience. We also made unfavorable updates to our mortality assumptions in universal and term universal life 

insurance products to better reflect emerging experience related to more modest mortality improvement and to 

include an expectation that mortality will continue at elevated levels in the near term post-COVID-19. Our 2022 

review resulted in a benefit recorded to pre-tax income of $37 million largely associated with higher interest 

rates. 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 

and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 

income for the year ended December 31, 2023: 

(Amounts in millions) 

100 basis point decrease in projected crediting rates . . . . . . . . . .

10% increase in persistency  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2% higher mortality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (50) 

$(213) 

$ (42) 

Liability for policy and contract claims 

The liability for policy and contract claims represents the amount needed to provide for the estimated 

ultimate cost of settling claims relating to insured events that have occurred on or before the end of the respective 

reporting period. The estimated liability includes requirements for future payments of: (i) losses that have been 

reported to the insurer; (ii) losses related to insured events that have occurred but that have not been reported to 

the insurer as of the date the liability is estimated; and (iii) loss adjustment expenses. Loss adjustment expenses 

include costs incurred in the claim settlement process such as legal fees and costs to record, process and adjust 

A summary of certain of our significant estimates used in the calculation of our life insurance liability for 

future policy benefits, net of reinsurance recoverable, was as follows for the years ended December 31: 

Increase 
(decrease) and 
percentage change 

(Amounts in millions) 

2023 

2022 

2023 vs. 2022 

Present value of expected net premiums (1) . . . . . . . . . . . . . . . . . . . .
Present value of expected future policy benefits (1) . . . . . . . . . . . . . .

$1,835 
$2,192 

$1,573 
$2,127 

$262 
$ 65 

17% 
3% 

(1)  At the locked-in discount rate and excluding the impacts of flooring adjustments. See note 2 in our 

consolidated financial statements under “Item 8—Financial Statements and Supplementary Data” for 
additional information. 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 
and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 
income for the year ended December 31, 2023: 

(Amounts in millions) 

2% higher mortality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10% increase in lapses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(20) 
$(60) 

Fixed annuities 

The key cash flow assumption used to estimate the liability for future policy benefits for our fixed annuity 

products is mortality. 

In the fourth quarters of 2023 and 2022, our annual review of cash flow assumptions had no impact on 

liability remeasurement gains (losses) within net income for our fixed annuity products. 

A summary of certain of our significant estimates and assumptions used in the calculation of our fixed 
annuities liability for future policy benefits, net of reinsurance recoverable, was as follows for the years ended 
December 31: 

(Amounts in millions) 

2023 

2022 

2023 vs. 2022 

Our liability for policy and contract claims is reviewed regularly, with changes in our estimates of future 

Total present value of expected future policy benefits (1) . . . . . . . . .

$2,691 

$2,897 

$(206) 

(7)% 

claims recorded through net income (loss). 

Increase 
(decrease) and 
percentage change 

claims. 

(1)  At the locked-in discount rate. 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 
and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 
income for the year ended December 31, 2023: 

(Amounts in millions) 

10% lower mortality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(60) 

Policyholder account balances – additional insurance liabilities 

The liability for policyholder account balances represents the contract value that has accrued to the benefit 

of the policyholder as of the balance sheet date for investment-type and universal and term universal life 
insurance contracts. We are also required to establish additional benefit reserves for guarantees or product 

Mortgage insurance 

Estimates and actuarial assumptions used for establishing loss reserves involve the exercise of significant 

judgment, and changes in assumptions or deviations of actual experience from assumptions can have material 

impacts on Enact’s loss reserves and net income (loss). Because these assumptions relate to factors that are not 

known in advance, change over time, are difficult to accurately predict and are inherently uncertain, Enact cannot 

determine with precision the ultimate amounts it will pay for actual claims or the timing of those payments. The 

sources of uncertainty affecting the estimates are numerous and include factors internal and external to Enact. 

Internal factors include, but are not limited to, changes in the mix of exposures, loss mitigation activities and 

claim settlement practices. Significant external influences include changes in home prices, unemployment, 

government housing policies, state foreclosure timelines, general economic conditions, interest rates, tax policy, 

credit availability and mortgage products. Small changes in assumptions or small deviations of actual experience 

from assumptions can have, and in the past have had, material impacts on Enact’s reserves, results of operations 

and financial condition. 

116 

117 

 
 
 
 
 
 
 
 
 
A summary of certain of our significant estimates used in the calculation of our life insurance liability for 

future policy benefits, net of reinsurance recoverable, was as follows for the years ended December 31: 

Increase 

(decrease) and 

percentage change 

(Amounts in millions) 

2023 

2022 

2023 vs. 2022 

Present value of expected net premiums (1) . . . . . . . . . . . . . . . . . . . .

Present value of expected future policy benefits (1) . . . . . . . . . . . . . .

$1,835 

$2,192 

$1,573 

$2,127 

$262 

$ 65 

17% 

3% 

(1)  At the locked-in discount rate and excluding the impacts of flooring adjustments. See note 2 in our 

consolidated financial statements under “Item 8—Financial Statements and Supplementary Data” for 

additional information. 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 

and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 

income for the year ended December 31, 2023: 

(Amounts in millions) 

2% higher mortality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10% increase in lapses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(20) 

$(60) 

Fixed annuities 

products is mortality. 

The key cash flow assumption used to estimate the liability for future policy benefits for our fixed annuity 

In the fourth quarters of 2023 and 2022, our annual review of cash flow assumptions had no impact on 

liability remeasurement gains (losses) within net income for our fixed annuity products. 

A summary of certain of our significant estimates and assumptions used in the calculation of our fixed 

annuities liability for future policy benefits, net of reinsurance recoverable, was as follows for the years ended 

December 31: 

Increase 

(decrease) and 

percentage change 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 

and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 

(1)  At the locked-in discount rate. 

income for the year ended December 31, 2023: 

(Amounts in millions) 

10% lower mortality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(60) 

Policyholder account balances – additional insurance liabilities 

The liability for policyholder account balances represents the contract value that has accrued to the benefit 

of the policyholder as of the balance sheet date for investment-type and universal and term universal life 

insurance contracts. We are also required to establish additional benefit reserves for guarantees or product 

features in addition to the contract value where the additional benefit reserves are calculated by applying a 
benefit ratio to accumulated contractholder assessments, and then deducting accumulated paid claims, commonly 
referred to as the additional insurance liability. The benefit ratio is equal to the present value of total expected 
benefit payments over the life of the contract divided by the present value of total expected assessments over the 
life of the contract, discounted by the projected crediting rate. The assumptions used to calculate the benefit ratio 
include insured mortality, interest rates and policyholder persistency or lapses, among other assumptions. 

We perform an annual review of assumptions for our universal and term universal life insurance products in 
the fourth quarter. Our 2023 review resulted in an expense recorded to pre-tax income of $200 million primarily 
to reflect unfavorable persistency and mortality assumptions. We made unfavorable updates to our persistency 
assumptions in our universal life insurance products with secondary guarantees to better reflect emerging 
experience. We also made unfavorable updates to our mortality assumptions in universal and term universal life 
insurance products to better reflect emerging experience related to more modest mortality improvement and to 
include an expectation that mortality will continue at elevated levels in the near term post-COVID-19. Our 2022 
review resulted in a benefit recorded to pre-tax income of $37 million largely associated with higher interest 
rates. 

The following sensitivities reflect hypothetical unfavorable changes to certain of our significant estimates 
and assumptions and the associated impact it would have on liability remeasurement gains (losses) within pre-tax 
income for the year ended December 31, 2023: 

(Amounts in millions) 

100 basis point decrease in projected crediting rates . . . . . . . . . .
10% increase in persistency  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2% higher mortality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (50) 
$(213) 
$ (42) 

Liability for policy and contract claims 

The liability for policy and contract claims represents the amount needed to provide for the estimated 
ultimate cost of settling claims relating to insured events that have occurred on or before the end of the respective 
reporting period. The estimated liability includes requirements for future payments of: (i) losses that have been 
reported to the insurer; (ii) losses related to insured events that have occurred but that have not been reported to 
the insurer as of the date the liability is estimated; and (iii) loss adjustment expenses. Loss adjustment expenses 
include costs incurred in the claim settlement process such as legal fees and costs to record, process and adjust 
claims. 

(Amounts in millions) 

2023 

2022 

2023 vs. 2022 

Our liability for policy and contract claims is reviewed regularly, with changes in our estimates of future 

Total present value of expected future policy benefits (1) . . . . . . . . .

$2,691 

$2,897 

$(206) 

(7)% 

claims recorded through net income (loss). 

Mortgage insurance 

Estimates and actuarial assumptions used for establishing loss reserves involve the exercise of significant 
judgment, and changes in assumptions or deviations of actual experience from assumptions can have material 
impacts on Enact’s loss reserves and net income (loss). Because these assumptions relate to factors that are not 
known in advance, change over time, are difficult to accurately predict and are inherently uncertain, Enact cannot 
determine with precision the ultimate amounts it will pay for actual claims or the timing of those payments. The 
sources of uncertainty affecting the estimates are numerous and include factors internal and external to Enact. 
Internal factors include, but are not limited to, changes in the mix of exposures, loss mitigation activities and 
claim settlement practices. Significant external influences include changes in home prices, unemployment, 
government housing policies, state foreclosure timelines, general economic conditions, interest rates, tax policy, 
credit availability and mortgage products. Small changes in assumptions or small deviations of actual experience 
from assumptions can have, and in the past have had, material impacts on Enact’s reserves, results of operations 
and financial condition. 

116 

117 

 
 
 
 
 
 
 
 
 
Enact establishes reserves to recognize the estimated liability for losses and loss adjustment expenses related 

The following tables summarize the primary sources of data considered when determining the fair value of 

to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in the 
inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and 
further estimating the amount of the claim payment, which is referred to as claim severity. The estimates are 
determined using a factor-based approach, in which assumptions of claim rates for loans in default and the 
average amount paid for loans that result in a claim are calculated using traditional actuarial techniques. Over 
time, as the status of the underlying delinquent loans moves toward foreclosure and the likelihood of the 
associated claim loss increases, the amount of the loss reserves associated with the potential claims may also 
increase. 

Enact’s management monitors actual experience, and where circumstances warrant, will revise its 
assumptions. The liability for loss reserves is reviewed regularly, with changes in estimates of future claims 
recorded through net income. Estimation of losses is based on historical claim and cure experience and covered 
exposures and is inherently judgmental. Future developments may result in losses greater or less than the liability 
for loss reserves provided. 

Enact’s loss reserves were $518 million and $519 million as of December 31, 2023 and 2022, respectively. 
In considering the potential sensitivity of the factors underlying Enact’s best estimate of its mortgage insurance 
reserves, it is possible that even a relatively small change in the estimated claim or severity rate could have a 
significant impact on loss reserves and, correspondingly, on our results of operations. For example, based on 
Enact’s actual experience during the three-year period ended December 31, 2023, a quarterly change of 5% in its 
average claim rate would change the gross loss reserve amount for such quarter by $75 million and a change of 
4% in its average severity rate would change the gross loss reserve amount for such quarter by $19 million. 

Valuation of fixed maturity securities. Our portfolio of fixed maturity securities comprises primarily 

investment grade securities, which are carried at fair value. 

The methodologies, estimates and assumptions used in valuing our fixed maturity securities evolve over 
time and are subject to different interpretations, all of which can lead to materially different estimates of fair 
value. Additionally, because the valuation is based on market conditions at a specific point in time, the 
period-to-period changes in fair value may vary significantly due to changing interest rates, as well as external 
macroeconomic and credit market conditions. For example, widening credit spreads will generally result in a 
decrease, while tightening credit spreads will generally result in an increase, in the fair value of our fixed 
maturity securities. Additionally, during periods of increasing interest rates, the market values of lower-yielding 
assets will decline. See “Item 7A—Quantitative and Qualitative Disclosures About Market Risk—Sensitivity 
Analysis—Interest Rate Risk” for the impact of hypothetical changes in interest rates on our investments 
portfolio. 

Our valuation techniques maximize the use of observable inputs. However, for certain less liquid securities, 
categorized as Level 3, the valuation inputs and assumptions cannot be corroborated with observable market data 
and require greater estimation, resulting in values that are less certain. Additionally, the availability of observable 
market information may change as certain inputs may be more direct drivers of valuation at the time of pricing, 
or if certain assets previously in active markets become less liquid due to changes in the financial environment. 
As a result, more securities may be categorized as Level 3 and require more subjectivity and management 
judgment. As of December 31, 2023, 6% of our total fixed maturity securities related to Level 3 fixed maturity 
securities valued using internal pricing models. See notes 2, 5 and 21 in our consolidated financial statements 
under “Item 8—Financial Statements and Supplementary Data” for additional information related to the 
valuation of fixed maturity securities and a description of the fair value measurement estimates and level 
assignments. 

fixed maturity securities as of December 31: 

(Amounts in millions) 

Fixed maturity securities: 

2023 

Total 

Level 1 

Level 2 

Level 3 

Pricing services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$41,311 

$ —  

$41,311 

$ —  

Broker quotes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Internal models  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

221 

5,249 

—  

—  

—  

2,374 

221 

2,875 

Total fixed maturity securities  . . . . . . . . . . . . . . .

$46,781 

$ —  

$43,685 

$3,096 

(Amounts in millions) 

Fixed maturity securities: 

Pricing services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$41,113 

$ —  

$41,113 

$ —  

Broker quotes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Internal models  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

250 

5,220 

—  

—  

—  

2,280 

250 

2,940 

Total fixed maturity securities  . . . . . . . . . . . . . . .

$46,583 

$ —  

$43,393 

$3,190 

2022 

Total 

Level 1 

Level 2 

Level 3 

Consolidated Balance Sheets 

Total assets. Total assets increased $1,103 million from $89,714 million as of December 31, 2022 to 

$90,817 million as of December 31, 2023. 

•

Invested assets increased $803 million primarily attributable to increases of $490 million in 

limited partnerships, $198 million in fixed maturity securities and $165 million in other invested 

assets, partially offset by a decrease of $208 million in commercial mortgage loans in 2023. 

Limited partnerships increased largely from capital calls in 2023. The increase in fixed maturity 

securities was predominantly related to tightening credit spreads increasing the fair value of our 

fixed maturity investment portfolio, partially offset by net sales and maturities in 2023. The 

increase in other invested assets was primarily related to derivatives and bank loan investments. 

Commercial mortgage loans decreased mostly due to payments outpacing originations in 2023. 

We continue to monitor macroeconomic trends and rebalance our investment holdings in 

commercial real estate. 

• Cash and cash equivalents increased $416 million primarily related to net sales and maturities of 

fixed maturity securities and commercial mortgage loan payments outpacing originations, 

partially offset by net withdrawals from our investment contracts and repurchases of Genworth 

Financial’s common stock in 2023. 

• Deferred acquisition costs decreased $223 million primarily attributable to amortization in our life 

and long-term care insurance products in 2023. 

Total liabilities. Total liabilities increased $1,154 million from $81,328 million as of December 31, 2022 to 

$82,482 million as of December 31, 2023. 

• The liability for future policy benefits increased $2,248 million primarily from a decrease in the 

single-A interest rate used to discount the liability for future policy benefits and aging of our long-

term care insurance in-force block, partially offset by the runoff of our life insurance and fixed 

annuity products. The increase also includes the effects of changes in cash flow assumptions and 

variances between actual and expected experience. See “—Critical Accounting Estimates—

Liability for future policy benefits” for additional information on the impact of changes in cash 

flow assumptions. 

118 

119 

 
 
 
 
 
 
 
 
 
 
Enact establishes reserves to recognize the estimated liability for losses and loss adjustment expenses related 

The following tables summarize the primary sources of data considered when determining the fair value of 

to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in the 

inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and 

further estimating the amount of the claim payment, which is referred to as claim severity. The estimates are 

determined using a factor-based approach, in which assumptions of claim rates for loans in default and the 

average amount paid for loans that result in a claim are calculated using traditional actuarial techniques. Over 

time, as the status of the underlying delinquent loans moves toward foreclosure and the likelihood of the 

associated claim loss increases, the amount of the loss reserves associated with the potential claims may also 

increase. 

Enact’s management monitors actual experience, and where circumstances warrant, will revise its 

assumptions. The liability for loss reserves is reviewed regularly, with changes in estimates of future claims 

recorded through net income. Estimation of losses is based on historical claim and cure experience and covered 

exposures and is inherently judgmental. Future developments may result in losses greater or less than the liability 

for loss reserves provided. 

Enact’s loss reserves were $518 million and $519 million as of December 31, 2023 and 2022, respectively. 

In considering the potential sensitivity of the factors underlying Enact’s best estimate of its mortgage insurance 

reserves, it is possible that even a relatively small change in the estimated claim or severity rate could have a 

significant impact on loss reserves and, correspondingly, on our results of operations. For example, based on 

Enact’s actual experience during the three-year period ended December 31, 2023, a quarterly change of 5% in its 

average claim rate would change the gross loss reserve amount for such quarter by $75 million and a change of 

4% in its average severity rate would change the gross loss reserve amount for such quarter by $19 million. 

Valuation of fixed maturity securities. Our portfolio of fixed maturity securities comprises primarily 

investment grade securities, which are carried at fair value. 

The methodologies, estimates and assumptions used in valuing our fixed maturity securities evolve over 

time and are subject to different interpretations, all of which can lead to materially different estimates of fair 

value. Additionally, because the valuation is based on market conditions at a specific point in time, the 

period-to-period changes in fair value may vary significantly due to changing interest rates, as well as external 

macroeconomic and credit market conditions. For example, widening credit spreads will generally result in a 

decrease, while tightening credit spreads will generally result in an increase, in the fair value of our fixed 

maturity securities. Additionally, during periods of increasing interest rates, the market values of lower-yielding 

assets will decline. See “Item 7A—Quantitative and Qualitative Disclosures About Market Risk—Sensitivity 

Analysis—Interest Rate Risk” for the impact of hypothetical changes in interest rates on our investments 

portfolio. 

Our valuation techniques maximize the use of observable inputs. However, for certain less liquid securities, 

categorized as Level 3, the valuation inputs and assumptions cannot be corroborated with observable market data 

and require greater estimation, resulting in values that are less certain. Additionally, the availability of observable 

market information may change as certain inputs may be more direct drivers of valuation at the time of pricing, 

or if certain assets previously in active markets become less liquid due to changes in the financial environment. 

As a result, more securities may be categorized as Level 3 and require more subjectivity and management 

judgment. As of December 31, 2023, 6% of our total fixed maturity securities related to Level 3 fixed maturity 

securities valued using internal pricing models. See notes 2, 5 and 21 in our consolidated financial statements 

under “Item 8—Financial Statements and Supplementary Data” for additional information related to the 

valuation of fixed maturity securities and a description of the fair value measurement estimates and level 

assignments. 

fixed maturity securities as of December 31: 

(Amounts in millions) 

Fixed maturity securities: 

2023 

Total 

Level 1 

Level 2 

Level 3 

Pricing services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broker quotes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Internal models  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$41,311 
221 
5,249 

$ —  
—  
—  

$41,311 
—  
2,374 

$ —  
221 
2,875 

Total fixed maturity securities  . . . . . . . . . . . . . . .

$46,781 

$ —  

$43,685 

$3,096 

(Amounts in millions) 

Fixed maturity securities: 

2022 

Total 

Level 1 

Level 2 

Level 3 

Pricing services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broker quotes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Internal models  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$41,113 
250 
5,220 

$ —  
—  
—  

$41,113 
—  
2,280 

$ —  
250 
2,940 

Total fixed maturity securities  . . . . . . . . . . . . . . .

$46,583 

$ —  

$43,393 

$3,190 

Consolidated Balance Sheets 

Total assets. Total assets increased $1,103 million from $89,714 million as of December 31, 2022 to 

$90,817 million as of December 31, 2023. 

•

Invested assets increased $803 million primarily attributable to increases of $490 million in 
limited partnerships, $198 million in fixed maturity securities and $165 million in other invested 
assets, partially offset by a decrease of $208 million in commercial mortgage loans in 2023. 
Limited partnerships increased largely from capital calls in 2023. The increase in fixed maturity 
securities was predominantly related to tightening credit spreads increasing the fair value of our 
fixed maturity investment portfolio, partially offset by net sales and maturities in 2023. The 
increase in other invested assets was primarily related to derivatives and bank loan investments. 
Commercial mortgage loans decreased mostly due to payments outpacing originations in 2023. 
We continue to monitor macroeconomic trends and rebalance our investment holdings in 
commercial real estate. 

• Cash and cash equivalents increased $416 million primarily related to net sales and maturities of 

fixed maturity securities and commercial mortgage loan payments outpacing originations, 
partially offset by net withdrawals from our investment contracts and repurchases of Genworth 
Financial’s common stock in 2023. 

• Deferred acquisition costs decreased $223 million primarily attributable to amortization in our life 

and long-term care insurance products in 2023. 

Total liabilities. Total liabilities increased $1,154 million from $81,328 million as of December 31, 2022 to 

$82,482 million as of December 31, 2023. 

• The liability for future policy benefits increased $2,248 million primarily from a decrease in the 

single-A interest rate used to discount the liability for future policy benefits and aging of our long-
term care insurance in-force block, partially offset by the runoff of our life insurance and fixed 
annuity products. The increase also includes the effects of changes in cash flow assumptions and 
variances between actual and expected experience. See “—Critical Accounting Estimates—
Liability for future policy benefits” for additional information on the impact of changes in cash 
flow assumptions. 

118 

119 

 
 
 
 
 
 
 
 
 
 
•

Policyholder account balances decreased $1,024 million primarily from surrenders, benefit 
payments and policy charges in our fixed annuity and universal and term universal life insurance 
products in 2023, partially offset by an increase in additional insurance liabilities due to changes 
in cash flow assumptions. See “—Critical Accounting Estimates—Policyholder account balances 
—additional insurance liabilities” for additional information. 

• Market risk benefit liabilities decreased $123 million mostly related to favorable equity market 

performance in 2023. 

Total equity. Total equity decreased $51 million from $8,386 million as of December 31, 2022 to 

$8,335 million as of December 31, 2023. 

• We reported net income available to Genworth Financial, Inc.’s common stockholders of 

$76 million for the year ended December 31, 2023. 

• Unrealized gains (losses) on investments increased total equity by $1,277 million primarily from 

tightening credit spreads in 2023. 

• Change in the discount rate used to measure future policy benefits decreased total equity by 

$1,036 million largely attributable to a decrease in the single-A interest rate used to discount the 
liability for future policy benefits and related reinsurance recoverables (net of deferred taxes) in 
2023. 

• Treasury stock increased $299 million primarily due to the repurchase of Genworth Financial’s 
common stock, at cost, including excise taxes and other costs paid in connection with acquiring 
the shares, resulting in a decrease to total equity in 2023. 

Liquidity and Capital Resources 

Liquidity and capital resources represent our overall financial strength and our ability to generate cash flows 

from our businesses, borrow funds at competitive rates and raise new capital to meet our operating and growth 
needs. 

Overview of cash flows—Genworth and subsidiaries 

The following table sets forth our condensed consolidated cash flows for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Net cash from operating activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash from investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used by financing activities  . . . . . . . . . . . . . . . . . . . . . . . . . .

$

597 
1,261 
(1,443) 

$ 1,049 
733 
(1,554) 

$

437 
896 
(2,419) 

Net increase (decrease) in cash before foreign exchange effect  . . . . .

$

415 

$

228 

$(1,086) 

Our principal sources of cash include sales of our products and services, income from our investment 
portfolio and proceeds from sales of investments. As an insurance business, we typically generate positive cash 
flows from operating activities, as premiums collected from our insurance products and income received from 
our investments typically exceed policy acquisition costs, benefits and claims paid, redemptions and operating 
expenses. Our cash flows from operating activities are affected by the timing of premiums, fees and investment 
income received and benefits, claims and expenses paid. Positive cash flows from operating activities are then 
invested to support the obligations of our insurance and investment products and required capital supporting 
these products. In analyzing our cash flows, we focus on the change in the amount of cash available and used in 
investing activities. Changes in cash from financing activities primarily relate to deposits to, and redemptions and 
benefit payments on, universal life insurance and investment contracts; the issuance of debt and equity securities; 
the repayment or repurchase of borrowings; the repurchase of common stock presented as treasury stock; and 
other capital transactions. 

2023 compared to 2022 

Net cash inflows from operating activities were lower primarily due to higher benefit payments in our long-

term care insurance business in 2023, partially offset by net cash disbursements in 2022 associated with the 

return of cash collateral received from counterparties under our derivative contracts. 

Net cash inflows from investing activities were higher mainly due to commercial mortgage loan payments 

outpacing originations in 2023 compared to originations outpacing payments in 2022, as well as higher net sales 

and maturities of fixed maturity securities in 2023. 

Net cash outflows used by financing activities were lower primarily due to lower repurchases and 

repayments of Genworth Holdings’ debt in 2023 and a settlement payment related to a Tax Matters Agreement 

with GE in 2022 that did not recur, partially offset by higher repurchases of Genworth Financial’s common stock 

in 2023. 

Genworth—holding company liquidity 

In consideration of our liquidity, it is important to separate the needs of our holding companies from the 

needs of their respective subsidiaries. Genworth Financial and Genworth Holdings each act as a holding 

company for their respective subsidiaries and do not have any significant operations of their own. Genworth 

Financial’s and Genworth Holdings’ principal sources of cash are derived from dividends and other returns of 

capital from Enact Holdings. Additional sources of cash have included subsidiary payments to them under tax 

sharing and expense reimbursement arrangements and proceeds from borrowings or securities issuances. The 

primary uses of funds at Genworth Financial and Genworth Holdings include payments of principal, interest and 

other expenses on borrowings or other obligations, payment of holding company general operating expenses 

(including employee benefits and taxes), payments under guarantees (including guarantees of certain subsidiary 

obligations), payments to subsidiaries (and, in the case of Genworth Holdings, to Genworth Financial) under tax 

sharing agreements, contributions to subsidiaries, repurchases of debt securities, repurchases of Genworth 

Financial’s common stock and, in the case of Genworth Holdings, loans, dividends or other distributions to 

Genworth Financial. For more information on our tax obligations, refer to note 18 in our consolidated financial 

statements under “Item 8—Financial Statements and Supplementary Data.” 

Management’s focus is predominantly on Genworth Holdings’ liquidity given it is the issuer of our 

outstanding public debt. As of December 31, 2023, our principal U.S. life insurance subsidiaries had negative 

unassigned surplus of approximately $563 million under statutory accounting, and as a result, we do not expect 

these subsidiaries to pay dividends for the foreseeable future. Therefore, our liquidity at the holding company 

level is highly dependent on the performance of Enact Holdings and its ability to pay timely dividends and other 

forms of capital returns to Genworth Holdings as anticipated. Genworth Financial has the right to appoint a 

majority of directors to the board of directors of Enact Holdings; however, actions taken by Enact Holdings and 

its board of directors are subject to and may be limited by the interests of Enact Holdings, including but not 

limited to, its use of capital for growth opportunities and regulatory requirements. Future dividends will be 

subject to quarterly review and approval by Enact Holdings’ board of directors and Genworth Financial and will 

also be dependent on a variety of economic, market and business conditions, among other considerations. 

Insurance laws and regulations regulate the payment of dividends and other distributions to Genworth Financial 

and Genworth Holdings by their insurance subsidiaries. See “—Regulated insurance subsidiaries” for additional 

details. 

Enact Holdings continues to evaluate its capital allocation strategy to consistently support its existing 

policyholders, grow its mortgage insurance business, fund attractive new business opportunities and return 

capital to shareholders. In addition to its quarterly cash dividend program, on November 1, 2022, Enact Holdings 

announced the approval by its board of directors of a share repurchase program under which Enact Holdings 

could repurchase up to $75 million of its outstanding common stock, and on August 1, 2023, announced the 

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•

Policyholder account balances decreased $1,024 million primarily from surrenders, benefit 

payments and policy charges in our fixed annuity and universal and term universal life insurance 

products in 2023, partially offset by an increase in additional insurance liabilities due to changes 

in cash flow assumptions. See “—Critical Accounting Estimates—Policyholder account balances 

—additional insurance liabilities” for additional information. 

• Market risk benefit liabilities decreased $123 million mostly related to favorable equity market 

performance in 2023. 

Total equity. Total equity decreased $51 million from $8,386 million as of December 31, 2022 to 

$8,335 million as of December 31, 2023. 

• We reported net income available to Genworth Financial, Inc.’s common stockholders of 

$76 million for the year ended December 31, 2023. 

• Unrealized gains (losses) on investments increased total equity by $1,277 million primarily from 

tightening credit spreads in 2023. 

• Change in the discount rate used to measure future policy benefits decreased total equity by 

$1,036 million largely attributable to a decrease in the single-A interest rate used to discount the 

liability for future policy benefits and related reinsurance recoverables (net of deferred taxes) in 

2023. 

• Treasury stock increased $299 million primarily due to the repurchase of Genworth Financial’s 

common stock, at cost, including excise taxes and other costs paid in connection with acquiring 

the shares, resulting in a decrease to total equity in 2023. 

Liquidity and Capital Resources 

Liquidity and capital resources represent our overall financial strength and our ability to generate cash flows 

from our businesses, borrow funds at competitive rates and raise new capital to meet our operating and growth 

needs. 

Overview of cash flows—Genworth and subsidiaries 

The following table sets forth our condensed consolidated cash flows for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Net cash from operating activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

597 

$ 1,049 

$

Net cash from investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash used by financing activities  . . . . . . . . . . . . . . . . . . . . . . . . . .

1,261 

(1,443) 

733 

(1,554) 

(2,419) 

437 

896 

Net increase (decrease) in cash before foreign exchange effect  . . . . .

$

415 

$

228 

$(1,086) 

Our principal sources of cash include sales of our products and services, income from our investment 

portfolio and proceeds from sales of investments. As an insurance business, we typically generate positive cash 

flows from operating activities, as premiums collected from our insurance products and income received from 

our investments typically exceed policy acquisition costs, benefits and claims paid, redemptions and operating 

expenses. Our cash flows from operating activities are affected by the timing of premiums, fees and investment 

income received and benefits, claims and expenses paid. Positive cash flows from operating activities are then 

invested to support the obligations of our insurance and investment products and required capital supporting 

these products. In analyzing our cash flows, we focus on the change in the amount of cash available and used in 

investing activities. Changes in cash from financing activities primarily relate to deposits to, and redemptions and 

benefit payments on, universal life insurance and investment contracts; the issuance of debt and equity securities; 

the repayment or repurchase of borrowings; the repurchase of common stock presented as treasury stock; and 

other capital transactions. 

2023 compared to 2022 

Net cash inflows from operating activities were lower primarily due to higher benefit payments in our long-

term care insurance business in 2023, partially offset by net cash disbursements in 2022 associated with the 
return of cash collateral received from counterparties under our derivative contracts. 

Net cash inflows from investing activities were higher mainly due to commercial mortgage loan payments 
outpacing originations in 2023 compared to originations outpacing payments in 2022, as well as higher net sales 
and maturities of fixed maturity securities in 2023. 

Net cash outflows used by financing activities were lower primarily due to lower repurchases and 

repayments of Genworth Holdings’ debt in 2023 and a settlement payment related to a Tax Matters Agreement 
with GE in 2022 that did not recur, partially offset by higher repurchases of Genworth Financial’s common stock 
in 2023. 

Genworth—holding company liquidity 

In consideration of our liquidity, it is important to separate the needs of our holding companies from the 

needs of their respective subsidiaries. Genworth Financial and Genworth Holdings each act as a holding 
company for their respective subsidiaries and do not have any significant operations of their own. Genworth 
Financial’s and Genworth Holdings’ principal sources of cash are derived from dividends and other returns of 
capital from Enact Holdings. Additional sources of cash have included subsidiary payments to them under tax 
sharing and expense reimbursement arrangements and proceeds from borrowings or securities issuances. The 
primary uses of funds at Genworth Financial and Genworth Holdings include payments of principal, interest and 
other expenses on borrowings or other obligations, payment of holding company general operating expenses 
(including employee benefits and taxes), payments under guarantees (including guarantees of certain subsidiary 
obligations), payments to subsidiaries (and, in the case of Genworth Holdings, to Genworth Financial) under tax 
sharing agreements, contributions to subsidiaries, repurchases of debt securities, repurchases of Genworth 
Financial’s common stock and, in the case of Genworth Holdings, loans, dividends or other distributions to 
Genworth Financial. For more information on our tax obligations, refer to note 18 in our consolidated financial 
statements under “Item 8—Financial Statements and Supplementary Data.” 

Management’s focus is predominantly on Genworth Holdings’ liquidity given it is the issuer of our 
outstanding public debt. As of December 31, 2023, our principal U.S. life insurance subsidiaries had negative 
unassigned surplus of approximately $563 million under statutory accounting, and as a result, we do not expect 
these subsidiaries to pay dividends for the foreseeable future. Therefore, our liquidity at the holding company 
level is highly dependent on the performance of Enact Holdings and its ability to pay timely dividends and other 
forms of capital returns to Genworth Holdings as anticipated. Genworth Financial has the right to appoint a 
majority of directors to the board of directors of Enact Holdings; however, actions taken by Enact Holdings and 
its board of directors are subject to and may be limited by the interests of Enact Holdings, including but not 
limited to, its use of capital for growth opportunities and regulatory requirements. Future dividends will be 
subject to quarterly review and approval by Enact Holdings’ board of directors and Genworth Financial and will 
also be dependent on a variety of economic, market and business conditions, among other considerations. 
Insurance laws and regulations regulate the payment of dividends and other distributions to Genworth Financial 
and Genworth Holdings by their insurance subsidiaries. See “—Regulated insurance subsidiaries” for additional 
details. 

Enact Holdings continues to evaluate its capital allocation strategy to consistently support its existing 
policyholders, grow its mortgage insurance business, fund attractive new business opportunities and return 
capital to shareholders. In addition to its quarterly cash dividend program, on November 1, 2022, Enact Holdings 
announced the approval by its board of directors of a share repurchase program under which Enact Holdings 
could repurchase up to $75 million of its outstanding common stock, and on August 1, 2023, announced the 

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121 

authorization of an additional $100 million of common stock repurchases under a new share repurchase program. 
Genworth Holdings agreed to participate in order to maintain its overall ownership at its current level. As the 
majority shareholder, Genworth Holdings received $245 million of capital returns from Enact Holdings in 2023, 
comprised of quarterly dividends, a special dividend and share repurchases. The timing and number of future 
shares repurchased under the share repurchase program will depend on a variety of factors, including Enact 
Holdings’ stock price and trading volume, and general business and market conditions, among other factors. 

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 
which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. On 
July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 
repurchases under its existing share repurchase program. Pursuant to the program, during 2023, Genworth 
Financial repurchased 51,739,098 shares of its common stock at an average price of $5.70 per share for a total of 
$295 million, excluding excise taxes and other associated costs. In 2024, Genworth Financial also repurchased 
4,197,740 shares of its common stock through February 13, 2024 for approximately $25 million, leaving 
approximately $316 million remaining authorization under the share repurchase program. Further repurchases 
under the program will continue to be funded from holding company capital, as well as future cash flow 
generation, including expected future capital returns from Enact Holdings. Under the program, share repurchases 
may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated 
transactions, or by other means, including through Rule 10b5-1 trading plans. The timing and number of future 
shares repurchased under the program will depend on a variety of factors, including Genworth Financial’s stock 
price and trading volume, and general business and market conditions, among other factors. The authorization 
has no expiration date and may be modified, suspended or terminated at any time. 

Our future use of liquidity and capital will prioritize future strategic investments in CareScout and returning 
capital to Genworth Financial’s shareholders through share repurchases. We expect to continue to provide capital 
to CareScout to help advance our senior care growth initiatives related to the needs of elderly Americans, as well 
as their caregivers and families. We may also from time to time seek to repurchase or redeem outstanding debt 
(with cash on hand, proceeds from the issuance of new debt and/or the proceeds from asset or stock sales) in 
open market purchases, tender offers, privately negotiated transactions or otherwise. 

Genworth Holdings had $350 million and $307 million of unrestricted cash and cash equivalents as of 

December 31, 2023 and 2022, respectively. The increase was principally driven by capital returns from Enact 
Holdings and intercompany cash tax payments received from Genworth Holdings’ subsidiaries, partially offset 
by Genworth Financial’s common stock repurchases and debt interest payments in 2023. We believe Genworth 
Holdings’ unrestricted cash and cash equivalents provide sufficient liquidity to meet its financial obligations over 
the next twelve months. However, in the third quarter of 2023, we made a federal tax payment based on our 
projection of current taxable income and utilization of our remaining foreign tax credits, and we expect the 
amount of intercompany cash tax payments retained by Genworth Holdings from its subsidiaries to be lower 
starting in 2024 as compared to the amounts received during 2022 and 2023. We also expect Genworth Holdings’ 
liquidity to continue to be significantly impacted by the amounts and timing of Genworth Financial’s share 
repurchases as well as future dividends and other forms of capital returns from Enact Holdings. 

We actively monitor our liquidity position (most notably at Genworth Holdings), liquidity generation 
options and the credit markets given changing market conditions. Genworth Holdings’ cash management target is 
to maintain a cash buffer of two times expected annual external debt interest payments. Genworth Holdings may 
move below or above this targeted cash buffer during any given quarter due to the timing of cash outflows and 
inflows or from future actions. Management of Genworth Financial continues to evaluate Genworth Holdings’ 
target level of liquidity as circumstances warrant. 

conditions, regulatory considerations, the general availability of credit, credit ratings and the performance of and 

outlook for Enact Holdings and the payment of dividends and other returns of capital therefrom. For a discussion 

of certain risks associated with our liquidity and dependency on dividends paid by Enact Holdings, see “Item 

1A—Risk Factors—Genworth Financial and Genworth Holdings depend on the ability of Enact Holdings and its 

subsidiaries to pay dividends and make other payments and distributions to each of them and to meet their 

obligations,” and “Item 1A—Risk Factors—Our sources of capital have become more limited, and under certain 

conditions we may need to seek additional capital on unfavorable terms.” These risks may be exacerbated by the 

economic impact of current elevated interest rates and overall housing trends. 

During 2023 and 2022, Genworth Holdings repurchased $32 million and $143 million, respectively, 

principal amount of its debt, and in 2022, early redeemed $152 million of its 4.80% senior notes originally 

scheduled to mature in February 2024. As of December 31, 2023, Genworth Holdings had $856 million principal 

of outstanding debt, with no maturities due until June 2034. 

On October 25, 2023, Genworth Holdings completed a consent solicitation from bondholders representing a 

majority in principal amount of its 6.50% senior notes due in 2034 (“2034 Notes”) to amend the Replacement 

Capital Covenant, dated as of November 14, 2006. The amendment permits Genworth Holdings to repay, redeem 

or repurchase $2,000 principal amount of its floating rate junior subordinated notes due in 2066 (“2066 Notes”) 

for each $1,000 principal amount of its 2034 Notes repaid, redeemed or repurchased. 

In December 2022, the Board of Governors of the Federal Reserve System adopted a final rule that 

established benchmark rates, based on the Secured Overnight Financing Rate (“SOFR”), that replaced the 

London Interbank Offered Rate (“LIBOR”) after its elimination on June 30, 2023. Pursuant to the final rule, 

Genworth Holdings’ 2066 Notes, which had an annual interest rate equal to three-month LIBOR plus 2.0025%, 

transitioned in the third quarter of 2023 to an annual interest rate equal to the three-month Term SOFR Reference 

Rate, plus a tenor spread adjustment of 0.26161%, plus an additional spread of 2.0025%. We do not expect this 

change to have a material impact on our results of operations or liquidity. In addition, given the reduction in 

Genworth Holdings’ debt and corresponding decrease in debt service costs, we do not expect a significant impact 

on our liquidity from the rise in interest rates in 2022 and 2023. 

On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides 

for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, 

including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted 

basis, by an additional aggregate principal amount of up to $100 million. As of December 31, 2023, Enact 

Holdings was in compliance with all covenants and the credit facility remained undrawn. Enact Holdings also has 

$750 million principal amount of senior notes due in August 2025. 

Enact Holdings continually evaluates opportunities based upon market conditions to further increase its 

financial flexibility including through raising additional capital, restructuring or refinancing some or all of its 

outstanding debt or pursuing other options such as reinsurance or credit risk transfer transactions. There can be 

no guarantee that any such opportunities will be available on favorable terms or at all. 

Other than its senior notes due in August 2025, Enact Holdings has no material outstanding debt obligations 

that are expected to affect its liquidity over the next five years. We believe that the operating cash flows 

generated by Enact Holdings’ mortgage insurance subsidiaries will provide the funds necessary to satisfy its 

claim payments, operating expenses and taxes. 

For further information about our borrowings, refer to note 17 in our consolidated financial statements under 

“Item 8—Financial Statements and Supplementary Data.” 

Capital resources and financing activities 

Regulated insurance subsidiaries 

Our current capital resource plans do not include any additional debt offerings or minority sales of Enact 

Holdings. The availability of additional capital resources will depend on a variety of factors such as market 

Insurance laws and regulations regulate the payment of dividends and other distributions to us by our 

insurance subsidiaries. See note 22 in our consolidated financial statements under “Item 8—Financial Statements 

122 

123 

authorization of an additional $100 million of common stock repurchases under a new share repurchase program. 

Genworth Holdings agreed to participate in order to maintain its overall ownership at its current level. As the 

majority shareholder, Genworth Holdings received $245 million of capital returns from Enact Holdings in 2023, 

comprised of quarterly dividends, a special dividend and share repurchases. The timing and number of future 

shares repurchased under the share repurchase program will depend on a variety of factors, including Enact 

Holdings’ stock price and trading volume, and general business and market conditions, among other factors. 

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 

which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. On 

July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 

repurchases under its existing share repurchase program. Pursuant to the program, during 2023, Genworth 

Financial repurchased 51,739,098 shares of its common stock at an average price of $5.70 per share for a total of 

$295 million, excluding excise taxes and other associated costs. In 2024, Genworth Financial also repurchased 

4,197,740 shares of its common stock through February 13, 2024 for approximately $25 million, leaving 

approximately $316 million remaining authorization under the share repurchase program. Further repurchases 

under the program will continue to be funded from holding company capital, as well as future cash flow 

generation, including expected future capital returns from Enact Holdings. Under the program, share repurchases 

may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated 

transactions, or by other means, including through Rule 10b5-1 trading plans. The timing and number of future 

shares repurchased under the program will depend on a variety of factors, including Genworth Financial’s stock 

price and trading volume, and general business and market conditions, among other factors. The authorization 

has no expiration date and may be modified, suspended or terminated at any time. 

Our future use of liquidity and capital will prioritize future strategic investments in CareScout and returning 

capital to Genworth Financial’s shareholders through share repurchases. We expect to continue to provide capital 

to CareScout to help advance our senior care growth initiatives related to the needs of elderly Americans, as well 

as their caregivers and families. We may also from time to time seek to repurchase or redeem outstanding debt 

(with cash on hand, proceeds from the issuance of new debt and/or the proceeds from asset or stock sales) in 

open market purchases, tender offers, privately negotiated transactions or otherwise. 

Genworth Holdings had $350 million and $307 million of unrestricted cash and cash equivalents as of 

December 31, 2023 and 2022, respectively. The increase was principally driven by capital returns from Enact 

Holdings and intercompany cash tax payments received from Genworth Holdings’ subsidiaries, partially offset 

by Genworth Financial’s common stock repurchases and debt interest payments in 2023. We believe Genworth 

Holdings’ unrestricted cash and cash equivalents provide sufficient liquidity to meet its financial obligations over 

the next twelve months. However, in the third quarter of 2023, we made a federal tax payment based on our 

projection of current taxable income and utilization of our remaining foreign tax credits, and we expect the 

amount of intercompany cash tax payments retained by Genworth Holdings from its subsidiaries to be lower 

starting in 2024 as compared to the amounts received during 2022 and 2023. We also expect Genworth Holdings’ 

liquidity to continue to be significantly impacted by the amounts and timing of Genworth Financial’s share 

repurchases as well as future dividends and other forms of capital returns from Enact Holdings. 

We actively monitor our liquidity position (most notably at Genworth Holdings), liquidity generation 

options and the credit markets given changing market conditions. Genworth Holdings’ cash management target is 

to maintain a cash buffer of two times expected annual external debt interest payments. Genworth Holdings may 

move below or above this targeted cash buffer during any given quarter due to the timing of cash outflows and 

inflows or from future actions. Management of Genworth Financial continues to evaluate Genworth Holdings’ 

target level of liquidity as circumstances warrant. 

conditions, regulatory considerations, the general availability of credit, credit ratings and the performance of and 
outlook for Enact Holdings and the payment of dividends and other returns of capital therefrom. For a discussion 
of certain risks associated with our liquidity and dependency on dividends paid by Enact Holdings, see “Item 
1A—Risk Factors—Genworth Financial and Genworth Holdings depend on the ability of Enact Holdings and its 
subsidiaries to pay dividends and make other payments and distributions to each of them and to meet their 
obligations,” and “Item 1A—Risk Factors—Our sources of capital have become more limited, and under certain 
conditions we may need to seek additional capital on unfavorable terms.” These risks may be exacerbated by the 
economic impact of current elevated interest rates and overall housing trends. 

During 2023 and 2022, Genworth Holdings repurchased $32 million and $143 million, respectively, 

principal amount of its debt, and in 2022, early redeemed $152 million of its 4.80% senior notes originally 
scheduled to mature in February 2024. As of December 31, 2023, Genworth Holdings had $856 million principal 
of outstanding debt, with no maturities due until June 2034. 

On October 25, 2023, Genworth Holdings completed a consent solicitation from bondholders representing a 

majority in principal amount of its 6.50% senior notes due in 2034 (“2034 Notes”) to amend the Replacement 
Capital Covenant, dated as of November 14, 2006. The amendment permits Genworth Holdings to repay, redeem 
or repurchase $2,000 principal amount of its floating rate junior subordinated notes due in 2066 (“2066 Notes”) 
for each $1,000 principal amount of its 2034 Notes repaid, redeemed or repurchased. 

In December 2022, the Board of Governors of the Federal Reserve System adopted a final rule that 

established benchmark rates, based on the Secured Overnight Financing Rate (“SOFR”), that replaced the 
London Interbank Offered Rate (“LIBOR”) after its elimination on June 30, 2023. Pursuant to the final rule, 
Genworth Holdings’ 2066 Notes, which had an annual interest rate equal to three-month LIBOR plus 2.0025%, 
transitioned in the third quarter of 2023 to an annual interest rate equal to the three-month Term SOFR Reference 
Rate, plus a tenor spread adjustment of 0.26161%, plus an additional spread of 2.0025%. We do not expect this 
change to have a material impact on our results of operations or liquidity. In addition, given the reduction in 
Genworth Holdings’ debt and corresponding decrease in debt service costs, we do not expect a significant impact 
on our liquidity from the rise in interest rates in 2022 and 2023. 

On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides 

for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, 
including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted 
basis, by an additional aggregate principal amount of up to $100 million. As of December 31, 2023, Enact 
Holdings was in compliance with all covenants and the credit facility remained undrawn. Enact Holdings also has 
$750 million principal amount of senior notes due in August 2025. 

Enact Holdings continually evaluates opportunities based upon market conditions to further increase its 
financial flexibility including through raising additional capital, restructuring or refinancing some or all of its 
outstanding debt or pursuing other options such as reinsurance or credit risk transfer transactions. There can be 
no guarantee that any such opportunities will be available on favorable terms or at all. 

Other than its senior notes due in August 2025, Enact Holdings has no material outstanding debt obligations 

that are expected to affect its liquidity over the next five years. We believe that the operating cash flows 
generated by Enact Holdings’ mortgage insurance subsidiaries will provide the funds necessary to satisfy its 
claim payments, operating expenses and taxes. 

For further information about our borrowings, refer to note 17 in our consolidated financial statements under 

“Item 8—Financial Statements and Supplementary Data.” 

Capital resources and financing activities 

Regulated insurance subsidiaries 

Our current capital resource plans do not include any additional debt offerings or minority sales of Enact 

Holdings. The availability of additional capital resources will depend on a variety of factors such as market 

Insurance laws and regulations regulate the payment of dividends and other distributions to us by our 
insurance subsidiaries. See note 22 in our consolidated financial statements under “Item 8—Financial Statements 

122 

123 

Genworth Holdings provided an unlimited guarantee for the benefit of policyholders for the payment of 

valid claims by our European mortgage insurance subsidiary prior to its sale in May 2016. Following the sale of 

this United Kingdom subsidiary to AmTrust Financial Services, Inc., the guarantee was limited to the payment of 

valid claims on policies in-force prior to the sale date and those written approximately 90 days subsequent to the 

date of the sale, and AmTrust Financial Services, Inc. has agreed to provide us with a limited indemnification in 

the event there is any exposure under the guarantee. As of December 31, 2023, the risk in-force of active policies 

was approximately $893 million. 

Genworth Financial provides a full and unconditional guarantee to the trustee and holders of Genworth 

Holdings’ outstanding senior and subordinated notes, on an unsecured unsubordinated and subordinated basis, 

respectively, of the full and punctual payment of the principal of, premium, if any and interest on, and all other 

amounts payable under, the outstanding senior and subordinated notes and their respective indentures. 

Genworth Financial and certain of its holding company subsidiaries also provide guarantees to third parties 

for the performance of certain obligations of their subsidiaries. We estimate that our potential obligations under 

such guarantees were $67 million and $69 million as of December 31, 2023 and 2022, respectively. 

As of December 31, 2023, we were committed to fund $1,530 million in limited partnership investments, 

$117 million of bank loan investments, $42 million in private placement investments and $13 million in 

commercial mortgage loan investments. 

Supplemental Condensed Consolidating Financial Information 

As discussed above in “—Liquidity and Capital Resources,” Genworth Financial provides a full and 

unconditional guarantee to the trustee and holders of Genworth Holdings’ outstanding senior and subordinated 

notes (registered securities under the Securities Act of 1933). Genworth Holdings is a direct, 100% owned 

subsidiary of Genworth Financial. Excluding investments in subsidiaries, the assets, liabilities and results of 

operations of Genworth Financial and Genworth Holdings, on a combined basis, are not material to the 

consolidated financial position or the consolidated results of operations of Genworth. In addition, none of 

Genworth Financial’s direct or indirect subsidiaries, other than Genworth Holdings, are issuers or guarantors of 

any guaranteed securities. Therefore, in accordance with Rule 13-01 of Regulation S-X, we are permitted, and we 

elected, to exclude the summarized financial information for both the issuer and guarantor of the registered 

securities. 

and Supplementary Data” for additional information regarding the payment of dividends. In general, dividends 
are required to be submitted to an insurer’s domiciliary department of insurance for review, and distributions 
from sources other than unassigned surplus require affirmative approval before being paid. Based on estimated 
statutory results as of December 31, 2023, in accordance with applicable dividend restrictions, Enact Holdings’ 
U.S. mortgage insurance subsidiaries could pay dividends from unassigned surplus of approximately 
$336 million in 2024 without affirmative regulatory approval. However, Enact Holdings may choose not to pay 
dividends in 2024 at this level as it may retain capital for future growth or to meet regulatory or other capital 
requirements. 

The liquidity requirements of our regulated insurance subsidiaries principally relate to the liabilities 
associated with their various insurance and investment products, operating costs and expenses, the payment of 
dividends to us, contributions to their subsidiaries, payments of principal and interest on their outstanding debt 
obligations and income taxes. Given the challenging macroeconomic environment in 2022 and 2023, employee 
costs were higher driven in part by wage inflation, the competitive labor market and low labor participation. 
Additionally, in our long-term care insurance business, we have observed an increase in the cost of care 
principally attributable to elevated inflation. These inflationary pressures have not had a significant impact on our 
liquidity to date; however, if these conditions persist for a long period of time, they could have a material adverse 
impact on our liquidity, results of operations and financial condition. We will continue to monitor 
macroeconomic trends, including inflation, to help mitigate any potential adverse impacts to our liquidity. 

Liabilities arising from insurance and investment products include the payment of benefits and claims, as 

well as cash payments in connection with policy surrenders and withdrawals, policy loans and obligations to 
redeem funding agreements. For long-duration coverage products, we generally anticipate a significant amount 
of claim payments will come due in five or more years from the date of our Annual Report on Form 10-K. For 
information on discounted and undiscounted expected future benefit payments, see note 10 in our consolidated 
financial statements under “Part II—Item 8—Financial Statements and Supplementary Data.” Our projected 
payments are principally associated with our long-term care insurance products, for which we expect overall 
claim costs to continue to increase as the insured individuals in our two largest blocks approach their peak claim 
years, which are over a decade away. Actual claims on products that provide long-duration coverage typically 
emerge over many years, change over time and are difficult to accurately predict. Therefore, we cannot 
determine with precision the ultimate amounts we will pay for actual claims or the timing of payments. 

Our insurance subsidiaries maintain investment strategies intended to provide adequate funds to pay benefits 

without forced sales of investments. Products having liabilities with longer durations, such as certain life 
insurance and long-term care insurance policies, are typically matched with investments having similar duration 
such as long-term fixed maturity securities and commercial mortgage loans. Shorter-term liabilities are typically 
matched with fixed maturity securities that have short- and medium-term fixed maturities. In addition, our 
insurance subsidiaries hold highly liquid, high quality short-term investment securities and other liquid 
investment grade fixed maturity securities to fund anticipated operating expenses, surrenders and withdrawals. 
As of December 31, 2023, our total cash, cash equivalents and invested assets were $62.0 billion. Our 
investments in privately placed fixed maturity securities, commercial mortgage loans, policy loans, bank loans, 
limited partnership investments and select mortgage-backed and asset-backed securities are relatively illiquid. 
These asset classes represented approximately 44% of the carrying value of our total cash, cash equivalents and 
invested assets as of December 31, 2023. 

Guarantees and other off-balance sheet commitments 

Genworth Holdings has provided a limited guarantee of up to $175 million, subject to adjustments, to one of 

its insurance subsidiaries to support its mortgage insurance business in Mexico. In January 2022, Genworth 
Holdings terminated this limited guarantee in regard to new business. We believe this insurance subsidiary has 
adequate reserves to cover its underlying obligations. 

124 

125 

Genworth Holdings provided an unlimited guarantee for the benefit of policyholders for the payment of 
valid claims by our European mortgage insurance subsidiary prior to its sale in May 2016. Following the sale of 
this United Kingdom subsidiary to AmTrust Financial Services, Inc., the guarantee was limited to the payment of 
valid claims on policies in-force prior to the sale date and those written approximately 90 days subsequent to the 
date of the sale, and AmTrust Financial Services, Inc. has agreed to provide us with a limited indemnification in 
the event there is any exposure under the guarantee. As of December 31, 2023, the risk in-force of active policies 
was approximately $893 million. 

Genworth Financial provides a full and unconditional guarantee to the trustee and holders of Genworth 

Holdings’ outstanding senior and subordinated notes, on an unsecured unsubordinated and subordinated basis, 
respectively, of the full and punctual payment of the principal of, premium, if any and interest on, and all other 
amounts payable under, the outstanding senior and subordinated notes and their respective indentures. 

Genworth Financial and certain of its holding company subsidiaries also provide guarantees to third parties 
for the performance of certain obligations of their subsidiaries. We estimate that our potential obligations under 
such guarantees were $67 million and $69 million as of December 31, 2023 and 2022, respectively. 

As of December 31, 2023, we were committed to fund $1,530 million in limited partnership investments, 

$117 million of bank loan investments, $42 million in private placement investments and $13 million in 
commercial mortgage loan investments. 

Supplemental Condensed Consolidating Financial Information 

As discussed above in “—Liquidity and Capital Resources,” Genworth Financial provides a full and 
unconditional guarantee to the trustee and holders of Genworth Holdings’ outstanding senior and subordinated 
notes (registered securities under the Securities Act of 1933). Genworth Holdings is a direct, 100% owned 
subsidiary of Genworth Financial. Excluding investments in subsidiaries, the assets, liabilities and results of 
operations of Genworth Financial and Genworth Holdings, on a combined basis, are not material to the 
consolidated financial position or the consolidated results of operations of Genworth. In addition, none of 
Genworth Financial’s direct or indirect subsidiaries, other than Genworth Holdings, are issuers or guarantors of 
any guaranteed securities. Therefore, in accordance with Rule 13-01 of Regulation S-X, we are permitted, and we 
elected, to exclude the summarized financial information for both the issuer and guarantor of the registered 
securities. 

and Supplementary Data” for additional information regarding the payment of dividends. In general, dividends 

are required to be submitted to an insurer’s domiciliary department of insurance for review, and distributions 

from sources other than unassigned surplus require affirmative approval before being paid. Based on estimated 

statutory results as of December 31, 2023, in accordance with applicable dividend restrictions, Enact Holdings’ 

U.S. mortgage insurance subsidiaries could pay dividends from unassigned surplus of approximately 

$336 million in 2024 without affirmative regulatory approval. However, Enact Holdings may choose not to pay 

dividends in 2024 at this level as it may retain capital for future growth or to meet regulatory or other capital 

requirements. 

The liquidity requirements of our regulated insurance subsidiaries principally relate to the liabilities 

associated with their various insurance and investment products, operating costs and expenses, the payment of 

dividends to us, contributions to their subsidiaries, payments of principal and interest on their outstanding debt 

obligations and income taxes. Given the challenging macroeconomic environment in 2022 and 2023, employee 

costs were higher driven in part by wage inflation, the competitive labor market and low labor participation. 

Additionally, in our long-term care insurance business, we have observed an increase in the cost of care 

principally attributable to elevated inflation. These inflationary pressures have not had a significant impact on our 

liquidity to date; however, if these conditions persist for a long period of time, they could have a material adverse 

impact on our liquidity, results of operations and financial condition. We will continue to monitor 

macroeconomic trends, including inflation, to help mitigate any potential adverse impacts to our liquidity. 

Liabilities arising from insurance and investment products include the payment of benefits and claims, as 

well as cash payments in connection with policy surrenders and withdrawals, policy loans and obligations to 

redeem funding agreements. For long-duration coverage products, we generally anticipate a significant amount 

of claim payments will come due in five or more years from the date of our Annual Report on Form 10-K. For 

information on discounted and undiscounted expected future benefit payments, see note 10 in our consolidated 

financial statements under “Part II—Item 8—Financial Statements and Supplementary Data.” Our projected 

payments are principally associated with our long-term care insurance products, for which we expect overall 

claim costs to continue to increase as the insured individuals in our two largest blocks approach their peak claim 

years, which are over a decade away. Actual claims on products that provide long-duration coverage typically 

emerge over many years, change over time and are difficult to accurately predict. Therefore, we cannot 

determine with precision the ultimate amounts we will pay for actual claims or the timing of payments. 

Our insurance subsidiaries maintain investment strategies intended to provide adequate funds to pay benefits 

without forced sales of investments. Products having liabilities with longer durations, such as certain life 

insurance and long-term care insurance policies, are typically matched with investments having similar duration 

such as long-term fixed maturity securities and commercial mortgage loans. Shorter-term liabilities are typically 

matched with fixed maturity securities that have short- and medium-term fixed maturities. In addition, our 

insurance subsidiaries hold highly liquid, high quality short-term investment securities and other liquid 

investment grade fixed maturity securities to fund anticipated operating expenses, surrenders and withdrawals. 

As of December 31, 2023, our total cash, cash equivalents and invested assets were $62.0 billion. Our 

investments in privately placed fixed maturity securities, commercial mortgage loans, policy loans, bank loans, 

limited partnership investments and select mortgage-backed and asset-backed securities are relatively illiquid. 

These asset classes represented approximately 44% of the carrying value of our total cash, cash equivalents and 

invested assets as of December 31, 2023. 

Guarantees and other off-balance sheet commitments 

Genworth Holdings has provided a limited guarantee of up to $175 million, subject to adjustments, to one of 

its insurance subsidiaries to support its mortgage insurance business in Mexico. In January 2022, Genworth 

Holdings terminated this limited guarantee in regard to new business. We believe this insurance subsidiary has 

adequate reserves to cover its underlying obligations. 

124 

125 

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk 

Equity Market Risk 

Market risk is the risk of the loss of fair value resulting from adverse changes in market rates and prices, 
such as interest rates, equity prices and foreign currency exchange rates. Market risk is directly influenced by the 
volatility and liquidity in the markets in which the related underlying financial instruments are traded. 

While we enter into derivatives to mitigate certain market risks, our agreements with futures commission 
merchants and derivative counterparties require that we provide securities for initial margin to future commission 
merchants and securities as collateral to our derivative counterparties to reflect changes in the fair value of our 
derivatives. We may hold more high-quality securities to ensure we have sufficient collateral to post to derivative 
counterparties or futures commission merchants in the event of adverse changes in the fair value of our derivative 
instruments. If we do not have sufficient high-quality securities to provide as collateral, we may need to sell 
certain other securities to purchase assets that would be eligible for collateral posting, which could adversely 
impact our future investment income. 

Interest Rate Risk 

We enter into market-sensitive instruments primarily for purposes other than trading. The carrying value of 

our investment portfolio as of December 31, 2023 and 2022 was $59.8 billion and $58.9 billion, of which 78% 
and 79%, respectively, was invested in fixed maturity securities. The primary market risk to our investment 
portfolio is interest rate risk associated with investments in fixed maturity securities. During periods of 
increasing interest rates, market values of lower-yielding assets will decline resulting in unrealized losses on our 
investment portfolio. In addition, the value of our interest rate hedges will decline during periods of increasing 
interest rates, requiring us to post/return additional collateral with our derivative counterparties, which could add 
additional strain to our short-term liquidity. For additional information on interest rate risks associated with our 
insurance and investment contract liabilities, see “Item 1A—Risk Factors—Interest rates and changes in rates, 
including changes in monetary policy to combat inflation, could materially adversely affect our business and 
profitability.” 

Interest rate fluctuations could also have an adverse effect on the results of our investment portfolio. During 
periods of declining market interest rates, the interest we receive on variable interest rate investments decreases. 
In addition, during those periods, we reinvest the cash we receive as interest or return of principal on our 
investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable 
returns. Issuers of fixed-income securities or borrowers to our commercial mortgage loans may also decide to 
prepay their obligations in order to borrow at lower market rates, which exacerbates the risk that we may have to 
invest the cash proceeds of these securities in lower-yielding or lower-credit instruments. 

The primary market risk for our long-term borrowings is interest rate risk at the time of maturity or early 

redemption, when we may be required to refinance these obligations. As of December 31, 2023, Genworth 
Holdings had outstanding principal of $856 million of long-term debt, with no debt maturities until June 2034, 
and Enact Holdings had outstanding principal of $750 million of long-term debt due in August 2025. We 
continue to monitor the interest rate environment and other market influences to evaluate repurchasing Genworth 
Holdings’ debt prior to maturity. While we are exposed to interest rate risk from Genworth Holdings’ 2066 
Notes, we attempt to mitigate the interest rate risk by investing in variable rate assets that back this obligation. 

We use derivative instruments, such as interest rate swaps, financial futures and option-based financial 

instruments, as part of our risk management strategy. We use these derivatives to mitigate certain interest rate 
risk by reducing the risk between the timing of the receipt of cash and its investment in the market and better 
aligning the duration of assets with the duration of the liabilities. 

Our exposure to equity market risk within our insurance companies primarily relates to variable annuities 

and life insurance products and certain equity linked products. Certain fixed and variable annuity products have 

market risk benefits that expose us to equity market risk if the performance of the underlying investments in the 

contractholder accounts experiences downturns or volatility for an extended period of time. Additionally, 

continued equity market volatility could result in additional losses in our variable annuity products and 

associated hedging program which could lead to increased hedging costs. 

We are exposed to equity market risk on our holdings of equity securities. We manage equity price risk 

through industry and issuer diversification, asset allocation techniques and hedging strategies. We also hold 

limited partnership investments accounted for using net asset value per share (or its equivalent) as a practical 

expedient to fair value primarily concentrated in private equity investments that are subject to private market 

exposures and have been excluded from this discussion. Equity exposures associated with limited partnership 

investments accounted for under the equity method of accounting are excluded from this discussion as they are 

not considered financial instruments in accordance with U.S. GAAP. 

We use derivative instruments, such as financial futures and option-based financial instruments, as part of 

our risk management strategy. We use these derivatives to mitigate equity risk by reducing our exposure to 

fluctuations in equity market indices that underlie some of our products. 

Sensitivity Analysis 

Sensitivity analysis measures the impact of hypothetical changes in interest rates and other market rates or 

prices on the profitability of market-sensitive financial instruments. 

The following discussion about the potential effects of changes in interest rates and equity market prices is 

based on so-called “shock-tests,” which model the effects of interest rate and equity market price shifts on our 

financial condition and results of operations. Although we believe shock-tests provide the most meaningful 

analysis permitted by the rules and regulations of the SEC, they are constrained by several factors, including the 

necessity to conduct the analysis based on a single point in time and by their inability to include the 

extraordinarily complex market reactions that normally would arise from the market shifts modeled. Although 

the following results of shock-tests for changes in interest rates and equity market prices may have some limited 

use as benchmarks, they should not be viewed as forecasts. These forward-looking disclosures also are selective 

in nature and address only the potential impacts on our financial instruments. In addition, this sensitivity analysis 

does not include a variety of other potential factors that could affect our business as a result of these changes in 

interest rates and equity market prices. 

Interest Rate Risk 

One means of assessing exposure to interest rate changes is a duration-based analysis that measures the 

potential changes in fair value resulting from a hypothetical change in interest rates of 100 basis points across all 

maturities. This is referred to as a parallel shift in the yield curve. Note that all impacts noted below exclude any 

effects of deferred taxes unless otherwise noted. 

Under this model, with all other factors constant and assuming no offsetting change in the value of our 

liabilities, we estimated that such an increase in interest rates would cause the fair value of our fixed maturity 

securities to decrease by approximately $3.1 billion based on the fair value of our fixed maturity securities as of 

December 31, 2023, as compared to an estimated decrease of $3.2 billion under this model as of December 31, 

2022. 

As a matter of policy, we have not and will not engage in derivative market-making, speculative derivative 

trading or other speculative derivative activities. 

We performed a similar sensitivity analysis on our derivatives portfolio and noted that a 100 basis point 

increase in interest rates resulted in a decrease in fair value of $655 million based on our derivatives portfolio as 

126 

127 

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk 

Equity Market Risk 

Market risk is the risk of the loss of fair value resulting from adverse changes in market rates and prices, 

such as interest rates, equity prices and foreign currency exchange rates. Market risk is directly influenced by the 

volatility and liquidity in the markets in which the related underlying financial instruments are traded. 

While we enter into derivatives to mitigate certain market risks, our agreements with futures commission 

merchants and derivative counterparties require that we provide securities for initial margin to future commission 

merchants and securities as collateral to our derivative counterparties to reflect changes in the fair value of our 

derivatives. We may hold more high-quality securities to ensure we have sufficient collateral to post to derivative 

counterparties or futures commission merchants in the event of adverse changes in the fair value of our derivative 

instruments. If we do not have sufficient high-quality securities to provide as collateral, we may need to sell 

certain other securities to purchase assets that would be eligible for collateral posting, which could adversely 

impact our future investment income. 

Interest Rate Risk 

We enter into market-sensitive instruments primarily for purposes other than trading. The carrying value of 

our investment portfolio as of December 31, 2023 and 2022 was $59.8 billion and $58.9 billion, of which 78% 

and 79%, respectively, was invested in fixed maturity securities. The primary market risk to our investment 

portfolio is interest rate risk associated with investments in fixed maturity securities. During periods of 

increasing interest rates, market values of lower-yielding assets will decline resulting in unrealized losses on our 

investment portfolio. In addition, the value of our interest rate hedges will decline during periods of increasing 

interest rates, requiring us to post/return additional collateral with our derivative counterparties, which could add 

additional strain to our short-term liquidity. For additional information on interest rate risks associated with our 

insurance and investment contract liabilities, see “Item 1A—Risk Factors—Interest rates and changes in rates, 

including changes in monetary policy to combat inflation, could materially adversely affect our business and 

profitability.” 

Interest rate fluctuations could also have an adverse effect on the results of our investment portfolio. During 

periods of declining market interest rates, the interest we receive on variable interest rate investments decreases. 

In addition, during those periods, we reinvest the cash we receive as interest or return of principal on our 

investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable 

returns. Issuers of fixed-income securities or borrowers to our commercial mortgage loans may also decide to 

prepay their obligations in order to borrow at lower market rates, which exacerbates the risk that we may have to 

invest the cash proceeds of these securities in lower-yielding or lower-credit instruments. 

The primary market risk for our long-term borrowings is interest rate risk at the time of maturity or early 

redemption, when we may be required to refinance these obligations. As of December 31, 2023, Genworth 

Holdings had outstanding principal of $856 million of long-term debt, with no debt maturities until June 2034, 

and Enact Holdings had outstanding principal of $750 million of long-term debt due in August 2025. We 

continue to monitor the interest rate environment and other market influences to evaluate repurchasing Genworth 

Holdings’ debt prior to maturity. While we are exposed to interest rate risk from Genworth Holdings’ 2066 

Notes, we attempt to mitigate the interest rate risk by investing in variable rate assets that back this obligation. 

We use derivative instruments, such as interest rate swaps, financial futures and option-based financial 

instruments, as part of our risk management strategy. We use these derivatives to mitigate certain interest rate 

risk by reducing the risk between the timing of the receipt of cash and its investment in the market and better 

aligning the duration of assets with the duration of the liabilities. 

Our exposure to equity market risk within our insurance companies primarily relates to variable annuities 
and life insurance products and certain equity linked products. Certain fixed and variable annuity products have 
market risk benefits that expose us to equity market risk if the performance of the underlying investments in the 
contractholder accounts experiences downturns or volatility for an extended period of time. Additionally, 
continued equity market volatility could result in additional losses in our variable annuity products and 
associated hedging program which could lead to increased hedging costs. 

We are exposed to equity market risk on our holdings of equity securities. We manage equity price risk 
through industry and issuer diversification, asset allocation techniques and hedging strategies. We also hold 
limited partnership investments accounted for using net asset value per share (or its equivalent) as a practical 
expedient to fair value primarily concentrated in private equity investments that are subject to private market 
exposures and have been excluded from this discussion. Equity exposures associated with limited partnership 
investments accounted for under the equity method of accounting are excluded from this discussion as they are 
not considered financial instruments in accordance with U.S. GAAP. 

We use derivative instruments, such as financial futures and option-based financial instruments, as part of 

our risk management strategy. We use these derivatives to mitigate equity risk by reducing our exposure to 
fluctuations in equity market indices that underlie some of our products. 

Sensitivity Analysis 

Sensitivity analysis measures the impact of hypothetical changes in interest rates and other market rates or 

prices on the profitability of market-sensitive financial instruments. 

The following discussion about the potential effects of changes in interest rates and equity market prices is 

based on so-called “shock-tests,” which model the effects of interest rate and equity market price shifts on our 
financial condition and results of operations. Although we believe shock-tests provide the most meaningful 
analysis permitted by the rules and regulations of the SEC, they are constrained by several factors, including the 
necessity to conduct the analysis based on a single point in time and by their inability to include the 
extraordinarily complex market reactions that normally would arise from the market shifts modeled. Although 
the following results of shock-tests for changes in interest rates and equity market prices may have some limited 
use as benchmarks, they should not be viewed as forecasts. These forward-looking disclosures also are selective 
in nature and address only the potential impacts on our financial instruments. In addition, this sensitivity analysis 
does not include a variety of other potential factors that could affect our business as a result of these changes in 
interest rates and equity market prices. 

Interest Rate Risk 

One means of assessing exposure to interest rate changes is a duration-based analysis that measures the 
potential changes in fair value resulting from a hypothetical change in interest rates of 100 basis points across all 
maturities. This is referred to as a parallel shift in the yield curve. Note that all impacts noted below exclude any 
effects of deferred taxes unless otherwise noted. 

Under this model, with all other factors constant and assuming no offsetting change in the value of our 

liabilities, we estimated that such an increase in interest rates would cause the fair value of our fixed maturity 
securities to decrease by approximately $3.1 billion based on the fair value of our fixed maturity securities as of 
December 31, 2023, as compared to an estimated decrease of $3.2 billion under this model as of December 31, 
2022. 

As a matter of policy, we have not and will not engage in derivative market-making, speculative derivative 

trading or other speculative derivative activities. 

We performed a similar sensitivity analysis on our derivatives portfolio and noted that a 100 basis point 
increase in interest rates resulted in a decrease in fair value of $655 million based on our derivatives portfolio as 

126 

127 

of December 31, 2023, as compared to an estimated decline of $496 million under this model as of December 31, 
2022. The estimated decrease in fair value of our derivatives portfolio would also require us to post collateral to 
certain derivative counterparties of $590 million and would require us to post cash margin related to our cleared 
swaps and futures contracts of $129 million based on our derivatives portfolio as of December 31, 2023. Of the 
$655 million estimated decrease in fair value of our derivatives portfolio as of December 31, 2023, $65 million 
related to non-qualified derivatives used to mitigate interest rate risk associated with our variable annuity market 
risk benefits. 

We also performed a similar sensitivity analysis on our variable annuity market risk benefits and noted that 
a 100 basis point increase in interest rates, with all other factors held constant, would result in a decrease in the 
fair value of the net liability after reinsurance of approximately $100 million as of December 31, 2023, as 
compared to a decrease of $120 million as of December 31, 2022. 

Genworth Holdings’ variable interest rate debt is comprised of junior subordinated notes due in November 

2066. In the third quarter of 2023, Genworth Holdings’ 2066 Notes transitioned from an annual interest rate 
equal to the three-month LIBOR plus 2.0025% to the three-month Term SOFR Reference Rate, plus a tenor 
spread adjustment of 0.26161%, plus an additional spread of 2.0025%. See note 17 in our consolidated financial 
statements under “Item 8—Financial Statements and Supplementary Data” for additional information. The 
principal amount, weighted-average interest rate and fair value of Genworth Holdings’ 2066 Notes were as 
follows as of December 31: 

(Dollar amounts in millions) 

2023 

2022 

Principal amount  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted-average interest rate  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair value (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 600 

$593 
7.27%  3.81% 
$443 

$ 378 

(1)  The fair value methodology is based on the then-current coupon, revalued based on the three-month Term 
SOFR Reference Rate or LIBOR, as applicable, set and commercially available data using the current 
spread assumption. The model is a floating rate coupon model using the risk premium or spread assumption 
to derive the valuation. 

Equity Market Risk 

One means of assessing exposure to changes in equity market prices is to estimate the potential changes in 

market values on our equity investments resulting from a hypothetical broad-based decline in equity market 
prices of 10%. Under this model, with all other factors constant, we estimated that such a decline in equity 
market prices would cause the fair value of our equity investments to decline by approximately $35 million based 
on our equity positions as of December 31, 2023, as compared to an estimated decline of $26 million under this 
model as of December 31, 2022. 

We performed a similar sensitivity analysis on our equity market derivatives and noted that a 10% decline in 

equity market prices would result in an increase in fair value of $51 million and $54 million based on our equity 
market derivatives as of December 31, 2023 and 2022, respectively. The estimated increase in fair value 
primarily relates to non-qualified derivatives used to mitigate equity market risk associated with our variable 
annuity and fixed indexed annuity liabilities. 

We also performed a similar sensitivity analysis on our variable annuity market risk benefits and noted that 

a 10% broad-based decline in equity market prices, with all other factors held constant, would result in an 
increase in the fair value of the net liability after reinsurance of approximately $70 million as of December 31, 
2023, as compared to an increase of approximately $80 million as of December 31, 2022. 

128 

129 

Item 8. 

Financial Statements and Supplementary Data 

Genworth Financial, Inc. 

Index to Consolidated Financial Statements 

Annual Financial Statements: 

Report of Independent Registered Public Accounting Firm (KPMG LLP, Richmond, VA, Auditor Firm 

ID: 185)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

130 

Financial Statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 

and 2021: 

Consolidated Balance Sheets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Comprehensive Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Changes in Equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to Consolidated Financial Statements: 

Note 1 – Nature of Business  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 2 – Summary of Significant Accounting Policies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 3 – Long-Duration Insurance Contracts Targeted Improvements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 4 – Earnings Per Share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 5 – Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 6 – Derivative Instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 7 – Deferred Acquisition Costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 8 – Intangible Assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 9 – Reinsurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 10 – Future Policy Benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 11 – Policyholder Account Balances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 12 – Additional Insurance Liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 13 – Market Risk Benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 14 – Separate Accounts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 15 – Liability for Policy and Contract Claims  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 16 – Employee Benefit Plans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 17 – Borrowings and Other Financings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 18 – Income Taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 19 – Supplemental Cash Flow Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 20 – Long-Term Incentive Compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 21 – Fair Value of Financial Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 22 – Insurance Subsidiary Financial Information and Regulatory Matters  . . . . . . . . . . . . . . . . . . . . . . .

Note 23 – Segment Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 24 – Quarterly Results of Operations (unaudited)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 25 – Commitments and Contingencies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 26 – Changes in Accumulated Other Comprehensive Income (Loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 27 – Noncontrolling Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 28 – Discontinued Operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial Statement Schedules as of December 31, 2023 and 2022 and for the years ended December 31, 

2023, 2022 and 2021: 

Schedule I, Summary of Investments-Other Than Investments in Related Parties  . . . . . . . . . . . . . . . . . . . . .

Schedule II, Financial Statements of Genworth Financial, Inc. (Parent Only) . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule III, Supplemental Insurance Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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of December 31, 2023, as compared to an estimated decline of $496 million under this model as of December 31, 

2022. The estimated decrease in fair value of our derivatives portfolio would also require us to post collateral to 

certain derivative counterparties of $590 million and would require us to post cash margin related to our cleared 

swaps and futures contracts of $129 million based on our derivatives portfolio as of December 31, 2023. Of the 

$655 million estimated decrease in fair value of our derivatives portfolio as of December 31, 2023, $65 million 

related to non-qualified derivatives used to mitigate interest rate risk associated with our variable annuity market 

risk benefits. 

We also performed a similar sensitivity analysis on our variable annuity market risk benefits and noted that 

a 100 basis point increase in interest rates, with all other factors held constant, would result in a decrease in the 

fair value of the net liability after reinsurance of approximately $100 million as of December 31, 2023, as 

compared to a decrease of $120 million as of December 31, 2022. 

Genworth Holdings’ variable interest rate debt is comprised of junior subordinated notes due in November 

2066. In the third quarter of 2023, Genworth Holdings’ 2066 Notes transitioned from an annual interest rate 

equal to the three-month LIBOR plus 2.0025% to the three-month Term SOFR Reference Rate, plus a tenor 

spread adjustment of 0.26161%, plus an additional spread of 2.0025%. See note 17 in our consolidated financial 

statements under “Item 8—Financial Statements and Supplementary Data” for additional information. The 

principal amount, weighted-average interest rate and fair value of Genworth Holdings’ 2066 Notes were as 

follows as of December 31: 

(Dollar amounts in millions) 

2023 

2022 

Principal amount  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$593 

$ 600 

Weighted-average interest rate  . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.27%  3.81% 

Fair value (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$443 

$ 378 

(1)  The fair value methodology is based on the then-current coupon, revalued based on the three-month Term 

SOFR Reference Rate or LIBOR, as applicable, set and commercially available data using the current 

spread assumption. The model is a floating rate coupon model using the risk premium or spread assumption 

to derive the valuation. 

Equity Market Risk 

One means of assessing exposure to changes in equity market prices is to estimate the potential changes in 

market values on our equity investments resulting from a hypothetical broad-based decline in equity market 

prices of 10%. Under this model, with all other factors constant, we estimated that such a decline in equity 

market prices would cause the fair value of our equity investments to decline by approximately $35 million based 

on our equity positions as of December 31, 2023, as compared to an estimated decline of $26 million under this 

model as of December 31, 2022. 

We performed a similar sensitivity analysis on our equity market derivatives and noted that a 10% decline in 

equity market prices would result in an increase in fair value of $51 million and $54 million based on our equity 

market derivatives as of December 31, 2023 and 2022, respectively. The estimated increase in fair value 

primarily relates to non-qualified derivatives used to mitigate equity market risk associated with our variable 

annuity and fixed indexed annuity liabilities. 

We also performed a similar sensitivity analysis on our variable annuity market risk benefits and noted that 

a 10% broad-based decline in equity market prices, with all other factors held constant, would result in an 

increase in the fair value of the net liability after reinsurance of approximately $70 million as of December 31, 

2023, as compared to an increase of approximately $80 million as of December 31, 2022. 

Item 8. 

Financial Statements and Supplementary Data 

Genworth Financial, Inc. 

Index to Consolidated Financial Statements 

Page 

Annual Financial Statements: 
Report of Independent Registered Public Accounting Firm (KPMG LLP, Richmond, VA, Auditor Firm 

ID: 185)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 

130 

and 2021: 

Consolidated Balance Sheets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Comprehensive Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Changes in Equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Consolidated Financial Statements: 
Note 1 – Nature of Business  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 2 – Summary of Significant Accounting Policies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 3 – Long-Duration Insurance Contracts Targeted Improvements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 4 – Earnings Per Share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 5 – Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 6 – Derivative Instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 7 – Deferred Acquisition Costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 8 – Intangible Assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 9 – Reinsurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 10 – Future Policy Benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 11 – Policyholder Account Balances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 12 – Additional Insurance Liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 13 – Market Risk Benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 14 – Separate Accounts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 15 – Liability for Policy and Contract Claims  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 16 – Employee Benefit Plans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 17 – Borrowings and Other Financings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 18 – Income Taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 19 – Supplemental Cash Flow Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 20 – Long-Term Incentive Compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 21 – Fair Value of Financial Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 22 – Insurance Subsidiary Financial Information and Regulatory Matters  . . . . . . . . . . . . . . . . . . . . . . .
Note 23 – Segment Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 24 – Quarterly Results of Operations (unaudited)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 25 – Commitments and Contingencies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 26 – Changes in Accumulated Other Comprehensive Income (Loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 27 – Noncontrolling Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 28 – Discontinued Operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Statement Schedules as of December 31, 2023 and 2022 and for the years ended December 31, 

2023, 2022 and 2021: 

134 
135 
136 
137 
138 

139 
140 
160 
165 
166 
180 
185 
186 
187 
191 
198 
201 
202 
206 
206 
209 
211 
214 
217 
217 
221 
241 
246 
254 
257 
261 
263 
265 

Schedule I, Summary of Investments-Other Than Investments in Related Parties  . . . . . . . . . . . . . . . . . . . . .
Schedule II, Financial Statements of Genworth Financial, Inc. (Parent Only) . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule III, Supplemental Insurance Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

267 
268 
275 

128 

129 

 
 
 
 
 
Report of Independent Registered Public Accounting Firm 

Liability for future policy benefits for long-term care insurance and life insurance 

To the Stockholders and Board of Directors 
Genworth Financial, Inc.: 

Opinion on the Consolidated Financial Statements 

We have audited the accompanying consolidated balance sheets of Genworth Financial, Inc. and subsidiaries (the 
Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive 
income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 
2023, and the related notes and financial statement schedules I to III (collectively, the consolidated financial 
statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the 
financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its 
cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. 
generally accepted accounting principles. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 
(United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, 
based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of 
Sponsoring Organizations of the Treadway Commission, and our report dated February 29, 2024 expressed an 
unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. 

Change in Accounting Principle 

As discussed in Note 2 to the consolidated financial statements, the Company adopted ASU 2018-12, Targeted 
Improvements to the Accounting for Long Duration Contracts (LDTI), effective January 1, 2023, with a 
transition date of January 1, 2021. 

Basis for Opinion 

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility 
is to express an opinion on these consolidated financial statements based on our audits. We are a public 
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in 
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free 
of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the 
risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and 
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence 
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating 
the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable 
basis for our opinion. 

Critical Audit Matters 

The critical audit matters communicated below are matters arising from the current period audit of the 
consolidated financial statements that were communicated or required to be communicated to the audit 
committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements 
and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical 
audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, 
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical 
audit matters or on the accounts or disclosures to which they relate. 

As discussed in Notes 2 and 10 to the consolidated financial statements, the liability for future policy 

benefits is equal to the present value of expected future benefits and claim-related expenses, less the present 

value of expected future net premiums. Cash flow assumptions, as applicable, used to estimate the liability 

for future policy benefits include health care experience (including type of care and cost of care), 

policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force from 

one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., 

frequency and severity of claim, including claim termination rates and benefit utilization rates), and 

estimates of future in-force rate actions, which include premium rate increases and benefit reductions 

associated with long-term care insurance. Estimates of future in-force rate actions include those that are 

approved or anticipated to be approved, including premium rate increases and associated benefit reductions 

not yet filed. The Company’s liability for future policy benefits was $57,655 million as of December 31, 

2023, of which $43,929 million related to long-term care insurance and $1,698 million related to life 

insurance. 

We identified the evaluation of assumptions used in estimating the liability for future policy benefits for 

long-term care insurance (future in-force rate actions and insured morbidity) and for life insurance (insured 

mortality and lapses), collectively the key assumptions, as a critical audit matter. Due to the extent of audit 

effort required for the measurement uncertainty, the evaluation of the key assumptions required especially 

subjective auditor judgment, and specialized skills and knowledge. 

The following are the primary procedures we performed to address this critical audit matter. With the 

assistance of actuarial professionals, we evaluated the design and tested the operating effectiveness of 

certain internal controls related to the Company’s liability for future policy benefits for long-term care 

insurance and life insurance. This included controls related to the development of the key assumptions. We 

also involved actuarial professionals with specialized skills and knowledge, who assisted in: 

•

•

•

evaluating the actuarial methodologies and key assumptions used to estimate the liability for 

future policy benefits for long-term care insurance and life insurance for consistency with 

generally accepted actuarial methodologies and industry practice 

evaluating certain of the Company’s key assumptions by assessing them in comparison to the 

Company’s relevant historical experience data and industry data or qualitative factors, and the 

consistency of the assumptions with each other 

assessing the reasonableness of estimated future in-force rate action assumptions for long-term 

care insurance for a selection of estimated rate increases by a) comparing to the Company’s 

historical regulatory approvals and regulatory information and b) assessing the Company’s ability 

to achieve the estimated future in-force rate actions by reperforming the Company’s calculations 

and comparing to the requirements to request a rate action. 

Additional insurance liabilities for secondary guarantees for universal and term universal contracts 

As discussed in Notes 2, 11 and 12 to the consolidated financial statements, the additional insurance 

liabilities consist of secondary guarantees or product features in addition to the policyholder account balance 

on universal and term universal contracts. The additional insurance liability is equal to the sum of 

cumulative assessments multiplied by the current benefit ratio plus accrued interest, less excess payments. 

These additional benefit reserves are included in the liability for policyholder account balances in the 

consolidated balance sheets. The benefit ratio is equal to the present value of total expected benefit 

payments over the life of the contract divided by the present value of total expected assessments over the 

life of the contract, discounted by the projected crediting rate. The assumptions used to calculate the benefit 

ratio include insured mortality (i.e., life expectancy or longevity), interest rates and policyholder persistency 

or lapses, among other assumptions. The Company’s total policyholder account balances of $15,540 million 

as of December 31, 2023, included $2,887 million of additional insurance liabilities related to universal and 

term universal contracts. 

130 

131 

Report of Independent Registered Public Accounting Firm 

Liability for future policy benefits for long-term care insurance and life insurance 

To the Stockholders and Board of Directors 

Genworth Financial, Inc.: 

Opinion on the Consolidated Financial Statements 

We have audited the accompanying consolidated balance sheets of Genworth Financial, Inc. and subsidiaries (the 

Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive 

income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 

2023, and the related notes and financial statement schedules I to III (collectively, the consolidated financial 

statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the 

financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its 

cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. 

generally accepted accounting principles. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 

(United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, 

based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of 

Sponsoring Organizations of the Treadway Commission, and our report dated February 29, 2024 expressed an 

unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. 

As discussed in Note 2 to the consolidated financial statements, the Company adopted ASU 2018-12, Targeted 

Improvements to the Accounting for Long Duration Contracts (LDTI), effective January 1, 2023, with a 

Change in Accounting Principle 

transition date of January 1, 2021. 

Basis for Opinion 

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility 

is to express an opinion on these consolidated financial statements based on our audits. We are a public 

accounting firm registered with the PCAOB and are required to be independent with respect to the Company in 

accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 

Exchange Commission and the PCAOB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 

and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free 

of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the 

risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and 

performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence 

regarding the amounts and disclosures in the consolidated financial statements. Our audits also included 

evaluating the accounting principles used and significant estimates made by management, as well as evaluating 

the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable 

basis for our opinion. 

Critical Audit Matters 

The critical audit matters communicated below are matters arising from the current period audit of the 

consolidated financial statements that were communicated or required to be communicated to the audit 

committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements 

and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical 

audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, 

and we are not, by communicating the critical audit matters below, providing separate opinions on the critical 

audit matters or on the accounts or disclosures to which they relate. 

As discussed in Notes 2 and 10 to the consolidated financial statements, the liability for future policy 
benefits is equal to the present value of expected future benefits and claim-related expenses, less the present 
value of expected future net premiums. Cash flow assumptions, as applicable, used to estimate the liability 
for future policy benefits include health care experience (including type of care and cost of care), 
policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force from 
one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., 
frequency and severity of claim, including claim termination rates and benefit utilization rates), and 
estimates of future in-force rate actions, which include premium rate increases and benefit reductions 
associated with long-term care insurance. Estimates of future in-force rate actions include those that are 
approved or anticipated to be approved, including premium rate increases and associated benefit reductions 
not yet filed. The Company’s liability for future policy benefits was $57,655 million as of December 31, 
2023, of which $43,929 million related to long-term care insurance and $1,698 million related to life 
insurance. 

We identified the evaluation of assumptions used in estimating the liability for future policy benefits for 
long-term care insurance (future in-force rate actions and insured morbidity) and for life insurance (insured 
mortality and lapses), collectively the key assumptions, as a critical audit matter. Due to the extent of audit 
effort required for the measurement uncertainty, the evaluation of the key assumptions required especially 
subjective auditor judgment, and specialized skills and knowledge. 

The following are the primary procedures we performed to address this critical audit matter. With the 
assistance of actuarial professionals, we evaluated the design and tested the operating effectiveness of 
certain internal controls related to the Company’s liability for future policy benefits for long-term care 
insurance and life insurance. This included controls related to the development of the key assumptions. We 
also involved actuarial professionals with specialized skills and knowledge, who assisted in: 

•

•

•

evaluating the actuarial methodologies and key assumptions used to estimate the liability for 
future policy benefits for long-term care insurance and life insurance for consistency with 
generally accepted actuarial methodologies and industry practice 

evaluating certain of the Company’s key assumptions by assessing them in comparison to the 
Company’s relevant historical experience data and industry data or qualitative factors, and the 
consistency of the assumptions with each other 

assessing the reasonableness of estimated future in-force rate action assumptions for long-term 
care insurance for a selection of estimated rate increases by a) comparing to the Company’s 
historical regulatory approvals and regulatory information and b) assessing the Company’s ability 
to achieve the estimated future in-force rate actions by reperforming the Company’s calculations 
and comparing to the requirements to request a rate action. 

Additional insurance liabilities for secondary guarantees for universal and term universal contracts 

As discussed in Notes 2, 11 and 12 to the consolidated financial statements, the additional insurance 
liabilities consist of secondary guarantees or product features in addition to the policyholder account balance 
on universal and term universal contracts. The additional insurance liability is equal to the sum of 
cumulative assessments multiplied by the current benefit ratio plus accrued interest, less excess payments. 
These additional benefit reserves are included in the liability for policyholder account balances in the 
consolidated balance sheets. The benefit ratio is equal to the present value of total expected benefit 
payments over the life of the contract divided by the present value of total expected assessments over the 
life of the contract, discounted by the projected crediting rate. The assumptions used to calculate the benefit 
ratio include insured mortality (i.e., life expectancy or longevity), interest rates and policyholder persistency 
or lapses, among other assumptions. The Company’s total policyholder account balances of $15,540 million 
as of December 31, 2023, included $2,887 million of additional insurance liabilities related to universal and 
term universal contracts. 

130 

131 

year-over-year movements of the Company’s recorded mortgage insurance loss reserves within 

the developed independent range. 

We have not been able to determine the specific year that we began serving as the Company’s auditor; however 

we are aware that we have served as the Company’s auditor since at least 1996. 

/s/ KPMG LLP 

Richmond, Virginia 

February 29, 2024 

We identified the assessment of the estimate of the additional insurance liabilities related to universal and 
term universal contracts (secondary guarantees) as a critical audit matter. Specifically, the evaluation of the 
mortality and lapse assumptions used in the estimation of the additional insurance liabilities required 
especially subjective auditor judgment. Increased effort and specialized skills were needed to evaluate the 
Company’s mortality and lapse assumptions and the impact of those assumptions on the additional 
insurance liabilities. 

The following are the primary procedures we performed to address this critical audit matter. With the 
assistance of actuarial professionals, where appropriate, we evaluated the design and tested the operating 
effectiveness of certain internal controls related to the valuation of the additional insurance liabilities. This 
included controls related to the development of the mortality and lapse assumptions. We tested the 
Company’s process to develop the universal and term universal contract additional insurance liabilities 
through the procedures below. We involved actuarial professionals with specialized skills and knowledge, 
who assisted in: 

•

•

•

evaluating the methods and assumptions for consistency with generally accepted actuarial 
methodologies and industry practice 

evaluating the Company’s mortality and lapse assumptions by assessing the consistency of the 
assumptions with the underlying historical claims and lapse experience data and industry data 

developing an estimate of the additional insurance liabilities for a selection of contracts using the 
Company’s assumptions and comparing the results to the Company’s recorded additional 
insurance liabilities for the selected contracts. 

Mortgage insurance loss reserves 

As discussed in Notes 2 and 15 to the consolidated financial statements, the Company estimates the 
liabilities for losses on insured mortgage loans (loss reserves) by estimating the number of loans in their 
inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and 
further estimating the amount of the claim payment, which is referred to as claim severity. The estimates are 
determined using a factor-based approach, in which assumptions of claim rates for loans in default and the 
average amount paid for loans that result in a claim are calculated using traditional actuarial techniques. The 
Company’s Enact segment’s mortgage insurance loss reserves were $518 million of a total liability for 
policy and contract claims of $652 million as of December 31, 2023. 

We identified the assessment of the valuation of mortgage insurance loss reserves to be a critical audit 
matter. The claim severity and claim rate assumptions used to develop reserves were inherently uncertain 
and involved significant management judgment, which required especially subjective auditor judgment. 
Additionally, the audit effort to assess the valuation of mortgage insurance loss reserves required the 
involvement of professionals with specialized knowledge and experience. 

The following are the primary procedures we performed to address the critical audit matter. We evaluated, 
with the assistance of actuarial professionals, the design and tested the operating effectiveness of certain 
internal controls related to the valuation of mortgage insurance loss reserves. This included controls related 
to the review and approval of the claim severity and claim rate reserve factors used in the estimate for 
mortgage insurance loss reserves. We involved actuarial professionals with specialized knowledge and 
experience, who assisted in: 

•

•

assessing the Company’s reserving methodology by comparing to accepted actuarial 
methodologies 

developing an independent estimate and range for a portion of the mortgage insurance loss 
reserves, using the Company’s underlying historical claims and delinquency data and 
independently developed models and assumptions and assessing the position in the range and the 

132 

133 

year-over-year movements of the Company’s recorded mortgage insurance loss reserves within 
the developed independent range. 

/s/ KPMG LLP 

We have not been able to determine the specific year that we began serving as the Company’s auditor; however 
we are aware that we have served as the Company’s auditor since at least 1996. 

Richmond, Virginia 
February 29, 2024 

We identified the assessment of the estimate of the additional insurance liabilities related to universal and 

term universal contracts (secondary guarantees) as a critical audit matter. Specifically, the evaluation of the 

mortality and lapse assumptions used in the estimation of the additional insurance liabilities required 

especially subjective auditor judgment. Increased effort and specialized skills were needed to evaluate the 

Company’s mortality and lapse assumptions and the impact of those assumptions on the additional 

insurance liabilities. 

The following are the primary procedures we performed to address this critical audit matter. With the 

assistance of actuarial professionals, where appropriate, we evaluated the design and tested the operating 

effectiveness of certain internal controls related to the valuation of the additional insurance liabilities. This 

included controls related to the development of the mortality and lapse assumptions. We tested the 

Company’s process to develop the universal and term universal contract additional insurance liabilities 

through the procedures below. We involved actuarial professionals with specialized skills and knowledge, 

who assisted in: 

evaluating the methods and assumptions for consistency with generally accepted actuarial 

methodologies and industry practice 

evaluating the Company’s mortality and lapse assumptions by assessing the consistency of the 

assumptions with the underlying historical claims and lapse experience data and industry data 

developing an estimate of the additional insurance liabilities for a selection of contracts using the 

Company’s assumptions and comparing the results to the Company’s recorded additional 

insurance liabilities for the selected contracts. 

Mortgage insurance loss reserves 

As discussed in Notes 2 and 15 to the consolidated financial statements, the Company estimates the 

liabilities for losses on insured mortgage loans (loss reserves) by estimating the number of loans in their 

inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and 

further estimating the amount of the claim payment, which is referred to as claim severity. The estimates are 

determined using a factor-based approach, in which assumptions of claim rates for loans in default and the 

average amount paid for loans that result in a claim are calculated using traditional actuarial techniques. The 

Company’s Enact segment’s mortgage insurance loss reserves were $518 million of a total liability for 

policy and contract claims of $652 million as of December 31, 2023. 

We identified the assessment of the valuation of mortgage insurance loss reserves to be a critical audit 

matter. The claim severity and claim rate assumptions used to develop reserves were inherently uncertain 

and involved significant management judgment, which required especially subjective auditor judgment. 

Additionally, the audit effort to assess the valuation of mortgage insurance loss reserves required the 

involvement of professionals with specialized knowledge and experience. 

The following are the primary procedures we performed to address the critical audit matter. We evaluated, 

with the assistance of actuarial professionals, the design and tested the operating effectiveness of certain 

internal controls related to the valuation of mortgage insurance loss reserves. This included controls related 

to the review and approval of the claim severity and claim rate reserve factors used in the estimate for 

mortgage insurance loss reserves. We involved actuarial professionals with specialized knowledge and 

experience, who assisted in: 

methodologies 

assessing the Company’s reserving methodology by comparing to accepted actuarial 

developing an independent estimate and range for a portion of the mortgage insurance loss 

reserves, using the Company’s underlying historical claims and delinquency data and 

independently developed models and assumptions and assessing the position in the range and the 

•

•

•

•

•

132 

133 

396 

Equity securities, at fair value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of 

and allowance for credit losses of $7 and $—, respectively, as of December 31, 2023 and 2022)  . . . . . . . . . . . . $46,781  $46,583 
319 

GENWORTH FINANCIAL, INC. 

CONSOLIDATED BALANCE SHEETS 
(Amounts in millions, except par value and share amounts) 

GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF INCOME 

(Amounts in millions, except per share amounts) 

Assets 

Investments: 

Fixed maturity securities available-for-sale, at fair value (amortized cost of $49,365 and $50,834, respectively, 

December 31, 

2023 

2022 

(As adjusted) 

December 31, 2023 and 2022) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Allowance for credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,829 
(27) 

7,032 
(22) 

Commercial mortgage loans, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy loans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash, cash equivalents and restricted cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Allowance for credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinsurance recoverable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax asset  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market risk benefit assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Separate account assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,802 
2,220 
2,821 
731 

59,751 
2,215 
647 
1,988 
198 
19,054 
(29) 

19,025 
489 
1,952 
43 
4,509 

7,010 
2,139 
2,331 
566 

58,948 
1,799 
643 
2,211 
203 
19,059 
(63) 

18,996 
488 
1,983 
26 
4,417 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,817  $89,714 

Liabilities and equity 

Liabilities: 

Future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,655  $55,407 
16,564 
Policyholder account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
748 
Market risk benefit liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
683 
Liability for policy and contract claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
203 
Unearned premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,687 
Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,611 
Long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,417 
Separate account liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 
Liabilities related to discontinued operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15,540 
625 
652 
149 
1,768 
1,584 
4,509 
—  

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82,482 

81,328 

Income from continuing operations available to Genworth Financial, Inc.’s common 

Commitments and contingencies (Note 25) 
Equity: 

Class A common stock, $0.001 par value; 1,500,000,000 shares authorized; 603,151,611 and 600,036,269 shares 
issued as of December 31, 2023 and 2022, respectively; 446,823,204 and 495,446,960 shares outstanding as of 
December 31, 2023 and 2022, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury stock, at cost (156,328,407 and 104,589,309 shares as of December 31, 2023 and 2022, respectively) . . .

Total Genworth Financial, Inc.’s stockholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 
11,884 
(2,555) 
1,213 
(3,063) 

7,480 
855 

8,335 

1 
11,869 
(2,614) 
1,139 
(2,764) 

7,631 
755 

8,386 

Total liabilities and equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,817  $89,714 

See Notes to Consolidated Financial Statements 

134 

See Notes to Consolidated Financial Statements 

135 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) (As adjusted) 

Revenues: 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,636 

$3,680 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,183 

3,146 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy fees and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23 

646 

(2) 

671 

$3,406 

3,370 

322 

724 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,488 

7,495 

7,822 

Benefits and expenses: 

Benefits and other changes in policy reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,783 

4,303 

Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in fair value of market risk benefits and associated hedges  . . . . . . . . . . . . . . . . . . .

Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition and operating expenses, net of deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amortization of deferred acquisition costs and intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,185 

6,130 

Income from continuing operations before income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from discontinued operations, net of taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to noncontrolling interests  . . . . . .

Less: net income from discontinued operations attributable to noncontrolling interests  . . . . —  

587 

(12) 

503 

942 

264 

118 

303 

104 

199 

199 

123 

(290) 

(104) 

504 

1,285 

326 

106 

1,365 

319 

1,046 

—  

1,046 

130 

—  

4,575 

242 

(160) 

511 

998 

384 

160 

6,710 

1,112 

248 

864 

27 

891 

33 

8 

Net income available to Genworth Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . $

76 

$ 916 

$ 850 

Net income available to Genworth Financial, Inc.’s common stockholders: 

Income from continuing operations available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

76 

$ 916 

$ 831 

Income from discontinued operations available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

—  

19 

Net income available to Genworth Financial, Inc.’s common stockholders  . . . . . . . . . . $

76 

$ 916 

$ 850 

stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.82 

$ 1.64 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.79 

$ 1.61 

Net income available to Genworth Financial, Inc.’s common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.82 

$ 1.68 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.79 

$ 1.65 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468.8 

504.4 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474.9 

510.9 

506.9 

514.7 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 

2022 

Years ended December 31, 
2021 

GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF INCOME 
(Amounts in millions, except per share amounts) 

GENWORTH FINANCIAL, INC. 

CONSOLIDATED BALANCE SHEETS 

(Amounts in millions, except par value and share amounts) 

December 31, 

2023 

2022 

(As adjusted) 

7,032 

(22) 

7,010 

2,139 

2,331 

566 

58,948 

1,799 

643 

2,211 

203 

6,802 

2,220 

2,821 

731 

59,751 

2,215 

647 

1,988 

198 

Assets 

Investments: 

Fixed maturity securities available-for-sale, at fair value (amortized cost of $49,365 and $50,834, respectively, 

and allowance for credit losses of $7 and $—, respectively, as of December 31, 2023 and 2022)  . . . . . . . . . . . . $46,781  $46,583 

Equity securities, at fair value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

396 

319 

Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of 

December 31, 2023 and 2022) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,829 

Less: Allowance for credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(27) 

Commercial mortgage loans, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy loans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash, cash equivalents and restricted cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accrued investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,054 

19,059 

Less: Allowance for credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(29) 

(63) 

Reinsurance recoverable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,025 

18,996 

Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred tax asset  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market risk benefit assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Separate account assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

489 

1,952 

43 

4,509 

488 

1,983 

26 

4,417 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,817  $89,714 

Liabilities and equity 

Liabilities: 

Future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,655  $55,407 

Policyholder account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15,540 

16,564 

Market risk benefit liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liability for policy and contract claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unearned premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Separate account liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liabilities related to discontinued operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

625 

652 

149 

1,768 

1,584 

4,509 

—  

748 

683 

203 

1,687 

1,611 

4,417 

8 

Commitments and contingencies (Note 25) 

Equity: 

Class A common stock, $0.001 par value; 1,500,000,000 shares authorized; 603,151,611 and 600,036,269 shares 

issued as of December 31, 2023 and 2022, respectively; 446,823,204 and 495,446,960 shares outstanding as of 

December 31, 2023 and 2022, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional paid-in capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Treasury stock, at cost (156,328,407 and 104,589,309 shares as of December 31, 2023 and 2022, respectively) . . .

(3,063) 

(2,764) 

Total Genworth Financial, Inc.’s stockholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 

11,884 

(2,555) 

1,213 

1 

11,869 

(2,614) 

1,139 

7,480 

855 

8,335 

7,631 

755 

8,386 

Total liabilities and equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,817  $89,714 

(As adjusted) (As adjusted) 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,636 
3,183 
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
646 
Policy fees and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,680 
3,146 
(2) 
671 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,488 

7,495 

Benefits and expenses: 
Benefits and other changes in policy reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits and associated hedges  . . . . . . . . . . . . . . . . . . .
Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of deferred acquisition costs and intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,783 
587 
(12) 
503 
942 
264 
118 

4,303 
(290) 
(104) 
504 
1,285 
326 
106 

Total benefits and expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,185 

6,130 

Income from continuing operations before income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

303 
104 

Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
199 
Income from discontinued operations, net of taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

199 
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to noncontrolling interests  . . . . . .
123 
Less: net income from discontinued operations attributable to noncontrolling interests  . . . . —  

1,365 
319 

1,046 
—  

1,046 
130 
—  

$3,406 
3,370 
322 
724 

7,822 

4,575 
242 
(160) 
511 
998 
384 
160 

6,710 

1,112 
248 

864 
27 

891 
33 
8 

Net income available to Genworth Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . $

76 

$ 916 

$ 850 

Net income available to Genworth Financial, Inc.’s common stockholders: 

Income from continuing operations available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

76 

$ 916 

$ 831 

Income from discontinued operations available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

—  

19 

Net income available to Genworth Financial, Inc.’s common stockholders  . . . . . . . . . . $

76 

$ 916 

$ 850 

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82,482 

81,328 

Income from continuing operations available to Genworth Financial, Inc.’s common 

stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.82 

$ 1.64 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.79 

$ 1.61 

Net income available to Genworth Financial, Inc.’s common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.82 

$ 1.68 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 

$ 1.79 

$ 1.65 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468.8 

504.4 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474.9 

510.9 

506.9 

514.7 

See Notes to Consolidated Financial Statements 

134 

See Notes to Consolidated Financial Statements 

135 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(Amounts in millions) 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income (loss), net of taxes: 

Net unrealized gains (losses) on securities without an allowance for 

credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealized gains (losses) on securities with an allowance for credit 
losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivatives qualifying as hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in discount rate used to measure future policy benefits  . . . . . .
Change in instrument-specific credit risk of market risk benefits  . . . . .
Foreign currency translation and other adjustments . . . . . . . . . . . . . . . .

Total other comprehensive income (loss) 

. . . . . . . . . . . . . . . . . . . . . . .

Total comprehensive income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: comprehensive income attributable to noncontrolling interests  . . . . . .

Total comprehensive income available to Genworth Financial, Inc.’s 

Years ended December 31,

2023 

2022 

2021 

$

199 

(As adjusted) 
$ 1,046 

(As adjusted) 

$

891 

1,305 

(9,570) 

(1,759) 

—  
(190) 
(1,036) 
2 
6 

87 

286 
151 

—  
(825) 
13,515 
5 
30 

3,155 

4,201 
44 

6 
(186) 
3,202 
4 
148 

1,415 

2,306 
177 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

135 

$ 4,157 

$ 2,129 

See Notes to Consolidated Financial Statements 

GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 

(Amounts in millions) 

Accumulated 

Additional 

other 

Treasury 

Inc.’s 

Common 

stock 

paid-in 

capital 

comprehensive 

Retained 

stock, at 

stockholders’ 

Noncontrolling 

income (loss) 

earnings 

cost 

equity 

interests 

Total 

equity 

Total 

Genworth 

Financial, 

Balances as of December 31, 2020  . . $

1 

$12,008 

$ 4,425 

$ 1,584  $(2,700)  $ 15,318 

$ 502 

$ 15,820 

accounting, net of taxes  . . . . . . . . —  

—  

(11,533) 

(2,210)  —  

(13,743) 

noncontrolling interests  . . . . . . . . —  

(167) 

(26) 

—   —  

(193) 

—  

773 

(13,743) 

580 

(657) 

(657) 

Cumulative effect of change in 

Initial sale of subsidiary shares to 

Sale of business that included 

noncontrolling interests  . . . . . . . . —  

Comprehensive income: 

Net income  . . . . . . . . . . . . . . . . —  

Other comprehensive income, 

net of taxes  . . . . . . . . . . . . . . —  

Total comprehensive 

income  . . . . . . . . . . . . . . . . .

Dividends to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . —  

Stock-based compensation expense 

and exercises and other 

—  

Balances as of December 31, 2021 

Comprehensive income: 

Net income  . . . . . . . . . . . . . . . . —  

Other comprehensive income 

(loss), net of taxes  . . . . . . . . —  

Total comprehensive 

income  . . . . . . . . . . . . . . . . .

Treasury stock acquired in 

connection with share repurchases  —  

Dividends to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . —  

Stock-based compensation expense 

and exercises and other 

—  

Balances as of December 31, 2022 

Repurchase of subsidiary shares  . . . —  

Comprehensive income: 

Net income  . . . . . . . . . . . . . . . . —  

Other comprehensive income, 

net of taxes  . . . . . . . . . . . . . . —  

Total comprehensive 

income  . . . . . . . . . . . . . . . . .

Treasury stock acquired in 

connection with share repurchases  —  

Dividends to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . —  

Stock-based compensation expense 

and exercises and other  . . . . . . . . —  

—  

—  

—  

—  

17 

—  

—  

—  

—  

11 

—  

—  

—  

—  

—  

15 

—  

916  —  

916 

3,241 

—   —  

3,241 

(86) 

3,155 

4,157 

4,201 

—  

—  

—   —  

850  —  

—  

850 

1,279 

—   —  

1,279 

—  

—  

—   —  

1  —  

2,129 

—  

18 

—  

—  

—  

—  

—  

59 

—  

—  

—  

—  

(64) 

(64) 

—   —  

—  

(2)  —  

9 

—   —  

76  —  

—   —  

—   —  

(2)  —  

7,631 

—  

76 

59 

135 

—  

13 

41 

136 

177 

(37) 

(2) 

756 

130 

44 

—  

(46) 

1 

755 

(16) 

123 

28 

151 

(39) 

4 

891 

1,415 

2,306 

(37) 

16 

4,285 

1,046 

(64) 

(46) 

10 

8,386 

(16) 

199 

87 

286 

(39) 

17 

—  

(299) 

(299) 

—  

(299) 

(as adjusted)  . . . . . . . . . . . . . . . . .

1 

11,858 

(5,855) 

225 

(2,700) 

3,529 

(as adjusted)  . . . . . . . . . . . . . . . . .

1 

11,869 

(2,614) 

1,139 

(2,764) 

136 

Balances as of December 31, 2023  . . $

1 

$11,884 

$ (2,555)  $ 1,213  $(3,063)  $ 7,480 

$ 855 

$ 8,335 

See Notes to Consolidated Financial Statements 

137 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(Amounts in millions) 

Years ended December 31,

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

199 

$ 1,046 

$

891 

Other comprehensive income (loss), net of taxes: 

Net unrealized gains (losses) on securities without an allowance for 

credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,305 

(9,570) 

(1,759) 

Net unrealized gains (losses) on securities with an allowance for credit 

losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivatives qualifying as hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

(190) 

—  

(825) 

Change in discount rate used to measure future policy benefits  . . . . . .

(1,036) 

13,515 

Change in instrument-specific credit risk of market risk benefits  . . . . .

Foreign currency translation and other adjustments . . . . . . . . . . . . . . . .

Total other comprehensive income (loss) 

. . . . . . . . . . . . . . . . . . . . . . .

Total comprehensive income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: comprehensive income attributable to noncontrolling interests  . . . . . .

Total comprehensive income available to Genworth Financial, Inc.’s 

2 

6 

87 

286 

151 

5 

30 

3,155 

4,201 

44 

6 

(186) 

3,202 

4 

148 

1,415 

2,306 

177 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

135 

$ 4,157 

$ 2,129 

See Notes to Consolidated Financial Statements 

GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 
(Amounts in millions) 

Common 
stock 

Additional 
paid-in 
capital 

Accumulated 
other 
comprehensive 
income (loss) 

Retained 
earnings 

Treasury 
stock, at 
cost 

Total 
Genworth 
Financial, 
Inc.’s 
stockholders’ 
equity 

Noncontrolling 
interests 

Total 
equity 

Balances as of December 31, 2020  . . $
Cumulative effect of change in 

1 

$12,008 

$ 4,425 

$ 1,584  $(2,700)  $ 15,318 

$ 502 

$ 15,820 

accounting, net of taxes  . . . . . . . . —  

—  

(11,533) 

(2,210)  —  

(13,743) 

Initial sale of subsidiary shares to 

noncontrolling interests  . . . . . . . . —  

(167) 

(26) 

—   —  

(193) 

Sale of business that included 

noncontrolling interests  . . . . . . . . —  

Comprehensive income: 

Net income  . . . . . . . . . . . . . . . . —  
Other comprehensive income, 

net of taxes  . . . . . . . . . . . . . . —  

Total comprehensive 

income  . . . . . . . . . . . . . . . . .

Dividends to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . —  

Stock-based compensation expense 

and exercises and other 

—  

Balances as of December 31, 2021 

—  

—  

—  

—  

17 

—  

—  

—   —  

850  —  

—  

850 

1,279 

—   —  

1,279 

—  

—  

—   —  

1  —  

2,129 

—  

18 

(as adjusted)  . . . . . . . . . . . . . . . . .

1 

11,858 

(5,855) 

225 

(2,700) 

3,529 

Comprehensive income: 

Net income  . . . . . . . . . . . . . . . . —  
Other comprehensive income 

(loss), net of taxes  . . . . . . . . —  

Total comprehensive 

income  . . . . . . . . . . . . . . . . .

Treasury stock acquired in 

connection with share repurchases  —  

Dividends to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . —  

Stock-based compensation expense 

and exercises and other 

—  

Balances as of December 31, 2022 

—  

—  

—  

—  

11 

Repurchase of subsidiary shares  . . . —  
Comprehensive income: 

Net income  . . . . . . . . . . . . . . . . —  
Other comprehensive income, 

net of taxes  . . . . . . . . . . . . . . —  

Total comprehensive 

income  . . . . . . . . . . . . . . . . .

Treasury stock acquired in 

connection with share repurchases  —  

Dividends to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . —  

Stock-based compensation expense 

and exercises and other  . . . . . . . . —  

—  

—  

—  

—  

—  

15 

—  

—  

59 

—  

—  

—  

4,157 

—  

—  

—  

—  

(64) 

(64) 

—   —  

—  

(2)  —  

9 

—   —  

76  —  

—   —  

7,631 

—  

76 

59 

135 

(as adjusted)  . . . . . . . . . . . . . . . . .

1 

11,869 

(2,614) 

1,139 

(2,764) 

—  

773 

(13,743) 

580 

(657) 

(657) 

41 

136 

177 

(37) 

(2) 

756 

130 

891 

1,415 

2,306 

(37) 

16 

4,285 

1,046 

44 

—  

(46) 

1 

755 

(16) 

123 

28 

151 

4,201 

(64) 

(46) 

10 

8,386 

(16) 

199 

87 

286 

—  

(299) 

(299) 

—  

(299) 

—   —  

(2)  —  

—  

13 

(39) 

4 

(39) 

17 

—  

916  —  

916 

3,241 

—   —  

3,241 

(86) 

3,155 

136 

Balances as of December 31, 2023  . . $

1 

$11,884 

$ (2,555)  $ 1,213  $(3,063)  $ 7,480 

$ 855 

$ 8,335 

See Notes to Consolidated Financial Statements 

137 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Amounts in millions) 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) (As adjusted) 

(1) Nature of Business 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Cash flows from (used by) operating activities: 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Less income from discontinued operations, net of taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net income to net cash from operating activities: 

199  $ 1,046 
—  
—  

$

891 
(27) 

Amortization of fixed maturity securities discounts and premiums . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits and associated hedges  . . . . . . . . . . . . . . . . . . . . . . .
Charges assessed to policyholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition costs deferred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of deferred acquisition costs and intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative instruments, limited partnerships and other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term incentive compensation expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change in certain assets and liabilities: 

Accrued investment income and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance reserves  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current tax liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities, policy and contract claims and other policy-related balances  . . . . . . . . . . . . . . . .
Cash used by operating activities—discontinued operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(106) 
(23) 
(12) 
(572) 
(7) 
264 
48 
(557) 
49 

(150) 
1,500 
46 
(79) 
(3) 

(154) 
2 
(104) 
(588) 
(12) 
326 
315 
(335) 
37 

(155) 
1,055 
(1) 
(352) 
(31) 

Net cash from operating activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

597 

1,049 

(176) 
(322) 
(160) 
(616) 
(16) 
384 
275 
(359) 
40 

(134) 
1,168 
(34) 
14 
(491) 

437 

Cash flows from (used by) investing activities: 

Proceeds from maturities and repayments of investments: 

Fixed maturity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships and other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,426 
470 
202 

2,705 
759 
185 

4,162 
874 
255 

Proceeds from sales of investments: 

Fixed maturity and equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,233 

2,658 

2,273 

Purchases and originations of investments: 

Fixed maturity and equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships and other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term investments, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy loans, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sale of business, net of cash transferred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash used by investing activities—discontinued operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3,217) 
(273) 
(586) 
(12) 
73 
—  
(55) 
—  

(4,035) 
(958) 
(645) 
23 
41 
—  
—  
—  

Net cash from investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,261 

733 

Cash flows from (used by) financing activities: 

Deposits to universal life and investment contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Withdrawals from universal life and investment contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayment and repurchase of long-term debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sale of subsidiary shares to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase of subsidiary shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury stock acquired in connection with share repurchases  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

566 
(1,637) 
(32) 
—  
(16) 
(296) 
(39) 
11 

606 
(1,668) 
(297) 
—  
—  
(64) 
(46) 
(85) 

Net cash used by financing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,443) 

(1,554) 

Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $—, $— and $(1) 

related to discontinued operations for the years ended December 31, 2023, 2022 and 2021, 
respectively)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in cash, cash equivalents and restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash, cash equivalents and restricted cash at beginning of period  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash, cash equivalents and restricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less cash, cash equivalents and restricted cash of discontinued operations at end of period  . . . . . . . . . . . . .

1 

416 
1,799 

2,215 
—  

—  

228 
1,571 

1,799 
—  

(5,216) 
(963) 
(767) 
18 
57 
270 
—  
(67) 

896 

669 
(2,071) 
(1,541) 
529 
—  
—  
(37) 
32 

(2,419) 

1 

(1,085) 
2,656 

1,571 
—  

Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was 

incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of its common stock, which 

was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company 

reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public 

holding company that it had formed. The new public holding company was incorporated in Delaware on 

December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth 

Financial”) upon the completion of the reorganization. 

The accompanying financial statements include on a consolidated basis the accounts of Genworth Financial 

and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain 

variable interest entities (“VIEs”), which on a consolidated basis is referred to as “Genworth,” the “Company,” 

“we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been 

eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not 

to any of its consolidated subsidiaries. 

Beginning in the first quarter of 2023, we changed our operating segments to better align with how we 

manage our business. The changes allow us to sharpen our focus on common aspects of products within each 

segment and enhance understanding of business performance. All prior period financial information has been 

re-presented to reflect the reorganized segment reporting structure. Under the new reporting structure, we operate 

our business through the following three operating segments: 

• Enact. Enact Holdings, Inc. (“Enact Holdings”) comprises our Enact segment. Through Enact 

Holdings, we offer private mortgage insurance products predominantly insuring prime-based, 

individually underwritten residential mortgage loans at specified coverage percentages (“primary 

mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with 

lenders and investors, under which it insures a portfolio of loans at or after origination (“pool 

mortgage insurance”). 

• Long-Term Care Insurance. Through our principal U.S. life insurance subsidiaries, we offer 

long-term care insurance products in the United States. Long-term care insurance products are 

intended to protect against the significant and escalating costs of long-term care services provided 

in the insured’s home or assisted living or nursing facilities. 

• Life and Annuities. We service a variety of protection and retirement income products through 

our principal U.S. life insurance subsidiaries that are not actively marketed or sold. These products 

include traditional and non-traditional life insurance (term, universal and term universal life 

insurance as well as corporate-owned life insurance and funding agreements), fixed annuities and 

variable annuities. 

In addition to our three operating segments, we also have Corporate and Other, which includes debt 

financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, 

eliminations of inter-segment transactions and the results of other businesses that are reported outside of our 

operating segments, such as certain international businesses and discontinued operations. See note 28 for 

additional information related to discontinued operations. Corporate and Other also includes start-up results of 

Cash, cash equivalents and restricted cash of continuing operations at end of period . . . . . . . . . . . . . . . . . . . $ 2,215  $ 1,799 

$ 1,571 

our CareScout business related to our senior care growth initiatives. 

See Notes to Consolidated Financial Statements 

138 

139 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Amounts in millions) 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) (As adjusted) 

Cash flows from (used by) operating activities: 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

199  $ 1,046 

$

Less income from discontinued operations, net of taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

Adjustments to reconcile net income to net cash from operating activities: 

Amortization of fixed maturity securities discounts and premiums . . . . . . . . . . . . . . . . . . . . . . . . .

Net investment (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in fair value of market risk benefits and associated hedges  . . . . . . . . . . . . . . . . . . . . . . .

Charges assessed to policyholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition costs deferred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amortization of deferred acquisition costs and intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative instruments, limited partnerships and other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-term incentive compensation expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change in certain assets and liabilities: 

Accrued investment income and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Insurance reserves  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Current tax liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other liabilities, policy and contract claims and other policy-related balances  . . . . . . . . . . . . . . . .

Cash used by operating activities—discontinued operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(106) 

(23) 

(12) 

(572) 

(7) 

264 

48 

(557) 

49 

(150) 

1,500 

46 

(79) 

(3) 

(154) 

2 

(104) 

(588) 

(12) 

326 

315 

(335) 

37 

(155) 

1,055 

(1) 

(352) 

(31) 

Net cash from operating activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

597 

1,049 

Cash flows from (used by) investing activities: 

Proceeds from maturities and repayments of investments: 

Fixed maturity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,426 

2,705 

Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships and other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

470 

202 

759 

185 

4,162 

874 

255 

Fixed maturity and equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,233 

2,658 

2,273 

Proceeds from sales of investments: 

Purchases and originations of investments: 

Fixed maturity and equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3,217) 

(4,035) 

Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships and other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term investments, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy loans, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale of business, net of cash transferred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash used by investing activities—discontinued operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(273) 

(586) 

(12) 

73 

—  

(55) 

—  

Net cash from investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,261 

(958) 

(645) 

23 

41 

—  

—  

—  

733 

Cash flows from (used by) financing activities: 

Deposits to universal life and investment contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

566 

Withdrawals from universal life and investment contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,637) 

Repayment and repurchase of long-term debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale of subsidiary shares to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Repurchase of subsidiary shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Treasury stock acquired in connection with share repurchases  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends paid to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(32) 

—  

(16) 

(296) 

(39) 

11 

606 

(1,668) 

(297) 

—  

—  

(64) 

(46) 

(85) 

Net cash used by financing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,443) 

(1,554) 

(2,419) 

Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $—, $— and $(1) 

related to discontinued operations for the years ended December 31, 2023, 2022 and 2021, 

respectively)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 

Net change in cash, cash equivalents and restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash, cash equivalents and restricted cash at beginning of period  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash, cash equivalents and restricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less cash, cash equivalents and restricted cash of discontinued operations at end of period  . . . . . . . . . . . . .

—  

228 

1,571 

1,799 

—  

416 

1,799 

2,215 

—  

Cash, cash equivalents and restricted cash of continuing operations at end of period . . . . . . . . . . . . . . . . . . . $ 2,215  $ 1,799 

$ 1,571 

891 

(27) 

(176) 

(322) 

(160) 

(616) 

(16) 

384 

275 

(359) 

40 

(134) 

1,168 

(34) 

14 

(491) 

437 

(5,216) 

(963) 

(767) 

18 

57 

270 

—  

(67) 

896 

669 

(2,071) 

(1,541) 

529 

—  

—  

(37) 

32 

1 

(1,085) 

2,656 

1,571 

—  

See Notes to Consolidated Financial Statements 

138 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(1) Nature of Business 

Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was 

incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of its common stock, which 
was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company 
reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public 
holding company that it had formed. The new public holding company was incorporated in Delaware on 
December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth 
Financial”) upon the completion of the reorganization. 

The accompanying financial statements include on a consolidated basis the accounts of Genworth Financial 

and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain 
variable interest entities (“VIEs”), which on a consolidated basis is referred to as “Genworth,” the “Company,” 
“we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been 
eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not 
to any of its consolidated subsidiaries. 

Beginning in the first quarter of 2023, we changed our operating segments to better align with how we 

manage our business. The changes allow us to sharpen our focus on common aspects of products within each 
segment and enhance understanding of business performance. All prior period financial information has been 
re-presented to reflect the reorganized segment reporting structure. Under the new reporting structure, we operate 
our business through the following three operating segments: 

• Enact. Enact Holdings, Inc. (“Enact Holdings”) comprises our Enact segment. Through Enact 
Holdings, we offer private mortgage insurance products predominantly insuring prime-based, 
individually underwritten residential mortgage loans at specified coverage percentages (“primary 
mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with 
lenders and investors, under which it insures a portfolio of loans at or after origination (“pool 
mortgage insurance”). 

• Long-Term Care Insurance. Through our principal U.S. life insurance subsidiaries, we offer 
long-term care insurance products in the United States. Long-term care insurance products are 
intended to protect against the significant and escalating costs of long-term care services provided 
in the insured’s home or assisted living or nursing facilities. 

• Life and Annuities. We service a variety of protection and retirement income products through 

our principal U.S. life insurance subsidiaries that are not actively marketed or sold. These products 
include traditional and non-traditional life insurance (term, universal and term universal life 
insurance as well as corporate-owned life insurance and funding agreements), fixed annuities and 
variable annuities. 

In addition to our three operating segments, we also have Corporate and Other, which includes debt 

financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, 
eliminations of inter-segment transactions and the results of other businesses that are reported outside of our 
operating segments, such as certain international businesses and discontinued operations. See note 28 for 
additional information related to discontinued operations. Corporate and Other also includes start-up results of 
our CareScout business related to our senior care growth initiatives. 

139 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 
which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. On 
July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 
repurchases under the existing share repurchase program. Pursuant to the program, during 2023, Genworth 
Financial repurchased 51,739,098 shares of its common stock at an average price of $5.70 per share for a total 
cost of $299 million, including excise taxes and other costs paid in connection with acquiring the shares. The 
repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our 
consolidated balance sheets. In 2024, Genworth Financial also authorized share repurchases through a 
Rule 10b5-1 trading plan under which 4,197,740 shares of its common stock were repurchased through 
February 13, 2024 for approximately $25 million before excise taxes. Approximately $316 million remained 
available under the share repurchase program as of February 13, 2024. Under the program, share repurchases 
may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated 
transactions or other means, including through Rule 10b5-1 trading plans. The timing and number of future 
shares repurchased under the share repurchase program will depend on a variety of factors, including Genworth 
Financial’s stock price and trading volume, and general business and market conditions, among other factors. 
The authorization has no expiration date and may be modified, suspended or terminated at any time. 

(2) Summary of Significant Accounting Policies 

Our consolidated financial statements have been prepared on the basis of U.S. generally accepted 

accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires us 
to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could 
differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year 
presentation. 

a) Premiums 

d) Investment Securities 

For traditional long-duration insurance contracts, we report premiums as earned when due. For monthly 
mortgage insurance contracts, we report premiums as revenue over the period that coverage is provided. For 
single premium mortgage insurance contracts, we report premiums over the estimated policy life in accordance 
with the expected pattern of risk emergence as further described in our accounting policy for unearned premiums. 
In addition, we refund post-delinquent premiums received to the insured party if the delinquent loan goes to 
claim. We record a liability for premiums received on the delinquent loans consistent with our expectations of the 
rates at which delinquencies go to claim (“claim rates”). 

Premiums received under annuity contracts without significant mortality risk and premiums received on 

investment and universal life insurance products are not reported as revenues but rather as deposits and are 
included in liabilities for policyholder account balances. 

b) Net Investment Income and Net Investment Gains and Losses 

Net investment income consists primarily of interest and dividends. Interest is recognized on an accrual 
basis and reflects amortization of premiums and accretion of discounts on an effective yield basis. Income or loss 
upon call or prepayment of available-for-sale fixed maturity securities is recognized in net investment income, 
except for hybrid securities where the income or loss upon call is recognized in net investment gains and losses. 

140 

141 

Investment income on mortgage-backed and asset-backed securities is initially based upon yield, cash flow 

and prepayment assumptions at the date of purchase. Subsequent revisions in those assumptions are recorded 

using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and 

asset-backed securities of high credit quality (ratings equal to or greater than “AA” or that are backed by a U.S. 

agency), which cannot be contractually prepaid in such a manner that we would not recover a substantial portion 

of the initial investment, amortized cost of the security is adjusted to the amount that would have existed had the 

revised assumptions been in place at the date of purchase. The adjustments to amortized cost are recorded as a 

charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-

backed and asset-backed securities, future cash flows are estimated and interest income is recognized going 

forward using the new internal rate of return. 

Net investment gains and losses consist primarily of realized gains and losses from the sale of our 

available-for-sale fixed maturity securities, changes to the allowance for credit losses and unrealized and realized 

gains and losses from our equity securities, limited partnership investments and derivative instruments. 

Investment gains and losses are calculated on the basis of specific identification on the trade date. 

c) Policy Fees and Other Income 

Policy fees and other income consists primarily of insurance charges assessed on universal and term 

universal life insurance contracts and fees assessed against customer account values. For universal and term 

universal life insurance contracts, charges to policyholder accounts for cost of insurance are recognized as 

revenue when due. Variable product fees are charged to variable annuity contractholders based upon the daily net 

assets of the contractholder’s and policyholder’s account values and are recognized as revenue when charged. 

Policy surrender fees are recognized as income when the policy is surrendered. 

At the time of purchase, we designate our fixed maturity securities as either available-for-sale or trading and 

report them in our consolidated balance sheets at fair value. Our portfolio of fixed maturity securities comprises 

primarily investment grade securities. Changes in the fair value of available-for-sale fixed maturity securities, net 

of the effect on policyholder contract balances and deferred income taxes, are reflected as unrealized investment 

gains or losses in a separate component of accumulated other comprehensive income (loss). Equity securities are 

recorded at fair value in our consolidated balance sheets and changes in the fair value are reflected in net 

investment gains (losses). 

Allowance for Credit Losses and Write-Downs of Available-For-Sale Fixed Maturity Securities 

We regularly review securities in an unrealized loss position to determine whether the decline in fair value 

is related to credit losses or other factors. If we have either (i) the intent to sell the security, or (ii) it is more 

likely than not that we will be required to sell the security prior to recovering the amortized cost, we record a 

reduction to the security’s amortized cost and recognize the loss in net investment gains (losses) for the 

difference between the security’s amortized cost and fair value. If neither of the two preceding conditions exist, 

we determine whether the decline in fair value is related to credit losses or other factors. In making this 

assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the 

security by a rating agency/agencies and adverse conditions specifically related to the security, among other 

factors. If a credit loss exists, the present value of cash flows expected to be collected from the security is 

compared to the amortized cost basis of the security and a credit loss allowance is recognized in net investment 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 

which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. On 

July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 

repurchases under the existing share repurchase program. Pursuant to the program, during 2023, Genworth 

Financial repurchased 51,739,098 shares of its common stock at an average price of $5.70 per share for a total 

cost of $299 million, including excise taxes and other costs paid in connection with acquiring the shares. The 

repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in our 

consolidated balance sheets. In 2024, Genworth Financial also authorized share repurchases through a 

Rule 10b5-1 trading plan under which 4,197,740 shares of its common stock were repurchased through 

February 13, 2024 for approximately $25 million before excise taxes. Approximately $316 million remained 

available under the share repurchase program as of February 13, 2024. Under the program, share repurchases 

may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated 

transactions or other means, including through Rule 10b5-1 trading plans. The timing and number of future 

shares repurchased under the share repurchase program will depend on a variety of factors, including Genworth 

Financial’s stock price and trading volume, and general business and market conditions, among other factors. 

The authorization has no expiration date and may be modified, suspended or terminated at any time. 

(2) Summary of Significant Accounting Policies 

Our consolidated financial statements have been prepared on the basis of U.S. generally accepted 

accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires us 

to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could 

differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year 

presentation. 

a) Premiums 

For traditional long-duration insurance contracts, we report premiums as earned when due. For monthly 

mortgage insurance contracts, we report premiums as revenue over the period that coverage is provided. For 

single premium mortgage insurance contracts, we report premiums over the estimated policy life in accordance 

with the expected pattern of risk emergence as further described in our accounting policy for unearned premiums. 

In addition, we refund post-delinquent premiums received to the insured party if the delinquent loan goes to 

claim. We record a liability for premiums received on the delinquent loans consistent with our expectations of the 

rates at which delinquencies go to claim (“claim rates”). 

Premiums received under annuity contracts without significant mortality risk and premiums received on 

investment and universal life insurance products are not reported as revenues but rather as deposits and are 

included in liabilities for policyholder account balances. 

b) Net Investment Income and Net Investment Gains and Losses 

Net investment income consists primarily of interest and dividends. Interest is recognized on an accrual 

basis and reflects amortization of premiums and accretion of discounts on an effective yield basis. Income or loss 

upon call or prepayment of available-for-sale fixed maturity securities is recognized in net investment income, 

except for hybrid securities where the income or loss upon call is recognized in net investment gains and losses. 

Investment income on mortgage-backed and asset-backed securities is initially based upon yield, cash flow 

and prepayment assumptions at the date of purchase. Subsequent revisions in those assumptions are recorded 
using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and 
asset-backed securities of high credit quality (ratings equal to or greater than “AA” or that are backed by a U.S. 
agency), which cannot be contractually prepaid in such a manner that we would not recover a substantial portion 
of the initial investment, amortized cost of the security is adjusted to the amount that would have existed had the 
revised assumptions been in place at the date of purchase. The adjustments to amortized cost are recorded as a 
charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-
backed and asset-backed securities, future cash flows are estimated and interest income is recognized going 
forward using the new internal rate of return. 

Net investment gains and losses consist primarily of realized gains and losses from the sale of our 

available-for-sale fixed maturity securities, changes to the allowance for credit losses and unrealized and realized 
gains and losses from our equity securities, limited partnership investments and derivative instruments. 
Investment gains and losses are calculated on the basis of specific identification on the trade date. 

c) Policy Fees and Other Income 

Policy fees and other income consists primarily of insurance charges assessed on universal and term 
universal life insurance contracts and fees assessed against customer account values. For universal and term 
universal life insurance contracts, charges to policyholder accounts for cost of insurance are recognized as 
revenue when due. Variable product fees are charged to variable annuity contractholders based upon the daily net 
assets of the contractholder’s and policyholder’s account values and are recognized as revenue when charged. 
Policy surrender fees are recognized as income when the policy is surrendered. 

d) Investment Securities 

At the time of purchase, we designate our fixed maturity securities as either available-for-sale or trading and 

report them in our consolidated balance sheets at fair value. Our portfolio of fixed maturity securities comprises 
primarily investment grade securities. Changes in the fair value of available-for-sale fixed maturity securities, net 
of the effect on policyholder contract balances and deferred income taxes, are reflected as unrealized investment 
gains or losses in a separate component of accumulated other comprehensive income (loss). Equity securities are 
recorded at fair value in our consolidated balance sheets and changes in the fair value are reflected in net 
investment gains (losses). 

Allowance for Credit Losses and Write-Downs of Available-For-Sale Fixed Maturity Securities 

We regularly review securities in an unrealized loss position to determine whether the decline in fair value 

is related to credit losses or other factors. If we have either (i) the intent to sell the security, or (ii) it is more 
likely than not that we will be required to sell the security prior to recovering the amortized cost, we record a 
reduction to the security’s amortized cost and recognize the loss in net investment gains (losses) for the 
difference between the security’s amortized cost and fair value. If neither of the two preceding conditions exist, 
we determine whether the decline in fair value is related to credit losses or other factors. In making this 
assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the 
security by a rating agency/agencies and adverse conditions specifically related to the security, among other 
factors. If a credit loss exists, the present value of cash flows expected to be collected from the security is 
compared to the amortized cost basis of the security and a credit loss allowance is recognized in net investment 

140 

141 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

gains (losses), limited to the amount that the fair value is less than the amortized cost basis. Losses are written off 
against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a 
security prior to recovering its amortized cost. When there is an allowance for credit losses, we reassess the credit 
losses each balance sheet date and subsequent increases or decreases are recorded as an adjustment to the 
allowance for credit losses, with a corresponding gain or loss recorded in net investment gains (losses). 

Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates 
information received from third-party sources along with internal assumptions and judgments. When developing 
the estimate of cash flows expected to be collected at the individual security level, we utilize an analytical model 
that provides for various loss scenarios and consider the industry sector, current levels of subordination, 
geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable 
and supportable forecasts. We regularly monitor our investment portfolio to ensure that securities with a credit 
loss are identified in a timely manner and any losses are recognized in the proper period. 

Accrued interest is included in accrued investment income in our consolidated balance sheet and had a 
carrying value of $504 million and $511 million as of December 31, 2023 and 2022, respectively. We exclude 
accrued interest related to available-for-sale fixed maturity securities from the estimated allowance for credit 
losses. Accrued interest on available-for-sale fixed maturity securities is deemed uncollectible and typically 
written off after 90 days; therefore, we do not measure an allowance for credit losses related to accrued interest. 
Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment 
gains (losses). 

e) Fair Value Measurements 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an 

orderly transaction between market participants at the measurement date. We have fixed maturity securities, 
equity securities, short-term investments, limited partnerships, derivatives, embedded derivatives, separate 
account assets and certain other financial instruments, which are carried at fair value. 

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect 

market data obtained from independent sources, while unobservable inputs reflect our view of market 
assumptions in the absence of observable market information. We utilize valuation techniques that maximize the 
use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities carried at fair 
value are classified and disclosed in one of the following three categories: 

• Level 1—Quoted prices for identical instruments in active markets. 

• Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar 

instruments in markets that are not active; and model-derived valuations for which inputs are 
observable or where those significant value drivers are observable. 

• Level 3—Instruments for which significant value drivers are unobservable. 

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as 

actively traded equity securities and actively traded mutual fund investments. 

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, 

models or other valuation methodologies. These models are primarily industry-standard models that consider 

various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial 

instruments. All significant inputs are observable, or derived from observable information in the marketplace or 

are supported by observable levels at which transactions are executed in the marketplace. Financial instruments 

in this category primarily include certain public and private corporate fixed maturity and equity securities, 

government or agency securities, certain mortgage-backed and asset-backed securities, certain non-exchange-

traded derivatives such as interest rate or cross currency swaps and short-term investments. 

Level 3 comprises financial instruments whose fair value is estimated based on industry-standard pricing 

methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, 

readily available market information. In certain instances, this category may also utilize non-binding broker 

quotes. This category primarily consists of certain less liquid fixed maturity and equity securities, certain 

derivative instruments or embedded derivatives where we cannot corroborate the significant valuation inputs 

with market observable data and market risk benefits (“MRBs”). 

As of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety 

based on the lowest level of input that is significant to the fair value measurement. Our assessment of the 

significance of a particular input to the fair value measurement in its entirety requires judgment and considers 

factors specific to the asset or liability, such as the relative impact on the fair value as a result of including a 

particular input. We review the fair value hierarchy classifications each reporting period. Changes in the 

observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. 

Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting 

period in which the changes occur. See note 21 for additional information related to fair value measurements. 

f) Commercial Mortgage Loans 

The carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of 

unamortized premium or discount, deferred expenses and allowance for credit losses. Interest on loans is 

recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan 

origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments 

over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. 

Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. 

Commercial mortgage loans are considered past due when contractual payments have not been received from the 

borrower by the required payment date. 

Loans are placed on non-accrual status when, in management’s opinion, the collection of principal or 

interest is not probable, typically when the collection of principal or interest is 90 days or more past due. In 

determining whether it is probable that we will be unable to collect all amounts due, we consider current payment 

status, debt service coverage ratios, occupancy levels and current loan-to-value. Income on loans on non-accrual 

status is not recognized until we believe it is probable that we will collect all future contractual principal and 

interest. Commercial mortgage loans are written off against the allowance to the extent principal or interest is 

deemed uncollectible. 

We determine the adequacy of the allowance for credit losses utilizing an analytical model that provides 

various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and 

reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. 

We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. 

The allowance for credit losses is measured on a collective basis with consideration for debt service coverage 

142 

143 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

gains (losses), limited to the amount that the fair value is less than the amortized cost basis. Losses are written off 

against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a 

security prior to recovering its amortized cost. When there is an allowance for credit losses, we reassess the credit 

losses each balance sheet date and subsequent increases or decreases are recorded as an adjustment to the 

allowance for credit losses, with a corresponding gain or loss recorded in net investment gains (losses). 

Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates 

information received from third-party sources along with internal assumptions and judgments. When developing 

the estimate of cash flows expected to be collected at the individual security level, we utilize an analytical model 

that provides for various loss scenarios and consider the industry sector, current levels of subordination, 

geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable 

and supportable forecasts. We regularly monitor our investment portfolio to ensure that securities with a credit 

loss are identified in a timely manner and any losses are recognized in the proper period. 

Accrued interest is included in accrued investment income in our consolidated balance sheet and had a 

carrying value of $504 million and $511 million as of December 31, 2023 and 2022, respectively. We exclude 

accrued interest related to available-for-sale fixed maturity securities from the estimated allowance for credit 

losses. Accrued interest on available-for-sale fixed maturity securities is deemed uncollectible and typically 

written off after 90 days; therefore, we do not measure an allowance for credit losses related to accrued interest. 

Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment 

gains (losses). 

e) Fair Value Measurements 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an 

orderly transaction between market participants at the measurement date. We have fixed maturity securities, 

equity securities, short-term investments, limited partnerships, derivatives, embedded derivatives, separate 

account assets and certain other financial instruments, which are carried at fair value. 

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect 

market data obtained from independent sources, while unobservable inputs reflect our view of market 

assumptions in the absence of observable market information. We utilize valuation techniques that maximize the 

use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities carried at fair 

value are classified and disclosed in one of the following three categories: 

• Level 1—Quoted prices for identical instruments in active markets. 

• Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar 

instruments in markets that are not active; and model-derived valuations for which inputs are 

observable or where those significant value drivers are observable. 

• Level 3—Instruments for which significant value drivers are unobservable. 

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as 

actively traded equity securities and actively traded mutual fund investments. 

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, 

models or other valuation methodologies. These models are primarily industry-standard models that consider 

various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial 
instruments. All significant inputs are observable, or derived from observable information in the marketplace or 
are supported by observable levels at which transactions are executed in the marketplace. Financial instruments 
in this category primarily include certain public and private corporate fixed maturity and equity securities, 
government or agency securities, certain mortgage-backed and asset-backed securities, certain non-exchange-
traded derivatives such as interest rate or cross currency swaps and short-term investments. 

Level 3 comprises financial instruments whose fair value is estimated based on industry-standard pricing 
methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, 
readily available market information. In certain instances, this category may also utilize non-binding broker 
quotes. This category primarily consists of certain less liquid fixed maturity and equity securities, certain 
derivative instruments or embedded derivatives where we cannot corroborate the significant valuation inputs 
with market observable data and market risk benefits (“MRBs”). 

As of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety 

based on the lowest level of input that is significant to the fair value measurement. Our assessment of the 
significance of a particular input to the fair value measurement in its entirety requires judgment and considers 
factors specific to the asset or liability, such as the relative impact on the fair value as a result of including a 
particular input. We review the fair value hierarchy classifications each reporting period. Changes in the 
observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. 
Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting 
period in which the changes occur. See note 21 for additional information related to fair value measurements. 

f) Commercial Mortgage Loans 

The carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of 
unamortized premium or discount, deferred expenses and allowance for credit losses. Interest on loans is 
recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan 
origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments 
over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. 
Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. 
Commercial mortgage loans are considered past due when contractual payments have not been received from the 
borrower by the required payment date. 

Loans are placed on non-accrual status when, in management’s opinion, the collection of principal or 
interest is not probable, typically when the collection of principal or interest is 90 days or more past due. In 
determining whether it is probable that we will be unable to collect all amounts due, we consider current payment 
status, debt service coverage ratios, occupancy levels and current loan-to-value. Income on loans on non-accrual 
status is not recognized until we believe it is probable that we will collect all future contractual principal and 
interest. Commercial mortgage loans are written off against the allowance to the extent principal or interest is 
deemed uncollectible. 

We determine the adequacy of the allowance for credit losses utilizing an analytical model that provides 
various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and 
reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. 
We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. 
The allowance for credit losses is measured on a collective basis with consideration for debt service coverage 

142 

143 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

ratio, debt-to-value, property type and geographic location. Key inputs into the analytical model include 
exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over 
time could differ from the amounts estimated for the allowance for credit losses reported in the consolidated 
financial statements. Additions and reductions to the allowance through periodic provisions or benefits are 
recorded in net investment gains (losses). See note 5 for additional disclosures related to commercial mortgage 
loans. 

Accrued interest related to commercial mortgage loans is included in accrued investment income in our 
consolidated balance sheet and had a carrying value of $23 million and $22 million as of December 31, 2023 and 
2022, respectively. We do not measure an allowance for credit losses related to accrued interest as uncollectible 
accrued interest related to our commercial mortgage loans is written off after 90 days and once collectability is 
determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a 
credit loss expense included in net investment gains (losses). 

g) Limited Partnerships 

Limited partnerships are accounted for at fair value when our partnership interest is considered minor 
(generally less than 3% ownership in the limited partnerships) and we exercise no influence over operating and 
financial policies. For limited partnerships that do not have a readily determinable fair value, we utilize the net 
asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value. Changes in the 
estimated fair value of these investments are included in net investment gains (losses) and income and expenses 
are reported in net investment income. Investment distributions are evaluated to determine whether the 
distribution is a return on investment, such as capital gains, interest income and dividend income, or a return of 
capital. If our ownership percentage exceeds the minor threshold, limited partnerships are accounted for using the 
equity method of accounting. Our proportionate share of the earnings or losses for limited partnerships accounted 
for using the equity method of accounting is included in net investment income. In applying either method, we 
use financial information provided by the investee generally on a one- to three-month lag. However, for limited 
partnerships measured at fair value, we consider whether an adjustment to the estimated fair value is necessary 
when the measurement date is not aligned with our reporting date. 

h) Derivatives 

Derivative instruments are used to mitigate or reduce our exposure to interest rate, equity market and 

foreign currency exchange risk associated with assets and liabilities held and forecasted transactions. 

On the date we enter into a derivative contract, management designates the derivative as a hedge of the 
identified exposure (cash flow or foreign currency). If a derivative does not qualify for hedge accounting, the 
changes in its fair value and all scheduled periodic settlement receipts and payments are reported in net income 
(loss). 

We formally document all relationships between hedging instruments and hedged items, as well as our risk 

management objective and strategy for undertaking various hedge transactions. In this documentation, we 
specifically identify the asset, liability or forecasted transaction that has been designated as a hedged item, state 
how the hedging instrument is expected to hedge the risks related to the hedged item and set forth the method 
that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. We generally 
determine hedge effectiveness based on total changes in fair value of the hedged item attributable to the hedged 
risk and the total changes in fair value of the derivative instrument. 

We discontinue hedge accounting prospectively when: (i) it is determined that the derivative is no longer 

effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated 

or exercised; (iii) the derivative is de-designated as a hedge instrument; or (iv) it is no longer probable that the 

forecasted transaction will occur. 

For all qualifying and highly effective cash flow hedges, changes in fair value of the derivative instrument 

are reported as a separate component of accumulated other comprehensive income (loss). When hedge 

accounting is discontinued because it is probable that a forecasted transaction will not occur, the derivative 

continues to be carried in the consolidated balance sheets at its fair value, and gains and losses that were 

accumulated in other comprehensive income (loss) (“OCI”) are recognized immediately in net income (loss). 

When the hedged forecasted transaction is no longer probable, but is reasonably possible, the accumulated gain 

or loss remains in OCI and is recognized when the transaction affects net income (loss); however, prospective 

hedge accounting for the transaction is terminated. In all other situations in which hedge accounting is 

discontinued on a cash flow hedge, amounts previously deferred in OCI are reclassified into net income (loss) 

when net income (loss) is impacted by the variability of the cash flow of the hedged item. 

We may enter into contracts that are not themselves derivative instruments but contain embedded 

derivatives. For each contract, we assess whether the economic characteristics of the embedded derivative are 

clearly and closely related to those of the host contract and determine whether a separate instrument with the 

same terms as the embedded instrument would meet the definition of a derivative instrument. 

If it is determined that the embedded derivative possesses economic characteristics that are not clearly and 

closely related to the economic characteristics of the host contract, and that a separate instrument with the same 

terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and 

accounted for as a stand-alone derivative. Such embedded derivatives are recorded in the consolidated balance 

sheets at fair value and are classified consistent with their host contract. Changes in their fair value are 

recognized in current period net income (loss). If we are unable to properly identify and measure an embedded 

derivative for separation from its host contract, the entire contract is carried in the consolidated balance sheets at 

fair value, with changes in fair value recognized in current period net income (loss). 

Changes in the fair value of non-qualifying derivatives, including embedded derivatives, are reported in net 

investment gains (losses) with the exception of financial futures, which are associated with our MRBs and are 

reported in changes in fair value of market risk benefits and associated hedges. 

The majority of our derivative arrangements require the posting of collateral upon meeting certain net 

exposure thresholds. The amounts recognized for derivative counterparty collateral received by us are recorded 

in cash, cash equivalents and restricted cash with a corresponding amount recorded in other liabilities to 

represent our obligation to return the collateral retained by us. As of December 31, 2023 and 2022, the amount of 

cash collateral received from counterparties was $17 million and $16 million, respectively. We also receive 

non-cash collateral that is not recognized in our consolidated balance sheet unless we exercise our right to sell or 

re-pledge the underlying asset. As of December 31, 2023 and 2022, the fair value of non-cash collateral received 

was $2 million and $5 million, respectively, and the underlying assets were not sold or re-pledged. We pledged 

$1,100 million and $1,095 million of fixed maturity securities as of December 31, 2023 and 2022, respectively. 

Fixed maturity securities that we pledge as collateral remain in our consolidated balance sheet within fixed 

maturity securities available-for-sale. Any cash collateral pledged to a derivative counterparty is derecognized 

with a receivable recorded in other assets for the right to receive our cash collateral back from the counterparty. 

Daily changes in the fair value of the derivative contract, commonly referred to as variation margin, for 

144 

145 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

ratio, debt-to-value, property type and geographic location. Key inputs into the analytical model include 

exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over 

time could differ from the amounts estimated for the allowance for credit losses reported in the consolidated 

financial statements. Additions and reductions to the allowance through periodic provisions or benefits are 

recorded in net investment gains (losses). See note 5 for additional disclosures related to commercial mortgage 

loans. 

Accrued interest related to commercial mortgage loans is included in accrued investment income in our 

consolidated balance sheet and had a carrying value of $23 million and $22 million as of December 31, 2023 and 

2022, respectively. We do not measure an allowance for credit losses related to accrued interest as uncollectible 

accrued interest related to our commercial mortgage loans is written off after 90 days and once collectability is 

determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a 

credit loss expense included in net investment gains (losses). 

g) Limited Partnerships 

Limited partnerships are accounted for at fair value when our partnership interest is considered minor 

(generally less than 3% ownership in the limited partnerships) and we exercise no influence over operating and 

financial policies. For limited partnerships that do not have a readily determinable fair value, we utilize the net 

asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value. Changes in the 

estimated fair value of these investments are included in net investment gains (losses) and income and expenses 

are reported in net investment income. Investment distributions are evaluated to determine whether the 

distribution is a return on investment, such as capital gains, interest income and dividend income, or a return of 

capital. If our ownership percentage exceeds the minor threshold, limited partnerships are accounted for using the 

equity method of accounting. Our proportionate share of the earnings or losses for limited partnerships accounted 

for using the equity method of accounting is included in net investment income. In applying either method, we 

use financial information provided by the investee generally on a one- to three-month lag. However, for limited 

partnerships measured at fair value, we consider whether an adjustment to the estimated fair value is necessary 

when the measurement date is not aligned with our reporting date. 

h) Derivatives 

Derivative instruments are used to mitigate or reduce our exposure to interest rate, equity market and 

foreign currency exchange risk associated with assets and liabilities held and forecasted transactions. 

On the date we enter into a derivative contract, management designates the derivative as a hedge of the 

identified exposure (cash flow or foreign currency). If a derivative does not qualify for hedge accounting, the 

changes in its fair value and all scheduled periodic settlement receipts and payments are reported in net income 

(loss). 

We formally document all relationships between hedging instruments and hedged items, as well as our risk 

management objective and strategy for undertaking various hedge transactions. In this documentation, we 

specifically identify the asset, liability or forecasted transaction that has been designated as a hedged item, state 

how the hedging instrument is expected to hedge the risks related to the hedged item and set forth the method 

that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. We generally 

determine hedge effectiveness based on total changes in fair value of the hedged item attributable to the hedged 

risk and the total changes in fair value of the derivative instrument. 

We discontinue hedge accounting prospectively when: (i) it is determined that the derivative is no longer 
effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated 
or exercised; (iii) the derivative is de-designated as a hedge instrument; or (iv) it is no longer probable that the 
forecasted transaction will occur. 

For all qualifying and highly effective cash flow hedges, changes in fair value of the derivative instrument 

are reported as a separate component of accumulated other comprehensive income (loss). When hedge 
accounting is discontinued because it is probable that a forecasted transaction will not occur, the derivative 
continues to be carried in the consolidated balance sheets at its fair value, and gains and losses that were 
accumulated in other comprehensive income (loss) (“OCI”) are recognized immediately in net income (loss). 
When the hedged forecasted transaction is no longer probable, but is reasonably possible, the accumulated gain 
or loss remains in OCI and is recognized when the transaction affects net income (loss); however, prospective 
hedge accounting for the transaction is terminated. In all other situations in which hedge accounting is 
discontinued on a cash flow hedge, amounts previously deferred in OCI are reclassified into net income (loss) 
when net income (loss) is impacted by the variability of the cash flow of the hedged item. 

We may enter into contracts that are not themselves derivative instruments but contain embedded 
derivatives. For each contract, we assess whether the economic characteristics of the embedded derivative are 
clearly and closely related to those of the host contract and determine whether a separate instrument with the 
same terms as the embedded instrument would meet the definition of a derivative instrument. 

If it is determined that the embedded derivative possesses economic characteristics that are not clearly and 
closely related to the economic characteristics of the host contract, and that a separate instrument with the same 
terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and 
accounted for as a stand-alone derivative. Such embedded derivatives are recorded in the consolidated balance 
sheets at fair value and are classified consistent with their host contract. Changes in their fair value are 
recognized in current period net income (loss). If we are unable to properly identify and measure an embedded 
derivative for separation from its host contract, the entire contract is carried in the consolidated balance sheets at 
fair value, with changes in fair value recognized in current period net income (loss). 

Changes in the fair value of non-qualifying derivatives, including embedded derivatives, are reported in net 

investment gains (losses) with the exception of financial futures, which are associated with our MRBs and are 
reported in changes in fair value of market risk benefits and associated hedges. 

The majority of our derivative arrangements require the posting of collateral upon meeting certain net 
exposure thresholds. The amounts recognized for derivative counterparty collateral received by us are recorded 
in cash, cash equivalents and restricted cash with a corresponding amount recorded in other liabilities to 
represent our obligation to return the collateral retained by us. As of December 31, 2023 and 2022, the amount of 
cash collateral received from counterparties was $17 million and $16 million, respectively. We also receive 
non-cash collateral that is not recognized in our consolidated balance sheet unless we exercise our right to sell or 
re-pledge the underlying asset. As of December 31, 2023 and 2022, the fair value of non-cash collateral received 
was $2 million and $5 million, respectively, and the underlying assets were not sold or re-pledged. We pledged 
$1,100 million and $1,095 million of fixed maturity securities as of December 31, 2023 and 2022, respectively. 
Fixed maturity securities that we pledge as collateral remain in our consolidated balance sheet within fixed 
maturity securities available-for-sale. Any cash collateral pledged to a derivative counterparty is derecognized 
with a receivable recorded in other assets for the right to receive our cash collateral back from the counterparty. 
Daily changes in the fair value of the derivative contract, commonly referred to as variation margin, for 

144 

145 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

derivatives cleared through a central clearing party, such as the Chicago Mercantile Exchange are treated as daily 
settlements of the derivative contract. 

We test PVFP annually for recoverability as part of premium deficiency testing. See note 8 for additional 

information related to PVFP including recoverability. 

i) Cash, Cash Equivalents and Restricted Cash 

Certificates of deposit, money market funds and other highly liquid investments with original maturities of 

three months or less are considered cash equivalents in the consolidated balance sheets and consolidated 
statements of cash flows. Items with maturities greater than three months but less than one year at the time of 
acquisition are generally considered short-term investments. 

j) Deferred Acquisition Costs 

Acquisition costs include costs that are directly related to the successful acquisition of new or renewal of 

insurance contracts and are capitalized in the period incurred and deferred. 

Acquisition costs related to our long-duration insurance contracts primarily include commissions in excess 

of ultimate renewal commissions and for contracts issued, certain other costs such as underwriting, medical 
inspection, premium taxes and issuance expenses. Deferred acquisition costs (“DAC”) is measured on a grouped 
basis consistent with cohorts used to estimate the related liability for future policy benefits. DAC is deferred and 
amortized on a constant level basis for each cohort over the expected term of the related contracts, which 
approximates straight-line amortization. 

For our long-term care insurance products, DAC is amortized in proportion to total life count. For our life 

insurance products, DAC is amortized in proportion to the face amount in-force. For our fixed and variable 
annuity products, DAC is amortized in proportion to policy count. Assumptions used to amortize DAC are 
consistent with the assumptions used to estimate the related liability for future policy benefits. Revised 
assumptions are recognized prospectively over the remaining term of the related contract. The amortization rate 
is applied at the beginning of the current reporting period and reflects information available through the end of 
the current reporting period, including assumption updates, if applicable, and actual experience. 

Policyholders can elect to modify the benefits of certain products. If a contract modification results in 
substantial changes to the contract, the DAC on the original contract is written off immediately through income 
and any new deferrable costs associated with the new contract are deferred. If a contract modification does not 
substantially change the contract, the DAC on the original contract will continue to be amortized and any 
acquisition costs associated with the related modification are expensed immediately. 

Acquisition costs related to our mortgage insurance contracts primarily consist of underwriting costs and are 

amortized in proportion to estimated gross profit to the extent they are recoverable from future profits. 

k) Intangible Assets 

Present Value of Future Profits. In conjunction with the acquisition of a block of insurance policies or 
investment contracts, a portion of the purchase price is assigned to the right to receive future gross profits arising 
from existing insurance and investment contracts. This intangible asset, called PVFP, represents the actuarially 
estimated present value of future cash flows from the acquired policies. PVFP is amortized in a manner 
consistent with the amortization of DAC, which is in proportion to the face amount in-force for life insurance 
products. 

Deferred Sales Inducements to Contractholders. We defer sales inducements to contractholders for features 

on variable annuities that entitle the contractholder to an incremental amount to be credited to the account value 

upon making a deposit, and for fixed annuities with crediting rates higher than the contract’s expected ongoing 

crediting rates for periods after the inducement. Deferred sales inducements to contractholders are reported as a 

separate intangible asset and amortized in benefits and other changes in policy reserves using the same 

methodology and assumptions used to amortize DAC. 

Other Intangible Assets. We amortize the costs of other intangibles over their estimated useful lives unless 

such lives are deemed indefinite. Amortizable intangible assets are tested for impairment based on undiscounted 

cash flows, which requires the use of estimates and judgment, and are written down to fair value if impaired. 

Intangible assets with indefinite lives are tested at least annually for impairment using a qualitative or 

quantitative assessment and are written down to fair value as required. 

l) Reinsurance 

Premium revenue, benefits and acquisition and operating expenses, net of deferrals, are reported net of the 

amounts relating to reinsurance ceded to other companies in the consolidated statements of income. Amounts due 

from reinsurers for incurred and estimated future claims are reflected in the reinsurance recoverable asset in the 

consolidated balance sheets. Amounts received from reinsurers that represent recovery of acquisition costs are 

netted against DAC so that the net amount is capitalized. The cost of reinsurance, or the difference between 

amounts paid and the liabilities ceded at the inception of the reinsurance agreement, is deferred and amortized in 

a manner consistent with DAC over the terms of the related reinsurance treaties using the same assumptions as 

those used to account for the underlying reinsured policies. Premium revenue, benefits and acquisition and 

operating expenses, net of deferrals, for reinsurance contracts that do not qualify for reinsurance accounting are 

accounted for under the deposit method of accounting. 

Allowance for Credit Losses on Reinsurance Recoverables 

The allowance for credit losses related to reinsurance recoverables is evaluated based on historical loss 

experience adjusted for current events and reasonable and supportable forecasts from both internal and external 

sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and 

collateral type, and is calculated based on an externally reported probability of default corresponding to the 

reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for 

ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral 

securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to 

be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency 

and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, 

to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are 

necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the 

expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances 

indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the 

reinsurance recoverable is assessed on a separate basis. Write-offs are deducted from the allowance in the period 

the reinsurance recoverable is determined to be uncollectible. 

146 

147 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

derivatives cleared through a central clearing party, such as the Chicago Mercantile Exchange are treated as daily 

We test PVFP annually for recoverability as part of premium deficiency testing. See note 8 for additional 

settlements of the derivative contract. 

information related to PVFP including recoverability. 

i) Cash, Cash Equivalents and Restricted Cash 

Certificates of deposit, money market funds and other highly liquid investments with original maturities of 

three months or less are considered cash equivalents in the consolidated balance sheets and consolidated 

statements of cash flows. Items with maturities greater than three months but less than one year at the time of 

acquisition are generally considered short-term investments. 

j) Deferred Acquisition Costs 

Acquisition costs include costs that are directly related to the successful acquisition of new or renewal of 

insurance contracts and are capitalized in the period incurred and deferred. 

Acquisition costs related to our long-duration insurance contracts primarily include commissions in excess 

of ultimate renewal commissions and for contracts issued, certain other costs such as underwriting, medical 

inspection, premium taxes and issuance expenses. Deferred acquisition costs (“DAC”) is measured on a grouped 

basis consistent with cohorts used to estimate the related liability for future policy benefits. DAC is deferred and 

amortized on a constant level basis for each cohort over the expected term of the related contracts, which 

approximates straight-line amortization. 

For our long-term care insurance products, DAC is amortized in proportion to total life count. For our life 

insurance products, DAC is amortized in proportion to the face amount in-force. For our fixed and variable 

annuity products, DAC is amortized in proportion to policy count. Assumptions used to amortize DAC are 

consistent with the assumptions used to estimate the related liability for future policy benefits. Revised 

assumptions are recognized prospectively over the remaining term of the related contract. The amortization rate 

is applied at the beginning of the current reporting period and reflects information available through the end of 

the current reporting period, including assumption updates, if applicable, and actual experience. 

Policyholders can elect to modify the benefits of certain products. If a contract modification results in 

substantial changes to the contract, the DAC on the original contract is written off immediately through income 

and any new deferrable costs associated with the new contract are deferred. If a contract modification does not 

substantially change the contract, the DAC on the original contract will continue to be amortized and any 

acquisition costs associated with the related modification are expensed immediately. 

Acquisition costs related to our mortgage insurance contracts primarily consist of underwriting costs and are 

amortized in proportion to estimated gross profit to the extent they are recoverable from future profits. 

k) Intangible Assets 

Present Value of Future Profits. In conjunction with the acquisition of a block of insurance policies or 

investment contracts, a portion of the purchase price is assigned to the right to receive future gross profits arising 

from existing insurance and investment contracts. This intangible asset, called PVFP, represents the actuarially 

estimated present value of future cash flows from the acquired policies. PVFP is amortized in a manner 

consistent with the amortization of DAC, which is in proportion to the face amount in-force for life insurance 

products. 

Deferred Sales Inducements to Contractholders. We defer sales inducements to contractholders for features 
on variable annuities that entitle the contractholder to an incremental amount to be credited to the account value 
upon making a deposit, and for fixed annuities with crediting rates higher than the contract’s expected ongoing 
crediting rates for periods after the inducement. Deferred sales inducements to contractholders are reported as a 
separate intangible asset and amortized in benefits and other changes in policy reserves using the same 
methodology and assumptions used to amortize DAC. 

Other Intangible Assets. We amortize the costs of other intangibles over their estimated useful lives unless 
such lives are deemed indefinite. Amortizable intangible assets are tested for impairment based on undiscounted 
cash flows, which requires the use of estimates and judgment, and are written down to fair value if impaired. 
Intangible assets with indefinite lives are tested at least annually for impairment using a qualitative or 
quantitative assessment and are written down to fair value as required. 

l) Reinsurance 

Premium revenue, benefits and acquisition and operating expenses, net of deferrals, are reported net of the 

amounts relating to reinsurance ceded to other companies in the consolidated statements of income. Amounts due 
from reinsurers for incurred and estimated future claims are reflected in the reinsurance recoverable asset in the 
consolidated balance sheets. Amounts received from reinsurers that represent recovery of acquisition costs are 
netted against DAC so that the net amount is capitalized. The cost of reinsurance, or the difference between 
amounts paid and the liabilities ceded at the inception of the reinsurance agreement, is deferred and amortized in 
a manner consistent with DAC over the terms of the related reinsurance treaties using the same assumptions as 
those used to account for the underlying reinsured policies. Premium revenue, benefits and acquisition and 
operating expenses, net of deferrals, for reinsurance contracts that do not qualify for reinsurance accounting are 
accounted for under the deposit method of accounting. 

Allowance for Credit Losses on Reinsurance Recoverables 

The allowance for credit losses related to reinsurance recoverables is evaluated based on historical loss 
experience adjusted for current events and reasonable and supportable forecasts from both internal and external 
sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and 
collateral type, and is calculated based on an externally reported probability of default corresponding to the 
reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for 
ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral 
securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to 
be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency 
and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, 
to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are 
necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the 
expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances 
indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the 
reinsurance recoverable is assessed on a separate basis. Write-offs are deducted from the allowance in the period 
the reinsurance recoverable is determined to be uncollectible. 

146 

147 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

m) Separate Accounts 

Separate account assets represent funds for which the investment income and investment gains and losses 
accrue directly to the contractholders and are reflected in our consolidated balance sheets at fair value, reported 
as summary total separate account assets with an equivalent summary total reported for liabilities. Amounts 
assessed against the contractholders for mortality, administrative and other services are included in revenues. Net 
investment income and net investment gains (losses) accrue to the benefit of the contractholder and are offset 
within the same line item in the consolidated statements of income; as a result, there is no impact to net income 
(loss). There are no gains or losses on transfers of assets from the general account to the separate account. 

n) Insurance Reserves 

Future Policy Benefits 

The liability for future policy benefits is equal to the present value of expected future benefits and claim-

related expenses, less the present value of expected future net premiums. Cash flow assumptions, as applicable, 
used to estimate the liability for future policy benefits include health care experience (including type of care and 
cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force 
from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., 
frequency and severity of claim, including claim termination rates and benefit utilization rates) and estimates of 
future in-force rate actions, which include premium rate increases and benefit reductions associated with our 
long-term care insurance. Estimates of future in-force rate actions include those that are approved or anticipated 
to be approved, including premium rate increases and associated benefit reductions not yet filed. In addition, we 
have reached three legal settlements regarding alleged disclosure deficiencies in premium increases for long-term 
care insurance policies. Benefit reductions include those from in-force rate actions as well as the net impact of 
legal settlements, which also includes the cash payments made to policyholders who elect certain reduced benefit 
options in connection with legal settlements, referred to as settlement payments. Claim termination rates for our 
long-term care insurance represent the expected rates at which claims end, and benefit utilization rates represent 
the available policy benefits expected to be used. Both claim termination rates and benefit utilization rates are 
influenced by, among other things, gender, age at claim, diagnosis, type of care needed, benefit period and daily 
benefit amount. 

All payments under an insurance contract, including future expected claims and claims incurred, as well as 
related expenses, are measured together as an integrated reserve. As a result, we elected to present the aggregate 
liability as one line item within the liability for future policy benefits in our consolidated balance sheets, 
excluding amounts related to our Enact segment and certain life insurance and fixed annuity products not subject 
to new accounting guidance adopted on January 1, 2023 related to the recognition and measurement of long-
duration insurance contracts, commonly known as long-duration targeted improvements (“LDTI”). 

The net premium ratio for long-duration traditional and limited-payment contracts is the portion of gross 
premiums required to provide for all future benefits. The net premium ratio is equal to the present value of actual 
historical and expected future benefits and expenses divided by the present value of actual historical and 
expected future gross premiums. For the purposes of calculating the net premium ratio, traditional and limited-
payment long-duration insurance contracts are generally grouped into annual calendar-year cohorts based on the 
contract issue date, product type and company. Limited-payment contracts are grouped into cohorts separately 
from other traditional products, and riders are combined with the associated base policies. Acquired contracts are 
grouped by acquisition date, and reinsurance recoverables are grouped by treaty effective date. 

Cash flow assumptions used to estimate the liability for future policy benefits are monitored quarterly and 

are updated if emerging experience indicates a change is necessary. As a result, we expect to update the cash 

flow assumptions related to the implementation timing and approval amounts of in-force rate actions on a 

quarterly basis. We elected to update the net premium ratio quarterly for actual historical experience; therefore, 

during interim reporting periods we replace forecasted cash flow assumptions with actual cash flows with any 

difference recorded in net income (loss). We made an entity-wide election not to update our claim settlement 

expense assumptions; therefore, these assumptions remain locked-in as of January 1, 2021, the date in which the 

adoption of LDTI was required to be applied (the “Transition Date”), or if issued after the Transition Date, at the 

time of contract inception. 

In addition, all cash flow assumptions are reviewed at least annually in the same period each year. We 

conduct a formal review and update cash flow assumptions as necessary based on experience studies during the 

fourth quarter each year. Changes in cash flow assumptions are recorded using a retrospective approach with a 

cumulative catch-up adjustment by recalculating the net premium ratio using actual historical experience and 

updated future cash flow estimates over the expected remaining life of the contracts. 

The liability for future policy benefits is measured using two different discount rates, a current discount rate 

and a locked-in discount rate. The current discount rate is used to remeasure the liability for future policy 

benefits recorded in the consolidated balance sheets and is a current upper-medium grade fixed-income 

instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the 

corresponding liability. The current discount rate is updated quarterly, and the difference between the liability 

measured using the locked-in rate and the liability measured using the current rate is recorded in accumulated 

other comprehensive income (loss). The methodology used to determine the current discount rate assumption 

maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The current 

discount rate assumption is based on a single-A curve published by a market data service. For cash flows 

projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value 

measurements to interpolate from the last observable rate to an estimated ultimate long-term rate. 

The locked-in discount rate is used to determine amounts recorded to net income (loss) and is held constant 

for the purposes of calculating the net premium ratio and interest accretion on the liability for future policy 

benefits. For policies in-force prior to the Transition Date, the locked-in discount rate is equal to the discount rate 

used immediately before the Transition Date. For contracts issued on or after the Transition Date, the locked-in 

discount rate for each issue-year cohort is determined as a single discount rate, calculated as the weighted-

average monthly single-A fixed-income instrument forward curves over the calendar year determined using the 

methodology used for the current discount rate assumption, weighted using annualized premiums, face amounts 

and monthly premiums for long-term care insurance, life insurance and fixed and variable annuities, respectively. 

When the net premium ratio is updated, the liability for future policy benefits is remeasured at the beginning 

of the current reporting period using the updated cash flows and revised net premium ratio discounted by the 

locked-in discount rate. The remeasured liability for future policy benefits is compared to the liability for future 

policy benefits as of the prior reporting period using the locked-in discount rate, with any difference recorded as 

liability remeasurement (gains) losses in current period net income (loss). If the present value of future expected 

benefits and claim-related expenses exceeds the present value of future expected gross premiums, the net 

premium ratio is capped at 100% and the liability for future policy benefits is increased with a corresponding 

adjustment to net income (loss). In the event the liability for future policy benefits is negative as a result of the 

present value of future net premiums exceeding the present value of future expected benefits, we record a 

flooring adjustment to ensure the liability for future policy benefits for each cohort is not less than zero. This is 

148 

149 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

m) Separate Accounts 

Separate account assets represent funds for which the investment income and investment gains and losses 

accrue directly to the contractholders and are reflected in our consolidated balance sheets at fair value, reported 

as summary total separate account assets with an equivalent summary total reported for liabilities. Amounts 

assessed against the contractholders for mortality, administrative and other services are included in revenues. Net 

investment income and net investment gains (losses) accrue to the benefit of the contractholder and are offset 

within the same line item in the consolidated statements of income; as a result, there is no impact to net income 

(loss). There are no gains or losses on transfers of assets from the general account to the separate account. 

n) Insurance Reserves 

Future Policy Benefits 

The liability for future policy benefits is equal to the present value of expected future benefits and claim-

related expenses, less the present value of expected future net premiums. Cash flow assumptions, as applicable, 

used to estimate the liability for future policy benefits include health care experience (including type of care and 

cost of care), policyholder persistency or lapses (i.e., the probability that a policy or contract will remain in-force 

from one period to the next), insured mortality (i.e., life expectancy or longevity), insured morbidity (i.e., 

frequency and severity of claim, including claim termination rates and benefit utilization rates) and estimates of 

future in-force rate actions, which include premium rate increases and benefit reductions associated with our 

long-term care insurance. Estimates of future in-force rate actions include those that are approved or anticipated 

to be approved, including premium rate increases and associated benefit reductions not yet filed. In addition, we 

have reached three legal settlements regarding alleged disclosure deficiencies in premium increases for long-term 

care insurance policies. Benefit reductions include those from in-force rate actions as well as the net impact of 

legal settlements, which also includes the cash payments made to policyholders who elect certain reduced benefit 

options in connection with legal settlements, referred to as settlement payments. Claim termination rates for our 

long-term care insurance represent the expected rates at which claims end, and benefit utilization rates represent 

the available policy benefits expected to be used. Both claim termination rates and benefit utilization rates are 

influenced by, among other things, gender, age at claim, diagnosis, type of care needed, benefit period and daily 

benefit amount. 

All payments under an insurance contract, including future expected claims and claims incurred, as well as 

related expenses, are measured together as an integrated reserve. As a result, we elected to present the aggregate 

liability as one line item within the liability for future policy benefits in our consolidated balance sheets, 

excluding amounts related to our Enact segment and certain life insurance and fixed annuity products not subject 

to new accounting guidance adopted on January 1, 2023 related to the recognition and measurement of long-

duration insurance contracts, commonly known as long-duration targeted improvements (“LDTI”). 

The net premium ratio for long-duration traditional and limited-payment contracts is the portion of gross 

premiums required to provide for all future benefits. The net premium ratio is equal to the present value of actual 

historical and expected future benefits and expenses divided by the present value of actual historical and 

expected future gross premiums. For the purposes of calculating the net premium ratio, traditional and limited-

payment long-duration insurance contracts are generally grouped into annual calendar-year cohorts based on the 

contract issue date, product type and company. Limited-payment contracts are grouped into cohorts separately 

from other traditional products, and riders are combined with the associated base policies. Acquired contracts are 

grouped by acquisition date, and reinsurance recoverables are grouped by treaty effective date. 

Cash flow assumptions used to estimate the liability for future policy benefits are monitored quarterly and 

are updated if emerging experience indicates a change is necessary. As a result, we expect to update the cash 
flow assumptions related to the implementation timing and approval amounts of in-force rate actions on a 
quarterly basis. We elected to update the net premium ratio quarterly for actual historical experience; therefore, 
during interim reporting periods we replace forecasted cash flow assumptions with actual cash flows with any 
difference recorded in net income (loss). We made an entity-wide election not to update our claim settlement 
expense assumptions; therefore, these assumptions remain locked-in as of January 1, 2021, the date in which the 
adoption of LDTI was required to be applied (the “Transition Date”), or if issued after the Transition Date, at the 
time of contract inception. 

In addition, all cash flow assumptions are reviewed at least annually in the same period each year. We 
conduct a formal review and update cash flow assumptions as necessary based on experience studies during the 
fourth quarter each year. Changes in cash flow assumptions are recorded using a retrospective approach with a 
cumulative catch-up adjustment by recalculating the net premium ratio using actual historical experience and 
updated future cash flow estimates over the expected remaining life of the contracts. 

The liability for future policy benefits is measured using two different discount rates, a current discount rate 

and a locked-in discount rate. The current discount rate is used to remeasure the liability for future policy 
benefits recorded in the consolidated balance sheets and is a current upper-medium grade fixed-income 
instrument yield, commonly interpreted to be a single-A rated bond rate, with the same duration as the 
corresponding liability. The current discount rate is updated quarterly, and the difference between the liability 
measured using the locked-in rate and the liability measured using the current rate is recorded in accumulated 
other comprehensive income (loss). The methodology used to determine the current discount rate assumption 
maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The current 
discount rate assumption is based on a single-A curve published by a market data service. For cash flows 
projected beyond the observable curve, we use estimation techniques consistent with Level 3 fair value 
measurements to interpolate from the last observable rate to an estimated ultimate long-term rate. 

The locked-in discount rate is used to determine amounts recorded to net income (loss) and is held constant 

for the purposes of calculating the net premium ratio and interest accretion on the liability for future policy 
benefits. For policies in-force prior to the Transition Date, the locked-in discount rate is equal to the discount rate 
used immediately before the Transition Date. For contracts issued on or after the Transition Date, the locked-in 
discount rate for each issue-year cohort is determined as a single discount rate, calculated as the weighted-
average monthly single-A fixed-income instrument forward curves over the calendar year determined using the 
methodology used for the current discount rate assumption, weighted using annualized premiums, face amounts 
and monthly premiums for long-term care insurance, life insurance and fixed and variable annuities, respectively. 

When the net premium ratio is updated, the liability for future policy benefits is remeasured at the beginning 

of the current reporting period using the updated cash flows and revised net premium ratio discounted by the 
locked-in discount rate. The remeasured liability for future policy benefits is compared to the liability for future 
policy benefits as of the prior reporting period using the locked-in discount rate, with any difference recorded as 
liability remeasurement (gains) losses in current period net income (loss). If the present value of future expected 
benefits and claim-related expenses exceeds the present value of future expected gross premiums, the net 
premium ratio is capped at 100% and the liability for future policy benefits is increased with a corresponding 
adjustment to net income (loss). In the event the liability for future policy benefits is negative as a result of the 
present value of future net premiums exceeding the present value of future expected benefits, we record a 
flooring adjustment to ensure the liability for future policy benefits for each cohort is not less than zero. This is 

148 

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GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

most prevalent in our term life insurance products due to their product design of a level premium period followed 
by annual premium rate increases. Impacts for flooring adjustments are recorded to benefits and other changes in 
policy reserves in current period net income (loss). 

Estimates and actuarial assumptions used for establishing the liability for future policy benefits involve the 

exercise of significant judgment, and changes in assumptions or deviations of actual experience from 
assumptions can have, and in the past have had, material impacts on our liability for future policy benefits and 
net income (loss). Assumptions are based on management’s best estimate and consider a variety of factors 
including historical and industry experience and trends, as well as market conditions and other factors. Refer to 
note 10 for additional information related to deviations between actual and expected experience during the 
period. 

Deferred Profit Liability 

We establish a deferred profit liability within the liability for future policy benefits in the consolidated 
balance sheets for limited-payment products at the time of contract issuance for any amount of gross premiums 
received in excess of net premiums, which is amortized and recognized in benefits and other changes in policy 
reserves in net income (loss) in proportion to expected future benefit payments for our fixed annuity products. 
We accrue interest on the unamortized deferred profit liability balance using the locked-in discount rate for the 
related liability for future policy benefits. Cash flow assumptions related to the deferred profit liability are 
consistent with the assumptions used to estimate the related liability for future policy benefits and are updated at 
the same time as the related liability for future policy benefits. We recalculate the deferred profit liability using 
updated cash flow assumptions as of the beginning of the current reporting period and compare it to the carrying 
amount as of the prior reporting period, with any difference recorded as liability remeasurement (gains) losses in 
current period net income (loss). 

Policyholder Account Balances 

The liability for policyholder account balances represents the contract value that has accrued to the benefit 

of the policyholder as of the balance sheet date for investment-type and universal and term universal life 
insurance contracts. 

Investment-type contracts are broadly defined to include contracts without significant mortality or morbidity 

risk. Payments received from sales of investment contracts are recorded as deposits to the policyholder account 
balance. The policyholder account balance liability consists of accumulated account deposits, plus interest 
credited, less policyholder withdrawals and other charges assessed against the account balance. Interest rates 
credited to investment contracts are guaranteed for the initial policy term with renewal rates determined as 
necessary by management. 

In addition, some indexed crediting features included in our fixed annuity and universal life insurance 
products are accounted for as embedded derivatives. See notes 6 and 21 for additional information on these 
embedded derivatives and related fair value measurement disclosures. 

Additional Insurance Liabilities 

Additional insurance liabilities consist of secondary guarantees or product features in addition to the 

policyholder account balance on universal and term universal life insurance contracts that do not meet the criteria 

to be classified as MRBs or embedded derivatives. The additional insurance liability is equal to cumulative 

assessments multiplied by the current benefit ratio plus accrued interest, less excess payments. These additional 

benefit reserves are included in the liability for policyholder account balances in the consolidated balance sheets. 

The benefit ratio is equal to the present value of total expected benefit payments over the life of the contract 

divided by the present value of total expected assessments over the life of the contract, discounted by the 

projected crediting rate. The assumptions used to calculate the benefit ratio include insured mortality (i.e., life 

expectancy or longevity), interest rates and policyholder persistency or lapses, among other assumptions. The 

change in the additional insurance liability from the beginning of the current quarterly reporting period to the end 

of the current quarterly reporting period due to applying a revised benefit ratio is recorded as liability 

remeasurement (gains) losses in current period net income (loss). 

The calculation of our additional insurance liabilities includes investment performance. Therefore, we are 

required to analyze the impacts from net unrealized investment gains and losses on our available for-sale 

investment securities backing our additional insurance liabilities, as if those unrealized investment gains and 

losses were realized. These “shadow adjustments” result in the recognition of unrealized gains and losses on our 

additional insurance liabilities in a manner consistent with unrealized gains and losses on available-for-sale 

investment securities, which are recorded in accumulated other comprehensive income (loss). Changes to net 

unrealized investment gains and losses on available-for-sale investment securities backing our additional 

insurance liabilities may increase or decrease the shadow adjustments recorded within our additional insurance 

liabilities balance from period to period. 

Premium Deficiency Testing 

We conduct annual premium deficiency testing for all reserves related to our universal and term universal 

life insurance products included in additional insurance liabilities. A premium deficiency exists when the total 

liability currently established plus the current present value of expected future gross premiums (expected deposits 

to be paid by the policyholders, including any unearned revenue, and anticipated investment income) is less than 

the current present value of expected future benefits and settlement costs (including any unamortized PVFP). If it 

is determined a premium deficiency exists, PVFP is first written off, followed by an accrual for a premium 

deficiency reserve, if necessary. If a premium deficiency is recorded, PVFP amortization and the associated 

liabilities are remeasured using updated assumptions. 

o) Market Risk Benefits 

MRBs are benefit features associated with our fixed and variable annuity contracts that provide protection to 

the contractholder from and expose the insurer to other-than-nominal capital market risk. MRBs are measured at 

fair value using an income-based valuation model. Changes in fair value of market risk benefits, excluding 

changes attributable to instrument-specific credit risk (or non-performance risk) are reported as changes in fair 

value of market risk benefits and associated hedges in current period net income (loss). The portion of the change 

in fair value attributable to instrument-specific credit risk is recognized in accumulated other comprehensive 

income (loss). 

We offer certain minimum guarantees associated with our fixed annuity contracts that are classified as 

MRBs, including living benefits such as a guaranteed minimum withdrawal benefit (“GMWB”). The GMWB 

allows contractholders to withdraw a pre-defined percentage of account value or benefit base each year, either for 

a specified period of time or for the contractholders’ lifetime. 

150 

151 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

most prevalent in our term life insurance products due to their product design of a level premium period followed 

by annual premium rate increases. Impacts for flooring adjustments are recorded to benefits and other changes in 

policy reserves in current period net income (loss). 

Estimates and actuarial assumptions used for establishing the liability for future policy benefits involve the 

exercise of significant judgment, and changes in assumptions or deviations of actual experience from 

assumptions can have, and in the past have had, material impacts on our liability for future policy benefits and 

net income (loss). Assumptions are based on management’s best estimate and consider a variety of factors 

including historical and industry experience and trends, as well as market conditions and other factors. Refer to 

note 10 for additional information related to deviations between actual and expected experience during the 

period. 

Deferred Profit Liability 

We establish a deferred profit liability within the liability for future policy benefits in the consolidated 

balance sheets for limited-payment products at the time of contract issuance for any amount of gross premiums 

received in excess of net premiums, which is amortized and recognized in benefits and other changes in policy 

reserves in net income (loss) in proportion to expected future benefit payments for our fixed annuity products. 

We accrue interest on the unamortized deferred profit liability balance using the locked-in discount rate for the 

related liability for future policy benefits. Cash flow assumptions related to the deferred profit liability are 

consistent with the assumptions used to estimate the related liability for future policy benefits and are updated at 

the same time as the related liability for future policy benefits. We recalculate the deferred profit liability using 

updated cash flow assumptions as of the beginning of the current reporting period and compare it to the carrying 

amount as of the prior reporting period, with any difference recorded as liability remeasurement (gains) losses in 

current period net income (loss). 

Policyholder Account Balances 

The liability for policyholder account balances represents the contract value that has accrued to the benefit 

of the policyholder as of the balance sheet date for investment-type and universal and term universal life 

insurance contracts. 

Investment-type contracts are broadly defined to include contracts without significant mortality or morbidity 

risk. Payments received from sales of investment contracts are recorded as deposits to the policyholder account 

balance. The policyholder account balance liability consists of accumulated account deposits, plus interest 

credited, less policyholder withdrawals and other charges assessed against the account balance. Interest rates 

credited to investment contracts are guaranteed for the initial policy term with renewal rates determined as 

necessary by management. 

In addition, some indexed crediting features included in our fixed annuity and universal life insurance 

products are accounted for as embedded derivatives. See notes 6 and 21 for additional information on these 

embedded derivatives and related fair value measurement disclosures. 

Additional Insurance Liabilities 

Additional insurance liabilities consist of secondary guarantees or product features in addition to the 

policyholder account balance on universal and term universal life insurance contracts that do not meet the criteria 

to be classified as MRBs or embedded derivatives. The additional insurance liability is equal to cumulative 
assessments multiplied by the current benefit ratio plus accrued interest, less excess payments. These additional 
benefit reserves are included in the liability for policyholder account balances in the consolidated balance sheets. 
The benefit ratio is equal to the present value of total expected benefit payments over the life of the contract 
divided by the present value of total expected assessments over the life of the contract, discounted by the 
projected crediting rate. The assumptions used to calculate the benefit ratio include insured mortality (i.e., life 
expectancy or longevity), interest rates and policyholder persistency or lapses, among other assumptions. The 
change in the additional insurance liability from the beginning of the current quarterly reporting period to the end 
of the current quarterly reporting period due to applying a revised benefit ratio is recorded as liability 
remeasurement (gains) losses in current period net income (loss). 

The calculation of our additional insurance liabilities includes investment performance. Therefore, we are 

required to analyze the impacts from net unrealized investment gains and losses on our available for-sale 
investment securities backing our additional insurance liabilities, as if those unrealized investment gains and 
losses were realized. These “shadow adjustments” result in the recognition of unrealized gains and losses on our 
additional insurance liabilities in a manner consistent with unrealized gains and losses on available-for-sale 
investment securities, which are recorded in accumulated other comprehensive income (loss). Changes to net 
unrealized investment gains and losses on available-for-sale investment securities backing our additional 
insurance liabilities may increase or decrease the shadow adjustments recorded within our additional insurance 
liabilities balance from period to period. 

Premium Deficiency Testing 

We conduct annual premium deficiency testing for all reserves related to our universal and term universal 
life insurance products included in additional insurance liabilities. A premium deficiency exists when the total 
liability currently established plus the current present value of expected future gross premiums (expected deposits 
to be paid by the policyholders, including any unearned revenue, and anticipated investment income) is less than 
the current present value of expected future benefits and settlement costs (including any unamortized PVFP). If it 
is determined a premium deficiency exists, PVFP is first written off, followed by an accrual for a premium 
deficiency reserve, if necessary. If a premium deficiency is recorded, PVFP amortization and the associated 
liabilities are remeasured using updated assumptions. 

o) Market Risk Benefits 

MRBs are benefit features associated with our fixed and variable annuity contracts that provide protection to 
the contractholder from and expose the insurer to other-than-nominal capital market risk. MRBs are measured at 
fair value using an income-based valuation model. Changes in fair value of market risk benefits, excluding 
changes attributable to instrument-specific credit risk (or non-performance risk) are reported as changes in fair 
value of market risk benefits and associated hedges in current period net income (loss). The portion of the change 
in fair value attributable to instrument-specific credit risk is recognized in accumulated other comprehensive 
income (loss). 

We offer certain minimum guarantees associated with our fixed annuity contracts that are classified as 

MRBs, including living benefits such as a guaranteed minimum withdrawal benefit (“GMWB”). The GMWB 
allows contractholders to withdraw a pre-defined percentage of account value or benefit base each year, either for 
a specified period of time or for the contractholders’ lifetime. 

150 

151 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

In addition, we offer certain minimum guarantees associated with our variable annuity contracts that are 
classified as MRBs. Our variable annuity contracts usually contain a basic guaranteed minimum death benefit 
(“GMDB”) which provides a minimum benefit to be paid upon the annuitant’s death equal to the larger of 
account value or the return of net deposits. Some variable annuity contracts permit contractholders to purchase 
through riders, at an additional charge, enhanced death benefits such as the highest contract anniversary value, 
accumulated net deposits at a stated rate or a combination thereof. Some of our variable annuity contracts provide 
the contractholder with living benefits such as a GMWB or certain types of guaranteed annuitization benefits. 
Additionally, some of our variable annuity contracts provide the contractholder with a guaranteed payout annuity 
floor (“GPAF”), which provides protection to the contractholder from the capital market risk of the variable 
annuity payment falling below the guaranteed floor. 

See notes 13 and 21 for additional information related to MRBs and related significant inputs, judgments, 

valuation methods and assumptions used in the fair value measurement. 

p) Liability for Policy and Contract Claims 

The liability for policy and contract claims, or loss reserves, represents the amount needed to provide for the 
estimated ultimate cost of settling claims relating to insured events that have occurred on or before the end of the 
respective reporting period. The estimated liability includes requirements for future payments of: (i) losses that 
have been reported to the insurer; (ii) losses related to insured events that have occurred but that have not been 
reported to the insurer as of the date the liability is estimated; and (iii) loss adjustment expenses. Loss adjustment 
expenses include costs incurred in the claim settlement process such as legal fees and costs to record, process and 
adjust claims. As is common accounting practice in the mortgage insurance industry and in accordance with U.S. 
GAAP, we do not establish loss reserves for future claims on insured loans that are not in default or believed to 
be in default. 

Estimates and actuarial assumptions used for establishing the liability for policy and contract claims involve 

the exercise of significant judgment. Because these assumptions relate to factors that are not known in advance, 
change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with 
precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in 
assumptions or small deviations of actual experience from assumptions can have, and in the past have had, 
material impacts on our reserves, results of operations and financial condition. 

The liabilities for our mortgage insurance policies represent our best estimates of the liabilities at the time 

based on known facts, trends and other external factors, including home prices, unemployment, government 
housing policies, state foreclosure timelines, general economic conditions, interest rates, tax policy, credit 
availability and mortgage products. Reserves for losses and loss adjustment expenses are based on notices of 
mortgage loan defaults and estimates of defaults that have been incurred but have not been reported by loan 
servicers. Reserves for losses are established by estimating the number of loans in our inventory of delinquent 
loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount 
of the claim payment, which is referred to as claim severity. The estimates are determined using a factor-based 
approach, in which assumptions of claim rates for loans in default and the average amount paid for loans that 
result in a claim are calculated using traditional actuarial techniques. Over time, as the status of the underlying 
delinquent loans moves toward foreclosure and the likelihood of the associated claim loss increases, the amount 
of the loss reserves associated with the potential claims may also increase. 

Management considers the liability for policy and contract claims provided to be its best estimate to cover 

the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will 

revise its assumptions. Our liability for policy and contract claims is reviewed regularly, with changes in our 

estimates of future claims recorded in net income (loss). Future developments may result in losses greater or less 

than the liability for policy and contract claims provided. 

q) Unearned Premiums 

For single premium mortgage insurance products, we recognize a portion of the revenue in premiums earned 

in the current period, while the remaining portion is deferred as unearned premiums and earned over time in 

accordance with the expected pattern of risk emergence. If single premium policies are cancelled and the 

premium is non-refundable, then the remaining unearned premium related to each cancelled policy is recognized 

to earned premiums upon notification of the cancellation. Expected pattern of risk emergence on which we base 

premium recognition is inherently judgmental and is based on actuarial analysis of historical experience. We 

periodically review our premium earnings recognition models with any adjustments to the estimates reflected as 

a cumulative adjustment in current period net income (loss). Our reviews include the consideration of recent and 

projected loss experience, policy cancellation experience and refinement of actuarial methods. We did not have 

any adjustments associated with this review in 2023, 2022 or 2021. 

For share-based equity awards, we determine fair value on the grant date and recognize the related 

compensation expense, adjusted for expected forfeitures, through the income statement over the respective 

r) Stock-Based Compensation 

vesting period of the awards. 

s) Employee Benefit Plans 

We provide employees with a defined contribution pension plan and recognize expense throughout the year 

based on the employee’s age, service and eligible pay. We make an annual contribution to the plan. We also 

provide employees with defined contribution savings plans. We recognize expense for our contributions to the 

savings plans at the time employees make contributions to the plans. 

Some employees participate in defined benefit pension and postretirement benefit plans. We recognize 

expense for these plans based upon actuarial valuations performed by external experts. We estimate aggregate 

benefits by using assumptions for employee turnover, future compensation increases, rates of return on pension 

plan assets and future health care costs. We recognize an expense for differences between actual experience and 

estimates over the average future service period of participants. We recognize the overfunded or underfunded 

status of a defined benefit plan as an asset or liability in our consolidated balance sheets and recognize changes in 

that funded status in the year in which the changes occur through OCI. As of December 31, 2023 and 2022, we 

recognized a liability for these plans in other liabilities in the consolidated balance sheets. 

t) Income Taxes 

We determine deferred tax assets and/or liabilities by multiplying the differences between the financial 

reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when 

such differences are recovered or settled if there is no change in law. The effect on deferred taxes of a change in 

152 

153 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

In addition, we offer certain minimum guarantees associated with our variable annuity contracts that are 

classified as MRBs. Our variable annuity contracts usually contain a basic guaranteed minimum death benefit 

(“GMDB”) which provides a minimum benefit to be paid upon the annuitant’s death equal to the larger of 

account value or the return of net deposits. Some variable annuity contracts permit contractholders to purchase 

through riders, at an additional charge, enhanced death benefits such as the highest contract anniversary value, 

accumulated net deposits at a stated rate or a combination thereof. Some of our variable annuity contracts provide 

the contractholder with living benefits such as a GMWB or certain types of guaranteed annuitization benefits. 

Additionally, some of our variable annuity contracts provide the contractholder with a guaranteed payout annuity 

floor (“GPAF”), which provides protection to the contractholder from the capital market risk of the variable 

annuity payment falling below the guaranteed floor. 

See notes 13 and 21 for additional information related to MRBs and related significant inputs, judgments, 

valuation methods and assumptions used in the fair value measurement. 

p) Liability for Policy and Contract Claims 

The liability for policy and contract claims, or loss reserves, represents the amount needed to provide for the 

estimated ultimate cost of settling claims relating to insured events that have occurred on or before the end of the 

respective reporting period. The estimated liability includes requirements for future payments of: (i) losses that 

have been reported to the insurer; (ii) losses related to insured events that have occurred but that have not been 

reported to the insurer as of the date the liability is estimated; and (iii) loss adjustment expenses. Loss adjustment 

expenses include costs incurred in the claim settlement process such as legal fees and costs to record, process and 

adjust claims. As is common accounting practice in the mortgage insurance industry and in accordance with U.S. 

GAAP, we do not establish loss reserves for future claims on insured loans that are not in default or believed to 

be in default. 

Estimates and actuarial assumptions used for establishing the liability for policy and contract claims involve 

the exercise of significant judgment. Because these assumptions relate to factors that are not known in advance, 

change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with 

precision the ultimate amounts we will pay for actual claims or the timing of those payments. Small changes in 

assumptions or small deviations of actual experience from assumptions can have, and in the past have had, 

material impacts on our reserves, results of operations and financial condition. 

The liabilities for our mortgage insurance policies represent our best estimates of the liabilities at the time 

based on known facts, trends and other external factors, including home prices, unemployment, government 

housing policies, state foreclosure timelines, general economic conditions, interest rates, tax policy, credit 

availability and mortgage products. Reserves for losses and loss adjustment expenses are based on notices of 

mortgage loan defaults and estimates of defaults that have been incurred but have not been reported by loan 

servicers. Reserves for losses are established by estimating the number of loans in our inventory of delinquent 

loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount 

of the claim payment, which is referred to as claim severity. The estimates are determined using a factor-based 

approach, in which assumptions of claim rates for loans in default and the average amount paid for loans that 

result in a claim are calculated using traditional actuarial techniques. Over time, as the status of the underlying 

delinquent loans moves toward foreclosure and the likelihood of the associated claim loss increases, the amount 

of the loss reserves associated with the potential claims may also increase. 

Management considers the liability for policy and contract claims provided to be its best estimate to cover 
the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will 
revise its assumptions. Our liability for policy and contract claims is reviewed regularly, with changes in our 
estimates of future claims recorded in net income (loss). Future developments may result in losses greater or less 
than the liability for policy and contract claims provided. 

q) Unearned Premiums 

For single premium mortgage insurance products, we recognize a portion of the revenue in premiums earned 

in the current period, while the remaining portion is deferred as unearned premiums and earned over time in 
accordance with the expected pattern of risk emergence. If single premium policies are cancelled and the 
premium is non-refundable, then the remaining unearned premium related to each cancelled policy is recognized 
to earned premiums upon notification of the cancellation. Expected pattern of risk emergence on which we base 
premium recognition is inherently judgmental and is based on actuarial analysis of historical experience. We 
periodically review our premium earnings recognition models with any adjustments to the estimates reflected as 
a cumulative adjustment in current period net income (loss). Our reviews include the consideration of recent and 
projected loss experience, policy cancellation experience and refinement of actuarial methods. We did not have 
any adjustments associated with this review in 2023, 2022 or 2021. 

r) Stock-Based Compensation 

For share-based equity awards, we determine fair value on the grant date and recognize the related 
compensation expense, adjusted for expected forfeitures, through the income statement over the respective 
vesting period of the awards. 

s) Employee Benefit Plans 

We provide employees with a defined contribution pension plan and recognize expense throughout the year 

based on the employee’s age, service and eligible pay. We make an annual contribution to the plan. We also 
provide employees with defined contribution savings plans. We recognize expense for our contributions to the 
savings plans at the time employees make contributions to the plans. 

Some employees participate in defined benefit pension and postretirement benefit plans. We recognize 

expense for these plans based upon actuarial valuations performed by external experts. We estimate aggregate 
benefits by using assumptions for employee turnover, future compensation increases, rates of return on pension 
plan assets and future health care costs. We recognize an expense for differences between actual experience and 
estimates over the average future service period of participants. We recognize the overfunded or underfunded 
status of a defined benefit plan as an asset or liability in our consolidated balance sheets and recognize changes in 
that funded status in the year in which the changes occur through OCI. As of December 31, 2023 and 2022, we 
recognized a liability for these plans in other liabilities in the consolidated balance sheets. 

t) Income Taxes 

We determine deferred tax assets and/or liabilities by multiplying the differences between the financial 
reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when 
such differences are recovered or settled if there is no change in law. The effect on deferred taxes of a change in 

152 

153 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

tax rates is recognized in net income (loss) in the period that includes the enactment date. Valuation allowances 
on deferred tax assets are estimated based on our assessment of the realizability of such amounts. 

fulfill the obligations of the securitization entity. We do not have any additional exposure or guarantees 

associated with this securitization entity. There was no new asset securitization activity in 2023. 

Under U.S. GAAP, we are generally required to record U.S. deferred taxes on the anticipated repatriation of 

foreign income as the income is recognized for financial reporting purposes. An exception under certain 
accounting guidance permits us not to record a U.S. deferred tax liability for foreign income that we expect to 
reinvest in our foreign operations and for which remittance will be postponed indefinitely. If it becomes apparent 
that we cannot positively assert that some or all undistributed income will be reinvested indefinitely, the related 
deferred taxes are recorded in that period based on the expected form of repatriation (i.e., distribution, loan or 
sale). In determining indefinite reinvestment, we regularly evaluate the capital needs of our domestic and foreign 
operations considering all available information, including operating and capital plans, regulatory capital 
requirements, parent company financing and cash flow needs, as well as the applicable tax laws to which our 
domestic and foreign subsidiaries are subject. 

Similarly, under another exception to the recognition of deferred taxes under U.S. GAAP, we do not record 
deferred taxes on U.S. domestic subsidiary entities for the excess of the financial statement carrying amount over 
the tax basis in the stock of the subsidiary (commonly referred to as “outside basis difference”) if we have the 
ability under the tax law and intent to recover the basis difference in a tax-free manner. Deferred taxes would be 
recognized in the period of a change to our ability or intent. 

Our companies have elected to file a single U.S. consolidated income tax return (the “life/non-life 
consolidated return”). All companies domesticated in the United States are included in the life/non-life 
consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all 
intercompany balances related to this agreement are settled at least annually. 

u) Variable Interest Entities 

We are involved in certain entities that are considered VIEs as defined under U.S. GAAP, and accordingly, 

we evaluate the VIE to determine whether we are the primary beneficiary and are required to consolidate the 
assets and liabilities of the entity. The primary beneficiary of a VIE is the enterprise that has the power to direct 
the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to 
absorb losses or receive benefits that could potentially be significant to the VIE. The determination of the 
primary beneficiary for a VIE can be complex and requires management judgment regarding the expected results 
of the entity and how those results are absorbed by variable interest holders, as well as which party has the power 
to direct activities that most significantly impact the performance of the VIEs. 

Our primary involvement related to VIEs includes securitization transactions, certain investments and 

reinsurance transactions. 

We have a beneficial interest in a VIE where we are the servicer and transferor of certain assets that were 

sold to the VIE. Our primary economic interest in this VIE represents the excess interest of the commercial 
mortgage loans. This securitization entity was designed to have significant limitations on the types of assets 
owned, the types and extent of permitted activities and decision making rights and is comprised of an entity 
backed by commercial mortgage loans. As a result of our involvement in the entity’s design or having certain 
decision making ability regarding the assets held by the securitization entity, consolidation of the VIE is required. 
As of December 31, 2023 and 2022, we had $16 million and $21 million, respectively, of total securitized assets 
required to be consolidated. The assets held by the securitization entity are restricted and can only be used to 

We have excess of loss reinsurance agreements with entities that are considered VIEs. These entities finance 

the reinsurance coverage by issuing mortgage insurance-linked notes to unaffiliated investors. The assets of the 

VIEs are deposited in reinsurance trusts for our benefit that will be the source of reinsurance claim payments. 

Our involvement with these VIEs represents mortgage insurance claim coverage through excess of loss 

reinsurance, which includes significant insurance risk and a reasonable possibility of a significant loss but does 

not result in the unilateral power to direct the activities that most significantly affect the VIEs’ economic 

performance or result in the obligation to absorb losses or the right to receive benefits. Accordingly, 

consolidation of the VIEs is not required. Refer to note 9 for additional information related to our reinsurance 

agreements with entities that are considered VIEs. 

We hold investments in certain structures that are considered VIEs. Our investments represent beneficial 

interests that are primarily in the form of structured securities or limited partnership investments. Our 

involvement in these structures typically represents a passive investment in the returns generated by the VIE and 

typically does not result in having significant influence over the economic performance of the VIE. Refer to note 

5 for additional information related to our limited partnership investments that are considered VIEs. 

v) Leases 

We have leased assets predominantly classified as operating leases, which are recognized both as a 

right-of-use asset and a corresponding lease liability in our consolidated balance sheets. Our leased assets consist 

of office space in nine locations in the United States and one location in Mexico. Lease payments included in the 

calculation of our lease liability include fixed amounts contained within each rental agreement and variable lease 

payments that are based upon an index or rate. We combine lease and non-lease components and as a result, 

non-lease components are included in the calculation of our lease liability. Our remaining lease terms ranged 

from less than one year to 15 years and had a weighted-average remaining lease term of eight years as of 

December 31, 2023. The implicit rate of our lease agreements was not readily determinable; therefore, we 

utilized our incremental borrowing rate to discount future lease payments. The weighted-average discount rate 

was 7.2% as of December 31, 2023. The amount of contractual undiscounted lease obligations due in 2024, 2025, 

2026, 2027, and 2028 and thereafter is $10 million, $12 million, $10 million, $9 million and $22 million, 

respectively. As of December 31, 2023, the operating lease liability recorded in other liabilities in our 

consolidated balance sheet of $48 million was net of imputed interest of $15 million. 

w) Accounting Changes 

Long-Duration Targeted Improvements 

On January 1, 2023, we adopted LDTI, which significantly changed the recognition and measurement of 

long-duration insurance contracts. This new accounting guidance directly impacted DAC, intangible assets and 

insurance assets and liabilities in our U.S. life insurance subsidiaries, and also significantly increased our 

disclosure requirements. The new guidance does not impact our Enact segment and Corporate and Other. 

We adopted this new accounting guidance using the modified retrospective transition method for all topics 

except for MRBs, which was required to be applied using the retrospective transition method. The modified 

retrospective transition method generally results in applying the guidance to contracts on the basis of existing 

154 

155 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

tax rates is recognized in net income (loss) in the period that includes the enactment date. Valuation allowances 

on deferred tax assets are estimated based on our assessment of the realizability of such amounts. 

fulfill the obligations of the securitization entity. We do not have any additional exposure or guarantees 
associated with this securitization entity. There was no new asset securitization activity in 2023. 

Under U.S. GAAP, we are generally required to record U.S. deferred taxes on the anticipated repatriation of 

foreign income as the income is recognized for financial reporting purposes. An exception under certain 

accounting guidance permits us not to record a U.S. deferred tax liability for foreign income that we expect to 

reinvest in our foreign operations and for which remittance will be postponed indefinitely. If it becomes apparent 

that we cannot positively assert that some or all undistributed income will be reinvested indefinitely, the related 

deferred taxes are recorded in that period based on the expected form of repatriation (i.e., distribution, loan or 

sale). In determining indefinite reinvestment, we regularly evaluate the capital needs of our domestic and foreign 

operations considering all available information, including operating and capital plans, regulatory capital 

requirements, parent company financing and cash flow needs, as well as the applicable tax laws to which our 

domestic and foreign subsidiaries are subject. 

Similarly, under another exception to the recognition of deferred taxes under U.S. GAAP, we do not record 

deferred taxes on U.S. domestic subsidiary entities for the excess of the financial statement carrying amount over 

the tax basis in the stock of the subsidiary (commonly referred to as “outside basis difference”) if we have the 

ability under the tax law and intent to recover the basis difference in a tax-free manner. Deferred taxes would be 

recognized in the period of a change to our ability or intent. 

Our companies have elected to file a single U.S. consolidated income tax return (the “life/non-life 

consolidated return”). All companies domesticated in the United States are included in the life/non-life 

consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all 

intercompany balances related to this agreement are settled at least annually. 

u) Variable Interest Entities 

We are involved in certain entities that are considered VIEs as defined under U.S. GAAP, and accordingly, 

we evaluate the VIE to determine whether we are the primary beneficiary and are required to consolidate the 

assets and liabilities of the entity. The primary beneficiary of a VIE is the enterprise that has the power to direct 

the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to 

absorb losses or receive benefits that could potentially be significant to the VIE. The determination of the 

primary beneficiary for a VIE can be complex and requires management judgment regarding the expected results 

of the entity and how those results are absorbed by variable interest holders, as well as which party has the power 

to direct activities that most significantly impact the performance of the VIEs. 

Our primary involvement related to VIEs includes securitization transactions, certain investments and 

reinsurance transactions. 

We have a beneficial interest in a VIE where we are the servicer and transferor of certain assets that were 

sold to the VIE. Our primary economic interest in this VIE represents the excess interest of the commercial 

mortgage loans. This securitization entity was designed to have significant limitations on the types of assets 

owned, the types and extent of permitted activities and decision making rights and is comprised of an entity 

backed by commercial mortgage loans. As a result of our involvement in the entity’s design or having certain 

decision making ability regarding the assets held by the securitization entity, consolidation of the VIE is required. 

As of December 31, 2023 and 2022, we had $16 million and $21 million, respectively, of total securitized assets 

required to be consolidated. The assets held by the securitization entity are restricted and can only be used to 

We have excess of loss reinsurance agreements with entities that are considered VIEs. These entities finance 

the reinsurance coverage by issuing mortgage insurance-linked notes to unaffiliated investors. The assets of the 
VIEs are deposited in reinsurance trusts for our benefit that will be the source of reinsurance claim payments. 
Our involvement with these VIEs represents mortgage insurance claim coverage through excess of loss 
reinsurance, which includes significant insurance risk and a reasonable possibility of a significant loss but does 
not result in the unilateral power to direct the activities that most significantly affect the VIEs’ economic 
performance or result in the obligation to absorb losses or the right to receive benefits. Accordingly, 
consolidation of the VIEs is not required. Refer to note 9 for additional information related to our reinsurance 
agreements with entities that are considered VIEs. 

We hold investments in certain structures that are considered VIEs. Our investments represent beneficial 

interests that are primarily in the form of structured securities or limited partnership investments. Our 
involvement in these structures typically represents a passive investment in the returns generated by the VIE and 
typically does not result in having significant influence over the economic performance of the VIE. Refer to note 
5 for additional information related to our limited partnership investments that are considered VIEs. 

v) Leases 

We have leased assets predominantly classified as operating leases, which are recognized both as a 

right-of-use asset and a corresponding lease liability in our consolidated balance sheets. Our leased assets consist 
of office space in nine locations in the United States and one location in Mexico. Lease payments included in the 
calculation of our lease liability include fixed amounts contained within each rental agreement and variable lease 
payments that are based upon an index or rate. We combine lease and non-lease components and as a result, 
non-lease components are included in the calculation of our lease liability. Our remaining lease terms ranged 
from less than one year to 15 years and had a weighted-average remaining lease term of eight years as of 
December 31, 2023. The implicit rate of our lease agreements was not readily determinable; therefore, we 
utilized our incremental borrowing rate to discount future lease payments. The weighted-average discount rate 
was 7.2% as of December 31, 2023. The amount of contractual undiscounted lease obligations due in 2024, 2025, 
2026, 2027, and 2028 and thereafter is $10 million, $12 million, $10 million, $9 million and $22 million, 
respectively. As of December 31, 2023, the operating lease liability recorded in other liabilities in our 
consolidated balance sheet of $48 million was net of imputed interest of $15 million. 

w) Accounting Changes 

Long-Duration Targeted Improvements 

On January 1, 2023, we adopted LDTI, which significantly changed the recognition and measurement of 

long-duration insurance contracts. This new accounting guidance directly impacted DAC, intangible assets and 
insurance assets and liabilities in our U.S. life insurance subsidiaries, and also significantly increased our 
disclosure requirements. The new guidance does not impact our Enact segment and Corporate and Other. 

We adopted this new accounting guidance using the modified retrospective transition method for all topics 

except for MRBs, which was required to be applied using the retrospective transition method. The modified 
retrospective transition method generally results in applying the guidance to contracts on the basis of existing 

154 

155 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

carrying values as of the Transition Date. The new accounting guidance, for all topics, was applied as of the 
Transition Date with an adjustment to beginning retained earnings and accumulated other comprehensive income 
(loss). In addition, prior period financial information has been re-presented in accordance with the new 
accounting standard. As of the Transition Date, we decreased total stockholders’ equity by $13.7 billion after-tax. 
The total decrease to stockholders’ equity included a reduction to retained earnings of $2.2 billion and a 
reduction in accumulated other comprehensive income (loss) of $11.5 billion. Our long-term care insurance 
business was the most significantly impacted from the adoption due to the requirement to remeasure the liability 
for future policy benefits and related reinsurance recoverables at the single-A bond rate as of the Transition Date, 
which at that time was materially lower than the locked-in discount rate. Refer to note 3 for further information 
about the cumulative effect adjustment recorded upon adoption of this new accounting guidance. 

The following table presents the impacted lines of the consolidated balance sheet reflecting the impact of 

adopting LDTI on January 1, 2023 as of December 31, 2022: 

Benefits and expenses: 

(Amounts in millions) 

Assets 

Deferred acquisition costs . . . . . . . . . . . . . . . .
Intangible assets  . . . . . . . . . . . . . . . . . . . . . . .
Reinsurance recoverable  . . . . . . . . . . . . . . . . .
Less: Allowance for credit losses  . . . . . . . .

Reinsurance recoverable, net  . . . . . . . . .
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax asset  . . . . . . . . . . . . . . . . . . . . . .
Market risk benefit assets  . . . . . . . . . . . . . . . .
Total assets  . . . . . . . . . . . . . . . . . . . . .

Liabilities and equity 

Liabilities: 

Future policy benefits  . . . . . . . . . . . . . . . . .
Policyholder account balances  . . . . . . . . . .
Market risk benefit liabilities  . . . . . . . . . . .
Liability for policy and contract claims  . . .
Unearned premiums  . . . . . . . . . . . . . . . . . .
Other liabilities  . . . . . . . . . . . . . . . . . . . . . .
Total liabilities  . . . . . . . . . . . . . . . . . .

Equity: 

Accumulated other comprehensive income 
(loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings  . . . . . . . . . . . . . . . . . . . .
Total Genworth Financial, Inc.’s 

stockholders’ equity  . . . . . . . . . . . .
Total equity  . . . . . . . . . . . . . . . . . . . . .
Total liabilities and equity  . . . . . . . . .

As originally 
reported 

Effect of 
adopting LDTI 

As adjusted 

$ 2,200 
241 
16,495 
(60) 

16,435 
415 
1,344 
—  
86,442 

38,064 
17,113 
—  
12,234 
584 
1,672 
75,703 

(2,220) 
3,098 

9,984 
10,739 
86,442 

$

11 
(38) 
2,564 
(3) 

2,561 
73 
639 
26 
3,272 

17,343 
(549) 
748 
(11,551) 
(381) 
15 
5,625 

(394) 
(1,959) 

(2,353) 
(2,353) 
3,272 

$ 2,211 
203 
19,059 
(63) 

18,996 
488 
1,983 
26 
89,714 

55,407 
16,564 
748 
683 
203 
1,687 
81,328 

(2,614) 
1,139 

7,631 
8,386 
89,714 

156 

157 

The following table presents the impacted lines of the consolidated statements of income reflecting the 

impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

2022 

As 

originally 

reported 

Effect of 

adopting 

LDTI 

As 

As 

adjusted 

originally 

reported 

2021 

Effect of 

adopting 

LDTI 

As 

adjusted 

(Amounts in millions, except per share amounts) 

Revenues: 

Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,719 

$ (39)  $3,680 

$3,435 

$ (29)  $3,406 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . .

Policy fees and other income . . . . . . . . . . . . . . . . . . .

(17) 

659 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . .

7,507 

15 

12 

(12) 

(2) 

671 

7,495 

323 

704 

7,832 

(1) 

20 

(10) 

322 

724 

7,822 

Benefits and other changes in policy reserves . . . . . .

Liability remeasurement (gains) losses  . . . . . . . . . . .

4,242 

—  

61 

(290) 

4,303 

(290) 

4,383 

—  

192 

242 

4,575 

242 

Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

503 

(104) 

1 

(104) 

504 

—  

508 

(160) 

3 

(160) 

511 

Acquisition and operating expenses, net of 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,371 

(86) 

1,285 

1,223 

(225) 

998 

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses . . . . . . . . . . . . . . . .

307 

6,529 

19 

(399) 

326 

6,130 

978 

239 

739 

739 

387 

80 

307 

307 

1,365 

319 

1,046 

1,046 

377 

6,651 

1,181 

263 

918 

945 

7 

59 

384 

6,710 

(69) 

(15) 

(54) 

(54) 

1,112 

248 

864 

891 

common stockholders  . . . . . . . . . . . . . . . . . . . . . .

609 

307 

916 

904 

(54) 

850 

stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

609 

307 

916 

885 

(54) 

831 

common stockholders  . . . . . . . . . . . . . . . . . . . . . .

609 

307 

916 

904 

(54) 

850 

Income from continuing operations before income 

taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision for income taxes  . . . . . . . . . . . . . . . . . . . .

Income from continuing operations  . . . . . . . . . . . . .

Net income 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income available to Genworth Financial, Inc.’s 

Income from continuing operations available to 

Genworth Financial, Inc.’s common 

Net income available to Genworth Financial, Inc.’s 

Income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders 

per share: 

Net income available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.21 

1.19 

0.61 

0.60 

1.82 

1.79 

1.75 

1.72 

(0.11) 

(0.11) 

1.64 

1.61 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.21 

1.19 

0.61 

0.60 

1.82 

1.79 

1.78 

1.76 

(0.10) 

(0.11) 

1.68 

1.65 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
carrying values as of the Transition Date. The new accounting guidance, for all topics, was applied as of the 

Transition Date with an adjustment to beginning retained earnings and accumulated other comprehensive income 

(loss). In addition, prior period financial information has been re-presented in accordance with the new 

accounting standard. As of the Transition Date, we decreased total stockholders’ equity by $13.7 billion after-tax. 

The total decrease to stockholders’ equity included a reduction to retained earnings of $2.2 billion and a 

reduction in accumulated other comprehensive income (loss) of $11.5 billion. Our long-term care insurance 

business was the most significantly impacted from the adoption due to the requirement to remeasure the liability 

for future policy benefits and related reinsurance recoverables at the single-A bond rate as of the Transition Date, 

which at that time was materially lower than the locked-in discount rate. Refer to note 3 for further information 

about the cumulative effect adjustment recorded upon adoption of this new accounting guidance. 

The following table presents the impacted lines of the consolidated balance sheet reflecting the impact of 

adopting LDTI on January 1, 2023 as of December 31, 2022: 

(Amounts in millions) 

Assets 

Deferred acquisition costs . . . . . . . . . . . . . . . .

Intangible assets  . . . . . . . . . . . . . . . . . . . . . . .

Reinsurance recoverable  . . . . . . . . . . . . . . . . .

Less: Allowance for credit losses  . . . . . . . .

Reinsurance recoverable, net  . . . . . . . . .

Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred tax asset  . . . . . . . . . . . . . . . . . . . . . .

Market risk benefit assets  . . . . . . . . . . . . . . . .

Total assets  . . . . . . . . . . . . . . . . . . . . .

Liabilities and equity 

Liabilities: 

Equity: 

Future policy benefits  . . . . . . . . . . . . . . . . .

Policyholder account balances  . . . . . . . . . .

Market risk benefit liabilities  . . . . . . . . . . .

Liability for policy and contract claims  . . .

Unearned premiums  . . . . . . . . . . . . . . . . . .

Other liabilities  . . . . . . . . . . . . . . . . . . . . . .

Total liabilities  . . . . . . . . . . . . . . . . . .

Accumulated other comprehensive income 

(loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retained earnings  . . . . . . . . . . . . . . . . . . . .

Total Genworth Financial, Inc.’s 

stockholders’ equity  . . . . . . . . . . . .

Total equity  . . . . . . . . . . . . . . . . . . . . .

Total liabilities and equity  . . . . . . . . .

As originally 

reported 

Effect of 

adopting LDTI 

As adjusted 

$ 2,200 

241 

16,495 

(60) 

16,435 

415 

1,344 

—  

86,442 

38,064 

17,113 

—  

12,234 

584 

1,672 

75,703 

(2,220) 

3,098 

9,984 

10,739 

86,442 

$

11 

(38) 

2,564 

(3) 

2,561 

73 

639 

26 

3,272 

17,343 

(549) 

748 

(11,551) 

(381) 

15 

5,625 

(394) 

(1,959) 

(2,353) 

(2,353) 

3,272 

$ 2,211 

203 

19,059 

(63) 

18,996 

488 

1,983 

26 

89,714 

55,407 

16,564 

748 

683 

203 

1,687 

81,328 

(2,614) 

1,139 

7,631 

8,386 

89,714 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table presents the impacted lines of the consolidated statements of income reflecting the 

impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

(Amounts in millions, except per share amounts) 

Revenues: 
Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . .
Policy fees and other income . . . . . . . . . . . . . . . . . . .
Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits and expenses: 
Benefits and other changes in policy reserves . . . . . .
Liability remeasurement (gains) losses  . . . . . . . . . . .
Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . .
Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of 

2022 

2021 

As 
originally 
reported 

Effect of 
adopting 
LDTI 

As 
adjusted 

As 
originally 
reported 

Effect of 
adopting 
LDTI 

As 
adjusted 

$3,719 
(17) 
659 
7,507 

$ (39)  $3,680 
(2) 
671 
7,495 

15 
12 
(12) 

$3,435 
323 
704 
7,832 

$ (29)  $3,406 
322 
724 
7,822 

(1) 
20 
(10) 

4,242 
—  

61 
(290) 

4,303 
(290) 

4,383 
—  

192 
242 

4,575 
242 

—  
503 

(104) 
1 

(104) 
504 

—  
508 

(160) 
3 

(160) 
511 

deferrals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,371 

(86) 

1,285 

1,223 

(225) 

998 

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total benefits and expenses . . . . . . . . . . . . . . . .

307 
6,529 

19 
(399) 

326 
6,130 

Income from continuing operations before income 

taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for income taxes  . . . . . . . . . . . . . . . . . . . .
Income from continuing operations  . . . . . . . . . . . . .
Net income 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income available to Genworth Financial, Inc.’s 
common stockholders  . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations available to 

Genworth Financial, Inc.’s common 
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income available to Genworth Financial, Inc.’s 
common stockholders  . . . . . . . . . . . . . . . . . . . . . .

Income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders 
per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income available to Genworth Financial, Inc.’s 

common stockholders per share: 

978 
239 
739 
739 

387 
80 
307 
307 

1,365 
319 
1,046 
1,046 

377 
6,651 

1,181 
263 
918 
945 

7 
59 

384 
6,710 

(69) 
(15) 
(54) 
(54) 

1,112 
248 
864 
891 

609 

307 

916 

904 

(54) 

850 

609 

307 

916 

885 

(54) 

831 

609 

307 

916 

904 

(54) 

850 

1.21 
1.19 

0.61 
0.60 

1.82 
1.79 

1.75 
1.72 

(0.11) 
(0.11) 

1.64 
1.61 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.21 
1.19 

0.61 
0.60 

1.82 
1.79 

1.78 
1.76 

(0.10) 
(0.11) 

1.68 
1.65 

156 

157 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table presents the impacted lines of the consolidated statements of cash flows reflecting the 

Reference Rate Reform 

impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

(Amounts in millions) 

Cash flows from (used by) operating activities: 

Net income 
Adjustments to reconcile net income to net cash 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

from operating activities: 
Net investment (gains) losses  . . . . . . . . . . . . . .
Changes in fair value of market risk benefits 

and associated hedges  . . . . . . . . . . . . . . . . . .
Charges assessed to policyholders  . . . . . . . . . .
Acquisition costs deferred  . . . . . . . . . . . . . . . . .
Amortization of deferred acquisition costs and 
intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . .

Change in certain assets and liabilities: 

Accrued investment income and other assets  . .
Insurance reserves  . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities, policy and contract claims and 
other policy-related balances . . . . . . . . . . . . .
Net cash from operating activities . . . . . . . . . . . . .

Troubled Debt Restructurings 

2022 

2021 

As 
originally 
reported 

Effect of 
adopting 
LDTI 

As 
adjusted 

As 
originally 
reported 

Effect of 
adopting 
LDTI 

As 
adjusted 

$ 739 

$ 307 

$1,046 

$ 945 

$ (54)  $ 891 

17 

(15) 

2 

(323) 

1 

(322) 

—  
(596) 
—  

307 
235 

(161) 
863 

19 
80 

6 
192 

(104) 
8 
(12) 

(104)  —  
(620) 
(588) 
(8) 
(12) 

326 
315 

377 
290 

(160) 
4 
(8) 

7 
(15) 

(160) 
(616) 
(16) 

384 
275 

(155) 
1,055 

(129) 
642 

(5) 
526 

(134) 
1,168 

129 
1,049 

(481) 
—  

(352) 
1,049 

310 
437 

(296) 
—  

14 
437 

On April 1, 2022, we elected to early adopt new accounting guidance related to troubled debt restructurings 

and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. 
The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and 
requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine 
whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands 
disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing 
financial difficulty and requires the presentation of gross write-offs by year of origination. We were permitted to 
early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on 
financial instruments on January 1, 2020. In accordance with the new accounting guidance, we adopted this 
guidance prospectively as of January 1, 2022, which did not have any impact at adoption. 

Simplification of Accounting for Income Taxes 

On January 1, 2021, we adopted new accounting guidance related to simplifying the accounting for income 

taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the 
methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for 
outside basis differences. We adopted this new accounting guidance using the retrospective method or modified 
retrospective method for certain changes and prospective method for all other changes, which did not have a 
significant impact on our consolidated financial statements and disclosures. 

158 

159 

In March 2020, January 2021 and December 2022, the Financial Accounting Standards Board (the “FASB”) 

issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. 

The guidance provides temporary guidance to ease the potential burden in accounting for, or recognizing the 

effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate 

(“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight 

Financing Rate. This guidance provides optional practical expedients and exceptions for applying generally 

accepted accounting principles to investments, derivatives or other transactions affected by reference rate reform 

such as those that impact the assessment of derivative hedge effectiveness and contract modifications, to include 

continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain 

effectiveness assessments to exclude certain potential sources of ineffectiveness. The guidance was updated to 

clarify that the optional practical expedients and exceptions can be applied to derivatives that use an interest rate 

for margining, discounting, or contract price alignment. In addition to the optional practical expedients, the 

guidance includes a general principle that permits an entity to consider contract modifications due to reference 

rate reform to be an event that does not require contract remeasurement at the modification date or reassessment 

of a previous accounting determination. We adopted this guidance prospectively and it did not have a significant 

impact on our consolidated financial statements or disclosures. 

x) Accounting Pronouncements Not Yet Adopted 

In December 2023, the FASB issued new accounting guidance to improve income tax disclosures. The 

guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate 

disclosure of additional information related to reconciling items that meet a quantitative threshold and additional 

disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements. This 

guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective 

method, with early adoption permitted. We are currently evaluating the impact the guidance may have on our 

processes, controls and disclosures. 

In November 2023, the FASB issued new accounting guidance to improve segment reporting. The guidance 

requires annual and interim disclosure of significant segment expenses regularly provided to the Chief Operating 

Decision Maker (“CODM”) and other segment items. The guidance also requires disclosures about a segment’s 

profit or loss and assets, currently only required annually, to be disclosed on an interim basis. Under the new 

accounting guidance, public entities may disclose multiple measures of a segment’s profit or loss, as long as all 

disclosed measures are used by the CODM for purposes of assessing performance and allocating resources and at 

least one of the reported measures is that which management believes to be most consistent with U.S. GAAP 

measurement principles. This guidance is effective for us for annual reporting periods beginning on January 1, 

2024 and interim reporting periods beginning on January 1, 2025 using the retrospective method, with early 

adoption permitted. We are currently evaluating the impact the guidance may have on our processes and 

disclosures. 

disclosures. 

In June 2022, the FASB issued new accounting guidance related to the fair value measurement of equity 

securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring 

the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to 

these securities. We will adopt this guidance prospectively for future reporting periods on the effective date of 

January 1, 2024. We do not expect any impact from this guidance on our consolidated financial statements and 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table presents the impacted lines of the consolidated statements of cash flows reflecting the 

Reference Rate Reform 

impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

2022 

As 

originally 

reported 

Effect of 

adopting 

LDTI 

As 

As 

adjusted 

originally 

reported 

2021 

Effect of 

adopting 

LDTI 

As 

adjusted 

Net income 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 739 

$ 307 

$1,046 

$ 945 

$ (54)  $ 891 

Net investment (gains) losses  . . . . . . . . . . . . . .

17 

(15) 

2 

(323) 

1 

(322) 

(Amounts in millions) 

Cash flows from (used by) operating activities: 

Adjustments to reconcile net income to net cash 

from operating activities: 

Changes in fair value of market risk benefits 

and associated hedges  . . . . . . . . . . . . . . . . . .

Charges assessed to policyholders  . . . . . . . . . .

Acquisition costs deferred  . . . . . . . . . . . . . . . . .

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred income taxes . . . . . . . . . . . . . . . . . . . .

Change in certain assets and liabilities: 

Accrued investment income and other assets  . .

Insurance reserves  . . . . . . . . . . . . . . . . . . . . . . .

Other liabilities, policy and contract claims and 

other policy-related balances . . . . . . . . . . . . .

Net cash from operating activities . . . . . . . . . . . . .

Troubled Debt Restructurings 

—  

(596) 

—  

307 

235 

(161) 

863 

(104) 

8 

(12) 

19 

80 

6 

192 

(104)  —  

(160) 

(588) 

(12) 

(620) 

(8) 

326 

315 

377 

290 

4 

(8) 

7 

(15) 

(160) 

(616) 

(16) 

384 

275 

(155) 

1,055 

(129) 

642 

(5) 

526 

(134) 

1,168 

129 

1,049 

(481) 

—  

(352) 

1,049 

310 

437 

(296) 

—  

14 

437 

On April 1, 2022, we elected to early adopt new accounting guidance related to troubled debt restructurings 

and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. 

The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and 

requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine 

whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands 

disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing 

financial difficulty and requires the presentation of gross write-offs by year of origination. We were permitted to 

early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on 

financial instruments on January 1, 2020. In accordance with the new accounting guidance, we adopted this 

guidance prospectively as of January 1, 2022, which did not have any impact at adoption. 

Simplification of Accounting for Income Taxes 

On January 1, 2021, we adopted new accounting guidance related to simplifying the accounting for income 

taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the 

methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for 

outside basis differences. We adopted this new accounting guidance using the retrospective method or modified 

retrospective method for certain changes and prospective method for all other changes, which did not have a 

significant impact on our consolidated financial statements and disclosures. 

In March 2020, January 2021 and December 2022, the Financial Accounting Standards Board (the “FASB”) 

issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. 
The guidance provides temporary guidance to ease the potential burden in accounting for, or recognizing the 
effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate 
(“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight 
Financing Rate. This guidance provides optional practical expedients and exceptions for applying generally 
accepted accounting principles to investments, derivatives or other transactions affected by reference rate reform 
such as those that impact the assessment of derivative hedge effectiveness and contract modifications, to include 
continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain 
effectiveness assessments to exclude certain potential sources of ineffectiveness. The guidance was updated to 
clarify that the optional practical expedients and exceptions can be applied to derivatives that use an interest rate 
for margining, discounting, or contract price alignment. In addition to the optional practical expedients, the 
guidance includes a general principle that permits an entity to consider contract modifications due to reference 
rate reform to be an event that does not require contract remeasurement at the modification date or reassessment 
of a previous accounting determination. We adopted this guidance prospectively and it did not have a significant 
impact on our consolidated financial statements or disclosures. 

x) Accounting Pronouncements Not Yet Adopted 

In December 2023, the FASB issued new accounting guidance to improve income tax disclosures. The 

guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate 
disclosure of additional information related to reconciling items that meet a quantitative threshold and additional 
disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements. This 
guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective 
method, with early adoption permitted. We are currently evaluating the impact the guidance may have on our 
processes, controls and disclosures. 

In November 2023, the FASB issued new accounting guidance to improve segment reporting. The guidance 
requires annual and interim disclosure of significant segment expenses regularly provided to the Chief Operating 
Decision Maker (“CODM”) and other segment items. The guidance also requires disclosures about a segment’s 
profit or loss and assets, currently only required annually, to be disclosed on an interim basis. Under the new 
accounting guidance, public entities may disclose multiple measures of a segment’s profit or loss, as long as all 
disclosed measures are used by the CODM for purposes of assessing performance and allocating resources and at 
least one of the reported measures is that which management believes to be most consistent with U.S. GAAP 
measurement principles. This guidance is effective for us for annual reporting periods beginning on January 1, 
2024 and interim reporting periods beginning on January 1, 2025 using the retrospective method, with early 
adoption permitted. We are currently evaluating the impact the guidance may have on our processes and 
disclosures. 

In June 2022, the FASB issued new accounting guidance related to the fair value measurement of equity 
securities subject to contractual sale restrictions. The guidance clarifies existing fair value guidance on measuring 
the fair value of an equity security subject to contractual sale restrictions and adds new disclosures related to 
these securities. We will adopt this guidance prospectively for future reporting periods on the effective date of 
January 1, 2024. We do not expect any impact from this guidance on our consolidated financial statements and 
disclosures. 

158 

159 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(3) Long-Duration Insurance Contracts Targeted Improvements 

The following table presents the balances of and changes in the consolidated balance sheet on January 1, 

Transition Disclosures 

On January 1, 2023, we adopted LDTI using the modified retrospective method for all topics except for 

MRBs, which was adopted using the retrospective method, as of January 1, 2021 or the Transition Date. When 
applying the new accounting guidance for MRBs, hindsight was applied where necessary to determine actuarial 
assumptions for MRBs primarily associated with variable annuities for certain older blocks of business issued 
before 2003 and certain small runoff blocks of business as observable data was not available. The modified 
retrospective approach for DAC and balances amortized on a basis consistent with DAC was applied before 
MRBs were retrospectively measured and, as a result, the historical DAC balances were carried over as of the 
Transition Date. 

In the year of adoption only, we have included rollforwards of activity for the year ended December 31, 
2021 for DAC, PVFP, the liability for future policy benefits, policyholder account balances, additional insurance 
liabilities, MRBs and separate account liabilities in notes 7, 8, 10, 11, 12, 13 and 14, respectively, to provide 
additional information related to comparative post-transition impacts. 

160 

Total assets  . . . . . . . . . . . . . . . .

$105,747 

$

(79)  $ 1,622  $ 14,773  $ 283 

$122,346 

Total investments . . . . . . . . . . . . . . . . . .

$ 74,701 

$ —  

$ —   $ —   $ —  

$ 74,701 

2021 from the adoption of LDTI: 

(Amounts in millions) 

Assets 

Cash, cash equivalents and restricted 

cash  . . . . . . . . . . . . . . . . . . . . . . . . . .

Accrued investment income  . . . . . . . . .

Deferred acquisition costs  . . . . . . . . . . .

Intangible assets . . . . . . . . . . . . . . . . . . .

Reinsurance recoverable  . . . . . . . . . . . .

Less: Allowance for credit losses  . . .

Reinsurance recoverable, net . . . . .

Other assets  . . . . . . . . . . . . . . . . . . . . . .

Deferred tax asset  . . . . . . . . . . . . . . . . .

Market risk benefit assets  . . . . . . . . . . .

Separate account assets  . . . . . . . . . . . . .

Assets related to discontinued 

operations . . . . . . . . . . . . . . . . . . . . . .

Liabilities and equity 

Liabilities: 

Future policy benefits  . . . . . . . . . . . .

Policyholder account balances  . . . . .

Market risk benefit liabilities . . . . . . .

Liability for policy and contract 

claims . . . . . . . . . . . . . . . . . . . . . . .

Unearned premiums . . . . . . . . . . . . . .

Other liabilities  . . . . . . . . . . . . . . . . .

Long-term borrowings . . . . . . . . . . . .

Separate account liabilities  . . . . . . . .

Liabilities related to discontinued 

operations . . . . . . . . . . . . . . . . . . . .

Commitments and contingencies 

Equity: 

Class A common stock  . . . . . . . . . . .

Additional paid-in capital  . . . . . . . . .

Accumulated other comprehensive 

income (loss)  . . . . . . . . . . . . . . . . .

Retained earnings  . . . . . . . . . . . . . . .

Treasury stock, at cost  . . . . . . . . . . . .

Total Genworth Financial, Inc.’s 

stockholders’ equity . . . . . . . .

Noncontrolling interests  . . . . . . . . . .

Total equity  . . . . . . . . . . . . . . . .

Balances as of 

December 31, 

2020 

Effect of adopting LDTI 

Changes in 

Eliminate 

shadow 

measurement 

of assets and 

Change in 

discount 

(as reported) 

adjustments 

liabilities 

rate 

Balances as of 

January 1, 

Recognize 

2021 

MRBs 

(as adjusted) 

2,561 

655 

1,487 

157 

16,864 

(45) 

16,819 

404 

65 

—  

6,081 

2,817 

—  

—  

1,322 

114 

— 

—  

—  

—  

—  

—  

—  

(1,515) 

—  

—  

—  

—  

1,214 

—  

1,214 

(89) 

497 

—  

—  

—  

—   —  

—   —  

—   —  

—   —  

10,149 

(92) 

—   —  

10,149 

—  

4,624 

—  

(92) 

248 

105 

22 

—   —  

2,561 

655 

2,809 

271 

28,135 

(45) 

28,090 

563 

3,776 

22 

6,081 

—   —  

2,817 

$(4,456)  $ 14,654  $ 31,893  $ —  

$ 84,786 

$ 42,695 

21,503 

—  

(1,229) 

—  

(10,725) 

(468) 

—  

—  

—  

—  

—  

—  

—  

—  

(641) 

1,310 

19,633 

1,310 

—   —  

—   —  

—  

4 

—   —  

—   —  

—   —  

761 

307 

1,618 

3,403 

6,081 

2,370 

—  

—  

—   —  

—   —  

1 

12,008 

—  

(17,120) 

(19) 

(371) 

—  

—   —  

(7,108) 

(626) 

(2,700) 

(1,839) 

—  

(1,839) 

(17,120) 

(390) 

—  

—   —  

(1,839) 

(17,120) 

(390) 

1,575 

502 

2,077 

11,486 

775 

1,614 

3,403 

6,081 

2,370 

89,927 

1 

12,008 

4,425 

1,584 

(2,700) 

15,318 

502 

15,820 

—  

—  

—  

—  

—  

—  

—  

—  

5,606 

—  

—  

5,606 

—  

5,606 

161 

Total liabilities and equity  . . . . .

$105,747 

$

(79)  $ 1,622  $ 14,773  $ 283 

$122,346 

Total liabilities . . . . . . . . . . . . . .

(5,685) 

3,461 

31,893 

673 

120,269 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(3) Long-Duration Insurance Contracts Targeted Improvements 

The following table presents the balances of and changes in the consolidated balance sheet on January 1, 

2021 from the adoption of LDTI: 

(Amounts in millions) 
Assets 

Total investments . . . . . . . . . . . . . . . . . .
Cash, cash equivalents and restricted 

cash  . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued investment income  . . . . . . . . .
Deferred acquisition costs  . . . . . . . . . . .
Intangible assets . . . . . . . . . . . . . . . . . . .
Reinsurance recoverable  . . . . . . . . . . . .
Less: Allowance for credit losses  . . .
Reinsurance recoverable, net . . . . .
Other assets  . . . . . . . . . . . . . . . . . . . . . .
Deferred tax asset  . . . . . . . . . . . . . . . . .
Market risk benefit assets  . . . . . . . . . . .
Separate account assets  . . . . . . . . . . . . .
Assets related to discontinued 

operations . . . . . . . . . . . . . . . . . . . . . .
Total assets  . . . . . . . . . . . . . . . .

Liabilities and equity 

Liabilities: 

Future policy benefits  . . . . . . . . . . . .
Policyholder account balances  . . . . .
Market risk benefit liabilities . . . . . . .
Liability for policy and contract 

claims . . . . . . . . . . . . . . . . . . . . . . .
Unearned premiums . . . . . . . . . . . . . .
Other liabilities  . . . . . . . . . . . . . . . . .
Long-term borrowings . . . . . . . . . . . .
Separate account liabilities  . . . . . . . .
Liabilities related to discontinued 

operations . . . . . . . . . . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . .

Commitments and contingencies 
Equity: 

Class A common stock  . . . . . . . . . . .
Additional paid-in capital  . . . . . . . . .
Accumulated other comprehensive 

income (loss)  . . . . . . . . . . . . . . . . .
Retained earnings  . . . . . . . . . . . . . . .
Treasury stock, at cost  . . . . . . . . . . . .
Total Genworth Financial, Inc.’s 
stockholders’ equity . . . . . . . .
Noncontrolling interests  . . . . . . . . . .
Total equity  . . . . . . . . . . . . . . . .
Total liabilities and equity  . . . . .

Effect of adopting LDTI 

Balances as of 
December 31, 
2020 
(as reported) 

Eliminate 
shadow 
adjustments 

Changes in 
measurement 
of assets and 
liabilities 

Change in 
discount 
rate 

Recognize 
MRBs 

Balances as of 
January 1, 
2021 
(as adjusted) 

$ 74,701 

$ —  

$ —   $ —   $ —  

$ 74,701 

2,561 
655 
1,487 
157 
16,864 
(45) 
16,819 
404 
65 
—  
6,081 

—  
—  
1,322 
114 
— 
—  
—  
—  
(1,515) 
—  
—  

—  
—  
—  
—  
1,214 
—  
1,214 
(89) 
497 
—  
—  

10,149 

—   —  
—   —  
—   —  
—   —  
(92) 
—   —  
10,149 
(92) 
—  
248 
4,624 
105 
22 
—  
—   —  

2,561 
655 
2,809 
271 
28,135 
(45) 
28,090 
563 
3,776 
22 
6,081 

2,817 
$105,747 

—  
—   —  
(79)  $ 1,622  $ 14,773  $ 283 

—  

2,817 
$122,346 

$

$ 42,695 
21,503 
—  

11,486 
775 
1,614 
3,403 
6,081 

2,370 
89,927 

$(4,456)  $ 14,654  $ 31,893  $ —  
(641) 
(1,229) 
1,310 
—  

—  
—  

—  
—  

—  
—  
—  
—  
—  

(10,725) 
(468) 
—  
—  
—  

—   —  
—   —  
—  
4 
—   —  
—   —  

$ 84,786 
19,633 
1,310 

761 
307 
1,618 
3,403 
6,081 

—  
(5,685) 

—  
3,461 

—   —  
673 

31,893 

2,370 
120,269 

1 
12,008 

4,425 
1,584 
(2,700) 

—  
—  

5,606 
—  
—  

—  
—  

—   —  
—   —  

1 
12,008 

—  
(1,839) 
—  

(19) 
(17,120) 
—  
(371) 
—   —  

(7,108) 
(626) 
(2,700) 

(17,120) 

5,606 
—  
5,606 

(1,839) 
—  
(1,839) 

(390) 
—   —  
(390) 
(79)  $ 1,622  $ 14,773  $ 283 

(17,120) 

1,575 
502 
2,077 
$122,346 

15,318 
502 
15,820 
$105,747 

$

161 

Transition Disclosures 

On January 1, 2023, we adopted LDTI using the modified retrospective method for all topics except for 

MRBs, which was adopted using the retrospective method, as of January 1, 2021 or the Transition Date. When 

applying the new accounting guidance for MRBs, hindsight was applied where necessary to determine actuarial 

assumptions for MRBs primarily associated with variable annuities for certain older blocks of business issued 

before 2003 and certain small runoff blocks of business as observable data was not available. The modified 

retrospective approach for DAC and balances amortized on a basis consistent with DAC was applied before 

MRBs were retrospectively measured and, as a result, the historical DAC balances were carried over as of the 

Transition Date. 

In the year of adoption only, we have included rollforwards of activity for the year ended December 31, 

2021 for DAC, PVFP, the liability for future policy benefits, policyholder account balances, additional insurance 

liabilities, MRBs and separate account liabilities in notes 7, 8, 10, 11, 12, 13 and 14, respectively, to provide 

additional information related to comparative post-transition impacts. 

160 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021 from the adoption of LDTI: 

(Amounts in millions) 

Balances as of December 31, 2020  . . . . . . . . . . . . . . . . . . . . . . .

$ —  

$1,316 

$ 3 

$139  $1,458 

Adjustment for removal of related balances in accumulated 

other comprehensive income (loss)  . . . . . . . . . . . . . . . . .

1,043 

185 

Adjusted balances as of January 1, 2021  . . . . . . . . . . . . . . . . . . .

$1,043 

$1,501 

Long-term 

Life 

Fixed 

Variable 

care insurance 

insurance 

annuities 

annuities  Total 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs as of January 1, 2021  . . . . . . . .

82 

$85 

12 

$151 

1,322 

2,780 

29 

  $2,809 

The following table summarizes the balances of and changes in intangible assets, including present value of 

future profits and deferred sales inducements, on January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Balances as of December 31, 2020  . . . . . . . . . . . . . . . . . . . .

$ 73 

Adjustment for removal of related balances in 

accumulated other comprehensive income (loss)  . . . . .

Adjusted balances as of January 1, 2021  . . . . . . . . . . . . . . .

Life 

insurance 

Fixed 

annuities 

Variable 

annuities 

$ 7 

33 

$40 

$

3 

—  

$

3 

81 

$154 

Total 

$ 83 

114 

$197 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table summarizes the components of the transition adjustments within stockholders’ equity as 

The following table summarizes the balances of and changes in deferred acquisition costs on January 1, 

of January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Deferred acquisition costs  . . . . . . . . . . . . . . . . . . .
Intangible assets  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reinsurance recoverable  . . . . . . . . . . . . . . . . . . . .
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Future policy benefits . . . . . . . . . . . . . . . . . . . . . . .
Policyholder account balances  . . . . . . . . . . . . . . . .
Market risk benefits, net . . . . . . . . . . . . . . . . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accumulated 
other 
comprehensive 
income (loss) 

$ 1,322 
114 
10,149 
—  
(27,437) 
1,229 
(24) 
—  
3,114 
$(11,533) 

Retained 
earnings 

$ —  
—  
1,201 
156 
(3,537) 
—  
(623) 
(4) 
597 
$(2,210) 

Total 
stockholders’ 
equity 

$ 1,322 
114 
11,350 
156 
(30,974) 
1,229 
(647) 
(4) 
3,711 
$(13,743) 

The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for DAC, 

intangible assets and the liability for policyholder account balances represents the elimination of previously 
recorded shadow adjustments related to unrealized gains and losses. 

The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for the 
liability for future policy benefits and reinsurance recoverables relates to the higher discount rate in effect 
immediately prior to adoption compared to the lower single-A rated bond rate as of the Transition Date, partially 
offset by the elimination of previously recorded shadow adjustments related to unrealized gains and losses. The 
cumulative effect adjustment recorded to retained earnings for the liability for future policy benefits and 
reinsurance recoverables relates to cohorts with net premium ratios capped at 100% and single premium fixed 
payout annuity products with remeasured liability balances in excess of the carryover reserve. Net premium 
ratios are capped at 100% when gross premiums plus the existing carrying value of reserves are insufficient to 
cover actual or expected policy and contract benefits at the cohort level, as was the case immediately before the 
Transition Date for a significant number of issue-year cohorts in our long-term care insurance business. These 
cohorts are mostly comprised of older blocks, and due to the age of the policies, do not benefit from future 
in-force rate actions due to limited remaining premium paying periods. Additionally, due to the requirement to 
group policies by issue-year cohorts, future in-force rate actions related to policies issued in more profitable 
years cannot subsidize loss generating policies issued in earlier years. 

The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for our net 

MRB liability relates to the cumulative effect of changes in the instrument-specific credit risk between the 
contract issue date and January 1, 2021. The difference between the fair value and the carrying amount of MRBs 
as of January 1, 2021, excluding the amounts recorded in accumulated other comprehensive income (loss), was 
recorded as a cumulative effect adjustment to retained earnings. Transition adjustments related to the recognition 
of reinsured MRBs are reflected as other assets and other liabilities. 

162 

163 

 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table summarizes the components of the transition adjustments within stockholders’ equity as 

The following table summarizes the balances of and changes in deferred acquisition costs on January 1, 

of January 1, 2021 from the adoption of LDTI: 

2021 from the adoption of LDTI: 

(Amounts in millions) 

Balances as of December 31, 2020  . . . . . . . . . . . . . . . . . . . . . . .
Adjustment for removal of related balances in accumulated 
other comprehensive income (loss)  . . . . . . . . . . . . . . . . .
Adjusted balances as of January 1, 2021  . . . . . . . . . . . . . . . . . . .

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deferred acquisition costs as of January 1, 2021  . . . . . . . .

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities  Total 

$ —  

$1,316 

$ 3 

$139  $1,458 

1,043 
$1,043 

185 
$1,501 

82 
$85 

12 
$151 

1,322 
2,780 

29 
  $2,809 

The following table summarizes the balances of and changes in intangible assets, including present value of 

future profits and deferred sales inducements, on January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities 

Balances as of December 31, 2020  . . . . . . . . . . . . . . . . . . . .

$ 73 

Adjustment for removal of related balances in 

accumulated other comprehensive income (loss)  . . . . .

Adjusted balances as of January 1, 2021  . . . . . . . . . . . . . . .

81 

$154 

$ 7 

33 

$40 

$

3 

—  

$

3 

Total 

$ 83 

114 

$197 

(Amounts in millions) 

Deferred acquisition costs  . . . . . . . . . . . . . . . . . . .

Intangible assets  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinsurance recoverable  . . . . . . . . . . . . . . . . . . . .

Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Future policy benefits . . . . . . . . . . . . . . . . . . . . . . .

Policyholder account balances  . . . . . . . . . . . . . . . .

Market risk benefits, net . . . . . . . . . . . . . . . . . . . . .

Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accumulated 

other 

comprehensive 

income (loss) 

Retained 

earnings 

stockholders’ 

equity 

$ 1,322 

$ —  

$ 1,322 

Total 

114 

10,149 

—  

(27,437) 

1,229 

(24) 

—  

3,114 

(3,537) 

(30,974) 

—  

1,201 

156 

—  

(623) 

(4) 

597 

114 

11,350 

156 

1,229 

(647) 

(4) 

3,711 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(11,533) 

$(2,210) 

$(13,743) 

The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for DAC, 

intangible assets and the liability for policyholder account balances represents the elimination of previously 

recorded shadow adjustments related to unrealized gains and losses. 

The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for the 

liability for future policy benefits and reinsurance recoverables relates to the higher discount rate in effect 

immediately prior to adoption compared to the lower single-A rated bond rate as of the Transition Date, partially 

offset by the elimination of previously recorded shadow adjustments related to unrealized gains and losses. The 

cumulative effect adjustment recorded to retained earnings for the liability for future policy benefits and 

reinsurance recoverables relates to cohorts with net premium ratios capped at 100% and single premium fixed 

payout annuity products with remeasured liability balances in excess of the carryover reserve. Net premium 

ratios are capped at 100% when gross premiums plus the existing carrying value of reserves are insufficient to 

cover actual or expected policy and contract benefits at the cohort level, as was the case immediately before the 

Transition Date for a significant number of issue-year cohorts in our long-term care insurance business. These 

cohorts are mostly comprised of older blocks, and due to the age of the policies, do not benefit from future 

in-force rate actions due to limited remaining premium paying periods. Additionally, due to the requirement to 

group policies by issue-year cohorts, future in-force rate actions related to policies issued in more profitable 

years cannot subsidize loss generating policies issued in earlier years. 

The cumulative effect adjustment recorded to accumulated other comprehensive income (loss) for our net 

MRB liability relates to the cumulative effect of changes in the instrument-specific credit risk between the 

contract issue date and January 1, 2021. The difference between the fair value and the carrying amount of MRBs 

as of January 1, 2021, excluding the amounts recorded in accumulated other comprehensive income (loss), was 

recorded as a cumulative effect adjustment to retained earnings. Transition adjustments related to the recognition 

of reinsured MRBs are reflected as other assets and other liabilities. 

162 

163 

 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table summarizes the balances of and changes in the liability for future policy benefits on 

(4) Earnings Per Share 

January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Balances as of December 31, 2020  . . . . . . . . . . . . .
Reclassify liability for policy and contract 
claims, unearned premiums and due 
premiums(1) . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in discount rate assumptions . . . . . . . .
Change in cash flow assumptions(2)  . . . . . . . . .
Change in cash flow assumptions, effect of 
increase (decrease) of the deferred profit 
liability(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment for removal of related balances in 
accumulated other comprehensive income 
(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021  . . . . . . . . .
Less: reinsurance recoverable  . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021, net of 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Total 

$28,770 

$2,101 

$11,824 

$42,695 

10,918 
24,253 
3,319 

189 
361 
(2) 

10 
7,279 
264 

11,117 
31,893 
3,581 

(173) 

—  

129 

(44) 

(3,716) 

63,371 
11,476 

—  

2,649 
834 

(740) 

(4,456) 

18,766 
13,699 

84,786 
26,009 

reinsurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$51,895 

$1,815 

$ 5,067 

$58,777 

(1)  Upon adopting LDTI, we elected to combine our previously disclosed liability for policy and contract 
claims, unearned premiums and due premiums, excluding amounts related to mortgage insurance and 
certain life and annuity products not subject to the new accounting guidance, within the liability for future 
policy benefits and present the aggregate liability as one line item in our consolidated balance sheets. 
(2)  For limited-payment contracts, if the remeasured liability for future policy benefits under LDTI is (less) 
greater than the carrying value immediately before the Transition Date, the deferred profit liability is 
increased (decreased) with a corresponding (decrease) increase to the liability for future policy benefits. 

The following table summarizes the balances of and changes in the net liability position for MRBs on 

January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Balances as of December 31, 2020  . . . . . . . . . . . . . . . . . . . .
Adjustment for the difference between carrying 

amount and fair value, except for the difference due 
to instrument-specific credit risk . . . . . . . . . . . . . . . .
Adjustment for the cumulative effect of changes in the 
instrument-specific credit risk since issuance  . . . . . .

Total adjustment for the difference between carrying 

amount and fair value  . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021 . . . . . . . . . . . . . . . .
Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021, net of 

Fixed 
indexed 
annuities 

Variable 
annuities 

Total 

$ 71 

$ 570 

$ 641 

39 

5 

44 

115 
—  

584 

623 

19 

24 

603 

1,173 
244 

647 

1,288 
244 

reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$115 

$ 929 

$1,044 

164 

165 

Basic and diluted earnings per share are calculated by dividing each income category presented below by 

the weighted-average basic and diluted common shares outstanding for the years ended December 31: 

(Amounts in millions, except per share amounts) 

2023 

2022 

2021 

Weighted-average common shares used in basic earnings per 

share calculations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468.8 

504.4 

506.9 

Potentially dilutive securities: 

Performance stock units, restricted stock units and 

other equity-based awards  . . . . . . . . . . . . . . . . . .

6.1 

6.5 

7.8 

Weighted-average common shares used in diluted earnings 

per share calculations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474.9 

510.9 

514.7 

Income from continuing operations: 

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . .

$ 199 

$1,046 

$ 864 

Less: net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . .

$

76 

$ 916 

$ 831 

Basic per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.82 

$ 1.64 

Diluted per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.79 

$ 1.61 

Income from discontinued operations: 

Income from discontinued operations, net of taxes  . . . . . . . . .

$ —  

$ —  

$

27 

Less: net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

8 

Income from discontinued operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . .

$ —  

$ —  

$

19 

Basic per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

$ —  

$ 0.04 

Diluted per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

$ —  

$ 0.04 

Net income: 

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . .

$ 199 

$1,046 

$ 864 

Income from discontinued operations, net of taxes  . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income attributable to noncontrolling interests  . . . .

—  

199 

123 

—  

1,046 

130 

27 

891 

41 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

76 

$ 916 

$ 850 

Basic per share(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.82 

$ 1.68 

Diluted per share(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.79 

$ 1.65 

(1)  May not total due to whole number calculation. 

 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table summarizes the balances of and changes in the liability for future policy benefits on 

(4) Earnings Per Share 

Basic and diluted earnings per share are calculated by dividing each income category presented below by 

the weighted-average basic and diluted common shares outstanding for the years ended December 31: 

(Amounts in millions, except per share amounts) 

2023 

2022 

2021 

Weighted-average common shares used in basic earnings per 
share calculations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468.8 

504.4 

506.9 

Potentially dilutive securities: 

Performance stock units, restricted stock units and 
other equity-based awards  . . . . . . . . . . . . . . . . . .

6.1 

6.5 

7.8 

Weighted-average common shares used in diluted earnings 

per share calculations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474.9 

510.9 

514.7 

Income from continuing operations: 
Income from continuing operations  . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to 

$ 199 

$1,046 

$ 864 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . .

$

76 

$ 916 

$ 831 

Basic per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.82 

$ 1.64 

Diluted per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.79 

$ 1.61 

Income from discontinued operations: 
Income from discontinued operations, net of taxes  . . . . . . . . .
Less: net income from discontinued operations attributable to 
noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from discontinued operations available to Genworth 
Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . .

$ —  

$ —  

$

27 

—  

—  

8 

$ —  

$ —  

$

19 

Basic per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

$ —  

$ 0.04 

Diluted per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

$ —  

$ 0.04 

Net income: 
Income from continuing operations  . . . . . . . . . . . . . . . . . . . . .
Income from discontinued operations, net of taxes  . . . . . . . . .

$ 199 
—  

$1,046 
—  

$ 864 
27 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income attributable to noncontrolling interests  . . . .

199 
123 

1,046 
130 

891 
41 

Net income available to Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

76 

$ 916 

$ 850 

Basic per share(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.82 

$ 1.68 

Diluted per share(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.16 

$ 1.79 

$ 1.65 

164 

165 

(1)  May not total due to whole number calculation. 

January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Long-term 

Life 

care insurance 

insurance 

Fixed 

annuities 

Total 

Balances as of December 31, 2020  . . . . . . . . . . . . .

$28,770 

$2,101 

$11,824 

$42,695 

Reclassify liability for policy and contract 

claims, unearned premiums and due 

premiums(1) . . . . . . . . . . . . . . . . . . . . . . . . . .

Change in discount rate assumptions . . . . . . . .

Change in cash flow assumptions(2)  . . . . . . . . .

Change in cash flow assumptions, effect of 

increase (decrease) of the deferred profit 

liability(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustment for removal of related balances in 

accumulated other comprehensive income 

(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021  . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021, net of 

10,918 

24,253 

3,319 

189 

361 

(2) 

10 

7,279 

264 

11,117 

31,893 

3,581 

(173) 

—  

129 

(44) 

(3,716) 

63,371 

11,476 

—  

2,649 

834 

(740) 

(4,456) 

18,766 

13,699 

84,786 

26,009 

reinsurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$51,895 

$1,815 

$ 5,067 

$58,777 

(1)  Upon adopting LDTI, we elected to combine our previously disclosed liability for policy and contract 

claims, unearned premiums and due premiums, excluding amounts related to mortgage insurance and 

certain life and annuity products not subject to the new accounting guidance, within the liability for future 

policy benefits and present the aggregate liability as one line item in our consolidated balance sheets. 

(2)  For limited-payment contracts, if the remeasured liability for future policy benefits under LDTI is (less) 

greater than the carrying value immediately before the Transition Date, the deferred profit liability is 

increased (decreased) with a corresponding (decrease) increase to the liability for future policy benefits. 

The following table summarizes the balances of and changes in the net liability position for MRBs on 

January 1, 2021 from the adoption of LDTI: 

(Amounts in millions) 

Balances as of December 31, 2020  . . . . . . . . . . . . . . . . . . . .

$ 71 

$ 570 

$ 641 

Fixed 

indexed 

annuities 

Variable 

annuities 

Total 

Adjustment for the difference between carrying 

amount and fair value, except for the difference due 

to instrument-specific credit risk . . . . . . . . . . . . . . . .

Adjustment for the cumulative effect of changes in the 

instrument-specific credit risk since issuance  . . . . . .

Total adjustment for the difference between carrying 

amount and fair value  . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021 . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted balances as of January 1, 2021, net of 

39 

5 

44 

115 

—  

584 

623 

19 

24 

603 

1,173 

244 

647 

1,288 

244 

reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$115 

$ 929 

$1,044 

 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(5) Investments 

(a) Net Investment Income 

Sources of net investment income were as follows for the years ended December 31: 

December 31: 

(Amounts in millions) 

Fixed maturity securities—taxable 
. . . . . . . . . . . . . . . . . . . . .
Fixed maturity securities—non-taxable  . . . . . . . . . . . . . . . . . .
Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage loans  . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy loans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash, cash equivalents, restricted cash and short-term 

2023 

2022 

2021 

$2,244 
3 
11 
302 
224 
117 
279 

$2,296 
5 
10 
321 
211 
99 
267 

$2,411 
7 
9 
376 
189 
223 
241 

investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

95 

20 

1 

Gross investment income before expenses and fees  . . . .
Expenses and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,275 
(92) 

3,229 
(83) 

3,457 
(87) 

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,183 

$3,146 

$3,370 

(b) Net Investment Gains (Losses) 

The following table sets forth net investment gains (losses) for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Realized investment gains (losses): 

Available-for-sale fixed maturity securities: 

Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Realized losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 29 
(154) 

$ 28 
(102) 

$ 67 
(10) 

See note 2 for a discussion of our policy for evaluating and measuring the allowance for credit losses related 

to our available-for-sale fixed maturity securities. The following tables represent the allowance for credit losses 

aggregated by security type for available-for-sale fixed maturity securities as of and for the years ended 

Increase 

from 

securities 

without 

Increase 

(decrease) 

from 

securities 

with 

allowance in 

allowance in 

2023 

Decrease 

due to 

change in 

intent or 

Beginning 

balance 

previous 

periods 

previous 

periods 

Securities 

requirement 

Write-

sold 

to sell 

offs  Recoveries 

Ending 

balance 

(Amounts in millions) 

Fixed maturity securities: 

Commercial mortgage-

Total available-for-sale fixed 

U.S. corporate  . . . . . . . . . . .

$—  

$

9 

$—  

$ (7) 

$—  

$ (2)  $—  

$—  

backed  . . . . . . . . . . . . . . . —  

11 

—  

(4) 

—  

—   —  

7 

maturity securities . . . . . . . . . .

$—  

$ 20 

$—  

$ (11) 

$—  

$ (2)  $—  

$

7 

Increase 

from 

securities 

without 

Increase 

(decrease) 

from 

securities 

with 

allowance in 

allowance in 

2021 

Decrease 

due to 

change in 

intent or 

Beginning 

balance 

previous 

periods 

previous 

periods 

Securities 

requirement 

Write-

sold 

to sell 

offs  Recoveries 

Ending 

balance 

(Amounts in millions) 

Fixed maturity securities: 

Total available-for-sale fixed 

Non-U.S. corporate  . . . . . . . . . . .

$

Commercial mortgage-backed  . .

1 

3 

$—  

—  

$

6 

—  

$ (7) 

—  

$—  

—  

$—  

$—  

$—  

(3)  —   —  

maturity securities . . . . . . . . . .

$

4 

$—  

$

6 

$ (7) 

$—  

$ (3)  $—  

$—  

There was no allowance for credit losses related to our available-for-sale fixed maturity securities as of and 

for the year ended December 31, 2022. 

Net realized gains (losses) on available-for-sale fixed 

maturity securities 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized gains (losses) on equity securities sold  . . . . . . . . .
Net realized gains (losses) on limited partnerships  . . . . . . . . . .

(74) 
(1)  —  
—  

(125) 

—  

Total net realized investment gains (losses) . . . . . . . . . . . . . . . .

(126) 

(74) 

Net change in allowance for credit losses on available-for-sale 

fixed maturity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-down of available-for-sale fixed maturity securities(1)  . . . .
Net unrealized gains (losses) on equity securities still held  . . . . . .
Net unrealized gains (losses) on limited partnerships  . . . . . . . . . .
Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative instruments(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)  —  
(2) 
(1) 
(35) 
53 
71 
111 
4 
(5) 
32 
7 
2 
(9) 

57 
(7) 
3 

53 

(6) 
(1) 
1 
264 
(3) 
13 
1 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 23 

$

(2)  $322 

(1)  Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell 

prior to recovery of the amortized cost basis. 

(2)  See note 6 for additional information on the impact of derivative instruments included in net investment 

gains (losses). 

166 

167 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

See note 2 for a discussion of our policy for evaluating and measuring the allowance for credit losses related 

to our available-for-sale fixed maturity securities. The following tables represent the allowance for credit losses 
aggregated by security type for available-for-sale fixed maturity securities as of and for the years ended 
December 31: 

2023 

Increase 
from 
securities 
without 
allowance in 
previous 
periods 

Increase 
(decrease) 
from 
securities 
with 
allowance in 
previous 
periods 

Decrease 
due to 
change in 
intent or 
requirement 
to sell 

Securities 
sold 

Beginning 
balance 

Write-
offs  Recoveries 

Ending 
balance 

$—  

$

9 

$—  

$ (7) 

$—  

$ (2)  $—  

$—  

(Amounts in millions) 

Fixed maturity securities: 

U.S. corporate  . . . . . . . . . . .
Commercial mortgage-

backed  . . . . . . . . . . . . . . . —  

11 

—  

(4) 

—  

—   —  

7 

Total available-for-sale fixed 

maturity securities . . . . . . . . . .

$—  

$ 20 

$—  

$ (11) 

$—  

$ (2)  $—  

$

7 

2021 

Increase 
from 
securities 
without 
allowance in 
previous 
periods 

Increase 
(decrease) 
from 
securities 
with 
allowance in 
previous 
periods 

Decrease 
due to 
change in 
intent or 
requirement 
to sell 

Securities 
sold 

Beginning 
balance 

$

1 
3 

$—  
—  

$

6 
—  

$ (7) 
—  

$—  
—  

(Amounts in millions) 

Fixed maturity securities: 
Non-U.S. corporate  . . . . . . . . . . .
Commercial mortgage-backed  . .

Total available-for-sale fixed 

Write-
offs  Recoveries 

Ending 
balance 

$—  

$—  

$—  
(3)  —   —  

maturity securities . . . . . . . . . .

$

4 

$—  

$

6 

$ (7) 

$—  

$ (3)  $—  

$—  

There was no allowance for credit losses related to our available-for-sale fixed maturity securities as of and 

for the year ended December 31, 2022. 

166 

167 

(5) Investments 

(a) Net Investment Income 

Sources of net investment income were as follows for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Fixed maturity securities—taxable 

. . . . . . . . . . . . . . . . . . . . .

$2,244 

$2,296 

$2,411 

Fixed maturity securities—non-taxable  . . . . . . . . . . . . . . . . . .

Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage loans  . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy loans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash, cash equivalents, restricted cash and short-term 

investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 

11 

302 

224 

117 

279 

95 

5 

10 

321 

211 

99 

267 

20 

7 

9 

376 

189 

223 

241 

1 

Gross investment income before expenses and fees  . . . .

Expenses and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,275 

(92) 

3,229 

(83) 

3,457 

(87) 

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,183 

$3,146 

$3,370 

(b) Net Investment Gains (Losses) 

The following table sets forth net investment gains (losses) for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Realized investment gains (losses): 

Available-for-sale fixed maturity securities: 

Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Realized losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 29 

(154) 

$ 28 

(102) 

$ 67 

(10) 

Net realized gains (losses) on available-for-sale fixed 

maturity securities 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(125) 

(74) 

Net realized gains (losses) on equity securities sold  . . . . . . . . .

(1)  —  

Net realized gains (losses) on limited partnerships  . . . . . . . . . .

Total net realized investment gains (losses) . . . . . . . . . . . . . . . .

—  

(126) 

—  

(74) 

Net change in allowance for credit losses on available-for-sale 

fixed maturity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)  —  

Write-down of available-for-sale fixed maturity securities(1)  . . . .

Net unrealized gains (losses) on equity securities still held  . . . . . .

Net unrealized gains (losses) on limited partnerships  . . . . . . . . . .

Commercial mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative instruments(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1) 

53 

111 

(5) 

7 

(9) 

(2) 

(35) 

71 

4 

32 

2 

57 

(7) 

3 

53 

(6) 

(1) 

1 

264 

(3) 

13 

1 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 23 

$

(2)  $322 

(1)  Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell 

prior to recovery of the amortized cost basis. 

(2)  See note 6 for additional information on the impact of derivative instruments included in net investment 

gains (losses). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(c) Unrealized Investment Gains and Losses 

(d) Fixed Maturity Securities 

Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component 

of accumulated other comprehensive income (loss) were as follows as of December 31: 

As of December 31, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit 

losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: 

(Amounts in millions) 

2023 

2022 

2021 

Net unrealized gains (losses) on fixed maturity securities 

without an allowance for credit losses  . . . . . . . . . . . . . . .

$(2,577)  $(4,251)  $ 7,869 

Net unrealized gains (losses) on fixed maturity securities 

with an allowance for credit losses  . . . . . . . . . . . . . . . . .
Adjustments to policyholder contract balances  . . . . . . . . . .
Income taxes, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net unrealized investment gains (losses)  . . . . . . . . . . . . . . .
Less: net unrealized investment gains (losses) attributable 
to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

Net unrealized investment gains (losses) attributable to 

—  
52 
352 

—  
68 
705 

—  
(131) 
(1,646) 

(2,173) 

(3,478) 

6,092 

(43) 

(71) 

15 

Genworth Financial, Inc.  . . . . . . . . . . . . . . . . . . . . . . . . .

$(2,130)  $(3,407)  $ 6,077 

The change in net unrealized gains (losses) on available-for-sale investment securities reported in 
accumulated other comprehensive income (loss) was as follows as of and for the years ended December 31: 

(Amounts in millions) 

Beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized gains (losses) arising during the period: 
Unrealized gains (losses) on fixed maturity 

2023 

2022 

2021 

$(3,407)  $ 6,077 

$ 7,820 

securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment to policyholder contract balances(1)  . . . .
Provision for income taxes . . . . . . . . . . . . . . . . . . . . .

1,549 
(16) 
(327) 

(12,194) 
199 
2,367 

(2,218) 
50 
466 

Change in unrealized gains (losses) on 

investment securities  . . . . . . . . . . . . . . . . . . .

1,206 

(9,628) 

(1,702) 

Reclassification adjustments to net investment (gains) 

losses, net of taxes of $(26), $(16) and $14  . . . . . . . . . .

99 

58 

(51) 

Change in net unrealized investment gains (losses) . . . . . .
Less: change in net unrealized investment gains (losses) 

1,305 

(9,570) 

(1,753) 

attributable to noncontrolling interests . . . . . . . . . . . . . .

28 

(86) 

(10) 

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(2,130)  $ (3,407)  $ 6,077 

(1)  See note 12 for additional information. 

Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) 

include realized gains (losses) on sales of securities, which are determined on a specific identification basis. 

securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$49,365 

$986 

$(3,563) 

$ (7) 

$46,781 

168 

169 

U.S. government, agencies and government-sponsored 

enterprises  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,588 

$121 

$ (215) 

$—  

$ 3,494 

(Amounts in millions) 

Fixed maturity securities: 

State and political subdivisions  . . . . . . . . . . . . . . . . . .

Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . .

U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage-backed  . . . . . . . . . . . . . . . . . . . . .

Other asset-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total available-for-sale fixed maturity 

Amortized 

Gross 

unrealized 

unrealized 

gains 

Gross 

losses 

Allowance 

for credit 

losses 

cost or 

cost 

Fair 

value 

2,537 

703 

4,521 

2,449 

7,813 

4,648 

3,187 

1,294 

2,230 

1,715 

1,187 

316 

739 

1,038 

2,041 

669 

944 

829 

591 

236 

369 

726 

8,182 

953 

1,714 

2,328 

24 

15 

104 

66 

99 

129 

75 

27 

69 

30 

44 

6 

1 

34 

47 

8 

12 

17 

8 

2 

15 

18 

8 

1 

6 

(259)  —  

(92)  —  

(352)  —  

(143)  —  

(634)  —  

(272)  —  

(239)  —  

(88)  —  

(118)  —  

(96)  —  

(69)  —  

(13)  —  

(55)  —  

(45)  —  

(140)  —  

(61)  —  

(65)  —  

(49)  —  

(38)  —  

(17)  —  

(20)  —  

(43)  —  

(54)  —  

(290) 

(7) 

(96)  —  

2,302 

626 

4,273 

2,372 

7,278 

4,505 

3,023 

1,233 

2,181 

1,649 

1,162 

309 

685 

1,027 

1,948 

616 

891 

797 

561 

221 

364 

701 

7,811 

907 

1,418 

2,238 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . .

29,360 

649 

(2,024)  —  

27,985 

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . .

162 

(533)  —  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(c) Unrealized Investment Gains and Losses 

(d) Fixed Maturity Securities 

Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component 

of accumulated other comprehensive income (loss) were as follows as of December 31: 

As of December 31, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit 

losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: 

(Amounts in millions) 

2023 

2022 

2021 

Net unrealized gains (losses) on fixed maturity securities 

without an allowance for credit losses  . . . . . . . . . . . . . . .

$(2,577)  $(4,251)  $ 7,869 

Net unrealized gains (losses) on fixed maturity securities 

with an allowance for credit losses  . . . . . . . . . . . . . . . . .

Adjustments to policyholder contract balances  . . . . . . . . . .

Income taxes, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

52 

352 

—  

68 

705 

—  

(131) 

(1,646) 

Net unrealized investment gains (losses)  . . . . . . . . . . . . . . .

(2,173) 

(3,478) 

6,092 

Less: net unrealized investment gains (losses) attributable 

to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

(43) 

(71) 

15 

Net unrealized investment gains (losses) attributable to 

Genworth Financial, Inc.  . . . . . . . . . . . . . . . . . . . . . . . . .

$(2,130)  $(3,407)  $ 6,077 

The change in net unrealized gains (losses) on available-for-sale investment securities reported in 

accumulated other comprehensive income (loss) was as follows as of and for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(3,407)  $ 6,077 

$ 7,820 

Unrealized gains (losses) arising during the period: 

Unrealized gains (losses) on fixed maturity 

securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,549 

(12,194) 

(2,218) 

Adjustment to policyholder contract balances(1)  . . . .

Provision for income taxes . . . . . . . . . . . . . . . . . . . . .

(16) 

(327) 

199 

2,367 

50 

466 

Change in unrealized gains (losses) on 

investment securities  . . . . . . . . . . . . . . . . . . .

1,206 

(9,628) 

(1,702) 

Reclassification adjustments to net investment (gains) 

losses, net of taxes of $(26), $(16) and $14  . . . . . . . . . .

99 

58 

(51) 

Change in net unrealized investment gains (losses) . . . . . .

1,305 

(9,570) 

(1,753) 

Less: change in net unrealized investment gains (losses) 

attributable to noncontrolling interests . . . . . . . . . . . . . .

28 

(86) 

(10) 

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(2,130)  $ (3,407)  $ 6,077 

(1)  See note 12 for additional information. 

Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) 

include realized gains (losses) on sales of securities, which are determined on a specific identification basis. 

(Amounts in millions) 

Fixed maturity securities: 

U.S. government, agencies and government-sponsored 
enterprises  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and political subdivisions  . . . . . . . . . . . . . . . . . .
Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,521 
2,449 
7,813 
4,648 
3,187 
1,294 
2,230 
1,715 
1,187 
316 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . .

29,360 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage-backed  . . . . . . . . . . . . . . . . . . . . .
Other asset-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total available-for-sale fixed maturity 

739 
1,038 
2,041 
669 
944 
829 
591 
236 
369 
726 

8,182 

953 
1,714 
2,328 

Amortized 
cost or 
cost 

Gross 
unrealized 
gains 

Gross 
unrealized 
losses 

Allowance 
for credit 
losses 

Fair 
value 

$ 3,588 
2,537 
703 

$121 
24 
15 

$ (215) 

$—  
(259)  —  
(92)  —  

$ 3,494 
2,302 
626 

104 
66 
99 
129 
75 
27 
69 
30 
44 
6 

649 

1 
34 
47 
8 
12 
17 
8 
2 
15 
18 

(352)  —  
(143)  —  
(634)  —  
(272)  —  
(239)  —  
(88)  —  
(118)  —  
(96)  —  
(69)  —  
(13)  —  

4,273 
2,372 
7,278 
4,505 
3,023 
1,233 
2,181 
1,649 
1,162 
309 

(2,024)  —  

27,985 

(55)  —  
(45)  —  
(140)  —  
(61)  —  
(65)  —  
(49)  —  
(38)  —  
(17)  —  
(20)  —  
(43)  —  

162 

(533)  —  

8 
1 
6 

(54)  —  
(290) 
(7) 
(96)  —  

685 
1,027 
1,948 
616 
891 
797 
561 
221 
364 
701 

7,811 

907 
1,418 
2,238 

securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$49,365 

$986 

$(3,563) 

$ (7) 

$46,781 

168 

169 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

As of December 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit 

losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: 

(Amounts in millions) 

Fixed maturity securities: 

Amortized 
cost or 
cost 

Gross 
unrealized 
gains 

Gross 
unrealized 
losses 

Allowance 
for credit 
losses 

Fair 
value 

2023: 

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for 

which an allowance for credit losses had not been recorded, aggregated by investment type and length of time 

that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 

U.S. government, agencies and government-sponsored 
enterprises  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and political subdivisions  . . . . . . . . . . . . . . . . . .
Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,446 
2,726 
731 

$ 86 
19 
15 

$ (191) 

$—  
(346)  —  
(101)  —  

$ 3,341 
2,399 
645 

4,295 
2,450 
8,005 
4,776 
3,265 
1,312 
2,290 
1,758 
1,165 
325 

50 
33 
59 
84 
43 
15 
41 
14 
32 
3 

(447)  —  
(221)  —  
(871)  —  
(403)  —  
(361)  —  
(130)  —  
(193)  —  
(155)  —  
(97)  —  
(18)  —  

3,898 
2,262 
7,193 
4,457 
2,947 
1,197 
2,138 
1,617 
1,100 
310 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . .

29,641 

374 

(2,896)  —  

27,119 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . .
Commercial mortgage-backed  . . . . . . . . . . . . . . . . . . .
Other asset-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total available-for-sale fixed maturity 

817 
1,009 
2,124 
655 
997 
880 
606 
308 
392 
932 

8,720 

1,059 
2,183 
2,328 

— 
19 
30 
1 
4 
8 
3 
— 
12 
15 

92 

7 
2 
1 

(77)  —  
(68)  —  
(208)  —  
(90)  —  
(107)  —  
(70)  —  
(63)  —  
(32)  —  
(29)  —  
(58)  —  

(802)  —  

(71)  —  
(277)  —  
(163)  —  

740 
960 
1,946 
566 
894 
818 
546 
276 
375 
889 

8,010 

995 
1,908 
2,166 

securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$50,834 

$596 

$(4,847) 

$—  

$46,583 

170 

171 

Less than 12 months 

12 months or more 

Total 

Fair 

value 

Gross 

Number 

unrealized 

of 

losses 

securities 

Fair 

value 

Gross 

Number 

unrealized 

of 

losses 

securities 

Fair 

value 

Gross 

Number 

unrealized 

of 

losses 

securities 

(Dollar amounts in millions) 

Description of Securities 

Fixed maturity securities: 

U.S. government, agencies and 

government-sponsored 

State and political 

enterprises  . . . . . . . . . . . . . . . $

28  $ (1) 

6  $ 1,353  $ (214) 

50  $ 1,381  $ (215) 

56 

subdivisions  . . . . . . . . . . . . . .

Non-U.S. government  . . . . . . . .

121 

(2) 

18 

—   —   —  

1,581 

448 

(257) 

(92) 

268 

67 

1,702 

448 

(259) 

(92) 

286 

67 

U.S. corporate  . . . . . . . . . . . . . .

1,054 

(30) 

142 

17,019 

(1,994)  2,164  18,073 

(2,024)  2,306 

Non-U.S. corporate  . . . . . . . . . .

Residential mortgage-backed  . . .

157 

62 

(5) 

(1) 

5,180 

477 

(528) 

(53) 

684 

156 

5,337 

539 

(533) 

(54) 

703 

187 

Commercial 

mortgage-backed  . . . . . . . . . .

37 

(1) 

Other asset-backed  . . . . . . . . . . .

—   —   —  

1,349 

1,624 

(289) 

(96) 

224 

327 

1,386 

1,624 

(290) 

(96) 

231 

327 

19 

31 

7 

in an unrealized loss position  . . . $1,459  $ (40) 

223  $29,031  $(3,523)  3,940  $30,490  $(3,563)  4,163 

Total for fixed maturity securities 

% Below cost: 

Total for fixed maturity securities 

<20% Below cost  . . . . . . . . . . . . $1,450  $ (37) 

221  $26,032  $(2,509)  3,542  $27,482  $(2,546)  3,763 

20%-50% Below cost  . . . . . . . . .

9 

(3) 

2 

2,999 

(1,014) 

398 

3,008 

(1,017) 

400 

in an unrealized loss position  . . . $1,459  $ (40) 

223  $29,031  $(3,523)  3,940  $30,490  $(3,563)  4,163 

Investment grade  . . . . . . . . . . . . . . $1,441  $ (40) 

221  $27,804  $(3,394)  3,762  $29,245  $(3,434)  3,983 

Below investment grade  . . . . . . . . .

18  —  

2 

1,227 

(129) 

178 

1,245 

(129) 

180 

Total for fixed maturity securities 

in an unrealized loss position  . . . $1,459  $ (40) 

223  $29,031  $(3,523)  3,940  $30,490  $(3,563)  4,163 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for 

which an allowance for credit losses had not been recorded, aggregated by investment type and length of time 
that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 
2023: 

Less than 12 months 

12 months or more 

Total 

Fair 
value 

Gross 
unrealized 
losses 

Number 
of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number 
of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number 
of 
securities 

(Dollar amounts in millions) 

Description of Securities 
Fixed maturity securities: 

U.S. government, agencies and 

government-sponsored 
enterprises  . . . . . . . . . . . . . . . $

State and political 

subdivisions  . . . . . . . . . . . . . .
Non-U.S. government  . . . . . . . .
U.S. corporate  . . . . . . . . . . . . . .
Non-U.S. corporate  . . . . . . . . . .
Residential mortgage-backed  . . .
Commercial 

mortgage-backed  . . . . . . . . . .
Other asset-backed  . . . . . . . . . . .

Total for fixed maturity securities 

28  $ (1) 

6  $ 1,353  $ (214) 

50  $ 1,381  $ (215) 

56 

121 
18 
(2) 
—   —   —  
142 
(30) 
19 
(5) 
31 
(1) 

1,054 
157 
62 

1,581 
448 
17,019 
5,180 
477 

(257) 
(92) 

1,702 
268 
448 
67 
(1,994)  2,164  18,073 
5,337 
684 
539 
156 

(528) 
(53) 

(259) 
(92) 

286 
67 
(2,024)  2,306 
703 
187 

(533) 
(54) 

37 
7 
(1) 
—   —   —  

1,349 
1,624 

(289) 
(96) 

224 
327 

1,386 
1,624 

(290) 
(96) 

231 
327 

in an unrealized loss position  . . . $1,459  $ (40) 

223  $29,031  $(3,523)  3,940  $30,490  $(3,563)  4,163 

% Below cost: 

<20% Below cost  . . . . . . . . . . . . $1,450  $ (37) 
(3) 
20%-50% Below cost  . . . . . . . . .

9 

Total for fixed maturity securities 

221  $26,032  $(2,509)  3,542  $27,482  $(2,546)  3,763 
400 
398 

(1,017) 

(1,014) 

3,008 

2,999 

2 

in an unrealized loss position  . . . $1,459  $ (40) 

223  $29,031  $(3,523)  3,940  $30,490  $(3,563)  4,163 

As of December 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit 

losses and fair value of our fixed maturity securities classified as available-for-sale were as follows: 

(Amounts in millions) 

Fixed maturity securities: 

U.S. government, agencies and government-sponsored 

enterprises  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,446 

$ 86 

$ (191) 

$—  

$ 3,341 

Amortized 

Gross 

unrealized 

unrealized 

gains 

Gross 

losses 

Allowance 

for credit 

losses 

cost or 

cost 

Fair 

value 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . .

29,641 

374 

(2,896)  —  

27,119 

State and political subdivisions  . . . . . . . . . . . . . . . . . .

Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . .

U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical  . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . .

Commercial mortgage-backed  . . . . . . . . . . . . . . . . . . .

Other asset-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total available-for-sale fixed maturity 

2,726 

731 

4,295 

2,450 

8,005 

4,776 

3,265 

1,312 

2,290 

1,758 

1,165 

325 

817 

1,009 

2,124 

655 

997 

880 

606 

308 

392 

932 

8,720 

1,059 

2,183 

2,328 

19 

15 

50 

33 

59 

84 

43 

15 

41 

14 

32 

3 

— 

19 

30 

1 

4 

8 

3 

— 

12 

15 

92 

7 

2 

1 

(346)  —  

(101)  —  

(447)  —  

(221)  —  

(871)  —  

(403)  —  

(361)  —  

(130)  —  

(193)  —  

(155)  —  

(97)  —  

(18)  —  

(77)  —  

(68)  —  

(208)  —  

(90)  —  

(107)  —  

(70)  —  

(63)  —  

(32)  —  

(29)  —  

(58)  —  

(802)  —  

(71)  —  

(277)  —  

(163)  —  

2,399 

645 

3,898 

2,262 

7,193 

4,457 

2,947 

1,197 

2,138 

1,617 

1,100 

310 

740 

960 

1,946 

566 

894 

818 

546 

276 

375 

889 

8,010 

995 

1,908 

2,166 

securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$50,834 

$596 

$(4,847) 

$—  

$46,583 

in an unrealized loss position  . . . $1,459  $ (40) 

223  $29,031  $(3,523)  3,940  $30,490  $(3,563)  4,163 

170 

171 

Investment grade  . . . . . . . . . . . . . . $1,441  $ (40) 
18  —  
Below investment grade  . . . . . . . . .

Total for fixed maturity securities 

221  $27,804  $(3,394)  3,762  $29,245  $(3,434)  3,983 
180 
178 

1,245 

1,227 

(129) 

(129) 

2 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table presents the gross unrealized losses and fair values of our corporate securities for which 

an allowance for credit losses had not been recorded, aggregated by investment type and length of time that 
individual investment securities had been in a continuous unrealized loss position, based on industry, as of 
December 31, 2023: 

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for 

which an allowance for credit losses had not been recorded, aggregated by investment type and length of time 

that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 

2022: 

(Dollar amounts in millions) 

Description of Securities 
U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . .
Finance and insurance  . . . .
Consumer—non-cyclical  . .
Technology and 

communications  . . . . . . .
Industrial . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . .
Consumer—cyclical  . . . . . .
Transportation 
. . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . .

Subtotal, U.S. corporate 

Less than 12 months 

12 months or more 

Total 

Fair 
value 

Gross 
unrealized 
losses 

Number 
of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number 
of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number 
of 
securities 

Less than 12 months 

12 months or more 

Gross 

Gross 

Total 

Gross 

Fair 

value 

unrealized 

Number of 

losses 

securities 

Fair 

value 

unrealized 

Number of 

losses 

securities 

Fair 

value 

unrealized 

Number of 

losses 

securities 

$ 177  $ (2) 
(2) 
(8) 
(6) 

122 
274 
173 

21 
20 
42 
18 

$ 2,129 $ (350)  308  $ 2,306 $ (352)  329 
(143)  188 
(634)  687 
(272)  298 

(141)  168 
(626)  645 
(266)  280 

1,465 
5,466 
2,702 

1,343 
5,192 
2,529 

19 
(6) 
105 
6 
(1) 
50 
—   —   —  
11 
(1) 
88 
5 
(4) 
65 
—   —   —  

2,100 
702 
1,193 
1,073 
621 
137 

(233)  269 
(87) 
96 
(118)  150 
(95)  148 
82 
(65) 
18 
(13) 

2,205 
752 
1,193 
1,161 
686 
137 

(239)  288 
(88)  102 
(118)  150 
(96)  159 
87 
(69) 
18 
(13) 

securities  . . . . . . . . . . . . .

1,054 

(30) 

142 

17,019  (1,994)  2,164 

18,073  (2,024)  2,306 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . .
Finance and insurance  . . . .
Consumer—non-cyclical  . .
Technology and 

communications  . . . . . . .
Industrial . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . .
Consumer—cyclical  . . . . . .
Transportation 
. . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . .
Subtotal, non-U.S. 

—   —   —  
4 
(1) 
39 
100 
10 
(2) 
—   —   —  

—   —   —  
5 
(2) 
18 
—   —   —  
—   —   —  
—   —   —  
—   —   —  

609 
487 
1,358 
471 

68 
(55) 
59 
(44) 
(138)  203 
55 

(61) 

659 
436 
384 
188 
216 
372 

(65) 
(47) 
(38) 
(17) 
(20) 
(43) 

83 
61 
49 
26 
30 
50 

609 
526 
1,458 
471 

659 
454 
384 
188 
216 
372 

(55) 
(45) 

68 
63 
(140)  213 
55 

(61) 

(65) 
(49) 
(38) 
(17) 
(20) 
(43) 

83 
66 
49 
26 
30 
50 

corporate securities . . . . .

157 

(5) 

19 

5,180 

(528)  684 

5,337 

(533)  703 

Total for corporate securities in 

an unrealized loss position  . . .

$1,211  $ (35) 

161 

$22,199 $(2,522)  2,848  $23,410 $(2,557)  3,009 

We did not recognize an allowance for credit losses on securities in an unrealized loss position included in 

the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the 
decline in fair value was largely due to increased interest rates and was not indicative of credit losses. The issuers 
continue to make timely principal and interest payments. For all securities in an unrealized loss position without 
an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and 
timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell 
these securities prior to recovering our amortized cost. 

172 

173 

(Dollar amounts in millions) 

Description of Securities 

Fixed maturity securities: 

U.S. government, agencies 

and government-

State and political 

Residential mortgage-

Commercial mortgage-

Total for fixed maturity 

securities in an unrealized 

% Below cost: 

Total for fixed maturity 

securities in an unrealized 

Total for fixed maturity 

securities in an unrealized 

sponsored enterprises  . . . $ 1,585  $ (189) 

55  $

17  $

(2) 

6 

$ 1,602  $ (191) 

61 

subdivisions  . . . . . . . . . .

Non-U.S. government  . . . .

1,559 

351 

(269) 

(54) 

258 

59 

261 

152 

U.S. corporate . . . . . . . . . . .

18,480 

(2,344)  2,452 

2,001 

Non-U.S. corporate  . . . . . .

5,593 

(599) 

732 

748 

(77) 

(47) 

66 

23 

(552)  236 

(203)  111 

1,820 

503 

(346) 

(101) 

324 

82 

20,481 

(2,896)  2,688 

6,341 

(802) 

843 

backed . . . . . . . . . . . . . . .

569 

(51) 

192 

65 

(20) 

22 

634 

(71) 

214 

backed . . . . . . . . . . . . . . .

Other asset-backed  . . . . . . .

1,765 

1,455 

(255) 

(83) 

265 

347 

88 

598 

(22) 

16 

(80)  101 

1,853 

2,053 

(277) 

(163) 

281 

448 

loss position  . . . . . . . . . . . . $31,357  $(3,844)  4,360  $3,930  $(1,003)  581 

$35,287  $(4,847)  4,941 

<20% Below cost  . . . . . . . . $27,596  $(2,587)  3,835  $1,819  $ (291)  310 

$29,415  $(2,878)  4,145 

20%-50% Below cost  . . . . .

3,757 

(1,251) 

523 

2,111 

(712)  271 

5,868 

(1,963) 

>50% Below cost  . . . . . . . .

4 

(6) 

2  —   —   —  

4 

(6) 

794 

2 

loss position  . . . . . . . . . . . . $31,357  $(3,844)  4,360  $3,930  $(1,003)  581 

$35,287  $(4,847)  4,941 

Investment grade  . . . . . . . . . . $29,959  $(3,687)  4,158  $3,590  $ (915)  537 

$33,549  $(4,602)  4,695 

Below investment grade  . . . . .

1,398 

(157) 

202 

340 

(88) 

44 

1,738 

(245) 

246 

loss position  . . . . . . . . . . . . $31,357  $(3,844)  4,360  $3,930  $(1,003)  581 

$35,287  $(4,847)  4,941 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table presents the gross unrealized losses and fair values of our corporate securities for which 

an allowance for credit losses had not been recorded, aggregated by investment type and length of time that 

individual investment securities had been in a continuous unrealized loss position, based on industry, as of 

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for 

which an allowance for credit losses had not been recorded, aggregated by investment type and length of time 
that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 
2022: 

Less than 12 months 

12 months or more 

Total 

Fair 
value 

Gross 
unrealized 
losses 

Number of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number of 
securities 

(Dollar amounts in millions) 

Description of Securities 
Fixed maturity securities: 

U.S. government, agencies 

and government-
sponsored enterprises  . . . $ 1,585  $ (189) 

55  $

17  $

(2) 

6 

$ 1,602  $ (191) 

61 

State and political 

subdivisions  . . . . . . . . . .
Non-U.S. government  . . . .
U.S. corporate . . . . . . . . . . .
Non-U.S. corporate  . . . . . .
Residential mortgage-

1,559 
351 
18,480 
5,593 

(269) 
(54) 

258 
59 
(2,344)  2,452 
732 

(599) 

261 
152 
2,001 
748 

(77) 
(47) 

66 
23 
(552)  236 
(203)  111 

1,820 
503 
20,481 
6,341 

(346) 
(101) 

324 
82 
(2,896)  2,688 
843 

(802) 

backed . . . . . . . . . . . . . . .

569 

(51) 

192 

65 

(20) 

22 

634 

(71) 

214 

Commercial mortgage-

backed . . . . . . . . . . . . . . .
Other asset-backed  . . . . . . .

1,765 
1,455 

(255) 
(83) 

265 
347 

88 
598 

16 
(22) 
(80)  101 

1,853 
2,053 

(277) 
(163) 

281 
448 

Total for fixed maturity 

securities in an unrealized 
loss position  . . . . . . . . . . . . $31,357  $(3,844)  4,360  $3,930  $(1,003)  581 

$35,287  $(4,847)  4,941 

% Below cost: 

securities  . . . . . . . . . . . . .

1,054 

(30) 

142 

17,019  (1,994)  2,164 

18,073  (2,024)  2,306 

Utilities  . . . . . . . . . . . . . . . .

$ 177  $ (2) 

$ 2,129 $ (350)  308  $ 2,306  $ (352)  329 

December 31, 2023: 

(Dollar amounts in millions) 

Description of Securities 

U.S. corporate: 

Energy . . . . . . . . . . . . . . . . .

Finance and insurance  . . . .

Consumer—non-cyclical  . .

Technology and 

communications  . . . . . . .

Industrial . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . .

Consumer—cyclical  . . . . . .

Transportation 

. . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . .

Subtotal, U.S. corporate 

Utilities  . . . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . . . .

Finance and insurance  . . . .

Consumer—non-cyclical  . .

Technology and 

communications  . . . . . . .

Industrial . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . .

Consumer—cyclical  . . . . . .

Transportation 

. . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . .

Subtotal, non-U.S. 

Non-U.S. corporate: 

Total for corporate securities in 

Less than 12 months 

12 months or more 

Total 

Fair 

value 

Gross 

Number 

unrealized 

of 

losses 

securities 

Fair 

value 

Gross 

Number 

unrealized 

of 

losses 

securities 

Fair 

value 

Gross 

Number 

unrealized 

of 

losses 

securities 

21 

20 

42 

18 

19 

6 

11 

5 

122 

274 

173 

105 

50 

88 

65 

(2) 

(8) 

(6) 

(6) 

(1) 

(1) 

(4) 

—   —   —  

—   —   —  

1,343 

5,192 

2,529 

2,100 

702 

1,193 

1,073 

621 

137 

(141)  168 

(626)  645 

(266)  280 

(233)  269 

(87) 

96 

(118)  150 

(95)  148 

(65) 

(13) 

82 

18 

1,465 

5,466 

2,702 

2,205 

752 

1,193 

1,161 

686 

137 

(143)  188 

(634)  687 

(272)  298 

(239)  288 

(88)  102 

(118)  150 

(96)  159 

(69) 

(13) 

87 

18 

—   —   —  

39 

100 

(1) 

(2) 

4 

10 

—   —   —  

—   —   —  

18 

(2) 

5 

—   —   —  

—   —   —  

—   —   —  

—   —   —  

609 

487 

1,358 

471 

(55) 

(44) 

68 

59 

(138)  203 

(61) 

55 

609 

526 

1,458 

471 

(55) 

(45) 

68 

63 

(140)  213 

(61) 

55 

659 

436 

384 

188 

216 

372 

(65) 

(47) 

(38) 

(17) 

(20) 

(43) 

83 

61 

49 

26 

30 

50 

659 

454 

384 

188 

216 

372 

(65) 

(49) 

(38) 

(17) 

(20) 

(43) 

83 

66 

49 

26 

30 

50 

corporate securities . . . . .

157 

(5) 

19 

5,180 

(528)  684 

5,337 

(533)  703 

We did not recognize an allowance for credit losses on securities in an unrealized loss position included in 

the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the 

decline in fair value was largely due to increased interest rates and was not indicative of credit losses. The issuers 

continue to make timely principal and interest payments. For all securities in an unrealized loss position without 

an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and 

timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell 

these securities prior to recovering our amortized cost. 

an unrealized loss position  . . .

$1,211  $ (35) 

161 

$22,199 $(2,522)  2,848  $23,410 $(2,557)  3,009 

Total for fixed maturity 

securities in an unrealized 
loss position  . . . . . . . . . . . . $31,357  $(3,844)  4,360  $3,930  $(1,003)  581 

$35,287  $(4,847)  4,941 

172 

173 

Total for fixed maturity 

securities in an unrealized 
loss position  . . . . . . . . . . . . $31,357  $(3,844)  4,360  $3,930  $(1,003)  581 

$35,287  $(4,847)  4,941 

<20% Below cost  . . . . . . . . $27,596  $(2,587)  3,835  $1,819  $ (291)  310 
(712)  271 
20%-50% Below cost  . . . . .
2  —   —   —  
>50% Below cost  . . . . . . . .

(1,251) 
(6) 

3,757 
4 

Investment grade  . . . . . . . . . . $29,959  $(3,687)  4,158  $3,590  $ (915)  537 
44 
Below investment grade  . . . . .

$29,415  $(2,878)  4,145 
794 
2 

(1,963) 
(6) 

5,868 
4 

$33,549  $(4,602)  4,695 
246 

1,398 

2,111 

1,738 

(245) 

(157) 

(88) 

202 

523 

340 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table presents the gross unrealized losses and fair values of our corporate securities for which 

an allowance for credit losses had not been recorded, aggregated by investment type and length of time that 
individual investment securities had been in a continuous unrealized loss position, based on industry, as of 
December 31, 2022: 

(Dollar amounts in millions) 

Description of Securities 
U.S. corporate: 

Utilities  . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . .
Finance and 

Less than 12 months 

12 months or more 

Fair 
value 

Gross 
unrealized 
losses 

Number of 
securities 

Fair 
value 

Gross 
unrealized 
losses 

Number of 
securities 

Fair 
value 

Total 

Gross 
unrealized 
losses 

Number of 
securities 

$ 2,447 $ (398) 
(187) 

1,538 

345 
226 

$ 187  $ (49) 
(34) 

144 

37 
14 

$ 2,634 $ (447) 
(221) 

1,682 

382 
240 

insurance  . . . . . . . . . .

5,250 

(668) 

696 

706 

(203) 

74 

5,956 

(871) 

770 

Consumer—

non-cyclical . . . . . . . .

2,805 

(342) 

317 

201 

(61) 

22 

3,006 

(403) 

339 

Technology and 

communications  . . . .
Industrial  . . . . . . . . . . . .
Capital goods  . . . . . . . .
Consumer—cyclical  . . .
Transportation . . . . . . . .
Other  . . . . . . . . . . . . . . . . .

Subtotal, U.S. corporate 

2,259 
829 
1,332 
1,138 
746 
136 

(273) 
(105) 
(153) 
(108) 
(93) 
(17) 

304 
104 
169 
173 
95 
23 

271 
110 
148 
194 
21 
19 

(88) 
(25) 
(40) 
(47) 
(4) 
(1) 

32 
13 
16 
22 
5 
1 

2,530 
939 
1,480 
1,332 
767 
155 

(361) 
(130) 
(193) 
(155) 
(97) 
(18) 

336 
117 
185 
195 
100 
24 

securities  . . . . . . . . . . . . . .

18,480  (2,344)  2,452 

2,001 

(552) 

236 

20,481  (2,896)  2,688 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . .
Finance and 

640 
604 

(63) 
(61) 

66 
69 

57 
40 

(14) 
(7) 

9 
5 

697 
644 

(77) 
(68) 

75 
74 

The scheduled maturity distribution of fixed maturity securities as of December 31, 2023 is set forth below. 

Actual maturities may differ from contractual maturities because issuers of securities may have the right to call 

or prepay obligations with or without call or prepayment penalties. 

(Amounts in millions) 

Amortized 

cost or cost 

Fair 

value 

Due one year or less  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,384 

$ 1,372 

Due after one year through five years . . . . . . . . . . . . . . . . .

Due after five years through ten years  . . . . . . . . . . . . . . . .

Due after ten years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage-backed  . . . . . . . . . . . . . . . . . . . . . .

Other asset-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,418 

12,751 

21,817 

44,370 

953 

1,714 

2,328 

8,205 

12,114 

20,527 

42,218 

907 

1,418 

2,238 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$49,365 

$46,781 

As of December 31, 2023, securities issued by finance and insurance, consumer—non-cyclical, utilities and 

technology and communications industry groups represented approximately 26%, 14%, 14% and 11%, 

respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group 

comprised more than 10% of our investment portfolio. 

As of December 31, 2023, we did not hold any fixed maturity securities in any single issuer, other than 

securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. 

As of December 31, 2023 and 2022, securities of $43 million and $42 million, respectively, were on deposit 

with various state government insurance departments in order to comply with relevant insurance regulations. 

(e) Commercial Mortgage Loans 

insurance  . . . . . . . . . .

1,310 

(122) 

204 

296 

(86) 

42 

1,606 

(208) 

246 

Consumer—

Our mortgage loans are collateralized by commercial properties, including multi-family residential 

buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, 

non-cyclical . . . . . . . .

491 

(74) 

56 

54 

(16) 

11 

545 

(90) 

67 

amortization and allowance for credit losses. 

Technology and 

communications  . . . .
Industrial  . . . . . . . . . . . .
Capital goods  . . . . . . . .
Consumer—cyclical  . . .
Transportation . . . . . . . .
Other  . . . . . . . . . . . . . . .

Subtotal, non-U.S. corporate 
securities  . . . . . . . . . . . . . .

Total for corporate securities 

in an unrealized loss 
position  . . . . . . . . . . . . . . .

740 
480 
394 
241 
180 
513 

(96) 
(45) 
(46) 
(28) 
(21) 
(43) 

93 
71 
52 
31 
26 
64 

39 
105 
62 
23 
29 
43 

(11) 
(25) 
(17) 
(4) 
(8) 
(15) 

8 
13 
6 
6 
5 
6 

779 
585 
456 
264 
209 
556 

(107) 
(70) 
(63) 
(32) 
(29) 
(58) 

101 
84 
58 
37 
31 
70 

5,593 

(599) 

732 

748 

(203) 

111 

6,341 

(802) 

843 

$24,073 $(2,943)  3,184 

$2,749  $(755) 

347 

$26,822  $(3,698)  3,531 

174 

175 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The scheduled maturity distribution of fixed maturity securities as of December 31, 2023 is set forth below. 

Actual maturities may differ from contractual maturities because issuers of securities may have the right to call 
or prepay obligations with or without call or prepayment penalties. 

(Amounts in millions) 

Due one year or less  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Due after one year through five years . . . . . . . . . . . . . . . . .
Due after five years through ten years  . . . . . . . . . . . . . . . .
Due after ten years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage-backed  . . . . . . . . . . . . . . . . . . . . . .
Other asset-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amortized 
cost or cost 

Fair 
value 

$ 1,384 
8,418 
12,751 
21,817 

44,370 
953 
1,714 
2,328 

$ 1,372 
8,205 
12,114 
20,527 

42,218 
907 
1,418 
2,238 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$49,365 

$46,781 

As of December 31, 2023, securities issued by finance and insurance, consumer—non-cyclical, utilities and 

technology and communications industry groups represented approximately 26%, 14%, 14% and 11%, 
respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group 
comprised more than 10% of our investment portfolio. 

As of December 31, 2023, we did not hold any fixed maturity securities in any single issuer, other than 

securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. 

As of December 31, 2023 and 2022, securities of $43 million and $42 million, respectively, were on deposit 

with various state government insurance departments in order to comply with relevant insurance regulations. 

(e) Commercial Mortgage Loans 

insurance  . . . . . . . . . .

1,310 

(122) 

204 

296 

(86) 

42 

1,606 

(208) 

246 

non-cyclical . . . . . . . .

491 

(74) 

56 

54 

(16) 

11 

545 

(90) 

67 

Our mortgage loans are collateralized by commercial properties, including multi-family residential 

buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, 
amortization and allowance for credit losses. 

174 

175 

The following table presents the gross unrealized losses and fair values of our corporate securities for which 

an allowance for credit losses had not been recorded, aggregated by investment type and length of time that 

individual investment securities had been in a continuous unrealized loss position, based on industry, as of 

December 31, 2022: 

Less than 12 months 

12 months or more 

Gross 

Gross 

Total 

Gross 

Fair 

value 

unrealized 

Number of 

losses 

securities 

Fair 

value 

unrealized 

Number of 

losses 

securities 

Fair 

value 

unrealized 

Number of 

losses 

securities 

Utilities  . . . . . . . . . . . . .

$ 2,447 $ (398) 

Energy . . . . . . . . . . . . . .

1,538 

(187) 

345 

226 

$ 187  $ (49) 

144 

(34) 

37 

14 

$ 2,634 $ (447) 

1,682 

(221) 

382 

240 

insurance  . . . . . . . . . .

5,250 

(668) 

696 

706 

(203) 

74 

5,956 

(871) 

770 

non-cyclical . . . . . . . .

2,805 

(342) 

317 

201 

(61) 

22 

3,006 

(403) 

339 

2,259 

829 

1,332 

1,138 

746 

136 

(273) 

(105) 

(153) 

(108) 

(93) 

(17) 

304 

104 

169 

173 

95 

23 

271 

110 

148 

194 

21 

19 

(88) 

(25) 

(40) 

(47) 

(4) 

(1) 

32 

13 

16 

22 

5 

1 

2,530 

939 

1,480 

1,332 

767 

155 

(361) 

(130) 

(193) 

(155) 

(97) 

(18) 

336 

117 

185 

195 

100 

24 

securities  . . . . . . . . . . . . . .

18,480  (2,344)  2,452 

2,001 

(552) 

236 

20,481  (2,896)  2,688 

Utilities  . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . .

640 

604 

(63) 

(61) 

66 

69 

57 

40 

(14) 

(7) 

9 

5 

697 

644 

(77) 

(68) 

75 

74 

740 

480 

394 

241 

180 

513 

(96) 

(45) 

(46) 

(28) 

(21) 

(43) 

93 

71 

52 

31 

26 

64 

39 

105 

62 

23 

29 

43 

(11) 

(25) 

(17) 

(4) 

(8) 

(15) 

8 

13 

6 

6 

5 

6 

779 

585 

456 

264 

209 

556 

(107) 

101 

(70) 

(63) 

(32) 

(29) 

(58) 

84 

58 

37 

31 

70 

securities  . . . . . . . . . . . . . .

5,593 

(599) 

732 

748 

(203) 

111 

6,341 

(802) 

843 

position  . . . . . . . . . . . . . . .

$24,073 $(2,943)  3,184 

$2,749  $(755) 

347 

$26,822  $(3,698)  3,531 

(Dollar amounts in millions) 

Description of Securities 

U.S. corporate: 

Finance and 

Consumer—

Technology and 

communications  . . . .

Industrial  . . . . . . . . . . . .

Capital goods  . . . . . . . .

Consumer—cyclical  . . .

Transportation . . . . . . . .

Other  . . . . . . . . . . . . . . . . .

Subtotal, U.S. corporate 

Non-U.S. corporate: 

Finance and 

Consumer—

Technology and 

communications  . . . .

Industrial  . . . . . . . . . . . .

Capital goods  . . . . . . . .

Consumer—cyclical  . . .

Transportation . . . . . . . .

Other  . . . . . . . . . . . . . . .

Subtotal, non-U.S. corporate 

Total for corporate securities 

in an unrealized loss 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

We diversify our commercial mortgage loans by both property type and geographic region. The following 
tables set forth the distribution across property type and geographic region for commercial mortgage loans as of 
December 31: 

(Amounts in millions) 

Property type: 
Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apartments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mixed use  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

Carrying 
value 

% of 
total 

Carrying 
value 

% of 
total 

$2,858 
1,481 
1,440 
522 
371 
157 

42%  $2,916 
1,579 
22 
1,456 
21 
561 
8 
371 
5 
149 
2 

42% 
22 
21 
8 
5 
2 

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,829 

100% 

7,032 

100% 

Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . .

(27) 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,802 

(22) 

$7,010 

(Amounts in millions) 

Geographic region: 
South Atlantic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pacific  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mountain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Atlantic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
West South Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
East North Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
West North Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
East South Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
New England  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

Carrying 
value 

% of 
total 

Carrying 
value 

% of 
total 

$1,803 
1,281 
1,029 
925 
553 
445 
404 
206 
183 

26%  $1,809 
1,340 
19 
1,023 
15 
988 
14 
578 
8 
454 
6 
438 
6 
218 
3 
184 
3 

26% 
19 
15 
14 
8 
6 
6 
3 
3 

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,829 

100% 

7,032 

100% 

Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . .

(27) 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,802 

(22) 

$7,010 

As of December 31, 2023 and 2022, we had no commercial mortgage loans past due or on non-accrual 

status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see 
note 2. 

During the years ended December 31, 2023 and 2022, we did not have any loan modifications or extensions 

associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to 
establish a new loan or to continue accounting for the modification or extension under the existing loan. 

The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and 

for the years ended December 31: 

(Amounts in millions) 

Allowance for credit losses: 

2023 

2022 

2021 

Beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 22 

$ 26 

$ 31 

Provision  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 

(5) 

Write-offs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —  

3 

(8) 

Recoveries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

1  —  

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 27 

$ 22 

$ 26 

In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying 

loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans 

can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the 

probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the 

underlying property for an amount that would enable us to recover our unpaid principal balance in the event of 

default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for 

the underlying property which is evaluated at least annually and updated more frequently if necessary to better 

indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be 

recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is 

based on “normalized” annual income of the property compared to the payments required under the terms of the 

loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or 

late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This 

ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with 

the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt 

service coverage ratio is not used without considering other factors associated with the borrower, such as the 

borrower’s liquidity or access to other resources that may result in our expectation that the borrower will 

continue to make the future scheduled payments. 

The following tables set forth commercial mortgage loans by year of origination and credit quality indicator 

as of December 31, 2023: 

(Amounts in millions) 

Debt-to-value: 

2023 

2022 

2021 

2020 

2019 

Total 

2018 

and 

prior 

0%–50%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 19  $ 75  $ 86  $115  $127  $1,946  $2,368 

51%–60%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

61%–75%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23 

229 

84 

771 

220 

599 

76%–100%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —  

86 

275 

4 

154 

388 

23 

Greater than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —  

826 

756 

23 

—  

1,393 

3,018 

50 

—  

Total amortized cost  . . . . . . . . . . . . . . . . . . . . . . .

$271  $930  $905  $480  $692  $3,551  $6,829 

Debt service coverage ratio: 

Less than 1.00  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$—   $ 17  $

3  $ 18  $ 31  $ 196  $ 265 

1.00–1.25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.26–1.50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.51–2.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Greater than 2.00  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14 

172 

65 

20 

38 

223 

396 

256 

9 

104 

422 

367 

19 

67 

205 

171 

36 

159 

261 

205 

147 

471 

1,262 

1,475 

263 

1,196 

2,611 

2,494 

Total amortized cost  . . . . . . . . . . . . . . . . . . . . . . .

$271  $930  $905  $480  $692  $3,551  $6,829 

176 

177 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and 

for the years ended December 31: 

(Amounts in millions) 

Allowance for credit losses: 

Beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-offs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recoveries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

2021 

$ 22 
5 

$ 26 
(5) 
—   —  
—  
$ 27 

$ 31 
3 
(8) 
1  —  
$ 26 

$ 22 

In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying 

loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans 
can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the 
probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the 
underlying property for an amount that would enable us to recover our unpaid principal balance in the event of 
default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for 
the underlying property which is evaluated at least annually and updated more frequently if necessary to better 
indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be 
recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is 
based on “normalized” annual income of the property compared to the payments required under the terms of the 
loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or 
late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This 
ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with 
the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt 
service coverage ratio is not used without considering other factors associated with the borrower, such as the 
borrower’s liquidity or access to other resources that may result in our expectation that the borrower will 
continue to make the future scheduled payments. 

The following tables set forth commercial mortgage loans by year of origination and credit quality indicator 

as of December 31, 2023: 

(Amounts in millions) 

Debt-to-value: 

2023 

2022 

2021 

2020 

2019 

2018 
and 
prior 

Total 

We diversify our commercial mortgage loans by both property type and geographic region. The following 

tables set forth the distribution across property type and geographic region for commercial mortgage loans as of 

December 31: 

(Amounts in millions) 

Property type: 

2023 

2022 

Carrying 

value 

% of 

total 

Carrying 

value 

% of 

total 

Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Apartments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mixed use  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,858 

1,481 

1,440 

522 

371 

157 

42%  $2,916 

42% 

22 

21 

8 

5 

2 

1,579 

1,456 

561 

371 

149 

22 

21 

8 

5 

2 

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,829 

100% 

7,032 

100% 

Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . .

(27) 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,802 

(22) 

$7,010 

2023 

2022 

Carrying 

value 

% of 

total 

Carrying 

value 

% of 

total 

26%  $1,809 

26% 

(Amounts in millions) 

Geographic region: 

South Atlantic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pacific  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mountain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Middle Atlantic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

West South Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

East North Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

West North Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

East South Central  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

New England  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,803 

1,281 

1,029 

925 

553 

445 

404 

206 

183 

19 

15 

14 

8 

6 

6 

3 

3 

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,829 

100% 

7,032 

100% 

Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . .

(27) 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,802 

As of December 31, 2023 and 2022, we had no commercial mortgage loans past due or on non-accrual 

status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see 

note 2. 

During the years ended December 31, 2023 and 2022, we did not have any loan modifications or extensions 

associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to 

establish a new loan or to continue accounting for the modification or extension under the existing loan. 

19 

15 

14 

8 

6 

6 

3 

3 

1,340 

1,023 

988 

578 

454 

438 

218 

184 

(22) 

$7,010 

0%–50%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
154 
220 
51%–60%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
388 
61%–75%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
599 
76%–100%  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —  
23 
Greater than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —  

$ 19  $ 75  $ 86  $115  $127  $1,946  $2,368 
1,393 
86 
3,018 
275 
50 
4 
—  
$271  $930  $905  $480  $692  $3,551  $6,829 

826 
756 
23 
—  

Total amortized cost  . . . . . . . . . . . . . . . . . . . . . . .

Debt service coverage ratio: 

Less than 1.00  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.00–1.25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.26–1.50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.51–2.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Greater than 2.00  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total amortized cost  . . . . . . . . . . . . . . . . . . . . . . .

176 

177 

$—   $ 17  $

14 
172 
65 
20 

3  $ 18  $ 31  $ 196  $ 265 
263 
9 
19 
1,196 
104 
67 
2,611 
422 
205 
2,494 
367 
171 
$271  $930  $905  $480  $692  $3,551  $6,829 

147 
471 
1,262 
1,475 

38 
223 
396 
256 

36 
159 
261 
205 

23 
229 

84 
771 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following tables set forth the debt-to-value of commercial mortgage loans by property type as of 

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by 

December 31: 

(Amounts in millions) 

Property type: 

0%–50% 

51%–60% 

61%–75% 

76%–100% 

Greater 
than 100% 

Total 

2023 

Less 

than 1.00 

1.00–1.25 

1.26–1.50 

1.51–2.00 

Greater 

than 2.00 

Total 

2023 

Retail  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . .
Apartments . . . . . . . . . . . . . . . . . . . . . . . .
Mixed use  . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 945 
350 
670 
194 
120 
89 

$ 686 
325 
250 
61 
61 
10 

$1,227 
771 
520 
259 
183 
58 

Total amortized cost  . . . . . . . . . . . . . . . .

$2,368 

$1,393 

$3,018 

$ —  
35 
—  
8 
7 
—  

$ 50 

$—  
—  
—  
—  
—  
—  

$—  

$2,858 
1,481 
1,440 
522 
371 
157 

$6,829 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35% 

20% 

44% 

1% 

— % 

100% 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4% 

4% 

Weighted-average debt service coverage 

ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.42 

1.87 

1.66 

0.87 

—  

1.96 

(Amounts in millions) 

Property type: 

0%–50% 

51%–60% 

61%–75% 

76%–100% 

Greater 
than 100% 

Total 

2022 

(Amounts in millions) 

Property type: 

Retail  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . .
Apartments . . . . . . . . . . . . . . . . . . . . . . . .
Mixed use  . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 907 
445 
668 
184 
93 
88 

$ 649 
272 
243 
90 
79 
9 

$1,332 
848 
545 
279 
199 
52 

Total amortized cost  . . . . . . . . . . . . . . . .

$2,385 

$1,342 

$3,255 

$ 28 
14 
—  
8 
—  
—  

$ 50 

$—  
—  
—  
—  
—  
—  

$—  

$2,916 
1,579 
1,456 
561 
371 
149 

$7,032 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34% 

19% 

46% 

1% 

— % 

100% 

Weighted-average debt service coverage 

ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.35 

1.95 

1.63 

1.34 

—  

1.93 

property type as of December 31: 

(Amounts in millions) 

Property type: 

Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 54 

105 

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Apartments  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mixed use  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43 

12 

27 

24 

$105 

$ 583 

$1,142 

$ 974  $2,858 

48 

30 

51 

14 

15 

244 

181 

86 

80 

22 

615 

471 

187 

164 

32 

469 

715 

186 

86 

64 

1,481 

1,440 

522 

371 

157 

Total amortized cost  . . . . . . . . . . . . . . . . . . . . .

$265 

$263 

$1,196 

$2,611 

$2,494  $6,829 

Weighted-average debt-to-value . . . . . . . . . . . . . . . .

64% 

63% 

17% 

65% 

38% 

58% 

37% 

100% 

46% 

55% 

Less 

than 1.00 

1.00–1.25 

1.26–1.50 

1.51–2.00 

Greater 

than 2.00 

Total 

2022 

Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 88 

$ 560 

$1,380 

$ 820  $2,916 

Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Apartments  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mixed use  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

81 

20 

14 

25 

42 

$ 68 

131 

44 

11 

16 

2 

155 

194 

150 

50 

9 

666 

574 

242 

190 

33 

546 

624 

144 

90 

63 

1,579 

1,456 

561 

371 

149 

Total amortized cost  . . . . . . . . . . . . . . . . . . . . .

$270 

$272 

$1,118 

$3,085 

$2,287  $7,032 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4% 

4% 

Weighted-average debt-to-value . . . . . . . . . . . . . . . .

61% 

62% 

16% 

63% 

44% 

60% 

32% 

100% 

44% 

56% 

(f) Limited Partnerships or Similar Entities 

Investments in limited partnerships or similar entities are generally considered VIEs when the equity group 

lacks sufficient financial control. Generally, these investments are limited partner or non-managing member 

equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not 

the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of December 31, 

2023 and 2022, the total carrying value of these investments was $2,667 million and $2,230 million, respectively. 

Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We 

have not contributed, and do not plan to contribute, any additional financial or other support outside of what is 

contractually obligated. 

178 

179 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following tables set forth the debt-to-value of commercial mortgage loans by property type as of 

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by 

December 31: 

(Amounts in millions) 

Property type: 

0%–50% 

51%–60% 

61%–75% 

76%–100% 

than 100% 

Total 

2023 

Greater 

Retail  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 945 

$ 686 

$1,227 

$ —  

$—  

$2,858 

Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . .

Apartments . . . . . . . . . . . . . . . . . . . . . . . .

Mixed use  . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

350 

670 

194 

120 

89 

325 

250 

61 

61 

10 

771 

520 

259 

183 

58 

35 

—  

8 

7 

—  

—  

—  

—  

—  

—  

1,481 

1,440 

522 

371 

157 

Total amortized cost  . . . . . . . . . . . . . . . .

$2,368 

$1,393 

$3,018 

$ 50 

$—  

$6,829 

property type as of December 31: 

(Amounts in millions) 

Property type: 

Less 

than 1.00  1.00–1.25 

1.26–1.50 

1.51–2.00 

Greater 
than 2.00 

Total 

2023 

Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apartments  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mixed use  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total amortized cost  . . . . . . . . . . . . . . . . . . . . .

$ 54 
105 
43 
12 
27 
24 

$265 

$105 
48 
30 
51 
14 
15 

$263 

$ 583 
244 
181 
86 
80 
22 

$1,142 
615 
471 
187 
164 
32 

$ 974  $2,858 
1,481 
1,440 
522 
371 
157 

469 
715 
186 
86 
64 

$1,196 

$2,611 

$2,494  $6,829 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35% 

20% 

44% 

1% 

— % 

100% 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4% 

4% 

Weighted-average debt service coverage 

ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.42 

1.87 

1.66 

0.87 

—  

1.96 

Weighted-average debt-to-value . . . . . . . . . . . . . . . .

64% 

63% 

17% 

65% 

38% 

58% 

37% 

100% 

46% 

55% 

0%–50% 

51%–60% 

61%–75% 

76%–100% 

than 100% 

Total 

2022 

Greater 

(Amounts in millions) 

Property type: 

Less 

than 1.00  1.00–1.25 

1.26–1.50 

1.51–2.00 

Greater 
than 2.00 

Total 

2022 

Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apartments  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mixed use  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total amortized cost  . . . . . . . . . . . . . . . . . . . . .

$ 88 
81 
20 
14 
25 
42 

$270 

$ 68 
131 
44 
11 
16 
2 

$272 

$ 560 
155 
194 
150 
50 
9 

$1,380 
666 
574 
242 
190 
33 

$ 820  $2,916 
1,579 
1,456 
561 
371 
149 

546 
624 
144 
90 
63 

$1,118 

$3,085 

$2,287  $7,032 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4% 

4% 

Weighted-average debt-to-value . . . . . . . . . . . . . . . .

61% 

62% 

16% 

63% 

44% 

60% 

32% 

100% 

44% 

56% 

(f) Limited Partnerships or Similar Entities 

Investments in limited partnerships or similar entities are generally considered VIEs when the equity group 

lacks sufficient financial control. Generally, these investments are limited partner or non-managing member 
equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not 
the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of December 31, 
2023 and 2022, the total carrying value of these investments was $2,667 million and $2,230 million, respectively. 
Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We 
have not contributed, and do not plan to contribute, any additional financial or other support outside of what is 
contractually obligated. 

178 

179 

(Amounts in millions) 

Property type: 

Retail  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 907 

$ 649 

$1,332 

$ 28 

$—  

$2,916 

Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . .

Apartments . . . . . . . . . . . . . . . . . . . . . . . .

Mixed use  . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

445 

668 

184 

93 

88 

272 

243 

90 

79 

9 

848 

545 

279 

199 

52 

14 

—  

8 

—  

—  

—  

—  

—  

—  

—  

1,579 

1,456 

561 

371 

149 

Total amortized cost  . . . . . . . . . . . . . . . .

$2,385 

$1,342 

$3,255 

$ 50 

$—  

$7,032 

% of total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34% 

19% 

46% 

1% 

— % 

100% 

Weighted-average debt service coverage 

ratio  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.35 

1.95 

1.63 

1.34 

—  

1.93 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(6) Derivative Instruments 

Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange 
rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. 
We have established policies for managing each of these risks, including prohibitions on derivatives market-
making and other speculative derivatives activities. These policies require the use of derivative instruments in 
concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce 
risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and 
are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the 
accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted 
as “derivatives designated as hedges,” which include cash flow hedges. 

The following table sets forth our positions in derivative instruments as of December 31: 

(Amounts in millions) 

Derivatives designated as hedges 
Cash flow hedges: 

Derivative assets 

Derivative liabilities 

Balance sheet 
classification 

Fair value 

2023 

2022 

Balance sheet 
classification 

Fair value 

2023 

2022 

Interest rate swaps  . . . . . . . . . . . . . . . Other invested assets  $ 55  $ 24  Other liabilities 
Foreign currency swaps  . . . . . . . . . . . Other invested assets 
20  Other liabilities 
Forward bond purchase 

10 

$490  $522 
2  —  

commitments  . . . . . . . . . . . . . . . . . Other invested assets 

51  —   Other liabilities  —   —  

Total cash flow hedges . . . . . . . . . . . .

Total derivatives designated as 

hedges . . . . . . . . . . . . . . . . . . . . . . .

116 

44 

116 

44 

492 

522 

492 

522 

Derivatives not designated as hedges 
Equity index options  . . . . . . . . . . . . . . . . . Other invested assets 
6  Other liabilities  —   —  
Financial futures(1)  . . . . . . . . . . . . . . . . . . . Other invested assets  —   —   Other liabilities  —   —  
9  —  
Forward bond purchase commitments  . . . . Other invested assets  —   —   Other liabilities 
Fixed indexed annuity embedded 

Policyholder 

15 

Indexed universal life embedded 

derivatives  . . . . . . . . . . . . . . . . . . . . . . . Other assets 
Reinsurance 
recoverable 

derivatives  . . . . . . . . . . . . . . . . . . . . . . .

Total derivatives not designated as 

hedges . . . . . . . . . . . . . . . . . . . . . . .

Total derivatives . . . . . . . . . . . . . . . . .

—   —  

account balances(2)  165 

202 

Policyholder 

—   —  

account balances(3)  15 

15 

15 

6 

$131  $ 50 

189 

217 

  $681  $739 

(1)  The period end valuations of financial futures were zero as a result of settling the margins on these contracts 

on a daily basis. 

(2)  Represents the embedded derivatives associated with our fixed indexed annuity liabilities. 
(3)  Represents the embedded derivatives associated with our indexed universal life liabilities. 

The fair value of derivative positions presented above was not offset by the respective collateral amounts 

received or provided under these agreements. 

180 

181 

The activity associated with derivative instruments can generally be measured by the change in notional 

value over the periods presented. However, for fixed indexed annuity embedded derivatives and indexed 

universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The 

following tables represent activity associated with derivative instruments as of the dates indicated: 

Measurement 

2022 

Additions 

December 31, 

Maturities/ 

terminations 

December 31, 

2023 

(Notional in millions) 

Derivatives designated as hedges 

Cash flow hedges: 

Interest rate swaps  . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . . . . . . . .

Forward bond purchase commitments  . . .

Notional 

Notional 

Notional 

Total cash flow hedges  . . . . . . . . . . . . . . .

Total derivatives designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . .

Derivatives not designated as hedges 

$ 8,542 

$1,857 

$(1,424) 

$ 8,975 

144 

—  

8,686 

—  

1,075 

2,932 

(13) 

—  

131 

1,075 

(1,437) 

10,181 

8,686 

2,932 

(1,437) 

10,181 

Equity index options . . . . . . . . . . . . . . . . . . . . .

Financial futures  . . . . . . . . . . . . . . . . . . . . . . . .

Forward bond purchase commitments  . . . . . . .

Notional 

Notional 

Notional 

936 

1,403 

—  

729 

5,488 

500 

(963) 

(5,640) 

—  

702 

1,251 

500 

Total derivatives not designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . .

2,339 

6,717 

(6,603) 

2,453 

Total derivatives  . . . . . . . . . . . . . .

$11,025 

$9,649 

$(8,040) 

$12,634 

Measurement 

2022 

Additions 

December 31, 

Maturities/ 

terminations 

December 31, 

2023 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

7,315 

(1,489) 

5,826 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

771 

(22) 

749 

—  

—  

(Number of policies) 

Derivatives not designated as hedges 

Fixed indexed annuity embedded 

Indexed universal life embedded 

Cash Flow Hedges 

Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these 

instruments are recorded as a component of OCI. We designate and account for the following as cash flow 

hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert 

floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate 

liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign 

currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate 

swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest 

income; (v) forward bond purchase commitments to hedge against the variability in the anticipated cash flows 

required to purchase future fixed rate bonds; and (vi) other instruments to hedge the cash flows of various 

forecasted transactions. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(6) Derivative Instruments 

Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange 

rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. 

We have established policies for managing each of these risks, including prohibitions on derivatives market-

making and other speculative derivatives activities. These policies require the use of derivative instruments in 

concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce 

risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and 

are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the 

accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted 

as “derivatives designated as hedges,” which include cash flow hedges. 

The following table sets forth our positions in derivative instruments as of December 31: 

Derivative assets 

Derivative liabilities 

Balance sheet 

classification 

Fair value 

2023 

2022 

Balance sheet 

classification 

Fair value 

2023 

2022 

(Amounts in millions) 

Derivatives designated as hedges 

Cash flow hedges: 

Forward bond purchase 

Total cash flow hedges . . . . . . . . . . . .

Total derivatives designated as 

hedges . . . . . . . . . . . . . . . . . . . . . . .

Derivatives not designated as hedges 

Interest rate swaps  . . . . . . . . . . . . . . . Other invested assets  $ 55  $ 24  Other liabilities 

$490  $522 

Foreign currency swaps  . . . . . . . . . . . Other invested assets 

10 

20  Other liabilities 

2  —  

commitments  . . . . . . . . . . . . . . . . . Other invested assets 

51  —   Other liabilities  —   —  

116 

44 

116 

44 

492 

522 

492 

522 

Equity index options  . . . . . . . . . . . . . . . . . Other invested assets 

15 

6  Other liabilities  —   —  

Financial futures(1)  . . . . . . . . . . . . . . . . . . . Other invested assets  —   —   Other liabilities  —   —  

Forward bond purchase commitments  . . . . Other invested assets  —   —   Other liabilities 

9  —  

Fixed indexed annuity embedded 

derivatives  . . . . . . . . . . . . . . . . . . . . . . . Other assets 

—   —  

account balances(2)  165 

202 

Indexed universal life embedded 

Reinsurance 

derivatives  . . . . . . . . . . . . . . . . . . . . . . .

recoverable 

—   —  

account balances(3)  15 

15 

Policyholder 

Policyholder 

Total derivatives not designated as 

hedges . . . . . . . . . . . . . . . . . . . . . . .

Total derivatives . . . . . . . . . . . . . . . . .

15 

6 

$131  $ 50 

189 

217 

  $681  $739 

(1)  The period end valuations of financial futures were zero as a result of settling the margins on these contracts 

on a daily basis. 

(2)  Represents the embedded derivatives associated with our fixed indexed annuity liabilities. 

(3)  Represents the embedded derivatives associated with our indexed universal life liabilities. 

The fair value of derivative positions presented above was not offset by the respective collateral amounts 

received or provided under these agreements. 

The activity associated with derivative instruments can generally be measured by the change in notional 

value over the periods presented. However, for fixed indexed annuity embedded derivatives and indexed 
universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The 
following tables represent activity associated with derivative instruments as of the dates indicated: 

(Notional in millions) 

Derivatives designated as hedges 
Cash flow hedges: 

Measurement 

December 31, 
2022 

Additions 

Maturities/ 
terminations 

December 31, 
2023 

Interest rate swaps  . . . . . . . . . . . . . . . . . .
Foreign currency swaps  . . . . . . . . . . . . . .
Forward bond purchase commitments  . . .

Notional 
Notional 
Notional 

$ 8,542 
144 
—  

$1,857 
—  
1,075 

$(1,424) 
(13) 
—  

$ 8,975 
131 
1,075 

Total cash flow hedges  . . . . . . . . . . . . . . .

8,686 

2,932 

(1,437) 

10,181 

Total derivatives designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . .

Derivatives not designated as hedges 
Equity index options . . . . . . . . . . . . . . . . . . . . .
Financial futures  . . . . . . . . . . . . . . . . . . . . . . . .
Forward bond purchase commitments  . . . . . . .

Total derivatives not designated as 

hedges  . . . . . . . . . . . . . . . . . . . . . .

8,686 

2,932 

(1,437) 

10,181 

Notional 
Notional 
Notional 

936 
1,403 
—  

729 
5,488 
500 

(963) 
(5,640) 
—  

702 
1,251 
500 

2,339 

6,717 

(6,603) 

2,453 

Total derivatives  . . . . . . . . . . . . . .

$11,025 

$9,649 

$(8,040) 

$12,634 

(Number of policies) 

Derivatives not designated as hedges 
Fixed indexed annuity embedded 

Measurement 

December 31, 
2022 

Additions 

Maturities/ 
terminations 

December 31, 
2023 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

7,315 

Indexed universal life embedded 

derivatives 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Policies 

771 

—  

—  

(1,489) 

5,826 

(22) 

749 

Cash Flow Hedges 

Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these 
instruments are recorded as a component of OCI. We designate and account for the following as cash flow 
hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert 
floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate 
liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign 
currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate 
swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest 
income; (v) forward bond purchase commitments to hedge against the variability in the anticipated cash flows 
required to purchase future fixed rate bonds; and (vi) other instruments to hedge the cash flows of various 
forecasted transactions. 

180 

181 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table provides information about the pre-tax income effects of cash flow hedges for the year 

The following table provides information about the pre-tax income effects of cash flow hedges for the year 

ended December 31, 2023: 

(Amounts in millions) 

Interest rate swaps hedging 

Gain (loss) 
recognized 
in OCI 

Gain (loss) 
reclassified into 
net income 
from OCI 

Classification of 
gain (loss) 
reclassified into 
net income 

Gain (loss) 
recognized in 
net income 

assets 

. . . . . . . . . . . . . . . . . . . .

$ (92) 

$220 

Interest rate swaps hedging 

assets 

. . . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Forward bond purchase 

commitments  . . . . . . . . . . . . . .

—  

—  

—  

51 

10 

(3) 

1 

1 

Foreign currency swaps  . . . . . . . .

(10) 

—  

Foreign currency swaps  . . . . . . . .

—  

Total  . . . . . . . . . . . . . . . . . . .

$ (51) 

2 

$231 

Net investment 
income 
Net investment 
gains (losses) 
Interest 
expense 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
income 
Net investment 
gains (losses) 

$—  

—  

—  

—  

—  

—  

—  

$—  

The following table provides information about the pre-tax income effects of cash flow hedges for the year 

ended December 31, 2022: 

(Amounts in millions) 

Interest rate swaps hedging 

Gain (loss) 
recognized 
in OCI 

Gain (loss) 
reclassified into 
net income 
from OCI 

Classification of 
gain (loss) 
reclassified into 
net income 

Gain (loss) 
recognized in 
net income 

assets 

. . . . . . . . . . . . . . . . . . . .

$(854) 

$225 

Interest rate swaps hedging 

assets 

. . . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . .

—  

—  

15 

Total  . . . . . . . . . . . . . . . . . . .

$(839) 

9 

(3) 

—  

$231 

Net investment 
income 
Net investment 
gains (losses) 
Interest 
expense 
Net investment 
income 

$—  

—  

—  

—  

$—  

Classification of 
gain (loss) 
recognized in net 
income 

Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 

Classification of 
gain (loss) 
recognized in net 
income 

Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 

ended December 31, 2021: 

(Amounts in millions) 

Interest rate swaps hedging 

Gain (loss) 

recognized 

in OCI 

Gain (loss) 

reclassified into 

net income 

from OCI 

Classification of 

gain (loss) 

reclassified into 

net income 

Gain (loss) 

recognized in 

net income 

assets 

. . . . . . . . . . . . . . . . . . . .

$(100) 

$217 

income 

$—  

Interest rate swaps hedging 

assets 

. . . . . . . . . . . . . . . . . . . .

—  

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . .

$ (57) 

36 

7 

1 

(1) 

—  

$217 

Net investment 

Net investment 

gains (losses) 

Interest 

expense 

Net investment 

income 

—  

—  

—  

$—  

Classification of 

gain (loss) 

recognized in net 

income 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

The following table provides a reconciliation of current period changes, net of applicable income taxes, for 

these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives 

qualifying as hedges,” as of and for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Derivatives qualifying as effective accounting hedges as of 

January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,200 

$2,025 

$2,211 

Current period increases (decreases) in fair value, net of 

deferred taxes of $12, $165 and $12  . . . . . . . . . . . . . . . . . .

(39) 

(674) 

(45) 

Reclassification to net (income), net of deferred taxes of 

$80, $80 and $76  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(151) 

(151) 

(141) 

Derivatives qualifying as effective accounting hedges as of 

December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,010 

$1,200 

$2,025 

The total of derivatives designated as cash flow hedges of $1,010 million, net of taxes, recorded in 

stockholders’ equity as of December 31, 2023 is expected to be reclassified to net income (loss) in the future, 

concurrently with and primarily offsetting changes in interest expense and interest income on floating rate 

instruments and interest income on future fixed rate bond purchases. Of this amount, $136 million, net of taxes, 

is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this 

amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges 

are expected to occur by 2057. During the years ended December 31, 2023, 2022 and 2021, we reclassified 

$10 million, $11 million and $10 million, respectively, to net income in connection with forecasted transactions 

that were no longer considered reasonably possible of occurring. 

Derivatives Not Designated As Hedges 

We enter into certain non-qualifying derivative instruments such as equity index options and financial 

futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed indexed 

annuities and indexed universal life. Our fixed indexed annuity and indexed universal life insurance products 

182 

183 

 
 
 
 
 
 
ended December 31, 2023: 

(Amounts in millions) 

Interest rate swaps hedging 

Interest rate swaps hedging 

assets 

. . . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Forward bond purchase 

commitments  . . . . . . . . . . . . . .

Gain (loss) 

recognized 

in OCI 

Gain (loss) 

reclassified into 

net income 

from OCI 

Classification of 

gain (loss) 

reclassified into 

net income 

Gain (loss) 

recognized in 

net income 

—  

—  

—  

51 

10 

(3) 

1 

1 

Net investment 

Net investment 

gains (losses) 

Interest 

expense 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

Net investment 

gains (losses) 

Foreign currency swaps  . . . . . . . .

(10) 

—  

income 

Foreign currency swaps  . . . . . . . .

—  

Total  . . . . . . . . . . . . . . . . . . .

$ (51) 

2 

$231 

The following table provides information about the pre-tax income effects of cash flow hedges for the year 

ended December 31, 2022: 

Gain (loss) 

recognized 

in OCI 

Gain (loss) 

reclassified into 

net income 

from OCI 

Classification of 

gain (loss) 

reclassified into 

net income 

Gain (loss) 

recognized in 

net income 

assets 

. . . . . . . . . . . . . . . . . . . .

$(854) 

$225 

income 

$—  

(Amounts in millions) 

Interest rate swaps hedging 

Interest rate swaps hedging 

assets 

. . . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . .

$(839) 

Net investment 

Net investment 

gains (losses) 

Interest 

expense 

Net investment 

income 

—  

—  

15 

9 

(3) 

—  

$231 

Classification of 

gain (loss) 

recognized in net 

income 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Classification of 

gain (loss) 

recognized in net 

income 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

Net investment 

gains (losses) 

—  

—  

—  

—  

—  

—  

$—  

—  

—  

—  

$—  

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table provides information about the pre-tax income effects of cash flow hedges for the year 

The following table provides information about the pre-tax income effects of cash flow hedges for the year 

assets 

. . . . . . . . . . . . . . . . . . . .

$ (92) 

$220 

income 

$—  

assets 

. . . . . . . . . . . . . . . . . . . .

$(100) 

$217 

Interest rate swaps hedging 

assets 

. . . . . . . . . . . . . . . . . . . .

—  

Interest rate swaps hedging 

liabilities  . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . .

36 

7 

Total  . . . . . . . . . . . . . . . . . . .

$ (57) 

1 

(1) 

—  

$217 

ended December 31, 2021: 

(Amounts in millions) 

Interest rate swaps hedging 

Gain (loss) 
recognized 
in OCI 

Gain (loss) 
reclassified into 
net income 
from OCI 

Classification of 
gain (loss) 
reclassified into 
net income 

Gain (loss) 
recognized in 
net income 

Classification of 
gain (loss) 
recognized in net 
income 

Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 
Net investment 
gains (losses) 

Net investment 
income 
Net investment 
gains (losses) 
Interest 
expense 
Net investment 
income 

$—  

—  

—  

—  

$—  

The following table provides a reconciliation of current period changes, net of applicable income taxes, for 

these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives 
qualifying as hedges,” as of and for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Derivatives qualifying as effective accounting hedges as of 

January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,200 

$2,025 

$2,211 

Current period increases (decreases) in fair value, net of 

deferred taxes of $12, $165 and $12  . . . . . . . . . . . . . . . . . .

(39) 

(674) 

(45) 

Reclassification to net (income), net of deferred taxes of 

$80, $80 and $76  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(151) 

(151) 

(141) 

Derivatives qualifying as effective accounting hedges as of 

December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,010 

$1,200 

$2,025 

The total of derivatives designated as cash flow hedges of $1,010 million, net of taxes, recorded in 
stockholders’ equity as of December 31, 2023 is expected to be reclassified to net income (loss) in the future, 
concurrently with and primarily offsetting changes in interest expense and interest income on floating rate 
instruments and interest income on future fixed rate bond purchases. Of this amount, $136 million, net of taxes, 
is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this 
amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges 
are expected to occur by 2057. During the years ended December 31, 2023, 2022 and 2021, we reclassified 
$10 million, $11 million and $10 million, respectively, to net income in connection with forecasted transactions 
that were no longer considered reasonably possible of occurring. 

Derivatives Not Designated As Hedges 

We enter into certain non-qualifying derivative instruments such as equity index options and financial 

futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed indexed 
annuities and indexed universal life. Our fixed indexed annuity and indexed universal life insurance products 

182 

183 

 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

with certain features are required to be bifurcated as embedded derivatives. Additionally, we have forward bond 
purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future 
fixed rate bonds. 

The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives 

not designated as hedges for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Classification of gain (loss) 
recognized in net income 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity index options  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —   $—   $

6 

(20) 

2  Net investment gains (losses) 
18  Net investment gains (losses) 

Financial futures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forward bond purchase commitments 
. . . . . . . . . . . . . . .
Fixed indexed annuity embedded derivatives  . . . . . . . . . .
Indexed universal life embedded derivatives  . . . . . . . . . .

(108) 

(81) 

(123) 

Changes in fair value of 
market risk benefits and 
associated hedges 

(9)  —   —   Net investment gains (losses) 
(32)  Net investment gains (losses) 
(18) 
24  Net investment gains (losses) 
14 

16 
27 

Total derivatives not designated as hedges  . . . . . . . .

$(115)  $ (58)  $(111) 

(Amounts in millions) 

Derivative Counterparty Credit Risk 

Most of our derivative arrangements with counterparties require the posting of collateral upon meeting 
certain net exposure thresholds. The following table presents additional information about derivative assets and 
liabilities subject to an enforceable master netting arrangement as of December 31: 

(Amounts in millions) 

Amounts presented in the balance sheet: 

Gross amounts recognized  . . . . . . . . .
Gross amounts offset in the balance 

2023 

2022 

Derivative 
assets (1) 

Derivative 
liabilities (1) 

Net 
derivatives 

Derivative 
assets(1) 

Derivative 
liabilities (1) 

Net 
derivatives 

$131 

$

501 

$ (370) 

$ 50 

$

522 

$ (472) 

(Amounts in millions) 

sheet  . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

—  

—  

—  

—  

Net amounts presented in the balance 
sheet  . . . . . . . . . . . . . . . . . . . . . . . .

Gross amounts not offset in the balance 

sheet: 

131 

501 

(370) 

50 

522 

(472) 

Financial instruments(2)  . . . . . . . . . . .
Collateral received  . . . . . . . . . . . . . . .
Collateral pledged . . . . . . . . . . . . . . . .
Over collateralization  . . . . . . . . . . . . . . . . .

(59) 
(19) 
—  
—  

(59) 
—  
(1,100) 
658 

—  
(19) 
1,100 
(658) 

(25) 
(21) 
—  
—  

(25) 
—  
(1,095) 
598 

—  
(21) 
1,095 
(598) 

Net amount  . . . . . . . . . . . . . . . . . . . . . . . . .

$ 53 

$ —  

$

53 

$

4 

$ —  

$

4 

(1)  Does not include amounts related to embedded derivatives as of December 31, 2023 and 2022. 
(2)  Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but 

are held with the same counterparty where we have a master netting arrangement. This adjustment results in 
presenting the net asset and net liability position for each counterparty. 

(7) Deferred Acquisition Costs 

periods indicated: 

(Amounts in millions) 

The following tables present the balances of and changes in deferred acquisition costs as of and for the 

$935 

1 

(57) 

$879 

$989 

6 

(60) 

$935 

December 31, 2023 

Long-term 

Life 

Fixed 

care insurance 

insurance 

annuities 

Variable 

annuities 

Total 

Balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Costs deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,080 

$ 57 

$113 

$2,185 

—  

(139) 

—  

(12) 

—  

(15) 

1 

(223) 

Balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$ 941 

$ 45 

$ 98 

1,963 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . .

December 31, 2022 

Long-term 

Life 

Fixed 

care insurance 

insurance 

annuities 

Variable 

annuities 

Total 

Balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Costs deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,271 

$ 70 

$131 

$2,461 

—  

(191) 

—  

(13) 

—  

(18) 

6 

(282) 

Balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$1,080 

$ 57 

$113 

2,185 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . .

December 31, 2021 

Long-term 

Life 

Fixed 

care insurance 

insurance 

annuities 

Variable 

annuities 

Total 

Balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,043 

$1,501 

$ 85 

$151 

$2,780 

Costs deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 

(63) 

—  

(230) 

—  

(15) 

—  

(20) 

9 

(328) 

Balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$ 989 

$1,271 

$ 70 

$131 

2,461 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . .

25 

$1,988 

26 

$2,211 

27 

$2,488 

184 

185 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(7) Deferred Acquisition Costs 

The following tables present the balances of and changes in deferred acquisition costs as of and for the 

Total derivatives not designated as hedges  . . . . . . . .

$(115)  $ (58)  $(111) 

(Amounts in millions) 

December 31, 2022 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities 

periods indicated: 

(Amounts in millions) 

December 31, 2023 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities 

Balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Costs deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$935 
1 
(57) 

$879 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . .

$1,080 
—  
(139) 

$ 57 
—  
(12) 

$113 
—  
(15) 

$ 941 

$ 45 

$ 98 

1,963 

Balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Costs deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$989 
6 
(60) 

$935 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . .

$1,271 
—  
(191) 

$ 70 
—  
(13) 

$131 
—  
(18) 

$1,080 

$ 57 

$113 

2,185 

(Amounts in millions) 

December 31, 2021 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities 

Balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Costs deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,043 
9 
(63) 

$1,501 
—  
(230) 

$ 85 
—  
(15) 

$151 
—  
(20) 

Total 

$2,185 
1 
(223) 

25 

$1,988 

Total 

$2,461 
6 
(282) 

26 

$2,211 

Total 

$2,780 
9 
(328) 

Balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$ 989 

$1,271 

$ 70 

$131 

2,461 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred acquisition costs  . . . . . . . . . . . . . . . . . . . . .

27 

$2,488 

184 

185 

with certain features are required to be bifurcated as embedded derivatives. Additionally, we have forward bond 

purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future 

fixed rate bonds. 

The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives 

not designated as hedges for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Classification of gain (loss) 

recognized in net income 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —   $—   $

2  Net investment gains (losses) 

Equity index options  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 

(20) 

18  Net investment gains (losses) 

Financial futures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(108) 

(81) 

(123) 

associated hedges 

Forward bond purchase commitments 

. . . . . . . . . . . . . . .

(9)  —   —   Net investment gains (losses) 

Fixed indexed annuity embedded derivatives  . . . . . . . . . .

Indexed universal life embedded derivatives  . . . . . . . . . .

(18) 

14 

16 

27 

(32)  Net investment gains (losses) 

24  Net investment gains (losses) 

Changes in fair value of 

market risk benefits and 

Derivative Counterparty Credit Risk 

Most of our derivative arrangements with counterparties require the posting of collateral upon meeting 

certain net exposure thresholds. The following table presents additional information about derivative assets and 

liabilities subject to an enforceable master netting arrangement as of December 31: 

2023 

2022 

Derivative 

assets (1) 

Derivative 

liabilities (1) 

Net 

derivatives 

Derivative 

assets(1) 

Derivative 

liabilities (1) 

Net 

derivatives 

(Amounts in millions) 

Amounts presented in the balance sheet: 

Gross amounts offset in the balance 

Net amounts presented in the balance 

Gross amounts not offset in the balance 

sheet: 

Gross amounts recognized  . . . . . . . . .

$131 

$

501 

$ (370) 

$ 50 

$

522 

$ (472) 

sheet  . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

—  

—  

—  

—  

sheet  . . . . . . . . . . . . . . . . . . . . . . . .

131 

501 

(370) 

50 

522 

(472) 

Financial instruments(2)  . . . . . . . . . . .

Collateral received  . . . . . . . . . . . . . . .

Collateral pledged . . . . . . . . . . . . . . . .

Over collateralization  . . . . . . . . . . . . . . . . .

(59) 

(19) 

—  

—  

(59) 

—  

(1,100) 

658 

—  

(19) 

1,100 

(658) 

(25) 

(21) 

—  

—  

(25) 

—  

(1,095) 

598 

—  

(21) 

1,095 

(598) 

Net amount  . . . . . . . . . . . . . . . . . . . . . . . . .

$ 53 

$ —  

$

53 

$

4 

$ —  

$

4 

(1)  Does not include amounts related to embedded derivatives as of December 31, 2023 and 2022. 

(2)  Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but 

are held with the same counterparty where we have a master netting arrangement. This adjustment results in 

presenting the net asset and net liability position for each counterparty. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(8) Intangible Assets 

The following table presents our intangible assets as of December 31: 

(Amounts in millions) 

PVFP  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitalized software  . . . . . . . . . . . . . . . . . . . . . . . .
Deferred sales inducements to contractholders  . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

Gross 
carrying 
amount 

$2,146 
517 
317 
6 

Accumulated 
amortization 

$(2,038) 
(449) 
(297) 
(4) 

Gross 
carrying 
amount 

$2,146 
482 
317 
6 

Accumulated 
amortization 

$(2,026) 
(427) 
(291) 
(4) 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,986 

$(2,788) 

$2,951 

$(2,748) 

Amortization expense related to PVFP and capitalized software was $34 million, $38 million and 

$47 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization expense related 
to deferred sales inducements of $6 million, $8 million and $9 million for the years ended December 31, 2023, 
2022 and 2021, respectively, was included in benefits and other changes in policy reserves. 

Present Value of Future Profits 

The following table presents the balances of and changes in PVFP as of and for the years ended 

December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . .
Costs deferred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$154 
$134 
$120 
—   —   —  
(20) 
(14) 
(12) 

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$108 

$120 

$134 

We test PVFP for recoverability as part of annual premium deficiency testing. As of December 31, 2023, 
2022 and 2021, all our businesses had sufficient future income and we did not recognize a premium deficiency 
reserve; therefore, the related PVFP was deemed recoverable. 

The percentage of the PVFP balance estimated to be amortized over each of the next five years is as follows: 

As of December 31, 2023 and 2022, our reinsurance recoverable related to UFLIC at the locked-in discount 

2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2025  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2028  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.3% 
10.2% 
10.1% 
10.1% 
10.1% 

186 

187 

(9) Reinsurance 

We reinsure a portion of our policy risks to other insurance companies in order to reduce our ultimate 

losses, diversify our exposures and provide capital flexibility. We also assume certain policy risks written by 

other insurance companies. Reinsurance accounting is followed for assumed and ceded transactions when there is 

adequate insurance risk transfer. Otherwise, the deposit method of accounting is followed. 

Reinsurance does not relieve us from our obligations to policyholders. In the event that the reinsurers are 

unable to meet their obligations, we remain liable for the reinsured claims. We monitor both the financial 

condition of individual reinsurers and risk concentrations arising from similar geographic regions, activities and 

economic characteristics of reinsurers to lessen the risk of default by such reinsurers. Other than the relationship 

discussed below with Union Fidelity Life Insurance Company (“UFLIC”), we do not have significant 

concentrations of reinsurance with any one reinsurer that could have a material impact on our financial position. 

U.S. Life Insurance Subsidiaries 

As of December 31, 2023, the maximum amount of individual ordinary life insurance normally retained by 

us on any one individual life policy was $5 million. 

We have several significant reinsurance transactions (“Reinsurance Transactions”) with UFLIC, an affiliate 

of General Electric Company (“GE”). In the Reinsurance Transactions, we ceded to UFLIC in-force blocks of 

structured settlements issued prior to 2004, substantially all of our in-force blocks of variable annuities issued 

prior to 2004 and a block of long-term care insurance policies that we reinsured in 2000 from legal entities now a 

part of Brighthouse Life Insurance Company. Although we remain directly liable under these contracts and 

policies as the ceding insurer, the Reinsurance Transactions have the effect of transferring the financial results of 

the reinsured blocks to UFLIC. To secure the payment of its obligations to us under the reinsurance agreements 

governing the Reinsurance Transactions, UFLIC has established trust accounts to maintain an aggregate amount 

of assets with a statutory book value at least equal to the statutory general account reserves attributable to the 

reinsured business less an amount required to be held in certain claims-paying accounts. A trustee administers the 

trust accounts and we are permitted to withdraw from the trust accounts amounts due to us pursuant to the terms 

of the reinsurance agreements that are not otherwise paid by UFLIC. In addition, pursuant to a Capital 

Maintenance Agreement, GE is obligated to maintain sufficient capital in UFLIC to maintain UFLIC’s risk-based 

capital (“RBC”) at not less than 150% of its company action level, as defined by the National Association of 

Insurance Commissioners (“NAIC”). 

rate was $13,020 million and $13,503 million, respectively. 

Under the terms of certain reinsurance agreements that our life insurance subsidiaries have with external 

parties, we pledged assets, including cash, in either separate portfolios or trusts for the benefit of external 

reinsurers. These assets support the reserves ceded to those external reinsurers. We have pledged fixed maturity 

securities, commercial mortgage loans and cash of $9,683 million, $489 million and $39 million, respectively, as 

of December 31, 2023 and $10,218 million, $576 million and $105 million, respectively, as of December 31, 

2022 in connection with these reinsurance agreements. However, we maintain the ability to substitute these 

pledged assets for other qualified collateral, and may use, commingle, encumber or dispose of any portion of the 

collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the 

collateral maintenance level. 

 
(8) Intangible Assets 

The following table presents our intangible assets as of December 31: 

2023 

2022 

Gross 

carrying 

amount 

Accumulated 

amortization 

Gross 

carrying 

amount 

Accumulated 

amortization 

(Amounts in millions) 

PVFP  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,146 

$(2,038) 

$2,146 

$(2,026) 

Capitalized software  . . . . . . . . . . . . . . . . . . . . . . . .

Deferred sales inducements to contractholders  . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

517 

317 

6 

(449) 

(297) 

(4) 

482 

317 

6 

(427) 

(291) 

(4) 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,986 

$(2,788) 

$2,951 

$(2,748) 

Amortization expense related to PVFP and capitalized software was $34 million, $38 million and 

$47 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization expense related 

to deferred sales inducements of $6 million, $8 million and $9 million for the years ended December 31, 2023, 

2022 and 2021, respectively, was included in benefits and other changes in policy reserves. 

Present Value of Future Profits 

December 31: 

The following table presents the balances of and changes in PVFP as of and for the years ended 

(Amounts in millions) 

2023 

2022 

2021 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . .

$120 

$134 

$154 

Costs deferred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  

Amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12) 

(14) 

(20) 

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$108 

$120 

$134 

We test PVFP for recoverability as part of annual premium deficiency testing. As of December 31, 2023, 

2022 and 2021, all our businesses had sufficient future income and we did not recognize a premium deficiency 

reserve; therefore, the related PVFP was deemed recoverable. 

2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2025  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2028  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.3% 

10.2% 

10.1% 

10.1% 

10.1% 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(9) Reinsurance 

We reinsure a portion of our policy risks to other insurance companies in order to reduce our ultimate 

losses, diversify our exposures and provide capital flexibility. We also assume certain policy risks written by 
other insurance companies. Reinsurance accounting is followed for assumed and ceded transactions when there is 
adequate insurance risk transfer. Otherwise, the deposit method of accounting is followed. 

Reinsurance does not relieve us from our obligations to policyholders. In the event that the reinsurers are 

unable to meet their obligations, we remain liable for the reinsured claims. We monitor both the financial 
condition of individual reinsurers and risk concentrations arising from similar geographic regions, activities and 
economic characteristics of reinsurers to lessen the risk of default by such reinsurers. Other than the relationship 
discussed below with Union Fidelity Life Insurance Company (“UFLIC”), we do not have significant 
concentrations of reinsurance with any one reinsurer that could have a material impact on our financial position. 

U.S. Life Insurance Subsidiaries 

As of December 31, 2023, the maximum amount of individual ordinary life insurance normally retained by 

us on any one individual life policy was $5 million. 

We have several significant reinsurance transactions (“Reinsurance Transactions”) with UFLIC, an affiliate 

of General Electric Company (“GE”). In the Reinsurance Transactions, we ceded to UFLIC in-force blocks of 
structured settlements issued prior to 2004, substantially all of our in-force blocks of variable annuities issued 
prior to 2004 and a block of long-term care insurance policies that we reinsured in 2000 from legal entities now a 
part of Brighthouse Life Insurance Company. Although we remain directly liable under these contracts and 
policies as the ceding insurer, the Reinsurance Transactions have the effect of transferring the financial results of 
the reinsured blocks to UFLIC. To secure the payment of its obligations to us under the reinsurance agreements 
governing the Reinsurance Transactions, UFLIC has established trust accounts to maintain an aggregate amount 
of assets with a statutory book value at least equal to the statutory general account reserves attributable to the 
reinsured business less an amount required to be held in certain claims-paying accounts. A trustee administers the 
trust accounts and we are permitted to withdraw from the trust accounts amounts due to us pursuant to the terms 
of the reinsurance agreements that are not otherwise paid by UFLIC. In addition, pursuant to a Capital 
Maintenance Agreement, GE is obligated to maintain sufficient capital in UFLIC to maintain UFLIC’s risk-based 
capital (“RBC”) at not less than 150% of its company action level, as defined by the National Association of 
Insurance Commissioners (“NAIC”). 

The percentage of the PVFP balance estimated to be amortized over each of the next five years is as follows: 

As of December 31, 2023 and 2022, our reinsurance recoverable related to UFLIC at the locked-in discount 

rate was $13,020 million and $13,503 million, respectively. 

Under the terms of certain reinsurance agreements that our life insurance subsidiaries have with external 

parties, we pledged assets, including cash, in either separate portfolios or trusts for the benefit of external 
reinsurers. These assets support the reserves ceded to those external reinsurers. We have pledged fixed maturity 
securities, commercial mortgage loans and cash of $9,683 million, $489 million and $39 million, respectively, as 
of December 31, 2023 and $10,218 million, $576 million and $105 million, respectively, as of December 31, 
2022 in connection with these reinsurance agreements. However, we maintain the ability to substitute these 
pledged assets for other qualified collateral, and may use, commingle, encumber or dispose of any portion of the 
collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the 
collateral maintenance level. 

186 

187 

 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table sets forth net domestic life insurance in-force as of December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Direct life insurance in-force  . . . . . . . . . . . . . . . . . .
Amounts assumed from other companies  . . . . . . . .
Amounts ceded to other companies(1)  . . . . . . . . . . .

$ 397,276 
487 
(352,901) 

$ 430,151 
527 
(383,350) 

$ 471,147 
573 
(427,464) 

Net life insurance in-force  . . . . . . . . . . . . . . . . . . . .

$ 44,862 

$ 47,328 

$ 44,256 

Percentage of amount assumed to net  . . . . . . . . . . .

1% 

1% 

1% 

(1) 

Includes amounts accounted for under the deposit method. 

Enact 

Enact Holdings, through Enact Mortgage Insurance Corporation (“EMICO”), its principal U.S. mortgage 
insurance subsidiary, cedes a portion of its mortgage insurance risk in order to obtain credit towards the financial 
requirements of the government-sponsored enterprises’ (“GSEs”) private mortgage insurer eligibility 
requirements (“PMIERs”). EMICO engages in excess of loss transactions either through a panel of traditional 
reinsurance providers or through collateralized reinsurance with unaffiliated special purpose insurers that are 
considered VIEs. The excess of loss transactions generally cover a subset of loans in a given book year where 
typically both the attachment and detachment points of the ceded risk tier are within the PMIERs capital 
requirements at inception. Each reinsurance treaty has a term of ten years or more and grants EMICO a unilateral 
right to commute the treaty prior to the full term, subject to certain performance triggers. EMICO retains the first 
layer of aggregate loss exposure on covered policies while the reinsurer provides the second layer of coverage, 
up to the defined reinsurance coverage amount, and EMICO retains losses in excess of the reinsurance coverage 
amount. Traditional reinsurance providers collateralize a portion of their coverage by holding funds in 
reinsurance trust accounts, and the VIEs fully collateralize the reinsurance coverage by issuing mortgage 
insurance-linked notes to unaffiliated investors. The notes are non-recourse to EMICO, and to Genworth 
Financial and its affiliates. 

In 2023, EMICO executed an excess of loss reinsurance transaction with a panel of reinsurers that provides 
up to approximately $180 million of reinsurance coverage on a portion of new insurance written in 2023. During 
2023, EMICO also obtained approximately $248 million of excess of loss reinsurance coverage from certain 
special purpose insurers. In 2022, EMICO executed three excess of loss reinsurance transactions with a panel of 
reinsurers that provide up to approximately $422 million of reinsurance coverage on a portion of new insurance 
written for its 2022 book year and up to approximately $325 million of reinsurance coverage on a portfolio of 
mortgage insurance policies written during the second half of 2021. 

EMICO also engages in quota share reinsurance transactions under which the reinsurer receives a premium 
in exchange for covering an agreed-upon portion of incurred losses. EMICO executed a quota share reinsurance 
agreement in 2023 with a panel of third-party reinsurers under which it ceded 16.125% of a portion of new 
insurance written for its 2023 book year. EMICO has the right to terminate the reinsurance agreement upon the 
occurrence of certain events. 

On January 3, 2024, EMICO entered into a quota share reinsurance agreement under which it will cede 
approximately 21% of a portion of new insurance written for its 2024 book year. On January 30, 2024, EMICO 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

executed an excess of loss reinsurance transaction which provides up to $255 million of reinsurance coverage on 

a portion of current and expected new insurance written for the 2024 book year, effective January 1, 2024. 

Premiums Written and Earned 

The following table sets forth the effects of reinsurance on premiums written and earned for the years ended 

Written 

Earned 

2023 

2022 

2021 

2023 

2022 

2021 

December 31: 

(Amounts in millions) 

Direct: 

Assumed: 

Ceded: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . .

$

699  $

738  $

774  $

699  $

738  $

775 

Accident and health insurance(1)  . . . . . . . . . . . .

Mortgage insurance  . . . . . . . . . . . . . . . . . . . . . .

Total direct  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,712 

995 

4,406 

2,739 

979 

4,456 

2,802 

990 

4,566 

2,712 

1,049 

4,460 

2,739 

1,023 

4,500 

2,802 

1,050 

4,627 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . .

Accident and health insurance(1)  . . . . . . . . . . . .

Mortgage insurance  . . . . . . . . . . . . . . . . . . . . . .

Total assumed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

288 

1 

4 

293 

294 

1 

3 

298 

302 

2 

3 

307 

288 

1 

4 

293 

294 

1 

3 

298 

302 

2 

3 

307 

Life insurance(2) . . . . . . . . . . . . . . . . . . . . . . . . .

Accident and health insurance(1)  . . . . . . . . . . . .

Mortgage insurance  . . . . . . . . . . . . . . . . . . . . . .

(493) 

(537) 

(87) 

(505) 

(533) 

(80) 

(913) 

(543) 

(72) 

(493) 

(537) 

(87) 

(505) 

(533) 

(80) 

(913) 

(543) 

(72) 

Total ceded  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,117) 

(1,118) 

(1,528) 

(1,117) 

(1,118) 

(1,528) 

Net premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,582  $ 3,636  $ 3,345  $ 3,636  $ 3,680  $ 3,406 

Percentage of amount assumed to net  . . . . . . . . . . . .

8% 

8% 

9% 

(1)  Accident and health insurance is comprised of our long-term care insurance products. 

(2)  Effective December 1, 2021 and included in the year ended December 31, 2021, we entered into a 

reinsurance agreement with SCOR Global Life USA Reinsurance Company, under which we ceded 

premiums of $360 million associated with certain term life insurance policies. 

Reinsurance recoveries recognized as a reduction of benefits and other changes in policy reserves amounted 

to $2,702 million, $2,746 million and $2,979 million during 2023, 2022 and 2021, respectively. 

188 

189 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table sets forth net domestic life insurance in-force as of December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Direct life insurance in-force  . . . . . . . . . . . . . . . . . .

$ 397,276 

$ 430,151 

$ 471,147 

Amounts assumed from other companies  . . . . . . . .

487 

527 

573 

Amounts ceded to other companies(1)  . . . . . . . . . . .

(352,901) 

(383,350) 

(427,464) 

Net life insurance in-force  . . . . . . . . . . . . . . . . . . . .

$ 44,862 

$ 47,328 

$ 44,256 

Percentage of amount assumed to net  . . . . . . . . . . .

1% 

1% 

1% 

(1) 

Includes amounts accounted for under the deposit method. 

Enact 

Enact Holdings, through Enact Mortgage Insurance Corporation (“EMICO”), its principal U.S. mortgage 

insurance subsidiary, cedes a portion of its mortgage insurance risk in order to obtain credit towards the financial 

requirements of the government-sponsored enterprises’ (“GSEs”) private mortgage insurer eligibility 

requirements (“PMIERs”). EMICO engages in excess of loss transactions either through a panel of traditional 

reinsurance providers or through collateralized reinsurance with unaffiliated special purpose insurers that are 

considered VIEs. The excess of loss transactions generally cover a subset of loans in a given book year where 

typically both the attachment and detachment points of the ceded risk tier are within the PMIERs capital 

requirements at inception. Each reinsurance treaty has a term of ten years or more and grants EMICO a unilateral 

right to commute the treaty prior to the full term, subject to certain performance triggers. EMICO retains the first 

layer of aggregate loss exposure on covered policies while the reinsurer provides the second layer of coverage, 

up to the defined reinsurance coverage amount, and EMICO retains losses in excess of the reinsurance coverage 

amount. Traditional reinsurance providers collateralize a portion of their coverage by holding funds in 

reinsurance trust accounts, and the VIEs fully collateralize the reinsurance coverage by issuing mortgage 

insurance-linked notes to unaffiliated investors. The notes are non-recourse to EMICO, and to Genworth 

Financial and its affiliates. 

In 2023, EMICO executed an excess of loss reinsurance transaction with a panel of reinsurers that provides 

up to approximately $180 million of reinsurance coverage on a portion of new insurance written in 2023. During 

2023, EMICO also obtained approximately $248 million of excess of loss reinsurance coverage from certain 

special purpose insurers. In 2022, EMICO executed three excess of loss reinsurance transactions with a panel of 

reinsurers that provide up to approximately $422 million of reinsurance coverage on a portion of new insurance 

written for its 2022 book year and up to approximately $325 million of reinsurance coverage on a portfolio of 

mortgage insurance policies written during the second half of 2021. 

EMICO also engages in quota share reinsurance transactions under which the reinsurer receives a premium 

in exchange for covering an agreed-upon portion of incurred losses. EMICO executed a quota share reinsurance 

agreement in 2023 with a panel of third-party reinsurers under which it ceded 16.125% of a portion of new 

insurance written for its 2023 book year. EMICO has the right to terminate the reinsurance agreement upon the 

occurrence of certain events. 

On January 3, 2024, EMICO entered into a quota share reinsurance agreement under which it will cede 

approximately 21% of a portion of new insurance written for its 2024 book year. On January 30, 2024, EMICO 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

executed an excess of loss reinsurance transaction which provides up to $255 million of reinsurance coverage on 
a portion of current and expected new insurance written for the 2024 book year, effective January 1, 2024. 

Premiums Written and Earned 

The following table sets forth the effects of reinsurance on premiums written and earned for the years ended 

December 31: 

(Amounts in millions) 

Direct: 

Written 

Earned 

2023 

2022 

2021 

2023 

2022 

2021 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . .
Accident and health insurance(1)  . . . . . . . . . . . .
Mortgage insurance  . . . . . . . . . . . . . . . . . . . . . .

Total direct  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

699  $

738  $

774  $

699  $

738  $

2,712 
995 

4,406 

2,739 
979 

4,456 

2,802 
990 

4,566 

2,712 
1,049 

4,460 

2,739 
1,023 

4,500 

Assumed: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . .
Accident and health insurance(1)  . . . . . . . . . . . .
Mortgage insurance  . . . . . . . . . . . . . . . . . . . . . .

Total assumed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 
288 
4 

293 

1 
294 
3 

298 

2 
302 
3 

307 

1 
288 
4 

293 

1 
294 
3 

298 

775 
2,802 
1,050 

4,627 

2 
302 
3 

307 

Ceded: 

Life insurance(2) . . . . . . . . . . . . . . . . . . . . . . . . .
Accident and health insurance(1)  . . . . . . . . . . . .
Mortgage insurance  . . . . . . . . . . . . . . . . . . . . . .

(493) 
(537) 
(87) 

(505) 
(533) 
(80) 

(913) 
(543) 
(72) 

(493) 
(537) 
(87) 

(505) 
(533) 
(80) 

(913) 
(543) 
(72) 

Total ceded  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,117) 

(1,118) 

(1,528) 

(1,117) 

(1,118) 

(1,528) 

Net premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,582  $ 3,636  $ 3,345  $ 3,636  $ 3,680  $ 3,406 

Percentage of amount assumed to net  . . . . . . . . . . . .

8% 

8% 

9% 

(1)  Accident and health insurance is comprised of our long-term care insurance products. 
(2)  Effective December 1, 2021 and included in the year ended December 31, 2021, we entered into a 

reinsurance agreement with SCOR Global Life USA Reinsurance Company, under which we ceded 
premiums of $360 million associated with certain term life insurance policies. 

Reinsurance recoveries recognized as a reduction of benefits and other changes in policy reserves amounted 

to $2,702 million, $2,746 million and $2,979 million during 2023, 2022 and 2021, respectively. 

188 

189 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Allowance for Credit Losses on Reinsurance Recoverables 

The following table sets forth the changes in the allowance for credit losses related to reinsurance 

recoverables as of and for the years ended December 31: 

(Amounts in millions) 

Allowance for credit losses: 

2023 

2022 

2021 

Beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-offs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recoveries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 45 
$ 58 
$ 63 
35 
13 
5 
(69)  —   —  
—   —   —  

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 29 

$ 63 

$ 58 

Our policy for evaluating and measuring the allowance for credit losses related to reinsurance recoverables 

utilizes the reinsurer’s credit rating, updated quarterly, to assess the credit quality of reinsurance recoverables. 
The following tables set forth A.M. Best Company, Inc.’s credit ratings related to our reinsurance recoverables at 
the locked-in discount rate, gross of the allowance for credit losses, as of December 31: 

(Amounts in millions) 

Credit rating: 

Collateralized 

Non-collateralized 

Total 

2023 

A++ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Not rated(1)  . . . . . . . . . . . . . . . . . . . . . . . .

Total reinsurance recoverable  . . . . .

$ —  
1,322 
33 
13,021 

$14,376 

$

666 
3,041 
383 
13,037 

$17,127 

$ 666 
1,719 
350 
16 

$2,751 

2022 

(Amounts in millions) 

Credit rating: 

Collateralized 

Non-collateralized 

Total 

A++ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Not rated(1)  . . . . . . . . . . . . . . . . . . . . . . . .

Total reinsurance recoverable  . . . . .

$ —  
1,268 
20 
13,506 

$14,794 

$ 626 
2,050 
33 
86 

$2,795 

$

626 
3,318 
53 
13,592 

$17,589 

(1)  Primarily relates to amounts associated with UFLIC, which is not rated. However, UFLIC has trust accounts 
and a guarantee from its parent, as discussed above, and is sufficiently collateralized and fully collectible; 
accordingly, no allowance for credit losses was recorded as of December 31, 2023 and 2022. 

Reinsurance recoverables are considered past due when contractual payments have not been received from 

the reinsurer by the required payment date. Claims submitted for payment are generally due in less than one year. 
As of December 31, 2023, we did not have any reinsurance recoverables past due. As of December 31, 2022, the 
reinsurance recoverable related to Scottish Re US Inc. (“Scottish Re”), a reinsurance company domiciled in 
Delaware, was past due. In 2019, Scottish Re was ordered into receivership for the purposes of rehabilitation. In 

May 2023, the Receiver concluded that Scottish Re should be liquidated based upon adverse changes in its 

financial condition subsequent to the filing of the proposed and subsequently amended Plan of Rehabilitation. In 

July 2023, Scottish Re’s board of directors consented to the liquidation order, which was made final by the Court 

shortly thereafter. In addition, the Court’s liquidation order mandated all reinsurance agreements in-force with 

Scottish Re be terminated (or expire) by no later than September 30, 2023. 

We previously established an allowance for credit losses of $36 million related to the reinsurance 

recoverable due from Scottish Re. In the third quarter of 2023, we determined that the reinsurance recoverable 

was uncollectible. As a result, we recorded an additional credit loss of $33 million and wrote off the entire 

reinsurance recoverable of $69 million against the allowance for credit losses. We also recaptured all our life 

insurance policies from Scottish Re in the third quarter of 2023, which did not have a significant impact on our 

earnings for the year ended December 31, 2023, as the credit loss recognized during 2023 was offset by the 

derecognition of ceded premiums payable of approximately $33 million where we have the right of offset for the 

amounts owed to us by Scottish Re. Effective December 31, 2023, we entered into a binding letter of intent with 

a third party to cede, on a yearly renewable term basis, certain term and universal life insurance products 

recaptured from Scottish Re, as well as some smaller blocks. This transaction resulted in a gain of $34 million 

that was deferred as cost of reinsurance and recorded as part of the reinsurance recoverable balance as of 

December 31, 2023; therefore, there was no impact to net income (loss). The final treaties were executed and 

signed on January 30, 2024, with no changes to the terms outlined in the letter of intent. 

(10) Future Policy Benefits 

The following table sets forth our liability for future policy benefits as of December 31: 

(Amounts in millions) 

2023 

2022 

Long-term care insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$43,929 

$41,457 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,698 

11,829 

1,820 

11,923 

Total long-duration insurance contracts  . . . . . . . . . . . .

57,456 

55,200 

Deferred profit liability  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cost of reinsurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

128 

71 

115 

92 

Total future policy benefits  . . . . . . . . . . . . . . . . . . . . . .

$57,655 

$55,407 

190 

191 

 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Allowance for Credit Losses on Reinsurance Recoverables 

The following table sets forth the changes in the allowance for credit losses related to reinsurance 

recoverables as of and for the years ended December 31: 

(Amounts in millions) 

Allowance for credit losses: 

2023 

2022 

2021 

Beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 63 

$ 58 

$ 45 

Provision  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35 

5 

13 

Write-offs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Recoveries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(69)  —   —  

—   —   —  

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 29 

$ 63 

$ 58 

Our policy for evaluating and measuring the allowance for credit losses related to reinsurance recoverables 

utilizes the reinsurer’s credit rating, updated quarterly, to assess the credit quality of reinsurance recoverables. 

The following tables set forth A.M. Best Company, Inc.’s credit ratings related to our reinsurance recoverables at 

the locked-in discount rate, gross of the allowance for credit losses, as of December 31: 

(Amounts in millions) 

Credit rating: 

Collateralized 

Non-collateralized 

Total 

A++ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Not rated(1)  . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

1,322 

33 

13,021 

Total reinsurance recoverable  . . . . .

$14,376 

(Amounts in millions) 

Credit rating: 

Collateralized 

Non-collateralized 

Total 

A++ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Not rated(1)  . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

1,268 

20 

13,506 

Total reinsurance recoverable  . . . . .

$14,794 

$2,795 

2023 

$ 666 

1,719 

350 

16 

$2,751 

2022 

$ 626 

2,050 

33 

86 

$

666 

3,041 

383 

13,037 

$17,127 

$

626 

3,318 

53 

13,592 

$17,589 

(1)  Primarily relates to amounts associated with UFLIC, which is not rated. However, UFLIC has trust accounts 

and a guarantee from its parent, as discussed above, and is sufficiently collateralized and fully collectible; 

accordingly, no allowance for credit losses was recorded as of December 31, 2023 and 2022. 

Reinsurance recoverables are considered past due when contractual payments have not been received from 

the reinsurer by the required payment date. Claims submitted for payment are generally due in less than one year. 

As of December 31, 2023, we did not have any reinsurance recoverables past due. As of December 31, 2022, the 

reinsurance recoverable related to Scottish Re US Inc. (“Scottish Re”), a reinsurance company domiciled in 

Delaware, was past due. In 2019, Scottish Re was ordered into receivership for the purposes of rehabilitation. In 

May 2023, the Receiver concluded that Scottish Re should be liquidated based upon adverse changes in its 
financial condition subsequent to the filing of the proposed and subsequently amended Plan of Rehabilitation. In 
July 2023, Scottish Re’s board of directors consented to the liquidation order, which was made final by the Court 
shortly thereafter. In addition, the Court’s liquidation order mandated all reinsurance agreements in-force with 
Scottish Re be terminated (or expire) by no later than September 30, 2023. 

We previously established an allowance for credit losses of $36 million related to the reinsurance 

recoverable due from Scottish Re. In the third quarter of 2023, we determined that the reinsurance recoverable 
was uncollectible. As a result, we recorded an additional credit loss of $33 million and wrote off the entire 
reinsurance recoverable of $69 million against the allowance for credit losses. We also recaptured all our life 
insurance policies from Scottish Re in the third quarter of 2023, which did not have a significant impact on our 
earnings for the year ended December 31, 2023, as the credit loss recognized during 2023 was offset by the 
derecognition of ceded premiums payable of approximately $33 million where we have the right of offset for the 
amounts owed to us by Scottish Re. Effective December 31, 2023, we entered into a binding letter of intent with 
a third party to cede, on a yearly renewable term basis, certain term and universal life insurance products 
recaptured from Scottish Re, as well as some smaller blocks. This transaction resulted in a gain of $34 million 
that was deferred as cost of reinsurance and recorded as part of the reinsurance recoverable balance as of 
December 31, 2023; therefore, there was no impact to net income (loss). The final treaties were executed and 
signed on January 30, 2024, with no changes to the terms outlined in the letter of intent. 

(10) Future Policy Benefits 

The following table sets forth our liability for future policy benefits as of December 31: 

(Amounts in millions) 

2023 

2022 

Long-term care insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$43,929 
1,698 
11,829 

$41,457 
1,820 
11,923 

Total long-duration insurance contracts  . . . . . . . . . . . .

57,456 

55,200 

Deferred profit liability  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of reinsurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

128 
71 

115 
92 

Total future policy benefits  . . . . . . . . . . . . . . . . . . . . . .

$57,655 

$55,407 

190 

191 

 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following tables present the balances of and changes in the liability for future policy benefits as of and 

for the years ended December 31: 

(Dollar amounts in millions) 

Present value of expected net premiums: 

2023 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .
Effect of actual variances from expected experience  . . . . . . . . . . . .

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net premiums collected(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .
Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

$19,895 
$19,959 
(276) 
(365) 

19,318 
2 
994 
(1,968) 
—  
—  

18,346 
304 

$4,083 
$3,922 
180 
38 

$ —  
$ —  
—  
—  

4,140 
—  
217 
(439) 
—  
—  

3,918 
262 

—  
42 
—  
(42) 
—  
—  

—  
—  

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$18,650 

$4,180 

$ —  

Present value of expected future policy benefits: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .
Effect of actual variances from expected experience  . . . . . . . . . . . .

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .
Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

$61,352 
$61,148 
(292) 
(50) 

60,806 
2 
3,327 
(3,621) 
—  
(1) 

60,513 
2,066 

$5,556 
$5,374 
261 
61 

$11,923 
$10,300 
(33) 
(30) 

5,696 
—  
281 
(823) 
—  
(8) 

5,146 
266 

10,237 
35 
663 
(1,016) 
—  
1 

9,920 
1,909 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$62,579 

$5,412 

$11,829 

Net liability for future policy benefits, before flooring adjustments  . . . . . . . .

$41,457 

$1,473 

$11,923 

Net liability for future policy benefits, before flooring adjustments  . . . . . . . .
Flooring adjustments(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net liability for future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$43,929 
—  

43,929 
7,572 

$1,232 
466 

$11,829 
—  

1,698 
852 

11,829 
9,008 

Net liability for future policy benefits, net of reinsurance recoverable  . . . . . .

$36,357 

$ 846 

$ 2,821 

Weighted-average liability duration (years)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.5 

6.0 

10.9 

Weighted-average liability duration (years)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.7 

5.9 

11.1 

(1)  Net premiums collected represents the portion of gross premiums collected from policyholders that is used 

(1)  Net premiums collected represents the portion of gross premiums collected from policyholders that is used 

to fund expected benefit payments. 

(2)  See note 2 for a discussion of flooring adjustments. 

192 

to fund expected benefit payments. 

(2)  Related to a third-party recapture of certain single premium immediate annuity contracts in 2022. 

(3)  See note 2 for a discussion of flooring adjustments. 

193 

2022 

Long-term 

Life 

Fixed 

care insurance 

insurance 

annuities 

(Dollar amounts in millions) 

Present value of expected net premiums: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .

$25,247 

$20,717 

$5,414 

$4,086 

$ —  

$ —  

Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .

Effect of actual variances from expected experience  . . . . . . . . . . . .

102 

82 

—  

69 

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,901 

4,155 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net premiums collected(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 

1,061 

(2,011) 

—  

—  

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .

19,959 

Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

(64) 

—  

226 

(459) 

—  

—  

3,922 

161 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$19,895 

$4,083 

$ —  

Present value of expected future policy benefits: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .

$85,338 

$61,146 

$7,157 

$5,814 

$17,039 

$11,012 

Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .

Effect of actual variances from expected experience  . . . . . . . . . . . .

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .

Reinsurance transactions(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(251) 

(31) 

60,864 

10 

3,364 

(3,090) 

—  

—  

—  

5,920 

10,988 

(851) 

(1,072) 

—  

106 

—  

304 

—  

—  

1 

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .

Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

61,148 

204 

5,374 

182 

10,300 

1,623 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$61,352 

$5,556 

$11,923 

—  

—  

—  

50 

—  

(50) 

—  

—  

—  

—  

—  

(24) 

43 

690 

—  

(352) 

3 

Flooring adjustments(3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net liability for future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

41,457 

7,270 

347 

1,820 

873 

—  

11,923 

8,957 

Net liability for future policy benefits, net of reinsurance recoverable  . . . . . .

$34,187 

$ 947 

$ 2,966 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following tables present the balances of and changes in the liability for future policy benefits as of and 

for the years ended December 31: 

2023 

Long-term 

Life 

Fixed 

care insurance 

insurance 

annuities 

(Dollar amounts in millions) 

Present value of expected net premiums: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .

$19,895 

$19,959 

$4,083 

$3,922 

$ —  

$ —  

Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .

Effect of actual variances from expected experience  . . . . . . . . . . . .

(276) 

(365) 

180 

38 

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,318 

4,140 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net premiums collected(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,968) 

Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 

994 

—  

—  

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .

Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

18,346 

304 

—  

217 

(439) 

—  

—  

3,918 

262 

—  

—  

—  

42 

—  

(42) 

—  

—  

—  

—  

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$18,650 

$4,180 

$ —  

Present value of expected future policy benefits: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .

$61,352 

$61,148 

$5,556 

$5,374 

$11,923 

$10,300 

Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .

Effect of actual variances from expected experience  . . . . . . . . . . . .

(292) 

(50) 

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

60,806 

5,696 

10,237 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .

Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

2 

3,327 

(3,621) 

—  

(1) 

60,513 

2,066 

261 

61 

—  

281 

(823) 

—  

(8) 

(33) 

(30) 

(1,016) 

35 

663 

—  

1 

5,146 

266 

9,920 

1,909 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$62,579 

$5,412 

$11,829 

Net liability for future policy benefits, before flooring adjustments  . . . . . . . .

$43,929 

$1,232 

$11,829 

Flooring adjustments(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net liability for future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

43,929 

7,572 

466 

1,698 

852 

—  

11,829 

9,008 

(Dollar amounts in millions) 

Present value of expected net premiums: 

2022 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .
Effect of actual variances from expected experience  . . . . . . . . . . . .

$25,247 
$20,717 
102 
82 

$5,414 
$4,086 
—  
69 

$ —  
$ —  
—  
—  

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net premiums collected(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .
Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

20,901 
8 
1,061 
(2,011) 
—  
—  

19,959 
(64) 

4,155 
—  
226 
(459) 
—  
—  

3,922 
161 

—  
50 
—  
(50) 
—  
—  

—  
—  

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$19,895 

$4,083 

$ —  

Present value of expected future policy benefits: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .
Effect of actual variances from expected experience  . . . . . . . . . . . .

$85,338 
$61,146 
(251) 
(31) 

$7,157 
$5,814 
—  
106 

$17,039 
$11,012 
—  
(24) 

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .
Reinsurance transactions(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .
Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

60,864 
10 
3,364 
(3,090) 
—  
—  
—  

61,148 
204 

5,920 
—  
304 
(851) 
—  
—  
1 

5,374 
182 

10,988 
43 
690 
(1,072) 
—  
(352) 
3 

10,300 
1,623 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$61,352 

$5,556 

$11,923 

Net liability for future policy benefits, before flooring adjustments  . . . . . . . .
Flooring adjustments(3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net liability for future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$41,457 
—  

41,457 
7,270 

$1,473 
347 

$11,923 
—  

1,820 
873 

11,923 
8,957 

Net liability for future policy benefits, net of reinsurance recoverable  . . . . . .

$34,187 

$ 947 

$ 2,966 

Net liability for future policy benefits, net of reinsurance recoverable  . . . . . .

$36,357 

$ 846 

$ 2,821 

Weighted-average liability duration (years)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.5 

6.0 

10.9 

Weighted-average liability duration (years)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.7 

5.9 

11.1 

(1)  Net premiums collected represents the portion of gross premiums collected from policyholders that is used 

(1)  Net premiums collected represents the portion of gross premiums collected from policyholders that is used 

to fund expected benefit payments. 

(2)  See note 2 for a discussion of flooring adjustments. 

192 

to fund expected benefit payments. 

(2)  Related to a third-party recapture of certain single premium immediate annuity contracts in 2022. 
(3)  See note 2 for a discussion of flooring adjustments. 

193 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(Dollar amounts in millions) 

Present value of expected net premiums: 

2021 

Long-term 
care insurance 

Life 
insurance 

Fixed 
annuities 

Long-term care insurance 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .
Effect of actual variances from expected experience  . . . . . . . . . . . .

$26,283 
$20,600 
1,615 
(444) 

$ 5,451  $ —  
$ 3,916  $ —  
—  
—  

228 
165 

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net premiums collected(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .
Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

21,771 
23 
1,053 
(2,130) 
—  
—  

20,717 
4,530 

4,309 
—  
221 
(444) 
—  
—  

4,086 
1,328 

—  
47 
—  
(47) 
—  
—  

—  
—  

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$25,247 

$ 5,414  $ —  

Present value of expected future policy benefits: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .
Effect of actual variances from expected experience  . . . . . . . . . . . .

$89,645 
$59,709 
1,678 
(565) 

$ 7,821  $18,637 
$ 6,062  $11,358 
27 
(24) 

252 
190 

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .
Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

60,822 
23 
3,309 
(3,006) 
—  
(2) 

61,146 
24,192 

6,504 
—  
322 
(1,013) 
—  
1 

5,814 
1,343 

11,361 
46 
728 
(1,119) 
—  
(4) 

11,012 
6,027 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$85,338 

$ 7,157  $17,039 

Net liability for future policy benefits, before flooring adjustments  . . . . . . . .
Flooring adjustments(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net liability for future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$60,091 
—  

60,091 
10,557 

$ 1,743  $17,039 
—  

423 

2,166 
1,040 

17,039 
12,583 

Net liability for future policy benefits, net of reinsurance recoverable  . . . . . .

$49,534 

$ 1,126  $ 4,456 

Weighted-average liability duration (years)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.9 

7.0 

13.6 

(1)  Net premiums collected represents the portion of gross premiums collected from policyholders that is used 

to fund expected benefit payments. 

(2)  See note 2 for a discussion on flooring adjustments. 

194 

195 

In the fourth quarter of 2023, we completed our annual review of cash flow assumptions including expected 

claim incidence and terminations, expenses, interest rates, benefit utilization trend and in-force rate actions, 

among other assumptions. The impact of changes in cash flow assumptions in 2023 resulted in a decrease of 

$16 million in the liability for future policy benefits primarily as a result of a favorable update to our disabled life 

mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near term 

post-COVID-19. This was partially offset by unfavorable updates to our healthy life assumptions to better reflect 

near-term experience for cost of care, mortality, incidence and lapse rates. We also evaluated our assumptions 

regarding expectations of future premium rate increase approvals and benefit reductions and did not make 

significant changes to our multi-year in-force rate action plan. However, we did increase our assumption for 

future approvals and benefit reductions given our current plans for rate increase filings and our historical 

experience regarding approvals and regulatory support, as well as benefit reductions and legal settlement results. 

The impact of actual versus expected experience in 2023 resulted in an increase of $315 million in the liability 

for future policy benefits primarily driven by higher claims and unfavorable timing impacts related to a second 

legal settlement. 

In the fourth quarter of 2022, we refined several assumptions, including reducing our lapse assumption in 

light of favorable experience from our long-term care insurance legal settlement elections and benefit reductions 

and updating our interest rate assumption to reflect the impact of the higher interest rate environment. The 

favorable impacts from both the effect of changes in cash flow assumptions and actual versus expected 

experience were mainly attributable to the inclusion of a second legal settlement. We also evaluated our 

assumptions regarding expectations of future premium rate increase approvals and benefit reductions and did not 

make significant changes to our multi-year in-force rate action plan. However, we did increase our assumption 

for future approvals and benefit reductions given our current plans for rate increase filings and our historical 

experience regarding approvals and regulatory support, as well as benefit reductions and legal settlement results. 

In the fourth quarter of 2021, we reviewed our assumptions including expected claim incidence and 

terminations, expenses, interest rates, benefit utilization trend and in-force rate actions, among other assumptions. 

The most significant update to our long-term care insurance assumptions included an unfavorable update to the 

benefit utilization trend, which drove significant updates to our in-force rate action plan, and related assumptions. 

Given the expected future increases in cost of care, we expected our long-term benefit utilization to trend higher 

than previously assumed. Prior to this update, we had assumed that the long-term benefit utilization would 

improve over time. Based on our experience, it did not improve as much as we predicted, largely due to cost of 

care growth driven by both broad-based inflation and minimum wage increases in some large states, among other 

factors. Therefore, we increased the outlook for our future benefit utilization trend. 

Life insurance 

In the fourth quarter of 2023, we completed our annual review of cash flow assumptions and increased our 

liability for future policy benefits by $81 million primarily as a result of unfavorable updates to our mortality 

assumptions to better reflect emerging experience related to more modest mortality improvement and to include 

an expectation that mortality will continue at elevated levels in the near term post-COVID-19. The impact of 

actual versus expected experience in 2023 resulted in an increase of $23 million in the liability for future policy 

benefits primarily driven by unfavorable mortality experience. 

There were no cash flow assumption changes for our life insurance products in the fourth quarter of 2022. 

The effect of actual versus expected experience in 2022 resulted in an increase of $37 million in the liability for 

 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(Dollar amounts in millions) 

Present value of expected net premiums: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .

$26,283 

$20,600 

$ 5,451  $ —  

$ 3,916  $ —  

2021 

Long-term 

Life 

Fixed 

care insurance 

insurance 

annuities 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$25,247 

$ 5,414  $ —  

Present value of expected future policy benefits: 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beginning balance, at original discount rate . . . . . . . . . . . . . . . . . . . . . . .

$89,645 

$59,709 

$ 7,821  $18,637 

$ 6,062  $11,358 

Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .

Effect of actual variances from expected experience  . . . . . . . . . . . .

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net premiums collected(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .

Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

Effect of changes in cash flow assumptions  . . . . . . . . . . . . . . . . . . .

Effect of actual variances from expected experience  . . . . . . . . . . . .

Adjusted beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derecognition (lapses and withdrawals) . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance, at original discount rate  . . . . . . . . . . . . . . . . .

Effect of changes in discount rate assumptions  . . . . . . . . . . . . . . . .

1,615 

(444) 

21,771 

23 

1,053 

(2,130) 

—  

—  

20,717 

4,530 

1,678 

(565) 

60,822 

23 

3,309 

(3,006) 

—  

(2) 

61,146 

24,192 

228 

165 

4,309 

—  

221 

(444) 

—  

—  

4,086 

1,328 

—  

—  

—  

47 

—  

(47) 

—  

—  

—  

—  

27 

(24) 

46 

728 

—  

(4) 

252 

190 

—  

322 

—  

1 

6,504 

11,361 

(1,013) 

(1,119) 

5,814 

1,343 

11,012 

6,027 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$85,338 

$ 7,157  $17,039 

Net liability for future policy benefits, before flooring adjustments  . . . . . . . .

$60,091 

$ 1,743  $17,039 

Flooring adjustments(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net liability for future policy benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

60,091 

10,557 

423 

2,166 

1,040 

—  

17,039 

12,583 

Net liability for future policy benefits, net of reinsurance recoverable  . . . . . .

$49,534 

$ 1,126  $ 4,456 

Weighted-average liability duration (years)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.9 

7.0 

13.6 

(1)  Net premiums collected represents the portion of gross premiums collected from policyholders that is used 

to fund expected benefit payments. 

(2)  See note 2 for a discussion on flooring adjustments. 

Long-term care insurance 

In the fourth quarter of 2023, we completed our annual review of cash flow assumptions including expected 

claim incidence and terminations, expenses, interest rates, benefit utilization trend and in-force rate actions, 
among other assumptions. The impact of changes in cash flow assumptions in 2023 resulted in a decrease of 
$16 million in the liability for future policy benefits primarily as a result of a favorable update to our disabled life 
mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near term 
post-COVID-19. This was partially offset by unfavorable updates to our healthy life assumptions to better reflect 
near-term experience for cost of care, mortality, incidence and lapse rates. We also evaluated our assumptions 
regarding expectations of future premium rate increase approvals and benefit reductions and did not make 
significant changes to our multi-year in-force rate action plan. However, we did increase our assumption for 
future approvals and benefit reductions given our current plans for rate increase filings and our historical 
experience regarding approvals and regulatory support, as well as benefit reductions and legal settlement results. 
The impact of actual versus expected experience in 2023 resulted in an increase of $315 million in the liability 
for future policy benefits primarily driven by higher claims and unfavorable timing impacts related to a second 
legal settlement. 

In the fourth quarter of 2022, we refined several assumptions, including reducing our lapse assumption in 

light of favorable experience from our long-term care insurance legal settlement elections and benefit reductions 
and updating our interest rate assumption to reflect the impact of the higher interest rate environment. The 
favorable impacts from both the effect of changes in cash flow assumptions and actual versus expected 
experience were mainly attributable to the inclusion of a second legal settlement. We also evaluated our 
assumptions regarding expectations of future premium rate increase approvals and benefit reductions and did not 
make significant changes to our multi-year in-force rate action plan. However, we did increase our assumption 
for future approvals and benefit reductions given our current plans for rate increase filings and our historical 
experience regarding approvals and regulatory support, as well as benefit reductions and legal settlement results. 

In the fourth quarter of 2021, we reviewed our assumptions including expected claim incidence and 

terminations, expenses, interest rates, benefit utilization trend and in-force rate actions, among other assumptions. 
The most significant update to our long-term care insurance assumptions included an unfavorable update to the 
benefit utilization trend, which drove significant updates to our in-force rate action plan, and related assumptions. 
Given the expected future increases in cost of care, we expected our long-term benefit utilization to trend higher 
than previously assumed. Prior to this update, we had assumed that the long-term benefit utilization would 
improve over time. Based on our experience, it did not improve as much as we predicted, largely due to cost of 
care growth driven by both broad-based inflation and minimum wage increases in some large states, among other 
factors. Therefore, we increased the outlook for our future benefit utilization trend. 

Life insurance 

In the fourth quarter of 2023, we completed our annual review of cash flow assumptions and increased our 

liability for future policy benefits by $81 million primarily as a result of unfavorable updates to our mortality 
assumptions to better reflect emerging experience related to more modest mortality improvement and to include 
an expectation that mortality will continue at elevated levels in the near term post-COVID-19. The impact of 
actual versus expected experience in 2023 resulted in an increase of $23 million in the liability for future policy 
benefits primarily driven by unfavorable mortality experience. 

There were no cash flow assumption changes for our life insurance products in the fourth quarter of 2022. 
The effect of actual versus expected experience in 2022 resulted in an increase of $37 million in the liability for 

194 

195 

 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

future policy benefits. The increase was primarily driven by unfavorable mortality from COVID-19 and elevated 
death claims in a single cohort in 2022. 

The following table sets forth the amount of undiscounted and discounted expected future gross premiums 

and expected future benefit payments as December 31: 

In the fourth quarter of 2021, we completed our annual review of cash flow assumptions and recorded an 
increase to our liability for future policy benefits of $24 million principally due to unfavorable pre-COVID-19 
mortality. The effect of actual versus expected experience in 2021 resulted in an increase of $25 million to our 
liability for future policy benefits primarily from unfavorable mortality due to COVID-19. 

Fixed annuities 

The impact of changes in cash flow assumptions and actual versus expected experience in 2023 resulted in 
decreases of $33 million and $30 million, respectively, in the liability for future policy benefits, primarily from 
favorable mortality. 

The impact of actual versus expected experience in 2022 resulted in a decrease of $24 million in the liability 

payments  . . . . . . . . . . . . . .

$

7,524 

$  5,412 

$

7,924 

$ 5,556 

$

8,652 

$ 7,157 

for future policy benefits due principally to favorable mortality. 

Due to emerging experience on our structured settlements, we revised the mortality assumption to reflect 

unfavorable mortality rates, resulting in an increase of $27 million, partially offset by a favorable actual to 
expected experience adjustment of $24 million in 2021. 

premiums . . . . . . . . . . . . . .

$ —  

$ —  

$ —  

$ —  

$ —  

$ —  

payments  . . . . . . . . . . . . . .

$ 23,903 

$11,829 

$ 24,924 

$11,923 

$ 26,473 

$17,039 

The following table provides the weighted-average interest rates for the liability for future policy benefits as 

of December 31: 

During 2023 and 2022, we recorded a charge of $6 million and $16 million, respectively, to net income due 

to net premiums exceeding gross premiums for our life insurance products primarily due to higher claim severity. 

2023 

2022 

2021 

Long-term care insurance 

Interest accretion (locked-in) rate  . . . . . . . . . . . . . . . . . . . . . . . . .
Current discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.8%  5.8%  5.8% 
5.1%  5.4%  2.8% 

Life insurance 

Interest accretion (locked-in) rate  . . . . . . . . . . . . . . . . . . . . . . . . .
Current discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.8%  5.8%  5.8% 
4.8%  5.2%  2.4% 

Fixed annuities 

Interest accretion (locked-in) rate  . . . . . . . . . . . . . . . . . . . . . . . . .
Current discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.7%  6.7%  6.7% 
5.0%  5.3%  2.8% 

See note 2 for additional information related to the discount rate used to measure the liability for future 

policy benefits. 

(Amounts in millions) 

Undiscounted  Discounted  Undiscounted  Discounted  Undiscounted  Discounted 

2023 

2022 

2021 

premiums . . . . . . . . . . . . . .

$ 38,279 

$26,341 

$ 42,329 

$28,278 

$ 45,334 

$36,642 

payments  . . . . . . . . . . . . . .

$124,594 

$62,579 

$130,315 

$61,352 

$133,974 

$85,338 

premiums . . . . . . . . . . . . . .

$ 10,693 

$  6,278 

$ 11,541 

$ 6,559 

$ 12,266 

$ 8,853 

Long-term care insurance 

Expected future gross 

Expected future benefit 

Life insurance 

Expected future gross 

Expected future benefit 

Fixed annuities 

Expected future gross 

Expected future benefit 

During 2021, we recorded a charge of $8 million to net income due to net premiums exceeding gross 

premiums for our life insurance products principally from higher claim frequency due to unfavorable mortality 

attributable to COVID-19. 

The following table sets forth the amount of revenue and interest accretion (expense) recognized in net 

income related to our liability for future policy benefits for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Gross 

Interest 

Gross 

Interest 

Gross 

Interest 

premiums 

accretion(1) 

premiums 

accretion(1) 

premiums 

accretion(1) 

Long-term care insurance  . . . . . . . . . . . . . . .

$2,713 

$2,333 

$2,769 

$2,303 

$2,847 

$2,256 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . .

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . .

688 

—  

64 

663 

725 

—  

78 

690 

759 

—  

101 

728 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,401 

$3,060 

$3,494 

$3,071 

$3,606 

$3,085 

(1)  Amounts for interest accretion are included in benefits and other changes in policy reserves in the 

consolidated statements of income. 

196 

197 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

future policy benefits. The increase was primarily driven by unfavorable mortality from COVID-19 and elevated 

The following table sets forth the amount of undiscounted and discounted expected future gross premiums 

death claims in a single cohort in 2022. 

and expected future benefit payments as December 31: 

In the fourth quarter of 2021, we completed our annual review of cash flow assumptions and recorded an 

increase to our liability for future policy benefits of $24 million principally due to unfavorable pre-COVID-19 

mortality. The effect of actual versus expected experience in 2021 resulted in an increase of $25 million to our 

liability for future policy benefits primarily from unfavorable mortality due to COVID-19. 

Fixed annuities 

favorable mortality. 

(Amounts in millions) 

Undiscounted  Discounted  Undiscounted  Discounted  Undiscounted  Discounted 

2023 

2022 

2021 

Long-term care insurance 
Expected future gross 

premiums . . . . . . . . . . . . . .

$ 38,279 

$26,341 

$ 42,329 

$28,278 

$ 45,334 

$36,642 

Expected future benefit 

payments  . . . . . . . . . . . . . .

$124,594 

$62,579 

$130,315 

$61,352 

$133,974 

$85,338 

The impact of changes in cash flow assumptions and actual versus expected experience in 2023 resulted in 

decreases of $33 million and $30 million, respectively, in the liability for future policy benefits, primarily from 

Life insurance 

Expected future gross 

The impact of actual versus expected experience in 2022 resulted in a decrease of $24 million in the liability 

payments  . . . . . . . . . . . . . .

$ 7,524 

$  5,412 

$

7,924 

$ 5,556 

$

8,652 

$ 7,157 

for future policy benefits due principally to favorable mortality. 

Fixed annuities 

Expected future gross 

Due to emerging experience on our structured settlements, we revised the mortality assumption to reflect 

unfavorable mortality rates, resulting in an increase of $27 million, partially offset by a favorable actual to 

expected experience adjustment of $24 million in 2021. 

premiums . . . . . . . . . . . . . .

$ —  

$ —  

$ —  

$ —  

$ —  

$ —  

Expected future benefit 

payments  . . . . . . . . . . . . . .

$ 23,903 

$11,829 

$ 24,924 

$11,923 

$ 26,473 

$17,039 

The following table provides the weighted-average interest rates for the liability for future policy benefits as 

of December 31: 

During 2023 and 2022, we recorded a charge of $6 million and $16 million, respectively, to net income due 
to net premiums exceeding gross premiums for our life insurance products primarily due to higher claim severity. 

premiums . . . . . . . . . . . . . .

$ 10,693 

$  6,278 

$ 11,541 

$ 6,559 

$ 12,266 

$ 8,853 

Expected future benefit 

Long-term care insurance 

Interest accretion (locked-in) rate  . . . . . . . . . . . . . . . . . . . . . . . . .

5.8%  5.8%  5.8% 

Current discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.1%  5.4%  2.8% 

2023 

2022 

2021 

Life insurance 

Fixed annuities 

Interest accretion (locked-in) rate  . . . . . . . . . . . . . . . . . . . . . . . . .

5.8%  5.8%  5.8% 

Current discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.8%  5.2%  2.4% 

Interest accretion (locked-in) rate  . . . . . . . . . . . . . . . . . . . . . . . . .

6.7%  6.7%  6.7% 

Current discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.0%  5.3%  2.8% 

See note 2 for additional information related to the discount rate used to measure the liability for future 

policy benefits. 

During 2021, we recorded a charge of $8 million to net income due to net premiums exceeding gross 
premiums for our life insurance products principally from higher claim frequency due to unfavorable mortality 
attributable to COVID-19. 

The following table sets forth the amount of revenue and interest accretion (expense) recognized in net 

income related to our liability for future policy benefits for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Gross 
premiums 

Interest 
accretion(1) 

Gross 
premiums 

Interest 
accretion(1) 

Gross 
premiums 

Interest 
accretion(1) 

Long-term care insurance  . . . . . . . . . . . . . . .
Life insurance  . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . .

$2,713 
688 
—  

$2,333 
64 
663 

$2,769 
725 
—  

$2,303 
78 
690 

$2,847 
759 
—  

$2,256 
101 
728 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,401 

$3,060 

$3,494 

$3,071 

$3,606 

$3,085 

(1)  Amounts for interest accretion are included in benefits and other changes in policy reserves in the 

consolidated statements of income. 

196 

197 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(11) Policyholder Account Balances 

The following table sets forth our liabilities for policyholder account balances as of December 31: 

(Dollar amounts in millions) 

(Amounts in millions) 

Life insurance(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed indexed annuity embedded derivatives(2)  . . . . . . . . . .
Indexed universal life embedded derivatives(2) . . . . . . . . . . .
Additional insurance liabilities(3)  . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total policyholder account balances  . . . . . . . . . . . . . . .

2023 

2022 

$ 7,460 
4,479 
529 
165 
15 
2,887 
5 
$15,540 

$ 7,694 
5,477 
610 
202 
15 
2,566 
—  
$16,564 

Includes funding agreements. 

(1) 
(2)  See note 6 for additional information. 
(3)  Represents additional liabilities related to death or other insurance benefits that are recorded within 
policyholder account balances and are considered long-duration insurance contracts. See note 12 for 
additional information. 

The contracts underlying the minimum guarantees, such as GMWB and guaranteed annuitization benefits, 

are considered “in the money” if the present value of the contractholder’s benefits is greater than the account 
value, or commonly referred to as the net amount at risk. For GMWBs and guaranteed annuitization benefits, the 
only way the contractholder can monetize the excess of the benefits over the account value of the contract is 
through lifetime withdrawals or lifetime income payments after annuitization. For those guarantees of benefits 
that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed 
minimum death benefit in excess of the current account balance at the balance sheet date. 

The following tables present the balances of and changes in policyholder account balances as of and for the 

years ended December 31: 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Premiums received  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy charges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surrenders and withdrawals  . . . . . . . . . . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net transfers from separate accounts  . . . . . . . . . . . . .
Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ending balance as of December 31 . . . . . . . . . . . . . . . . . . .

Life 
insurance 

$ 7,694 
—  
500 
(614) 
(272) 
(215) 
—  
388 
(21) 
$ 7,460 

2023 
Fixed 
annuities 

$5,477 
—  
20 
(6) 
(842) 
(387) 
—  
160 
57 
$4,479 

Variable 
annuities 

$610 
—  
14 
(6) 
(66) 
(80) 
1 
4 
52 
$529 

Weighted-average crediting rate  . . . . . . . . . . . . . . . . . . . . .
Net amount at risk(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash surrender value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.9% 

$42,754 
$ 4,336 

2.8% 
$
33 
$3,519 

3.3% 

$479 
$529 

(1)  The net amount at risk presented for fixed and variable annuity products contains both general and separate 
accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. 

198 

199 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . .

$ 7,835 

$6,595 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Premiums received  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy charges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Surrenders and withdrawals  . . . . . . . . . . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net transfers from separate accounts  . . . . . . . . . . . . .

Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2022 

Life 

insurance 

Fixed 

annuities 

Variable 

annuities 

—  

518 

(632) 

(177) 

(210) 

—  

381 

(21) 

—  

23 

(6) 

(908) 

(475) 

—  

173 

75 

$652 

—  

21 

(8) 

(48) 

(69) 

11 

4 

47 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . .

$ 7,694 

$5,477 

$610 

Weighted-average crediting rate  . . . . . . . . . . . . . . . . . . . . .

3.9% 

2.4% 

3.3% 

Net amount at risk(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash surrender value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$44,113 

$ 4,415 

$

21 

$4,449 

$661 

$610 

(1)  The net amount at risk presented for fixed and variable annuity products contains both general and separate 

accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. 

(Dollar amounts in millions) 

Life 

insurance 

Fixed 

annuities 

Variable 

annuities 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . .

$ 8,105 

$ 7,892 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Premiums received  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy charges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Surrenders and withdrawals  . . . . . . . . . . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net transfers from separate accounts  . . . . . . . . . . . . .

Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

558 

(644) 

(298) 

(233) 

—  

365 

(18) 

2021 

—  

36 

(7) 

(1,153) 

(508) 

—  

199 

136 

$689 

—  

24 

(8) 

(43) 

(58) 

5 

5 

38 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . .

$ 7,835 

$ 6,595 

$652 

Weighted-average crediting rate  . . . . . . . . . . . . . . . . . . . . .

3.9% 

Net amount at risk(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash surrender value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$46,613 

$ 4,411 

$

$ 5,471 

2.3% 

98 

3.2% 

$648 

$652 

(1)  The net amount at risk presented for fixed and variable annuity products contains both general and separate 

accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. 

 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(11) Policyholder Account Balances 

The following table sets forth our liabilities for policyholder account balances as of December 31: 

(Dollar amounts in millions) 

2022 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities 

(Amounts in millions) 

Life insurance(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,460 

$ 7,694 

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fixed indexed annuity embedded derivatives(2)  . . . . . . . . . .

Indexed universal life embedded derivatives(2) . . . . . . . . . . .

Additional insurance liabilities(3)  . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

4,479 

5,477 

529 

165 

15 

2,887 

5 

610 

202 

15 

2,566 

—  

Total policyholder account balances  . . . . . . . . . . . . . . .

$15,540 

$16,564 

(1) 

Includes funding agreements. 

(2)  See note 6 for additional information. 

(3)  Represents additional liabilities related to death or other insurance benefits that are recorded within 

policyholder account balances and are considered long-duration insurance contracts. See note 12 for 

additional information. 

The contracts underlying the minimum guarantees, such as GMWB and guaranteed annuitization benefits, 

are considered “in the money” if the present value of the contractholder’s benefits is greater than the account 

value, or commonly referred to as the net amount at risk. For GMWBs and guaranteed annuitization benefits, the 

only way the contractholder can monetize the excess of the benefits over the account value of the contract is 

through lifetime withdrawals or lifetime income payments after annuitization. For those guarantees of benefits 

that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed 

minimum death benefit in excess of the current account balance at the balance sheet date. 

The following tables present the balances of and changes in policyholder account balances as of and for the 

years ended December 31: 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . .

$ 7,694 

$5,477 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Premiums received  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy charges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Surrenders and withdrawals  . . . . . . . . . . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net transfers from separate accounts  . . . . . . . . . . . . .

Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

Life 

insurance 

Fixed 

annuities 

Variable 

annuities 

—  

500 

(614) 

(272) 

(215) 

—  

388 

(21) 

—  

20 

(6) 

(842) 

(387) 

—  

160 

57 

$610 

—  

14 

(6) 

(66) 

(80) 

1 

4 

52 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . .

$ 7,460 

$4,479 

$529 

Weighted-average crediting rate  . . . . . . . . . . . . . . . . . . . . .

Net amount at risk(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash surrender value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.9% 

2.8% 

3.3% 

$42,754 

$ 4,336 

$

33 

$3,519 

$479 

$529 

(1)  The net amount at risk presented for fixed and variable annuity products contains both general and separate 

accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Premiums received  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy charges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surrenders and withdrawals  . . . . . . . . . . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net transfers from separate accounts  . . . . . . . . . . . . .
Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,835 
—  
518 
(632) 
(177) 
(210) 
—  
381 
(21) 

$6,595 
—  
23 
(6) 
(908) 
(475) 
—  
173 
75 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . .

$ 7,694 

$5,477 

$652 
—  
21 
(8) 
(48) 
(69) 
11 
4 
47 

$610 

Weighted-average crediting rate  . . . . . . . . . . . . . . . . . . . . .
Net amount at risk(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash surrender value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.9% 

$44,113 
$ 4,415 

2.4% 
$
21 
$4,449 

3.3% 

$661 
$610 

(1)  The net amount at risk presented for fixed and variable annuity products contains both general and separate 
accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Premiums received  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy charges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surrenders and withdrawals  . . . . . . . . . . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net transfers from separate accounts  . . . . . . . . . . . . .
Interest credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2021 

Life 
insurance 

Fixed 
annuities 

Variable 
annuities 

$ 8,105 
—  
558 
(644) 
(298) 
(233) 
—  
365 
(18) 

$ 7,892 
—  
36 
(7) 
(1,153) 
(508) 
—  
199 
136 

$689 
—  
24 
(8) 
(43) 
(58) 
5 
5 
38 

Ending balance as of December 31 . . . . . . . . . . . . . . . . . . .

$ 7,835 

$ 6,595 

$652 

Weighted-average crediting rate  . . . . . . . . . . . . . . . . . . . . .
Net amount at risk(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash surrender value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.9% 

$46,613 
$ 4,411 

2.3% 
$
98 
$ 5,471 

3.2% 

$648 
$652 

(1)  The net amount at risk presented for fixed and variable annuity products contains both general and separate 
accounts, including amounts related to annuitization and other insurance benefits classified as MRBs. 

198 

199 

 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following tables present policyholder account balances by range of guaranteed minimum crediting rate 

(12) Additional Insurance Liabilities 

and the related range of the difference between rates being credited to policyholders and the respective 
guaranteed minimums as of December 31: 

2023 

(Amounts in millions) 

At guaranteed 
minimum 

1–50 basis 
points above 

51–150 basis 
points above 

Less than 2.00%  . . . . . . . . . . . . . . . . . . . . . . . . . .
2.00%–2.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.00%–3.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.00% and greater  . . . . . . . . . . . . . . . . . . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 121 
1,201 
1,732 
2,479 

$5,533 

$ 97 
81 
699 
16 

$893 

$

39 
—  
1,155 
10 

$1,204 

Greater than 
150 basis 

points above  Total(1) 

$—  
—  
31 
—  

$ 31 

$ 257 
1,282 
3,617 
2,505 

$7,661 

(1)  Excludes universal life insurance and investment contracts of approximately $4,807 million that have a 

market component to their crediting strategy. 

2022 

(Amounts in millions) 

At guaranteed 
minimum 

1–50 basis 
points above 

51–150 basis 
points above 

Less than 2.00%  . . . . . . . . . . . . . . . . . . . . . . . . . .
2.00%–2.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.00%–3.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.00% and greater  . . . . . . . . . . . . . . . . . . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,065 
947 
1,928 
2,649 

$6,589 

$ 42 
2 
774 
12 

$830 

$

2 
—  
1,156 
1 

$1,159 

Greater than 
150 basis 

points above  Total(1) 

$—  
—  
1 
—  

$

1 

$1,109 
949 
3,859 
2,662 

$8,579 

(1)  Excludes universal life insurance and investment contracts of approximately $5,202 million that have a 

market component to their crediting strategy. 

Certain of our U.S. life insurance subsidiaries are members of the Federal Home Loan Bank (“FHLB”) 
system in their respective regions. As of December 31, 2023 and 2022, we held $24 million and $25 million, 
respectively, of FHLB common stock related to those memberships, which was included in equity securities. The 
FHLBs have been granted a lien on certain of our invested assets to collateralize our obligations; however, we 
maintain the ability to substitute these pledged assets for other qualified collateral, and may use, commingle, 
encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining 
qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by us, the 
FHLB’s recovery on the collateral is limited to the amount of our funding agreement liabilities to the FHLB. 
These funding agreements as of December 31, 2023 and 2022 were collateralized by fixed maturity securities 
with a fair value of $359 million and $520 million, respectively. The amount of funding agreements outstanding 
with the FHLBs was $100 million and $200 million as of December 31, 2023 and 2022, respectively, which was 
included in policyholder account balances. 

The following table presents the balances of and changes in additional liabilities related to death or other 

insurance benefits that are included within policyholder account balances related to universal and term universal 

life insurance products as of and for the years ended December 31: 

(Dollar amounts in millions) 

2023 

2022 

2021 

Beginning balance as of January 1 . . . . . . . . . . . . . . . . . . . . . .

$2,566 

$2,656 

$2,524 

Beginning balance before shadow accounting 

adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,634 

$2,523 

$2,341 

Effect of changes in cash flow assumptions 

. . . . . .

200 

(37) 

Effect of actual variances from expected 

experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) 

33 

Adjusted beginning balance  . . . . . . . . . . . . . . .

2,831 

2,519 

2,466 

Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . .

(222) 

(215) 

Issuances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessments collected  . . . . . . . . . . . . . . . . . . . . . . .

Derecognition (lapses and withdrawals)  . . . . . . . . .

Other (flooring adjustment)  . . . . . . . . . . . . . . . . . . .

Ending balance before shadow accounting 

—  

90 

240 

—  

—  

—  

85 

245 

—  

—  

adjustments . . . . . . . . . . . . . . . . . . . . . . . . . .

2,939 

2,634 

Effect of shadow accounting adjustments  . . . . . . . .

(52) 

(68) 

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . .

2,887 

—  

2,566 

—  

85 

40 

—  

77 

253 

(282) 

—  

9 

2,523 

133 

2,656 

—  

Additional insurance liabilities, net of reinsurance 

recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,887 

$2,566 

$2,656 

Weighted-average liability duration (years) . . . . . . . . . . . . . . .

18.9 

20.8 

22.6 

In the fourth quarter of 2023, as part of our annual review of assumptions, we increased our additional 

insurance liabilities primarily to reflect unfavorable updates to our persistency and mortality assumptions to 

better reflect emerging experience. Our mortality assumption updates included more modest mortality 

improvement and reflected an expectation that mortality will continue at elevated levels in the near term post-

COVID-19. 

In the fourth quarter of 2022, as part of our annual review of assumptions, we decreased our additional 

insurance liabilities primarily related to higher interest rates. In the fourth quarter of 2021, as part of our annual 

review of assumptions, we increased our additional insurance liabilities primarily driven by unfavorable 

pre-COVID-19 mortality. 

unfavorable mortality experience. 

The increase from the effect of actual versus expected experience in 2022 and 2021 was primarily due to 

200 

201 

 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following tables present policyholder account balances by range of guaranteed minimum crediting rate 

(12) Additional Insurance Liabilities 

2023 

$

39 

—  

1,155 

10 

$1,204 

2022 

$

2 

—  

1,156 

1 

$1,159 

Greater than 

150 basis 

points above  Total(1) 

$—  

$ 257 

—  

31 

—  

1,282 

3,617 

2,505 

$ 31 

$7,661 

Greater than 

150 basis 

points above  Total(1) 

$—  

—  

1 

—  

$

1 

$1,109 

949 

3,859 

2,662 

$8,579 

and the related range of the difference between rates being credited to policyholders and the respective 

guaranteed minimums as of December 31: 

(Amounts in millions) 

At guaranteed 

minimum 

1–50 basis 

points above 

51–150 basis 

points above 

Less than 2.00%  . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 121 

2.00%–2.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%–3.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.00% and greater  . . . . . . . . . . . . . . . . . . . . . . . . .

1,201 

1,732 

2,479 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$5,533 

$ 97 

81 

699 

16 

$893 

(1)  Excludes universal life insurance and investment contracts of approximately $4,807 million that have a 

market component to their crediting strategy. 

(Amounts in millions) 

At guaranteed 

minimum 

1–50 basis 

points above 

51–150 basis 

points above 

Less than 2.00%  . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,065 

2.00%–2.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%–3.99%  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.00% and greater  . . . . . . . . . . . . . . . . . . . . . . . . .

947 

1,928 

2,649 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,589 

$ 42 

2 

774 

12 

$830 

(1)  Excludes universal life insurance and investment contracts of approximately $5,202 million that have a 

market component to their crediting strategy. 

Certain of our U.S. life insurance subsidiaries are members of the Federal Home Loan Bank (“FHLB”) 

system in their respective regions. As of December 31, 2023 and 2022, we held $24 million and $25 million, 

respectively, of FHLB common stock related to those memberships, which was included in equity securities. The 

FHLBs have been granted a lien on certain of our invested assets to collateralize our obligations; however, we 

maintain the ability to substitute these pledged assets for other qualified collateral, and may use, commingle, 

encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining 

qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by us, the 

FHLB’s recovery on the collateral is limited to the amount of our funding agreement liabilities to the FHLB. 

These funding agreements as of December 31, 2023 and 2022 were collateralized by fixed maturity securities 

with a fair value of $359 million and $520 million, respectively. The amount of funding agreements outstanding 

with the FHLBs was $100 million and $200 million as of December 31, 2023 and 2022, respectively, which was 

included in policyholder account balances. 

The following table presents the balances of and changes in additional liabilities related to death or other 
insurance benefits that are included within policyholder account balances related to universal and term universal 
life insurance products as of and for the years ended December 31: 

(Dollar amounts in millions) 

2023 

2022 

2021 

Beginning balance as of January 1 . . . . . . . . . . . . . . . . . . . . . .

$2,566 

$2,656 

$2,524 

Beginning balance before shadow accounting 

adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . .

Effect of changes in cash flow assumptions 
Effect of actual variances from expected 

$2,634 
200 

$2,523 
(37) 

$2,341 
85 

experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) 

33 

40 

Adjusted beginning balance  . . . . . . . . . . . . . . .
Issuances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assessments collected  . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition (lapses and withdrawals)  . . . . . . . . .
Other (flooring adjustment)  . . . . . . . . . . . . . . . . . . .

Ending balance before shadow accounting 

adjustments . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of shadow accounting adjustments  . . . . . . . .

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . .

Additional insurance liabilities, net of reinsurance 

2,831 
—  
90 
240 
(222) 
—  
—  

2,939 
(52) 

2,887 
—  

2,519 
—  
85 
245 
(215) 
—  
—  

2,634 
(68) 

2,566 
—  

2,466 
—  
77 
253 
(282) 
—  
9 

2,523 
133 

2,656 
—  

recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,887 

$2,566 

$2,656 

Weighted-average liability duration (years) . . . . . . . . . . . . . . .

18.9 

20.8 

22.6 

In the fourth quarter of 2023, as part of our annual review of assumptions, we increased our additional 
insurance liabilities primarily to reflect unfavorable updates to our persistency and mortality assumptions to 
better reflect emerging experience. Our mortality assumption updates included more modest mortality 
improvement and reflected an expectation that mortality will continue at elevated levels in the near term post-
COVID-19. 

In the fourth quarter of 2022, as part of our annual review of assumptions, we decreased our additional 
insurance liabilities primarily related to higher interest rates. In the fourth quarter of 2021, as part of our annual 
review of assumptions, we increased our additional insurance liabilities primarily driven by unfavorable 
pre-COVID-19 mortality. 

The increase from the effect of actual versus expected experience in 2022 and 2021 was primarily due to 

unfavorable mortality experience. 

200 

201 

 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table provides the weighted-average interest rates for our additional insurance liabilities as of 

The following tables present the balances of and changes in market risk benefits as of and for the years 

December 31: 

Interest accretion rate(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Projected crediting rate(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.2%  3.3%  3.2% 
3.8%  3.8%  3.6% 

2023 

2022 

2021 

(1)  The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the 
underlying policies over the period in-force, and based on the adjusted beginning balance, is used to 
measure the amount of interest accretion. 

(2)  The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio 

approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. 
The projected crediting rate is used to discount future assessments and excess benefits. 

The following table sets forth the amount of revenue and interest accretion (expense) recognized in net 

income related to additional insurance liabilities for years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Gross assessments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$539 
$ 90 

$559 
$ 85 

$592 
$ 77 

(1)  Amounts for interest accretion are included in benefits and other changes in policy reserves in the 

consolidated statements of income. 

(13) Market Risk Benefits 

The following table sets forth our market risk benefits by asset and liability position as of December 31: 

(Amounts in millions) 

Asset  Liability  Net liability  Asset  Liability  Net liability 

Fixed indexed annuities  . . . . . . . . . . . . . . . . . . . . . . . .
Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  
43 

$ 55 
570 

Total market risk benefits  . . . . . . . . . . . . . . . . . .

$ 43 

$625 

$ 55 
527 

$582 

$—  
26 

$ 52 
696 

$ 26 

$748 

$ 52 
670 

$722 

2023 

2022 

Market risk benefits, net of reinsurance recoverable  . . . . . . . . . . . . . . . . . .

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 52 

$ 670 

$158 

ended December 31: 

(Dollar amounts in millions) 

Beginning balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attributed fees collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in interest rates  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in equity markets  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Actual policyholder behavior different from expected behavior  . . . . .

Effect of changes in future expected policyholder behavior . . . . . . . . .

Effect of changes in other future expected assumptions  . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in instrument-specific credit risk  . . . . . . . . . . . . . . . . . . .

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted-average attained age of contractholders  . . . . . . . . . . . . . . . . . . . .

Net amount at risk(2) 

(1)  Represents the net reinsured asset related to our variable annuity MRBs. 

(2)  See note 11 for additional information on the net amount at risk. 

2023 

Fixed indexed 

annuities 

Variable 

annuities 

Reinsurance 

recoverable(1) 

$ 50 

—  

3 

5 

—  

(2) 

(2) 

(2) 

—  

—  

—  

52 

3 

55 

—  

$ 55 

73 

$ 660 

—  

$158 

—  

9 

8 

(15) 

(5) 

(31) 

5 

11 

—  

—  

140 

—  

$140 

34 

37 

(35) 

(33) 

(157) 

8 

11 

—  

(5) 

520 

7 

527 

140 

$ 387 

76 

202 

203 

 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table provides the weighted-average interest rates for our additional insurance liabilities as of 

The following tables present the balances of and changes in market risk benefits as of and for the years 

December 31: 

Interest accretion rate(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.2%  3.3%  3.2% 

Projected crediting rate(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.8%  3.8%  3.6% 

2023 

2022 

2021 

(1)  The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the 

underlying policies over the period in-force, and based on the adjusted beginning balance, is used to 

measure the amount of interest accretion. 

(2)  The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio 

approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. 

The projected crediting rate is used to discount future assessments and excess benefits. 

The following table sets forth the amount of revenue and interest accretion (expense) recognized in net 

income related to additional insurance liabilities for years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Gross assessments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$539 

$ 90 

$559 

$ 85 

$592 

$ 77 

(1)  Amounts for interest accretion are included in benefits and other changes in policy reserves in the 

consolidated statements of income. 

(13) Market Risk Benefits 

The following table sets forth our market risk benefits by asset and liability position as of December 31: 

(Amounts in millions) 

Asset  Liability  Net liability  Asset  Liability  Net liability 

Fixed indexed annuities  . . . . . . . . . . . . . . . . . . . . . . . .

$—  

Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43 

$ 55 

570 

Total market risk benefits  . . . . . . . . . . . . . . . . . .

$ 43 

$625 

$ 55 

527 

$582 

$—  

26 

$ 52 

696 

$ 26 

$748 

$ 52 

670 

$722 

ended December 31: 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Attributed fees collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in interest rates  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in equity markets  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual policyholder behavior different from expected behavior  . . . . .
Effect of changes in future expected policyholder behavior . . . . . . . . .
Effect of changes in other future expected assumptions  . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in instrument-specific credit risk  . . . . . . . . . . . . . . . . . . .

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

Fixed indexed 
annuities 

Variable 
annuities 

Reinsurance 
recoverable(1) 

$ 52 

$ 670 

$158 

$158 
—  
9 
8 
(15) 
(5) 
(31) 
5 
11 
—  
—  

140 
—  

$140 

$ 50 
—  
3 
5 
—  
(2) 
(2) 
(2) 
—  
—  
—  

52 
3 

55 

—  

$ 55 

73 

$ 660 
—  
34 
37 
(35) 
(33) 
(157) 
8 
11 
—  
(5) 

520 
7 

527 

140 

$ 387 

76 

2023 

2022 

Market risk benefits, net of reinsurance recoverable  . . . . . . . . . . . . . . . . . .

Weighted-average attained age of contractholders  . . . . . . . . . . . . . . . . . . . .
Net amount at risk(2) 

(1)  Represents the net reinsured asset related to our variable annuity MRBs. 
(2)  See note 11 for additional information on the net amount at risk. 

202 

203 

 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance before effect of changes in instrument-specific credit 
risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Attributed fees collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in interest rates  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in equity markets  . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual policyholder behavior different from expected behavior  . . . .
Effect of changes in future expected policyholder behavior . . . . . . . .
Effect of changes in other future expected assumptions  . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in instrument-specific credit risk  . . . . . . . . . . . . . . . . . .

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market risk benefits, net of reinsurance recoverable  . . . . . . . . . . . . . . . . .

Weighted-average attained age of contractholders  . . . . . . . . . . . . . . . . . . .
Net amount at risk(2) 

2022 

Fixed indexed 
annuities 

Variable 
annuities 

Reinsurance 
recoverable(1) 

$ 94 

$ 855 

$193 

$193 
—  
4 
9 
(16) 
(74) 
39 
3 
—  
—  
—  

158 
—  

$158 

$ 90 
—  
1 
5 
—  
(51) 
5 
(2) 
—  
—  
2 

50 
2 

52 

—  

$ 52 

72 

$ 840 
6 
18 
42 
(28) 
(513) 
286 
8 
—  
—  
1 

660 
10 

670 

158 

$ 512 

76 

(1)  Represents the net reinsured asset related to our variable annuity MRBs. 
(2)  See note 11 for additional information on the net amount at risk. 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$115 

$1,173 

$244 

Beginning balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$110 

$1,154 

2021 

Fixed indexed 

annuities 

Variable 

annuities 

Reinsurance 

recoverable(1) 

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attributed fees collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in interest rates  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in equity markets  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Actual policyholder behavior different from expected behavior  . . . . .

Effect of changes in future expected policyholder behavior . . . . . . . . .

Effect of changes in other future expected assumptions  . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in instrument-specific credit risk  . . . . . . . . . . . . . . . . . . .

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market risk benefits, net of reinsurance recoverable  . . . . . . . . . . . . . . . . . .

Weighted-average attained age of contractholders  . . . . . . . . . . . . . . . . . . . .

Net amount at risk(2) 

(1)  Represents the net reinsured asset related to our variable annuity MRBs. 

(2)  See note 11 for additional information on the net amount at risk. 

$244 

—  

1 

11 

(13) 

(21) 

(42) 

13 

—  

—  

—  

193 

—  

$193 

—  

—  

6 

—  

(10) 

(7) 

(7) 

—  

—  

(2) 

90 

4 

94 

—  

$ 94 

71 

3 

4 

48 

(23) 

(115) 

(267) 

36 

—  

—  

—  

840 

15 

855 

193 

$ 662 

75 

During the year ended December 31, 2023, equity market performance was favorable, resulting in a 

decrease in the net MRB liability of our variable annuity products. 

During the year ended December 31, 2022, risk-free interest rates increased, resulting in a decrease in the 

net MRB liability of our fixed indexed and variable annuity products. In our variable annuity products, this was 

partially offset by unfavorable equity market performance, which increased our net MRB liability. 

During the year ended December 31, 2021, equity market performance was favorable and risk-free interest 

rates increased, resulting in a decrease in our net MRB liability of our fixed indexed and variable annuity 

products. 

204 

205 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 94 

$ 855 

$193 

Beginning balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attributed fees collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in interest rates  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in equity markets  . . . . . . . . . . . . . . . . . . . . . . . . . .

Actual policyholder behavior different from expected behavior  . . . .

Effect of changes in future expected policyholder behavior . . . . . . . .

Effect of changes in other future expected assumptions  . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of changes in instrument-specific credit risk  . . . . . . . . . . . . . . . . . .

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market risk benefits, net of reinsurance recoverable  . . . . . . . . . . . . . . . . .

Weighted-average attained age of contractholders  . . . . . . . . . . . . . . . . . . .

Net amount at risk(2) 

$ 90 

—  

1 

5 

—  

(51) 

5 

(2) 

—  

—  

2 

50 

2 

52 

—  

$ 52 

72 

(1)  Represents the net reinsured asset related to our variable annuity MRBs. 

(2)  See note 11 for additional information on the net amount at risk. 

2022 

$ 840 

6 

18 

42 

(28) 

(513) 

286 

8 

—  

—  

1 

660 

10 

670 

158 

$ 512 

76 

$193 

—  

4 

9 

(16) 

(74) 

39 

3 

—  

—  

—  

158 

—  

$158 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(Dollar amounts in millions) 

Fixed indexed 

annuities 

Variable 

annuities 

Reinsurance 

recoverable(1) 

(Dollar amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Beginning balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest accretion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Attributed fees collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in interest rates  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in equity markets  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual policyholder behavior different from expected behavior  . . . . .
Effect of changes in future expected policyholder behavior . . . . . . . . .
Effect of changes in other future expected assumptions  . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ending balance before effect of changes in instrument-specific credit 

risk  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of changes in instrument-specific credit risk  . . . . . . . . . . . . . . . . . . .

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market risk benefits, net of reinsurance recoverable  . . . . . . . . . . . . . . . . . .

Weighted-average attained age of contractholders  . . . . . . . . . . . . . . . . . . . .
Net amount at risk(2) 

2021 

Fixed indexed 
annuities 

Variable 
annuities 

Reinsurance 
recoverable(1) 

$115 

$1,173 

$244 

$244 
—  
1 
11 
(13) 
(21) 
(42) 
13 
—  
—  
—  

193 
—  

$193 

$110 
—  
—  
6 
—  
(10) 
(7) 
(7) 
—  
—  
(2) 

90 
4 

94 

—  

$ 94 

71 

$1,154 
3 
4 
48 
(23) 
(115) 
(267) 
36 
—  
—  
—  

840 
15 

855 

193 

$ 662 

75 

(1)  Represents the net reinsured asset related to our variable annuity MRBs. 
(2)  See note 11 for additional information on the net amount at risk. 

During the year ended December 31, 2023, equity market performance was favorable, resulting in a 

decrease in the net MRB liability of our variable annuity products. 

During the year ended December 31, 2022, risk-free interest rates increased, resulting in a decrease in the 
net MRB liability of our fixed indexed and variable annuity products. In our variable annuity products, this was 
partially offset by unfavorable equity market performance, which increased our net MRB liability. 

During the year ended December 31, 2021, equity market performance was favorable and risk-free interest 

rates increased, resulting in a decrease in our net MRB liability of our fixed indexed and variable annuity 
products. 

204 

205 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(14) Separate Accounts 

The following table sets forth changes in our liability for policy and contract claims as of December 31: 

The following table presents the balances of and changes in separate account liabilities, which are primarily 

comprised of variable annuity products, as of and for the periods indicated: 

December 31, 
2023 

December 31, 
2022 

December 31, 
2021 

(Amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . .
Premiums and deposits  . . . . . . . . . . . . . . .
Policy charges  . . . . . . . . . . . . . . . . . . . . . .
Surrenders and withdrawals  . . . . . . . . . . .
Benefit payments . . . . . . . . . . . . . . . . . . . .
Investment performance  . . . . . . . . . . . . . .
Net transfers to general account  . . . . . . . .
Other charges . . . . . . . . . . . . . . . . . . . . . . .

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . .

$4,417 
35 
(104) 
(361) 
(190) 
716 
(1) 
(3) 

$4,509 

Cash surrender value(1)  . . . . . . . . . . . . . . . . . . .

$4,506 

$6,066 
48 
(115) 
(352) 
(226) 
(991) 
(11) 
(2) 

$4,417 

$4,414 

$6,081 
47 
(136) 
(506) 
(266) 
852 
(5) 
(1) 

$6,066 

$6,065 

(1)  Cash surrender value represents the amount of the contractholders’ account balances that was distributable 

less certain surrender charges. 

Separate Account Assets 

The following table presents the aggregate fair value of assets, by major investment asset category, 

supporting separate accounts as of the dates indicated: 

(Amounts in millions) 

December 31, 
2023 

December 31, 
2022 

Equity funds  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balanced funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bond funds  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money market funds  . . . . . . . . . . . . . . . . . . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,018 
1,927 
320 
244 

$4,509 

$1,866 
1,962 
332 
257 

$4,417 

(15) Liability for Policy and Contract Claims 

The following table sets forth our liability for policy and contract claims as of December 31: 

(Amounts in millions) 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life and Annuities segment(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other mortgage insurance business . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

$518 
126 
8 

$519 
158 
6 

Total liability for policy and contract claims  . . . . . . . . . . . . .

$652 

$683 

(1)  Primarily includes balances related to our universal and term universal life insurance products. 

206 

207 

(Amounts in millions) 

2023 

2022 

2021 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . .

$ 683 

$ 819 

$ 761 

Less reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(23) 

660 

(26) 

793 

(32) 

729 

Incurred related to insured events of: 

Current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prior years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

885 

(239) 

879 

(310) 

Total incurred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

646 

569 

881 

10 

891 

Paid related to insured events of: 

Current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prior years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(557) 

(114) 

(578) 

(124) 

(688) 

(139) 

Total paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(671) 

(702) 

(827) 

Foreign currency translation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Add reinsurance recoverable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 

636 

16 

—  

660 

23 

—  

793 

26 

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$ 652 

$ 683 

$ 819 

The liability for policy and contract claims represents our current best estimate; however, there may be 

future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and 

adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our 

results of operations and financial condition and liquidity. In addition, loss reserves recorded on new 

delinquencies in our Enact segment have a high degree of estimation, particularly due to the uncertain 

macroeconomic environment, including whether the U.S. economy will experience a recession in 2024, and the 

level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in a claim payment, 

as well as the timing and severity of those payments. Given the extended period of time that may exist between 

the reporting of a delinquency and the claim payment, and changes in economic conditions and the real estate 

market, significant uncertainty and variability exist on amounts actually paid. 

The favorable development related to insured events of prior years for the year ended December 31, 2023 

was predominantly associated with $241 million of reserve releases in our Enact segment primarily related to 

favorable cure performance on delinquencies from 2022 and earlier, including those related to COVID-19. Cure 

performance on delinquencies from 2022 has not been negatively impacted by uncertainty in the economic 

environment to the extent initially expected. The favorable development related to insured events of prior years 

for the year ended December 31, 2022 was largely attributable to $314 million of favorable reserve adjustments 

primarily driven by favorable cure performance on 2020 and 2021 COVID-19 delinquencies in our Enact 

segment. 

 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(14) Separate Accounts 

The following table sets forth changes in our liability for policy and contract claims as of December 31: 

The following table presents the balances of and changes in separate account liabilities, which are primarily 

comprised of variable annuity products, as of and for the periods indicated: 

(Amounts in millions) 

Beginning balance as of January 1  . . . . . . . . . .

$4,417 

December 31, 

December 31, 

December 31, 

2022 

$6,066 

2021 

$6,081 

Premiums and deposits  . . . . . . . . . . . . . . .

Policy charges  . . . . . . . . . . . . . . . . . . . . . .

Surrenders and withdrawals  . . . . . . . . . . .

Benefit payments . . . . . . . . . . . . . . . . . . . .

Investment performance  . . . . . . . . . . . . . .

Net transfers to general account  . . . . . . . .

Other charges . . . . . . . . . . . . . . . . . . . . . . .

2023 

35 

(104) 

(361) 

(190) 

716 

(1) 

(3) 

48 

(115) 

(352) 

(226) 

(991) 

(11) 

(2) 

47 

(136) 

(506) 

(266) 

852 

(5) 

(1) 

Ending balance  . . . . . . . . . . . . . . . . . . . . . . . . .

Cash surrender value(1)  . . . . . . . . . . . . . . . . . . .

$4,509 

$4,506 

$4,417 

$4,414 

$6,066 

$6,065 

(1)  Cash surrender value represents the amount of the contractholders’ account balances that was distributable 

less certain surrender charges. 

Separate Account Assets 

The following table presents the aggregate fair value of assets, by major investment asset category, 

supporting separate accounts as of the dates indicated: 

(Amounts in millions) 

Equity funds  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balanced funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bond funds  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Money market funds  . . . . . . . . . . . . . . . . . . . . . . . . .

December 31, 

December 31, 

2023 

$2,018 

1,927 

320 

244 

2022 

$1,866 

1,962 

332 

257 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$4,509 

$4,417 

(15) Liability for Policy and Contract Claims 

The following table sets forth our liability for policy and contract claims as of December 31: 

(Amounts in millions) 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Life and Annuities segment(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other mortgage insurance business . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

$518 

126 

8 

$519 

158 

6 

Total liability for policy and contract claims  . . . . . . . . . . . . .

$652 

$683 

(1)  Primarily includes balances related to our universal and term universal life insurance products. 

(Amounts in millions) 

2023 

2022 

2021 

Beginning balance as of January 1  . . . . . . . . . . . . . . . . . . . . . . . .
Less reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 683 
(23) 

$ 819 
(26) 

$ 761 
(32) 

Net beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

660 

793 

729 

Incurred related to insured events of: 

Current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

885 
(239) 

879 
(310) 

Total incurred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

646 

569 

881 
10 

891 

Paid related to insured events of: 

Current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior years  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(557) 
(114) 

(578) 
(124) 

(688) 
(139) 

Total paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(671) 

(702) 

(827) 

Foreign currency translation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net ending balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add reinsurance recoverable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 

636 
16 

—  

660 
23 

—  

793 
26 

Ending balance as of December 31  . . . . . . . . . . . . . . . . . . . . . . . .

$ 652 

$ 683 

$ 819 

The liability for policy and contract claims represents our current best estimate; however, there may be 
future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and 
adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our 
results of operations and financial condition and liquidity. In addition, loss reserves recorded on new 
delinquencies in our Enact segment have a high degree of estimation, particularly due to the uncertain 
macroeconomic environment, including whether the U.S. economy will experience a recession in 2024, and the 
level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in a claim payment, 
as well as the timing and severity of those payments. Given the extended period of time that may exist between 
the reporting of a delinquency and the claim payment, and changes in economic conditions and the real estate 
market, significant uncertainty and variability exist on amounts actually paid. 

The favorable development related to insured events of prior years for the year ended December 31, 2023 
was predominantly associated with $241 million of reserve releases in our Enact segment primarily related to 
favorable cure performance on delinquencies from 2022 and earlier, including those related to COVID-19. Cure 
performance on delinquencies from 2022 has not been negatively impacted by uncertainty in the economic 
environment to the extent initially expected. The favorable development related to insured events of prior years 
for the year ended December 31, 2022 was largely attributable to $314 million of favorable reserve adjustments 
primarily driven by favorable cure performance on 2020 and 2021 COVID-19 delinquencies in our Enact 
segment. 

206 

207 

 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table sets forth information about incurred claims, net of reinsurance, as well as cumulative 

number of reported delinquencies and the total of incurred but not reported (“IBNR”) liabilities plus expected 
development on reported claims included within the net incurred claims amounts for our Enact segment as of 
December 31, 2023. The information about the incurred claims development for the years ended December 31, 
2014 to 2022 and the historical reported delinquencies as of December 31, 2022 and prior are presented as 
supplementary information. 

Incurred claims and allocated claim adjustment expenses, net of reinsurance 

(Dollar amounts 
in millions) 

For the years ended December 31, 

Accident year (1) 

2014 

2015 

2016 

2017 

2018 

2019 

2020 

2021 

2022 

2023 

Unaudited 

2014  . . . . . . . . . . $328  $288  $269  $261  $259  $258  $259  $259  $258  $ 257 
178 
2015  . . . . . . . . . . —   235  208  187  181  180  180  179  179 
134 
2016  . . . . . . . . . . —   —   198  160  138  136  137  136  135 
99 
2017  . . . . . . . . . . —   —   —   171  121  102  105  104  102 
69 
73 
2018  . . . . . . . . . . —   —   —   —   117 
84 
59 
2019  . . . . . . . . . . —   —   —   —   —   106  111 
71 
49 
2020  . . . . . . . . . . —   —   —   —   —   —   365  362  107 
37 
2021  . . . . . . . . . . —   —   —   —   —   —   —   141  119 
137 
2022  . . . . . . . . . . —   —   —   —   —   —   —   —   220 
275 
2023  . . . . . . . . . . —   —   —   —   —   —   —   —   —  

78 
98 

84 

Total of IBNR 
liabilities 
including 
expected 
development 
on reported 
claims as of 
December 31, 
2023 

Number of 
reported 
delinquencies (2) 

$—  
—  
—  
—  
—  
—  
—  
—  
—  
27 

17,809 
15,400 
13,970 
15,097 
11,269 
11,883 
38,863 
12,585 
14,329 
15,851 

(1)  Represents the year in which first monthly mortgage payments have been missed by the borrower. 
(2)  Represents reported and outstanding delinquencies less actual cures as of December 31 for each respective 

accident year. 

Total incurred  . . . . $1,294 

208 

209 

The following table sets forth paid claims development, net of reinsurance, for our Enact segment for the 

year ended December 31, 2023. The information about paid claims development for the years ended 

December 31, 2014 to 2022 is presented as supplementary information. 

(Amounts in millions) 

Accident year (1) 

Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 

2014 

2015 

2016 

2017 

2018 

2019 

2020 

2021 

2022 

2023 

Unaudited 

2014  . . . . . . . . . . . . . . . . . . . . . . . . .

$ 22  $127  $195  $233  $247  $253  $254  $255  $255  $ 256 

2015  . . . . . . . . . . . . . . . . . . . . . . . . . —  

12 

2016  . . . . . . . . . . . . . . . . . . . . . . . . . —   —  

85 

10 

2017  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —  

145 

64 

6 

2018  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —  

167 

110 

46 

3 

2019  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —  

173 

124 

77 

32 

2 

2020  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —  

175 

127 

87 

48 

18 

1 

176 

128 

90 

55 

31 

8 

2021  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —   —   —  

2022  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —   —   —   —  

2023  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —   —   —   —  

—  

Total paid  . . . . . . . . . . . . . . .

$ 793 

Total incurred  . . . . . . . . . . . . . . . . . . . . . .

$1,294 

Total paid  . . . . . . . . . . . . . . . . . . . . . . . . .

All outstanding liabilities before 2014 . . . . . . . . . . . . . . . . . . . . .

Reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liability for policy and contract claims  . . . . . . . . . . . . . . . . . . . .

$ 518 

177 

129 

92 

59 

38 

13 

2 

177 

131 

94 

62 

43 

19 

7 

4 

793 

15 

2 

(1)  Represents the year in which first monthly mortgage payments have been missed by the borrower. 

The following table sets forth our average payout of incurred claims by age for our Enact segment as of 

December 31, 2023: 

Years 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

Average annual percentage payout of incurred claims by age 

Unaudited 

Percentage of payout  . . . . . . . . . . . . . . . .

3.9%  28.1%  24.6%  12.0%  4.6%  2.1%  0.9%  0.6%  0.2%  0.2% 

(16) Employee Benefit Plans 

(a) Pension and Retiree Health and Life Insurance Benefit Plans 

Essentially all of our employees are enrolled in a qualified defined contribution pension plan. The plan is 

100% funded by Genworth. We make annual contributions to each employee’s pension plan account based on the 

employee’s age, service and eligible pay. Employees are vested in the plan after three years of service. As of 

December 31, 2023 and 2022, we recorded a liability related to these benefits of $8 million. 

In addition, certain employees also participate in non-qualified defined contribution plans and in qualified and 

non-qualified defined benefit pension plans. The plan assets and pension liabilities, including the projected and 

accumulated benefit obligations of these plans, were not material to our consolidated financial statements 

individually or in the aggregate. As of December 31, 2023 and 2022, we recorded a liability related to these plans of 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table sets forth paid claims development, net of reinsurance, for our Enact segment for the 

year ended December 31, 2023. The information about paid claims development for the years ended 
December 31, 2014 to 2022 is presented as supplementary information. 

(Amounts in millions) 

Accident year (1) 

Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 

2014 

2015 

2016 

2017 

2018 

2019 

2020 

2021 

2022 

2023 

Unaudited 

2014  . . . . . . . . . . . . . . . . . . . . . . . . .
177 
176 
173 
167 
145 
2015  . . . . . . . . . . . . . . . . . . . . . . . . . —  
12 
85 
129 
128 
124 
110 
64 
10 
2016  . . . . . . . . . . . . . . . . . . . . . . . . . —   —  
92 
90 
77 
46 
2017  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —  
6 
59 
55 
32 
2018  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —  
3 
38 
31 
2019  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —  
2 
13 
8 
2020  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —  
2021  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —   —   —  
2 
2022  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —   —   —   —  
2023  . . . . . . . . . . . . . . . . . . . . . . . . . —   —   —   —   —   —   —   —   —  

$ 22  $127  $195  $233  $247  $253  $254  $255  $255  $ 256 
177 
131 
94 
62 
43 
19 
7 
4 
—  

175 
127 
87 
48 
18 
1 

Total paid  . . . . . . . . . . . . . . .

$ 793 

Total incurred  . . . . . . . . . . . . . . . . . . . . . .
Total paid  . . . . . . . . . . . . . . . . . . . . . . . . .
All outstanding liabilities before 2014 . . . . . . . . . . . . . . . . . . . . .
Reinsurance recoverable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,294 
793 
15 
2 

Liability for policy and contract claims  . . . . . . . . . . . . . . . . . . . .

$ 518 

(1)  Represents the year in which first monthly mortgage payments have been missed by the borrower. 

The following table sets forth our average payout of incurred claims by age for our Enact segment as of 

December 31, 2023: 

The following table sets forth information about incurred claims, net of reinsurance, as well as cumulative 

number of reported delinquencies and the total of incurred but not reported (“IBNR”) liabilities plus expected 

development on reported claims included within the net incurred claims amounts for our Enact segment as of 

December 31, 2023. The information about the incurred claims development for the years ended December 31, 

2014 to 2022 and the historical reported delinquencies as of December 31, 2022 and prior are presented as 

supplementary information. 

Total of IBNR 

liabilities 

including 

expected 

on reported 

claims as of 

December 31, 

reported 

Number of 

Incurred claims and allocated claim adjustment expenses, net of reinsurance 

development 

(Dollar amounts 

in millions) 

For the years ended December 31, 

Accident year (1) 

2014 

2015 

2016 

2017 

2018 

2019 

2020 

2021 

2022 

2023 

2023 

delinquencies (2) 

Unaudited 

2014  . . . . . . . . . . $328  $288  $269  $261  $259  $258  $259  $259  $258  $ 257 

2015  . . . . . . . . . . —   235  208  187  181  180  180  179  179 

2016  . . . . . . . . . . —   —   198  160  138  136  137  136  135 

2017  . . . . . . . . . . —   —   —   171  121  102  105  104  102 

2018  . . . . . . . . . . —   —   —   —   117 

84 

84 

2019  . . . . . . . . . . —   —   —   —   —   106  111 

78 

98 

73 

71 

2020  . . . . . . . . . . —   —   —   —   —   —   365  362  107 

2021  . . . . . . . . . . —   —   —   —   —   —   —   141  119 

2022  . . . . . . . . . . —   —   —   —   —   —   —   —   220 

$—  

—  

—  

—  

—  

—  

—  

—  

—  

178 

134 

99 

69 

59 

49 

37 

137 

275 

17,809 

15,400 

13,970 

15,097 

11,269 

11,883 

38,863 

12,585 

14,329 

2023  . . . . . . . . . . —   —   —   —   —   —   —   —   —  

27 

15,851 

Total incurred  . . . . $1,294 

(1)  Represents the year in which first monthly mortgage payments have been missed by the borrower. 

(2)  Represents reported and outstanding delinquencies less actual cures as of December 31 for each respective 

accident year. 

Average annual percentage payout of incurred claims by age 
9 
2 

Years 

1 

10 

8 

3 

4 

6 

5 

7 

Percentage of payout  . . . . . . . . . . . . . . . .

3.9%  28.1%  24.6%  12.0%  4.6%  2.1%  0.9%  0.6%  0.2%  0.2% 

Unaudited 

(16) Employee Benefit Plans 

(a) Pension and Retiree Health and Life Insurance Benefit Plans 

Essentially all of our employees are enrolled in a qualified defined contribution pension plan. The plan is 
100% funded by Genworth. We make annual contributions to each employee’s pension plan account based on the 
employee’s age, service and eligible pay. Employees are vested in the plan after three years of service. As of 
December 31, 2023 and 2022, we recorded a liability related to these benefits of $8 million. 

In addition, certain employees also participate in non-qualified defined contribution plans and in qualified and 

non-qualified defined benefit pension plans. The plan assets and pension liabilities, including the projected and 
accumulated benefit obligations of these plans, were not material to our consolidated financial statements 
individually or in the aggregate. As of December 31, 2023 and 2022, we recorded a liability related to these plans of 

208 

209 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

$49 million and $47 million, respectively, which we accrued in other liabilities in the consolidated balance sheets. 
In 2023 and 2022, we recognized a decrease of $2 million and an increase of $26 million, respectively, in OCI. 

and 2021. 

Our cost associated with these plans was $13 million for each of the years ended December 31, 2023, 2022 

Prior to the third quarter of 2022, the First Colony Life Insurance Company Pension Plan (“FCL Plan”) was 

one of our defined benefit pension plans available to certain of our employees. The First Colony Life Insurance 
Pension Plan Committee (“FCL Committee”), as the appointed delegate by Genworth Financial’s Board of 
Directors, adopted resolutions to terminate the FCL Plan in a standard termination effective December 31, 2021. 
The Internal Revenue Service (“IRS”) was notified of the intent to terminate the FCL Plan and subsequently 
issued a favorable determination letter to the FCL Committee on June 22, 2022. As permitted by the IRS 
determination letter, the FCL Plan settled the projected benefit obligation during 2022 by distributing FCL Plan 
assets to FCL Plan participants in the form of a lump sum distribution, an individual retirement account rollover 
to another qualified plan or by purchasing a non-participating annuity contract from a third-party insurer to cover 
vested benefits. The FCL Plan was fully funded and did not require any additional cash contributions to 
terminate. As of and for the year ended December 31, 2022, we completed the termination of the FCL Plan and 
incurred $8 million of pre-tax termination costs associated with the recognition of actuarial losses previously 
deferred in accumulated other comprehensive income (loss). 

We provide retiree health benefits to domestic employees hired prior to January 1, 2005 who meet certain 
service requirements. Under this plan, retirees over 65 years of age receive a subsidy towards the purchase of a 
Medigap policy, and retirees under 65 years of age receive medical benefits similar to our employees’ medical 
benefits. In December 2009, we announced that eligibility for retiree medical benefits would be limited to 
associates who were within 10 years of retirement eligibility as of January 1, 2010. We also provide retiree life 
and long-term care insurance benefits. The plans are funded as claims are incurred. As of December 31, 2023 and 
2022, the accumulated postretirement benefit obligation associated with these benefits was $53 million and 
$50 million, respectively, which we accrued in other liabilities in the consolidated balance sheets. In 2023 and 
2022, we recognized a decrease of $3 million and an increase of $18 million, respectively, in OCI. 

The increase in our pension and postretirement benefit obligations and corresponding decrease in OCI for 
the year ended December 31, 2023 was principally due to lower interest rates used to measure our pension and 
postretirement liabilities. 

Our cost associated with our pension, retiree health and life insurance benefit plans was $12 million, 

$22 million and $18 million for the years ended December 31, 2023, 2022 and 2021, respectively. 

(b) Savings Plans 

Our domestic employees participate in qualified and non-qualified defined contribution savings plans that 

allow employees to contribute a portion of their pay to the plan on a pre-tax basis. We make matching 
contributions equal to 100% of the first 4% of pay deferred by an employee and 50% of the next 2% of pay 
deferred by an employee so that our matching contribution does not exceed 5% of an employee’s pay. Employees 
do not vest immediately in Genworth matching contributions but fully vest in the matching contributions after 
two complete years of service. One option available to employees in the defined contribution savings plan is the 
ClearCourse® variable annuity option offered by certain of our life insurance subsidiaries. The amount of 
deposits recorded by our life insurance subsidiaries in 2023 and 2022 in relation to this plan option was less than 
$1 million for each year. 

(c) Health and Welfare Benefits for Active Employees 

We provide health and welfare benefits to our employees, including health, life, disability, dental and long-

term care insurance, among others. Our long-term care insurance is provided through our group long-term care 

insurance products. The premiums recorded by this business related to these benefits were insignificant during 

2023, 2022 and 2021. 

(17) Borrowings and Other Financings 

(a) Long-Term Borrowings 

The following table sets forth total long-term borrowings as of December 31: 

(Amounts in millions) 

Genworth Holdings 

6.50% Senior Notes, due 2034  . . . . . . . . . . . . . . . . . . . . .

$ 262 

$ 285 

Floating Rate Junior Subordinated Notes, due 2066 . . . . .

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bond consent fees  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred borrowing charges  . . . . . . . . . . . . . . . . . . . . . . .

Total Genworth Holdings  . . . . . . . . . . . . . . . . . . . . . . . . .

Enact Holdings 

6.50% Senior Notes, due 2025  . . . . . . . . . . . . . . . . . . . . .

Deferred borrowing charges  . . . . . . . . . . . . . . . . . . . . . . .

Total Enact Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,584 

$1,611 

2023 

2022 

592 

854 

(9) 

(6) 

839 

750 

(5) 

745 

599 

884 

(10) 

(6) 

868 

750 

(7) 

743 

Genworth Holdings 

Long-Term Senior Notes 

As of December 31, 2023, Genworth Holdings had outstanding fixed rate senior notes with a principal 

balance of $263 million and a discount of $1 million, with an interest rate of 6.50% due in June 2034 (“2034 

Notes”). The senior notes are Genworth Holdings’ direct, unsecured obligations and rank equally in right of 

payment with all its existing and future unsecured and unsubordinated obligations. Genworth Financial provides 

a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding senior notes and the holders 

of the senior notes, on an unsecured unsubordinated basis, of the full and punctual payment of the principal of, 

premium, if any, interest on, and all other amounts payable under, the senior notes and the respective senior notes 

indenture. Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice 

to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the 

remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an 

applicable spread. During the year ended December 31, 2023, in addition to amounts repurchased in connection 

210 

211 

 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

$49 million and $47 million, respectively, which we accrued in other liabilities in the consolidated balance sheets. 

In 2023 and 2022, we recognized a decrease of $2 million and an increase of $26 million, respectively, in OCI. 

Our cost associated with these plans was $13 million for each of the years ended December 31, 2023, 2022 

and 2021. 

Prior to the third quarter of 2022, the First Colony Life Insurance Company Pension Plan (“FCL Plan”) was 

one of our defined benefit pension plans available to certain of our employees. The First Colony Life Insurance 

Pension Plan Committee (“FCL Committee”), as the appointed delegate by Genworth Financial’s Board of 

Directors, adopted resolutions to terminate the FCL Plan in a standard termination effective December 31, 2021. 

The Internal Revenue Service (“IRS”) was notified of the intent to terminate the FCL Plan and subsequently 

issued a favorable determination letter to the FCL Committee on June 22, 2022. As permitted by the IRS 

determination letter, the FCL Plan settled the projected benefit obligation during 2022 by distributing FCL Plan 

assets to FCL Plan participants in the form of a lump sum distribution, an individual retirement account rollover 

to another qualified plan or by purchasing a non-participating annuity contract from a third-party insurer to cover 

vested benefits. The FCL Plan was fully funded and did not require any additional cash contributions to 

terminate. As of and for the year ended December 31, 2022, we completed the termination of the FCL Plan and 

incurred $8 million of pre-tax termination costs associated with the recognition of actuarial losses previously 

deferred in accumulated other comprehensive income (loss). 

We provide retiree health benefits to domestic employees hired prior to January 1, 2005 who meet certain 

service requirements. Under this plan, retirees over 65 years of age receive a subsidy towards the purchase of a 

Medigap policy, and retirees under 65 years of age receive medical benefits similar to our employees’ medical 

benefits. In December 2009, we announced that eligibility for retiree medical benefits would be limited to 

associates who were within 10 years of retirement eligibility as of January 1, 2010. We also provide retiree life 

and long-term care insurance benefits. The plans are funded as claims are incurred. As of December 31, 2023 and 

2022, the accumulated postretirement benefit obligation associated with these benefits was $53 million and 

$50 million, respectively, which we accrued in other liabilities in the consolidated balance sheets. In 2023 and 

2022, we recognized a decrease of $3 million and an increase of $18 million, respectively, in OCI. 

The increase in our pension and postretirement benefit obligations and corresponding decrease in OCI for 

the year ended December 31, 2023 was principally due to lower interest rates used to measure our pension and 

postretirement liabilities. 

Our cost associated with our pension, retiree health and life insurance benefit plans was $12 million, 

$22 million and $18 million for the years ended December 31, 2023, 2022 and 2021, respectively. 

(b) Savings Plans 

Our domestic employees participate in qualified and non-qualified defined contribution savings plans that 

allow employees to contribute a portion of their pay to the plan on a pre-tax basis. We make matching 

contributions equal to 100% of the first 4% of pay deferred by an employee and 50% of the next 2% of pay 

deferred by an employee so that our matching contribution does not exceed 5% of an employee’s pay. Employees 

do not vest immediately in Genworth matching contributions but fully vest in the matching contributions after 

two complete years of service. One option available to employees in the defined contribution savings plan is the 

ClearCourse® variable annuity option offered by certain of our life insurance subsidiaries. The amount of 

deposits recorded by our life insurance subsidiaries in 2023 and 2022 in relation to this plan option was less than 

$1 million for each year. 

(c) Health and Welfare Benefits for Active Employees 

We provide health and welfare benefits to our employees, including health, life, disability, dental and long-
term care insurance, among others. Our long-term care insurance is provided through our group long-term care 
insurance products. The premiums recorded by this business related to these benefits were insignificant during 
2023, 2022 and 2021. 

(17) Borrowings and Other Financings 

(a) Long-Term Borrowings 

The following table sets forth total long-term borrowings as of December 31: 

(Amounts in millions) 

Genworth Holdings 

2023 

2022 

6.50% Senior Notes, due 2034  . . . . . . . . . . . . . . . . . . . . .
Floating Rate Junior Subordinated Notes, due 2066 . . . . .

$ 262 
592 

$ 285 
599 

Subtotal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bond consent fees  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred borrowing charges  . . . . . . . . . . . . . . . . . . . . . . .

Total Genworth Holdings  . . . . . . . . . . . . . . . . . . . . . . . . .

Enact Holdings 

6.50% Senior Notes, due 2025  . . . . . . . . . . . . . . . . . . . . .
Deferred borrowing charges  . . . . . . . . . . . . . . . . . . . . . . .

Total Enact Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

854 
(9) 
(6) 

839 

750 
(5) 

745 

884 
(10) 
(6) 

868 

750 
(7) 

743 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,584 

$1,611 

Genworth Holdings 

Long-Term Senior Notes 

As of December 31, 2023, Genworth Holdings had outstanding fixed rate senior notes with a principal 
balance of $263 million and a discount of $1 million, with an interest rate of 6.50% due in June 2034 (“2034 
Notes”). The senior notes are Genworth Holdings’ direct, unsecured obligations and rank equally in right of 
payment with all its existing and future unsecured and unsubordinated obligations. Genworth Financial provides 
a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding senior notes and the holders 
of the senior notes, on an unsecured unsubordinated basis, of the full and punctual payment of the principal of, 
premium, if any, interest on, and all other amounts payable under, the senior notes and the respective senior notes 
indenture. Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice 
to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the 
remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an 
applicable spread. During the year ended December 31, 2023, in addition to amounts repurchased in connection 

210 

211 

 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

with a completed bondholder consent solicitation to amend the Replacement Capital Covenant as discussed 
below, Genworth Holdings repurchased $11 million principal amount of its 2034 Notes for a pre-tax gain of 
$1 million and paid accrued interest thereon. 

Long-Term Junior Subordinated Notes 

As of December 31, 2023, Genworth Holdings had outstanding floating rate junior notes having an 

aggregate principal amount of $593 million and a discount of $1 million, with interest payable quarterly until the 
notes mature in November 2066 (“2066 Notes”). The 2066 Notes previously had an annual interest rate equal to 
three-month LIBOR plus 2.0025%. The United Kingdom Financial Conduct Authority eliminated the use of 
three-month LIBOR effective June 30, 2023. In December 2022, the Board of Governors of the Federal Reserve 
System adopted a final rule that established benchmark rates, based on the Secured Overnight Financing Rate 
(“SOFR”), that replaced LIBOR after its elimination. Pursuant to the final rule, Genworth Holdings’ 2066 Notes 
transitioned in the third quarter of 2023 to an annual interest rate equal to the three-month Term SOFR Reference 
Rate, plus a tenor spread adjustment of 0.26161%, plus an additional spread of 2.0025%. Term SOFR is 
published by CME Group Inc. and is a forward-looking rate that is based on SOFR futures trading. Subject to 
certain conditions, Genworth Holdings has the right, on one or more occasions, to defer the payment of interest 
on the 2066 Notes during any period of up to 10 years without giving rise to an event of default and without 
permitting acceleration under the terms of the 2066 Notes. Genworth Holdings will not be required to settle 
deferred interest payments until it has deferred interest for five years or made a payment of current interest. In the 
event of our bankruptcy, holders will have a limited claim for deferred interest. 

In connection with the issuance of the 2066 Notes, we entered into a Replacement Capital Covenant, 

whereby we agreed, for the benefit of holders of Genworth Holdings’ 2034 Notes, that Genworth Holdings would 
not repay, redeem or repurchase all or any part of the 2066 Notes on or before November 15, 2046, unless such 
repayment, redemption or repurchase was made from the proceeds of the issuance of certain replacement capital 
securities and pursuant to the other terms and conditions set forth in the Replacement Capital Covenant. On 
October 25, 2023, Genworth Holdings completed a consent solicitation from bondholders representing a majority 
in principal amount of its 2034 Notes to amend the Replacement Capital Covenant. The amendment permits 
Genworth Holdings to repay, redeem or repurchase $2,000 principal amount of its 2066 Notes for each $1,000 
principal amount of its 2034 Notes repaid, redeemed or repurchased. In connection with this transaction, 
Genworth Holdings repurchased approximately $14 million principal of its 2034 Notes at prices negotiated with 
the noteholders below par value, which was accounted for as a debt modification with the difference in the par 
value and principal amount repurchased deferred as a change to the carrying value of the 2034 Notes. In addition, 
Genworth Holdings subsequently repurchased $7 million of its 2066 Notes for a pre-tax gain of $1 million. 

During the 180-day period prior to November 15, 2036, the “scheduled redemption date,” Genworth 
Holdings must use its commercially reasonable efforts, subject to certain conditions, to raise sufficient net 
proceeds from the sale of certain qualifying capital securities to redeem the 2066 Notes on the scheduled 
redemption date. If Genworth Holdings has not raised sufficient net proceeds to repay the 2066 Notes in full on 
the scheduled redemption date, it shall repay the Notes in part on such date and on each quarterly interest 
payment date thereafter to the extent that it has received net proceeds from the sale of such qualifying capital 
securities, until the 2066 Notes have been redeemed in full. Genworth Holdings may otherwise redeem the 2066 
Notes at any time in whole or in part at their principal amount plus accrued and unpaid interest to the date of 
redemption, subject to compliance with the Replacement Capital Covenant. 

The 2066 Notes will be subordinated to all existing and future senior, subordinated and junior subordinated 

debt of Genworth Holdings, except for any future debt that by its terms is not superior in right of payment, and 

will be effectively subordinated to all liabilities of our subsidiaries. Genworth Financial provides a full and 

unconditional guarantee to the trustee of the 2066 Notes and the holders of the 2066 Notes, on an unsecured 

subordinated basis, of the full and punctual payment of the principal of, premium, if any, interest on, and all other 

amounts payable under, the outstanding 2066 Notes and the respective 2066 Notes indenture. 

Enact Holdings 

As of December 31, 2023, Enact Holdings had $750 million principal amount of 6.50% senior notes due in 

2025. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year. The 

notes mature on August 15, 2025. Enact Holdings may redeem the notes, in whole or in part, at any time prior to 

February 15, 2025 at its option, by paying a make-whole premium, plus accrued and unpaid interest, if any. At 

any time on or after February 15, 2025, Enact Holdings may redeem the notes, in whole or in part, at its option, at 

100% of the principal amount, plus accrued and unpaid interest. The notes contain customary events of default, 

which subject to certain notice and cure conditions, can result in the acceleration of the principal and accrued 

interest on the outstanding notes if Enact Holdings breaches the terms of the indenture. 

(b) Revolving Credit Facility 

Enact Holdings 

On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides 

for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, 

including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted 

basis, by an additional aggregate principal amount of up to $100 million. Any borrowings under Enact Holdings’ 

credit facility will bear interest at a per annum rate equal to a floating rate tied to a standard short-term borrowing 

index selected at Enact Holdings’ option, plus an applicable margin, pursuant to the terms of the credit 

agreement. The applicable margin is based on Enact Holdings’ ratings established by certain debt rating agencies 

for its outstanding debt. Enact Holdings’ credit facility includes customary representations, warranties, 

covenants, terms and conditions. As of December 31, 2023, Enact Holdings was in compliance with all 

covenants and the credit facility remained undrawn. 

(c) Liquidity 

Principal amounts under our long-term borrowings by maturity were as follows as of December 31, 2023: 

(Amounts in millions) 

2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

2025  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2028 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

750 

—  

—  

856 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,606 

212 

213 

 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

with a completed bondholder consent solicitation to amend the Replacement Capital Covenant as discussed 

below, Genworth Holdings repurchased $11 million principal amount of its 2034 Notes for a pre-tax gain of 

$1 million and paid accrued interest thereon. 

Long-Term Junior Subordinated Notes 

As of December 31, 2023, Genworth Holdings had outstanding floating rate junior notes having an 

aggregate principal amount of $593 million and a discount of $1 million, with interest payable quarterly until the 

notes mature in November 2066 (“2066 Notes”). The 2066 Notes previously had an annual interest rate equal to 

three-month LIBOR plus 2.0025%. The United Kingdom Financial Conduct Authority eliminated the use of 

three-month LIBOR effective June 30, 2023. In December 2022, the Board of Governors of the Federal Reserve 

System adopted a final rule that established benchmark rates, based on the Secured Overnight Financing Rate 

(“SOFR”), that replaced LIBOR after its elimination. Pursuant to the final rule, Genworth Holdings’ 2066 Notes 

transitioned in the third quarter of 2023 to an annual interest rate equal to the three-month Term SOFR Reference 

Rate, plus a tenor spread adjustment of 0.26161%, plus an additional spread of 2.0025%. Term SOFR is 

published by CME Group Inc. and is a forward-looking rate that is based on SOFR futures trading. Subject to 

certain conditions, Genworth Holdings has the right, on one or more occasions, to defer the payment of interest 

on the 2066 Notes during any period of up to 10 years without giving rise to an event of default and without 

permitting acceleration under the terms of the 2066 Notes. Genworth Holdings will not be required to settle 

deferred interest payments until it has deferred interest for five years or made a payment of current interest. In the 

event of our bankruptcy, holders will have a limited claim for deferred interest. 

In connection with the issuance of the 2066 Notes, we entered into a Replacement Capital Covenant, 

whereby we agreed, for the benefit of holders of Genworth Holdings’ 2034 Notes, that Genworth Holdings would 

not repay, redeem or repurchase all or any part of the 2066 Notes on or before November 15, 2046, unless such 

repayment, redemption or repurchase was made from the proceeds of the issuance of certain replacement capital 

securities and pursuant to the other terms and conditions set forth in the Replacement Capital Covenant. On 

October 25, 2023, Genworth Holdings completed a consent solicitation from bondholders representing a majority 

in principal amount of its 2034 Notes to amend the Replacement Capital Covenant. The amendment permits 

Genworth Holdings to repay, redeem or repurchase $2,000 principal amount of its 2066 Notes for each $1,000 

principal amount of its 2034 Notes repaid, redeemed or repurchased. In connection with this transaction, 

Genworth Holdings repurchased approximately $14 million principal of its 2034 Notes at prices negotiated with 

the noteholders below par value, which was accounted for as a debt modification with the difference in the par 

value and principal amount repurchased deferred as a change to the carrying value of the 2034 Notes. In addition, 

Genworth Holdings subsequently repurchased $7 million of its 2066 Notes for a pre-tax gain of $1 million. 

During the 180-day period prior to November 15, 2036, the “scheduled redemption date,” Genworth 

Holdings must use its commercially reasonable efforts, subject to certain conditions, to raise sufficient net 

proceeds from the sale of certain qualifying capital securities to redeem the 2066 Notes on the scheduled 

redemption date. If Genworth Holdings has not raised sufficient net proceeds to repay the 2066 Notes in full on 

the scheduled redemption date, it shall repay the Notes in part on such date and on each quarterly interest 

payment date thereafter to the extent that it has received net proceeds from the sale of such qualifying capital 

securities, until the 2066 Notes have been redeemed in full. Genworth Holdings may otherwise redeem the 2066 

Notes at any time in whole or in part at their principal amount plus accrued and unpaid interest to the date of 

redemption, subject to compliance with the Replacement Capital Covenant. 

The 2066 Notes will be subordinated to all existing and future senior, subordinated and junior subordinated 

debt of Genworth Holdings, except for any future debt that by its terms is not superior in right of payment, and 
will be effectively subordinated to all liabilities of our subsidiaries. Genworth Financial provides a full and 
unconditional guarantee to the trustee of the 2066 Notes and the holders of the 2066 Notes, on an unsecured 
subordinated basis, of the full and punctual payment of the principal of, premium, if any, interest on, and all other 
amounts payable under, the outstanding 2066 Notes and the respective 2066 Notes indenture. 

Enact Holdings 

As of December 31, 2023, Enact Holdings had $750 million principal amount of 6.50% senior notes due in 
2025. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year. The 
notes mature on August 15, 2025. Enact Holdings may redeem the notes, in whole or in part, at any time prior to 
February 15, 2025 at its option, by paying a make-whole premium, plus accrued and unpaid interest, if any. At 
any time on or after February 15, 2025, Enact Holdings may redeem the notes, in whole or in part, at its option, at 
100% of the principal amount, plus accrued and unpaid interest. The notes contain customary events of default, 
which subject to certain notice and cure conditions, can result in the acceleration of the principal and accrued 
interest on the outstanding notes if Enact Holdings breaches the terms of the indenture. 

(b) Revolving Credit Facility 

Enact Holdings 

On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides 

for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 million, 
including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted 
basis, by an additional aggregate principal amount of up to $100 million. Any borrowings under Enact Holdings’ 
credit facility will bear interest at a per annum rate equal to a floating rate tied to a standard short-term borrowing 
index selected at Enact Holdings’ option, plus an applicable margin, pursuant to the terms of the credit 
agreement. The applicable margin is based on Enact Holdings’ ratings established by certain debt rating agencies 
for its outstanding debt. Enact Holdings’ credit facility includes customary representations, warranties, 
covenants, terms and conditions. As of December 31, 2023, Enact Holdings was in compliance with all 
covenants and the credit facility remained undrawn. 

(c) Liquidity 

Principal amounts under our long-term borrowings by maturity were as follows as of December 31, 2023: 

(Amounts in millions) 

2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2025  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2028 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  
750 
—  
—  
856 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,606 

212 

213 

 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(18) Income Taxes 

Income from continuing operations before income taxes included the following components for the years 

ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Domestic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $301  $1,365  $1,115 
(3) 
Foreign  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2  —  

Income from continuing operations before income taxes . . . . . . . $303  $1,365  $1,112 

The total provision for income taxes was as follows for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Current federal income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred federal income taxes 

$ 50 
49 

$—  
320 

$ (32) 
273 

Total federal income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

99 

320 

241 

Current state income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred state income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total state income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 
(1) 

5 

4 
(6) 

(2) 

5 
2 

7 

Current foreign income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred foreign income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  
1  —  
—  

Total foreign income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

1  —  

Total provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . .

$104 

$319 

$248 

Our current income tax receivable (payable) was $(43) million and $3 million as of December 31, 2023 and 

2022, respectively. 

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the 

years ended December 31: 

Statutory U.S. federal income tax rate  . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (reduction) in rate resulting from: 

2023 

2022 

2021 

21.0%  21.0%  21.0% 

Tax on income from terminated swaps  . . . . . . . . . . . . . . . . . . . .
2.3 
Reduction in uncertain tax positions  . . . . . . . . . . . . . . . . . . . . . . —   —  
0.2 
Non-deductible expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.0 
1.4 
State income tax, net of federal income tax effect  . . . . . . . . . . . .
(0.1) 
(0.1)  —  
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.0 

2.6 
(1.9) 
0.4 
0.5 
(0.3) 

Effective rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34.3%  23.4%  22.3% 

The effective tax rate for the years ended December 31, 2023, 2022 and 2021 was above the statutory U.S. 

federal income tax rate of 21% largely due to tax expense on certain forward starting swap gains that are tax 
effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. 

The effective tax rate for the year ended December 31, 2023 increased compared to the year ended 

December 31, 2022 primarily attributable to higher tax expense on certain forward starting swap gains in relation 

to pre-tax income in 2023. 

The effective tax rate for the year ended December 31, 2022 increased compared to the year ended 

December 31, 2021 primarily attributable to a reduction in uncertain tax positions due to the expiration of certain 

statute of limitations in 2021 that did not recur. 

The components of our deferred income taxes were as follows as of December 31: 

(Amounts in millions) 

Assets: 

2023 

2022 

Foreign tax credit carryforwards  . . . . . . . . . . . . . . . . . . . .

$ —  

$ 156 

Net operating loss carryforwards  . . . . . . . . . . . . . . . . . . .

Capital loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . .

State income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Insurance reserves  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

DAC  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accrued commission and general expenses  . . . . . . . . . . .

Liabilities associated with discontinued operations  . . . . .

Net unrealized losses on investment securities  . . . . . . . . .

Net unrealized losses on derivatives  . . . . . . . . . . . . . . . . .

Net effect of change in discount rate for future policy 

benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net effect of change in fair value of MRBs attributable to 

instrument-specific credit risk . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gross deferred income tax assets  . . . . . . . . . . . . . . .

Valuation allowance  . . . . . . . . . . . . . . . . . . . . . . . . .

2,656 

(542) 

2,754 

(583) 

Total deferred income tax assets  . . . . . . . . . . . . . . . .

2,114 

2,171 

Liabilities: 

DAC  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PVFP and other intangibles . . . . . . . . . . . . . . . . . . . . . . . .

Insurance reserves transition adjustment  . . . . . . . . . . . . .

Investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred income tax liabilities  . . . . . . . . . . . . .

162 

188 

Net deferred income tax asset  . . . . . . . . . . . . . . . . . .

$1,952 

$1,983 

3 

138 

370 

910 

18 

75 

121 

539 

81 

391 

2 

8 

—  

27 

49 

67 

19 

4 

146 

407 

732 

—  

70 

122 

892 

102 

110 

3 

10 

40 

31 

74 

20 

23 

The $3 million of net operating loss (“NOL”) carryfowards relate to foreign jurisdictions and are fully offset 

by a valuation allowance. Capital loss carryforwards amounted to $656 million as of December 31, 2023, and, if 

unused, will expire in 2026. 

214 

215 

 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(18) Income Taxes 

ended December 31: 

Income from continuing operations before income taxes included the following components for the years 

(Amounts in millions) 

2023 

2022 

2021 

Domestic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $301  $1,365  $1,115 

Foreign  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2  —  

(3) 

Income from continuing operations before income taxes . . . . . . . $303  $1,365  $1,112 

The total provision for income taxes was as follows for the years ended December 31: 

(Amounts in millions) 

Current federal income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 50 

Deferred federal income taxes 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total federal income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Current state income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred state income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total state income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

2021 

$—  

320 

320 

$ (32) 

273 

241 

4 

(6) 

(2) 

5 

2 

7 

49 

99 

6 

(1) 

5 

Current foreign income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  

Deferred foreign income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total foreign income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

1  —  

1  —  

Total provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . .

$104 

$319 

$248 

Our current income tax receivable (payable) was $(43) million and $3 million as of December 31, 2023 and 

2022, respectively. 

years ended December 31: 

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the 

2023 

2022 

2021 

Statutory U.S. federal income tax rate  . . . . . . . . . . . . . . . . . . . . . . . . .

21.0%  21.0%  21.0% 

Increase (reduction) in rate resulting from: 

Tax on income from terminated swaps  . . . . . . . . . . . . . . . . . . . .

10.0 

2.3 

Reduction in uncertain tax positions  . . . . . . . . . . . . . . . . . . . . . . —   —  

Non-deductible expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

State income tax, net of federal income tax effect  . . . . . . . . . . . .

2.0 

1.4 

0.2 

(0.1) 

2.6 

(1.9) 

0.4 

0.5 

Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(0.1)  —  

(0.3) 

Effective rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34.3%  23.4%  22.3% 

The effective tax rate for the years ended December 31, 2023, 2022 and 2021 was above the statutory U.S. 

federal income tax rate of 21% largely due to tax expense on certain forward starting swap gains that are tax 

effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. 

The effective tax rate for the year ended December 31, 2023 increased compared to the year ended 

December 31, 2022 primarily attributable to higher tax expense on certain forward starting swap gains in relation 
to pre-tax income in 2023. 

The effective tax rate for the year ended December 31, 2022 increased compared to the year ended 

December 31, 2021 primarily attributable to a reduction in uncertain tax positions due to the expiration of certain 
statute of limitations in 2021 that did not recur. 

The components of our deferred income taxes were as follows as of December 31: 

(Amounts in millions) 

Assets: 

Foreign tax credit carryforwards  . . . . . . . . . . . . . . . . . . . .
Net operating loss carryforwards  . . . . . . . . . . . . . . . . . . .
Capital loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . .
State income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance reserves  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DAC  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued commission and general expenses  . . . . . . . . . . .
Liabilities associated with discontinued operations  . . . . .
Net unrealized losses on investment securities  . . . . . . . . .
Net unrealized losses on derivatives  . . . . . . . . . . . . . . . . .
Net effect of change in discount rate for future policy 

benefits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net effect of change in fair value of MRBs attributable to 
instrument-specific credit risk . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

2022 

$ —  
3 
138 
370 
910 
18 
75 
121 
539 
81 

$ 156 
4 
146 
407 
732 
—  
70 
122 
892 
102 

391 

110 

2 
8 

3 
10 

Gross deferred income tax assets  . . . . . . . . . . . . . . .
Valuation allowance  . . . . . . . . . . . . . . . . . . . . . . . . .

2,656 
(542) 

2,754 
(583) 

Total deferred income tax assets  . . . . . . . . . . . . . . . .

2,114 

2,171 

Liabilities: 

DAC  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PVFP and other intangibles . . . . . . . . . . . . . . . . . . . . . . . .
Insurance reserves transition adjustment  . . . . . . . . . . . . .
Investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred income tax liabilities  . . . . . . . . . . . . .

—  
27 
49 
67 
19 

162 

40 
31 
74 
20 
23 

188 

Net deferred income tax asset  . . . . . . . . . . . . . . . . . .

$1,952 

$1,983 

The $3 million of net operating loss (“NOL”) carryfowards relate to foreign jurisdictions and are fully offset 
by a valuation allowance. Capital loss carryforwards amounted to $656 million as of December 31, 2023, and, if 
unused, will expire in 2026. 

214 

215 

 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Our valuation allowance as of December 31, 2023 and 2022 was $542 million and $583 million, 
respectively. Given the change in our unrealized gains (losses) on our fixed maturity securities and forward 
starting swaps in 2022 due to rising interest rates and the corresponding reduction in the amount of unrealized 
capital gains expected to be available in the future to offset our capital loss carryforwards and other capital 
deferred tax assets, we recorded a valuation allowance of $200 million during 2022 through accumulated other 
comprehensive income (loss) related to deferred tax assets that would produce capital losses. There was no 
change in this valuation allowance in 2023 based upon the amounts and characteristics of our deferred tax assets 
and liabilities and our assessment of the risks associated with the recoverability of our deferred tax assets. The 
remainder of the valuation allowance as of December 31, 2023 and 2022 is related to state deferred tax assets and 
foreign net operating losses. The state deferred tax assets related primarily to the future deductions associated 
with the Section 338 elections and non-insurance NOL carryforwards. 

Our ability to realize our net deferred tax asset of $1,952 million, which includes deferred tax assets related 

to capital loss and NOL carryforwards, is primarily dependent upon generating sufficient taxable income and 
capital gains in future years. We have net deferred tax assets of $879 million that have or will produce capital 
losses. As part of the assessment of the amount of the valuation allowance, management has asserted that it has 
the ability and intent to execute tax planning strategies including holding certain investment assets with 
unrealized losses to recovery or maturity or realizing gains on certain investment assets with unrealized gains to 
the extent necessary to ensure realization of the capital related deferred tax assets, net of the $200 million 
valuation allowance. 

We have net deferred tax assets of $1,073 million that will produce ordinary income (loss) in future years. 
Management has concluded that there is sufficient positive evidence to support the expected realization of these 
deferred tax assets for U.S. federal income tax purposes. This positive evidence includes the fact that: (i) we are 
currently in a cumulative three-year income position, and (ii) our U.S. operating forecasts are profitable, which 
include in-force premium rate increases and associated benefit reductions already obtained in our long-term care 
insurance business. 

After consideration of all available evidence, we have concluded that it is more likely than not that our 

deferred tax assets, with the exception of capital loss carryforwards, other capital deferred tax assets, state 
deferred tax assets and certain foreign net operating losses for which a valuation allowance has been established, 
will be realized. If our actual results do not validate the current projections of pre-tax income, we may be 
required to record an additional valuation allowance that could have a material impact on our consolidated 
financial statements in future periods. 

As a consequence of our separation from GE and our joint election with GE to treat that separation as an 
asset sale under Section 338 of the Internal Revenue Code, we became entitled to additional tax deductions in 
post IPO periods. We were obligated, pursuant to our Tax Matters Agreement with GE, to make fixed payments 
to GE on an after-tax basis and subject to a cumulative maximum of $640 million, which was 80% of the 
projected tax savings associated with the Section 338 deductions. During 2022, we made a $55 million payment 
to GE to satisfy our remaining obligation under the Tax Matters Agreement. 

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: 

(Amounts in millions) 

2023 

2022 

2021 

Balance as of January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 33 

$ 40 

$ 62 

Tax positions related to the current period: 

Gross additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  

Gross reductions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) 

(3) 

(3) 

Tax positions related to the prior years: 

Gross additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  

Gross reductions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

(4) 

(19) 

Balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 30 

$ 33 

$ 40 

The total amount of unrecognized tax benefits was $30 million as of December 31, 2023, which if 

recognized would affect the effective tax rate on continuing operations by $21 million. 

We believe it is reasonably possible that if the uncertain tax positions were resolved in 2024, approximately 

$18 million of the unrecognized tax benefits would be recognized. 

We recognize accrued interest and penalties related to unrecognized tax benefits as components of income 

tax expense. We recorded $—, $— and $2 million of benefit in 2023, 2022 and 2021, respectively. 

Our companies have elected to file a single U.S. consolidated income tax return (the “life/non-life 

consolidated return”). All companies domesticated in the United States are included in the life/non-life 

consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all 

intercompany balances related to this agreement are settled at least annually. We are not currently subject to any 

significant examinations by federal or state income tax authorities. Generally, we are no longer subject to federal 

or state income tax examinations for years prior to 2020. 

(19) Supplemental Cash Flow Information 

Net cash paid for taxes was $10 million, $5 million and $7 million and cash paid for interest was $110 million, 

$101 million and $186 million for the years ended December 31, 2023, 2022 and 2021, respectively. 

(20) Long-Term Incentive Compensation 

Genworth Financial 

Prior to May 2012, we granted share-based awards to employees and directors, including stock appreciation rights 

(“SARs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”) and performance stock units (“PSUs”) under 

the 2004 Genworth Financial, Inc. Omnibus Incentive Plan (the “2004 Omnibus Incentive Plan”). In May 2012, the 

2012 Genworth Financial, Inc. Omnibus Incentive Plan (the “2012 Omnibus Incentive Plan”) was approved by 

stockholders. Under the 2012 Omnibus Incentive Plan, we were authorized to grant 16 million equity awards, plus a 

number of additional shares not to exceed 25 million underlying awards outstanding under the 2004 Omnibus 

Incentive Plan. In December 2018, the 2018 Genworth Financial, Inc. Omnibus Incentive Plan (the “2018 Omnibus 

Incentive Plan”) was approved by stockholders. Under the 2018 Omnibus Incentive Plan, we were authorized to grant 

25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding 

216 

217 

 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Our valuation allowance as of December 31, 2023 and 2022 was $542 million and $583 million, 

respectively. Given the change in our unrealized gains (losses) on our fixed maturity securities and forward 

starting swaps in 2022 due to rising interest rates and the corresponding reduction in the amount of unrealized 

capital gains expected to be available in the future to offset our capital loss carryforwards and other capital 

deferred tax assets, we recorded a valuation allowance of $200 million during 2022 through accumulated other 

comprehensive income (loss) related to deferred tax assets that would produce capital losses. There was no 

change in this valuation allowance in 2023 based upon the amounts and characteristics of our deferred tax assets 

and liabilities and our assessment of the risks associated with the recoverability of our deferred tax assets. The 

remainder of the valuation allowance as of December 31, 2023 and 2022 is related to state deferred tax assets and 

foreign net operating losses. The state deferred tax assets related primarily to the future deductions associated 

with the Section 338 elections and non-insurance NOL carryforwards. 

Our ability to realize our net deferred tax asset of $1,952 million, which includes deferred tax assets related 

to capital loss and NOL carryforwards, is primarily dependent upon generating sufficient taxable income and 

capital gains in future years. We have net deferred tax assets of $879 million that have or will produce capital 

losses. As part of the assessment of the amount of the valuation allowance, management has asserted that it has 

the ability and intent to execute tax planning strategies including holding certain investment assets with 

unrealized losses to recovery or maturity or realizing gains on certain investment assets with unrealized gains to 

the extent necessary to ensure realization of the capital related deferred tax assets, net of the $200 million 

valuation allowance. 

We have net deferred tax assets of $1,073 million that will produce ordinary income (loss) in future years. 

Management has concluded that there is sufficient positive evidence to support the expected realization of these 

deferred tax assets for U.S. federal income tax purposes. This positive evidence includes the fact that: (i) we are 

currently in a cumulative three-year income position, and (ii) our U.S. operating forecasts are profitable, which 

include in-force premium rate increases and associated benefit reductions already obtained in our long-term care 

insurance business. 

After consideration of all available evidence, we have concluded that it is more likely than not that our 

deferred tax assets, with the exception of capital loss carryforwards, other capital deferred tax assets, state 

deferred tax assets and certain foreign net operating losses for which a valuation allowance has been established, 

will be realized. If our actual results do not validate the current projections of pre-tax income, we may be 

required to record an additional valuation allowance that could have a material impact on our consolidated 

financial statements in future periods. 

As a consequence of our separation from GE and our joint election with GE to treat that separation as an 

asset sale under Section 338 of the Internal Revenue Code, we became entitled to additional tax deductions in 

post IPO periods. We were obligated, pursuant to our Tax Matters Agreement with GE, to make fixed payments 

to GE on an after-tax basis and subject to a cumulative maximum of $640 million, which was 80% of the 

projected tax savings associated with the Section 338 deductions. During 2022, we made a $55 million payment 

to GE to satisfy our remaining obligation under the Tax Matters Agreement. 

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: 

(Amounts in millions) 

Balance as of January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax positions related to the current period: 

2023 

2022 

2021 

$ 33 

$ 40 

$ 62 

Gross additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross reductions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  
(3) 
(3) 

(3) 

Tax positions related to the prior years: 

Gross additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross reductions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—   —   —  
(19) 
(4) 
—  

Balance as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 30 

$ 33 

$ 40 

The total amount of unrecognized tax benefits was $30 million as of December 31, 2023, which if 

recognized would affect the effective tax rate on continuing operations by $21 million. 

We believe it is reasonably possible that if the uncertain tax positions were resolved in 2024, approximately 

$18 million of the unrecognized tax benefits would be recognized. 

We recognize accrued interest and penalties related to unrecognized tax benefits as components of income 

tax expense. We recorded $—, $— and $2 million of benefit in 2023, 2022 and 2021, respectively. 

Our companies have elected to file a single U.S. consolidated income tax return (the “life/non-life 
consolidated return”). All companies domesticated in the United States are included in the life/non-life 
consolidated return as allowed by the tax law and regulations. We have a tax sharing agreement in place and all 
intercompany balances related to this agreement are settled at least annually. We are not currently subject to any 
significant examinations by federal or state income tax authorities. Generally, we are no longer subject to federal 
or state income tax examinations for years prior to 2020. 

(19) Supplemental Cash Flow Information 

Net cash paid for taxes was $10 million, $5 million and $7 million and cash paid for interest was $110 million, 

$101 million and $186 million for the years ended December 31, 2023, 2022 and 2021, respectively. 

(20) Long-Term Incentive Compensation 

Genworth Financial 

Prior to May 2012, we granted share-based awards to employees and directors, including stock appreciation rights 
(“SARs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”) and performance stock units (“PSUs”) under 
the 2004 Genworth Financial, Inc. Omnibus Incentive Plan (the “2004 Omnibus Incentive Plan”). In May 2012, the 
2012 Genworth Financial, Inc. Omnibus Incentive Plan (the “2012 Omnibus Incentive Plan”) was approved by 
stockholders. Under the 2012 Omnibus Incentive Plan, we were authorized to grant 16 million equity awards, plus a 
number of additional shares not to exceed 25 million underlying awards outstanding under the 2004 Omnibus 
Incentive Plan. In December 2018, the 2018 Genworth Financial, Inc. Omnibus Incentive Plan (the “2018 Omnibus 
Incentive Plan”) was approved by stockholders. Under the 2018 Omnibus Incentive Plan, we were authorized to grant 
25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding 

216 

217 

 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

under the prior Plans. In May 2021, the 2021 Genworth Financial, Inc. Omnibus Incentive Plan (the “2021 Omnibus 
Incentive Plan”) was approved by stockholders. Under the 2021 Omnibus Incentive Plan, we are authorized to grant 
25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding 
under the prior Plans. The 2004 Omnibus Incentive Plan together with the 2012, 2018 and 2021 Omnibus Incentive 
Plans are referred to collectively as the “Omnibus Incentive Plans.” 

We recorded long-term incentive compensation expense under the Omnibus Incentive Plans of $34 million, 

$27 million and $38 million, respectively, for the years ended December 31, 2023, 2022 and 2021, which 
included stock-based compensation expense of $29 million, $19 million and $21 million, respectively. Long-term 
incentive compensation expense was recognized evenly on a straight-line attribution method over the awards’ 
respective vesting period. 

During 2023, 2022 and 2021, we issued RSUs with average restriction periods of three years and a fair 

value measured at the market price of a share of our Class A Common Stock on the grant date. 

During 2023, 2022 and 2021, we granted PSUs with a fair value as described in further detail below as of 

the approval date by Genworth Financial’s Board of Directors. PSUs may be earned over a three-year period 
based upon the achievement of certain performance goals. 

The PSUs granted in 2023 have a three-year measurement period starting on January 1, 2023 going through 
December 31, 2025. The performance metric is based on our Enact segment’s adjusted operating income (loss), 
consolidated statutory pre-tax income of our U.S. life insurance subsidiaries and Genworth’s total shareholder 
return over the three-year measurement period compared to certain of its peer companies established as of the 
grant date. See note 23 for our definition of adjusted operating income (loss). The grant-date fair value based on 
market price as of the approval date for the adjusted operating income (loss) and consolidated statutory pre-tax 
income performance measures was $6.21. The grant-date fair value for the total relative shareholder return 
performance metric was $8.82, which was calculated using the Monte Carlo simulation. 

The PSUs granted in 2022 have a three-year measurement period starting on January 1, 2022 going through 
December 31, 2024. The performance metric is based on our Enact segment’s adjusted operating income (loss), 
consolidated statutory net income of our U.S. life insurance subsidiaries and Genworth’s total shareholder return 
over the three-year measurement period compared to certain of its peer companies established as of the grant date. 
The grant-date fair value based on market price as of the approval date for the adjusted operating income (loss) and 
consolidated statutory net income performance measures was $4.27. The grant-date fair value for the total relative 
shareholder return performance metric was $5.30, which was calculated using the Monte Carlo simulation. 

The PSUs granted in 2021 have a three-year measurement period starting on January 1, 2021 going through 
December 31, 2023. The performance metric is based on Genworth’s consolidated adjusted operating income and 
its total shareholder return relative to certain of its peer companies as of the grant date. The grant-date fair value 
based on market price as of the approval date for the adjusted operating income performance measure was $3.31. 
The grant-date fair value for the total relative shareholder return performance metric was $4.18, which was 
calculated using the Monte Carlo simulation. 

The valuation assumptions used in the Monte Carlo simulation to calculate the total relative shareholder 

return performance metric for the PSUs granted in 2023, 2022 and 2021 were as follows: 

2023 

2022 

2021 

Valuation-date stock price  . . . . .

$

Volatility . . . . . . . . . . . . . . . . . . .

Dividend yield  . . . . . . . . . . . . . .

Risk-free rate  . . . . . . . . . . . . . . .

6.21 

$

55.4% 

— % 

4.3% 

4.27 

$

64.6% 

— % 

1.8% 

3.31 

65.0% 

— % 

0.3% 

Valuation maximum  . . . . . . . . . .

800% of grant-

800% of grant-

800% of grant-

date stock price 

date stock price 

date stock price 

For all PSU awards granted, the compensation committee of our Board of Directors determines and 

approves no later than March 15, following the end of the three-year performance period for each applicable 

performance period, the number of units earned and vested for each distinct performance period. 

For the years ended December 31, 2023, 2022 and 2021, we recorded $9 million, $3 million and 

$16 million, respectively, of expense associated with our PSUs. 

The following tables summarize the status of our equity-based awards as of December 31, 2023 and 2022: 

RSUs 

PSUs 

DSUs 

SARs 

Weighted- 

Weighted- 

Number 

average 

Number 

Weighted- 

Number 

Weighted- 

Number 

average 

of 

awards 

grant date 

fair value 

of 

average 

of 

average 

of 

awards 

fair value 

awards 

fair value 

awards 

grant date 

fair value 

(Awards in thousands) 

Balance as of January 1, 2022  . . . . . . . . . . . . .

Granted  . . . . . . . . . . . . . . . . . . . . . . . . . .

2,317 

1,105 

Performance adjustment(1)  . . . . . . . . . . . . —  

Exercised  . . . . . . . . . . . . . . . . . . . . . . . . .

(1,004) 

Terminated . . . . . . . . . . . . . . . . . . . . . . . .

(299) 

Balance as of January 1, 2023  . . . . . . . . . . . . .

2,119 

Granted  . . . . . . . . . . . . . . . . . . . . . . . . . .

974 

Performance adjustment(1)  . . . . . . . . . . . . —  

Exercised  . . . . . . . . . . . . . . . . . . . . . . . . .

(1,261) 

Terminated . . . . . . . . . . . . . . . . . . . . . . . .

(103) 

$3.38 

$4.25 

$ —  

$3.39 

$3.52 

$3.81 

$6.05 

$ —  

$3.69 

$4.27 

7,505 

2,182 

2,308 

(4,616) 

(718) 

6,661 

1,418 

1,807 

(3,883) 

—  

$3.70 

$4.47 

$4.61 

$4.61 

$3.55 

$3.65 

$6.76 

$3.03 

$3.03 

$ —  

1,837 

281 

—  

(954) 

—  

1,164 

94 

—  

(140) 

—  

$3.42 

$2.51 

$ —  

$4.02 

$ —  

$2.44 

$3.66 

$ —  

$2.43 

$ —  

6,195 

—  

—  

—  

(2,295) 

3,900 

—  

—  

—  

(2,308) 

$3.36 

$ —  

$ —  

$ —  

$2.52 

$3.85 

$ —  

$ —  

$ —  

$5.87 

Balance as of December 31, 2023  . . . . . . . . . .

1,729 

$5.13 

6,003 

$4.60 

1,118 

$3.00 

1,592 

$3.22 

(1)  The performance adjustment relates to additional awards expected to be earned through the achievement of 

certain performance metrics. 

As of December 31, 2023 and 2022, total unrecognized stock-based compensation expense related to 

non-vested non-cash awards not yet recognized was $17 million and $16 million, respectively. This expense is 

expected to be recognized over a weighted-average period of approximately two years. 

The actual tax benefit realized for the tax deductions from the exercise of share-based awards was 

$4 million and $5 million for the years ended December 31, 2023 and 2022, respectively. 

218 

219 

 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

under the prior Plans. In May 2021, the 2021 Genworth Financial, Inc. Omnibus Incentive Plan (the “2021 Omnibus 

Incentive Plan”) was approved by stockholders. Under the 2021 Omnibus Incentive Plan, we are authorized to grant 

25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding 

under the prior Plans. The 2004 Omnibus Incentive Plan together with the 2012, 2018 and 2021 Omnibus Incentive 

Plans are referred to collectively as the “Omnibus Incentive Plans.” 

We recorded long-term incentive compensation expense under the Omnibus Incentive Plans of $34 million, 

$27 million and $38 million, respectively, for the years ended December 31, 2023, 2022 and 2021, which 

included stock-based compensation expense of $29 million, $19 million and $21 million, respectively. Long-term 

incentive compensation expense was recognized evenly on a straight-line attribution method over the awards’ 

respective vesting period. 

During 2023, 2022 and 2021, we issued RSUs with average restriction periods of three years and a fair 

value measured at the market price of a share of our Class A Common Stock on the grant date. 

During 2023, 2022 and 2021, we granted PSUs with a fair value as described in further detail below as of 

the approval date by Genworth Financial’s Board of Directors. PSUs may be earned over a three-year period 

based upon the achievement of certain performance goals. 

The PSUs granted in 2023 have a three-year measurement period starting on January 1, 2023 going through 

December 31, 2025. The performance metric is based on our Enact segment’s adjusted operating income (loss), 

consolidated statutory pre-tax income of our U.S. life insurance subsidiaries and Genworth’s total shareholder 

return over the three-year measurement period compared to certain of its peer companies established as of the 

grant date. See note 23 for our definition of adjusted operating income (loss). The grant-date fair value based on 

market price as of the approval date for the adjusted operating income (loss) and consolidated statutory pre-tax 

income performance measures was $6.21. The grant-date fair value for the total relative shareholder return 

performance metric was $8.82, which was calculated using the Monte Carlo simulation. 

The PSUs granted in 2022 have a three-year measurement period starting on January 1, 2022 going through 

December 31, 2024. The performance metric is based on our Enact segment’s adjusted operating income (loss), 

consolidated statutory net income of our U.S. life insurance subsidiaries and Genworth’s total shareholder return 

over the three-year measurement period compared to certain of its peer companies established as of the grant date. 

The grant-date fair value based on market price as of the approval date for the adjusted operating income (loss) and 

consolidated statutory net income performance measures was $4.27. The grant-date fair value for the total relative 

shareholder return performance metric was $5.30, which was calculated using the Monte Carlo simulation. 

The PSUs granted in 2021 have a three-year measurement period starting on January 1, 2021 going through 

December 31, 2023. The performance metric is based on Genworth’s consolidated adjusted operating income and 

its total shareholder return relative to certain of its peer companies as of the grant date. The grant-date fair value 

based on market price as of the approval date for the adjusted operating income performance measure was $3.31. 

The grant-date fair value for the total relative shareholder return performance metric was $4.18, which was 

calculated using the Monte Carlo simulation. 

The valuation assumptions used in the Monte Carlo simulation to calculate the total relative shareholder 

return performance metric for the PSUs granted in 2023, 2022 and 2021 were as follows: 

Valuation-date stock price  . . . . .
Volatility . . . . . . . . . . . . . . . . . . .
Dividend yield  . . . . . . . . . . . . . .
Risk-free rate  . . . . . . . . . . . . . . .
Valuation maximum  . . . . . . . . . .

2023 

2022 

2021 

$

$

6.21 
55.4% 
— % 
4.3% 

$

4.27 
64.6% 
— % 
1.8% 

3.31 
65.0% 
— % 
0.3% 

800% of grant-
date stock price 

800% of grant-
date stock price 

800% of grant-
date stock price 

For all PSU awards granted, the compensation committee of our Board of Directors determines and 
approves no later than March 15, following the end of the three-year performance period for each applicable 
performance period, the number of units earned and vested for each distinct performance period. 

For the years ended December 31, 2023, 2022 and 2021, we recorded $9 million, $3 million and 

$16 million, respectively, of expense associated with our PSUs. 

The following tables summarize the status of our equity-based awards as of December 31, 2023 and 2022: 

(Awards in thousands) 

RSUs 

PSUs 

DSUs 

SARs 

Number 
of 
awards 

Weighted- 
average 
grant date 
fair value 

Number 
of 
awards 

Weighted- 
average 
fair value 

Number 
of 
awards 

Weighted- 
average 
fair value 

Number 
of 
awards 

Weighted- 
average 
grant date 
fair value 

2,317 
Balance as of January 1, 2022  . . . . . . . . . . . . .
1,105 
Granted  . . . . . . . . . . . . . . . . . . . . . . . . . .
Performance adjustment(1)  . . . . . . . . . . . . —  
(1,004) 
Exercised  . . . . . . . . . . . . . . . . . . . . . . . . .
(299) 
Terminated . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of January 1, 2023  . . . . . . . . . . . . .
2,119 
974 
Granted  . . . . . . . . . . . . . . . . . . . . . . . . . .
Performance adjustment(1)  . . . . . . . . . . . . —  
(1,261) 
Exercised  . . . . . . . . . . . . . . . . . . . . . . . . .
(103) 
Terminated . . . . . . . . . . . . . . . . . . . . . . . .

$3.38 
$4.25 
$ —  
$3.39 
$3.52 

$3.81 
$6.05 
$ —  
$3.69 
$4.27 

7,505 
2,182 
2,308 
(4,616) 
(718) 

6,661 
1,418 
1,807 
(3,883) 
—  

$3.70 
$4.47 
$4.61 
$4.61 
$3.55 

$3.65 
$6.76 
$3.03 
$3.03 
$ —  

1,837 
281 
—  
(954) 
—  

1,164 
94 
—  
(140) 
—  

$3.42 
$2.51 
$ —  
$4.02 
$ —  

$2.44 
$3.66 
$ —  
$2.43 
$ —  

6,195 
—  
—  
—  
(2,295) 

3,900 
—  
—  
—  
(2,308) 

$3.36 
$ —  
$ —  
$ —  
$2.52 

$3.85 
$ —  
$ —  
$ —  
$5.87 

Balance as of December 31, 2023  . . . . . . . . . .

1,729 

$5.13 

6,003 

$4.60 

1,118 

$3.00 

1,592 

$3.22 

(1)  The performance adjustment relates to additional awards expected to be earned through the achievement of 

certain performance metrics. 

As of December 31, 2023 and 2022, total unrecognized stock-based compensation expense related to 
non-vested non-cash awards not yet recognized was $17 million and $16 million, respectively. This expense is 
expected to be recognized over a weighted-average period of approximately two years. 

The actual tax benefit realized for the tax deductions from the exercise of share-based awards was 

$4 million and $5 million for the years ended December 31, 2023 and 2022, respectively. 

218 

219 

 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

During 2023 and 2022, we issued cash settled RSUs with average restriction periods of three years and a fair 

The following table summarizes the status of Enact Holdings’ equity-based awards as of December 31, 2023 

value measured at the market price of a share of our Class A Common Stock on the grant date. The RSUs will 
vest as a cash payment equal to one share of our Class A Common Stock using the average closing sales prices 
on the 20 trading days immediately preceding the vesting date. In 2022 and 2021, we granted time-based cash 
awards with a fair value of $1.00 per award and that vest over three years, with a third of the payout occurring 
per year as determined by the vesting period, beginning on the first anniversary of the grant date. 

The following table summarizes cash award activity as of December 31, 2023 and 2022: 

Cash settled RSUs 

Number of 
awards 

Weighted-
average 
fair value 

(Awards in thousands) 

Balance as of January 1, 2022  . . . . . . . . . . . . . . . . . . .
Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Performance adjustment  . . . . . . . . . . . . . . . . . . .
Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of January 1, 2023  . . . . . . . . . . . . . . . . . . .
Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Performance adjustment  . . . . . . . . . . . . . . . . . . .
Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  
2,957 
—  
(23) 
(180) 

2,754 
2,211 
—  
(1,108) 
(93) 

Balance as of December 31, 2023  . . . . . . . . . . . . . . . .

3,764 

$ —  
$4.27 
$ —  
$4.17 
$4.31 

$4.27 
$6.18 
$ —  
$5.97 
$5.84 

$6.15 

Time-based 
cash awards 

Number of 
awards 

27,696 
208 
—  
(13,992) 
(1,020) 

12,892 
—  
—  
(8,511) 
(175) 

4,206 

Enact Holdings 

In connection with the minority IPO of Enact Holdings, Genworth Financial’s indirect subsidiary, Enact 

Holdings granted equity-based awards to its employees and directors, including RSUs, PSUs and DSUs. 
Additionally, in 2021, the Enact Holdings, Inc. 2021 Omnibus Incentive Plan was adopted and approved by 
Enact Holdings’ shareholders. Under the Enact Holdings, Inc. 2021 Omnibus Incentive Plan, Enact Holdings is 
authorized to issue up to four million equity awards. 

During 2023, 2022, and 2021 Enact Holdings granted RSUs with average restriction periods of three years 

and a fair value measured at the fair value of a share of Enact Holdings’ Class A Common Stock on the grant 
date. 

During 2023 and 2022, Enact Holdings granted PSUs with a three-year measurement period starting on 
January 1, 2023 going through December 31, 2025 for those granted in 2023 and starting on January 1, 2022 
going through December 31, 2024 for those granted in 2022. The performance metrics are based on the 
standalone results of Enact Holdings and are measured by the growth in consolidated book value per share over 
the three-year measurement period, calculated as the increase in book value divided by the average number of 
shares outstanding from January 1, 2023 to December 31, 2025 for the PSUs granted in 2023 and from January 1, 
2022 to December 31, 2024 for the PSUs granted in 2022. The PSUs were granted at market price as of the 
approval date by Enact Holdings’ Board of Directors. 

220 

221 

and 2022: 

(Awards in thousands) 

RSUs 

PSUs 

DSUs 

Number 

of 

awards 

Weighted- 

average 

fair value 

Number 

of 

awards 

Weighted- 

average 

fair value 

Number 

of 

awards 

Weighted- 

average 

fair value 

Balance as of January 1, 2022  . . . . . . . . . . . . . . . .

Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividend equivalents  . . . . . . . . . . . . . . . . . . .

Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

654 

322 

62 

(3) 

$19.02  —  

$22.18 

$24.00 

156 

10 

$19.00  —  

Terminated  . . . . . . . . . . . . . . . . . . . . . . . . . . .

(26) 

$19.73  —  

$ —  

$22.15 

$24.00 

17 

78 

5 

$ —   —  

$ —   —  

Balance as of January 1, 2023  . . . . . . . . . . . . . . . .

1,009 

Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividend equivalents  . . . . . . . . . . . . . . . . . . .

Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Terminated  . . . . . . . . . . . . . . . . . . . . . . . . . . .

294 

59 

(125) 

(23) 

$20.07 

$24.26 

$26.82 

166 

157 

16 

$22.15 

$24.23 

$26.82 

100 

58 

8 

$21.84  —  

$20.61  —  

$ —   —  

$ —   —  

Balance as of December 31, 2023  . . . . . . . . . . . . .

1,214 

$20.94 

339 

$23.16 

166 

$20.87 

$22.02 

$24.00 

$ —  

$ —  

$21.81 

$23.80 

$26.97 

$ —  

$ —  

$22.54 

For the years ended December 31, 2023, 2022 and 2021, and in accordance with our majority ownership, we 

recorded $15 million, $10 million and $2 million, respectively, of stock-based compensation expense. As of 

December 31, 2023 and 2022, total estimated unrecognized expense related to these awards was $13 million. 

This expense is expected to be recognized over a weighted-average period of approximately two years. 

The actual tax benefit realized for the tax deductions from the exercise of share-based awards was less than 

$1 million for both the years ended December 31, 2023 and 2022. 

(21) Fair Value of Financial Instruments 

Recurring Fair Value Measurements 

We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term 

investments, embedded derivatives, separate account assets, MRBs and certain other financial instruments, which 

are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair 

value by class of instrument. 

Fixed maturity securities, equity securities and short-term investments 

The fair value of fixed maturity securities, equity securities and short-term investments is estimated 

primarily based on information derived from third-party pricing services (“pricing services”), internal models 

and/or broker quotes, which may use a market approach, income approach or a combination of the market and 

income approach depending on the type of instrument and availability of information. In general, a market 

approach is utilized if there is readily available and relevant market activity for an individual security. In certain 

cases where market information is not available for a specific security but is available for similar securities, that 

security is valued using market information for similar securities, which is also a market approach. When market 

information is not available for a specific security (or similar securities) or is available but such information is 

less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For 

 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

During 2023 and 2022, we issued cash settled RSUs with average restriction periods of three years and a fair 

The following table summarizes the status of Enact Holdings’ equity-based awards as of December 31, 2023 

value measured at the market price of a share of our Class A Common Stock on the grant date. The RSUs will 

vest as a cash payment equal to one share of our Class A Common Stock using the average closing sales prices 

on the 20 trading days immediately preceding the vesting date. In 2022 and 2021, we granted time-based cash 

awards with a fair value of $1.00 per award and that vest over three years, with a third of the payout occurring 

per year as determined by the vesting period, beginning on the first anniversary of the grant date. 

The following table summarizes cash award activity as of December 31, 2023 and 2022: 

Cash settled RSUs 

Number of 

awards 

Weighted-

average 

fair value 

(Awards in thousands) 

Balance as of January 1, 2022  . . . . . . . . . . . . . . . . . . .

Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Performance adjustment  . . . . . . . . . . . . . . . . . . .

Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Forfeited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of January 1, 2023  . . . . . . . . . . . . . . . . . . .

Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Performance adjustment  . . . . . . . . . . . . . . . . . . .

Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Forfeited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

2,957 

—  

(23) 

(180) 

2,754 

2,211 

—  

(1,108) 

(93) 

Balance as of December 31, 2023  . . . . . . . . . . . . . . . .

3,764 

$ —  

$4.27 

$ —  

$4.17 

$4.31 

$4.27 

$6.18 

$ —  

$5.97 

$5.84 

$6.15 

Time-based 

cash awards 

Number of 

awards 

27,696 

208 

—  

(13,992) 

(1,020) 

12,892 

—  

—  

(8,511) 

(175) 

4,206 

Enact Holdings 

In connection with the minority IPO of Enact Holdings, Genworth Financial’s indirect subsidiary, Enact 

Holdings granted equity-based awards to its employees and directors, including RSUs, PSUs and DSUs. 

Additionally, in 2021, the Enact Holdings, Inc. 2021 Omnibus Incentive Plan was adopted and approved by 

Enact Holdings’ shareholders. Under the Enact Holdings, Inc. 2021 Omnibus Incentive Plan, Enact Holdings is 

authorized to issue up to four million equity awards. 

During 2023, 2022, and 2021 Enact Holdings granted RSUs with average restriction periods of three years 

and a fair value measured at the fair value of a share of Enact Holdings’ Class A Common Stock on the grant 

date. 

During 2023 and 2022, Enact Holdings granted PSUs with a three-year measurement period starting on 

January 1, 2023 going through December 31, 2025 for those granted in 2023 and starting on January 1, 2022 

going through December 31, 2024 for those granted in 2022. The performance metrics are based on the 

standalone results of Enact Holdings and are measured by the growth in consolidated book value per share over 

the three-year measurement period, calculated as the increase in book value divided by the average number of 

shares outstanding from January 1, 2023 to December 31, 2025 for the PSUs granted in 2023 and from January 1, 

2022 to December 31, 2024 for the PSUs granted in 2022. The PSUs were granted at market price as of the 

approval date by Enact Holdings’ Board of Directors. 

and 2022: 

(Awards in thousands) 

RSUs 

PSUs 

DSUs 

Number 
of 
awards 

Weighted- 
average 
fair value 

Number 
of 
awards 

Weighted- 
average 
fair value 

Number 
of 
awards 

Weighted- 
average 
fair value 

Balance as of January 1, 2022  . . . . . . . . . . . . . . . .
Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend equivalents  . . . . . . . . . . . . . . . . . . .
Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Terminated  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of January 1, 2023  . . . . . . . . . . . . . . . .
Granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend equivalents  . . . . . . . . . . . . . . . . . . .
Vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Terminated  . . . . . . . . . . . . . . . . . . . . . . . . . . .

654 
322 
62 
(3) 
(26) 

1,009 
294 
59 
(125) 
(23) 

$19.02  —  
156 
$22.18 
10 
$24.00 
$19.00  —  
$19.73  —  

166 
$20.07 
157 
$24.26 
$26.82 
16 
$21.84  —  
$20.61  —  

17 
$ —  
78 
$22.15 
5 
$24.00 
$ —   —  
$ —   —  

100 
$22.15 
58 
$24.23 
$26.82 
8 
$ —   —  
$ —   —  

Balance as of December 31, 2023  . . . . . . . . . . . . .

1,214 

$20.94 

339 

$23.16 

166 

$20.87 
$22.02 
$24.00 
$ —  
$ —  

$21.81 
$23.80 
$26.97 
$ —  
$ —  

$22.54 

For the years ended December 31, 2023, 2022 and 2021, and in accordance with our majority ownership, we 

recorded $15 million, $10 million and $2 million, respectively, of stock-based compensation expense. As of 
December 31, 2023 and 2022, total estimated unrecognized expense related to these awards was $13 million. 
This expense is expected to be recognized over a weighted-average period of approximately two years. 

The actual tax benefit realized for the tax deductions from the exercise of share-based awards was less than 

$1 million for both the years ended December 31, 2023 and 2022. 

(21) Fair Value of Financial Instruments 

Recurring Fair Value Measurements 

We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term 

investments, embedded derivatives, separate account assets, MRBs and certain other financial instruments, which 
are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair 
value by class of instrument. 

Fixed maturity securities, equity securities and short-term investments 

The fair value of fixed maturity securities, equity securities and short-term investments is estimated 
primarily based on information derived from third-party pricing services (“pricing services”), internal models 
and/or broker quotes, which may use a market approach, income approach or a combination of the market and 
income approach depending on the type of instrument and availability of information. In general, a market 
approach is utilized if there is readily available and relevant market activity for an individual security. In certain 
cases where market information is not available for a specific security but is available for similar securities, that 
security is valued using market information for similar securities, which is also a market approach. When market 
information is not available for a specific security (or similar securities) or is available but such information is 
less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For 

220 

221 

 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed 
securities), an income approach may be used. These valuation techniques may change from period to period, 
based on the relevance and availability of market data. 

Further, while we consider the valuations provided by pricing services and broker quotes to be of high 
quality, management determines the fair value of our investment securities after considering all relevant and 
available information. 

In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we 

obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing 
service nor broker quotes valuation is available, we determine fair value using internal models. For certain 
private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal 
model to determine fair value since transactions for similar securities are not readily observable and these 
securities are not typically valued by pricing services. 

Given our understanding of the pricing methodologies and procedures of pricing services, the securities 
valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a 
security or group of securities utilizes significant unobservable inputs, which would result in the valuation being 
classified as Level 3. Broker quotes may be utilized when pricing services data is not available and are typically 
classified as Level 3 due to the use of significant unobservable inputs. 

For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads 

and utilize those in an internal model to determine fair value. Other inputs to the model include rating and 
weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, 
which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of 
our private placements. We utilize the estimated market yield to discount the expected cash flows of the security 
to determine fair value. We utilize price caps for securities where the estimated market yield results in a 
valuation that may exceed the amount that would be received in a market transaction. When a security does not 
have an external rating, we assign the security an internal rating to determine the appropriate public bond spread 
that should be utilized in the valuation. While we generally consider the public bond spreads by sector and 
maturity to be observable inputs, we evaluate the similarities of our private placements with the public bonds, 
price caps, liquidity premiums applied, and whether external ratings are available for our private placements to 
determine whether the spreads utilized would be considered observable inputs. We classify private securities 
without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit 
spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities 
as of December 31, 2023. 

For remaining securities priced using internal models, we determine fair value using an income approach. 
We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair 
value. Accordingly, the valuations are typically classified as Level 3. 

Our assessment of whether or not there were significant unobservable inputs related to fixed maturity 

securities was based on our observations obtained through the course of managing our investment portfolio, 
including interaction with other market participants, observations related to the availability and consistency of 
pricing and/or rating, and understanding of general market activity such as new issuance and the level of 
secondary market trading for a class of securities. Additionally, we considered data obtained from pricing 

services to determine whether our estimated values incorporate significant unobservable inputs that would result 

in the valuation being classified as Level 3. 

A summary of the inputs used for our financial instruments carried at fair value based on the level in which 

instruments are classified is included below. We have combined certain classes of instruments together as the 

Equity securities. The primary inputs to the valuation of exchange-traded equity securities include quoted 

Separate account assets. The fair value of separate account assets is based on the quoted prices of the 

underlying fund investments and, therefore, represents Level 1 pricing. 

nature of the inputs is similar. 

Level 1 measurements 

prices for the identical instrument. 

Level 2 measurements 

Fixed maturity securities 

•

Third-party pricing services: In estimating the fair value of fixed maturity securities, 88% of our 

portfolio was priced using third-party pricing services as of December 31, 2023. These pricing services 

utilize industry-standard valuation techniques that include market-based approaches, income-based 

approaches, a combination of market-based and income-based approaches or other proprietary, 

internally generated models as part of the valuation processes. These third-party pricing vendors 

maximize the use of publicly available data inputs to generate valuations for each asset class. Priority 

and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation 

at the time of pricing. Examples of significant inputs incorporated by pricing services may include 

sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment 

assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer 

quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our 

pricing services for the purpose of understanding the methodologies, techniques and inputs used by the 

third-party pricing providers. 

222 

223 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed 

securities), an income approach may be used. These valuation techniques may change from period to period, 

based on the relevance and availability of market data. 

Further, while we consider the valuations provided by pricing services and broker quotes to be of high 

quality, management determines the fair value of our investment securities after considering all relevant and 

available information. 

In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we 

obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing 

service nor broker quotes valuation is available, we determine fair value using internal models. For certain 

private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal 

model to determine fair value since transactions for similar securities are not readily observable and these 

securities are not typically valued by pricing services. 

Given our understanding of the pricing methodologies and procedures of pricing services, the securities 

valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a 

security or group of securities utilizes significant unobservable inputs, which would result in the valuation being 

classified as Level 3. Broker quotes may be utilized when pricing services data is not available and are typically 

classified as Level 3 due to the use of significant unobservable inputs. 

For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads 

and utilize those in an internal model to determine fair value. Other inputs to the model include rating and 

weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, 

which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of 

our private placements. We utilize the estimated market yield to discount the expected cash flows of the security 

to determine fair value. We utilize price caps for securities where the estimated market yield results in a 

valuation that may exceed the amount that would be received in a market transaction. When a security does not 

have an external rating, we assign the security an internal rating to determine the appropriate public bond spread 

that should be utilized in the valuation. While we generally consider the public bond spreads by sector and 

maturity to be observable inputs, we evaluate the similarities of our private placements with the public bonds, 

price caps, liquidity premiums applied, and whether external ratings are available for our private placements to 

determine whether the spreads utilized would be considered observable inputs. We classify private securities 

without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit 

spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities 

as of December 31, 2023. 

For remaining securities priced using internal models, we determine fair value using an income approach. 

We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair 

value. Accordingly, the valuations are typically classified as Level 3. 

Our assessment of whether or not there were significant unobservable inputs related to fixed maturity 

securities was based on our observations obtained through the course of managing our investment portfolio, 

including interaction with other market participants, observations related to the availability and consistency of 

pricing and/or rating, and understanding of general market activity such as new issuance and the level of 

secondary market trading for a class of securities. Additionally, we considered data obtained from pricing 

services to determine whether our estimated values incorporate significant unobservable inputs that would result 
in the valuation being classified as Level 3. 

A summary of the inputs used for our financial instruments carried at fair value based on the level in which 

instruments are classified is included below. We have combined certain classes of instruments together as the 
nature of the inputs is similar. 

Level 1 measurements 

Equity securities. The primary inputs to the valuation of exchange-traded equity securities include quoted 

prices for the identical instrument. 

Separate account assets. The fair value of separate account assets is based on the quoted prices of the 

underlying fund investments and, therefore, represents Level 1 pricing. 

Level 2 measurements 

Fixed maturity securities 

•

Third-party pricing services: In estimating the fair value of fixed maturity securities, 88% of our 
portfolio was priced using third-party pricing services as of December 31, 2023. These pricing services 
utilize industry-standard valuation techniques that include market-based approaches, income-based 
approaches, a combination of market-based and income-based approaches or other proprietary, 
internally generated models as part of the valuation processes. These third-party pricing vendors 
maximize the use of publicly available data inputs to generate valuations for each asset class. Priority 
and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation 
at the time of pricing. Examples of significant inputs incorporated by pricing services may include 
sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment 
assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer 
quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our 
pricing services for the purpose of understanding the methodologies, techniques and inputs used by the 
third-party pricing providers. 

222 

223 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table presents a summary of the significant inputs used by our pricing services for certain fair 

value measurements of fixed maturity securities that are classified as Level 2 as of December 31, 2023: 

(Amounts in millions) 

Fair value  Primary methodologies 

Significant inputs 

U.S. government, agencies and government-

sponsored enterprises  . . . . . . . . . . . . . . . . . .

$ 3,494 

State and political subdivisions  . . . . . . . . . . . .

$ 2,242 

Non-U.S. government . . . . . . . . . . . . . . . . . . . .

$

626 

Price quotes from 
trading desk, broker 
feeds 

Multi-dimensional 
attribute-based 
modeling systems, 
third-party pricing 
vendors 

Bid side prices, trade prices, Option 
Adjusted Spread (“OAS”) to swap curve, 
Bond Market Association OAS, Treasury 
Curve, Agency Bullet Curve, maturity to 
issuer spread 

Trade prices, material event notices, 
Municipal Market Data benchmark yields, 
broker quotes 

Matrix pricing, spread 
priced to benchmark 
curves, price quotes 
from market makers 

Benchmark yields, trade prices, broker 
quotes, comparative transactions, issuer 
spreads, bid-offer spread, market research 
publications, third-party pricing sources 

U.S. corporate . . . . . . . . . . . . . . . . . . . . . . . . . .

$24,317 

Non-U.S. corporate . . . . . . . . . . . . . . . . . . . . . .

$ 6,185 

Residential mortgage-backed  . . . . . . . . . . . . . .

$

904 

Commercial mortgage-backed  . . . . . . . . . . . . .

$ 1,407 

Other asset-backed  . . . . . . . . . . . . . . . . . . . . . .

$ 2,136 

Multi-dimensional 
attribute-based 
modeling systems, 
broker quotes, price 
quotes from market 
makers, OAS-based 
models 

Multi-dimensional 
attribute-based 
modeling systems, 
OAS-based models, 
price quotes from 
market makers 

OAS-based models, 
single factor binomial 
models, internally 
priced 

Multi-dimensional 
attribute-based 
modeling systems, 
pricing matrix, spread 
matrix priced to swap 
curves, Trepp 
commercial mortgage-
backed securities 
analytics model 

Multi-dimensional 
attribute-based 
modeling systems, 
spread matrix priced to 
swap curves, price 
quotes from market 
makers 

224 

Bid side prices to Treasury Curve, Issuer 
Curve, which includes sector, quality, 
duration, OAS percentage and change for 
spread matrix, trade prices, comparative 
transactions, Trade Reporting and 
Compliance Engine (“TRACE”) reports 

Benchmark yields, trade prices, broker 
quotes, comparative transactions, issuer 
spreads, bid-offer spread, market research 
publications, third-party pricing sources 

Prepayment and default assumptions, 
aggregation of bonds with similar 
characteristics, including collateral type, 
vintage, tranche type, weighted-average 
life, weighted-average loan age, issuer 
program and delinquency ratio, pay up and 
pay down factors, TRACE reports 

Credit risk, interest rate risk, prepayment 
speeds, new issue data, collateral 
performance, origination year, tranche type, 
original credit ratings, weighted-average 
life, cash flows, spreads derived from 
broker quotes, bid side prices, spreads to 
daily updated swap curves, TRACE reports 

Spreads to daily updated swap curves, 
spreads derived from trade prices and 
broker quotes, bid side prices, new issue 
data, collateral performance, analysis of 
prepayment speeds, cash flows, collateral 
loss analytics, historical issue analysis, 
trade data from market makers, TRACE 
reports 

•

Internal models: A portion of our U.S. corporate and non-U.S. corporate securities are valued using 

internal models. The fair value of these fixed maturity securities was $1,578 million and $796 million, 

respectively, as of December 31, 2023. Internally modeled securities are primarily private fixed 

maturity securities where we use market observable inputs such as an interest rate yield curve, 

published credit spreads for similar securities based on the external ratings of the instrument and 

related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity 

premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are 

established using inputs from market participants. 

Equity securities. The primary inputs to the valuation include quoted prices for identical assets, or similar 

assets in markets that are not active. 

Short-term investments. The fair value of short-term investments classified as Level 2 is determined after 

considering prices obtained by pricing services. 

Level 3 measurements 

Fixed maturity securities 

• Broker quotes: A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, 

residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are 

valued using broker quotes. Broker quotes are obtained from third-party providers that have current 

market knowledge to provide a reasonable price for securities not routinely priced by pricing services. 

Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed 

maturity securities priced by broker quotes was $221 million as of December 31, 2023. 

•

Internal models: A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, 

residential mortgage-backed and other asset-backed securities are valued using internal models. The 

primary inputs to the valuation of the bond population include quoted prices for identical assets, or 

similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer 

rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using 

an internal model using market observable inputs such as the interest rate yield curve, as well as 

published credit spreads for similar securities, which includes significant unobservable inputs. 

Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed 

maturity securities. Price caps are established using inputs from market participants. For structured 

securities, the primary inputs to the valuation include quoted prices for identical assets, or similar 

assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-

average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, 

collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, 

geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields 

and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models 

was $2,875 million as of December 31, 2023. 

Equity securities. The primary inputs to the valuation include broker quotes where the underlying inputs are 

unobservable and for internal models, structure of the security and issuer rating. 

225 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table presents a summary of the significant inputs used by our pricing services for certain fair 

value measurements of fixed maturity securities that are classified as Level 2 as of December 31, 2023: 

(Amounts in millions) 

Fair value  Primary methodologies 

Significant inputs 

U.S. government, agencies and government-

sponsored enterprises  . . . . . . . . . . . . . . . . . .

$ 3,494 

feeds 

issuer spread 

State and political subdivisions  . . . . . . . . . . . .

$ 2,242 

vendors 

broker quotes 

Matrix pricing, spread 

Benchmark yields, trade prices, broker 

Non-U.S. government . . . . . . . . . . . . . . . . . . . .

$

626 

Price quotes from 

trading desk, broker 

Multi-dimensional 

attribute-based 

modeling systems, 

third-party pricing 

priced to benchmark 

curves, price quotes 

from market makers 

Multi-dimensional 

attribute-based 

modeling systems, 

broker quotes, price 

quotes from market 

makers, OAS-based 

Multi-dimensional 

attribute-based 

modeling systems, 

OAS-based models, 

price quotes from 

Bid side prices, trade prices, Option 

Adjusted Spread (“OAS”) to swap curve, 

Bond Market Association OAS, Treasury 

Curve, Agency Bullet Curve, maturity to 

Trade prices, material event notices, 

Municipal Market Data benchmark yields, 

quotes, comparative transactions, issuer 

spreads, bid-offer spread, market research 

publications, third-party pricing sources 

Bid side prices to Treasury Curve, Issuer 

Curve, which includes sector, quality, 

duration, OAS percentage and change for 

spread matrix, trade prices, comparative 

transactions, Trade Reporting and 

Compliance Engine (“TRACE”) reports 

Benchmark yields, trade prices, broker 

quotes, comparative transactions, issuer 

spreads, bid-offer spread, market research 

publications, third-party pricing sources 

Prepayment and default assumptions, 

aggregation of bonds with similar 

characteristics, including collateral type, 

vintage, tranche type, weighted-average 

OAS-based models, 

single factor binomial 

life, weighted-average loan age, issuer 

models, internally 

program and delinquency ratio, pay up and 

Multi-dimensional 

attribute-based 

modeling systems, 

pricing matrix, spread 

matrix priced to swap 

curves, Trepp 

Credit risk, interest rate risk, prepayment 

speeds, new issue data, collateral 

performance, origination year, tranche type, 

original credit ratings, weighted-average 

commercial mortgage-

life, cash flows, spreads derived from 

backed securities 

analytics model 

broker quotes, bid side prices, spreads to 

daily updated swap curves, TRACE reports 

Multi-dimensional 

attribute-based 

modeling systems, 

Spreads to daily updated swap curves, 

spreads derived from trade prices and 

broker quotes, bid side prices, new issue 

data, collateral performance, analysis of 

spread matrix priced to 

prepayment speeds, cash flows, collateral 

swap curves, price 

quotes from market 

loss analytics, historical issue analysis, 

trade data from market makers, TRACE 

U.S. corporate . . . . . . . . . . . . . . . . . . . . . . . . . .

$24,317 

models 

Non-U.S. corporate . . . . . . . . . . . . . . . . . . . . . .

$ 6,185 

market makers 

Residential mortgage-backed  . . . . . . . . . . . . . .

$

904 

priced 

pay down factors, TRACE reports 

Commercial mortgage-backed  . . . . . . . . . . . . .

$ 1,407 

•

Internal models: A portion of our U.S. corporate and non-U.S. corporate securities are valued using 
internal models. The fair value of these fixed maturity securities was $1,578 million and $796 million, 
respectively, as of December 31, 2023. Internally modeled securities are primarily private fixed 
maturity securities where we use market observable inputs such as an interest rate yield curve, 
published credit spreads for similar securities based on the external ratings of the instrument and 
related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity 
premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are 
established using inputs from market participants. 

Equity securities. The primary inputs to the valuation include quoted prices for identical assets, or similar 

assets in markets that are not active. 

Short-term investments. The fair value of short-term investments classified as Level 2 is determined after 

considering prices obtained by pricing services. 

Level 3 measurements 

Fixed maturity securities 

• Broker quotes: A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, 
residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are 
valued using broker quotes. Broker quotes are obtained from third-party providers that have current 
market knowledge to provide a reasonable price for securities not routinely priced by pricing services. 
Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed 
maturity securities priced by broker quotes was $221 million as of December 31, 2023. 

•

Internal models: A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, 
residential mortgage-backed and other asset-backed securities are valued using internal models. The 
primary inputs to the valuation of the bond population include quoted prices for identical assets, or 
similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer 
rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using 
an internal model using market observable inputs such as the interest rate yield curve, as well as 
published credit spreads for similar securities, which includes significant unobservable inputs. 
Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed 
maturity securities. Price caps are established using inputs from market participants. For structured 
securities, the primary inputs to the valuation include quoted prices for identical assets, or similar 
assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-
average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, 
collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, 
geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields 
and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models 
was $2,875 million as of December 31, 2023. 

Equity securities. The primary inputs to the valuation include broker quotes where the underlying inputs are 

unobservable and for internal models, structure of the security and issuer rating. 

Other asset-backed  . . . . . . . . . . . . . . . . . . . . . .

$ 2,136 

makers 

reports 

224 

225 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Limited partnerships. The fair value of limited partnerships classified as Level 3 is determined based on 
third-party valuation sources that utilize unobservable inputs, such as a reference to public market or private 
transactions, valuations for comparable companies or assets, discounted cash flows and/or recent transactions. 

Short-term investments. The primary inputs to the valuation include quoted prices for identical assets, or 

similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, 
benchmark yields and credit spreads. Certain securities are valued using an internal model using market 
observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, 
which include significant unobservable inputs. 

Net asset value 

Limited partnerships. Limited partnerships are valued based on comparable market transactions, discounted 

future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying 
instrument. We utilize the NAV from the underlying fund statements as a practical expedient for fair value. 

Market risk benefits 

MRBs are contracts or contract features that provide protection to the contractholder from and expose us to 

other-than-nominal capital market risk. MRBs include certain contract features on fixed and variable annuity 
products that provide minimum guarantees, in addition to the policyholder account balance, such as GMDBs, 
GMWBs and GPAFs. MRBs are measured at fair value using an income-based valuation model based on current 
net amounts at risk, market data, experience and other factors. See note 2 for a discussion of our policy for 
recording changes in fair value of MRBs. 

MRB assets and liabilities for minimum guarantees are valued and presented separately from the related 

separate account and policyholder account balances. 

Fixed indexed annuities 

The valuation of fixed indexed annuities MRBs, which includes GMWB features, is based on an income 

approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), 
equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount 
rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our 
fixed indexed annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment 
for the non-performance risk of the fixed indexed annuities MRBs. We determine fair value using an internal 
model based on the various inputs noted above. As a result of our assumptions for GMWB utilization, expected 
future interest credited and non-performance risk being considered significant unobservable inputs, we classify 
these instruments as Level 3. As expected future interest credited decreases or GMWB utilization increases, the 
value of our fixed indexed annuities MRB liability will increase. Any increase in non-performance risk would 
increase the discount rate and would decrease the fair value of the liability. As of December 31, 2023, a 
significant change in the unobservable inputs discussed above would have resulted in a significantly lower or 
higher fair value measurement. Refer to note 13 for additional details related to the changes in the fair value 
measurement of fixed indexed annuities MRBs as of December 31, 2023 and 2022. 

Variable annuities 

The valuation of our variable annuities MRBs, which includes GMWB, GMDB and GPAF features, is based 

on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and 

mortality), equity index volatility, interest rates, equity index and fund correlation and an adjustment to the 

discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair 

value of our variable annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an 

adjustment for the non-performance risk of the variable annuities MRBs. We determine fair value using an 

internal model based on the various inputs noted above. We classify the variable annuities MRBs valuation as 

Level 3 based on having significant unobservable inputs, with policyholder behavior (GMWB utilization and 

lapses), equity index volatility and non-performance risk being considered the more significant unobservable 

inputs. As equity index volatility increases, the fair value of the variable annuities MRBs will increase. An 

increase in our lapse assumption would decrease the fair value of the variable annuities MRBs, whereas an 

increase in our GMWB utilization rate would increase the fair value. Any increase in non-performance risk 

would increase the discount rate and would decrease the fair value of the liability. As of December 31, 2023, a 

significant change in the unobservable inputs discussed above would have resulted in a significantly lower or 

higher fair value measurement. Refer to note 13 for additional details related to the changes in the fair value 

measurement of variable annuities MRBs as of December 31, 2023 and 2022. 

Derivatives 

We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk 

exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these 

arrangements when determining whether any incremental adjustment should be made for both the counterparty’s 

and our non-performance risk in measuring fair value for our derivative instruments. As a result of these 

counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have 

not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the 

derivative counterparty for our derivative assets or liabilities. 

Interest rate swaps. The valuation of interest rate swaps is determined using an income approach. The 

primary input into the valuation represents the forward interest rate swap curve, which is generally considered an 

observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the 

inputs into the valuation also include the total returns of certain bonds that would primarily be considered an 

observable input and result in the derivative being classified as Level 2. 

Foreign currency swaps. The valuation of foreign currency swaps is determined using an income approach. 

The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency 

exchange rates, both of which are considered observable inputs, and results in the derivative being classified as 

Level 2. 

Equity index options. We have equity index options associated with various equity indices. The valuation of 

equity index options is determined using an income approach. The primary inputs into the valuation represent 

forward interest rates, equity index volatility, equity index and time value component associated with the 

optionality in the derivative. The equity index volatility surface is determined based on market information that is 

not readily observable and is developed based upon inputs received from several third-party sources. 

Accordingly, these options are classified as Level 3. As of December 31, 2023, a significant increase (decrease) 

in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value 

measurement. 

226 

227 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Limited partnerships. The fair value of limited partnerships classified as Level 3 is determined based on 

third-party valuation sources that utilize unobservable inputs, such as a reference to public market or private 

transactions, valuations for comparable companies or assets, discounted cash flows and/or recent transactions. 

Short-term investments. The primary inputs to the valuation include quoted prices for identical assets, or 

similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, 

benchmark yields and credit spreads. Certain securities are valued using an internal model using market 

observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, 

which include significant unobservable inputs. 

Limited partnerships. Limited partnerships are valued based on comparable market transactions, discounted 

future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying 

instrument. We utilize the NAV from the underlying fund statements as a practical expedient for fair value. 

Net asset value 

Market risk benefits 

MRBs are contracts or contract features that provide protection to the contractholder from and expose us to 

other-than-nominal capital market risk. MRBs include certain contract features on fixed and variable annuity 

products that provide minimum guarantees, in addition to the policyholder account balance, such as GMDBs, 

GMWBs and GPAFs. MRBs are measured at fair value using an income-based valuation model based on current 

net amounts at risk, market data, experience and other factors. See note 2 for a discussion of our policy for 

recording changes in fair value of MRBs. 

MRB assets and liabilities for minimum guarantees are valued and presented separately from the related 

separate account and policyholder account balances. 

Fixed indexed annuities 

The valuation of fixed indexed annuities MRBs, which includes GMWB features, is based on an income 

approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and mortality), 

equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount 

rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair value of our 

fixed indexed annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an adjustment 

for the non-performance risk of the fixed indexed annuities MRBs. We determine fair value using an internal 

model based on the various inputs noted above. As a result of our assumptions for GMWB utilization, expected 

future interest credited and non-performance risk being considered significant unobservable inputs, we classify 

these instruments as Level 3. As expected future interest credited decreases or GMWB utilization increases, the 

value of our fixed indexed annuities MRB liability will increase. Any increase in non-performance risk would 

increase the discount rate and would decrease the fair value of the liability. As of December 31, 2023, a 

significant change in the unobservable inputs discussed above would have resulted in a significantly lower or 

higher fair value measurement. Refer to note 13 for additional details related to the changes in the fair value 

measurement of fixed indexed annuities MRBs as of December 31, 2023 and 2022. 

Variable annuities 

The valuation of our variable annuities MRBs, which includes GMWB, GMDB and GPAF features, is based 

on an income approach that incorporates inputs such as policyholder behavior (GMWB utilization, lapses and 
mortality), equity index volatility, interest rates, equity index and fund correlation and an adjustment to the 
discount rate to incorporate non-performance risk and risk margins. Our discount rate used to determine fair 
value of our variable annuities MRBs includes market credit spreads above U.S. Treasury rates to reflect an 
adjustment for the non-performance risk of the variable annuities MRBs. We determine fair value using an 
internal model based on the various inputs noted above. We classify the variable annuities MRBs valuation as 
Level 3 based on having significant unobservable inputs, with policyholder behavior (GMWB utilization and 
lapses), equity index volatility and non-performance risk being considered the more significant unobservable 
inputs. As equity index volatility increases, the fair value of the variable annuities MRBs will increase. An 
increase in our lapse assumption would decrease the fair value of the variable annuities MRBs, whereas an 
increase in our GMWB utilization rate would increase the fair value. Any increase in non-performance risk 
would increase the discount rate and would decrease the fair value of the liability. As of December 31, 2023, a 
significant change in the unobservable inputs discussed above would have resulted in a significantly lower or 
higher fair value measurement. Refer to note 13 for additional details related to the changes in the fair value 
measurement of variable annuities MRBs as of December 31, 2023 and 2022. 

Derivatives 

We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk 

exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these 
arrangements when determining whether any incremental adjustment should be made for both the counterparty’s 
and our non-performance risk in measuring fair value for our derivative instruments. As a result of these 
counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have 
not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the 
derivative counterparty for our derivative assets or liabilities. 

Interest rate swaps. The valuation of interest rate swaps is determined using an income approach. The 
primary input into the valuation represents the forward interest rate swap curve, which is generally considered an 
observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the 
inputs into the valuation also include the total returns of certain bonds that would primarily be considered an 
observable input and result in the derivative being classified as Level 2. 

Foreign currency swaps. The valuation of foreign currency swaps is determined using an income approach. 

The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency 
exchange rates, both of which are considered observable inputs, and results in the derivative being classified as 
Level 2. 

Equity index options. We have equity index options associated with various equity indices. The valuation of 

equity index options is determined using an income approach. The primary inputs into the valuation represent 
forward interest rates, equity index volatility, equity index and time value component associated with the 
optionality in the derivative. The equity index volatility surface is determined based on market information that is 
not readily observable and is developed based upon inputs received from several third-party sources. 
Accordingly, these options are classified as Level 3. As of December 31, 2023, a significant increase (decrease) 
in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value 
measurement. 

226 

227 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Financial futures. The fair value of financial futures is based on the closing exchange prices. Accordingly, 

these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the 
margins on these contracts on a daily basis. 

Forward bond purchase commitments. The valuation of forward bond purchase commitments is determined 
using an income approach. The primary inputs into the valuation represent current bond prices and interest rates, 
as well as an estimate of the cost of counterparty financing to acquire and carry the bond during the forward 
period. The estimated cost of counterparty financing is not readily observable and is developed based upon an 
assumed spread; accordingly, these derivatives are classified as Level 3. 

Fixed indexed annuity and indexed universal life embedded derivatives 

We have fixed indexed annuity and indexed universal life insurance products where interest is credited to 

the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an 
embedded derivative and recorded at fair value. Fair value is determined using an income approach where the 
present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed 
to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses 
and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and 
an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our 
assumptions for expected future interest credited being considered significant unobservable inputs, we classify 
these instruments as Level 3. As expected future interest credited decreases, the value of our embedded 
derivative liability will decrease. As of December 31, 2023, a significant change in the unobservable inputs 
discussed above would have resulted in a significantly lower or higher fair value measurement. 

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring 

basis as of December 31: 

(Amounts in millions) 

Assets 

Investments: 

Fixed maturity securities: 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,985 

25,895 

2,090 

U.S. government, agencies and government-sponsored enterprises  . . . . .

$ 3,494 

$ —  

$ 3,494 

$ —  

$ —  

State and political subdivisions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other asset-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other invested assets: 

Derivative assets: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity index options  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Forward bond purchase commitments . . . . . . . . . . . . . . . . . . . . . . . .

Total derivative assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total other invested assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023 

Total 

Level 1  Level 2  Level 3  NAV(1) 

2,302 

626 

4,273 

2,372 

7,278 

4,505 

3,023 

1,233 

2,181 

1,649 

1,162 

309 

685 

1,027 

1,948 

616 

891 

797 

561 

221 

364 

701 

7,811 

907 

1,418 

2,238 

55 

10 

15 

51 

131 

27 

158 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

321 

—  

—  

—  

—  

—  

—  

—  

—  

2,242 

626 

3,392 

2,312 

6,561 

4,436 

3,011 

1,210 

2,146 

1,527 

1,140 

160 

416 

896 

1,814 

535 

867 

734 

508 

220 

342 

649 

6,981 

904 

1,407 

2,136 

43 

—  

55 

10 

—  

—  

65 

20 

85 

60 

—  

881 

60 

717 

69 

12 

23 

35 

122 

22 

149 

269 

131 

134 

81 

24 

63 

53 

1 

22 

52 

830 

3 

11 

102 

—  

—  

15 

51 

66 

7 

73 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

Total fixed maturity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

46,781 

43,685 

3,096 

Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

396 

2,193 

32 

20 

—  

2,173 

Separate account assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,509 

4,509 

—  

—  

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$54,037 

$4,830 

$43,813 

$3,221 

$2,173 

(1)  Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical 

expedient have not been categorized in the fair value hierarchy. 

228 

229 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial futures. The fair value of financial futures is based on the closing exchange prices. Accordingly, 

these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the 

margins on these contracts on a daily basis. 

Forward bond purchase commitments. The valuation of forward bond purchase commitments is determined 

using an income approach. The primary inputs into the valuation represent current bond prices and interest rates, 

as well as an estimate of the cost of counterparty financing to acquire and carry the bond during the forward 

period. The estimated cost of counterparty financing is not readily observable and is developed based upon an 

assumed spread; accordingly, these derivatives are classified as Level 3. 

Fixed indexed annuity and indexed universal life embedded derivatives 

We have fixed indexed annuity and indexed universal life insurance products where interest is credited to 

the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an 

embedded derivative and recorded at fair value. Fair value is determined using an income approach where the 

present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed 

to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses 

and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and 

an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our 

assumptions for expected future interest credited being considered significant unobservable inputs, we classify 

these instruments as Level 3. As expected future interest credited decreases, the value of our embedded 

derivative liability will decrease. As of December 31, 2023, a significant change in the unobservable inputs 

discussed above would have resulted in a significantly lower or higher fair value measurement. 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring 

basis as of December 31: 

(Amounts in millions) 

Assets 

Investments: 

Fixed maturity securities: 

2023 

Total 

Level 1  Level 2  Level 3  NAV(1) 

U.S. government, agencies and government-sponsored enterprises  . . . . .
State and political subdivisions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. corporate: 

$ 3,494 
2,302 
626 

$ —  
—  
—  

$ 3,494 
2,242 
626 

$ —  
60 
—  

$ —  
—  
—  

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,273 
2,372 
7,278 
4,505 
3,023 
1,233 
2,181 
1,649 
1,162 
309 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,985 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other asset-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

685 
1,027 
1,948 
616 
891 
797 
561 
221 
364 
701 

7,811 

907 
1,418 
2,238 

Total fixed maturity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

46,781 

Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other invested assets: 
Derivative assets: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity index options  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forward bond purchase commitments . . . . . . . . . . . . . . . . . . . . . . . .

Total derivative assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total other invested assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

396 
2,193 

55 
10 
15 
51 

131 

27 

158 

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  

—  

321 
—  

—  
—  
—  
—  

—  

—  

—  

3,392 
2,312 
6,561 
4,436 
3,011 
1,210 
2,146 
1,527 
1,140 
160 

881 
60 
717 
69 
12 
23 
35 
122 
22 
149 

25,895 

2,090 

416 
896 
1,814 
535 
867 
734 
508 
220 
342 
649 

6,981 

904 
1,407 
2,136 

269 
131 
134 
81 
24 
63 
53 
1 
22 
52 

830 

3 
11 
102 

43,685 

3,096 

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  

—  

32 
20 

—  
2,173 

43 
—  

55 
10 
—  
—  

65 

20 

85 

—  
—  
15 
51 

66 

7 

73 

—  
—  
—  
—  

—  

—  

—  

—  

228 

229 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$54,037 

$4,830 

$43,813 

$3,221 

$2,173 

(1)  Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical 

expedient have not been categorized in the fair value hierarchy. 

Separate account assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,509 

4,509 

—  

—  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(Amounts in millions) 

Assets 

Investments: 

Fixed maturity securities: 

2022 

Total 

Level 1  Level 2  Level 3  NAV(1) 

The following tables present additional information about assets measured at fair value on a recurring basis and for 

which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated: 

U.S. government, agencies and government-sponsored enterprises  . . . . .
State and political subdivisions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. corporate: 

$ 3,341 
2,399 
645 

$ —  
—  
—  

$ 3,341 
2,344 
645 

$ —  
55 
—  

$ —  
—  
—  

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,898 
2,262 
7,193 
4,457 
2,947 
1,197 
2,138 
1,617 
1,100 
310 

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,119 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other asset-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

740 
960 
1,946 
566 
894 
818 
546 
276 
375 
889 

8,010 

995 
1,908 
2,166 

Total fixed maturity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

46,583 

Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other invested assets: 
Derivative assets: 

319 
1,816 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity index options  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total derivative assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total other invested assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24 
20 
6 

50 

3 

53 

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  

—  

239 
—  

—  
—  
—  

—  

—  

—  

3,056 
2,146 
6,506 
4,375 
2,923 
1,175 
2,104 
1,504 
1,057 
151 

842 
116 
687 
82 
24 
22 
34 
113 
43 
159 

24,997 

2,122 

445 
842 
1,821 
493 
868 
770 
451 
212 
355 
868 

7,125 

973 
1,896 
2,072 

295 
118 
125 
73 
26 
48 
95 
64 
20 
21 

885 

22 
12 
94 

43,393 

3,190 

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  
—  
—  
—  
—  
—  
—  
—  

—  

—  
—  
—  

—  

46 
—  

24 
20 
—  

44 

3 

47 

34 
24 

—  
1,792 

—  
—  
6 

6 

—  

6 

—  

—  
—  
—  

—  

—  

—  

—  

Separate account assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,417 

4,417 

—  

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$53,188 

$4,656 

$43,486 

$3,254 

$1,792 

Total Level 3 assets 

. . . . . . . . . . . . .

$3,254 

$13 

$165 

$292 

$(66) 

$—  

$(334) 

$(170) 

$3,221 

$143 

(1)  Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical 

expedient have not been categorized in the fair value hierarchy. 

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing 

source and changes in the observability of external information used in determining the fair value, such as external 

ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. 

230 

Total U.S. corporate . . . . .

2,122  —  

75 

179 

(41)  —  

(139) 

(130) 

2,090 

61 

Beginning 

balance as 

of 

January 1, 

2023 

Total realized and 

unrealized gains 

(losses) 

Included 

in net 

income 

Included 

in OCI  Purchases  Sales  Issuances  Settlements 

Level 3(1) 

Level 3(1) 

2023 

Transfer 

Transfer 

into 

out of 

balance as of 

December 31, 

Ending 

Total gains (losses) 

attributable to 

assets still held 

Included 

in net 

income 

Included 

in OCI 

subdivisions  . . . . . . . . . . . . .

Non-U.S. government . . . . . . . .

$55 

$4 

—   —  

$1 

—  

$—  

$—  

$—  

—   —   —  

$—  

(1) 

$—  

1 

$—  

—  

(Amounts in millions) 

Fixed maturity securities: 

State and political 

U.S. corporate: 

Utilities  . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . .

Finance and insurance  . . .

Consumer—non-cyclical  .

Technology and 

communications 

. . . . .

Industrial  . . . . . . . . . . . . .

Capital goods . . . . . . . . . .

Consumer—cyclical . . . . .

Transportation  . . . . . . . . .

Other  . . . . . . . . . . . . . . . .

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . .

Energy . . . . . . . . . . . . . . .

Finance and insurance  . . .

Consumer—non-cyclical  .

Technology and 

communications 

. . . . .

Industrial  . . . . . . . . . . . . .

Capital goods . . . . . . . . . .

Consumer—cyclical . . . . .

Transportation  . . . . . . . . .

Other  . . . . . . . . . . . . . . . .

Total non-U.S. 

842  —  

116  —  

687  —  

82  —  

24  —  

22  —  

34  —  

113  —  

43  —  

159  —  

295  —  

118  —  

125 

5 

73  —  

26  —  

48  —  

95 

1 

64  —  

20  —  

21  —  

corporate  . . . . . . . . . . .

885 

6 

Residential mortgage-backed  . .

22  —  

Commercial 

mortgage-backed  . . . . . . . . .

Other asset-backed  . . . . . . . . . .

12  —  

94  —  

Total fixed maturity 

securities  . . . . . . . . . . . . . . .

3,190 

10 

Equity securities  . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . .

34  —  

24 

(3) 

Other invested assets: 

Derivative assets: 

Equity index options  . . . .

Forward bond purchase 

commitments  . . . . . . . .

Total derivative assets  . . .

Short-term investments . . . . . . .

Total other invested assets  . . . .

6 

6 

6 

6 

6 

6 

—   —  

33 

4 

28 

2 

—  

1 

1 

4 

1 

1 

6 

4 

4 

2 

4 

5 

7 

1 

3 

—  

36 

1 

(1) 

2 

114 

—  

—  

—  

51 

51 

—  

51 

(16) 

(3) 

(64) 

(15) 

—  

—  

—  

(8) 

(22) 

(11) 

(58) 

(2) 

—  

(1) 

(2) 

(15) 

(37) 

(64) 

—  

—  

(179) 

(1) 

—  

(4) 

(324) 

—  

(1) 

(9) 

—  

(9) 

—  

(9) 

11 

—  

—  

—  

—  

—  

—  

13 

—  

—  

24 

30 

11 

—  

—  

—  

1 

—  

—  

—  

—  

42 

—  

—  

—  

67 

—  

—  

—  

—  

—  

—  

—  

$67 

(36) 

(56) 

(26) 

—  

(12) 

—  

—  

—  

—  

—  

(8) 

—  

—  

—  

—  

—  

—  

—  

—  

—  

(8) 

(19) 

—  

(13) 

—  

—  

—  

—  

—  

—  

—  

$60 

—  

881 

60 

717 

69 

12 

23 

35 

122 

22 

149 

269 

131 

134 

81 

24 

63 

53 

1 

22 

52 

830 

3 

11 

102 

32 

20 

15 

51 

66 

7 

73 

$1 

—  

24 

3 

24 

2 

—  

1 

1 

4 

1 

1 

5 

4 

4 

2 

4 

3 

2 

1 

3 

—  

28 

—  

—  

2 

92 

—  

—  

—  

51 

51 

—  

51 

$4 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

5 

—  

—  

—  

—  

—  

—  

—  

5 

—  

—  

—  

9 

—  

(3) 

3 

—  

3 

—  

3 

$9 

(170) 

3,096 

87 

—  

(40)  —  

(1)  —  

92  —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

4  —   —  

—   —   —  

—   —   —  

7  —   —  

—   —   —  

25  —   —  

1 

—  

(12)  —  

(6)  —  

1  —   —  

28  —   —  

66 

(18)  —  

—   —   —  

—   —   —  

23  —   —  

268 

(59)  —  

5 

(7)  —  

—   —   —  

12  —   —  

12  —   —  

7  —   —  

19  —   —  

231 

—   —  

—   —   —  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Amounts in millions) 

Assets 

Investments: 

Fixed maturity securities: 

U.S. government, agencies and government-sponsored enterprises  . . . . .

$ 3,341 

$ —  

$ 3,341 

$ —  

$ —  

Total U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,119 

24,997 

2,122 

State and political subdivisions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-U.S. government  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance and insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—non-cyclical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Technology and communications  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumer—cyclical  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transportation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total non-U.S. corporate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residential mortgage-backed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other asset-backed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other invested assets: 

Derivative assets: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity index options  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total derivative assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total other invested assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,399 

645 

3,898 

2,262 

7,193 

4,457 

2,947 

1,197 

2,138 

1,617 

1,100 

310 

740 

960 

1,946 

566 

894 

818 

546 

276 

375 

889 

8,010 

995 

1,908 

2,166 

319 

1,816 

24 

20 

6 

50 

3 

53 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

239 

—  

—  

—  

—  

—  

—  

—  

2,344 

645 

3,056 

2,146 

6,506 

4,375 

2,923 

1,175 

2,104 

1,504 

1,057 

151 

445 

842 

1,821 

493 

868 

770 

451 

212 

355 

868 

7,125 

973 

1,896 

2,072 

46 

—  

24 

20 

—  

44 

3 

47 

Total fixed maturity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

46,583 

43,393 

3,190 

55 

—  

842 

116 

687 

82 

24 

22 

34 

113 

43 

159 

295 

118 

125 

73 

26 

48 

95 

64 

20 

21 

885 

22 

12 

94 

34 

24 

—  

—  

6 

6 

6 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

1,792 

Separate account assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,417 

4,417 

—  

—  

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$53,188 

$4,656 

$43,486 

$3,254 

$1,792 

(1)  Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical 

expedient have not been categorized in the fair value hierarchy. 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

2022 

Total 

Level 1  Level 2  Level 3  NAV(1) 

The following tables present additional information about assets measured at fair value on a recurring basis and for 
which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the dates indicated: 

Beginning 
balance as 
of 
January 1, 
2023 

Total realized and 
unrealized gains 
(losses) 

Included 
in net 
income 

Included 
in OCI  Purchases  Sales  Issuances  Settlements 

Transfer 
into 
Level 3(1) 

Transfer 
out of 
Level 3(1) 

Ending 
balance as of 
December 31, 
2023 

Total gains (losses) 
attributable to 
assets still held 

Included 
in net 
income 

Included 
in OCI 

$55 
$4 
—   —  

$1 
—  

$—  
$—  
$—  
—   —   —  

$—  
(1) 

$—  
1 

$—  
—  

(Amounts in millions) 

Fixed maturity securities: 

State and political 

subdivisions  . . . . . . . . . . . . .
Non-U.S. government . . . . . . . .
U.S. corporate: 

Utilities  . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . .
Finance and insurance  . . .
Consumer—non-cyclical  .
Technology and 

communications 

. . . . .
Industrial  . . . . . . . . . . . . .
Capital goods . . . . . . . . . .
Consumer—cyclical . . . . .
Transportation  . . . . . . . . .
Other  . . . . . . . . . . . . . . . .

842  —  
116  —  
687  —  
82  —  

24  —  
22  —  
34  —  
113  —  
43  —  
159  —  

Total U.S. corporate . . . . .

2,122  —  

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . .
Finance and insurance  . . .
Consumer—non-cyclical  .
Technology and 

communications 

. . . . .
Industrial  . . . . . . . . . . . . .
Capital goods . . . . . . . . . .
Consumer—cyclical . . . . .
Transportation  . . . . . . . . .
Other  . . . . . . . . . . . . . . . .

Total non-U.S. 

295  —  
118  —  
5 
125 
73  —  

26  —  
48  —  
95 
1 
64  —  
20  —  
21  —  

corporate  . . . . . . . . . . .

885 

6 

Residential mortgage-backed  . .
Commercial 

mortgage-backed  . . . . . . . . .
Other asset-backed  . . . . . . . . . .

Total fixed maturity 

22  —  

12  —  
94  —  

securities  . . . . . . . . . . . . . . .

3,190 

10 

Equity securities  . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . .
Other invested assets: 

Derivative assets: 

Equity index options  . . . .
Forward bond purchase 

commitments  . . . . . . . .

Total derivative assets  . . .
Short-term investments . . . . . . .

34  —  
(3) 
24 

6 

6 

—   —  

6 

6 
—   —  

Total other invested assets  . . . .

6 

Total Level 3 assets 

. . . . . . . . . . . . .

$3,254 

6 

$13 

33 
4 
28 
2 

—  
1 
1 
4 
1 
1 

75 

6 
4 
4 
2 

—  
4 
5 
7 
1 
3 

36 

1 

(1) 
2 

114 

—  
—  

—  

51 

51 
—  

51 

87 
—  

(40)  —  
(1)  —  
92  —   —  
—   —   —  

—   —   —  
—   —   —  
—   —   —  
—   —   —  
—   —   —  
—   —   —  

(16) 
(3) 
(64) 
(15) 

—  
—  
—  
(8) 
(22) 
(11) 

179 

(41)  —  

(139) 

4  —   —  
—   —   —  
—   —   —  
7  —   —  

—   —   —  
25  —   —  
(12)  —  
1 
(6)  —  
—  
1  —   —  
28  —   —  

66 

(18)  —  

—   —   —  

—   —   —  
23  —   —  

268 

(59)  —  

5 

(7)  —  
—   —   —  

12  —   —  

—   —   —  

12  —   —  
7  —   —  

19  —   —  

(58) 
(2) 
—  
(1) 

(2) 
(15) 
(37) 
(64) 
—  
—  

(179) 

(1) 

—  
(4) 

(324) 

—  
(1) 

(9) 

—  

(9) 
—  

(9) 

$165 

$292 

$(66) 

$—  

$(334) 

11 
—  
—  
—  

—  
—  
—  
13 
—  
—  

24 

30 
11 
—  
—  

—  
1 
—  
—  
—  
—  

42 

—  

—  
—  

67 

—  
—  

—  

—  

—  
—  

—  

$67 

$60 
—  

881 
60 
717 
69 

12 
23 
35 
122 
22 
149 

(36) 
(56) 
(26) 
—  

(12) 
—  
—  
—  
—  
—  

(130) 

2,090 

(8) 
—  
—  
—  

—  
—  
—  
—  
—  
—  

(8) 

(19) 

—  
(13) 

269 
131 
134 
81 

24 
63 
53 
1 
22 
52 

830 

3 

11 
102 

(170) 

3,096 

—  
—  

—  

—  

—  
—  

—  

32 
20 

15 

51 

66 
7 

73 

$(170) 

$3,221 

$4 
—  

—  
—  
—  
—  

—  
—  
—  
—  
—  
—  

—  

—  
—  
5 
—  

—  
—  
—  
—  
—  
—  

5 

—  

—  
—  

9 

—  
(3) 

3 

—  

3 
—  

3 

$9 

$1 
—  

24 
3 
24 
2 

—  
1 
1 
4 
1 
1 

61 

5 
4 
4 
2 

—  
4 
3 
2 
1 
3 

28 

—  

—  
2 

92 

—  
—  

—  

51 

51 
—  

51 

$143 

230 

231 

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing 

source and changes in the observability of external information used in determining the fair value, such as external 
ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Total realized and 
unrealized gains 
(losses) 

Included 
in net 
income 

Included 
in OCI  Purchases  Sales  Issuances  Settlements 

Transfer 
into 
Level 3(1) 

Transfer 
out of 
Level 3(1) 

Ending 
balance as of 
December 31, 
2022 

Total gains (losses) 
attributable to 
assets still held 

Included 
in net 
income 

Included 
in OCI 

$—  
2 

$—  

$—  
(3)  —  

$—  
(1) 

$—  
—  

$—  
—  

(Amounts in millions) 

Fixed maturity securities: 

State and political 

subdivisions  . . . . . . . . . . . . .
Non-U.S. government  . . . . . . . .
U.S. corporate: 

Utilities  . . . . . . . . . . . . . .
Energy  . . . . . . . . . . . . . . .
Finance and insurance 
. . .
Consumer—non-cyclical  .
Technology and 

communications  . . . . . .
Industrial  . . . . . . . . . . . . .
Capital goods  . . . . . . . . . .
Consumer—cyclical  . . . . .
Transportation  . . . . . . . . .
Other  . . . . . . . . . . . . . . . .

Beginning 
balance as 
of 
January 1, 
2022 

$82 
2 

950 
76 
685 
104 

29 
37 
45 
137 
64 
254 

Total U.S. corporate  . . . . .

2,381 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . . . .
Energy  . . . . . . . . . . . . . . .
Finance and insurance 
. . .
Consumer—non-cyclical  .
Technology and 

communications  . . . . . .
Industrial  . . . . . . . . . . . . .
Capital goods  . . . . . . . . . .
Consumer—cyclical  . . . . .
Transportation  . . . . . . . . .
Other  . . . . . . . . . . . . . . . .

Total non-U.S. 

345 
145 
160 
63 

28 
93 
173 
76 
53 
26 

$3 
—  

—  
—  
—  
—  

—  
—  
—  
—  
—  
—  

—  

—  
—  
5 
—  

—  
—  
—  
—  
—  
—  

$(30) 
—  

(211) 
(19) 
(147) 
(13) 

(5) 
(4) 
(7) 
(18) 
(8) 
(27) 

130  —   —  
—   —   —  
216  —   —  
—   —   —  

—   —   —  
—   —   —  
—   —   —  
—   —   —  
5  —   —  
(41)  —  

—  

(459) 

351 

(41)  —  

(56) 
(15) 
(40) 
(8) 

(2) 
(33) 
(16) 
(15) 
(3) 
(5) 

24  —   —  
13 
(21)  —  
—   —   —  
9  —   —  

—   —   —  
22  —   —  
—  
(10)  —  
—   —   —  
—   —   —  
—   —   —  

(19) 
(9) 
(19) 
(9) 

—  
(11) 
(4) 
(6) 
(5) 
(10) 

(92) 

(18) 
(24) 
—  
—  

—  
(20) 
(52) 
—  
(30) 
—  

corporate  . . . . . . . . . . .

1,162 

5 

(193) 

68 

(31)  —  

(144) 

Residential mortgage-backed 
Commercial 

. .

mortgage-backed  . . . . . . . . .
Other asset-backed  . . . . . . . . . .

Total fixed maturity 

27 

—  

(8) 

14  —   —  

16 
138 

—  
—  

(5) 
(15) 

—   —   —  
(6)  —  
77 

(2) 

—  
(7) 

securities  . . . . . . . . . . . . . . .

3,808 

8 

(710) 

512 

(81)  —  

(246) 

Equity securities  . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . .
Other invested assets: 

Derivative assets: 

Equity index options . . . . .

Total derivative assets 

. . .

Total other invested assets . . . . .

37 
26 

42 

42 

42 

—  
(2) 

(20) 

(20) 

(20) 

—  
—  

—  

—  

—  

1 

(3)  —  
—   —   —  

13  —   —  

13  —   —  

13  —   —  

—  
—  

(29) 

(29) 

(29) 

$55 
—  

842 
116 
687 
82 

24 
22 
34 
113 
43 
159 

2,122 

295 
118 
125 
73 

26 
48 
95 
64 
20 
21 

885 

22 

12 
94 

$3 
—  

—  
—  
—  
—  

—  
—  
—  
—  
—  
—  

—  

—  
—  
5 
—  

—  
—  
—  
—  
—  
—  

$(31) 
—  

(210) 
(20) 
(141) 
(13) 

(5) 
(4) 
(7) 
(18) 
(7) 
(28) 

(453) 

(55) 
(15) 
(41) 
(8) 

(2) 
(31) 
(16) 
(16) 
(3) 
(4) 

5 

(191) 

—  

—  
—  

(6) 

(6) 
(13) 

(11) 
—  
(56) 
—  

—  
—  
—  
—  
(13) 
(17) 

(97) 

—  
—  
—  
(9) 

—  
(14) 
—  
(14) 
—  
—  

(37) 

(13) 

—  
(93) 

(240) 

3,190 

8 

(700) 

(1) 
—  

—  

—  

—  

34 
24 

6 

6 

6 

—  
(2) 

(7) 

(7) 

(7) 

—  
—  

—  

—  

—  

3 
68 
8 
—  

—  
—  
—  
—  
—  
—  

79 

—  
20 
—  
18 

—  
—  
—  
17 
—  
—  

55 

4 

1 
—  

139 

—  
—  

—  

—  

—  

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Beginning 

balance as 

of 

January 1, 

2021 

Total realized and 

unrealized gains 

(losses) 

Included 

in net 

income 

Included 

in OCI  Purchases  Sales 

Issuances  Settlements 

Level 3 (1) 

Level 3 (1) 

2021 

Transfer 

Transfer 

into 

out of 

balance as of 

December 31, 

Ending 

Total gains (losses) 

attributable to 

assets still held 

Included 

in net 

income 

Included 

in OCI 

Total U.S. corporate 

. .

2,272 

430  —   —  

(153) 

(289) 

2,381 

(Amounts in millions) 

Fixed maturity securities: 

State and political 

subdivisions . . . . . . . . . . .

Non-U.S. government  . . . . .

U.S. corporate: 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . .

Energy 

. . . . . . . . . . . .

Finance and 

insurance . . . . . . . . .

Consumer—non-

cyclical  . . . . . . . . . .

Technology and 

communications  . . .

Industrial  . . . . . . . . . . .

Capital goods 

. . . . . . .

Consumer—cyclical  . .

Transportation  . . . . . . .

Other . . . . . . . . . . . . . .

Utilities  . . . . . . . . . . . .

Energy 

. . . . . . . . . . . .

Finance and 

insurance . . . . . . . . .

Consumer—non-

cyclical  . . . . . . . . . .

Technology and 

communications  . . .

Industrial  . . . . . . . . . . .

Capital goods 

. . . . . . .

Consumer—cyclical  . .

Transportation  . . . . . . .

Other . . . . . . . . . . . . . .

Total non-U.S. 

Residential 

mortgage-backed  . . . . . . .

Commercial mortgage-

backed  . . . . . . . . . . . . . . .

Other asset-backed  . . . . . . . .

Total fixed maturity 

securities  . . . . . . . . . . . . .

4,089 

Equity securities  . . . . . . . . . . . . . .

Limited partnerships . . . . . . . . . . .

Other invested assets: 

Derivative assets: 

Equity index options  . .

Total derivative 

assets 

. . . . . . . . . . .

Total other invested assets  . .

$66 

—  

842 

128 

607 

109 

47 

40 

60 

150 

70 

219 

352 

245 

305 

67 

28 

95 

178 

146 

109 

83 

14 

20 

109 

51 

17 

63 

63 

63 

$3 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

3 

1 

—  

2 

—  

—  

3 

6 

—  

—  

—  

18 

—  

1 

18 

18 

18 

(1) 

—  

(1) 

—  

(1) 

(1) 

(17) 

(5) 

7 

(1) 

(2) 

—  

(4) 

1 

—  

(3) 

(3) 

—  

(2) 

—  

(16) 

—  

—  

—  

—  

—  

$13 

—  

$—  

$—  

$—  

2  —   —  

$—  

—  

$—  

—  

3 

4 

118  —   —  

50  —   —  

(18) 

233  —   —  

(2) 

—   —   —  

12  —   —  

17  —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

30  —   —  

—   —   —  

1 

(2)  —  

8  —   —  

—   —   —  

14  —   —  

25  —   —  

17  —   —  

—   —   —  

—   —   —  

(18) 

(10) 

(46) 

(3) 

—  

(20) 

(14) 

(5) 

(5) 

(32) 

(8) 

(28) 

(62) 

(14) 

—  

(14) 

—  

—  

(49) 

(45) 

$—  

—  

(13) 

(104) 

(108) 

(3) 

(33) 

—  

—  

(8) 

—  

(20) 

(24) 

(79) 

(84) 

—  

—  

—  

(31) 

(87) 

(7) 

(15) 

—  

—  

(50) 

(666) 

—  

—  

18 

8 

17 

3 

4 

—  

—  

—  

—  

88 

138 

—  

—  

—  

3 

—  

—  

—  

—  

—  

—  

10 

—  

35 

186 

—  

—  

$82 

2 

950 

76 

685 

104 

29 

37 

45 

137 

64 

254 

345 

145 

160 

63 

28 

93 

173 

76 

53 

26 

27 

16 

138 

3,808 

37 

26 

42 

42 

42 

5 

(14) 

$3 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

1 

—  

9 

—  

1 

10 

10 

10 

$13 

—  

4 

1 

(16) 

(2) 

(1) 

(1) 

(2) 

—  

(1) 

1 

(17) 

(6) 

3 

(2) 

(1) 

(2) 

—  

—  

—  

(1) 

—  

(2) 

—  

(29) 

—  

—  

—  

—  

—  

5  —   —  

1  —   —  

69  —   —  

602 

—  

(2)  —  

(9)  —  

8  —   —  

(2) 

(3) 

(25) 

(403) 

(5) 

—  

31  —   —  

(70) 

—  

—  

31  —   —  

31  —   —  

(70) 

(70) 

—  

—  

—  

—  

corporate  . . . . . . . . .

1,608 

15 

(10) 

95 

(2)  —  

(220) 

3 

(327) 

1,162 

5 

(23) 

Total Level 3 assets  . . . . . . . . . . . . . .

$3,913 

$(14) 

$(710) 

$526 

$(84) 

$—  

$(275) 

$139 

$(241) 

$3,254 

$(1) 

$(700) 

Total Level 3 assets  . . . . . . . . . . .

$4,220 

$37 

$(16) 

$641 

$(11) 

$—  

$(478) 

$186 

$(666) 

$3,913 

$20 

$(29) 

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing 

source and changes in the observability of external information used in determining the fair value, such as external 
ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. 

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing 

source and changes in the observability of external information used in determining the fair value, such as external 

ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. 

232 

233 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Beginning 

balance as 

of 

January 1, 

2022 

Total realized and 

unrealized gains 

(losses) 

Included 

in net 

income 

Included 

in OCI  Purchases  Sales  Issuances  Settlements 

Level 3(1) 

Level 3(1) 

2022 

Transfer 

Transfer 

into 

out of 

balance as of 

December 31, 

Ending 

Total gains (losses) 

attributable to 

assets still held 

Included 

in net 

income 

Included 

in OCI 

$—  

$—  

$—  

2 

(3)  —  

$—  

(1) 

$—  

—  

$—  

—  

(Amounts in millions) 

Fixed maturity securities: 

State and political 

subdivisions  . . . . . . . . . . . . .

Non-U.S. government  . . . . . . . .

U.S. corporate: 

Utilities  . . . . . . . . . . . . . .

Energy  . . . . . . . . . . . . . . .

Finance and insurance 

. . .

Consumer—non-cyclical  .

Technology and 

communications  . . . . . .

Industrial  . . . . . . . . . . . . .

Capital goods  . . . . . . . . . .

Consumer—cyclical  . . . . .

Transportation  . . . . . . . . .

Other  . . . . . . . . . . . . . . . .

Utilities  . . . . . . . . . . . . . .

Energy  . . . . . . . . . . . . . . .

Finance and insurance 

. . .

Consumer—non-cyclical  .

Technology and 

communications  . . . . . .

Industrial  . . . . . . . . . . . . .

Capital goods  . . . . . . . . . .

Consumer—cyclical  . . . . .

Transportation  . . . . . . . . .

Other  . . . . . . . . . . . . . . . .

Total non-U.S. 

Total U.S. corporate  . . . . .

2,381 

Non-U.S. corporate: 

$82 

2 

950 

76 

685 

104 

29 

37 

45 

137 

64 

254 

345 

145 

160 

63 

28 

93 

173 

76 

53 

26 

$3 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

5 

—  

—  

—  

—  

—  

—  

—  

$(30) 

—  

(211) 

(19) 

(147) 

(13) 

(5) 

(4) 

(7) 

(18) 

(8) 

(27) 

(459) 

(56) 

(15) 

(40) 

(8) 

(2) 

(33) 

(16) 

(15) 

(3) 

(5) 

130  —   —  

—   —   —  

216  —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

—   —   —  

5  —   —  

—  

351 

(41)  —  

(41)  —  

24  —   —  

13 

(21)  —  

—   —   —  

9  —   —  

—   —   —  

22  —   —  

—  

(10)  —  

—   —   —  

—   —   —  

—   —   —  

Residential mortgage-backed 

. .

27 

—  

(8) 

14  —   —  

mortgage-backed  . . . . . . . . .

Other asset-backed  . . . . . . . . . .

16 

138 

—  

—  

(5) 

(15) 

—   —   —  

77 

(6)  —  

Commercial 

Total fixed maturity 

Equity securities  . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . .

Other invested assets: 

Derivative assets: 

Equity index options . . . . .

Total derivative assets 

. . .

Total other invested assets . . . . .

37 

26 

42 

42 

42 

—  

(2) 

(20) 

(20) 

(20) 

—  

—  

—  

—  

—  

1 

(3)  —  

—   —   —  

13  —   —  

13  —   —  

13  —   —  

(19) 

(9) 

(19) 

(9) 

—  

(11) 

(4) 

(6) 

(5) 

(10) 

(92) 

(18) 

(24) 

—  

—  

—  

(20) 

(52) 

—  

(30) 

—  

(2) 

—  

(7) 

—  

—  

(29) 

(29) 

(29) 

3 

68 

8 

—  

—  

—  

—  

—  

—  

—  

79 

—  

20 

—  

18 

—  

—  

—  

17 

—  

—  

55 

4 

1 

—  

139 

—  

—  

—  

—  

—  

(11) 

—  

(56) 

—  

—  

—  

—  

—  

(13) 

(17) 

(97) 

—  

—  

—  

(9) 

—  

(14) 

—  

(14) 

—  

—  

(37) 

(13) 

—  

(93) 

(1) 

—  

—  

—  

—  

2,122 

$55 

—  

842 

116 

687 

82 

24 

22 

34 

113 

43 

159 

295 

118 

125 

73 

26 

48 

95 

64 

20 

21 

885 

22 

12 

94 

34 

24 

6 

6 

6 

$3 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

5 

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

—  

(2) 

(7) 

(7) 

(7) 

$(31) 

—  

(210) 

(20) 

(141) 

(13) 

(5) 

(4) 

(7) 

(18) 

(7) 

(28) 

(453) 

(55) 

(15) 

(41) 

(8) 

(2) 

(31) 

(16) 

(16) 

(3) 

(4) 

(6) 

(6) 

(13) 

—  

—  

—  

—  

—  

securities  . . . . . . . . . . . . . . .

3,808 

8 

(710) 

512 

(81)  —  

(246) 

(240) 

3,190 

8 

(700) 

corporate  . . . . . . . . . . .

1,162 

5 

(193) 

68 

(31)  —  

(144) 

5 

(191) 

Total Level 3 assets  . . . . . . . . . . . . . .

$3,913 

$(14) 

$(710) 

$526 

$(84) 

$—  

$(275) 

$139 

$(241) 

$3,254 

$(1) 

$(700) 

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing 

source and changes in the observability of external information used in determining the fair value, such as external 

ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(Amounts in millions) 

Fixed maturity securities: 

State and political 

subdivisions . . . . . . . . . . .
Non-U.S. government  . . . . .
U.S. corporate: 

Utilities  . . . . . . . . . . . .
Energy 
. . . . . . . . . . . .
Finance and 

insurance . . . . . . . . .

Consumer—non-

cyclical  . . . . . . . . . .

Technology and 

communications  . . .
Industrial  . . . . . . . . . . .
Capital goods 
. . . . . . .
Consumer—cyclical  . .
Transportation  . . . . . . .
Other . . . . . . . . . . . . . .

Beginning 
balance as 
of 
January 1, 
2021 

$66 
—  

842 
128 

607 

109 

47 
40 
60 
150 
70 
219 

Total U.S. corporate 

. .

2,272 

Non-U.S. corporate: 

Utilities  . . . . . . . . . . . .
Energy 
. . . . . . . . . . . .
Finance and 

insurance . . . . . . . . .

Consumer—non-

cyclical  . . . . . . . . . .

Technology and 

communications  . . .
Industrial  . . . . . . . . . . .
Capital goods 
. . . . . . .
Consumer—cyclical  . .
Transportation  . . . . . . .
Other . . . . . . . . . . . . . .

Total non-U.S. 

352 
245 

305 

67 

28 
95 
178 
146 
109 
83 

$3 
—  

—  
—  

—  

—  

—  
—  
—  
—  
—  
—  

—  

—  
—  

3 

1 

—  
2 
—  
—  
3 
6 

Total realized and 
unrealized gains 
(losses) 

Included 
in net 
income 

Included 
in OCI  Purchases  Sales 

Issuances  Settlements 

Transfer 
into 
Level 3 (1) 

Transfer 
out of 
Level 3 (1) 

Ending 
balance as of 
December 31, 
2021 

Total gains (losses) 
attributable to 
assets still held 

Included 
in net 
income 

Included 
in OCI 

$—  

$—  

$—  
2  —   —  

$—  
—  

$—  
—  

$13 
—  

3 
4 

(1) 
—  
(1) 
—  
(1) 
(1) 

(17) 

(5) 
7 

(1) 

(2) 

—  
(4) 
1 
—  
(3) 
(3) 

118  —   —  
50  —   —  

(18) 

233  —   —  

(2) 

—   —   —  

(18) 
(10) 

(46) 

(3) 

—  
(20) 
(14) 
(5) 
(5) 
(32) 

12  —   —  
17  —   —  
—   —   —  
—   —   —  
—   —   —  
—   —   —  

430  —   —  

(153) 

30  —   —  
—   —   —  

1 

(2)  —  

8  —   —  

—   —   —  
14  —   —  
25  —   —  
17  —   —  
—   —   —  
—   —   —  

(8) 
(28) 

(62) 

(14) 

—  
(14) 
—  
—  
(49) 
(45) 

$—  
—  

(13) 
(104) 

(108) 

(3) 

(33) 
—  
—  
(8) 
—  
(20) 

$82 
2 

950 
76 

685 

104 

29 
37 
45 
137 
64 
254 

(289) 

2,381 

(24) 
(79) 

(84) 

—  

—  
—  
(31) 
(87) 
(7) 
(15) 

345 
145 

160 

63 

28 
93 
173 
76 
53 
26 

$3 
—  

—  
—  

—  

—  

—  
—  
—  
—  
—  
—  

—  

—  
—  

$13 
—  

4 
1 

(16) 

(2) 

(1) 
(1) 
(2) 
—  
(1) 
1 

(17) 

(6) 
3 

5 

(14) 

—  

—  
—  
—  
—  
—  
—  

(2) 

(1) 
(2) 
—  
—  
—  
(1) 

18 
8 

17 

3 

4 
—  
—  
—  
—  
88 

138 

—  
—  

—  

3 

—  
—  
—  
—  
—  
—  

corporate  . . . . . . . . .

1,608 

15 

(10) 

95 

(2)  —  

(220) 

3 

(327) 

1,162 

5 

(23) 

Residential 

mortgage-backed  . . . . . . .

Commercial mortgage-

backed  . . . . . . . . . . . . . . .
Other asset-backed  . . . . . . . .

14 

20 
109 

Total fixed maturity 

securities  . . . . . . . . . . . . .

4,089 

Equity securities  . . . . . . . . . . . . . .
Limited partnerships . . . . . . . . . . .
Other invested assets: 

Derivative assets: 

Equity index options  . .

Total derivative 

assets 

. . . . . . . . . . .

Total other invested assets  . .

51 
17 

63 

63 

63 

—  

—  
—  

18 

—  
1 

18 

18 

18 

—  

(2) 
—  

(16) 

—  
—  

—  

—  

—  

5  —   —  

1  —   —  
69  —   —  

602 

(2)  —  

—  

(9)  —  
8  —   —  

(2) 

(3) 
(25) 

(403) 

(5) 
—  

10 

—  
35 

186 

—  
—  

31  —   —  

(70) 

—  

31  —   —  

31  —   —  

(70) 

(70) 

—  

—  

—  

—  
(50) 

(666) 

—  
—  

—  

—  

—  

27 

16 
138 

3,808 

37 
26 

42 

42 

42 

—  

1 
—  

9 

—  
1 

10 

10 

10 

—  

(2) 
—  

(29) 

—  
—  

—  

—  

—  

Total Level 3 assets  . . . . . . . . . . .

$4,220 

$37 

$(16) 

$641 

$(11) 

$—  

$(478) 

$186 

$(666) 

$3,913 

$20 

$(29) 

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing 

source and changes in the observability of external information used in determining the fair value, such as external 
ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities. 

232 

233 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following table presents the gains and losses included in net income from assets measured at fair value 

on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair 
value and the related income statement line item in which these gains and losses were presented for the years 
ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Total realized and unrealized gains (losses) included in net income: 
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 10 
3 

$ 8 
(22) 

$19 
18 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 13 

$(14)  $37 

Total gains (losses) included in net income attributable to assets still 

held: 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

9 
—  

$ 8 
(9) 

$ 9 
11 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

9 

$ (1)  $20 

The amount presented for net investment income relates to fixed maturity securities and primarily represents 

amortization and accretion of premiums and discounts on certain fixed maturity securities. 

The following table presents a summary of the significant unobservable inputs used for certain asset fair 

value measurements that are based on internal models and classified as Level 3 as of December 31, 2023: 

(Amounts in millions) 

Valuation technique  Fair value 

Unobservable input 

Range 

Weighted-average(1) 

Fixed maturity securities: 

U.S. corporate: 

Finance and 

Consumer—non-

Technology and 

Utilities  . . . . . . . . . .

Internal models 

$ 851 

Energy  . . . . . . . . . . .

Internal models 

46 

Credit spreads 

Credit spreads 

58bps - 194bps 

113bps - 218bps 

136bps 

163bps 

insurance  . . . . . . .

Internal models 

707 

Credit spreads 

14bps - 248bps 

168bps 

cyclical . . . . . . . . .

Internal models 

Credit spreads 

79bps - 224bps 

138bps 

communications  . .

Internal models 

Industrial  . . . . . . . . .

Internal models 

Capital goods  . . . . . .

Internal models 

Consumer—cyclical  . .

Internal models 

Transportation  . . . . .

Internal models 

Other  . . . . . . . . . . . .

Internal models 

Credit spreads 

Credit spreads 

Credit spreads 

Credit spreads 

Credit spreads 

Credit spreads 

65bps - 88bps 

98bps - 181bps 

85bps - 160bps 

79bps - 171bps 

44bps - 138bps 

79bps - 115bps 

74bps 

125bps 

131bps 

123bps 

98bps 

90bps 

Total U.S. 

Non-U.S. corporate: 

Finance and 

Consumer—non-

Technology and 

corporate  . . . . . . .

Internal models 

$1,988 

Credit spreads 

14bps - 248bps 

144bps 

Utilities  . . . . . . . . . .

Internal models 

$ 214 

Energy  . . . . . . . . . . .

Internal models 

Credit spreads 

Credit spreads 

74bps - 194bps 

88bps - 183bps 

129bps 

129bps 

insurance  . . . . . . .

Internal models 

Credit spreads 

115bps - 197bps 

132bps 

cyclical . . . . . . . . .

Internal models 

Credit spreads 

65bps - 146bps 

101bps 

Credit spreads 

Credit spreads 

Credit spreads 

Credit spreads 

Credit spreads 

98bps - 128bps 

107bps - 183bps 

65bps - 218bps 

113bps - 146bps 

58bps - 136bps 

108bps 

146bps 

118bps 

119bps 

112bps 

communications  . .

Internal models 

Industrial  . . . . . . . . .

Internal models 

Capital goods  . . . . . .

Internal models 

Transportation  . . . . .

Internal models 

Other  . . . . . . . . . . . .

Internal models 

Total non-U.S. 

Derivative assets: 

Discounted cash 

corporate  . . . . . . .

Internal models 

$ 761 

Credit spreads 

58bps - 218bps 

110bps 

Equity index options  . . . .

flows 

15 

Equity index volatility 

6% - 24% 

19% 

Forward bond purchase 

Discounted cash 

Counterparty financing 

commitments  . . . . . . . .

flows 

51 

$

$

spreads 

Lapse rate 

35bps 

2% - 10% 

Non-performance risk 

(counterparty credit risk)  42bps - 83bps 

Not applicable 

5% 

69bps 

22% 

Other assets(2) . . . . . . . . . . . . . . Cash flow model 

$ 140 

Equity index volatility 

13% - 30% 

(1)  Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity 

securities, notional for derivative assets and the policyholder account balances associated with the 

instrument for the net reinsured portion of our variable annuity MRBs. 

(2)  Represents the net reinsured portion of our variable annuity MRBs. 

69 

12 

23 

35 

122 

22 

101 

125 

134 

79 

24 

61 

52 

20 

52 

234 

235 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table presents the gains and losses included in net income from assets measured at fair value 

on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair 

value and the related income statement line item in which these gains and losses were presented for the years 

ended December 31: 

The following table presents a summary of the significant unobservable inputs used for certain asset fair 

value measurements that are based on internal models and classified as Level 3 as of December 31, 2023: 

(Amounts in millions) 

Valuation technique  Fair value 

Unobservable input 

Range 

Weighted-average(1) 

(Amounts in millions) 

2023 

2022 

2021 

Total realized and unrealized gains (losses) included in net income: 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 10 

$ 8 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 

(22) 

$19 

18 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 13 

$(14)  $37 

Total gains (losses) included in net income attributable to assets still 

held: 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 

$ 8 

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

(9) 

$ 9 

11 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 

$ (1)  $20 

$

$

The amount presented for net investment income relates to fixed maturity securities and primarily represents 

amortization and accretion of premiums and discounts on certain fixed maturity securities. 

Fixed maturity securities: 
U.S. corporate: 

Utilities  . . . . . . . . . .
Energy  . . . . . . . . . . .
Finance and 

Internal models 
Internal models 

$ 851 
46 

Credit spreads 
Credit spreads 

58bps - 194bps 
113bps - 218bps 

136bps 
163bps 

insurance  . . . . . . .

Internal models 

707 

Credit spreads 

14bps - 248bps 

168bps 

Consumer—non-

cyclical . . . . . . . . .

Internal models 

69 

Credit spreads 

79bps - 224bps 

138bps 

Technology and 

communications  . .
Industrial  . . . . . . . . .
Capital goods  . . . . . .
Consumer—cyclical  . .
Transportation  . . . . .
Other  . . . . . . . . . . . .

Total U.S. 

Internal models 
Internal models 
Internal models 
Internal models 
Internal models 
Internal models 

12 
23 
35 
122 
22 
101 

Credit spreads 
Credit spreads 
Credit spreads 
Credit spreads 
Credit spreads 
Credit spreads 

65bps - 88bps 
98bps - 181bps 
85bps - 160bps 
79bps - 171bps 
44bps - 138bps 
79bps - 115bps 

74bps 
125bps 
131bps 
123bps 
98bps 
90bps 

corporate  . . . . . . .

Internal models 

$1,988 

Credit spreads 

14bps - 248bps 

144bps 

Non-U.S. corporate: 

Utilities  . . . . . . . . . .
Energy  . . . . . . . . . . .
Finance and 

Internal models 
Internal models 

$ 214 
125 

Credit spreads 
Credit spreads 

74bps - 194bps 
88bps - 183bps 

129bps 
129bps 

insurance  . . . . . . .

Internal models 

134 

Credit spreads 

115bps - 197bps 

132bps 

Consumer—non-

cyclical . . . . . . . . .

Internal models 

Technology and 

communications  . .
Industrial  . . . . . . . . .
Capital goods  . . . . . .
Transportation  . . . . .
Other  . . . . . . . . . . . .

Total non-U.S. 

Internal models 
Internal models 
Internal models 
Internal models 
Internal models 

79 

24 
61 
52 
20 
52 

Credit spreads 

65bps - 146bps 

101bps 

Credit spreads 
Credit spreads 
Credit spreads 
Credit spreads 
Credit spreads 

98bps - 128bps 
107bps - 183bps 
65bps - 218bps 
113bps - 146bps 
58bps - 136bps 

108bps 
146bps 
118bps 
119bps 
112bps 

corporate  . . . . . . .

Internal models 

$ 761 

Credit spreads 

58bps - 218bps 

110bps 

Derivative assets: 

Equity index options  . . . .
Forward bond purchase 

commitments  . . . . . . . .

Discounted cash 
flows 
Discounted cash 
flows 

$

$

15 

51 

Other assets(2) . . . . . . . . . . . . . . Cash flow model 

$ 140 

Equity index volatility 
Counterparty financing 
spreads 
Lapse rate 
Non-performance risk 

6% - 24% 

19% 

35bps 
2% - 10% 

Not applicable 
5% 

(counterparty credit risk)  42bps - 83bps 
Equity index volatility 

13% - 30% 

69bps 
22% 

(1)  Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity 
securities, notional for derivative assets and the policyholder account balances associated with the 
instrument for the net reinsured portion of our variable annuity MRBs. 

(2)  Represents the net reinsured portion of our variable annuity MRBs. 

234 

235 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or 
due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker 
quotes, used as an input in determining fair value. 

The following tables present additional information about liabilities measured at fair value on a recurring 

basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and 

for the dates indicated: 

The following tables set forth our liabilities by class of instrument that are measured at fair value on a 

recurring basis as of December 31: 

(Amounts in millions) 

Liabilities 

Policyholder account balances: 

2023 

Total 

Level 1 

Level 2 

Level 3 

Fixed indexed annuity embedded derivatives  . . . . . . . .
Indexed universal life embedded derivatives  . . . . . . . .

$165 

$—  
15  —  

Total policyholder account balances  . . . . . . . . . . . . . . .

180  —  

Derivative liabilities: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency swaps  . . . . . . . . . . . . . . . . . . . . . . . . .
Forward bond purchase commitments . . . . . . . . . . . . . .

490  —  
2  —  
9  —  

Total derivative liabilities  . . . . . . . . . . . . . . . . . . . . . . .

501  —  

$—  
—  

—  

$165 
15 

180 

490 
2 
—  

492 

—  
—  
9 

9 

Total liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$681 

$—  

$492 

$189 

(Amounts in millions) 

Liabilities 

Policyholder account balances: 

2022 

Total 

Level 1 

Level 2 

Level 3 

Fixed indexed annuity embedded derivatives  . . . . . . . .
Indexed universal life embedded derivatives  . . . . . . . .

$202 

$—  
15  —  

Total policyholder account balances  . . . . . . . . . . . . . . .

217  —  

Derivative liabilities: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

522  —  

Total derivative liabilities  . . . . . . . . . . . . . . . . . . . . . . .

522  —  

$—  
—  

—  

522 

522 

$202 
15 

217 

—  

—  

Total liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$739 

$—  

$522 

$217 

Total 

(gains) 

losses 

attributable 

to 

liabilities 

still 

held 

4 

9 

9 

—  

—  

—  

Total 

(gains) 

losses 

attributable to 

liabilities 

still held 

Total 

realized 

and 

unrealized 

(gains) 

losses 

Beginning 

balance 

January 1, 

as of 

2023 

Included 

in net 

Included 

(income) 

in OCI 

Purchases 

Sales 

Issuances 

Settlements 

Level 3 

Ending 

balance 

as of 

Transfer 

Transfer 

Included 

into 

out of 

Level 3 

December 31, 

2023 

in net 

Included 

(income) 

in OCI 

(Amounts in millions) 

Policyholder account balances: 

Fixed indexed annuity 

embedded 

Indexed universal life 

embedded 

Total policyholder 

Derivative liabilities: 

Forward bond purchase 

commitments  . . . . . . . . . . .

Total derivative liabilities  . . . .

—  

—  

4 

9 

9 

derivatives  . . . . . . . . .

$202 

$ 18 

$—  

$—  

$—  

$—  

$ (52) 

$—  

$ (3) 

$165 

$ 18 

$—  

derivatives  . . . . . . . . .

15 

(14) 

—  

—  

—  

14 

—  

—  

—  

15 

(14) 

—  

account balances . . . . .

217 

—  

—  

—  

14 

(52) 

—  

(3) 

180 

Total Level 3 liabilities  . . . . . . . . . .

$217 

$ 13 

$—  

$—  

$—  

$ 14 

$ (52) 

$—  

$ (3) 

$189 

$ 13 

$—  

—  

—  

—  

—  

—   —  

—   —  

—  

—  

—  

—  

—  

—  

9 

9 

Total 

realized 

and 

unrealized 

(gains) 

losses 

Beginning 

balance 

as of 

Included 

January 1, 

in net 

Included 

(Amounts in millions) 

2022 

(income) 

in OCI 

Purchases 

Sales 

Issuances 

Settlements 

Level 3 

Ending 

balance 

as of 

Transfer 

Transfer 

Included 

into 

out of 

Level 3 

December 31, 

in net 

Included 

2022 

(income) 

in OCI 

Policyholder account 

balances: 

Fixed indexed annuity 

embedded 

Indexed universal life 

embedded 

Total policyholder 

derivatives  . . . . . . .

$294 

$(16) 

$—  

$—   $—   $—  

$ (73) 

$—  

$ (3) 

$202 

$(16) 

$—  

derivatives  . . . . . . .

25 

(27)  —  

—   —  

17 

—  

—   —  

15 

(27)  —  

account balances  . .

319 

(43)  —  

—   —  

17 

(73)  —  

(3) 

217 

(43)  —  

Total Level 3 liabilities  . . .

$319 

$(43) 

$—  

$—   $—   $ 17 

$ (73) 

$—  

$ (3) 

$217 

$(43) 

$—  

236 

237 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or 

due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker 

quotes, used as an input in determining fair value. 

The following tables present additional information about liabilities measured at fair value on a recurring 
basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and 
for the dates indicated: 

The following tables set forth our liabilities by class of instrument that are measured at fair value on a 

recurring basis as of December 31: 

2023 

Total 

Level 1 

Level 2 

Level 3 

(Amounts in millions) 

Liabilities 

Policyholder account balances: 

Fixed indexed annuity embedded derivatives  . . . . . . . .

$165 

$—  

Indexed universal life embedded derivatives  . . . . . . . .

15  —  

Total policyholder account balances  . . . . . . . . . . . . . . .

180  —  

Derivative liabilities: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

490  —  

Foreign currency swaps  . . . . . . . . . . . . . . . . . . . . . . . . .

Forward bond purchase commitments . . . . . . . . . . . . . .

2  —  

9  —  

Total derivative liabilities  . . . . . . . . . . . . . . . . . . . . . . .

501  —  

$—  

—  

—  

$165 

15 

180 

490 

2 

—  

492 

—  

—  

9 

9 

Total liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$681 

$—  

$492 

$189 

(Amounts in millions) 

Liabilities 

Policyholder account balances: 

2022 

Total 

Level 1 

Level 2 

Level 3 

Fixed indexed annuity embedded derivatives  . . . . . . . .

$202 

$—  

Indexed universal life embedded derivatives  . . . . . . . .

15  —  

Total policyholder account balances  . . . . . . . . . . . . . . .

217  —  

Derivative liabilities: 

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

522  —  

Total derivative liabilities  . . . . . . . . . . . . . . . . . . . . . . .

522  —  

$—  

—  

—  

522 

522 

$202 

15 

217 

—  

—  

Total liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$739 

$—  

$522 

$217 

Total 
realized 
and 
unrealized 
(gains) 
losses 

Included 
in net 
(income) 

Included 
in OCI 

Beginning 
balance 
as of 
January 1, 
2023 

Purchases 

Sales 

Issuances 

Settlements 

Transfer 
into 
Level 3 

Transfer 
out of 
Level 3 

Ending 
balance 
as of 
December 31, 
2023 

Total 
(gains) 
losses 
attributable 
to 
liabilities 
still 
held 

Included 
in net 
(income) 

Included 
in OCI 

$202 

$ 18 

$—  

$—  

$—  

$—  

$ (52) 

$—  

$ (3) 

$165 

$ 18 

$—  

15 

(14) 

—  

—  

—  

14 

—  

—  

—  

15 

(14) 

—  

(Amounts in millions) 

Policyholder account balances: 

Fixed indexed annuity 

embedded 
derivatives  . . . . . . . . .

Indexed universal life 

embedded 
derivatives  . . . . . . . . .

Total policyholder 

account balances . . . . .

217 

Derivative liabilities: 

Forward bond purchase 

commitments  . . . . . . . . . . .

Total derivative liabilities  . . . .

—  

—  

4 

9 

9 

—  

—  

—  

14 

(52) 

—  

(3) 

180 

—  

—  

—  

—  

—   —  

—   —  

—  

—  

—  

—  

—  

—  

9 

9 

4 

9 

9 

—  

—  

—  

Total Level 3 liabilities  . . . . . . . . . .

$217 

$ 13 

$—  

$—  

$—  

$ 14 

$ (52) 

$—  

$ (3) 

$189 

$ 13 

$—  

Total 
realized 
and 
unrealized 
(gains) 
losses 

Included 
in net 
(income) 

Included 
in OCI 

Beginning 
balance 
as of 
January 1, 
2022 

Total 
(gains) 
losses 
attributable to 
liabilities 
still held 

Included 
in net 
(income) 

Included 
in OCI 

Transfer 
into 
Level 3 

Transfer 
out of 
Level 3 

Ending 
balance 
as of 
December 31, 
2022 

Purchases 

Sales 

Issuances 

Settlements 

$294 

$(16) 

$—  

$—   $—   $—  

$ (73) 

$—  

$ (3) 

$202 

$(16) 

$—  

25 

(27)  —  

—   —  

17 

—  

—   —  

15 

(27)  —  

(Amounts in millions) 

Policyholder account 

balances: 

Fixed indexed annuity 

embedded 
derivatives  . . . . . . .
Indexed universal life 

embedded 
derivatives  . . . . . . .

Total policyholder 

account balances  . .

319 

(43)  —  

—   —  

17 

(73)  —  

(3) 

217 

(43)  —  

Total Level 3 liabilities  . . .

$319 

$(43) 

$—  

$—   $—   $ 17 

$ (73) 

$—  

$ (3) 

$217 

$(43) 

$—  

236 

237 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Total 
realized 
and 
unrealized 
(gains) 
losses 

Included 
in net 
(income) 

Included 
in OCI 

Beginning 
balance 
as of 
January 1, 
2021 

Total 
(gains) 
losses 
attributable to 
liabilities 
still held 

Included 
in net 
(income) 

Included 
in OCI 

Transfer 
into 
Level 3 

Transfer 
out of 
Level 3 

Ending 
balance 
as of 
December 31, 
2021 

Purchases 

Sales 

Issuances 

Settlements 

$399 

$ 32 

$—  

$—   $—   $—  

$(136) 

$—  

$ (1) 

$294 

$ 32 

$—  

26 

(24)  —  

—   —  

23 

—  

—   —  

25 

(24)  —  

(Amounts in millions) 

Policyholder account 

balances: 

Fixed indexed annuity 

embedded 
derivatives  . . . . . . .
Indexed universal life 

embedded 
derivatives  . . . . . . .

Total policyholder 

embedded derivative instrument with all remaining changes in the fair value of these embedded derivative 

instruments being shown separately in the category labeled “included in net (income)” in the tables presented 

above. 

The following table presents a summary of the significant unobservable inputs used for certain liability fair 

value measurements that are based on internal models and classified as Level 3 as of December 31, 2023: 

(Amounts in millions) 

Policyholder account balances: 

Valuation 

technique 

Fair 

value  Unobservable input 

Range 

Weighted-

average(1) 

Fixed indexed annuity embedded 

Option budget 

Expected future 

derivatives  . . . . . . . . . . . . . . . . . . .

method 

$165 

interest credited 

1% - 3% 

Indexed universal life embedded 

Option budget 

Expected future 

derivatives  . . . . . . . . . . . . . . . . . . .

method 

$ 15 

interest credited 

3% - 12% 

2% 

5% 

account balances  . .

425 

8  —  

—   —  

23 

(136)  —  

(1) 

319 

8  —  

Market risk benefits(2): 

Total Level 3 liabilities  . . .

$425 

$ 8 

$—  

$—   $—   $ 23 

$(136) 

$—  

$ (1) 

$319 

$ 8 

$—  

The following table presents the gains and losses included in net (income) from liabilities measured at fair 
value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine 
fair value and the related income statement line item in which these gains and losses were presented for the years 
ended December 31: 

Fixed indexed annuities  . . . . . . . . . . .

model 

$ 55 

interest credited 

Cash flow 

Expected future 

(Amounts in millions) 

2023 

2022 

2021 

Total realized and unrealized (gains) losses included in net 

(income): 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  
13 

$—  
(43) 

$—  
8 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 13 

$ (43)  $

8 

Total (gains) losses included in net (income) attributable to 

liabilities still held: 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  
13 

$—  
(43) 

$—  
8 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 13 

$ (43)  $

8 

Purchases, sales, issuances and settlements represent the activity that occurred during the period that results 

in a change of the asset or liability but does not represent changes in fair value for the instruments held at the 
beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and 
equity securities and purchases, issuances and settlements of derivative instruments. 

Issuances for fixed indexed annuity and indexed universal life embedded derivative liabilities represent the 

amount of the premium received that is attributed to the value of the embedded derivative. Settlements of 
embedded derivatives are characterized as the change in fair value upon exercising the embedded derivative 
instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these 
changes in fair value separately based on the classification of this activity as effectively issuing and settling the 

238 

239 

utilization rate  —% - 68% 

53% 

42bps - 83bps 

69bps 

1% - 3% 

2% - 11% 

2% 

5% 

utilization rate 

63% - 89% 

78% 

GMWB 

Non-performance 

risk (credit 

spreads) 

Lapse rate 

GMWB 

Non-performance 

risk (credit 

spreads) 

Equity index 

Variable annuities  . . . . . . . . . . . . . . .

model 

$527 

volatility 

13% - 30% 

22% 

Cash flow 

42bps - 83bps 

69bps 

Derivative liabilities: 

Forward bond purchase 

Discounted 

Counterparty 

commitments  . . . . . . . . . . . . . . . . .

cash flows  $

9 

financing spreads 

35bps 

Not applicable 

(1)  Unobservable inputs weighted by the policyholder account balances associated with the instrument. 

(2)  Refer to note 13 for additional details related to MRBs. 

Assets and Liabilities Not Required to Be Carried at Fair Value 

Assets and liabilities that are reflected in the accompanying consolidated financial statements at fair value 

are not included in the following disclosure of fair value. Such items include cash and cash equivalents, short-

term investments, investment securities, MRBs, separate accounts and derivative instruments. Apart from certain 

of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair 

values must often be determined using internal models. The fair value estimates are made at a specific point in 

time, based upon available market information and judgments about the financial instruments, including 

estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such 

estimates do not reflect any premium or discount that could result from offering for sale at one time our entire 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Total 

realized 

and 

unrealized 

(gains) 

losses 

Beginning 

balance 

as of 

Included 

January 1, 

in net 

Included 

Total 

(gains) 

losses 

attributable to 

liabilities 

still held 

Ending 

balance 

as of 

Transfer 

Transfer 

Included 

into 

out of 

Level 3 

December 31, 

in net 

Included 

2021 

(income) 

in OCI 

(Amounts in millions) 

2021 

(income) 

in OCI 

Purchases 

Sales 

Issuances 

Settlements 

Level 3 

Policyholder account 

balances: 

Fixed indexed annuity 

embedded 

Indexed universal life 

embedded 

Total policyholder 

derivatives  . . . . . . .

$399 

$ 32 

$—  

$—   $—   $—  

$(136) 

$—  

$ (1) 

$294 

$ 32 

$—  

derivatives  . . . . . . .

26 

(24)  —  

—   —  

23 

—  

—   —  

25 

(24)  —  

embedded derivative instrument with all remaining changes in the fair value of these embedded derivative 
instruments being shown separately in the category labeled “included in net (income)” in the tables presented 
above. 

The following table presents a summary of the significant unobservable inputs used for certain liability fair 

value measurements that are based on internal models and classified as Level 3 as of December 31, 2023: 

(Amounts in millions) 

Policyholder account balances: 

Valuation 
technique 

Fair 
value  Unobservable input 

Range 

Weighted-
average(1) 

Fixed indexed annuity embedded 

derivatives  . . . . . . . . . . . . . . . . . . .

Indexed universal life embedded 

derivatives  . . . . . . . . . . . . . . . . . . .

Option budget 
method 
Option budget 
method 

$165 

$ 15 

Expected future 
interest credited 
Expected future 
interest credited 

1% - 3% 

3% - 12% 

2% 

5% 

account balances  . .

425 

8  —  

—   —  

23 

(136)  —  

(1) 

319 

8  —  

Market risk benefits(2): 

Total Level 3 liabilities  . . .

$425 

$ 8 

$—  

$—   $—   $ 23 

$(136) 

$—  

$ (1) 

$319 

$ 8 

$—  

The following table presents the gains and losses included in net (income) from liabilities measured at fair 

value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine 

fair value and the related income statement line item in which these gains and losses were presented for the years 

ended December 31: 

Fixed indexed annuities  . . . . . . . . . . .

Cash flow 
model 

$ 55 

(Amounts in millions) 

2023 

2022 

2021 

Total realized and unrealized (gains) losses included in net 

(income): 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  

$—  

$—  

Net investment (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . .

13 

(43) 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 13 

$ (43)  $

Total (gains) losses included in net (income) attributable to 

liabilities still held: 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  

$—  

$—  

Net investment (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . .

13 

(43) 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 13 

$ (43)  $

8 

8 

8 

8 

Purchases, sales, issuances and settlements represent the activity that occurred during the period that results 

in a change of the asset or liability but does not represent changes in fair value for the instruments held at the 

beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and 

equity securities and purchases, issuances and settlements of derivative instruments. 

Issuances for fixed indexed annuity and indexed universal life embedded derivative liabilities represent the 

amount of the premium received that is attributed to the value of the embedded derivative. Settlements of 

embedded derivatives are characterized as the change in fair value upon exercising the embedded derivative 

instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these 

changes in fair value separately based on the classification of this activity as effectively issuing and settling the 

Variable annuities  . . . . . . . . . . . . . . .

Derivative liabilities: 

Forward bond purchase 

commitments  . . . . . . . . . . . . . . . . .

Cash flow 
model 

$527 

Discounted 
cash flows  $

Counterparty 
financing spreads 

9 

35bps 

Not applicable 

(1)  Unobservable inputs weighted by the policyholder account balances associated with the instrument. 
(2)  Refer to note 13 for additional details related to MRBs. 

Assets and Liabilities Not Required to Be Carried at Fair Value 

Assets and liabilities that are reflected in the accompanying consolidated financial statements at fair value 

are not included in the following disclosure of fair value. Such items include cash and cash equivalents, short-
term investments, investment securities, MRBs, separate accounts and derivative instruments. Apart from certain 
of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair 
values must often be determined using internal models. The fair value estimates are made at a specific point in 
time, based upon available market information and judgments about the financial instruments, including 
estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such 
estimates do not reflect any premium or discount that could result from offering for sale at one time our entire 

238 

239 

GMWB 

utilization rate  —% - 68% 

53% 

Non-performance 
risk (credit 
spreads) 
Expected future 
interest credited 
Lapse rate 
GMWB 
utilization rate 
Non-performance 
risk (credit 
spreads) 
Equity index 
volatility 

42bps - 83bps 

69bps 

1% - 3% 
2% - 11% 

2% 
5% 

63% - 89% 

78% 

42bps - 83bps 

69bps 

13% - 30% 

22% 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized 
gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent 
markets. 

The following represents our estimated fair value of financial assets and liabilities that are not required to be 

carried at fair value as of December 31: 

(Amounts in millions) 

Assets: 

Notional 
amount 

Carrying 
amount 

2023 

Fair value 

Total 

Level 1  Level 2 

Level 3 

Commercial mortgage loans, net  . . . . . . . . . . . . . . .
Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .

Liabilities: 

Long-term borrowings(2)  . . . . . . . . . . . . . . . . . . . . .
Investment contracts  . . . . . . . . . . . . . . . . . . . . . . . .

Commitments to fund investments: 

(1) 
(1) 

(1) 
(1) 

$6,802  $6,291  $—   $ —   $6,291 
520 

520  —  

529 

—  

1,584 
5,346 

1,413  —  
5,372  —  

1,413 
—  

—  
5,372 

(Amounts in millions) 

Limited partnerships accounted for at NAV: 

Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .
Private placement investments . . . . . . . . . . . . . . . . .
Commercial mortgage loans  . . . . . . . . . . . . . . . . . .

$117 
42 
13 

—  
—  
—  

—   —  
—   —  
—   —  

—  
—  
—  

—  
—  
—  

(1)  These financial instruments do not have notional amounts. 
(2)  See note 17 for additional information related to borrowings. 

(Amounts in millions) 

Assets: 

Notional 
amount 

Carrying 
amount 

2022 

Fair value 

Total 

Level 1  Level 2 

Level 3 

Commercial mortgage loans, net  . . . . . . . . . . . . . . .
Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .

Liabilities: 

Long-term borrowings(2)  . . . . . . . . . . . . . . . . . . . . .
Investment contracts  . . . . . . . . . . . . . . . . . . . . . . . .

Commitments to fund investments: 

(1) 
(1) 

(1) 
(1) 

$7,010  $6,345  $—   $ —   $6,345 
474 

474  —  

—  

467 

1,611 
6,794 

1,346  —  
7,171  —  

1,346 
—  

—  
7,171 

Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .
Private placement investments . . . . . . . . . . . . . . . . .
Commercial mortgage loans  . . . . . . . . . . . . . . . . . .

$70 
19 
5 

—  
—  
—  

—   —  
—   —  
—   —  

—  
—  
—  

—  
—  
—  

(1)  These financial instruments do not have notional amounts. 
(2)  See note 17 for additional information related to borrowings. 

As of December 31, 2023 and 2022, we also had $23 million and $26 million, respectively, of real estate 

owned assets included in other invested assets in our consolidated balance sheets, which are initially recorded at 
fair value less estimated selling costs (the carrying value) and are subsequently valued at the lower of the 
carrying value or current fair value less estimated selling costs. As of December 31, 2023 and 2022, these 
properties were adjusted to fair value less estimated selling costs, which was less than the carrying value. These 
amounts represented the fair value as of December 31, 2023 and 2022. The fair value of the real estate owned 
assets is classified as Level 2. 

240 

241 

Assets Measured Using Net Asset Value 

Limited partnerships include partnership interests accounted for using NAV per share (or its equivalent) or 

fair value for those interests considered minor and partnership interests accounted for under the equity method of 

accounting for those interests exceeding the minor threshold. Our limited partnership interests accounted for 

using NAV per share (or its equivalent) are generally not redeemable by the investees and generally cannot be 

sold without approval of the general partner. We receive distributions of income and proceeds from the 

liquidation of the underlying assets of the investees, which usually takes place in years five to ten of the typical 

contractual life of ten to 12 years. 

The following table presents the carrying value of limited partnerships and commitments to fund as of 

December 31: 

2023 

2022 

Carrying 

Commitments 

Carrying 

Commitments 

value 

to fund 

value 

to fund 

Private equity funds(1)  . . . . . . . . . . . . . . . . .

$1,948 

$1,203 

$1,647 

$1,107 

Real estate funds(2) . . . . . . . . . . . . . . . . . . . .

Infrastructure funds(3)  . . . . . . . . . . . . . . . . .

123 

102 

87 

160 

Total limited partnerships accounted for at 

NAV  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,173 

1,450 

1,792 

1,215 

Limited partnerships accounted for at fair 

value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships accounted for under the 

equity method of accounting  . . . . . . . . . . . . . .

20 

628 

1 

79 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,821 

$1,530 

$2,331 

$1,365 

82 

63 

24 

515 

79 

29 

1 

149 

(1)  This class employs various investment strategies such as leveraged buyout, growth equity, venture capital 

and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of 

various sizes across diverse industries globally, primarily concentrated in North America. 

(2)  This class invests in real estate in North America, Europe and Asia via direct property ownership, joint 

ventures, mortgages and investments in debt and equity instruments. 

(3)  This class invests in the debt or equity of cash flow generating assets diversified across a variety of 

industries, including transportation, energy infrastructure, renewable power, social infrastructure, power 

generation, water, telecommunications and other regulated entities globally. 

(22) Insurance Subsidiary Financial Information and Regulatory Matters 

Dividends 

Our insurance subsidiaries are subject to oversight by applicable insurance laws and regulations as to the 

amount of dividends they may pay to their parent in any year, the purpose of which is to protect affected 

insurance policyholders or contractholders, not stockholders. In general, dividends and distributions are required 

to be submitted to an insurer’s domiciliary department of insurance for review, and the payment of any dividend 

or distribution from a source other than unassigned surplus requires prior written regulatory approval. Enact 

Holdings’ ability to pay dividends is limited in part by such regulatory restrictions on its insurance subsidiaries. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized 

gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent 

markets. 

The following represents our estimated fair value of financial assets and liabilities that are not required to be 

carried at fair value as of December 31: 

Notional 

amount 

Carrying 

amount 

Total 

Level 1  Level 2 

Level 3 

2023 

Fair value 

(Amounts in millions) 

Assets: 

Liabilities: 

Commercial mortgage loans, net  . . . . . . . . . . . . . . .

Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .

$6,802  $6,291  $—   $ —   $6,291 

529 

520  —  

—  

520 

Long-term borrowings(2)  . . . . . . . . . . . . . . . . . . . . .

Investment contracts  . . . . . . . . . . . . . . . . . . . . . . . .

1,584 

5,346 

1,413  —  

5,372  —  

1,413 

—  

—  

5,372 

Commitments to fund investments: 

Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .

$117 

Private placement investments . . . . . . . . . . . . . . . . .

Commercial mortgage loans  . . . . . . . . . . . . . . . . . .

42 

13 

—  

—  

—  

—   —  

—   —  

—   —  

—  

—  

—  

—  

—  

—  

(1)  These financial instruments do not have notional amounts. 

(2)  See note 17 for additional information related to borrowings. 

Notional 

amount 

Carrying 

amount 

Total 

Level 1  Level 2 

Level 3 

2022 

Fair value 

(Amounts in millions) 

Assets: 

Liabilities: 

Commercial mortgage loans, net  . . . . . . . . . . . . . . .

Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .

$7,010  $6,345  $—   $ —   $6,345 

467 

474  —  

—  

474 

Long-term borrowings(2)  . . . . . . . . . . . . . . . . . . . . .

Investment contracts  . . . . . . . . . . . . . . . . . . . . . . . .

1,611 

6,794 

1,346  —  

7,171  —  

1,346 

—  

—  

7,171 

Commitments to fund investments: 

Bank loan investments  . . . . . . . . . . . . . . . . . . . . . . .

Private placement investments . . . . . . . . . . . . . . . . .

Commercial mortgage loans  . . . . . . . . . . . . . . . . . .

$70 

19 

5 

—  

—  

—  

—   —  

—   —  

—   —  

—  

—  

—  

—  

—  

—  

(1)  These financial instruments do not have notional amounts. 

(2)  See note 17 for additional information related to borrowings. 

As of December 31, 2023 and 2022, we also had $23 million and $26 million, respectively, of real estate 

owned assets included in other invested assets in our consolidated balance sheets, which are initially recorded at 

fair value less estimated selling costs (the carrying value) and are subsequently valued at the lower of the 

carrying value or current fair value less estimated selling costs. As of December 31, 2023 and 2022, these 

properties were adjusted to fair value less estimated selling costs, which was less than the carrying value. These 

amounts represented the fair value as of December 31, 2023 and 2022. The fair value of the real estate owned 

assets is classified as Level 2. 

(1) 

(1) 

(1) 

(1) 

(1) 

(1) 

(1) 

(1) 

Assets Measured Using Net Asset Value 

Limited partnerships include partnership interests accounted for using NAV per share (or its equivalent) or 

fair value for those interests considered minor and partnership interests accounted for under the equity method of 
accounting for those interests exceeding the minor threshold. Our limited partnership interests accounted for 
using NAV per share (or its equivalent) are generally not redeemable by the investees and generally cannot be 
sold without approval of the general partner. We receive distributions of income and proceeds from the 
liquidation of the underlying assets of the investees, which usually takes place in years five to ten of the typical 
contractual life of ten to 12 years. 

The following table presents the carrying value of limited partnerships and commitments to fund as of 

December 31: 

(Amounts in millions) 

Limited partnerships accounted for at NAV: 

2023 

2022 

Carrying 
value 

Commitments 
to fund 

Carrying 
value 

Commitments 
to fund 

Private equity funds(1)  . . . . . . . . . . . . . . . . .
Real estate funds(2) . . . . . . . . . . . . . . . . . . . .
Infrastructure funds(3)  . . . . . . . . . . . . . . . . .

$1,948 
123 
102 

$1,203 
87 
160 

$1,647 
82 
63 

$1,107 
79 
29 

Total limited partnerships accounted for at 
NAV  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships accounted for at fair 

value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships accounted for under the 

equity method of accounting  . . . . . . . . . . . . . .

2,173 

1,450 

1,792 

1,215 

20 

628 

1 

79 

24 

515 

1 

149 

Total . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,821 

$1,530 

$2,331 

$1,365 

(1)  This class employs various investment strategies such as leveraged buyout, growth equity, venture capital 
and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of 
various sizes across diverse industries globally, primarily concentrated in North America. 

(2)  This class invests in real estate in North America, Europe and Asia via direct property ownership, joint 

ventures, mortgages and investments in debt and equity instruments. 

(3)  This class invests in the debt or equity of cash flow generating assets diversified across a variety of 

industries, including transportation, energy infrastructure, renewable power, social infrastructure, power 
generation, water, telecommunications and other regulated entities globally. 

(22) Insurance Subsidiary Financial Information and Regulatory Matters 

Dividends 

Our insurance subsidiaries are subject to oversight by applicable insurance laws and regulations as to the 

amount of dividends they may pay to their parent in any year, the purpose of which is to protect affected 
insurance policyholders or contractholders, not stockholders. In general, dividends and distributions are required 
to be submitted to an insurer’s domiciliary department of insurance for review, and the payment of any dividend 
or distribution from a source other than unassigned surplus requires prior written regulatory approval. Enact 
Holdings’ ability to pay dividends is limited in part by such regulatory restrictions on its insurance subsidiaries. 

240 

241 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Based on estimated statutory results as of December 31, 2023, in accordance with applicable dividend 
restrictions, Enact Holdings’ U.S. mortgage insurance subsidiaries could pay dividends from unassigned surplus 
of approximately $336 million in 2024 without affirmative regulatory approval, although notice of the intent to 
pay must be provided to the state insurance commissioner 30 days in advance thereof, during which time the 
commissioner may review the dividend pursuant to statutory standards. Even though the approximately 
$336 million is considered unrestricted, Enact Holdings may choose not to pay dividends in 2024 at this level as 
it may retain capital for future growth or to meet regulatory or other capital requirements. Our U.S. life insurance 
subsidiaries had negative unassigned surplus of $563 million under statutory accounting as of December 31, 
2023 and as a result, cannot pay dividends to us in 2024 or in the foreseeable future. As of December 31, 2023, 
Genworth Financial’s and Genworth Holdings’ consolidated subsidiaries had restricted net assets of $7.2 billion 
and $7.6 billion, respectively. 

As the majority shareholder, Genworth Holdings received $174 million, $205 million and $163 million, 

respectively, of dividends in 2023, 2022 and 2021 from Enact Holdings. Future dividends paid by Enact 
Holdings are subject to quarterly review and approval by its board of directors and Genworth Financial, and will 
also be dependent on a variety of economic, market and business conditions. Our principal U.S. life insurance 
subsidiaries did not pay any dividends in 2023, 2022 or 2021. 

In the first quarter of 2021, our international subsidiaries paid a dividend of $370 million to Genworth 
Holdings from the net proceeds of the Genworth Mortgage Insurance Australia Limited (“Genworth Australia”) 
sale. 

U.S. domiciled insurance subsidiaries—statutory financial information 

Our U.S. domiciled insurance subsidiaries file financial statements with state insurance regulatory 

authorities and the NAIC that are prepared on an accounting basis either prescribed or permitted by such 
authorities. Statutory accounting practices differ from U.S. GAAP in several respects, causing differences in 
reported net income (loss) and stockholders’ equity. 

Permitted statutory accounting practices encompass all accounting practices not so prescribed but that have 

been specifically allowed by individual state insurance authorities. Our U.S. domiciled insurance subsidiaries 
have no material permitted accounting practices, except for River Lake Insurance Company VI (“River Lake 
VI”) and River Lake Insurance Company X (“River Lake X”). The permitted practices of River Lake VI and 
River Lake X were an essential element of their design and were expressly included in their plans of operation 
and in the licensing orders issued by their domiciliary state regulators, and without those permitted accounting 
practices, these entities could be subject to regulatory action. Accordingly, we believe that the permitted 
accounting practices will remain in effect for so long as we maintain these entities. The material permitted 
accounting practices were as follows: 

•

•

In 2023 and 2022, River Lake VI had a permitted accounting practice from the State of Delaware to 
carry its excess of loss reinsurance agreements with The Canada Life Assurance Company for its 
universal and term life insurance business assumed from Genworth Life and Annuity Insurance 
Company (“GLAIC”) as an admitted asset. 

In 2023 and 2022, River Lake X had a permitted accounting practice from the State of Vermont to 
carry its excess of loss reinsurance agreement with Hannover Life Reassurance Company of America 
for its term life insurance business assumed from GLAIC as an admitted asset. 

The impact of these permitted accounting practices of River Lake VI and River Lake X on our combined 

U.S. domiciled life insurance subsidiaries’ statutory capital and surplus was zero as of December 31, 2023 and 

2022. If these permitted accounting practices had not been used, no regulatory event would have been triggered. 

For regulatory purposes, our U.S. mortgage insurers are required to establish a special statutory contingency 

reserve. Annual additions to the statutory contingency reserve must be at least 50% of net earned premiums, as 

defined by state insurance laws and regulations. These contingency reserves generally are held until the earlier of 

(i) the time that loss ratios exceed 35% or (ii) 10 years. However, approval by the North Carolina Department of 

Insurance (“NCDOI”) is required for contingency reserve releases when loss ratios exceed 35%. The statutory 

contingency reserve for our U.S. mortgage insurers was approximately $4.0 billion and $3.6 billion, respectively, 

as of December 31, 2023 and 2022 and is included in the table below containing combined statutory capital and 

surplus balances. 

The tables below include the combined statutory net income and statutory capital and surplus for our U.S. 

domiciled insurance subsidiaries for the periods indicated: 

(Amounts in millions) 

Combined statutory net income (loss): 

Life insurance subsidiaries, excluding captive life 

Years ended December 31, 

2023 

2022 

2021 

reinsurance subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . .

Mortgage insurance subsidiaries  . . . . . . . . . . . . . . . . . . . .

$193 

665 

$ 276 

$

747 

654 

593 

Combined statutory net income, excluding captive 

reinsurance subsidiaries  . . . . . . . . . . . . . . . . . . . . .

Captive life reinsurance subsidiaries  . . . . . . . . . . . . . . . . .

858 

94 

1,023 

253 

1,247 

(1,351) 

Combined statutory net income (loss)  . . . . . . . . . . . .

$952 

$1,276 

$ (104) 

(Amounts in millions) 

Combined statutory capital and surplus: 

Life insurance subsidiaries, excluding captive life reinsurance 

subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mortgage insurance subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,369 

5,044 

$3,082 

4,687 

Combined statutory capital and surplus  . . . . . . . . . . . . . . . . . .

$8,413 

$7,769 

As of December 31, 

2023 

2022 

The statutory net income (loss) from our captive life reinsurance subsidiaries, River Lake VI and River 

Lake X, relates to the reinsurance of term and universal life insurance statutory reserves assumed from GLAIC. 

These reserves are, in turn, secured by excess of loss reinsurance treaties with third parties. Additionally, the life 

insurance subsidiaries’ combined statutory net income (loss) and distributable income are not affected by the 

statutory net income (loss) of the captives, except to the extent dividends are received from the captives. The 

combined statutory capital and surplus of our life insurance subsidiaries does not include the capital and surplus 

of our captive life reinsurance subsidiaries of $97 million and $96 million as of December 31, 2023 and 2022, 

respectively. 

242 

243 

 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Based on estimated statutory results as of December 31, 2023, in accordance with applicable dividend 

restrictions, Enact Holdings’ U.S. mortgage insurance subsidiaries could pay dividends from unassigned surplus 

of approximately $336 million in 2024 without affirmative regulatory approval, although notice of the intent to 

pay must be provided to the state insurance commissioner 30 days in advance thereof, during which time the 

commissioner may review the dividend pursuant to statutory standards. Even though the approximately 

$336 million is considered unrestricted, Enact Holdings may choose not to pay dividends in 2024 at this level as 

it may retain capital for future growth or to meet regulatory or other capital requirements. Our U.S. life insurance 

subsidiaries had negative unassigned surplus of $563 million under statutory accounting as of December 31, 

2023 and as a result, cannot pay dividends to us in 2024 or in the foreseeable future. As of December 31, 2023, 

Genworth Financial’s and Genworth Holdings’ consolidated subsidiaries had restricted net assets of $7.2 billion 

and $7.6 billion, respectively. 

As the majority shareholder, Genworth Holdings received $174 million, $205 million and $163 million, 

respectively, of dividends in 2023, 2022 and 2021 from Enact Holdings. Future dividends paid by Enact 

Holdings are subject to quarterly review and approval by its board of directors and Genworth Financial, and will 

also be dependent on a variety of economic, market and business conditions. Our principal U.S. life insurance 

subsidiaries did not pay any dividends in 2023, 2022 or 2021. 

In the first quarter of 2021, our international subsidiaries paid a dividend of $370 million to Genworth 

Holdings from the net proceeds of the Genworth Mortgage Insurance Australia Limited (“Genworth Australia”) 

sale. 

U.S. domiciled insurance subsidiaries—statutory financial information 

Our U.S. domiciled insurance subsidiaries file financial statements with state insurance regulatory 

authorities and the NAIC that are prepared on an accounting basis either prescribed or permitted by such 

authorities. Statutory accounting practices differ from U.S. GAAP in several respects, causing differences in 

reported net income (loss) and stockholders’ equity. 

Permitted statutory accounting practices encompass all accounting practices not so prescribed but that have 

been specifically allowed by individual state insurance authorities. Our U.S. domiciled insurance subsidiaries 

have no material permitted accounting practices, except for River Lake Insurance Company VI (“River Lake 

VI”) and River Lake Insurance Company X (“River Lake X”). The permitted practices of River Lake VI and 

River Lake X were an essential element of their design and were expressly included in their plans of operation 

and in the licensing orders issued by their domiciliary state regulators, and without those permitted accounting 

practices, these entities could be subject to regulatory action. Accordingly, we believe that the permitted 

accounting practices will remain in effect for so long as we maintain these entities. The material permitted 

accounting practices were as follows: 

•

In 2023 and 2022, River Lake VI had a permitted accounting practice from the State of Delaware to 

carry its excess of loss reinsurance agreements with The Canada Life Assurance Company for its 

universal and term life insurance business assumed from Genworth Life and Annuity Insurance 

Company (“GLAIC”) as an admitted asset. 

•

In 2023 and 2022, River Lake X had a permitted accounting practice from the State of Vermont to 

carry its excess of loss reinsurance agreement with Hannover Life Reassurance Company of America 

for its term life insurance business assumed from GLAIC as an admitted asset. 

The impact of these permitted accounting practices of River Lake VI and River Lake X on our combined 
U.S. domiciled life insurance subsidiaries’ statutory capital and surplus was zero as of December 31, 2023 and 
2022. If these permitted accounting practices had not been used, no regulatory event would have been triggered. 

For regulatory purposes, our U.S. mortgage insurers are required to establish a special statutory contingency 

reserve. Annual additions to the statutory contingency reserve must be at least 50% of net earned premiums, as 
defined by state insurance laws and regulations. These contingency reserves generally are held until the earlier of 
(i) the time that loss ratios exceed 35% or (ii) 10 years. However, approval by the North Carolina Department of 
Insurance (“NCDOI”) is required for contingency reserve releases when loss ratios exceed 35%. The statutory 
contingency reserve for our U.S. mortgage insurers was approximately $4.0 billion and $3.6 billion, respectively, 
as of December 31, 2023 and 2022 and is included in the table below containing combined statutory capital and 
surplus balances. 

The tables below include the combined statutory net income and statutory capital and surplus for our U.S. 

domiciled insurance subsidiaries for the periods indicated: 

(Amounts in millions) 

Combined statutory net income (loss): 

Life insurance subsidiaries, excluding captive life 

Years ended December 31, 

2023 

2022 

2021 

reinsurance subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage insurance subsidiaries  . . . . . . . . . . . . . . . . . . . .

$193 
665 

$ 276 
747 

$

654 
593 

Combined statutory net income, excluding captive 

reinsurance subsidiaries  . . . . . . . . . . . . . . . . . . . . .
Captive life reinsurance subsidiaries  . . . . . . . . . . . . . . . . .

858 
94 

1,023 
253 

1,247 
(1,351) 

Combined statutory net income (loss)  . . . . . . . . . . . .

$952 

$1,276 

$ (104) 

(Amounts in millions) 

Combined statutory capital and surplus: 

As of December 31, 

2023 

2022 

Life insurance subsidiaries, excluding captive life reinsurance 

subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage insurance subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,369 
5,044 

$3,082 
4,687 

Combined statutory capital and surplus  . . . . . . . . . . . . . . . . . .

$8,413 

$7,769 

The statutory net income (loss) from our captive life reinsurance subsidiaries, River Lake VI and River 
Lake X, relates to the reinsurance of term and universal life insurance statutory reserves assumed from GLAIC. 
These reserves are, in turn, secured by excess of loss reinsurance treaties with third parties. Additionally, the life 
insurance subsidiaries’ combined statutory net income (loss) and distributable income are not affected by the 
statutory net income (loss) of the captives, except to the extent dividends are received from the captives. The 
combined statutory capital and surplus of our life insurance subsidiaries does not include the capital and surplus 
of our captive life reinsurance subsidiaries of $97 million and $96 million as of December 31, 2023 and 2022, 
respectively. 

242 

243 

 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Capital Requirements of U.S. Life Insurers 

The NAIC has adopted RBC requirements to evaluate the adequacy of statutory capital and surplus in 
relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk; and (iv) business risk. The 
RBC formula is designated as an early warning tool for the states to identify possible weakly capitalized 
companies for purposes of initiating further regulatory action. In the course of operations, we periodically 
monitor the RBC level of each of our life insurance subsidiaries. As of December 31, 2023 and 2022, each of our 
life insurance subsidiaries exceeded the minimum required RBC levels in their respective domiciliary state. The 
consolidated RBC ratio of our U.S. domiciled life insurance subsidiaries, which is representative of the RBC 
ratio on a company action level basis of Genworth Life Insurance Company (“GLIC”), the parent of our U.S. life 
insurance subsidiaries, was approximately 303% and 291% as of December 31, 2023 and 2022, respectively. 

In 2023 and 2022, we released $99 million and $199 million, respectively, of statutory reserves resulting 
from updates to our universal and term universal life insurance products with secondary guarantees as part of 
Actuarial Guideline 38 8D (“AG 38 8D”) in our Virginia and Delaware licensed life insurance subsidiaries. In 
2021, we established $231 million of additional AG 38 8D statutory reserves. 

As a part of our cash flow testing process for our U.S. life insurance subsidiaries, we consider incremental 

benefits from expected future in-force rate actions in our long-term care insurance products that would help 
mitigate the impact of deteriorating experience. The New York State Department of Financial Services 
(“NYDFS”), which regulates Genworth Life Insurance Company of New York (“GLICNY”), requires specific 
adequacy testing scenarios that are generally more severe than those deemed acceptable in other states. 
Moreover, the required testing scenarios by the NYDFS have a disproportionate impact on our long-term care 
insurance products. In addition, we use New York specific experience for setting assumptions in our long-term 
care insurance products in GLICNY. While the NYDFS generally does not permit in-force rate increases for 
long-term care insurance to be used in asset adequacy analysis until such increases have been approved, it has 
allowed GLICNY to incorporate recently filed in-force rate actions in its asset adequacy analysis prior to 
approval in the past. 

As a result, after discussions with the NYDFS and through the exercise of professional actuarial judgment, 
GLICNY incorporated in its 2023 and 2022 asset adequacy analysis assumptions for future in-force rate actions 
for long-term care insurance products to offset the emerging adverse experience for these products. With these 
assumption updates, GLICNY’s 2023 and 2022 asset adequacy analysis produced a negative margin. To address 
the negative margin, GLICNY recorded an incremental $87 million and $98 million of additional statutory 
reserves in 2023 and 2022, respectively. As a result of the 2023 and 2022 activity, the aggregate amount of 
statutory reserves established by GLICNY for asset adequacy deficits increased to $792 million ($757 million 
related to long-term care insurance and $35 million related to variable annuities) and $705 million ($670 million 
related to long-term care insurance and $35 million related to variable annuities) as of December 31, 2023 and 
2022, respectively. 

Capital Requirements of U.S. Mortgage Insurers 

Mortgage insurers are not subject to the NAIC’s RBC requirements, but certain states and other regulators 

impose another form of capital requirement on mortgage insurers requiring maintenance of a risk-to-capital ratio 
not to exceed 25:1. Fifteen other states maintain similar risk-to-capital requirements. As of December 31, 2023 
and 2022, the risk-to-capital ratio of Enact Holdings’ combined insurance subsidiaries was approximately 11.6:1 
and 12.8:1, respectively, under the current regulatory framework as established under North Carolina law and 

enforced by the NCDOI, Enact Holdings’ insurance subsidiaries’ domestic insurance regulator. Each of Enact 

Holdings’ insurance subsidiaries met its respective capital requirements as of December 31, 2023 and 2022. 

Private mortgage insurers must meet the operational and financial requirements under PMIERs as set forth 

by the GSEs in order to remain eligible to insure loans that are purchased by the GSEs. Each approved mortgage 

insurer is required to provide the GSEs with an annual certification and a quarterly report evidencing its 

compliance with PMIERs. 

In September 2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs 

imposed certain restrictions (the “GSE Restrictions”) on Enact with respect to capital. In May 2021, in 

connection with their conditional approval of the partial sale of Enact Holdings, the GSEs confirmed the GSE 

Restrictions would remain in effect until certain conditions (the “GSE Conditions”) were met for two consecutive 

quarters. These conditions were met as of December 31, 2022, and in March 2023, the GSEs confirmed that 

Enact is no longer subject to the GSE Restrictions and the GSE Conditions. 

Enact has met all PMIERs reporting requirements as required by the GSEs. As of December 31, 2023 and 

2022, Enact had estimated available assets of $5,006 million and $5,206 million, respectively, against $3,119 

million and $3,156 million, respectively, net required assets under PMIERs. The sufficiency ratio as of 

December 31, 2023 was 161%, or $1,887 million above the PMIERs requirements, compared to 165%, or $2,050 

million above the PMIERs requirements as of December 31, 2022. PMIERs sufficiency as of December 31, 2022 

was based on the published requirements applicable to private mortgage insurers and did not give effect to the 

GSE Restrictions imposed on Enact as of December 31, 2022. 

Securities on deposit 

Certain of our insurance subsidiaries have securities on deposit with various state or foreign government 

insurance departments in order to comply with relevant insurance regulations. See note 5(d) for additional 

information related to these deposits. Additionally, under the terms of certain reinsurance agreements that our life 

insurance subsidiaries have with external parties, we pledged assets in either separate portfolios or in trust for the 

benefit of external reinsurers. These assets support the reserves ceded to those external reinsurers. See note 9 for 

additional information related to these pledged assets under reinsurance agreements. Certain of our U.S. life 

insurance subsidiaries are also members of regional Federal Home Loan Banks (“FHLBs”) and the FHLBs have 

been granted a lien on certain of our invested assets to collateralize our obligations. See note 11 for additional 

information related to these pledged assets with the FHLBs. 

Guarantees of obligations 

In addition to the commitments discussed in note 25, Genworth Financial and certain of its holding company 

subsidiaries provide guarantees to third parties for the performance of certain obligations of their subsidiaries. 

We estimate that our potential obligations under such guarantees were $67 million and $69 million as of 

December 31, 2023 and 2022, respectively. 

Genworth Holdings has provided a limited guarantee of up to $175 million, subject to adjustments, to one of 

its insurance subsidiaries to support its mortgage insurance business in Mexico. In January 2022, Genworth 

Holdings terminated this limited guarantee in regard to new business. We believe this insurance subsidiary has 

adequate reserves to cover its underlying obligations. 

244 

245 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Capital Requirements of U.S. Life Insurers 

The NAIC has adopted RBC requirements to evaluate the adequacy of statutory capital and surplus in 

relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk; and (iv) business risk. The 

RBC formula is designated as an early warning tool for the states to identify possible weakly capitalized 

companies for purposes of initiating further regulatory action. In the course of operations, we periodically 

monitor the RBC level of each of our life insurance subsidiaries. As of December 31, 2023 and 2022, each of our 

life insurance subsidiaries exceeded the minimum required RBC levels in their respective domiciliary state. The 

consolidated RBC ratio of our U.S. domiciled life insurance subsidiaries, which is representative of the RBC 

ratio on a company action level basis of Genworth Life Insurance Company (“GLIC”), the parent of our U.S. life 

insurance subsidiaries, was approximately 303% and 291% as of December 31, 2023 and 2022, respectively. 

In 2023 and 2022, we released $99 million and $199 million, respectively, of statutory reserves resulting 

from updates to our universal and term universal life insurance products with secondary guarantees as part of 

Actuarial Guideline 38 8D (“AG 38 8D”) in our Virginia and Delaware licensed life insurance subsidiaries. In 

2021, we established $231 million of additional AG 38 8D statutory reserves. 

As a part of our cash flow testing process for our U.S. life insurance subsidiaries, we consider incremental 

benefits from expected future in-force rate actions in our long-term care insurance products that would help 

mitigate the impact of deteriorating experience. The New York State Department of Financial Services 

(“NYDFS”), which regulates Genworth Life Insurance Company of New York (“GLICNY”), requires specific 

adequacy testing scenarios that are generally more severe than those deemed acceptable in other states. 

Moreover, the required testing scenarios by the NYDFS have a disproportionate impact on our long-term care 

insurance products. In addition, we use New York specific experience for setting assumptions in our long-term 

care insurance products in GLICNY. While the NYDFS generally does not permit in-force rate increases for 

long-term care insurance to be used in asset adequacy analysis until such increases have been approved, it has 

allowed GLICNY to incorporate recently filed in-force rate actions in its asset adequacy analysis prior to 

approval in the past. 

As a result, after discussions with the NYDFS and through the exercise of professional actuarial judgment, 

GLICNY incorporated in its 2023 and 2022 asset adequacy analysis assumptions for future in-force rate actions 

for long-term care insurance products to offset the emerging adverse experience for these products. With these 

assumption updates, GLICNY’s 2023 and 2022 asset adequacy analysis produced a negative margin. To address 

the negative margin, GLICNY recorded an incremental $87 million and $98 million of additional statutory 

reserves in 2023 and 2022, respectively. As a result of the 2023 and 2022 activity, the aggregate amount of 

statutory reserves established by GLICNY for asset adequacy deficits increased to $792 million ($757 million 

related to long-term care insurance and $35 million related to variable annuities) and $705 million ($670 million 

related to long-term care insurance and $35 million related to variable annuities) as of December 31, 2023 and 

2022, respectively. 

Capital Requirements of U.S. Mortgage Insurers 

Mortgage insurers are not subject to the NAIC’s RBC requirements, but certain states and other regulators 

impose another form of capital requirement on mortgage insurers requiring maintenance of a risk-to-capital ratio 

not to exceed 25:1. Fifteen other states maintain similar risk-to-capital requirements. As of December 31, 2023 

and 2022, the risk-to-capital ratio of Enact Holdings’ combined insurance subsidiaries was approximately 11.6:1 

and 12.8:1, respectively, under the current regulatory framework as established under North Carolina law and 

enforced by the NCDOI, Enact Holdings’ insurance subsidiaries’ domestic insurance regulator. Each of Enact 
Holdings’ insurance subsidiaries met its respective capital requirements as of December 31, 2023 and 2022. 

Private mortgage insurers must meet the operational and financial requirements under PMIERs as set forth 
by the GSEs in order to remain eligible to insure loans that are purchased by the GSEs. Each approved mortgage 
insurer is required to provide the GSEs with an annual certification and a quarterly report evidencing its 
compliance with PMIERs. 

In September 2020, subsequent to the issuance of Enact Holdings’ senior notes due in 2025, the GSEs 

imposed certain restrictions (the “GSE Restrictions”) on Enact with respect to capital. In May 2021, in 
connection with their conditional approval of the partial sale of Enact Holdings, the GSEs confirmed the GSE 
Restrictions would remain in effect until certain conditions (the “GSE Conditions”) were met for two consecutive 
quarters. These conditions were met as of December 31, 2022, and in March 2023, the GSEs confirmed that 
Enact is no longer subject to the GSE Restrictions and the GSE Conditions. 

Enact has met all PMIERs reporting requirements as required by the GSEs. As of December 31, 2023 and 

2022, Enact had estimated available assets of $5,006 million and $5,206 million, respectively, against $3,119 
million and $3,156 million, respectively, net required assets under PMIERs. The sufficiency ratio as of 
December 31, 2023 was 161%, or $1,887 million above the PMIERs requirements, compared to 165%, or $2,050 
million above the PMIERs requirements as of December 31, 2022. PMIERs sufficiency as of December 31, 2022 
was based on the published requirements applicable to private mortgage insurers and did not give effect to the 
GSE Restrictions imposed on Enact as of December 31, 2022. 

Securities on deposit 

Certain of our insurance subsidiaries have securities on deposit with various state or foreign government 

insurance departments in order to comply with relevant insurance regulations. See note 5(d) for additional 
information related to these deposits. Additionally, under the terms of certain reinsurance agreements that our life 
insurance subsidiaries have with external parties, we pledged assets in either separate portfolios or in trust for the 
benefit of external reinsurers. These assets support the reserves ceded to those external reinsurers. See note 9 for 
additional information related to these pledged assets under reinsurance agreements. Certain of our U.S. life 
insurance subsidiaries are also members of regional Federal Home Loan Banks (“FHLBs”) and the FHLBs have 
been granted a lien on certain of our invested assets to collateralize our obligations. See note 11 for additional 
information related to these pledged assets with the FHLBs. 

Guarantees of obligations 

In addition to the commitments discussed in note 25, Genworth Financial and certain of its holding company 

subsidiaries provide guarantees to third parties for the performance of certain obligations of their subsidiaries. 
We estimate that our potential obligations under such guarantees were $67 million and $69 million as of 
December 31, 2023 and 2022, respectively. 

Genworth Holdings has provided a limited guarantee of up to $175 million, subject to adjustments, to one of 

its insurance subsidiaries to support its mortgage insurance business in Mexico. In January 2022, Genworth 
Holdings terminated this limited guarantee in regard to new business. We believe this insurance subsidiary has 
adequate reserves to cover its underlying obligations. 

244 

245 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

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, we believe that adjusted operating 

income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from 

or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, 

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) available to 

Genworth Financial, Inc.’s common stockholders, among other key performance indicators, 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) 

available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some 

cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common 

stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common 

stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income 

(loss) available to Genworth Financial, Inc.’s common stockholders 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. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in 

reserves, attributed fees and benefit payments. 

Genworth Holdings also provided an unlimited guarantee for the benefit of policyholders for the payment of 

valid claims by our European mortgage insurance subsidiary prior to its sale in May 2016. Following the sale of 
this United Kingdom subsidiary to AmTrust Financial Services, Inc., the guarantee was limited to the payment of 
valid claims on policies in-force prior to the sale date and those written approximately 90 days subsequent to the 
date of the sale, and AmTrust Financial Services, Inc. has agreed to provide us with a limited indemnification in 
the event there is any exposure under the guarantee. As of December 31, 2023, the risk in-force of active policies 
was approximately $893 million. 

(23) Segment Information 

(a) Operating Segment Information 

We have the following three operating segments: Enact; Long-Term Care Insurance; and Life and 

Annuities. The products in the Life and Annuities segment include traditional and non-traditional life insurance 
(term, universal and term universal life insurance as well as corporate-owned life insurance and funding 
agreements), fixed annuities and variable annuities, none of which are actively marketed or sold. In addition to 
our three operating segments, we also have Corporate and Other, which includes debt financing expenses that are 
incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-
segment transactions and the results of other businesses that are reported outside of our operating segments, such 
as certain international businesses and discontinued operations. Corporate and Other also includes start-up results 
of our CareScout business related to our senior care growth initiatives. 

We tax our 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. 

We use the same accounting policies and procedures to measure segment income (loss) and assets as our 

consolidated net income and assets. Management evaluates performance and allocates resources on the basis of 
“adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define 
adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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), changes in fair value of market risk benefits 
and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 
restructuring costs and infrequent or unusual non-operating items. A component of our 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 our discretion and are influenced by market opportunities, as well as asset-liability matching 
considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits and 
associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 
restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) available 
to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall 
operating performance. 

246 

247 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

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, we believe that adjusted operating 
income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from 
or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, 
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) available to 
Genworth Financial, Inc.’s common stockholders, among other key performance indicators, 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) 
available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some 
cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common 
stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common 
stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income 
(loss) available to Genworth Financial, Inc.’s common stockholders 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. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in 
reserves, attributed fees and benefit payments. 

Genworth Holdings also provided an unlimited guarantee for the benefit of policyholders for the payment of 

valid claims by our European mortgage insurance subsidiary prior to its sale in May 2016. Following the sale of 

this United Kingdom subsidiary to AmTrust Financial Services, Inc., the guarantee was limited to the payment of 

valid claims on policies in-force prior to the sale date and those written approximately 90 days subsequent to the 

date of the sale, and AmTrust Financial Services, Inc. has agreed to provide us with a limited indemnification in 

the event there is any exposure under the guarantee. As of December 31, 2023, the risk in-force of active policies 

was approximately $893 million. 

(23) Segment Information 

(a) Operating Segment Information 

We have the following three operating segments: Enact; Long-Term Care Insurance; and Life and 

Annuities. The products in the Life and Annuities segment include traditional and non-traditional life insurance 

(term, universal and term universal life insurance as well as corporate-owned life insurance and funding 

agreements), fixed annuities and variable annuities, none of which are actively marketed or sold. In addition to 

our three operating segments, we also have Corporate and Other, which includes debt financing expenses that are 

incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-

segment transactions and the results of other businesses that are reported outside of our operating segments, such 

as certain international businesses and discontinued operations. Corporate and Other also includes start-up results 

of our CareScout business related to our senior care growth initiatives. 

We tax our 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. 

We use the same accounting policies and procedures to measure segment income (loss) and assets as our 

consolidated net income and assets. Management evaluates performance and allocates resources on the basis of 

“adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define 

adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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), changes in fair value of market risk benefits 

and associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 

restructuring costs and infrequent or unusual non-operating items. A component of our 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 our discretion and are influenced by market opportunities, as well as asset-liability matching 

considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits and 

associated hedges, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, 

restructuring costs and infrequent or unusual non-operating items from adjusted operating income (loss) available 

to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall 

operating performance. 

246 

247 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

The following is a summary of our segments and Corporate and Other as of and for the years ended 

December 31: 

(Amounts in millions) 

2023 

Long-Term 
Care 
Insurance 

Enact 

Life and 
Annuities 

Corporate 
and Other 

Total 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses) . . . . . . . . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . .

$ 957 
208 
(14) 
2 

$ 2,463 
1,914 
114 
—  

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,153 

4,491 

$

$

207 
1,042 
(49) 
646 

1,846 

9 
19 
(28) 
(2) 

(2) 

$ 3,636 
3,183 
23 
646 

7,488 

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . . . . . . .
Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of deferrals  . . . . .
Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total benefits and expenses  . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision (benefit) for income taxes  . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . . . . . . .
Income from discontinued operations, net of taxes  . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to 
noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from discontinued operations attributable 
to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, Inc.’s 

27 
—  

—  
—  
212 

11 
52 
302 

851 
186 

665 
—  

665 

123 

—  

3,802 
321 

—  
—  
452 

71 
—  
4,646 

(155) 
(3) 

(152) 
—  

(152) 

—  

—  

963 
266 

(12) 
503 
213 

181 
—  
2,114 

(268) 
(59) 

(209) 
—  

(209) 

—  

—  

(9) 
—  

4,783 
587 

—  
—  
65 

1 
66 
123 

(125) 
(20) 

(105) 
—  

(105) 

—  

—  

(12) 
503 
942 

264 
118 
7,185 

303 
104 

199 
—  

199 

123 

—  

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 542 

$ (152)  $ (209)  $ (105)  $

76 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from discontinued operations available to 

Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, 

$ 542 

$ (152)  $ (209)  $ (105)  $

76 

—  

—  

—  

—  

—  

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . .

$ 542 

$ (152)  $ (209)  $ (105)  $

76 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,193 

$46,195 

$36,517 

$1,912 

$90,817 

Long-Term 

Care 

Enact 

Insurance 

Life and 

Annuities 

Corporate 

and Other 

Total 

2022 

234 

1,083 

(4) 

669 

1,982 

620 

27 

(104) 

504 

604 

240 

—  

91 

16 

75 

—  

75 

—  

—  

$

6 

8 

$ 3,680 

3,146 

(15) 

—  

(1) 

(11) 

—  

—  

—  

41 

—  

54 

84 

(85) 

(16) 

(69) 

—  

(69) 

—  

—  

(2) 

671 

7,495 

4,303 

(290) 

(104) 

504 

1,285 

326 

106 

6,130 

1,365 

319 

1,046 

—  

1,046 

130 

—  

Total benefits and expenses  . . . . . . . . . . . . . . . . .

3,958 

1,891 

(Amounts in millions) 

Revenues: 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 940 

$ 2,500 

$

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net investment gains (losses) . . . . . . . . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . .

155 

(2) 

2 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,095 

1,900 

19 

—  

4,419 

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . . . . . . . . .

Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . .

(94) 

—  

3,788 

(317) 

—  

—  

227 

12 

52 

197 

898 

194 

704 

—  

704 

130 

—  

—  

—  

413 

74 

—  

461 

125 

336 

—  

336 

—  

—  

Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition and operating expenses, net of deferrals  . . . . .

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision (benefit) for income taxes  . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . . . . . . .

Income from discontinued operations, net of taxes  . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from discontinued operations attributable 

to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, Inc.’s 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common 

Income from discontinued operations available to 

Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 574 

$

336 

$

75 

$ (69)  $

916 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

—  

—  

—  

Net income (loss) available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . .

$ 574 

$

336 

$

75 

$ (69)  $

916 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$5,712 

$44,156 

$37,975 

$1,871 

$89,714 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 574 

$

336 

$

75 

$ (69)  $

916 

248 

249 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Total benefits and expenses  . . . . . . . . . . . . . . . . .

4,646 

2,114 

The following is a summary of our segments and Corporate and Other as of and for the years ended 

December 31: 

(Amounts in millions) 

Revenues: 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 957 

$ 2,463 

$

$

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net investment gains (losses) . . . . . . . . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . .

208 

(14) 

2 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,153 

Long-Term 

Care 

Enact 

Insurance 

Life and 

Annuities 

Corporate 

and Other 

Total 

2023 

207 

1,042 

(49) 

646 

1,846 

963 

266 

(12) 

503 

213 

181 

—  

(268) 

(59) 

(209) 

—  

(209) 

—  

—  

9 

19 

(28) 

(2) 

(2) 

$ 3,636 

3,183 

23 

646 

7,488 

(9) 

—  

4,783 

587 

—  

—  

65 

1 

66 

123 

(125) 

(20) 

(105) 

—  

(105) 

—  

—  

(12) 

503 

942 

264 

118 

7,185 

303 

104 

199 

—  

199 

123 

—  

1,914 

114 

—  

4,491 

3,802 

321 

—  

—  

452 

71 

—  

(155) 

(3) 

(152) 

—  

(152) 

—  

—  

27 

—  

—  

—  

212 

11 

52 

302 

851 

186 

665 

—  

665 

123 

—  

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . . . . . . . . .

Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . .

Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition and operating expenses, net of deferrals  . . . . .

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision (benefit) for income taxes  . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . . . . . . .

Income from discontinued operations, net of taxes  . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from discontinued operations attributable 

to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, Inc.’s 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common 

Income from discontinued operations available to 

Genworth Financial, Inc.’s common 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 542 

$ (152)  $ (209)  $ (105)  $

76 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 542 

$ (152)  $ (209)  $ (105)  $

76 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

—  

—  

—  

—  

Net income (loss) available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . .

$ 542 

$ (152)  $ (209)  $ (105)  $

76 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,193 

$46,195 

$36,517 

$1,912 

$90,817 

(Amounts in millions) 
Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses) . . . . . . . . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . .
Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . . . . . . .
Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits and 

associated hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of deferrals  . . . . .
Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total benefits and expenses  . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision (benefit) for income taxes  . . . . . . . . . . . . . . . . . .
Income (loss) from continuing operations  . . . . . . . . . . . . . .
Income from discontinued operations, net of taxes  . . . . . . .
Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to 
noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from discontinued operations attributable 
to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, Inc.’s 

2022 

Long-Term 
Care 
Insurance 

Enact 

Life and 
Annuities 

Corporate 
and Other 

Total 

$

$ 940 
155 
(2) 
2 
1,095 

$ 2,500 
1,900 
19 
—  
4,419 

$

234 
1,083 
(4) 
669 
1,982 

(94) 
—  

3,788 
(317) 

—  
—  
227 

12 
52 
197 

898 
194 
704 
—  
704 

130 

—  

—  
—  
413 

74 
—  
3,958 

461 
125 
336 
—  
336 

—  

—  

620 
27 

(104) 
504 
604 

240 
—  
1,891 

91 
16 
75 
—  
75 

—  

—  

6 
8 
(15) 
—  
(1) 

(11) 
—  

—  
—  
41 

—  
54 
84 

(85) 
(16) 
(69) 
—  
(69) 

—  

—  

$ 3,680 
3,146 
(2) 
671 
7,495 

4,303 
(290) 

(104) 
504 
1,285 

326 
106 
6,130 

1,365 
319 
1,046 
—  
1,046 

130 

—  

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 574 

$

336 

$

75 

$ (69)  $

916 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from discontinued operations available to 

Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, 

$ 574 

$

336 

$

75 

$ (69)  $

916 

—  

—  

—  

—  

—  

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . .

$ 574 

$

336 

$

75 

$ (69)  $

916 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$5,712 

$44,156 

$37,975 

$1,871 

$89,714 

248 

249 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of revenues of major product groups for our segments and Corporate and Other 

(b) Revenues of Major Product Groups 

for the years ended December 31: 

(Amounts in millions) 

Revenues: 

2023 

2022 

2021 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance segment  . . . . . . . . . . . . . . . . . . . .

$1,153 

4,491 

$1,095 

4,419 

$1,118 

4,846 

Life and Annuities segment: 

Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variable annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,394 

1,443 

1,172 

313 

139 

389 

150 

505 

174 

Life and Annuities segment  . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,846 

1,982 

1,851 

Corporate and Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) 

(1) 

7 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$7,488 

$7,495 

$7,822 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(Amounts in millions) 

2021 

Long-Term 
Care 
Insurance 

Enact 

Life and 
Annuities 

Corporate 
and Other 

Total 

Revenues: 
Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . .
Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . . .

$ 975 
141 
(2) 
4 

$2,561 
2,027 
257 
1 

$ (136) 
1,195 
74 
718 

$

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,118 

4,846 

1,851 

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . . . . . . . .
Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits and associated 
hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of deferrals  . . . . . .
Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

125 
—  

—  
—  
230 

15 
51 

3,808 
68 

—  
—  
451 

76 
—  

648 
174 

(160) 
511 
233 

291 
—  

Total benefits and expenses  . . . . . . . . . . . . . . . . . .

421 

4,403 

1,697 

Income (loss) from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision (benefit) for income taxes  . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . . . . . . . .
Income from discontinued operations, net of taxes  . . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to 
noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from discontinued operations attributable 
to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, Inc.’s 

697 
148 

549 
—  

549 

33 

—  

443 
123 

320 
—  

320 

—  

—  

154 
30 

124 
—  

124 

—  

—  

6 
7 
(7) 
1 

7 

$3,406 
3,370 
322 
724 

7,822 

(6) 
—  

4,575 
242 

—  
—  
84 

2 
109 

189 

(182) 
(53) 

(129) 
27 

(102) 

—  

8 

(160) 
511 
998 

384 
160 

6,710 

1,112 
248 

864 
27 

891 

33 

8 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 516 

$ 320 

$ 124 

$(110) 

$ 850 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common stockholders . . .

$ 516 

$ 320 

$ 124 

$(129) 

$ 831 

Income from discontinued operations available to 

Genworth Financial, Inc.’s common stockholders . . .

—  

—  

—  

19 

19 

Net income (loss) available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . .

$ 516 

$ 320 

$ 124 

$(110) 

$ 850 

250 

251 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

2021 

Long-Term 

Care 

Enact 

Insurance 

Life and 

Annuities 

Corporate 

and Other 

Total 

(b) Revenues of Major Product Groups 

The following is a summary of revenues of major product groups for our segments and Corporate and Other 

for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Revenues: 
Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance segment  . . . . . . . . . . . . . . . . . . . .
Life and Annuities segment: 

Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Variable annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life and Annuities segment  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate and Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,153 
4,491 

$1,095 
4,419 

$1,118 
4,846 

1,394 
313 
139 
1,846 
(2) 
$7,488 

1,443 
389 
150 
1,982 
(1) 
$7,495 

1,172 
505 
174 
1,851 
7 
$7,822 

(Amounts in millions) 

Revenues: 

Premiums  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 975 

$ (136) 

$

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net investment gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . .

Policy fees and other income  . . . . . . . . . . . . . . . . . . . . . . . . .

$2,561 

2,027 

257 

1 

141 

(2) 

4 

1,195 

74 

718 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,118 

4,846 

1,851 

Total benefits and expenses  . . . . . . . . . . . . . . . . . .

421 

4,403 

1,697 

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . . . . . . . . . .

Liability remeasurement (gains) losses  . . . . . . . . . . . . . . . . .

Changes in fair value of market risk benefits and associated 

hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest credited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition and operating expenses, net of deferrals  . . . . . .

Amortization of deferred acquisition costs and 

intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations before income 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision (benefit) for income taxes  . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . . . . . . . . . .

Income from discontinued operations, net of taxes  . . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . .

33 

Less: net income from discontinued operations attributable 

to noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . .

—  

Net income (loss) available to Genworth Financial, Inc.’s 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

125 

—  

—  

—  

230 

15 

51 

697 

148 

549 

—  

549 

3,808 

68 

—  

—  

451 

76 

—  

443 

123 

320 

—  

320 

—  

—  

648 

174 

(160) 

511 

233 

291 

—  

154 

30 

124 

—  

124 

—  

—  

(7) 

6 

7 

1 

7 

$3,406 

3,370 

322 

724 

7,822 

(6) 

—  

4,575 

242 

—  

—  

84 

2 

109 

189 

(182) 

(53) 

(129) 

27 

(102) 

—  

8 

(160) 

511 

998 

384 

160 

6,710 

1,112 

248 

864 

27 

891 

33 

8 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 516 

$ 320 

$ 124 

$(110) 

$ 850 

Genworth Financial, Inc.’s common stockholders . . .

$ 516 

$ 320 

$ 124 

$(129) 

$ 831 

Income from discontinued operations available to 

Genworth Financial, Inc.’s common stockholders . . .

—  

—  

—  

19 

19 

Net income (loss) available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . .

$ 516 

$ 320 

$ 124 

$(110) 

$ 850 

250 

251 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(c) Reconciliations 

The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s 

common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common 
stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common 
stockholders for our segments and Corporate and Other for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76 

$ 916 

$ 850 

Add: net income from continuing operations attributable to 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Add: net income from discontinued operations attributable to 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: income from discontinued operations, net of taxes . . . . . . .

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . . . .
Less: net income from continuing operations attributable to 

—  

199 
—  

199 

—  

1,046 
—  

1,046 

8 

891 
27 

864 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . . . .
Adjustments to income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders: 

Net investment (gains) losses, net(1)  . . . . . . . . . . . . . . . . . . . . . . .
Changes in fair value of market risk benefits attributable to 

interest rates, equity markets and associated hedges(2)  . . . . . . .
(Gains) losses on early extinguishment of debt(3)  . . . . . . . . . . . . .
Expenses related to restructuring  . . . . . . . . . . . . . . . . . . . . . . . . .
Pension plan termination costs  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating income available to Genworth Financial, 

76 

916 

831 

The following is a summary of geographic region activity as of and for the years ended December 31: 

(25) 

(22) 
(2) 
4 
—  
10 

2 

(322) 

(142) 
6 
2 
8 
26 

(210) 
45 
34 
—  
96 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 41 

$ 818 

$ 474 

(Amounts in millions) 

United States 

International (1) 

Total 

(1)  For the year ended December 31, 2023, net investment (gains) losses were adjusted for the portion 

attributable to noncontrolling interests of $2 million. 

(2)  Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in 

reserves, attributed fees and benefit payments of $(10) million, $(38) million and $(50) million for the years 
ended December 31, 2023, 2022 and 2021, respectively. 

(3)  See note 17 for additional information on (gains) losses on early extinguishment of debt during 2023 and 2022. 
During 2021, we paid pre-tax make-whole premiums of $26 million and incurred pre-tax losses of $19 million 
in connection with the early redemption and repurchase of certain of Genworth Holdings’ senior notes. 

252 

(1)  Predominantly comprised of operations in Mexico. 

253 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(Amounts in millions) 

2023 

2022 

2021 

Adjusted operating income (loss) available to Genworth 

Financial, Inc.’s common stockholders: 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance segment  . . . . . . . . . . . . . . . . . . . . . . .

$ 552 

(242) 

$ 578 

320 

$ 520 

126 

Life and Annuities segment: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Life and Annuities segment 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate and Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating income available to Genworth Financial, 

(275) 

(111) 

(201) 

50 

37 

(188) 

(81) 

62 

21 

(28) 

(52) 

83 

22 

(96) 

(76) 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 41 

$ 818 

$ 474 

Other than pension plan termination costs incurred in 2022 related to one of our defined benefit pension 

plans, there were no infrequent or unusual items excluded from adjusted operating income during the periods 

presented. 

(d) Geographic Segment Information 

(Amounts in millions) 

United States 

International (1) 

Total 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,476 

12 

$ 7,488 

Income from continuing operations  . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

197 

197 

2 

2 

$

$

199 

199 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$90,767 

50 

$90,817 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,487 

Income from continuing operations  . . . . . . . . . . .

$ 1,046 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,046 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$89,672 

$ 7,495 

$ 1,046 

$ 1,046 

$89,714 

(Amounts in millions) 

United States 

International (1) 

Total 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . .

$7,815 

$ 867 

$ 894 

$

$

$

7 

(3) 

(3) 

$7,822 

$ 864 

$ 891 

2023 

$

$

$

$

2022 

$

8 

$—  

$—  

$ 42 

2021 

 
 
 
 
 
 
 
 
 
 
 
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(c) Reconciliations 

The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s 

common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common 

stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common 

stockholders for our segments and Corporate and Other for the years ended December 31: 

(Amounts in millions) 

2023 

2022 

2021 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76 

$ 916 

$ 850 

Add: net income from continuing operations attributable to 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Add: net income from discontinued operations attributable to 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: income from discontinued operations, net of taxes . . . . . . .

Income from continuing operations  . . . . . . . . . . . . . . . . . . . . . . .

Less: net income from continuing operations attributable to 

—  

199 

—  

199 

—  

1,046 

—  

1,046 

8 

891 

27 

864 

noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123 

130 

33 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders  . . . . . . . . . . . . . . . . . .

76 

916 

831 

Adjustments to income from continuing operations available to 

Genworth Financial, Inc.’s common stockholders: 

Net investment (gains) losses, net(1)  . . . . . . . . . . . . . . . . . . . . . . .

(25) 

2 

(322) 

Changes in fair value of market risk benefits attributable to 

interest rates, equity markets and associated hedges(2)  . . . . . . .

(142) 

(210) 

(Gains) losses on early extinguishment of debt(3)  . . . . . . . . . . . . .

Expenses related to restructuring  . . . . . . . . . . . . . . . . . . . . . . . . .

Pension plan termination costs  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Taxes on adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted operating income available to Genworth Financial, 

(22) 

(2) 

4 

—  

10 

6 

2 

8 

26 

45 

34 

—  

96 

(1)  For the year ended December 31, 2023, net investment (gains) losses were adjusted for the portion 

attributable to noncontrolling interests of $2 million. 

(2)  Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in 

reserves, attributed fees and benefit payments of $(10) million, $(38) million and $(50) million for the years 

ended December 31, 2023, 2022 and 2021, respectively. 

(3)  See note 17 for additional information on (gains) losses on early extinguishment of debt during 2023 and 2022. 

During 2021, we paid pre-tax make-whole premiums of $26 million and incurred pre-tax losses of $19 million 

in connection with the early redemption and repurchase of certain of Genworth Holdings’ senior notes. 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(Amounts in millions) 

2023 

2022 

2021 

Adjusted operating income (loss) available to Genworth 

Financial, Inc.’s common stockholders: 

Enact segment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance segment  . . . . . . . . . . . . . . . . . . . . . . .
Life and Annuities segment: 

Life insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Variable annuities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life and Annuities segment 
Corporate and Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating income available to Genworth Financial, 

$ 552 
(242) 

$ 578 
320 

$ 520 
126 

(275) 
50 
37 
(188) 
(81) 

(111) 
62 
21 
(28) 
(52) 

(201) 
83 
22 
(96) 
(76) 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 41 

$ 818 

$ 474 

Other than pension plan termination costs incurred in 2022 related to one of our defined benefit pension 
plans, there were no infrequent or unusual items excluded from adjusted operating income during the periods 
presented. 

(d) Geographic Segment Information 

The following is a summary of geographic region activity as of and for the years ended December 31: 

(Amounts in millions) 

United States 

International (1) 

Total 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,476 

Income from continuing operations  . . . . . . . . . . .

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

197 

197 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$90,767 

$

$

$

$

12 

$ 7,488 

2 

2 

$

$

199 

199 

50 

$90,817 

2023 

2022 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 41 

$ 818 

$ 474 

(Amounts in millions) 

United States 

International (1) 

Total 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,487 

Income from continuing operations  . . . . . . . . . . .

$ 1,046 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,046 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$89,672 

$ 7,495 

$ 1,046 

$ 1,046 

$89,714 

$

8 

$—  

$—  

$ 42 

2021 

(Amounts in millions) 

United States 

International (1) 

Total 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) from continuing operations  . . . . . . .

Net income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . .

$7,815 

$ 867 

$ 894 

$

$

$

7 

(3) 

(3) 

$7,822 

$ 864 

$ 891 

252 

(1)  Predominantly comprised of operations in Mexico. 

253 

 
 
 
 
 
 
 
 
 
 
 
 
(2) 

In the fourth quarter of 2023, our long-term care insurance business had a pre-tax liability remeasurement 

loss of $188 million that included adverse pre-tax cash flow assumption updates of $61 million driven 

mostly by unfavorable updates to our healthy life assumptions to better reflect near-term experience related 

to cost of care, mortality, incidence and lapse, partially offset by a favorable update to our disabled life 

mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near 

term post COVID-19. The liability remeasurement loss also included pre-tax unfavorable actual versus 

expected experience of $127 million due primarily to higher claims and unfavorable timing impacts related 

(3) 

In the fourth quarter of 2023, our life insurance products included adverse pre-tax cash flow assumption 

updates of $226 million reflecting unfavorable persistency and mortality assumption updates. 

(4) 

In the fourth quarter of 2023, our Enact segment recorded a favorable pre-tax reserve release of $53 million 

primarily related to cure performance on delinquencies from 2022 and earlier, including those related to 

COVID-19. 

(5)  Under applicable accounting guidance, companies in a loss position are required to use basic weighted-

average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our 

loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three 

months ended December 31, 2023, we were required to use basic weighted-average common shares 

outstanding in the calculation of diluted loss per share as the inclusion of shares for PSUs, RSUs and other 

equity-based awards of 6.3 million would have been antidilutive to the calculation. If we had not incurred a 

loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three 

months ended December 31, 2023, dilutive potential weighted-average common shares outstanding would 

have been 455.7 million. 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(24) Quarterly Results of Operations (unaudited) 

Our unaudited quarterly results of operations for the year ended December 31, 2023 are summarized in the 

table below. 

(Amounts in millions, except per share amounts) 

Three months ended 

March 31, 
2023 

June 30, 
2023 

September 30, 
2023 

December 31, 
2023 

Total revenues(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,854  $1,892 

$1,831 

$1,911 

to a second legal settlement. 

Total benefits and expenses(2), (3), (4) . . . . . . . . . . . . . . . . . . . . $1,645  $1,671 

$1,741 

$2,128 

Income (loss) from continuing operations(1), (2), (3), (4)  . . . . . . $ 154  $ 166 

$

60 

$ (181) 

Income (loss) from discontinued operations, net of taxes 

. . $ —   $

2 

$ —  

$

(2) 

Net income (loss)(1), (2), (3), (4)  . . . . . . . . . . . . . . . . . . . . . . . . . $ 154  $ 168 

Net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . $

32  $

31 

$

$

60 

$ (183) 

31 

$

29 

Net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —   $ —  

$ —  

$ —  

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders(1), (2), (3), (4)  . . . . . . . . . . . . . . . . . . . . $ 122  $ 137 

$

29 

$ (212) 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common stockholders  . . $ 122  $ 135 

$

29 

$ (210) 

Income (loss) from discontinued operations available 

to Genworth Financial, Inc.’s common 
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) available to Genworth Financial, 

—  

2 

—  

(2) 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . $ 122  $ 137 

$

29 

$ (212) 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common stockholders per 
share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25  $ 0.28 

$ 0.06 

$ (0.47) 

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.24  $ 0.28 

$ 0.06 

$ (0.47) 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25  $ 0.29 

$ 0.06 

$ (0.47) 

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.24  $ 0.29 

$ 0.06 

$ (0.47) 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted(5)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

492.3 
500.1 

473.2 
478.1 

460.5 
466.0 

449.4 
449.4 

(1)  Pre-tax net investment gains of $90 million associated with limited partnerships and changes in the fair 

value of equity securities resulted in an increase in total revenues in the fourth quarter of 2023. 

254 

255 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

(2) 

(3) 

(4) 

In the fourth quarter of 2023, our long-term care insurance business had a pre-tax liability remeasurement 
loss of $188 million that included adverse pre-tax cash flow assumption updates of $61 million driven 
mostly by unfavorable updates to our healthy life assumptions to better reflect near-term experience related 
to cost of care, mortality, incidence and lapse, partially offset by a favorable update to our disabled life 
mortality assumptions to reflect an expectation that mortality will continue at elevated levels in the near 
term post COVID-19. The liability remeasurement loss also included pre-tax unfavorable actual versus 
expected experience of $127 million due primarily to higher claims and unfavorable timing impacts related 
to a second legal settlement. 
In the fourth quarter of 2023, our life insurance products included adverse pre-tax cash flow assumption 
updates of $226 million reflecting unfavorable persistency and mortality assumption updates. 
In the fourth quarter of 2023, our Enact segment recorded a favorable pre-tax reserve release of $53 million 
primarily related to cure performance on delinquencies from 2022 and earlier, including those related to 
COVID-19. 

(5)  Under applicable accounting guidance, companies in a loss position are required to use basic weighted-

average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our 
loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three 
months ended December 31, 2023, we were required to use basic weighted-average common shares 
outstanding in the calculation of diluted loss per share as the inclusion of shares for PSUs, RSUs and other 
equity-based awards of 6.3 million would have been antidilutive to the calculation. If we had not incurred a 
loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three 
months ended December 31, 2023, dilutive potential weighted-average common shares outstanding would 
have been 455.7 million. 

(24) Quarterly Results of Operations (unaudited) 

Our unaudited quarterly results of operations for the year ended December 31, 2023 are summarized in the 

table below. 

Three months ended 

March 31, 

June 30, 

September 30, 

December 31, 

2023 

2023 

2023 

2023 

(Amounts in millions, except per share amounts) 

Total revenues(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,854  $1,892 

$1,831 

$1,911 

Total benefits and expenses(2), (3), (4) . . . . . . . . . . . . . . . . . . . . $1,645  $1,671 

$1,741 

$2,128 

Income (loss) from continuing operations(1), (2), (3), (4)  . . . . . . $ 154  $ 166 

60 

$ (181) 

Income (loss) from discontinued operations, net of taxes 

. . $ —   $

2 

$ —  

$

(2) 

Net income (loss)(1), (2), (3), (4)  . . . . . . . . . . . . . . . . . . . . . . . . . $ 154  $ 168 

60 

$ (183) 

Net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . $

32  $

31 

31 

$

29 

Net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —   $ —  

$ —  

$ —  

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders(1), (2), (3), (4)  . . . . . . . . . . . . . . . . . . . . $ 122  $ 137 

$

29 

$ (212) 

$

$

$

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders: 

Income (loss) from continuing operations available to 

Income (loss) from discontinued operations available 

to Genworth Financial, Inc.’s common 

Genworth Financial, Inc.’s common stockholders  . . $ 122  $ 135 

$

29 

$ (210) 

stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

2 

—  

(2) 

Net income (loss) available to Genworth Financial, 

Inc.’s common stockholders  . . . . . . . . . . . . . . . . . . . $ 122  $ 137 

$

29 

$ (212) 

Income (loss) from continuing operations available to 

Genworth Financial, Inc.’s common stockholders per 

share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25  $ 0.28 

$ 0.06 

$ (0.47) 

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.24  $ 0.28 

$ 0.06 

$ (0.47) 

Net income (loss) available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25  $ 0.29 

$ 0.06 

$ (0.47) 

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.24  $ 0.29 

$ 0.06 

$ (0.47) 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted(5)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

492.3 

500.1 

473.2 

478.1 

460.5 

466.0 

449.4 

449.4 

(1)  Pre-tax net investment gains of $90 million associated with limited partnerships and changes in the fair 

value of equity securities resulted in an increase in total revenues in the fourth quarter of 2023. 

254 

255 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

Our unaudited quarterly results of operations for the year ended December 31, 2022 are summarized in the 

table below. 

(Amounts in millions, except per share amounts) 

Three months ended 

March 31, 
2022 

June 30, 
2022 

September 30, 
2022 

December 31, 
2022 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,893  $1,887 

$1,848 

Total benefits and expenses(1), (2)  . . . . . . . . . . . . . . . . . . . . . $1,537  $1,627 

$1,628 

Income from continuing operations(1), (2)  . . . . . . . . . . . . . . . $ 272  $ 198 

$ 166 

$1,867 

$1,338 

$ 410 

Income (loss) from discontinued operations, net of 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

(2)  $

(1) 

$

5 

$

(2) 

Net income(1), (2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 270  $ 197 

$ 171 

$ 408 

Net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . $

30  $

38 

$

35 

$

27 

Net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . $ —   $ —  

$ —  

$ —  

Net income available to Genworth Financial, Inc.’s 

common stockholders(1), (2) . . . . . . . . . . . . . . . . . . . . . . . . $ 240  $ 159 

$ 136 

$ 381 

Net income available to Genworth Financial, Inc.’s 

common stockholders: 

Income from continuing operations available to 

Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 242  $ 160 

$ 131 

$ 383 

Income (loss) from discontinued operations available 

to Genworth Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income available to Genworth Financial, Inc.’s 

(2) 

(1) 

5 

(2) 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . $ 240  $ 159 

$ 136 

$ 381 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.48  $ 0.32 

$ 0.26 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.47  $ 0.31 

$ 0.26 

Net income available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.47  $ 0.31 

$ 0.27 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.46  $ 0.31 

$ 0.27 

$ 0.77 

$ 0.76 

$ 0.77 

$ 0.76 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

508.3 
517.4 

508.9 
514.1 

503.8 
509.3 

496.5 
502.9 

(1) 

In the fourth quarter of 2022, our long-term care insurance business had a pre-tax liability remeasurement 
gain of $255 million primarily from favorable pre-tax cash flow assumption updates of $303 million, which 
reflected an expected reserve reduction, net of estimated settlement payments, attributable to the inclusion 
of a second legal settlement. This settlement primarily impacted older, unprofitable capped cohorts. 

(2) 

In the fourth quarter of 2022, our Enact segment recorded a net favorable pre-tax reserve release of $42 

million primarily related to COVID-19 delinquencies from 2020 and 2021 curing at levels above original 

reserve expectations. 

(25) Commitments and Contingencies 

(a) Litigation and Regulatory Matters 

We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating 

our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include 

proceedings specific to us and others generally applicable to business practices in the industries in which we 

operate. In our insurance operations, we are, have been, or may become subject to class actions and individual 

suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-

term care insurance premiums, payment of contingent or other sales commissions, claims payments and 

procedures, product design, product disclosure, product administration, additional premium charges for 

premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on 

products, recommending unsuitable products to customers, our pricing structures and business practices in our 

mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract 

underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-

inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other 

duties to customers, including but not limited to cybersecurity breaches of customer information. Plaintiffs in 

class action and other lawsuits against us may seek very large or indeterminate amounts which may remain 

unknown for substantial periods of time. In our investment-related operations, we are subject to litigation 

involving commercial disputes with counterparties. We are also subject to litigation arising out of our general 

business activities such as our contractual and employment relationships, including claims under the Employee 

Retirement Income Security Act of 1974, post-closing obligations associated with previous dispositions and 

securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, 

subpoenas, books and record examinations and market conduct and financial examinations from state, federal 

and international regulators and other authorities. A substantial legal liability or a significant regulatory action 

against us could have an adverse effect on our business, financial condition and results of operations. Moreover, 

even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant 

reputational harm, which could have an adverse effect on our business, financial condition or results of 

operations. 

In September 2018, GLAIC, our indirect wholly-owned subsidiary, was named as a defendant in a putative 

class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned 

TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and 

all others similarly situated v. Genworth Life and Annuity Insurance Company. Plaintiff alleges unlawful and 

excessive cost of insurance charges were imposed on policyholders. The complaint asserts claims for breach of 

contract, alleging that Genworth improperly considered non-mortality factors when calculating cost of insurance 

rates and failed to decrease cost of insurance charges in light of improved expectations of future mortality, and 

seeks unspecified compensatory damages, costs, and equitable relief. On October 29, 2018, we filed a motion to 

enjoin the case in the Middle District of Georgia, and a motion to dismiss and motion to stay in the Eastern 

District of Virginia. We moved to enjoin the prosecution of the Eastern District of Virginia action on the basis 

that it involves claims released in a prior nationwide class action settlement (the “McBride settlement”) that was 

approved by the Middle District of Georgia. Plaintiff filed an amended complaint on November 13, 2018. On 

December 6, 2018, we moved the Middle District of Georgia for leave to file our counterclaim, which alleges 

256 

257 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

Our unaudited quarterly results of operations for the year ended December 31, 2022 are summarized in the 

table below. 

(2) 

In the fourth quarter of 2022, our Enact segment recorded a net favorable pre-tax reserve release of $42 
million primarily related to COVID-19 delinquencies from 2020 and 2021 curing at levels above original 
reserve expectations. 

(25) Commitments and Contingencies 

(a) Litigation and Regulatory Matters 

We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating 

our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include 
proceedings specific to us and others generally applicable to business practices in the industries in which we 
operate. In our insurance operations, we are, have been, or may become subject to class actions and individual 
suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-
term care insurance premiums, payment of contingent or other sales commissions, claims payments and 
procedures, product design, product disclosure, product administration, additional premium charges for 
premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on 
products, recommending unsuitable products to customers, our pricing structures and business practices in our 
mortgage insurance subsidiaries, such as captive reinsurance arrangements with lenders and contract 
underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-
inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other 
duties to customers, including but not limited to cybersecurity breaches of customer information. Plaintiffs in 
class action and other lawsuits against us may seek very large or indeterminate amounts which may remain 
unknown for substantial periods of time. In our investment-related operations, we are subject to litigation 
involving commercial disputes with counterparties. We are also subject to litigation arising out of our general 
business activities such as our contractual and employment relationships, including claims under the Employee 
Retirement Income Security Act of 1974, post-closing obligations associated with previous dispositions and 
securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, 
subpoenas, books and record examinations and market conduct and financial examinations from state, federal 
and international regulators and other authorities. A substantial legal liability or a significant regulatory action 
against us could have an adverse effect on our business, financial condition and results of operations. Moreover, 
even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant 
reputational harm, which could have an adverse effect on our business, financial condition or results of 
operations. 

In September 2018, GLAIC, our indirect wholly-owned subsidiary, was named as a defendant in a putative 

class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned 
TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and 
all others similarly situated v. Genworth Life and Annuity Insurance Company. Plaintiff alleges unlawful and 
excessive cost of insurance charges were imposed on policyholders. The complaint asserts claims for breach of 
contract, alleging that Genworth improperly considered non-mortality factors when calculating cost of insurance 
rates and failed to decrease cost of insurance charges in light of improved expectations of future mortality, and 
seeks unspecified compensatory damages, costs, and equitable relief. On October 29, 2018, we filed a motion to 
enjoin the case in the Middle District of Georgia, and a motion to dismiss and motion to stay in the Eastern 
District of Virginia. We moved to enjoin the prosecution of the Eastern District of Virginia action on the basis 
that it involves claims released in a prior nationwide class action settlement (the “McBride settlement”) that was 
approved by the Middle District of Georgia. Plaintiff filed an amended complaint on November 13, 2018. On 
December 6, 2018, we moved the Middle District of Georgia for leave to file our counterclaim, which alleges 

256 

257 

Three months ended 

March 31, 

June 30, 

September 30, 

December 31, 

2022 

2022 

2022 

(Amounts in millions, except per share amounts) 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,893  $1,887 

$1,848 

Total benefits and expenses(1), (2)  . . . . . . . . . . . . . . . . . . . . . $1,537  $1,627 

$1,628 

Income from continuing operations(1), (2)  . . . . . . . . . . . . . . . $ 272  $ 198 

$ 166 

2022 

$1,867 

$1,338 

$ 410 

Income (loss) from discontinued operations, net of 

taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

(2)  $

(1) 

$

5 

$

(2) 

Net income(1), (2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 270  $ 197 

$ 171 

$ 408 

Net income from continuing operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . $

30  $

38 

$

35 

$

27 

Net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . $ —   $ —  

$ —  

$ —  

Net income available to Genworth Financial, Inc.’s 

common stockholders(1), (2) . . . . . . . . . . . . . . . . . . . . . . . . $ 240  $ 159 

$ 136 

$ 381 

Net income available to Genworth Financial, Inc.’s 

common stockholders: 

Income from continuing operations available to 

Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 242  $ 160 

$ 131 

$ 383 

Income (loss) from discontinued operations available 

to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) 

(1) 

5 

(2) 

Net income available to Genworth Financial, Inc.’s 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . $ 240  $ 159 

$ 136 

$ 381 

Income from continuing operations available to Genworth 

Financial, Inc.’s common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.48  $ 0.32 

$ 0.26 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.47  $ 0.31 

$ 0.26 

Net income available to Genworth Financial, Inc.’s 

common stockholders per share: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.47  $ 0.31 

$ 0.27 

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.46  $ 0.31 

$ 0.27 

$ 0.77 

$ 0.76 

$ 0.77 

$ 0.76 

Weighted-average common shares outstanding: 

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

508.3 

517.4 

508.9 

514.1 

503.8 

509.3 

496.5 

502.9 

(1) 

In the fourth quarter of 2022, our long-term care insurance business had a pre-tax liability remeasurement 

gain of $255 million primarily from favorable pre-tax cash flow assumption updates of $303 million, which 

reflected an expected reserve reduction, net of estimated settlement payments, attributable to the inclusion 

of a second legal settlement. This settlement primarily impacted older, unprofitable capped cohorts. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

that plaintiff breached the covenant not to sue contained in the prior settlement agreement by filing its current 
action. On March 15, 2019, the Middle District of Georgia granted our motion to enjoin and denied our motion 
for leave to file our counterclaim. As such, plaintiff is enjoined from pursuing its class action in the Eastern 
District of Virginia. On March 29, 2019, plaintiff filed a notice of appeal in the Middle District of Georgia, 
notifying the Court of its appeal to the United States Court of Appeals for the Eleventh Circuit from the order 
granting our motion to enjoin. On March 29, 2019, we filed our notice of cross-appeal in the Middle District of 
Georgia, notifying the Court of our cross-appeal to the Eleventh Circuit from the portion of the order denying our 
motion for leave to file our counterclaim. On April 8, 2019, the Eastern District of Virginia dismissed the case 
without prejudice, with leave for plaintiff to refile an amended complaint only if a final appellate Court decision 
vacates the injunction and reverses the Middle District of Georgia’s opinion. On May 21, 2019, plaintiff filed its 
appeal and memorandum in support in the Eleventh Circuit. We filed our response to plaintiff’s appeal 
memorandum on July 3, 2019. The Eleventh Circuit Court of Appeals heard oral argument on plaintiff’s appeal 
and our cross-appeal on April 21, 2020. On May 26, 2020, the Eleventh Circuit Court of Appeals vacated the 
Middle District of Georgia’s order enjoining plaintiff’s class action and remanded the case back to the Middle 
District of Georgia for further factual development as to whether Genworth has altered how it calculates or 
charges cost of insurance since the McBride settlement. The Eleventh Circuit Court of Appeals did not reach a 
decision on Genworth’s counterclaim. On June 30, 2021, we filed in the Middle District of Georgia our renewed 
motion to enforce the class action settlement and release and renewed our motion for leave to file a counterclaim. 
The briefing on both motions concluded in October 2021. On March 24, 2022, the Court denied our motions. On 
April 11, 2022, we filed an appeal of the Court’s denial to the United States Court of Appeals for the Eleventh 
Circuit. On June 22, 2022, we filed our opening brief in support of the appeal. Plaintiff filed its respondent’s 
brief on September 20, 2022, and we filed our reply brief on November 10, 2022. The appeal was orally argued 
on August 17, 2023, and we are awaiting a decision from the Eleventh Circuit. We intend to continue to 
vigorously defend this action. 

In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, 
Genworth Financial International Holdings, LLC (“GFIH”) and GLIC were named as defendants in a putative 
class action lawsuit pending in the Court of Chancery of the State of Delaware captioned Richard F. Burkhart, 
William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other 
persons similarly situated v. Genworth et al. Plaintiffs allege that GLIC paid dividends to its parent and engaged 
in certain reinsurance transactions causing it to maintain inadequate capital capable of meeting its obligations to 
GLIC policyholders and agents. The complaint alleges causes of action for intentional fraudulent transfer and 
constructive fraudulent transfer and seeks injunctive relief. We moved to dismiss this action in December 2018. 
On January 29, 2019, plaintiffs exercised their right to amend their complaint. On March 12, 2019, we moved to 
dismiss plaintiffs’ amended complaint. On April 26, 2019, plaintiffs filed a memorandum in opposition to our 
motion to dismiss, which we replied to on June 14, 2019. On August 7, 2019, plaintiffs filed a motion seeking to 
prevent proceeds that GFIH expected to receive from the then planned sale of its shares in Genworth MI Canada 
Inc. (“Genworth Canada”) from being transferred out of GFIH. On September 11, 2019, plaintiffs filed a 
renewed motion seeking the same relief as their August 7, 2019 motion with an exception that allowed GFIH to 
transfer $450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth 
Holdings to allow the pay-off of a senior secured term loan facility dated March 7, 2018 among Genworth 
Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our 
motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On 
January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in 
dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to 
plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million 
in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 

2020, we filed our answer to plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second 

amended and supplemental class action complaint adding additional factual allegations and three new causes of 

action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the 

second amended and supplemental class action complaint. Plaintiffs filed an opposition to our motion to dismiss 

on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each 

party to file supplemental submissions, which were filed on January 28, 2022. On May 10, 2022, the Court 

granted our motion to dismiss the three new causes of action. On January 27, 2022, plaintiffs filed a motion for a 

preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any 

dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or 

distributing any value to Genworth Financial’s shareholders. On June 2, 2022, plaintiffs withdrew their motion 

for a preliminary injunction. On January 12, 2024, plaintiffs moved for class certification. We filed our 

opposition papers on February 23, 2024 and intend to continue to vigorously defend this action. 

In January 2021, GLAIC was named as a defendant in a putative class action lawsuit pending in the United 

States District Court for the District of Oregon captioned Patsy H. McMillan, individually and on behalf of all 

others similarly situated, v. Genworth Life and Annuity Insurance Company. Plaintiff sought to represent life 

insurance policyholders, alleging that GLAIC impermissibly calculated cost of insurance rates to be higher than 

permitted by her policy. The complaint asserted claims for breach of contract, conversion, and declaratory and 

injunctive relief, and sought damages in excess of $5 million. On February 10, 2023, the parties reached an 

agreement in principle to settle the action for an immaterial amount. On April 14, 2023, the action was dismissed 

on stipulation. 

On August 11, 2021, GLIC and GLICNY received a request for pre-suit mediation related to a potential 

class action lawsuit that may have been brought by five long-term care insurance policyholders, who sought to 

represent a nationwide class alleging that the defendants made misleading and inadequate disclosures regarding 

premium increases for long-term care insurance policies. The draft complaint asserted claims for breach of 

contract, conversion, and declaratory and injunctive relief, and sought damages in excess of $5 million. 

Genworth participated in pre-suit mediation in November 2021 and January 2022. On January 15, 2022, the 

parties reached an agreement in principle to settle the dispute on a nationwide basis, subject to the negotiation 

and execution of a final settlement agreement, and Court approval thereof. On January 28, 2022, the complaint 

was filed in the United States District Court for the Eastern District of Virginia captioned Fred Haney, Marsha 

Merrill, Sylvia Swanson, and Alan Wooten, individually, and on behalf of all others similarly situated v. 

Genworth Life Insurance Company and Genworth Life Insurance Company of New York. The parties executed a 

settlement agreement consistent with the agreement in principle signed on January 15, 2022. On May 2, 2022, the 

Court preliminarily approved the settlement. The final approval hearing commenced on November 17, 2022 and 

the Court entered judgment finally approving the settlement on February 15, 2023. Pursuant to its terms, the 

settlement became final on March 27, 2023. We began implementation of the settlement in the second quarter of 

2023 and expect an overall net favorable economic impact to our long-term care insurance business from the 

settlement of this case. 

On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern 

District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and 

the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings 

Plan”). Plaintiffs purport to act on behalf of the Savings Plan and all similarly simulated participants and 

beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under 

the Employee Retirement Income Security Act of 1974 by imprudently offering and inadequately monitoring a 

suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. Plaintiffs seek 

258 

259 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

that plaintiff breached the covenant not to sue contained in the prior settlement agreement by filing its current 

action. On March 15, 2019, the Middle District of Georgia granted our motion to enjoin and denied our motion 

for leave to file our counterclaim. As such, plaintiff is enjoined from pursuing its class action in the Eastern 

District of Virginia. On March 29, 2019, plaintiff filed a notice of appeal in the Middle District of Georgia, 

notifying the Court of its appeal to the United States Court of Appeals for the Eleventh Circuit from the order 

granting our motion to enjoin. On March 29, 2019, we filed our notice of cross-appeal in the Middle District of 

Georgia, notifying the Court of our cross-appeal to the Eleventh Circuit from the portion of the order denying our 

motion for leave to file our counterclaim. On April 8, 2019, the Eastern District of Virginia dismissed the case 

without prejudice, with leave for plaintiff to refile an amended complaint only if a final appellate Court decision 

vacates the injunction and reverses the Middle District of Georgia’s opinion. On May 21, 2019, plaintiff filed its 

appeal and memorandum in support in the Eleventh Circuit. We filed our response to plaintiff’s appeal 

memorandum on July 3, 2019. The Eleventh Circuit Court of Appeals heard oral argument on plaintiff’s appeal 

and our cross-appeal on April 21, 2020. On May 26, 2020, the Eleventh Circuit Court of Appeals vacated the 

Middle District of Georgia’s order enjoining plaintiff’s class action and remanded the case back to the Middle 

District of Georgia for further factual development as to whether Genworth has altered how it calculates or 

charges cost of insurance since the McBride settlement. The Eleventh Circuit Court of Appeals did not reach a 

decision on Genworth’s counterclaim. On June 30, 2021, we filed in the Middle District of Georgia our renewed 

motion to enforce the class action settlement and release and renewed our motion for leave to file a counterclaim. 

The briefing on both motions concluded in October 2021. On March 24, 2022, the Court denied our motions. On 

April 11, 2022, we filed an appeal of the Court’s denial to the United States Court of Appeals for the Eleventh 

Circuit. On June 22, 2022, we filed our opening brief in support of the appeal. Plaintiff filed its respondent’s 

brief on September 20, 2022, and we filed our reply brief on November 10, 2022. The appeal was orally argued 

on August 17, 2023, and we are awaiting a decision from the Eleventh Circuit. We intend to continue to 

vigorously defend this action. 

In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, 

Genworth Financial International Holdings, LLC (“GFIH”) and GLIC were named as defendants in a putative 

class action lawsuit pending in the Court of Chancery of the State of Delaware captioned Richard F. Burkhart, 

William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other 

persons similarly situated v. Genworth et al. Plaintiffs allege that GLIC paid dividends to its parent and engaged 

in certain reinsurance transactions causing it to maintain inadequate capital capable of meeting its obligations to 

GLIC policyholders and agents. The complaint alleges causes of action for intentional fraudulent transfer and 

constructive fraudulent transfer and seeks injunctive relief. We moved to dismiss this action in December 2018. 

On January 29, 2019, plaintiffs exercised their right to amend their complaint. On March 12, 2019, we moved to 

dismiss plaintiffs’ amended complaint. On April 26, 2019, plaintiffs filed a memorandum in opposition to our 

motion to dismiss, which we replied to on June 14, 2019. On August 7, 2019, plaintiffs filed a motion seeking to 

prevent proceeds that GFIH expected to receive from the then planned sale of its shares in Genworth MI Canada 

Inc. (“Genworth Canada”) from being transferred out of GFIH. On September 11, 2019, plaintiffs filed a 

renewed motion seeking the same relief as their August 7, 2019 motion with an exception that allowed GFIH to 

transfer $450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth 

Holdings to allow the pay-off of a senior secured term loan facility dated March 7, 2018 among Genworth 

Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our 

motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On 

January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in 

dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to 

plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million 

in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 

2020, we filed our answer to plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second 
amended and supplemental class action complaint adding additional factual allegations and three new causes of 
action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the 
second amended and supplemental class action complaint. Plaintiffs filed an opposition to our motion to dismiss 
on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each 
party to file supplemental submissions, which were filed on January 28, 2022. On May 10, 2022, the Court 
granted our motion to dismiss the three new causes of action. On January 27, 2022, plaintiffs filed a motion for a 
preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any 
dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or 
distributing any value to Genworth Financial’s shareholders. On June 2, 2022, plaintiffs withdrew their motion 
for a preliminary injunction. On January 12, 2024, plaintiffs moved for class certification. We filed our 
opposition papers on February 23, 2024 and intend to continue to vigorously defend this action. 

In January 2021, GLAIC was named as a defendant in a putative class action lawsuit pending in the United 

States District Court for the District of Oregon captioned Patsy H. McMillan, individually and on behalf of all 
others similarly situated, v. Genworth Life and Annuity Insurance Company. Plaintiff sought to represent life 
insurance policyholders, alleging that GLAIC impermissibly calculated cost of insurance rates to be higher than 
permitted by her policy. The complaint asserted claims for breach of contract, conversion, and declaratory and 
injunctive relief, and sought damages in excess of $5 million. On February 10, 2023, the parties reached an 
agreement in principle to settle the action for an immaterial amount. On April 14, 2023, the action was dismissed 
on stipulation. 

On August 11, 2021, GLIC and GLICNY received a request for pre-suit mediation related to a potential 

class action lawsuit that may have been brought by five long-term care insurance policyholders, who sought to 
represent a nationwide class alleging that the defendants made misleading and inadequate disclosures regarding 
premium increases for long-term care insurance policies. The draft complaint asserted claims for breach of 
contract, conversion, and declaratory and injunctive relief, and sought damages in excess of $5 million. 
Genworth participated in pre-suit mediation in November 2021 and January 2022. On January 15, 2022, the 
parties reached an agreement in principle to settle the dispute on a nationwide basis, subject to the negotiation 
and execution of a final settlement agreement, and Court approval thereof. On January 28, 2022, the complaint 
was filed in the United States District Court for the Eastern District of Virginia captioned Fred Haney, Marsha 
Merrill, Sylvia Swanson, and Alan Wooten, individually, and on behalf of all others similarly situated v. 
Genworth Life Insurance Company and Genworth Life Insurance Company of New York. The parties executed a 
settlement agreement consistent with the agreement in principle signed on January 15, 2022. On May 2, 2022, the 
Court preliminarily approved the settlement. The final approval hearing commenced on November 17, 2022 and 
the Court entered judgment finally approving the settlement on February 15, 2023. Pursuant to its terms, the 
settlement became final on March 27, 2023. We began implementation of the settlement in the second quarter of 
2023 and expect an overall net favorable economic impact to our long-term care insurance business from the 
settlement of this case. 

On August 1, 2022, a putative class action was filed in the United States District Court for the Eastern 
District of Virginia by two former Genworth employees against Genworth Financial, its Board of Directors and 
the Fiduciary and Investments Committee of Genworth Financial’s Retirement and Savings Plan (“Savings 
Plan”). Plaintiffs purport to act on behalf of the Savings Plan and all similarly simulated participants and 
beneficiaries of the Savings Plan. The complaint asserts that the defendants breached their fiduciary duties under 
the Employee Retirement Income Security Act of 1974 by imprudently offering and inadequately monitoring a 
suite of BlackRock Target Date Funds as a retirement investment option for Genworth employees. Plaintiffs seek 

258 

259 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

declaratory and injunctive relief, monetary damages, and attorney’s fees. By stipulation entered September 6, 
2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and 
Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the 
complaint against the sole remaining defendant, Genworth Financial. Plaintiffs filed opposition papers on 
November 10, 2022, and we filed our reply papers on November 16, 2022. By order dated January 20, 2023, the 
Court granted plaintiffs’ motion to serve an amended complaint, rendering our initial motion to dismiss moot. On 
January 20, 2023, plaintiffs filed an amended complaint, and on February 2, 2023, we filed a motion to dismiss 
the amended complaint. On March 16, 2023, the Court directed plaintiffs to file a second amended complaint and 
denied as moot our motion to dismiss the amended complaint. Plaintiffs filed the second amended complaint on 
April 17, 2023. On May 15, 2023, we answered and moved to dismiss the second amended complaint. On 
September 13, 2023, the Court granted in part and denied in part our motion to dismiss the second amended 
complaint. Plaintiffs moved for class certification on October 16, 2023, and we filed opposition papers on 
December 4, 2023. Oral argument on plaintiffs’ class certification motion was heard on February 12, 2024, and 
we are awaiting the Court’s ruling. On February 20, 2024, we moved for summary judgment dismissing the 
claims. Trial is scheduled for May 20, 2024. We intend to continue to vigorously defend this action. 

On December 16, 2022, Blue Cross Blue Shield of Nebraska (“BCBSNE”) served an arbitration demand on 

GLIC in relation to BCBSNE’s stated intent to recapture a block of long-term care insurance policies for which 
the risk was partly ceded to GLIC. In its arbitration demand, BCBSNE alleges that GLIC breached the governing 
reinsurance agreement by refusing to agree to transfer assets equal to the fair value of the liabilities being 
recaptured. BCBSNE asserts it has satisfied all of its obligations under the reinsurance agreement and is seeking 
to recapture the ceded block of reinsurance. BCBSNE seeks damages equal to the fair value of the recaptured 
liabilities, plus interest and other damages, including attorneys’ fees and costs. The arbitration panel has been 
appointed and an organizational meeting was held on August 30, 2023. The trial is scheduled for September and 
October of 2024. We intend to vigorously defend this arbitration proceeding. 

Starting in June 2023, various Genworth entities (including Genworth Financial, GLIC and GLAIC) have been 

named as defendants in certain of ten putative class action lawsuits in the United States District Courts for the 
Eastern District of Virginia and the District of Massachusetts. These cases are captioned as follows: King v. 
Genworth Financial, Inc.; Anastasio v. Genworth Financial, Inc. et al; Hauser v. Genworth Life Insurance 
Company; Smith v. Genworth Financial, Inc.; Behrens v. Genworth Life Insurance Company; Hale et al v. 
Genworth Financial, Inc.; Burkett, Jr. v. Genworth Life and Annuity Insurance Company; Manar v. Genworth 
Financial, Inc.; Kennedy v. Genworth Financial, Inc.; and Bailey v. Genworth Financial, Inc. The actions relate to 
the data security events involving the MOVEit file transfer system (“MOVEit Cybersecurity Incident”), which PBI 
Research Services (“PBI”), a third-party vendor, uses in the performance of its services. Our life insurance 
subsidiaries use PBI to, among other things, satisfy applicable regulatory obligations to search various databases to 
identify the deaths of insured persons under life insurance policies, and to identify the deaths of long-term care 
insurance and annuity policies which can impact premium payment obligations and benefit eligibility. Plaintiffs 
seek to represent various classes and subclasses of Genworth long-term care insurance policyholders and agents 
whose data was accessed or potentially accessed by the MOVEit Cybersecurity Incident, alleging that Genworth 
breached its purported duty to safeguard their sensitive data from cybercriminals. The complaints assert claims for, 
inter alia, negligence, negligence per se, breach of contract, unjust enrichment, and violations of various consumer 
protection and privacy statutes, and they seek, inter alia, declaratory and injunctive relief, compensatory and 
punitive damages, restitution, attorneys’ fees and costs. On October 4, 2023, the Joint Panel on Multidistrict 
Litigation issued an order consolidating all actions relating to the MOVEit Cybersecurity Incident before a single 
federal judge in the United States District Court for the District of Massachusetts. We intend to vigorously defend 
these actions. 

On October 20, 2023, GLIC was named as the defendant in a putative class action lawsuit in the United 

States District Court for the Eastern District of Virginia captioned Martin Silverstein, on behalf of himself and all 

others similarly situated v. Genworth Life Insurance Company. The complaint alleges that GLIC subjected 

universal life insurance policyholders to impermissible increases in cost of insurance charges, thereby breaching 

the underlying contracts. The complaint seeks, among other things, monetary damages and reinstatement of any 

lapsed policies. We intend to vigorously defend this action. 

At this time, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory 

matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. 

In addition, we are not able to provide an estimate or range of reasonably possible losses related to these matters. 

Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse 

effect on our business, financial condition or results of operations. In addition, it is possible that related 

investigations and proceedings may be commenced in the future, and we could become subject to additional 

unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or 

proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely 

affect our business, financial condition and results of operations. 

(b) Commitments 

See note 21 for amounts we were committed to fund related to our investments as of December 31, 2023. 

(26) Changes in Accumulated Other Comprehensive Income (Loss) 

The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by 

component as of and for the periods indicated: 

Net 

unrealized 

investment 

gains 

(losses) 

Derivatives 

qualifying as 

hedges (1) 

Change in the 

discount rate 

used to 

measure 

future policy 

benefits 

Change in 

instrument- 

specific 

credit risk 

of market 

risk 

benefits 

Foreign 

currency 

translation 

and other 

adjustments 

(Amounts in millions) 

Balances as of January 1, 2023 . . . . . .

$(3,407) 

$1,200 

$ (10) 

$

$(2,614) 

OCI before reclassifications  . . . . . .

Amounts reclassified from OCI  . . .

Current period OCI  . . . . . . . . . . . . .

1,206 

99 

1,305 

(39) 

(151) 

(190) 

$ (403) 

(1,036) 

—  

(1,036) 

2 

—  

2 

Total 

137 

(50) 

87 

6 

4 

2 

6 

Balances as of December 31, 2023 

Less: change in OCI attributable to 

before noncontrolling interests  . . . .

(2,102) 

1,010 

(1,439) 

(8) 

12 

(2,527) 

noncontrolling interests  . . . . . . . . .

28 

—  

—  

—  

—  

28 

Balances as of December 31, 2023 . . .

$(2,130) 

$1,010 

$(1,439) 

$ (8) 

$ 12 

$(2,555) 

(1)  See note 6 for additional information. 

260 

261 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

On October 20, 2023, GLIC was named as the defendant in a putative class action lawsuit in the United 
States District Court for the Eastern District of Virginia captioned Martin Silverstein, on behalf of himself and all 
others similarly situated v. Genworth Life Insurance Company. The complaint alleges that GLIC subjected 
universal life insurance policyholders to impermissible increases in cost of insurance charges, thereby breaching 
the underlying contracts. The complaint seeks, among other things, monetary damages and reinstatement of any 
lapsed policies. We intend to vigorously defend this action. 

At this time, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory 

matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. 
In addition, we are not able to provide an estimate or range of reasonably possible losses related to these matters. 
Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse 
effect on our business, financial condition or results of operations. In addition, it is possible that related 
investigations and proceedings may be commenced in the future, and we could become subject to additional 
unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or 
proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely 
affect our business, financial condition and results of operations. 

(b) Commitments 

See note 21 for amounts we were committed to fund related to our investments as of December 31, 2023. 

(26) Changes in Accumulated Other Comprehensive Income (Loss) 

The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by 

component as of and for the periods indicated: 

(Amounts in millions) 

Balances as of January 1, 2023 . . . . . .
OCI before reclassifications  . . . . . .
Amounts reclassified from OCI  . . .

Net 
unrealized 
investment 
gains 
(losses) 

$(3,407) 
1,206 
99 

Current period OCI  . . . . . . . . . . . . .

1,305 

(190) 

(1,036) 

Balances as of December 31, 2023 

before noncontrolling interests  . . . .

(2,102) 

1,010 

(1,439) 

Less: change in OCI attributable to 

Change in the 
discount rate 
used to 
measure 
future policy 
benefits 

Change in 
instrument- 
specific 
credit risk 
of market 
risk 
benefits 

Foreign 
currency 
translation 
and other 
adjustments 

Derivatives 
qualifying as 
hedges (1) 

$1,200 
(39) 
(151) 

$ (403) 
(1,036) 
—  

$ (10) 
2 
—  

2 

(8) 

Total 

$(2,614) 
137 
(50) 

87 

$

6 
4 
2 

6 

12 

(2,527) 

noncontrolling interests  . . . . . . . . .

28 

—  

—  

—  

—  

28 

Balances as of December 31, 2023 . . .

$(2,130) 

$1,010 

$(1,439) 

$ (8) 

$ 12 

$(2,555) 

(1)  See note 6 for additional information. 

260 

261 

declaratory and injunctive relief, monetary damages, and attorney’s fees. By stipulation entered September 6, 

2022, the complaint was dismissed, without prejudice, against the Board of Directors and the Fiduciary and 

Investments Committee of Genworth Financial’s Savings Plan. On October 17, 2022, we moved to dismiss the 

complaint against the sole remaining defendant, Genworth Financial. Plaintiffs filed opposition papers on 

November 10, 2022, and we filed our reply papers on November 16, 2022. By order dated January 20, 2023, the 

Court granted plaintiffs’ motion to serve an amended complaint, rendering our initial motion to dismiss moot. On 

January 20, 2023, plaintiffs filed an amended complaint, and on February 2, 2023, we filed a motion to dismiss 

the amended complaint. On March 16, 2023, the Court directed plaintiffs to file a second amended complaint and 

denied as moot our motion to dismiss the amended complaint. Plaintiffs filed the second amended complaint on 

April 17, 2023. On May 15, 2023, we answered and moved to dismiss the second amended complaint. On 

September 13, 2023, the Court granted in part and denied in part our motion to dismiss the second amended 

complaint. Plaintiffs moved for class certification on October 16, 2023, and we filed opposition papers on 

December 4, 2023. Oral argument on plaintiffs’ class certification motion was heard on February 12, 2024, and 

we are awaiting the Court’s ruling. On February 20, 2024, we moved for summary judgment dismissing the 

claims. Trial is scheduled for May 20, 2024. We intend to continue to vigorously defend this action. 

On December 16, 2022, Blue Cross Blue Shield of Nebraska (“BCBSNE”) served an arbitration demand on 

GLIC in relation to BCBSNE’s stated intent to recapture a block of long-term care insurance policies for which 

the risk was partly ceded to GLIC. In its arbitration demand, BCBSNE alleges that GLIC breached the governing 

reinsurance agreement by refusing to agree to transfer assets equal to the fair value of the liabilities being 

recaptured. BCBSNE asserts it has satisfied all of its obligations under the reinsurance agreement and is seeking 

to recapture the ceded block of reinsurance. BCBSNE seeks damages equal to the fair value of the recaptured 

liabilities, plus interest and other damages, including attorneys’ fees and costs. The arbitration panel has been 

appointed and an organizational meeting was held on August 30, 2023. The trial is scheduled for September and 

October of 2024. We intend to vigorously defend this arbitration proceeding. 

Starting in June 2023, various Genworth entities (including Genworth Financial, GLIC and GLAIC) have been 

named as defendants in certain of ten putative class action lawsuits in the United States District Courts for the 

Eastern District of Virginia and the District of Massachusetts. These cases are captioned as follows: King v. 

Genworth Financial, Inc.; Anastasio v. Genworth Financial, Inc. et al; Hauser v. Genworth Life Insurance 

Company; Smith v. Genworth Financial, Inc.; Behrens v. Genworth Life Insurance Company; Hale et al v. 

Genworth Financial, Inc.; Burkett, Jr. v. Genworth Life and Annuity Insurance Company; Manar v. Genworth 

Financial, Inc.; Kennedy v. Genworth Financial, Inc.; and Bailey v. Genworth Financial, Inc. The actions relate to 

the data security events involving the MOVEit file transfer system (“MOVEit Cybersecurity Incident”), which PBI 

Research Services (“PBI”), a third-party vendor, uses in the performance of its services. Our life insurance 

subsidiaries use PBI to, among other things, satisfy applicable regulatory obligations to search various databases to 

identify the deaths of insured persons under life insurance policies, and to identify the deaths of long-term care 

insurance and annuity policies which can impact premium payment obligations and benefit eligibility. Plaintiffs 

seek to represent various classes and subclasses of Genworth long-term care insurance policyholders and agents 

whose data was accessed or potentially accessed by the MOVEit Cybersecurity Incident, alleging that Genworth 

breached its purported duty to safeguard their sensitive data from cybercriminals. The complaints assert claims for, 

inter alia, negligence, negligence per se, breach of contract, unjust enrichment, and violations of various consumer 

protection and privacy statutes, and they seek, inter alia, declaratory and injunctive relief, compensatory and 

punitive damages, restitution, attorneys’ fees and costs. On October 4, 2023, the Joint Panel on Multidistrict 

Litigation issued an order consolidating all actions relating to the MOVEit Cybersecurity Incident before a single 

federal judge in the United States District Court for the District of Massachusetts. We intend to vigorously defend 

these actions. 

GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

(Amounts in millions) 

Balances as of January 1, 2022  . . . . .
OCI before reclassifications . . . . . .
Amounts reclassified from OCI  . . .

Net 
unrealized 
investment 
gains 
(losses) 

$ 6,077 
(9,628) 
58 

Change in the 
discount rate 
used to 
measure 
future policy 
benefits 

Change in 
instrument- 
specific 
credit risk 
of market 
risk benefits 

Foreign 
currency 
translation 
and other 
adjustments 

Derivatives 
qualifying as 
hedges (1) 

$2,025 
(674) 
(151) 

$(13,918) 
13,515 
—  

$ (15) 
5 
—  

5 

Total 

$(5,855) 
3,255 
(100) 

$ (24) 
37 
(7) 

30 

3,155 

Current period OCI  . . . . . . . . . . . .

(9,570) 

(825) 

13,515 

Balances as of December 31, 2022 

before noncontrolling interests . . . .

(3,493) 

1,200 

(403) 

(10) 

6 

(2,700) 

Less: change in OCI attributable to 

noncontrolling interests  . . . . . . . . .

(86) 

— 

—  

—  

—  

(86) 

Balances as of December 31, 2022  . .

$(3,407) 

$1,200 

$

(403) 

$ (10) 

$

6 

$(2,614) 

(1)  See note 6 for additional information. 

(Amounts in millions) 

Balances as of January 1, 2021  . . . . .
OCI before reclassifications . . . . . .
Amounts reclassified from OCI  . . .

Net 
unrealized 
investment 
gains 
(losses) 

$ 7,820 
(1,702) 
(51) 

Change in the 
discount rate 
used to 
measure 
future policy 
benefits 

Change in 
instrument- 
specific 
credit risk 
of market 
risk benefits 

Foreign 
currency 
translation 
and other 
adjustments 

Derivatives 
qualifying as 
hedges (1) 

$2,211 
(45) 
(141) 

$(17,120) 
3,202 
—  

$ (19) 
4 
—  

4 

$—  
148 
—  

148 

Total 

$(7,108) 
1,607 
(192) 

1,415 

Current period OCI  . . . . . . . . . . . .

(1,753) 

(186) 

3,202 

Balances as of December 31, 2021 

before noncontrolling interests . . . .

6,067 

2,025 

(13,918) 

(15) 

148 

(5,693) 

Less: change in OCI attributable to 

noncontrolling interests  . . . . . . . . .

(10) 

—  

—  

—  

172 

162 

Balances as of December 31, 2021  . .

$ 6,077 

$2,025 

$(13,918) 

$ (15) 

$ (24) 

$(5,855) 

(1)  See note 6 for additional information. 

As of December 31, 2023, 2022 and 2021, the balances of the change in the discount rate used to measure 
future policy benefits were net of taxes of $391 million, $110 million and $3,758 million, respectively, and the 
balances of the change in instrument-specific credit risk of MRBs were net of taxes of $2 million, $2 million and 
$4 million, respectively. The foreign currency translation and other adjustments balance in the charts above 
included $30 million, $34 million and $(1) million, respectively, net of taxes of $(7) million, $(8) million and 
$1 million, respectively, related to a net unrecognized postretirement benefit obligation as of December 31, 2023, 
2022 and 2021. The balance also included taxes of $2 million related to foreign currency translation adjustments 
as of December 31, 2022. Amounts reclassified from foreign currency translation and other adjustments in 2022 
related to the after-tax recognition of actuarial losses in connection with the termination of one of our defined 
benefit pension plans that was recorded to acquisition and operating expenses, net of deferrals, in our 
consolidated statements of income. See note 16 for additional information. 

262 

263 

The following table shows reclassifications from accumulated other comprehensive income (loss), net of 

taxes, for the periods presented: 

(Amounts in millions) 

Net unrealized investment (gains) losses: 

Unrealized (gains) losses on 

investments  . . . . . . . . . . . . . . . . . .

Income taxes  . . . . . . . . . . . . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivatives designated as hedges: 

Amount reclassified from accumulated 

other comprehensive income (loss) 

Years ended December 31,

2023 

2022 

2021 

Affected line item in the 

consolidated statements 

of income 

$ 99 

26 

$ 125 

$ 74 

(16) 

$ 58 

$ (51) 

$ (65)  Net investment (gains) losses 

14 

Provision for income taxes 

Interest rate swaps hedging assets  . . .

Interest rate swaps hedging assets  . . .

$(220) 

(10) 

$(225) 

(9) 

$(217) 

Net investment income 

(1)  Net investment (gains) losses 

Interest rate swaps hedging 

liabilities . . . . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities . . . . . . . . . . . . . . . . . . . . .

Forward bond purchase 

commitments  . . . . . . . . . . . . . . . . .

Foreign currency swaps  . . . . . . . . . . .

Income taxes  . . . . . . . . . . . . . . . . . . .

3 

(1) 

(1) 

(2) 

80 

3 

—  

—  

—  

80 

1 

Interest expense 

—  

Net investment (gains) losses 

—  

—  

76 

Net investment (gains) losses 

Net investment (gains) losses 

Provision for income taxes 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . .

$(151) 

$(151) 

$(141) 

(27) Noncontrolling Interests 

On September 15, 2021, Enact Holdings, Genworth Financial’s indirect subsidiary, priced the IPO of its 

common shares. All of the shares were offered by the selling stockholder, Genworth Holdings, Genworth 

Financial’s wholly owned subsidiary, with the net proceeds from the IPO retained by Genworth Holdings. 

Genworth Holdings sold 13,310,400 of Enact Holdings’ common shares at an IPO price of $19.00 per common 

share. In addition to the shares sold in the IPO, 14,655,600 common shares were sold in a concurrent private sale 

(“Private Sale”) at a price per share of $17.86, which was equal to the IPO price less the underwriting discount 

per share. Genworth Holdings also granted the underwriters a 30-day option to purchase up to an additional 

1,996,560 common shares (“Over-Allotment Option”) of Enact Holdings at the IPO price less the underwriting 

discount. On September 16, 2021, the underwriters exercised their option to purchase all 1,996,560 common 

shares permitted under the terms of the underwriting agreement. The IPO, Private Sale and Over-Allotment 

Option (collectively the “Offering”) closed on September 20, 2021. Following the completion of the Offering and 

as of December 31, 2023, we beneficially owned approximately 81.6% of the common shares of Enact Holdings. 

The gross proceeds of the Offering, before payment of underwriter fees and other expenses, were $553 

million. Costs directly related to the Offering, including underwriter fees and other expenses, were $24 million. 

Consistent with applicable accounting guidance, changes in the ownership of a subsidiary that do not result 

in a loss of control are accounted for as equity transactions with no gain or loss recognized through earnings. Any 

 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

The following table shows reclassifications from accumulated other comprehensive income (loss), net of 

taxes, for the periods presented: 

(Amounts in millions) 

Net unrealized investment (gains) losses: 

Unrealized (gains) losses on 

investments  . . . . . . . . . . . . . . . . . .
Income taxes  . . . . . . . . . . . . . . . . . . .

Total  . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivatives designated as hedges: 

Interest rate swaps hedging assets  . . .
Interest rate swaps hedging assets  . . .
Interest rate swaps hedging 

liabilities . . . . . . . . . . . . . . . . . . . . .

Interest rate swaps hedging 

liabilities . . . . . . . . . . . . . . . . . . . . .

Forward bond purchase 

commitments  . . . . . . . . . . . . . . . . .
Foreign currency swaps  . . . . . . . . . . .
Income taxes  . . . . . . . . . . . . . . . . . . .

Amount reclassified from accumulated 
other comprehensive income (loss) 

Years ended December 31,

2023 

2022 

2021 

Affected line item in the 
consolidated statements 
of income 

$ 99 
26 

$ 125 

$ 74 
(16) 

$ 58 

$ (65)  Net investment (gains) losses 
Provision for income taxes 

14 

$ (51) 

$(220) 
(10) 

$(225) 
(9) 

$(217) 

Net investment income 

(1)  Net investment (gains) losses 

3 

(1) 

(1) 
(2) 
80 

3 

—  

—  
—  
80 

1 

Interest expense 

—  

Net investment (gains) losses 

—  
—  
76 

Net investment (gains) losses 
Net investment (gains) losses 
Provision for income taxes 

Total  . . . . . . . . . . . . . . . . . . . . . . . . . .

$(151) 

$(151) 

$(141) 

before noncontrolling interests . . . .

6,067 

2,025 

(13,918) 

(15) 

148 

(5,693) 

(27) Noncontrolling Interests 

On September 15, 2021, Enact Holdings, Genworth Financial’s indirect subsidiary, priced the IPO of its 

common shares. All of the shares were offered by the selling stockholder, Genworth Holdings, Genworth 
Financial’s wholly owned subsidiary, with the net proceeds from the IPO retained by Genworth Holdings. 
Genworth Holdings sold 13,310,400 of Enact Holdings’ common shares at an IPO price of $19.00 per common 
share. In addition to the shares sold in the IPO, 14,655,600 common shares were sold in a concurrent private sale 
(“Private Sale”) at a price per share of $17.86, which was equal to the IPO price less the underwriting discount 
per share. Genworth Holdings also granted the underwriters a 30-day option to purchase up to an additional 
1,996,560 common shares (“Over-Allotment Option”) of Enact Holdings at the IPO price less the underwriting 
discount. On September 16, 2021, the underwriters exercised their option to purchase all 1,996,560 common 
shares permitted under the terms of the underwriting agreement. The IPO, Private Sale and Over-Allotment 
Option (collectively the “Offering”) closed on September 20, 2021. Following the completion of the Offering and 
as of December 31, 2023, we beneficially owned approximately 81.6% of the common shares of Enact Holdings. 

The gross proceeds of the Offering, before payment of underwriter fees and other expenses, were $553 
million. Costs directly related to the Offering, including underwriter fees and other expenses, were $24 million. 

Consistent with applicable accounting guidance, changes in the ownership of a subsidiary that do not result 

in a loss of control are accounted for as equity transactions with no gain or loss recognized through earnings. Any 

262 

263 

Net 

unrealized 

investment 

gains 

(losses) 

Derivatives 

qualifying as 

hedges (1) 

Change in the 

discount rate 

used to 

measure 

future policy 

benefits 

Change in 

instrument- 

specific 

credit risk 

of market 

Foreign 

currency 

translation 

and other 

risk benefits 

adjustments 

Total 

(Amounts in millions) 

Balances as of January 1, 2022  . . . . .

$ 6,077 

$2,025 

$(13,918) 

$ (15) 

$ (24) 

$(5,855) 

OCI before reclassifications . . . . . .

(9,628) 

Amounts reclassified from OCI  . . .

58 

Current period OCI  . . . . . . . . . . . .

(9,570) 

(674) 

(151) 

(825) 

13,515 

—  

13,515 

—  

5 

5 

37 

(7) 

30 

3,255 

(100) 

3,155 

Balances as of December 31, 2022 

Less: change in OCI attributable to 

before noncontrolling interests . . . .

(3,493) 

1,200 

(403) 

(10) 

6 

(2,700) 

noncontrolling interests  . . . . . . . . .

(86) 

— 

—  

—  

—  

(86) 

Balances as of December 31, 2022  . .

$(3,407) 

$1,200 

$

(403) 

$ (10) 

$

6 

$(2,614) 

(1)  See note 6 for additional information. 

Net 

unrealized 

investment 

gains 

(losses) 

Derivatives 

qualifying as 

hedges (1) 

Change in the 

discount rate 

used to 

measure 

future policy 

benefits 

Change in 

instrument- 

specific 

credit risk 

of market 

Foreign 

currency 

translation 

and other 

risk benefits 

adjustments 

Total 

(Amounts in millions) 

Balances as of January 1, 2021  . . . . .

$ 7,820 

$2,211 

$(17,120) 

$ (19) 

$—  

$(7,108) 

OCI before reclassifications . . . . . .

(1,702) 

Amounts reclassified from OCI  . . .

(51) 

Current period OCI  . . . . . . . . . . . .

(1,753) 

(45) 

(141) 

(186) 

3,202 

—  

3,202 

4 

—  

4 

148 

—  

148 

1,607 

(192) 

1,415 

Balances as of December 31, 2021 

Less: change in OCI attributable to 

(1)  See note 6 for additional information. 

noncontrolling interests  . . . . . . . . .

(10) 

—  

—  

—  

172 

162 

Balances as of December 31, 2021  . .

$ 6,077 

$2,025 

$(13,918) 

$ (15) 

$ (24) 

$(5,855) 

As of December 31, 2023, 2022 and 2021, the balances of the change in the discount rate used to measure 

future policy benefits were net of taxes of $391 million, $110 million and $3,758 million, respectively, and the 

balances of the change in instrument-specific credit risk of MRBs were net of taxes of $2 million, $2 million and 

$4 million, respectively. The foreign currency translation and other adjustments balance in the charts above 

included $30 million, $34 million and $(1) million, respectively, net of taxes of $(7) million, $(8) million and 

$1 million, respectively, related to a net unrecognized postretirement benefit obligation as of December 31, 2023, 

2022 and 2021. The balance also included taxes of $2 million related to foreign currency translation adjustments 

as of December 31, 2022. Amounts reclassified from foreign currency translation and other adjustments in 2022 

related to the after-tax recognition of actuarial losses in connection with the termination of one of our defined 

benefit pension plans that was recorded to acquisition and operating expenses, net of deferrals, in our 

consolidated statements of income. See note 16 for additional information. 

 
 
 
 
 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

difference between the carrying value and the fair value related to the change in ownership is recorded as an 
adjustment to stockholders’ equity. A summary of these changes in ownership interests and the effect on 
stockholders’ equity was as follows for the year ended December 31, 2021: 

(Amounts in millions) 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 850 

Transfers to noncontrolling interests: 

Decrease in Genworth Financial, Inc.’s additional paid-in 

capital for initial sale of Enact Holdings shares to 
noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . .

Net transfers to noncontrolling interests  . . . . . . . . . . . . . . .

(167) 

(167) 

Change from net income available to Genworth Financial, 

Inc.’s common stockholders and transfers to noncontrolling 
interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 683 

On November 1, 2022, Enact Holdings announced the approval by its board of directors of a share 

repurchase program under which Enact Holdings could repurchase up to $75 million of its outstanding common 
stock, and it began share repurchases under the program in the fourth quarter of 2022. On August 1, 2023, Enact 
Holdings announced the authorization of an additional $100 million of common stock repurchases under a new 
share repurchase program. Pursuant to these programs, Enact Holdings repurchased 3,520,052 shares of its 
common stock in 2023. As the majority shareholder, Genworth Holdings participated in order to maintain its 
overall ownership of approximately 81.6% and received $71 million in cash. 

Dividends of $39 million, $46 million and $37 million were paid to owners of noncontrolling interests of 

Enact Holdings in 2023, 2022 and 2021, respectively. 

(28) Discontinued Operations 

On March 3, 2021, we completed the sale of our entire ownership interest of approximately 52% in 

Genworth Australia through an underwriting agreement and received approximately AUD483 million ($370 

million) of net cash proceeds. The following table provides a summary of the gain (loss) on sale associated with 

the disposition of Genworth Australia for the year ended December 31, 2021: 

(Amounts in millions) 

Net cash proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 370 

Add: carrying value of noncontrolling interests(1)  . . . . . . . . . . .

657 

Total adjusted consideration(2)  . . . . . . . . . . . . . . . . . . . . . . . . . .

1,027 

Carrying value of the disposal group before accumulated other 

comprehensive (income) loss  . . . . . . . . . . . . . . . . . . . . . . . . .

1,040 

Add: total accumulated other comprehensive (income) loss of 

disposal group(3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

109 

Total adjusted carrying value of the disposal group  . . . . . . . . .

Pre-tax loss on sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax benefit on sale  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,149 

(122) 

122 

After-tax gain (loss) on sale  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

(1) 

In accordance with accounting guidance on the deconsolidation of a subsidiary or group of assets, the 

carrying amount of any noncontrolling interests in the subsidiary sold (adjusted to reflect amounts in 

accumulated other comprehensive income (loss) recognized upon final disposition) is added to the total fair 

value of the consideration received. 

(2)  Represents the aggregate of the net cash proceeds received upon sale closing plus the adjusted carrying 

amount of noncontrolling interests in the subsidiary sold. 

(3)  Amount consists of $160 million of cumulative losses on foreign currency translation adjustments, partially 

offset by cumulative unrealized investment gains of $29 million and deferred tax gains of $22 million. 

264 

265 

 
GENWORTH FINANCIAL, INC. 

GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

difference between the carrying value and the fair value related to the change in ownership is recorded as an 

adjustment to stockholders’ equity. A summary of these changes in ownership interests and the effect on 

stockholders’ equity was as follows for the year ended December 31, 2021: 

(28) Discontinued Operations 

On March 3, 2021, we completed the sale of our entire ownership interest of approximately 52% in 
Genworth Australia through an underwriting agreement and received approximately AUD483 million ($370 
million) of net cash proceeds. The following table provides a summary of the gain (loss) on sale associated with 
the disposition of Genworth Australia for the year ended December 31, 2021: 

(Amounts in millions) 

Net cash proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add: carrying value of noncontrolling interests(1)  . . . . . . . . . . .

Total adjusted consideration(2)  . . . . . . . . . . . . . . . . . . . . . . . . . .
Carrying value of the disposal group before accumulated other 
comprehensive (income) loss  . . . . . . . . . . . . . . . . . . . . . . . . .
Add: total accumulated other comprehensive (income) loss of 
disposal group(3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total adjusted carrying value of the disposal group  . . . . . . . . .
Pre-tax loss on sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax benefit on sale  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 370 
657 

1,027 

1,040 

109 

1,149 
(122) 
122 

After-tax gain (loss) on sale  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —  

(1) 

In accordance with accounting guidance on the deconsolidation of a subsidiary or group of assets, the 
carrying amount of any noncontrolling interests in the subsidiary sold (adjusted to reflect amounts in 
accumulated other comprehensive income (loss) recognized upon final disposition) is added to the total fair 
value of the consideration received. 

(2)  Represents the aggregate of the net cash proceeds received upon sale closing plus the adjusted carrying 

amount of noncontrolling interests in the subsidiary sold. 

(3)  Amount consists of $160 million of cumulative losses on foreign currency translation adjustments, partially 
offset by cumulative unrealized investment gains of $29 million and deferred tax gains of $22 million. 

(Amounts in millions) 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 850 

Transfers to noncontrolling interests: 

Decrease in Genworth Financial, Inc.’s additional paid-in 

capital for initial sale of Enact Holdings shares to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . .

Net transfers to noncontrolling interests  . . . . . . . . . . . . . . .

(167) 

(167) 

Change from net income available to Genworth Financial, 

Inc.’s common stockholders and transfers to noncontrolling 

interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 683 

On November 1, 2022, Enact Holdings announced the approval by its board of directors of a share 

repurchase program under which Enact Holdings could repurchase up to $75 million of its outstanding common 

stock, and it began share repurchases under the program in the fourth quarter of 2022. On August 1, 2023, Enact 

Holdings announced the authorization of an additional $100 million of common stock repurchases under a new 

share repurchase program. Pursuant to these programs, Enact Holdings repurchased 3,520,052 shares of its 

common stock in 2023. As the majority shareholder, Genworth Holdings participated in order to maintain its 

overall ownership of approximately 81.6% and received $71 million in cash. 

Dividends of $39 million, $46 million and $37 million were paid to owners of noncontrolling interests of 

Enact Holdings in 2023, 2022 and 2021, respectively. 

264 

265 

 
GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Years Ended December 31, 2023, 2022 and 2021 

A summary of operating results related to Genworth Australia reported as discontinued operations was as 

follows for the year ended December 31, 2021: 

(Amounts in millions) 

Revenues: 
Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 51 
4 
(5) 

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits and expenses: 
Benefits and other changes in policy reserves  . . . . . . . . . . . . . . .
Acquisition and operating expenses, net of deferrals  . . . . . . . . . .
Amortization of deferred acquisition costs and intangibles  . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses . . . . . . . . . . . . . . . . . . . . . . . . . .

Income before income taxes and gain (loss) on sale(1)  . . . . . . . . .
Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income before gain (loss) on sale  . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . .
Gain (loss) on sale, net of taxes 

Income from discontinued operations, net of taxes  . . . . . . . . . . .

50 

11 
7 
6 
1 

25 

25 
8 

17 
—  

17 

Less: net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 

Income from discontinued operations available to Genworth 

Financial, Inc.’s common stockholders . . . . . . . . . . . . . . . . . . .

$

9 

(1)  The year ended December 31, 2021 included pre-tax income from discontinued operations available to 

Genworth Financial, Inc.’s common stockholders of $13 million. 

In addition, we recorded an after-tax favorable adjustment of $10 million for the year ended December 31, 

2021 associated with a refinement to our tax matters agreement liability related to discontinued operations. 

Schedule I 

Genworth Financial, Inc. 

Summary of Investments—Other Than Investments in Related Parties 

(Amounts in millions) 

As of December 31, 2023, the amortized cost or cost, fair value and carrying value of our invested assets 

were as follows: 

Amortized cost 

or cost (1) 

Fair 

value 

Carrying 

value 

Type of investment 

Fixed maturity securities: 

Bonds: 

U.S. government, agencies and 

authorities  . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,588 

$ 3,494 

$ 3,494 

State and political subdivisions  . . . . . . . . .

Non-U.S. government . . . . . . . . . . . . . . . . .

Public utilities  . . . . . . . . . . . . . . . . . . . . . . .

All other corporate bonds  . . . . . . . . . . . . . .

Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commercial mortgage loans, net  . . . . . . . . . . . . . . . .

Policy loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . .

Other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . .

2,537 

703 

5,260 

37,277 

49,365 

365 

6,802 

2,220 

2,000 

613 

2,302 

626 

4,958 

35,401 

396 

xxxxx 

xxxxx 

xxxxx 

xxxxx 

2,302 

626 

4,958 

35,401 

396 

6,802 

2,220 

2,821 

731 

Total fixed maturity securities  . . . . . .

46,781 

46,781 

Total investments  . . . . . . . . . . . . . . . .

$61,365 

xxxxx 

$59,751 

(1)  Amortized cost for fixed maturity securities and short-term investments, which are included in other 

invested assets, represents original cost reduced by repayments and adjusted for amortization of premium or 

accretion of discount. Cost for equity securities represents original cost, and cost for limited partnerships 

represents original cost adjusted for distributions. Cost for derivatives, which are included in other invested 

assets, represents the original cost of the positions. 

See Report of Independent Registered Public Accounting Firm 

266 

267 

 
 
 
 
 
 
 
 
 
GENWORTH FINANCIAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Years Ended December 31, 2023, 2022 and 2021 

A summary of operating results related to Genworth Australia reported as discontinued operations was as 

follows for the year ended December 31, 2021: 

(Amounts in millions) 

Revenues: 

Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 51 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net investment gains (losses)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total revenues  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits and expenses: 

Benefits and other changes in policy reserves  . . . . . . . . . . . . . . .

Acquisition and operating expenses, net of deferrals  . . . . . . . . . .

Amortization of deferred acquisition costs and intangibles  . . . . .

Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total benefits and expenses . . . . . . . . . . . . . . . . . . . . . . . . . .

Income before income taxes and gain (loss) on sale(1)  . . . . . . . . .

Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income before gain (loss) on sale  . . . . . . . . . . . . . . . . . . . . . . . . .

Gain (loss) on sale, net of taxes 

. . . . . . . . . . . . . . . . . . . . . . . . . .

Income from discontinued operations, net of taxes  . . . . . . . . . . .

Less: net income from discontinued operations attributable to 

noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 

Income from discontinued operations available to Genworth 

Financial, Inc.’s common stockholders . . . . . . . . . . . . . . . . . . .

$

9 

4 

(5) 

50 

11 

7 

6 

1 

25 

25 

8 

17 

—  

17 

(1)  The year ended December 31, 2021 included pre-tax income from discontinued operations available to 

Genworth Financial, Inc.’s common stockholders of $13 million. 

In addition, we recorded an after-tax favorable adjustment of $10 million for the year ended December 31, 

2021 associated with a refinement to our tax matters agreement liability related to discontinued operations. 

Schedule I 

Genworth Financial, Inc. 

Summary of Investments—Other Than Investments in Related Parties 
(Amounts in millions) 

As of December 31, 2023, the amortized cost or cost, fair value and carrying value of our invested assets 

were as follows: 

Type of investment 

Fixed maturity securities: 

Bonds: 

U.S. government, agencies and 

authorities  . . . . . . . . . . . . . . . . . . . . . . . .
State and political subdivisions  . . . . . . . . .
Non-U.S. government . . . . . . . . . . . . . . . . .
Public utilities  . . . . . . . . . . . . . . . . . . . . . . .
All other corporate bonds  . . . . . . . . . . . . . .

Total fixed maturity securities  . . . . . .
Equity securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial mortgage loans, net  . . . . . . . . . . . . . . . .
Policy loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partnerships  . . . . . . . . . . . . . . . . . . . . . . . . . .
Other invested assets  . . . . . . . . . . . . . . . . . . . . . . . . .

Amortized cost 
or cost (1) 

Fair 
value 

Carrying 
value 

$ 3,588 
2,537 
703 
5,260 
37,277 

49,365 
365 
6,802 
2,220 
2,000 
613 

$ 3,494 
2,302 
626 
4,958 
35,401 

46,781 
396 
xxxxx 
xxxxx 
xxxxx 
xxxxx 

$ 3,494 
2,302 
626 
4,958 
35,401 

46,781 
396 
6,802 
2,220 
2,821 
731 

Total investments  . . . . . . . . . . . . . . . .

$61,365 

xxxxx 

$59,751 

(1)  Amortized cost for fixed maturity securities and short-term investments, which are included in other 

invested assets, represents original cost reduced by repayments and adjusted for amortization of premium or 
accretion of discount. Cost for equity securities represents original cost, and cost for limited partnerships 
represents original cost adjusted for distributions. Cost for derivatives, which are included in other invested 
assets, represents the original cost of the positions. 

See Report of Independent Registered Public Accounting Firm 

266 

267 

 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Balance Sheets 
(Amounts in millions) 

December 31, 

2023 

2022 

(As adjusted) 

Assets: 

Investments in subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax asset  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,517  $ 7,655 
6 
3 

3 
3 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,523  $ 7,664 

Liabilities and stockholders’ equity 

Liabilities: 

Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intercompany notes payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

Total liabilities 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12  $
31 

43 

7 
26 

33 

Commitments and contingencies 

Stockholders’ equity: 

Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 
11,884 
(2,555) 
1,213 
(3,063) 

1 
11,869 
(2,614) 
1,139 
(2,764) 

Total Genworth Financial, Inc.’s stockholders’ equity . . . . . . . . . . . . . . . . . . .

7,480 

7,631 

Total liabilities and stockholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,523  $ 7,664 

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Statements of Income 

(Amounts in millions) 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Revenues: 

Expenses: 

Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

Acquisition and operating expenses, net of deferrals  . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loss before income taxes and equity in income of subsidiaries . . . . . . . . . . . . .

Benefit from income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity in income of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35 

7 

42 

(42) 

(4) 

114 

$—  

—  

31 

—  

31 

(31) 

(3) 

944 

$ (3) 

(3) 

25 

(1) 

24 

(27) 

(1) 

876 

Net income available to Genworth Financial, Inc.’s common stockholders  . . .

$ 76 

$916 

$850 

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

268 

269 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Balance Sheets 

(Amounts in millions) 

Assets: 

Investments in subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,517  $ 7,655 

Deferred tax asset  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 

3 

6 

3 

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,523  $ 7,664 

December 31, 

2023 

2022 

(As adjusted) 

Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

12  $

Intercompany notes payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total liabilities 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31 

43 

7 

26 

33 

Liabilities and stockholders’ equity 

Liabilities: 

Commitments and contingencies 

Stockholders’ equity: 

Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 

1 

Additional paid-in capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,884 

11,869 

Accumulated other comprehensive income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . .

(2,555) 

(2,614) 

Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,213 

1,139 

Treasury stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3,063) 

(2,764) 

Total Genworth Financial, Inc.’s stockholders’ equity . . . . . . . . . . . . . . . . . . .

7,480 

7,631 

Total liabilities and stockholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,523  $ 7,664 

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Statements of Income 
(Amounts in millions) 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Revenues: 
Net investment income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$—  

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

Expenses: 
Acquisition and operating expenses, net of deferrals  . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loss before income taxes and equity in income of subsidiaries . . . . . . . . . . . . .
Benefit from income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in income of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35 
7 

42 

(42) 
(4) 
114 

$—  

—  

31 
—  

31 

(31) 
(3) 
944 

$ (3) 

(3) 

25 
(1) 

24 

(27) 
(1) 
876 

Net income available to Genworth Financial, Inc.’s common stockholders  . . . $ 76 

$916 

$850 

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

268 

269 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Statements of Comprehensive Income 
(Amounts in millions) 

Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Statements of Cash Flows 

(Amounts in millions) 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

76 

$

916 

$

850 

Cash flows from (used by) operating activities: 

Net income available to Genworth Financial, Inc.’s common 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Other comprehensive income (loss), net of taxes: 

Net unrealized gains (losses) on securities without an allowance for 

credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net unrealized gains (losses) on securities with an allowance for credit 
losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivatives qualifying as hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in discount rate used to measure future policy benefits  . . . . . .
Change in instrument-specific credit risk of market risk benefits  . . . . .
Foreign currency translation and other adjustments . . . . . . . . . . . . . . . .

1,277 

(9,484) 

(1,723) 

—  
(190) 
(1,036) 
2 
6 

—  
(825) 
13,515 
5 
30 

6 
(186) 
3,202 
4 
(24) 

1,279 

Total other comprehensive income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59 

3,241 

Total comprehensive income available to Genworth Financial, Inc.’s 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

135 

$ 4,157 

$ 2,129 

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

270 

271 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76 

$ 916 

$ 850 

Adjustments to reconcile net income available to Genworth Financial, 

Inc.’s common stockholders to net cash from (used by) operating 

activities: 

Equity in income from subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . .

(114) 

(944) 

Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-term incentive compensation expense  . . . . . . . . . . . . . . . . . . .

Change in certain assets and liabilities: 

Accrued investment income and other assets  . . . . . . . . . . . . . . . . . . —  

Current tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash from (used by) operating activities . . . . . . . . . . . . . . . . . . . . . . .

Cash flows used by investing activities: 

Capital contributions paid to subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash flows from (used by) financing activities: 

Intercompany notes payable, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Treasury stock acquired in connection with share repurchases  . . . . . . . .

Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash from (used by) financing activities . . . . . . . . . . . . . . . . . . . . . . .

Effect of exchange rate changes on cash, cash equivalents and restricted 

cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

Net change in cash, cash equivalents and restricted cash  . . . . . . . . . . . . . —  

Cash, cash equivalents and restricted cash at beginning of year . . . . . . . . . . . . —  

(4) 

34 

(1) 

14 

5 

(3) 

(3) 

307 

(296) 

(13) 

(2) 

(6) 

27 

2 

2 

15 

12 

(3) 

(3) 

64 

(64) 

(9) 

(9) 

—  

—  

—  

(876) 

—  

40 

(1) 

(5) 

(13) 

(5) 

(2) 

(2) 

12 

—  

(5) 

7 

—  

—  

—  

Cash, cash equivalents and restricted cash at end of year  . . . . . . . . . . . . . . . . .

$ —  

$ —  

$ —  

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Statements of Comprehensive Income 

(Amounts in millions) 

Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Statements of Cash Flows 
(Amounts in millions) 

Net income available to Genworth Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

76 

$

916 

$

850 

Cash flows from (used by) operating activities: 

Net income available to Genworth Financial, Inc.’s common 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Years ended December 31, 

2023 

2022 

2021 

(As adjusted) 

(As adjusted) 

Other comprehensive income (loss), net of taxes: 

Net unrealized gains (losses) on securities without an allowance for 

credit losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,277 

(9,484) 

(1,723) 

Net unrealized gains (losses) on securities with an allowance for credit 

losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivatives qualifying as hedges  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  

(190) 

—  

(825) 

Change in discount rate used to measure future policy benefits  . . . . . .

(1,036) 

13,515 

Change in instrument-specific credit risk of market risk benefits  . . . . .

Foreign currency translation and other adjustments . . . . . . . . . . . . . . . .

Total other comprehensive income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 

6 

59 

5 

30 

3,241 

6 

(186) 

3,202 

4 

(24) 

1,279 

Total comprehensive income available to Genworth Financial, Inc.’s 

common stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

135 

$ 4,157 

$ 2,129 

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

stockholders  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76 

$ 916 

$ 850 

Adjustments to reconcile net income available to Genworth Financial, 
Inc.’s common stockholders to net cash from (used by) operating 
activities: 

Equity in income from subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term incentive compensation expense  . . . . . . . . . . . . . . . . . . .

(114) 
(4) 
34 

(944) 
(6) 
27 

(876) 
—  
40 

Change in certain assets and liabilities: 

Accrued investment income and other assets  . . . . . . . . . . . . . . . . . . —  
(1) 
Current tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 
Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash from (used by) operating activities . . . . . . . . . . . . . . . . . . . . . . .

5 

Cash flows used by investing activities: 

Capital contributions paid to subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash flows from (used by) financing activities: 

Intercompany notes payable, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury stock acquired in connection with share repurchases  . . . . . . . .
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash from (used by) financing activities . . . . . . . . . . . . . . . . . . . . . . .

(3) 

(3) 

307 
(296) 
(13) 

(2) 

Effect of exchange rate changes on cash, cash equivalents and restricted 

cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —  

Net change in cash, cash equivalents and restricted cash  . . . . . . . . . . . . . —  
Cash, cash equivalents and restricted cash at beginning of year . . . . . . . . . . . . —  

2 
2 
15 

12 

(3) 

(3) 

64 
(64) 
(9) 

(9) 

—  

—  
—  

(1) 
(5) 
(13) 

(5) 

(2) 

(2) 

12 
—  
(5) 

7 

—  

—  
—  

Cash, cash equivalents and restricted cash at end of year  . . . . . . . . . . . . . . . . .

$ —  

$ —  

$ —  

See Notes to Schedule II 

See Report of Independent Registered Public Accounting Firm 

270 

271 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Notes to Schedule II 
Years Ended December 31, 2023, 2022 and 2021 

(1) Organization and Basis of Presentation 

Genworth Holdings (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in 
preparation for an IPO of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth 
Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 
100% owned subsidiary of a new public holding company that it had formed. The new public holding company 
was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed 
Genworth Financial upon the completion of the reorganization. 

Genworth Financial is a holding company whose subsidiaries offer mortgage and long-term care insurance 

adopting LDTI on January 1, 2023 as of December 31, 2022: 

products and service life insurance and annuity products. 

The parent company financial information reflects Genworth Financial’s direct subsidiaries using the equity 

method of accounting. Under this method, investments in subsidiaries are recorded at cost and adjusted for the 
subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. 
The parent company financial statements should be read in conjunction with the consolidated financial 
statements of Genworth Financial and its subsidiaries and the notes thereto. 

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 
which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. On 
July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 
repurchases under the existing share repurchase program. Pursuant to the program, during 2023, Genworth 
Financial repurchased 51,739,098 shares of its common stock at an average price of $5.70 per share for a total 
cost of $299 million, including excise taxes and other costs paid in connection with acquiring the shares. The 
repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in the 
parent company balance sheets. In 2024, Genworth Financial also authorized share repurchases through a Rule 
10b5-1 trading plan under which 4,197,740 shares of its common stock were repurchased through February 13, 
2024 for approximately $25 million before excise taxes. Approximately $316 million remained available under 
the share repurchase program as of February 13, 2024. Under the program, share repurchases may be made at 
Genworth’s discretion from time to time in open market transactions, privately negotiated transactions or other 
means, including through Rule 10b5-1 trading plans. The timing and number of future shares repurchased under 
the share repurchase program will depend on a variety of factors, including Genworth Financial’s stock price and 
trading volume, and general business and market conditions, among other factors. The authorization has no 
expiration date and may be modified, suspended or terminated at any time. 

(2) Accounting Changes 

On January 1, 2023, Genworth Financial adopted LDTI, which significantly changed the recognition and 

measurement of long-duration insurance contracts. This new accounting guidance directly impacted DAC, 
intangible assets and insurance assets and liabilities of Genworth Financial’s U.S. life insurance subsidiaries. 
Genworth Financial adopted this new accounting guidance using the modified retrospective transition method for 
all topics except for MRBs, which was required to be applied using the retrospective transition method. The 
modified retrospective transition method generally results in applying the guidance to contracts on the basis of 
existing carrying values as of the Transition Date. The new accounting guidance, for all topics, was applied as of 

272 

273 

Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Notes to Schedule II 

Years Ended December 31, 2023, 2022 and 2021 

the Transition Date with an adjustment to beginning retained earnings and accumulated other comprehensive 

income (loss). In addition, prior period financial information has been re-presented in accordance with the new 

accounting standard. As of the Transition Date, Genworth Financial’s total stockholders’ equity decreased by 

$13.7 billion after-tax, which included a reduction to retained earnings of $2.2 billion and a reduction in 

accumulated other comprehensive income (loss) of $11.5 billion. For a discussion of accounting policies related 

to insurance assets and liabilities associated with long-duration insurance contracts, see note 2 in the consolidated 

financial statements of Genworth Financial and its subsidiaries. 

The following table presents the impacted lines of the parent company balance sheet reflecting the impact of 

As originally 

reported 

Effect of 

adopting LDTI 

As adjusted 

(Amounts in millions) 

Assets: 

Equity: 

Investments in subsidiaries  . . . . . . . . . . . . .

Total assets  . . . . . . . . . . . . . . . . . . . . . . . . .

$10,008 

$10,017 

$(2,353) 

$(2,353) 

$ 7,655 

$ 7,664 

Accumulated other comprehensive income 

(loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retained earnings  . . . . . . . . . . . . . . . . . . . .

Total Genworth Financial, Inc.’s 

$ (2,220) 

$ 3,098 

$ (394) 

$(1,959) 

$(2,614) 

$ 1,139 

stockholders’ equity  . . . . . . . . . . . . . . . .

$ 9,984 

$(2,353) 

$ 7,631 

The following table presents the impacted lines of the parent company statements of income reflecting the 

impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

(Amounts in millions) 

As originally 

Effect of 

As originally 

Effect of 

reported 

adopting LDTI  As adjusted 

reported 

adopting LDTI  As adjusted 

Equity in income of subsidiaries 

. . . .

$637 

$307 

$944 

$930 

$(54) 

$876 

2022 

2021 

Net income available to Genworth 

Financial, Inc.’s common 

stockholders  . . . . . . . . . . . . . . . . . .

$609 

$307 

$916 

$904 

$(54) 

$850 

The following table presents the impacted lines of the parent company statements of cash flows reflecting 

the impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

2022 

2021 

As originally 

Effect of 

As originally 

Effect of 

reported 

adopting LDTI  As adjusted 

reported 

adopting LDTI  As adjusted 

(Amounts in millions) 

Cash flows from (used by) operating 

activities: 

Net income available to 

Genworth Financial, Inc.’s 

Equity in income from 

common stockholders  . . . . . . .

$ 609 

$ 307 

$ 916 

$ 904 

$(54) 

$ 850 

subsidiaries  . . . . . . . . . . . . . . .

$(637) 

$(307) 

$(944) 

$(930) 

$ 54 

$(876) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Notes to Schedule II 

Years Ended December 31, 2023, 2022 and 2021 

Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Notes to Schedule II 
Years Ended December 31, 2023, 2022 and 2021 

(1) Organization and Basis of Presentation 

Genworth Holdings (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in 

preparation for an IPO of its common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth 

Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 

100% owned subsidiary of a new public holding company that it had formed. The new public holding company 

was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed 

Genworth Financial upon the completion of the reorganization. 

the Transition Date with an adjustment to beginning retained earnings and accumulated other comprehensive 
income (loss). In addition, prior period financial information has been re-presented in accordance with the new 
accounting standard. As of the Transition Date, Genworth Financial’s total stockholders’ equity decreased by 
$13.7 billion after-tax, which included a reduction to retained earnings of $2.2 billion and a reduction in 
accumulated other comprehensive income (loss) of $11.5 billion. For a discussion of accounting policies related 
to insurance assets and liabilities associated with long-duration insurance contracts, see note 2 in the consolidated 
financial statements of Genworth Financial and its subsidiaries. 

The following table presents the impacted lines of the parent company balance sheet reflecting the impact of 

Genworth Financial is a holding company whose subsidiaries offer mortgage and long-term care insurance 

adopting LDTI on January 1, 2023 as of December 31, 2022: 

products and service life insurance and annuity products. 

(Amounts in millions) 

Assets: 

As originally 
reported 

Effect of 
adopting LDTI 

As adjusted 

Investments in subsidiaries  . . . . . . . . . . . . .
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . .

$10,008 
$10,017 

$(2,353) 
$(2,353) 

$ 7,655 
$ 7,664 

Equity: 

Accumulated other comprehensive income 
(loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings  . . . . . . . . . . . . . . . . . . . .
Total Genworth Financial, Inc.’s 

$ (2,220) 
$ 3,098 

$ (394) 
$(1,959) 

$(2,614) 
$ 1,139 

stockholders’ equity  . . . . . . . . . . . . . . . .

$ 9,984 

$(2,353) 

$ 7,631 

The following table presents the impacted lines of the parent company statements of income reflecting the 

impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

(Amounts in millions) 

Equity in income of subsidiaries 
Net income available to Genworth 

. . . .

Financial, Inc.’s common 
stockholders  . . . . . . . . . . . . . . . . . .

As originally 
reported 

2022 
Effect of 

adopting LDTI  As adjusted 

As originally 
reported 

2021 
Effect of 

adopting LDTI  As adjusted 

$637 

$307 

$944 

$930 

$(54) 

$876 

$609 

$307 

$916 

$904 

$(54) 

$850 

The following table presents the impacted lines of the parent company statements of cash flows reflecting 

the impact of adopting LDTI on January 1, 2023 for the years ended December 31: 

(Amounts in millions) 

Cash flows from (used by) operating 

activities: 

Net income available to 

Genworth Financial, Inc.’s 
common stockholders  . . . . . . .

Equity in income from 

As originally 
reported 

2022 

Effect of 

adopting LDTI  As adjusted 

As originally 
reported 

2021 

Effect of 

adopting LDTI  As adjusted 

$ 609 

$ 307 

$ 916 

$ 904 

$(54) 

$ 850 

subsidiaries  . . . . . . . . . . . . . . .

$(637) 

$(307) 

$(944) 

$(930) 

$ 54 

$(876) 

272 

273 

The parent company financial information reflects Genworth Financial’s direct subsidiaries using the equity 

method of accounting. Under this method, investments in subsidiaries are recorded at cost and adjusted for the 

subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. 

The parent company financial statements should be read in conjunction with the consolidated financial 

statements of Genworth Financial and its subsidiaries and the notes thereto. 

On May 2, 2022, Genworth Financial’s Board of Directors authorized a share repurchase program under 

which Genworth Financial could repurchase up to $350 million of its outstanding Class A common stock. On 

July 31, 2023, Genworth Financial’s Board of Directors authorized an additional $350 million of share 

repurchases under the existing share repurchase program. Pursuant to the program, during 2023, Genworth 

Financial repurchased 51,739,098 shares of its common stock at an average price of $5.70 per share for a total 

cost of $299 million, including excise taxes and other costs paid in connection with acquiring the shares. The 

repurchased shares were recorded at cost and presented as treasury stock in a separate caption in equity in the 

parent company balance sheets. In 2024, Genworth Financial also authorized share repurchases through a Rule 

10b5-1 trading plan under which 4,197,740 shares of its common stock were repurchased through February 13, 

2024 for approximately $25 million before excise taxes. Approximately $316 million remained available under 

the share repurchase program as of February 13, 2024. Under the program, share repurchases may be made at 

Genworth’s discretion from time to time in open market transactions, privately negotiated transactions or other 

means, including through Rule 10b5-1 trading plans. The timing and number of future shares repurchased under 

the share repurchase program will depend on a variety of factors, including Genworth Financial’s stock price and 

trading volume, and general business and market conditions, among other factors. The authorization has no 

expiration date and may be modified, suspended or terminated at any time. 

(2) Accounting Changes 

On January 1, 2023, Genworth Financial adopted LDTI, which significantly changed the recognition and 

measurement of long-duration insurance contracts. This new accounting guidance directly impacted DAC, 

intangible assets and insurance assets and liabilities of Genworth Financial’s U.S. life insurance subsidiaries. 

Genworth Financial adopted this new accounting guidance using the modified retrospective transition method for 

all topics except for MRBs, which was required to be applied using the retrospective transition method. The 

modified retrospective transition method generally results in applying the guidance to contracts on the basis of 

existing carrying values as of the Transition Date. The new accounting guidance, for all topics, was applied as of 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 
(Parent Company Only) 

Notes to Schedule II 
Years Ended December 31, 2023, 2022 and 2021 

On January 1, 2021, Genworth Financial adopted new accounting guidance related to simplifying the 
accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod 
tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred 
tax liabilities for outside basis differences. Genworth Financial adopted this new accounting guidance using the 
retrospective method or modified retrospective method for certain changes and prospective method for all other 
changes, which did not have a significant impact on Genworth Financial’s financial statements and disclosures. 

(3) Commitments 

Genworth Financial provides a full and unconditional guarantee to the trustee of Genworth Holdings’ 
outstanding senior and subordinated notes and the holders of the senior and subordinated notes, on an unsecured 
unsubordinated and subordinated basis, respectively, of the full and punctual payment of the principal of, 
premium, if any, and interest on, and all other amounts payable under, the outstanding senior and subordinated 
notes and their respective indentures. 

(4) Income Taxes 

As of December 31, 2023 and 2022, Genworth Financial had a deferred tax asset of $3 million and 

$6 million, respectively, primarily comprised of share-based compensation. As of December 31, 2023 and 2022, 
Genworth Financial had a current income tax receivable of $2 million and $—, respectively. Net cash paid for 
taxes was $1 million, $1 million and $4 million for the years ended December 31, 2023, 2022 and 2021, 
respectively. 

(5) Supplemental Cash Flow Information 

In 2023 and 2022, Genworth Holdings forgave intercompany loans of $302 million and $50 million, 
respectively, due from Genworth Financial. The extinguishment of the loans between the related parties was 
treated as non-cash deemed dividends to Genworth Financial and accordingly had no impact on Genworth 
Financial’s cash flows for the years ended December 31, 2023 and 2022. 

Schedule III 

Genworth Financial, Inc. 

Supplemental Insurance Information 

(Amounts in millions) 

Segment 

December 31, 2023 

Enact  . . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance  . . . .

Life and Annuities . . . . . . . . . . .

Corporate and Other  . . . . . . . . .

December 31, 2022 

Enact  . . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance  . . . .

Life and Annuities . . . . . . . . . . .

Corporate and Other  . . . . . . . . .

Deferred 

Future Policy 

Acquisition Costs 

Benefits 

Liability for Policy 

and Contract Claims 

Unearned 

Premiums 

Policyholder 

Account 

Balances 

$

25 

879 

1,084 

—  

$1,988 

$

26 

935 

1,250 

—  

$2,211 

$ —  

43,929 

13,726 

—  

$ —  

—  

15,540 

—  

$ —  

41,457 

13,950 

—  

$ —  

—  

16,564 

—  

$518 

—  

126 

8 

$652 

$519 

—  

158 

6 

$683 

$149 

—  

—  

—  

$149 

$203 

—  

—  

—  

$203 

Total  . . . . . . . . . . . . . . . . .

$57,655 

$15,540 

Total  . . . . . . . . . . . . . . . . .

$55,407 

$16,564 

See Report of Independent Registered Public Accounting Firm 

274 

275 

 
 
 
 
 
 
 
 
 
 
 
 
Schedule II 

Genworth Financial, Inc. 

(Parent Company Only) 

Notes to Schedule II 

Years Ended December 31, 2023, 2022 and 2021 

On January 1, 2021, Genworth Financial adopted new accounting guidance related to simplifying the 

accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod 

tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred 

tax liabilities for outside basis differences. Genworth Financial adopted this new accounting guidance using the 

retrospective method or modified retrospective method for certain changes and prospective method for all other 

changes, which did not have a significant impact on Genworth Financial’s financial statements and disclosures. 

(3) Commitments 

Genworth Financial provides a full and unconditional guarantee to the trustee of Genworth Holdings’ 

outstanding senior and subordinated notes and the holders of the senior and subordinated notes, on an unsecured 

unsubordinated and subordinated basis, respectively, of the full and punctual payment of the principal of, 

premium, if any, and interest on, and all other amounts payable under, the outstanding senior and subordinated 

notes and their respective indentures. 

(4) Income Taxes 

respectively. 

(5) Supplemental Cash Flow Information 

As of December 31, 2023 and 2022, Genworth Financial had a deferred tax asset of $3 million and 

$6 million, respectively, primarily comprised of share-based compensation. As of December 31, 2023 and 2022, 

Genworth Financial had a current income tax receivable of $2 million and $—, respectively. Net cash paid for 

taxes was $1 million, $1 million and $4 million for the years ended December 31, 2023, 2022 and 2021, 

In 2023 and 2022, Genworth Holdings forgave intercompany loans of $302 million and $50 million, 

respectively, due from Genworth Financial. The extinguishment of the loans between the related parties was 

treated as non-cash deemed dividends to Genworth Financial and accordingly had no impact on Genworth 

Financial’s cash flows for the years ended December 31, 2023 and 2022. 

Schedule III 

Genworth Financial, Inc. 

Supplemental Insurance Information 
(Amounts in millions) 

Segment 

December 31, 2023 

Enact  . . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance  . . . .
Life and Annuities . . . . . . . . . . .
Corporate and Other  . . . . . . . . .

Total  . . . . . . . . . . . . . . . . .

December 31, 2022 

Enact  . . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance  . . . .
Life and Annuities . . . . . . . . . . .
Corporate and Other  . . . . . . . . .

Total  . . . . . . . . . . . . . . . . .

Deferred 
Acquisition Costs 

Future Policy 
Benefits 

Policyholder 
Account 
Balances 

Liability for Policy 
and Contract Claims 

Unearned 
Premiums 

$

25 
879 
1,084 
—  

$1,988 

$

26 
935 
1,250 
—  

$2,211 

$ —  
43,929 
13,726 
—  

$ —  
—  
15,540 
—  

$57,655 

$15,540 

$ —  
41,457 
13,950 
—  

$ —  
—  
16,564 
—  

$55,407 

$16,564 

$518 
—  
126 
8 

$652 

$519 
—  
158 
6 

$683 

$149 
—  
—  
—  

$149 

$203 
—  
—  
—  

$203 

See Report of Independent Registered Public Accounting Firm 

274 

275 

 
 
 
 
 
 
 
 
 
 
 
 
Schedule III—Continued 

Genworth Financial, Inc. 

Supplemental Insurance Information 
(Amounts in millions) 

Segment 

Year ended December 31, 2023 

Premium 
Revenue 

Net 
Investment 
Income 

Interest Credited 
and Benefits and 
Other Changes in 
Policy Reserves(1) 

Amortization of 
Deferred 
Acquisition 
Costs 

Other 
Operating 
Expenses 

Premiums 
Written 

Enact  . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance  . . .
Life and Annuities  . . . . . . . . . .
Corporate and Other  . . . . . . . .

$ 957 
2,463 
207 
9 

$ 208 
1,914 
1,042 
19 

Total . . . . . . . . . . . . . . . . .

$3,636 

$3,183 

Year ended December 31, 2022 

Enact  . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance  . . .
Life and Annuities  . . . . . . . . . .
Corporate and Other  . . . . . . . .

$ 940 
2,500 
234 
6 

$ 155 
1,900 
1,083 
8 

Total . . . . . . . . . . . . . . . . .

$3,680 

$3,146 

Year ended December 31, 2021 

Enact  . . . . . . . . . . . . . . . . . . . .
Long-Term Care Insurance  . . .
Life and Annuities  . . . . . . . . . .
Corporate and Other  . . . . . . . .

$ 975 
2,561 
(136) 
6 

$ 141 
2,027 
1,195 
7 

Total . . . . . . . . . . . . . . . . .

$3,406 

$3,370 

$

27 
4,123 
1,732 
(9) 

$5,873 

$ (94) 
3,471 
1,151 
(11) 

$4,517 

$ 125 
3,876 
1,333 
(6) 

$5,328 

$

7 
57 
166 
—  

$230 

$

8 
60 
222 
—  

$290 

$

9 
63 
265 
—  

$337 

$ 268 
466 
228 
132 

$ 904 
2,463 
207 
8 

$1,094 

$3,582 

$ 283 
427 
622 
95 

$ 896 
2,500 
234 
6 

$1,427 

$3,636 

$ 287 
464 
259 
195 

$ 914 
2,561 
(137) 
7 

$1,205 

$3,345 

(1) 

Interest credited and benefits and other changes in policy reserves includes changes in policy reserves 
resulting from liability remeasurement (gains) losses and excludes changes in fair value of market risk 
benefits and associated hedges of $(12) million, $(104) million and $(160) million for the years ended 
December 31, 2023, 2022 and 2021, respectively. 

See Report of Independent Registered Public Accounting Firm 

Item 9. Changes In and Disagreements With Accountants On Accounting and Financial Disclosure 

None. 

Item 9A. Controls and Procedures 

Evaluation of Disclosure Controls and Procedures 

As of December 31, 2023, an evaluation was conducted under the supervision and with the participation of 

our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our 

disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange 

Act of 1934). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded 

that our disclosure controls and procedures were effective as of December 31, 2023. 

Management’s Annual Report On Internal Control Over Financial Reporting 

Our management is responsible for establishing and maintaining adequate internal control over financial 

reporting for our company. 

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the 

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of 

the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit 

preparation of financial statements in accordance with accounting principles generally accepted in the United 

States of America and that receipts and expenditures of the company are being made only in accordance with 

authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding 

prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could 

have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect 

misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 

controls may become inadequate because of changes in conditions, or that the degree of compliance with the 

policies or procedures may deteriorate. 

With the participation of the Chief Executive Officer and the Chief Financial Officer, our management 

conducted an evaluation of the effectiveness of our internal control over financial reporting based on the 

framework and criteria established in Internal Control—Integrated Framework (2013), issued by the Committee 

of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has 

concluded that our internal control over financial reporting was effective as of December 31, 2023. 

Our independent auditor, KPMG LLP, a registered public accounting firm, has issued an attestation report 

on the effectiveness of our internal control over financial reporting. This attestation report appears below. 

/s/ Thomas J. McInerney 

Thomas J. McInerney 

President and Chief Executive Officer 

(Principal Executive Officer) 

/s/ Jerome T. Upton 

Jerome T. Upton 

Executive Vice President and Chief Financial Officer 

(Principal Financial Officer) 

February 29, 2024 

276 

277 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule III—Continued 

Genworth Financial, Inc. 

Supplemental Insurance Information 

(Amounts in millions) 

Net 

Premium 

Revenue 

Investment 

Income 

Interest Credited 

and Benefits and 

Other Changes in 

Policy Reserves(1) 

Amortization of 

Deferred 

Acquisition 

Costs 

Other 

Operating 

Expenses 

Premiums 

Written 

Total . . . . . . . . . . . . . . . . .

$3,636 

$3,183 

$5,873 

Segment 

Year ended December 31, 2023 

Enact  . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance  . . .

$ 957 

2,463 

Life and Annuities  . . . . . . . . . .

Corporate and Other  . . . . . . . .

207 

9 

$ 208 

1,914 

1,042 

19 

Year ended December 31, 2022 

Enact  . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance  . . .

$ 940 

2,500 

Life and Annuities  . . . . . . . . . .

Corporate and Other  . . . . . . . .

234 

6 

$ 155 

1,900 

1,083 

8 

Total . . . . . . . . . . . . . . . . .

$3,680 

$3,146 

Year ended December 31, 2021 

Enact  . . . . . . . . . . . . . . . . . . . .

Long-Term Care Insurance  . . .

$ 975 

2,561 

Life and Annuities  . . . . . . . . . .

(136) 

Corporate and Other  . . . . . . . .

6 

$ 141 

2,027 

1,195 

7 

$

27 

4,123 

1,732 

(9) 

$ (94) 

3,471 

1,151 

(11) 

$4,517 

$ 125 

3,876 

1,333 

(6) 

Total . . . . . . . . . . . . . . . . .

$3,406 

$3,370 

$5,328 

$

7 

57 

166 

—  

$230 

$

8 

60 

222 

—  

$290 

$

9 

63 

265 

—  

$337 

$ 268 

466 

228 

132 

$ 904 

2,463 

207 

8 

$1,094 

$3,582 

$ 283 

427 

622 

95 

$ 896 

2,500 

234 

6 

$1,427 

$3,636 

$ 287 

464 

259 

195 

$ 914 

2,561 

(137) 

7 

$1,205 

$3,345 

(1) 

Interest credited and benefits and other changes in policy reserves includes changes in policy reserves 

resulting from liability remeasurement (gains) losses and excludes changes in fair value of market risk 

benefits and associated hedges of $(12) million, $(104) million and $(160) million for the years ended 

December 31, 2023, 2022 and 2021, respectively. 

See Report of Independent Registered Public Accounting Firm 

Item 9. Changes In and Disagreements With Accountants On Accounting and Financial Disclosure 

None. 

Item 9A. Controls and Procedures 

Evaluation of Disclosure Controls and Procedures 

As of December 31, 2023, an evaluation was conducted under the supervision and with the participation of 
our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our 
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange 
Act of 1934). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded 
that our disclosure controls and procedures were effective as of December 31, 2023. 

Management’s Annual Report On Internal Control Over Financial Reporting 

Our management is responsible for establishing and maintaining adequate internal control over financial 

reporting for our company. 

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of 
the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with accounting principles generally accepted in the United 
States of America and that receipts and expenditures of the company are being made only in accordance with 
authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding 
prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could 
have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance with the 
policies or procedures may deteriorate. 

With the participation of the Chief Executive Officer and the Chief Financial Officer, our management 

conducted an evaluation of the effectiveness of our internal control over financial reporting based on the 
framework and criteria established in Internal Control—Integrated Framework (2013), issued by the Committee 
of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has 
concluded that our internal control over financial reporting was effective as of December 31, 2023. 

Our independent auditor, KPMG LLP, a registered public accounting firm, has issued an attestation report 

on the effectiveness of our internal control over financial reporting. This attestation report appears below. 

/s/ Thomas J. McInerney 

Thomas J. McInerney 
President and Chief Executive Officer 
(Principal Executive Officer) 

/s/ Jerome T. Upton 

Jerome T. Upton 
Executive Vice President and Chief Financial Officer 
(Principal Financial Officer) 

February 29, 2024 

276 

277 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect 

misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 

controls may become inadequate because of changes in conditions, or that the degree of compliance with the 

policies or procedures may deteriorate. 

/s/ KPMG LLP 

Richmond, Virginia 

February 29, 2024 

Report of Independent Registered Public Accounting Firm 

To the Stockholders and Board of Directors 
Genworth Financial, Inc.: 

Opinion on Internal Control Over Financial Reporting 

We have audited Genworth Financial, Inc. and subsidiaries’ (the Company) internal control over financial 
reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework 
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the 
Company maintained, in all material respects, effective internal control over financial reporting as of 
December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by 
the Committee of Sponsoring Organizations of the Treadway Commission. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 
(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, 
the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each 
of the years in the three-year period ended December 31, 2023, and the related notes and financial statement 
schedules I to III (collectively, the consolidated financial statements), and our report dated February 29, 2024 
expressed an unqualified opinion on those consolidated financial statements. 

Basis for Opinion 

The Company’s management is responsible for maintaining effective internal control over financial reporting and 
for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 
Management’s Annual Report On Internal Control Over Financial Reporting. Our responsibility is to express an 
opinion on the Company’s internal control over financial reporting based on our audit. We are a public 
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in 
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audit to obtain reasonable assurance about whether effective internal control over financial 
reporting was maintained in all material respects. Our audit of internal control over financial reporting included 
obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on 
the assessed risk. Our audit also included performing such other procedures as we considered necessary in the 
circumstances. We believe that our audit provides a reasonable basis for our opinion. 

Definition and Limitations of Internal Control Over Financial Reporting 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the 
company’s assets that could have a material effect on the financial statements. 

278 

279 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance with the 
policies or procedures may deteriorate. 

/s/ KPMG LLP 

Richmond, Virginia 
February 29, 2024 

Report of Independent Registered Public Accounting Firm 

To the Stockholders and Board of Directors 

Genworth Financial, Inc.: 

Opinion on Internal Control Over Financial Reporting 

We have audited Genworth Financial, Inc. and subsidiaries’ (the Company) internal control over financial 

reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework 

(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the 

Company maintained, in all material respects, effective internal control over financial reporting as of 

December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by 

the Committee of Sponsoring Organizations of the Treadway Commission. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 

(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, 

the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each 

of the years in the three-year period ended December 31, 2023, and the related notes and financial statement 

schedules I to III (collectively, the consolidated financial statements), and our report dated February 29, 2024 

expressed an unqualified opinion on those consolidated financial statements. 

Basis for Opinion 

The Company’s management is responsible for maintaining effective internal control over financial reporting and 

for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 

Management’s Annual Report On Internal Control Over Financial Reporting. Our responsibility is to express an 

opinion on the Company’s internal control over financial reporting based on our audit. We are a public 

accounting firm registered with the PCAOB and are required to be independent with respect to the Company in 

accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 

Exchange Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan 

and perform the audit to obtain reasonable assurance about whether effective internal control over financial 

reporting was maintained in all material respects. Our audit of internal control over financial reporting included 

obtaining an understanding of internal control over financial reporting, assessing the risk that a material 

weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on 

the assessed risk. Our audit also included performing such other procedures as we considered necessary in the 

circumstances. We believe that our audit provides a reasonable basis for our opinion. 

Definition and Limitations of Internal Control Over Financial Reporting 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance 

regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 

accordance with generally accepted accounting principles. A company’s internal control over financial reporting 

includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 

accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable 

assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 

with generally accepted accounting principles, and that receipts and expenditures of the company are being made 

only in accordance with authorizations of management and directors of the company; and (3) provide reasonable 

assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the 

company’s assets that could have a material effect on the financial statements. 

278 

279 

Changes in Internal Control Over Financial Reporting During the Quarter Ended December 31, 2023 

There were no changes in our internal control over financial reporting that occurred during the quarter ended 

December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal 
control over financial reporting. 

Item 9B. Other Information 

During the three months ended December 31, 2023, no directors or officers of Genworth adopted or 
terminated any contract, instruction or written plan for the purchase or sale of Genworth’s securities intended to 
satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) or any “non-
Rule 10b5-1 trading arrangement” as defined under the securities laws. 

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 

None. 

Item 10. Directors, Executive Officers and Corporate Governance 

PART III 

The following table sets forth certain information concerning our executive officers: 

Name 

Age 

Positions 

Thomas J. McInerney  . . . . . . . . . . . .

67  President and Chief Executive Officer 

Jerome T. Upton  . . . . . . . . . . . . . . . .

60  Executive Vice President and Chief Financial Officer 

Jamala M. Arland  . . . . . . . . . . . . . . .

42  Executive Vice President—U.S. Life Insurance 

Rohit Gupta  . . . . . . . . . . . . . . . . . . . .

49  President and Chief Executive Officer, Enact 

Melissa Hagerman  . . . . . . . . . . . . . .

56  Executive Vice President and Chief Human Resources Officer 

Mark Blakeley Hodges  . . . . . . . . . . .

44  Executive Vice President and Chief Risk Officer 

Gregory S. Karawan  . . . . . . . . . . . . .

59  Executive Vice President and General Counsel 

Kelly Saltzgaber  . . . . . . . . . . . . . . . .

59  Executive Vice President and Chief Investment Officer 

Andrea Lynn White . . . . . . . . . . . . . .

58  Executive Vice President—CareScout Insurance 

G. Kent Conrad  . . . . . . . . . . . . . . . . .

75  Director, member of Nominating and Corporate Governance and 

Karen E. Dyson  . . . . . . . . . . . . . . . . .

64  Director, member of Audit and Management Development and 

Risk Committees 

Compensation Committees 

Jill R. Goodman  . . . . . . . . . . . . . . . .

57  Director, member of Management Development and Compensation 

Melina E. Higgins  . . . . . . . . . . . . . . .

56  Non-Executive Chair of the Board, member of Audit and 

and Nominating and Corporate Governance Committees 

Howard D. Mills, III  . . . . . . . . . . . . .

59  Director, member of Nominating and Corporate Governance and 

Management Development and Compensation Committees 

Robert P. Restrepo Jr.  . . . . . . . . . . . .

73  Director, member of Audit and Management Development and 

Elaine A. Sarsynski  . . . . . . . . . . . . . .

68  Director, member of Audit and Risk Committees 

Ramsey D. Smith  . . . . . . . . . . . . . . .

56  Director, member of Nominating and Corporate Governance and 

Risk Committees 

Compensation Committees 

Risk Committees 

Executive Officers and Directors 

listed above. 

The following sets forth certain biographical information with respect to our executive officers and directors 

Thomas J. McInerney has been our President and Chief Executive Officer and a director since January 

2013. Before joining our Company, Mr. McInerney had served as a Senior Advisor to the Boston Consulting 

Group from June 2011 to December 2012, providing consulting and advisory services to leading insurance and 

financial services companies in the United States and Canada. From October 2009 to December 2010, 

Mr. McInerney was a member of ING Groep’s Management Board for Insurance, where he was the Chief 

Operating Officer of ING’s insurance and investment management business worldwide. Prior to that, he served in 

a variety of senior roles with ING Groep NV after serving in many leadership positions with Aetna, where he 

began his career as an insurance underwriter in June 1978. Mr. McInerney has served as a director of Enact 

Holdings, a majority owned subsidiary of Genworth Financial, since its IPO in September 2021. He is also on the 

boards of United Way Worldwide, Virginia Learns, Global Research Institute at the College of William & Mary 

and Virginia Ready, where he serves as Chair of the Board. Mr. McInerney is a member of the American Council 

of Life Insurers and serves, and has served, on its CEO Steering Committees and Board. Mr. McInerney received 

a B.A. in Economics with Honors from Colgate University and an M.B.A. from the Tuck School of Business at 

Dartmouth College.  

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281 

Changes in Internal Control Over Financial Reporting During the Quarter Ended December 31, 2023 

There were no changes in our internal control over financial reporting that occurred during the quarter ended 

December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal 

Item 10. Directors, Executive Officers and Corporate Governance 

PART III 

control over financial reporting. 

Item 9B. Other Information 

During the three months ended December 31, 2023, no directors or officers of Genworth adopted or 

terminated any contract, instruction or written plan for the purchase or sale of Genworth’s securities intended to 

satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) or any “non-

Rule 10b5-1 trading arrangement” as defined under the securities laws. 

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 

None. 

The following table sets forth certain information concerning our executive officers: 

Name 

Age 

Positions 

Thomas J. McInerney  . . . . . . . . . . . .
Jerome T. Upton  . . . . . . . . . . . . . . . .
Jamala M. Arland  . . . . . . . . . . . . . . .
Rohit Gupta  . . . . . . . . . . . . . . . . . . . .
Melissa Hagerman  . . . . . . . . . . . . . .
Mark Blakeley Hodges  . . . . . . . . . . .
Gregory S. Karawan  . . . . . . . . . . . . .
Kelly Saltzgaber  . . . . . . . . . . . . . . . .
Andrea Lynn White . . . . . . . . . . . . . .
G. Kent Conrad  . . . . . . . . . . . . . . . . .

67  President and Chief Executive Officer 
60  Executive Vice President and Chief Financial Officer 
42  Executive Vice President—U.S. Life Insurance 
49  President and Chief Executive Officer, Enact 
56  Executive Vice President and Chief Human Resources Officer 
44  Executive Vice President and Chief Risk Officer 
59  Executive Vice President and General Counsel 
59  Executive Vice President and Chief Investment Officer 
58  Executive Vice President—CareScout Insurance 
75  Director, member of Nominating and Corporate Governance and 

Risk Committees 

Karen E. Dyson  . . . . . . . . . . . . . . . . .

64  Director, member of Audit and Management Development and 

Compensation Committees 

Jill R. Goodman  . . . . . . . . . . . . . . . .

57  Director, member of Management Development and Compensation 

Melina E. Higgins  . . . . . . . . . . . . . . .

Howard D. Mills, III  . . . . . . . . . . . . .

and Nominating and Corporate Governance Committees 
56  Non-Executive Chair of the Board, member of Audit and 

Management Development and Compensation Committees 
59  Director, member of Nominating and Corporate Governance and 

Risk Committees 

Robert P. Restrepo Jr.  . . . . . . . . . . . .

73  Director, member of Audit and Management Development and 

Compensation Committees 

Elaine A. Sarsynski  . . . . . . . . . . . . . .
Ramsey D. Smith  . . . . . . . . . . . . . . .

68  Director, member of Audit and Risk Committees 
56  Director, member of Nominating and Corporate Governance and 

Risk Committees 

Executive Officers and Directors 

The following sets forth certain biographical information with respect to our executive officers and directors 

listed above. 

Thomas J. McInerney has been our President and Chief Executive Officer and a director since January 
2013. Before joining our Company, Mr. McInerney had served as a Senior Advisor to the Boston Consulting 
Group from June 2011 to December 2012, providing consulting and advisory services to leading insurance and 
financial services companies in the United States and Canada. From October 2009 to December 2010, 
Mr. McInerney was a member of ING Groep’s Management Board for Insurance, where he was the Chief 
Operating Officer of ING’s insurance and investment management business worldwide. Prior to that, he served in 
a variety of senior roles with ING Groep NV after serving in many leadership positions with Aetna, where he 
began his career as an insurance underwriter in June 1978. Mr. McInerney has served as a director of Enact 
Holdings, a majority owned subsidiary of Genworth Financial, since its IPO in September 2021. He is also on the 
boards of United Way Worldwide, Virginia Learns, Global Research Institute at the College of William & Mary 
and Virginia Ready, where he serves as Chair of the Board. Mr. McInerney is a member of the American Council 
of Life Insurers and serves, and has served, on its CEO Steering Committees and Board. Mr. McInerney received 
a B.A. in Economics with Honors from Colgate University and an M.B.A. from the Tuck School of Business at 
Dartmouth College.  

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281 

Jerome T. Upton has been our Executive Vice President and Chief Financial Officer (“CFO”) since 
March 1, 2023 and is designated as the Company’s Principal Financial Officer. Prior to that, he served as our 
Senior Vice President, Deputy CFO and Controller from April 2022 to March 2023. From June 2010 to April 
2022, Mr. Upton served as Vice President of the Company (during which time he also served as Deputy CFO 
from August 2020 to April 2022, as interim CFO of the Company’s U.S. Life Insurance business from August 
2019 to August 2020, as the Chief Financial and Operations Officer of the Company’s Global Mortgage 
Insurance businesses from May 2012 to August 2019, and Senior Vice President and Chief Operating Officer of 
the international mortgage insurance businesses of the Company from June 2010 to May 2012). Prior to joining 
the Company’s predecessor in 1998, Mr. Upton was with KPMG Peat Marwick, where he served in accounting 
positions of increasing authority before attaining the position of Senior Manager – Insurance. Prior thereto, 
Mr. Upton was the Controller and Director of Financial Reporting for Century American Insurance Company and 
obtained the status of Certified Public Accountant. Mr. Upton received a Bachelor of Science Degree in 
Accounting from the University of North Carolina at Pembroke. 

Jamala M. Arland has been our Executive Vice President—U.S. Life Insurance since January 2024. Prior 

to that, she served as Senior Vice President—Long-Term Care Insurance In-Force since May 2022 with oversight 
responsibilities of the Company’s in-force long-term care insurance products. From January 2019 through May 
2022, she served as a Vice President in Long-Term Care In-Force leading the execution of the Company’s multi-
year rate action plan. Ms. Arland joined the Company in May 2005 and has held various actuarial roles at the 
Company in life valuation and annuity product development. She is the industry representative to the California 
Long-Term Care Taskforce, as appointed by the state Senate Rules Committee. Ms. Arland is a Fellow in the 
Society of Actuaries, a member of the American Academy of Actuaries (“AAA”), previously serving as chair of 
the AAA LTC Reform Subcommittee, and is a charterholder in the CFA Institute. Ms. Arland received a 
Bachelor of Mathematics (Actuarial Science and Statistics) degree from the University of Waterloo. 

Rohit Gupta has served as the President and Chief Executive Officer of Enact Holdings, a majority-owned 

subsidiary of Genworth Financial, and as a Director of Enact Holdings since its IPO in September 2021. While 
Mr. Gupta is President and Chief Executive Officer of Enact Holdings, he is not an officer of Genworth 
Financial. Mr. Gupta has also served as President and Chief Executive Officer of the Company’s U.S. mortgage 
insurance business since May 2012. Mr. Gupta also served as the Company’s Executive Vice President—Enact 
from May 2021 to September 2021, the Company’s Executive Vice President—U.S. Mortgage Insurance from 
February 2021 to May 2021, and as a Vice President of the Company from April 2013 to February 2021. Prior to 
that he held positions of Chief Commercial Officer from September 2009 to May 2012 and Senior Vice 
President, Products, Intelligence and Strategy from October 2007 to September 2009 in the Company’s U.S. 
mortgage insurance business. He also held various management positions with GE Mortgage Insurance 
beginning in 2003 and was a product manager for GE Capital. Mr. Gupta began his career with FedEx 
Corporation in Strategic Marketing, where he was responsible for competitive intelligence and market analysis 
supporting FedEx senior management. Mr. Gupta serves on the Mortgage Bankers Association board of directors 
and the Housing Policy Executive Council. He also served as Chairman and remains a board member of the U.S. 
Mortgage Insurers trade association. Mr. Gupta served on the board of Genworth MI Canada Inc. from June 2016 
to December 2019. He also served on the board of Aqua Finance from 2021 to July 2022 and on the Mortgage 
Bankers Association Residential Board of Governors from 2017 through 2022. Mr. Gupta received an 
undergraduate degree in Computer Science & Technology from Indian Institute of Technology and received an 
M.B.A. in Finance from University of Illinois at Urbana Champaign. 

Melissa Hagerman has been our Executive Vice President and Chief Human Resources Officer since 
January 2022. Prior to that, she served as a Human Resources leader for the Company’s corporate and investment 
functions since February 2018. Ms. Hagerman previously served as Director, Human Resources for the 
Company’s U.S. Life Insurance segment and corporate finance function from June 2014 to January 2018, as 
Director, Human Resources for the corporate finance and global risk functions from July 2011 to March 2013, 
and as a senior client manager from March 2010 to July 2011. Ms. Hagerman has also held human resources 
positions at Carmax from March 2013 to June 2014 and Circuit City from July 2007 to February 2009. 

Ms. Hagerman received a B.S. in Human Resources Management from the University of Richmond and 

graduated from the Tuck Global Leadership Program through Dartmouth College in 2019. 

Mark Blakeley Hodges has been our Executive Vice President and Chief Risk Officer since May 2022. 

Prior to that he served as Senior Vice President and Chief Risk Officer since March 2022 and as Interim Chief 

Risk Officer from November 2021 to March 2022. Mr. Hodges previously served as Chief Operational Risk 

Officer for the Company and its U.S. Life Insurance segment from July 2015 until November 2021. From July 

2002 through July 2015, Mr. Hodges served in various capacities with the Company and/or its predecessor 

including roles with responsibilities for oversight of Enterprise Risk Management (ERM) programs, financial 

reporting systems, operational and technology platforms, and testing and quality assurance programs. 

Mr. Hodges received a B.S. in Decision Support Systems from Virginia Polytechnic Institute (Virginia Tech) and 

graduated from the Tuck Global Executive Leadership Program through Dartmouth in 2020. 

Gregory S. Karawan has been our Executive Vice President and General Counsel since January 2022. 

Prior to that, he served as a Vice President of the Company since June 2008 and as General Counsel of our U.S. 

Life Insurance segment since January 2007. Mr. Karawan joined the Company in 2000 as global chief litigation 

counsel, a position he held intermittently and then continuously after January 2008. Prior to joining the 

Company, Mr. Karawan worked at the law firm of Sonnenschein Nath and Rosenthal. Mr. Karawan received a 

B.A. in economics from State University of New York Binghamton and a J.D. from Fordham Law School. 

Kelly Saltzgaber has been our Executive Vice President and Chief Investment Officer since March 1, 2023. 

She previously served as the Head of the Portfolio Management team from January 2018 to March 2023, having 

been Interim Head since mid-2017 after moving to Portfolio Management in November 2016, and as a Senior 

Credit Trader from 2013 to 2016. Prior to joining the Company in 2013, Ms. Saltzgaber had 27 years of 

combined experience in Institutional Credit Sales at Goldman Sachs, Barclays and Cambridge International and 

as an analyst in the Asset-Backed Securities group at Merrill Lynch. Ms. Saltzgaber received a B.A. in 

Economics Modified with Mathematics from Dartmouth College and an M.B.A. in Finance from New York 

University’s Stern School of Business. 

Andrea Lynn White has been our Executive Vice President—CareScout Insurance since October 1, 2023. 

She previously served as Executive Vice President—Government Relations from May 2022 to September 2023, 

while maintaining her title of Chief of Staff, a role to which she was appointed in December 2017. Ms. White 

served as our Senior Vice President—Government Relations from May 2021 to May 2022. In addition, 

Ms. White held positions in the Company’s Government Relations department from July 2015 to December 2017 

and served as the Company’s Corporate Ombudsperson, with responsibility of implementing the Company’s 

code of ethics programs, from May 2005 to July 2015. From February 2001 to May 2005, Ms. White served in 

various capacities within the Company and/or its predecessor, including roles in the Human Resources 

department. Prior to joining the Company, Ms. White held various roles at Aetna Life Insurance and was an 

Associate with the law firm of LeClair Ryan. Ms. White received a B.BA., summa cum laude, in Finance from 

Howard University and a J.D. from the University of Virginia. 

G. Kent Conrad has served as a member of our board of directors since March 2013. Sen. Conrad served as 

a U.S. Senator representing the State of North Dakota from January 1987 to January 2013. He served as 

Chairman or Ranking Member of the Senate Budget Committee for 12 years. Prior to serving in the U.S. Senate, 

Sen. Conrad served as the Tax Commissioner for the State of North Dakota from 1981 to 1986 and as Assistant 

Tax Commissioner from 1974 to 1980. Sen. Conrad currently serves as a Strategic Advisor to Molina Healthcare, 

as co-chair of the Economic Advisory Committee for American Edge, as a member of the board of directors of 

the Committee for a Responsible Federal Budget, as a Senior Fellow for The Bipartisan Policy Center and as an 

advisor to the CEO of the Baltimore Orioles. Sen. Conrad received an A.B. in Political Science from Stanford 

University and an M.B.A. from George Washington University. 

Karen E. Dyson has served as a member of our board of directors since December 2020. Lt. Gen. Dyson 

was the first female finance officer to achieve three-star general officer rank in August 2014. She retired as 

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Jerome T. Upton has been our Executive Vice President and Chief Financial Officer (“CFO”) since 

March 1, 2023 and is designated as the Company’s Principal Financial Officer. Prior to that, he served as our 

Senior Vice President, Deputy CFO and Controller from April 2022 to March 2023. From June 2010 to April 

2022, Mr. Upton served as Vice President of the Company (during which time he also served as Deputy CFO 

from August 2020 to April 2022, as interim CFO of the Company’s U.S. Life Insurance business from August 

2019 to August 2020, as the Chief Financial and Operations Officer of the Company’s Global Mortgage 

Insurance businesses from May 2012 to August 2019, and Senior Vice President and Chief Operating Officer of 

the international mortgage insurance businesses of the Company from June 2010 to May 2012). Prior to joining 

the Company’s predecessor in 1998, Mr. Upton was with KPMG Peat Marwick, where he served in accounting 

positions of increasing authority before attaining the position of Senior Manager – Insurance. Prior thereto, 

Mr. Upton was the Controller and Director of Financial Reporting for Century American Insurance Company and 

obtained the status of Certified Public Accountant. Mr. Upton received a Bachelor of Science Degree in 

Accounting from the University of North Carolina at Pembroke. 

Jamala M. Arland has been our Executive Vice President—U.S. Life Insurance since January 2024. Prior 

to that, she served as Senior Vice President—Long-Term Care Insurance In-Force since May 2022 with oversight 

responsibilities of the Company’s in-force long-term care insurance products. From January 2019 through May 

2022, she served as a Vice President in Long-Term Care In-Force leading the execution of the Company’s multi-

year rate action plan. Ms. Arland joined the Company in May 2005 and has held various actuarial roles at the 

Company in life valuation and annuity product development. She is the industry representative to the California 

Long-Term Care Taskforce, as appointed by the state Senate Rules Committee. Ms. Arland is a Fellow in the 

Society of Actuaries, a member of the American Academy of Actuaries (“AAA”), previously serving as chair of 

the AAA LTC Reform Subcommittee, and is a charterholder in the CFA Institute. Ms. Arland received a 

Bachelor of Mathematics (Actuarial Science and Statistics) degree from the University of Waterloo. 

Rohit Gupta has served as the President and Chief Executive Officer of Enact Holdings, a majority-owned 

subsidiary of Genworth Financial, and as a Director of Enact Holdings since its IPO in September 2021. While 

Mr. Gupta is President and Chief Executive Officer of Enact Holdings, he is not an officer of Genworth 

Financial. Mr. Gupta has also served as President and Chief Executive Officer of the Company’s U.S. mortgage 

insurance business since May 2012. Mr. Gupta also served as the Company’s Executive Vice President—Enact 

from May 2021 to September 2021, the Company’s Executive Vice President—U.S. Mortgage Insurance from 

February 2021 to May 2021, and as a Vice President of the Company from April 2013 to February 2021. Prior to 

that he held positions of Chief Commercial Officer from September 2009 to May 2012 and Senior Vice 

President, Products, Intelligence and Strategy from October 2007 to September 2009 in the Company’s U.S. 

mortgage insurance business. He also held various management positions with GE Mortgage Insurance 

beginning in 2003 and was a product manager for GE Capital. Mr. Gupta began his career with FedEx 

Corporation in Strategic Marketing, where he was responsible for competitive intelligence and market analysis 

supporting FedEx senior management. Mr. Gupta serves on the Mortgage Bankers Association board of directors 

and the Housing Policy Executive Council. He also served as Chairman and remains a board member of the U.S. 

Mortgage Insurers trade association. Mr. Gupta served on the board of Genworth MI Canada Inc. from June 2016 

to December 2019. He also served on the board of Aqua Finance from 2021 to July 2022 and on the Mortgage 

Bankers Association Residential Board of Governors from 2017 through 2022. Mr. Gupta received an 

undergraduate degree in Computer Science & Technology from Indian Institute of Technology and received an 

M.B.A. in Finance from University of Illinois at Urbana Champaign. 

Melissa Hagerman has been our Executive Vice President and Chief Human Resources Officer since 

January 2022. Prior to that, she served as a Human Resources leader for the Company’s corporate and investment 

functions since February 2018. Ms. Hagerman previously served as Director, Human Resources for the 

Company’s U.S. Life Insurance segment and corporate finance function from June 2014 to January 2018, as 

Director, Human Resources for the corporate finance and global risk functions from July 2011 to March 2013, 

and as a senior client manager from March 2010 to July 2011. Ms. Hagerman has also held human resources 

positions at Carmax from March 2013 to June 2014 and Circuit City from July 2007 to February 2009. 

Ms. Hagerman received a B.S. in Human Resources Management from the University of Richmond and 
graduated from the Tuck Global Leadership Program through Dartmouth College in 2019. 

Mark Blakeley Hodges has been our Executive Vice President and Chief Risk Officer since May 2022. 
Prior to that he served as Senior Vice President and Chief Risk Officer since March 2022 and as Interim Chief 
Risk Officer from November 2021 to March 2022. Mr. Hodges previously served as Chief Operational Risk 
Officer for the Company and its U.S. Life Insurance segment from July 2015 until November 2021. From July 
2002 through July 2015, Mr. Hodges served in various capacities with the Company and/or its predecessor 
including roles with responsibilities for oversight of Enterprise Risk Management (ERM) programs, financial 
reporting systems, operational and technology platforms, and testing and quality assurance programs. 
Mr. Hodges received a B.S. in Decision Support Systems from Virginia Polytechnic Institute (Virginia Tech) and 
graduated from the Tuck Global Executive Leadership Program through Dartmouth in 2020. 

Gregory S. Karawan has been our Executive Vice President and General Counsel since January 2022. 
Prior to that, he served as a Vice President of the Company since June 2008 and as General Counsel of our U.S. 
Life Insurance segment since January 2007. Mr. Karawan joined the Company in 2000 as global chief litigation 
counsel, a position he held intermittently and then continuously after January 2008. Prior to joining the 
Company, Mr. Karawan worked at the law firm of Sonnenschein Nath and Rosenthal. Mr. Karawan received a 
B.A. in economics from State University of New York Binghamton and a J.D. from Fordham Law School. 

Kelly Saltzgaber has been our Executive Vice President and Chief Investment Officer since March 1, 2023. 
She previously served as the Head of the Portfolio Management team from January 2018 to March 2023, having 
been Interim Head since mid-2017 after moving to Portfolio Management in November 2016, and as a Senior 
Credit Trader from 2013 to 2016. Prior to joining the Company in 2013, Ms. Saltzgaber had 27 years of 
combined experience in Institutional Credit Sales at Goldman Sachs, Barclays and Cambridge International and 
as an analyst in the Asset-Backed Securities group at Merrill Lynch. Ms. Saltzgaber received a B.A. in 
Economics Modified with Mathematics from Dartmouth College and an M.B.A. in Finance from New York 
University’s Stern School of Business. 

Andrea Lynn White has been our Executive Vice President—CareScout Insurance since October 1, 2023. 
She previously served as Executive Vice President—Government Relations from May 2022 to September 2023, 
while maintaining her title of Chief of Staff, a role to which she was appointed in December 2017. Ms. White 
served as our Senior Vice President—Government Relations from May 2021 to May 2022. In addition, 
Ms. White held positions in the Company’s Government Relations department from July 2015 to December 2017 
and served as the Company’s Corporate Ombudsperson, with responsibility of implementing the Company’s 
code of ethics programs, from May 2005 to July 2015. From February 2001 to May 2005, Ms. White served in 
various capacities within the Company and/or its predecessor, including roles in the Human Resources 
department. Prior to joining the Company, Ms. White held various roles at Aetna Life Insurance and was an 
Associate with the law firm of LeClair Ryan. Ms. White received a B.BA., summa cum laude, in Finance from 
Howard University and a J.D. from the University of Virginia. 

G. Kent Conrad has served as a member of our board of directors since March 2013. Sen. Conrad served as 

a U.S. Senator representing the State of North Dakota from January 1987 to January 2013. He served as 
Chairman or Ranking Member of the Senate Budget Committee for 12 years. Prior to serving in the U.S. Senate, 
Sen. Conrad served as the Tax Commissioner for the State of North Dakota from 1981 to 1986 and as Assistant 
Tax Commissioner from 1974 to 1980. Sen. Conrad currently serves as a Strategic Advisor to Molina Healthcare, 
as co-chair of the Economic Advisory Committee for American Edge, as a member of the board of directors of 
the Committee for a Responsible Federal Budget, as a Senior Fellow for The Bipartisan Policy Center and as an 
advisor to the CEO of the Baltimore Orioles. Sen. Conrad received an A.B. in Political Science from Stanford 
University and an M.B.A. from George Washington University. 

Karen E. Dyson has served as a member of our board of directors since December 2020. Lt. Gen. Dyson 

was the first female finance officer to achieve three-star general officer rank in August 2014. She retired as 

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283 

Military Deputy to the Assistant Secretary of the Army for Financial Management and Comptroller in August 
2017. During her career, she led efforts building, executing, and reporting on the Army’s multi-appropriation 
budget; commanded units and led troops in war operations; and led strategic transformation initiatives. Lt. Gen. 
Dyson is a strategic leader with board experience in corporate governance, finance and audit committees, risk 
oversight, and management development and compensation. She currently serves on the boards of USAA Federal 
Savings Bank since October 2017 (serving as nominations and governance committee chair); CALIBRE 
Systems, Inc. since October 2018 (serving as audit committee chair); and Army Emergency Relief Organization 
since 2020. Lt. Gen. Dyson received a B.S. in Business Management from Missouri State University, an M.B.A. 
from Austin Peay State University and an M.S. in National Resource Strategy from the Eisenhower School of 
National Security and Resources Strategy. Lt. Gen. Dyson is National Association of Corporate Directors 
(“NACD”) Directorship Certified. 

Jill R. Goodman has served as a member of our board of directors since March 2021. Ms. Goodman is 
currently Managing Director of Foros Advisors LLC, a strategic financial and mergers and acquisitions advisory 
firm, a position she has held since November 2013. Ms. Goodman advises companies and special committees 
with regard to mergers and acquisitions. Previously, she served as a Managing Director and Head, Special 
Committee and Fiduciary Practice—U.S. at Rothschild from 2010 to October 2013. From 1998 to 2010, 
Ms. Goodman was with Lazard in the Mergers & Acquisitions and Strategic Advisory Group, most recently as 
Managing Director. Ms. Goodman has served as a director of Cboe Global Markets, a leading provider of 
trading, clearing and investment solutions to market participants around the world, since 2012 (serving as finance 
and strategy chair and as a member of the executive and nominating and governance committees). She has also 
served as a director of Cover Genius, a private global insurance technology company, since February 2022. 
Ms. Goodman graduated magna cum laude from Rice University with a B.A. degree. She received her J.D. 
degree, with honors, from the University of Chicago Law School. 

Melina E. Higgins has served as a member of our board of directors since September 2013 and Non-
Executive Chair of the Board since May 2021. Ms. Higgins retired in 2010 from a nearly 20-year career at The 
Goldman Sachs Group Inc., where she served as a Managing Director from 2001 and a Partner from 2002. 
During her tenure at Goldman Sachs, Ms. Higgins served as Head of the Americas for Private Debt and Co-
Chairperson of the Investment Advisory Committee for the GS Mezzanine Partners funds. She also served as a 
member of the Investment Committee for the Principal Investment Area, which oversaw and approved global 
private equity and private debt investments. Goldman’s Principal Investment Area was one of the largest 
alternative asset managers in the world. Ms. Higgins has served as a director of Viatris Inc. since November 2020 
(serving as chair of the board, executive committee chair and finance committee chair). She previously served on 
the boards of Mylan N.V. from February 2013 to November 2020 and NextGen Acquisition Corp. II from March 
2021 to December 2021. Ms. Higgins has also served as Non- Executive Chair of the board of Antares Midco, 
Inc. since January 2016 and is a member of the Women’s Leadership Board of Harvard University’s John F. 
Kennedy School of Government. Ms. Higgins received a B.A. in Economics and Spanish from Colgate 
University and an M.B.A. from Harvard Business School. 

Howard D. Mills, III has served as a member of our board of directors since March 2021. Mr. Mills is 
currently Executive Vice President of Business Development and External Affairs of beeXact, a geospatial data 
management/EngineeringTech company that designs and permits fiber optic networks. He also currently serves 
as a Senior Advisor to McKinsey & Company, where he advises boards and executives in the areas of regulatory 
and reputational risk, executive positioning, strategy, environmental, social, and governance (ESG) matters, 
financial communications, crisis management, mergers and acquisitions and public policy. Mr. Mills had a 12-
year career at Deloitte LLP, where he served as Managing Director and Global Insurance Regulatory Leader 
from 2007 to May 2019. During his tenure at Deloitte, Mr. Mills served Deloitte’s largest U.S. and global 
insurance clients. Prior to his management consulting career, Mr. Mills was the Superintendent of the New York 
State Insurance Department from 2005 to 2006. Mr. Mills served three terms in the New York State Assembly 
from 1999 to 2004, where he was an active member of the National Council of Insurance Legislators. Mr. Mills 
has served as a director of The Doctors Company since May 2019, the largest physician-owned medical liability 

insurer in the U.S. (serving as a member of the audit committee). Mr. Mills previously served on the board of 

directors of Ensight, a cloud-based insurance sales platform from June 2019 to January 2022. Mr. Mills currently 

serves as President and a Director of the Insurance Federation of New York and as a Trustee of The Institutes 

Griffith Insurance Education Foundation. Mr. Mills received a B.A. in political science from Marist College and 

an M.A. in public administration from The American University. Mr. Mills is a NACD Governance Fellow. 

Robert P. Restrepo Jr. has served as a member of our board of directors since December 2016. Mr. Restrepo 

retired from State Auto Financial Corporation in 2015, having served as its Chairman from 2006 to December 2015 

and as its President and Chief Executive Officer from 2006 to May 2015. Mr. Restrepo has over 40 years of insurance 

industry experience, having held executive roles at Main Street America Group, Hanover Insurance Group Inc. 

(formerly Allmerica Financial Corp), Travelers and Aetna. Mr. Restrepo has served as a director of RLI Corp., a 

property and casualty insurance company, since July 2016 (serving as chair of the nominating/governance committee 

and as a member of the finance and investment committee) and of Enact Holdings, a majority-owned subsidiary of 

Genworth Financial, since its IPO in September 2021 (serving as a member of the audit and nominating and corporate 

governance committees). Mr. Restrepo also currently serves on the board of directors of The Larry H. Miller Group of 

Companies. He also previously served as a director of Majesco, a provider of insurance software and consulting 

services, from August 2015 to September 2020. Mr. Restrepo received a B.A. in English from Yale University. 

Mr. Restrepo is NACD Directorship Certified and has obtained the Professional Director – Public Company credential 

from the American College of Corporate Directors. 

Elaine A. Sarsynski has served as a member of our board of directors since March 2022. Ms. Sarsynski was 

Chairwoman, Chief Executive Officer and President of MassMutual International, an insurance company, until her 

retirement in 2017. She joined Mass Mutual Life Insurance Company in 2005 as Managing Director at Babson Capital 

Management LLC, a MassMutual subsidiary. She became Executive Vice President, Chief Administrative Officer, 

Chief Executive Officer and President of MassMutual International in 2006 and Executive Vice President, member of 

the Office of the Chief Executive Officer and President of MassMutual Retirement Services, as well as Chairwoman of 

MassMutual International, in 2008. Prior to joining Babson Capital, she served two elected terms as First Selectman 

for the town of Suffield, Connecticut. In 1998, she founded Sun Consulting Group LLC, offering consulting services to 

the real estate industry. Ms. Sarsynski previously spent 17 years at Aetna, where she held multiple senior management 

positions overseeing segments of the company’s Investments Division and leading the Corporate Finance Department. 

She currently serves on the board of directors of TI Fluid Systems PLC, Horizon Technology Finance Corporation and 

Horace Mann Educators Corporation. Ms. Sarsynski previously served on the board of directors of AXA S.A. from 

2018 to 2021. Ms. Sarsynski received a B.A. from Smith College and an M.B.A. from Columbia University. 

Ramsey D. Smith has served as a member of our board of directors since March 2021. Mr. Smith is the 

founder and CEO of ALEX.fyi, a retirement solutions company, and is a founding partner of ALEXIncome, a 

retirement consulting company. Before founding ALEX.fyi in 2016, Mr. Smith spent over two decades at 

Goldman Sachs, most recently as Managing Director, Equity Derivative Sales, Head of Insurance. Mr. Smith 

built out the Life Insurance business at Goldman Sachs from 2007 to 2016. Prior to his tenure at Goldman Sachs, 

Mr. Smith worked as an analyst at Credit Suisse from 1990 to 1993. Mr. Smith is active in philanthropic 

activities, including serving on the Board of Sponsors for Educational Opportunity. Mr. Smith received an A.B. 

degree in Romance Languages and Literature from Princeton University and an M.B.A. from Harvard Business 

From time to time, we or our subsidiaries are subject to court orders, judgments or decrees enjoining us or 

the subsidiaries from engaging in certain business practices, and sometimes such orders, judgments or decrees 

are also applicable to our affiliates, officers, employees and certain other related parties, including certain of our 

School. 

executive officers. 

Other Information 

We will provide the remaining information that is responsive to this Item 10 in our definitive proxy 

statement or in an amendment to this Annual Report not later than 120 days after the end of the fiscal year 

284 

285 

Military Deputy to the Assistant Secretary of the Army for Financial Management and Comptroller in August 

2017. During her career, she led efforts building, executing, and reporting on the Army’s multi-appropriation 

budget; commanded units and led troops in war operations; and led strategic transformation initiatives. Lt. Gen. 

Dyson is a strategic leader with board experience in corporate governance, finance and audit committees, risk 

oversight, and management development and compensation. She currently serves on the boards of USAA Federal 

Savings Bank since October 2017 (serving as nominations and governance committee chair); CALIBRE 

Systems, Inc. since October 2018 (serving as audit committee chair); and Army Emergency Relief Organization 

since 2020. Lt. Gen. Dyson received a B.S. in Business Management from Missouri State University, an M.B.A. 

from Austin Peay State University and an M.S. in National Resource Strategy from the Eisenhower School of 

National Security and Resources Strategy. Lt. Gen. Dyson is National Association of Corporate Directors 

(“NACD”) Directorship Certified. 

Jill R. Goodman has served as a member of our board of directors since March 2021. Ms. Goodman is 

currently Managing Director of Foros Advisors LLC, a strategic financial and mergers and acquisitions advisory 

firm, a position she has held since November 2013. Ms. Goodman advises companies and special committees 

with regard to mergers and acquisitions. Previously, she served as a Managing Director and Head, Special 

Committee and Fiduciary Practice—U.S. at Rothschild from 2010 to October 2013. From 1998 to 2010, 

Ms. Goodman was with Lazard in the Mergers & Acquisitions and Strategic Advisory Group, most recently as 

Managing Director. Ms. Goodman has served as a director of Cboe Global Markets, a leading provider of 

trading, clearing and investment solutions to market participants around the world, since 2012 (serving as finance 

and strategy chair and as a member of the executive and nominating and governance committees). She has also 

served as a director of Cover Genius, a private global insurance technology company, since February 2022. 

Ms. Goodman graduated magna cum laude from Rice University with a B.A. degree. She received her J.D. 

degree, with honors, from the University of Chicago Law School. 

Melina E. Higgins has served as a member of our board of directors since September 2013 and Non-

Executive Chair of the Board since May 2021. Ms. Higgins retired in 2010 from a nearly 20-year career at The 

Goldman Sachs Group Inc., where she served as a Managing Director from 2001 and a Partner from 2002. 

During her tenure at Goldman Sachs, Ms. Higgins served as Head of the Americas for Private Debt and Co-

Chairperson of the Investment Advisory Committee for the GS Mezzanine Partners funds. She also served as a 

member of the Investment Committee for the Principal Investment Area, which oversaw and approved global 

private equity and private debt investments. Goldman’s Principal Investment Area was one of the largest 

alternative asset managers in the world. Ms. Higgins has served as a director of Viatris Inc. since November 2020 

(serving as chair of the board, executive committee chair and finance committee chair). She previously served on 

the boards of Mylan N.V. from February 2013 to November 2020 and NextGen Acquisition Corp. II from March 

2021 to December 2021. Ms. Higgins has also served as Non- Executive Chair of the board of Antares Midco, 

Inc. since January 2016 and is a member of the Women’s Leadership Board of Harvard University’s John F. 

Kennedy School of Government. Ms. Higgins received a B.A. in Economics and Spanish from Colgate 

University and an M.B.A. from Harvard Business School. 

Howard D. Mills, III has served as a member of our board of directors since March 2021. Mr. Mills is 

currently Executive Vice President of Business Development and External Affairs of beeXact, a geospatial data 

management/EngineeringTech company that designs and permits fiber optic networks. He also currently serves 

as a Senior Advisor to McKinsey & Company, where he advises boards and executives in the areas of regulatory 

and reputational risk, executive positioning, strategy, environmental, social, and governance (ESG) matters, 

financial communications, crisis management, mergers and acquisitions and public policy. Mr. Mills had a 12-

year career at Deloitte LLP, where he served as Managing Director and Global Insurance Regulatory Leader 

from 2007 to May 2019. During his tenure at Deloitte, Mr. Mills served Deloitte’s largest U.S. and global 

insurance clients. Prior to his management consulting career, Mr. Mills was the Superintendent of the New York 

State Insurance Department from 2005 to 2006. Mr. Mills served three terms in the New York State Assembly 

from 1999 to 2004, where he was an active member of the National Council of Insurance Legislators. Mr. Mills 

has served as a director of The Doctors Company since May 2019, the largest physician-owned medical liability 

insurer in the U.S. (serving as a member of the audit committee). Mr. Mills previously served on the board of 
directors of Ensight, a cloud-based insurance sales platform from June 2019 to January 2022. Mr. Mills currently 
serves as President and a Director of the Insurance Federation of New York and as a Trustee of The Institutes 
Griffith Insurance Education Foundation. Mr. Mills received a B.A. in political science from Marist College and 
an M.A. in public administration from The American University. Mr. Mills is a NACD Governance Fellow. 

Robert P. Restrepo Jr. has served as a member of our board of directors since December 2016. Mr. Restrepo 
retired from State Auto Financial Corporation in 2015, having served as its Chairman from 2006 to December 2015 
and as its President and Chief Executive Officer from 2006 to May 2015. Mr. Restrepo has over 40 years of insurance 
industry experience, having held executive roles at Main Street America Group, Hanover Insurance Group Inc. 
(formerly Allmerica Financial Corp), Travelers and Aetna. Mr. Restrepo has served as a director of RLI Corp., a 
property and casualty insurance company, since July 2016 (serving as chair of the nominating/governance committee 
and as a member of the finance and investment committee) and of Enact Holdings, a majority-owned subsidiary of 
Genworth Financial, since its IPO in September 2021 (serving as a member of the audit and nominating and corporate 
governance committees). Mr. Restrepo also currently serves on the board of directors of The Larry H. Miller Group of 
Companies. He also previously served as a director of Majesco, a provider of insurance software and consulting 
services, from August 2015 to September 2020. Mr. Restrepo received a B.A. in English from Yale University. 
Mr. Restrepo is NACD Directorship Certified and has obtained the Professional Director – Public Company credential 
from the American College of Corporate Directors. 

Elaine A. Sarsynski has served as a member of our board of directors since March 2022. Ms. Sarsynski was 
Chairwoman, Chief Executive Officer and President of MassMutual International, an insurance company, until her 
retirement in 2017. She joined Mass Mutual Life Insurance Company in 2005 as Managing Director at Babson Capital 
Management LLC, a MassMutual subsidiary. She became Executive Vice President, Chief Administrative Officer, 
Chief Executive Officer and President of MassMutual International in 2006 and Executive Vice President, member of 
the Office of the Chief Executive Officer and President of MassMutual Retirement Services, as well as Chairwoman of 
MassMutual International, in 2008. Prior to joining Babson Capital, she served two elected terms as First Selectman 
for the town of Suffield, Connecticut. In 1998, she founded Sun Consulting Group LLC, offering consulting services to 
the real estate industry. Ms. Sarsynski previously spent 17 years at Aetna, where she held multiple senior management 
positions overseeing segments of the company’s Investments Division and leading the Corporate Finance Department. 
She currently serves on the board of directors of TI Fluid Systems PLC, Horizon Technology Finance Corporation and 
Horace Mann Educators Corporation. Ms. Sarsynski previously served on the board of directors of AXA S.A. from 
2018 to 2021. Ms. Sarsynski received a B.A. from Smith College and an M.B.A. from Columbia University. 

Ramsey D. Smith has served as a member of our board of directors since March 2021. Mr. Smith is the 
founder and CEO of ALEX.fyi, a retirement solutions company, and is a founding partner of ALEXIncome, a 
retirement consulting company. Before founding ALEX.fyi in 2016, Mr. Smith spent over two decades at 
Goldman Sachs, most recently as Managing Director, Equity Derivative Sales, Head of Insurance. Mr. Smith 
built out the Life Insurance business at Goldman Sachs from 2007 to 2016. Prior to his tenure at Goldman Sachs, 
Mr. Smith worked as an analyst at Credit Suisse from 1990 to 1993. Mr. Smith is active in philanthropic 
activities, including serving on the Board of Sponsors for Educational Opportunity. Mr. Smith received an A.B. 
degree in Romance Languages and Literature from Princeton University and an M.B.A. from Harvard Business 
School. 

From time to time, we or our subsidiaries are subject to court orders, judgments or decrees enjoining us or 
the subsidiaries from engaging in certain business practices, and sometimes such orders, judgments or decrees 
are also applicable to our affiliates, officers, employees and certain other related parties, including certain of our 
executive officers. 

Other Information 

We will provide the remaining information that is responsive to this Item 10 in our definitive proxy 

statement or in an amendment to this Annual Report not later than 120 days after the end of the fiscal year 

284 

285 

covered by this Annual Report, in either case under the captions “Election of Directors,” “Corporate 
Governance,” “Board of Directors and Committees,” “Section 16(a) Beneficial Ownership Reporting 
Compliance,” and possibly elsewhere therein. That information is incorporated into this Item 10 by reference. 

Item 15. Exhibits and Financial Statement Schedules 

PART IV 

Item 11. Executive Compensation 

We will provide information that is responsive to this Item 11 in our definitive proxy statement or in an 
amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 
Report, in either case under the captions “Board of Directors and Committees,” “Compensation Discussion and 
Analysis,” “Report of the Management Development and Compensation Committee” (which report shall be 
deemed furnished with this Form 10-K, and shall not be deemed “filed” for purposes of Section 18 of the 
Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the 
Securities Act of 1933 or the Securities Exchange Act of 1934), “Executive Compensation,” and possibly 
elsewhere therein. That information is incorporated into this Item 11 by reference. 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters 

We will provide information that is responsive to this Item 12 in our definitive proxy statement or in an 
amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 
Report, in either case under the caption “Information Relating to Directors, Director Nominees, Executive 
Officers and Significant Stockholders,” “Equity Compensation Plans” and possibly elsewhere therein. That 
information is incorporated into this Item 12 by reference. 

Item 13. Certain Relationships and Related Transactions, and Director Independence 

We will provide information that is responsive to this Item 13 in our definitive proxy statement or in an 
amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 
Report, in either case under the captions “Corporate Governance,” “Certain Relationships and Transactions,” and 
possibly elsewhere therein. That information is incorporated into this Item 13 by reference. 

Item 14. Principal Accountant Fees and Services 

We will provide information that is responsive to this Item 14 in our definitive proxy statement or in an 
amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 
Report, in either case under the caption “Independent Registered Public Accounting Firm,” and possibly 
elsewhere therein. That information is incorporated into this Item 14 by reference. 

a.  Documents filed as part of this report. 

1.  Financial Statements (see Item 8. Financial Statements and Supplementary Data) 

  Report of KPMG LLP, Independent Registered Public Accounting Firm 

  Consolidated Balance Sheets as of December 31, 2023 and 2022 

  Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 

  Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 

2021 

  Consolidated Statements of Changes in Equity for the years ended December 31, 2023, 2022 and 2021 

  Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 

  Notes to Consolidated Financial Statements 

2.  Financial Statement Schedules 

  Schedule I—Summary of Investments—Other Than Investments in Related Parties 

  Schedule II—Financial Statements of Genworth Financial, Inc. (Parent Only) 

  Schedule III—Supplemental Insurance Information 

286 

287 

covered by this Annual Report, in either case under the captions “Election of Directors,” “Corporate 

Governance,” “Board of Directors and Committees,” “Section 16(a) Beneficial Ownership Reporting 

PART IV 

Compliance,” and possibly elsewhere therein. That information is incorporated into this Item 10 by reference. 

Item 15. Exhibits and Financial Statement Schedules 

Item 11. Executive Compensation 

We will provide information that is responsive to this Item 11 in our definitive proxy statement or in an 

amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 

Report, in either case under the captions “Board of Directors and Committees,” “Compensation Discussion and 

Analysis,” “Report of the Management Development and Compensation Committee” (which report shall be 

deemed furnished with this Form 10-K, and shall not be deemed “filed” for purposes of Section 18 of the 

Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the 

Securities Act of 1933 or the Securities Exchange Act of 1934), “Executive Compensation,” and possibly 

elsewhere therein. That information is incorporated into this Item 11 by reference. 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 

Matters 

We will provide information that is responsive to this Item 12 in our definitive proxy statement or in an 

amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 

Report, in either case under the caption “Information Relating to Directors, Director Nominees, Executive 

Officers and Significant Stockholders,” “Equity Compensation Plans” and possibly elsewhere therein. That 

information is incorporated into this Item 12 by reference. 

Item 13. Certain Relationships and Related Transactions, and Director Independence 

We will provide information that is responsive to this Item 13 in our definitive proxy statement or in an 

amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 

Report, in either case under the captions “Corporate Governance,” “Certain Relationships and Transactions,” and 

possibly elsewhere therein. That information is incorporated into this Item 13 by reference. 

Item 14. Principal Accountant Fees and Services 

We will provide information that is responsive to this Item 14 in our definitive proxy statement or in an 

amendment to this Annual Report not later than 120 days after the end of the fiscal year covered by this Annual 

Report, in either case under the caption “Independent Registered Public Accounting Firm,” and possibly 

elsewhere therein. That information is incorporated into this Item 14 by reference. 

a.  Documents filed as part of this report. 

1.  Financial Statements (see Item 8. Financial Statements and Supplementary Data) 

  Report of KPMG LLP, Independent Registered Public Accounting Firm 

  Consolidated Balance Sheets as of December 31, 2023 and 2022 

  Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 

  Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 

2021 

  Consolidated Statements of Changes in Equity for the years ended December 31, 2023, 2022 and 2021 

  Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 

  Notes to Consolidated Financial Statements 

2.  Financial Statement Schedules 

  Schedule I—Summary of Investments—Other Than Investments in Related Parties 

  Schedule II—Financial Statements of Genworth Financial, Inc. (Parent Only) 

  Schedule III—Supplemental Insurance Information 

286 

287 

3. Exhibits 

Number 

Description 

2.1 

3.1 

3.2 

4.1 

4.2 

4.3 

4.4 

4.5 

4.6 

4.7 

4.8 

4.9 

Agreement and Plan of Merger, dated as of April 1, 2013, among Genworth Financial, Inc. (renamed 
Genworth Holdings, Inc.), Sub XLVI, Inc. (renamed Genworth Financial, Inc.) and Sub XLII, Inc. 
(incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on April 1, 2013)  

Amended and Restated Certificate of Incorporation of Genworth Financial, Inc., dated as of April 1, 
2013 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on 
April 1, 2013)  

Amended and Restated Bylaws of Genworth Financial, Inc., dated as of October 19, 2022 
(incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on October 21, 
2022)  

Specimen Class A Common Stock certificate (incorporated by reference to Exhibit 4.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2012)  

Indenture, dated as of November 14, 2006, between Genworth Financial, Inc. (renamed Genworth 
Holdings, Inc.) and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated 
by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on November 14, 2006)  

First Supplemental Indenture, dated as of November 14, 2006, between Genworth Financial, Inc. 
(renamed Genworth Holdings, Inc.) and The Bank of New York Mellon Trust Company, N.A., as 
Trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on 
November 14, 2006)  

Second Supplemental Indenture, dated as of April 1, 2013, among Genworth Holdings, Inc., 
Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee 
(incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on April 1, 2013)  

Third Supplemental Indenture, dated as of March 18, 2016, among Genworth Holdings, Inc., 
Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, 
amending the Indenture, dated as of November 14, 2006, between Genworth Financial, Inc. (renamed 
Genworth Holdings, Inc.) and The Bank of New York Mellon Trust Company, N.A., as Trustee 
(incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on March 22, 
2016)  

Indenture, dated as of June 15, 2004, between Genworth Financial, Inc. (renamed Genworth 
Holdings, Inc.) and The Bank of New York (successor to JPMorgan Chase Bank), as Trustee 
(incorporated by reference to Exhibit 4.10 to the Annual Report on Form 10-K for the fiscal year 
ended December 31, 2004)  

Supplemental Indenture No. 1, dated as of June 15, 2004, between Genworth Financial, Inc. 
(renamed Genworth Holdings, Inc.) and The Bank of New York (successor to JPMorgan Chase 
Bank), as Trustee (incorporated by reference to Exhibit 4.11 to the Annual Report on Form 10-K for 
the fiscal year ended December 31, 2004)  

Supplemental Indenture No. 9, dated as of April 1, 2013, among Genworth Holdings, Inc., Genworth 
Financial, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee 
(incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on April 1, 2013)  

Supplemental Indenture No. 12, dated as of March 18, 2016, among Genworth Holdings, Inc., 
Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, 
amending the Indenture, dated as of June 15, 2004, between Genworth Financial, Inc. (renamed 
Genworth Holdings, Inc.) and JPMorgan Chase Bank, N.A. (succeeded by The Bank of New York 
Mellon Trust Company, N.A.), as Trustee (incorporated by reference to Exhibit 4.1 to the Current 
Report on Form 8-K filed on March 22, 2016)  

Number 

Description 

4.10 

Supplemental Indenture No. 13, dated as of October 3, 2018, among Genworth Holdings, Inc., 

Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, 

amending the Indenture, dated as of June 15, 2004, between Genworth Financial, Inc. (renamed 

Genworth Holdings, Inc.) and JPMorgan Chase Bank, N.A. (succeeded by The Bank of New York 

Mellon Trust Company, N.A.), as Trustee (incorporated by reference to Exhibit 4.1 to the Current 

Report on Form 8-K filed on October 4, 2018)  

4.11 

Description of Registrant’s Capital Stock (incorporated by reference to Exhibit 4.15 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2019)  

10.1 

Coinsurance Agreement, dated as of April 15, 2004, by and between GE Life and Annuity Assurance 

Company (now known as Genworth Life and Annuity Insurance Company) and Union Fidelity Life 

Insurance Company (incorporated by reference to Exhibit 10.11 to the Registration Statement on 

Form S-1 (No. 333-112009) (the “Registration Statement”))  

10.1.1 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.6.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.2 

Coinsurance Agreement, dated as of April 15, 2004, by and between Federal Home Life Insurance 

Company (merged with and into Genworth Life and Annuity Insurance Company effective 

January 1, 2007) and Union Fidelity Life Insurance Company (incorporated by reference to 

Exhibit 10.12 to the Registration Statement)  

10.2.1 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.7.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.3 

Coinsurance Agreement, dated as of April 15, 2004, by and between General Electric Capital 

Assurance Company (now known as Genworth Life Insurance Company) and Union Fidelity Life 

Insurance Company (incorporated by reference to Exhibit 10.13 to the Registration Statement)  

10.3.1 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.8.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.4 

Coinsurance Agreement, dated as of April 15, 2004, by and between GE Capital Life Assurance 

Company of New York (now known as Genworth Life Insurance Company of New York) and Union 

Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.14 to the Registration 

Statement)  

10.4.1 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.9.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.4.2 

Third Amendment to Coinsurance Agreement (incorporated by reference to Exhibit 10.11.2 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2009)  

10.5 

Coinsurance Agreement, dated as of April 15, 2004, by and between American Mayflower Life 

Insurance Company of New York (merged with and into Genworth Life Insurance Company of 

New York effective January 1, 2007) and Union Fidelity Life Insurance Company (incorporated by 

reference to Exhibit 10.15 to the Registration Statement)  

10.5.1 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.10.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.5.2 

Third Amendment to Coinsurance Agreement (incorporated by reference to Exhibit 10.12.2 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2009) 

10.6 

Coinsurance Agreement, dated as of April 15, 2004, between First Colony Life Insurance Company 

(merged with and into Genworth Life and Annuity Insurance Company, effective January 1, 2007) 

and Union Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.54 to the 

Registration Statement)  

288 

289 

3. Exhibits 

Number 

Description 

2.1 

Agreement and Plan of Merger, dated as of April 1, 2013, among Genworth Financial, Inc. (renamed 

Genworth Holdings, Inc.), Sub XLVI, Inc. (renamed Genworth Financial, Inc.) and Sub XLII, Inc. 

(incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on April 1, 2013)  

3.1 

Amended and Restated Certificate of Incorporation of Genworth Financial, Inc., dated as of April 1, 

2013 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on 

3.2 

Amended and Restated Bylaws of Genworth Financial, Inc., dated as of October 19, 2022 

(incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on October 21, 

April 1, 2013)  

2022)  

4.1 

Specimen Class A Common Stock certificate (incorporated by reference to Exhibit 4.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2012)  

4.2 

Indenture, dated as of November 14, 2006, between Genworth Financial, Inc. (renamed Genworth 

Holdings, Inc.) and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated 

by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on November 14, 2006)  

4.3 

First Supplemental Indenture, dated as of November 14, 2006, between Genworth Financial, Inc. 

(renamed Genworth Holdings, Inc.) and The Bank of New York Mellon Trust Company, N.A., as 

Trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on 

November 14, 2006)  

4.4 

Second Supplemental Indenture, dated as of April 1, 2013, among Genworth Holdings, Inc., 

Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee 

(incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on April 1, 2013)  

4.5 

Third Supplemental Indenture, dated as of March 18, 2016, among Genworth Holdings, Inc., 

Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, 

amending the Indenture, dated as of November 14, 2006, between Genworth Financial, Inc. (renamed 

Genworth Holdings, Inc.) and The Bank of New York Mellon Trust Company, N.A., as Trustee 

(incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on March 22, 

2016)  

4.6 

Indenture, dated as of June 15, 2004, between Genworth Financial, Inc. (renamed Genworth 

Holdings, Inc.) and The Bank of New York (successor to JPMorgan Chase Bank), as Trustee 

(incorporated by reference to Exhibit 4.10 to the Annual Report on Form 10-K for the fiscal year 

ended December 31, 2004)  

4.7 

Supplemental Indenture No. 1, dated as of June 15, 2004, between Genworth Financial, Inc. 

(renamed Genworth Holdings, Inc.) and The Bank of New York (successor to JPMorgan Chase 

Bank), as Trustee (incorporated by reference to Exhibit 4.11 to the Annual Report on Form 10-K for 

the fiscal year ended December 31, 2004)  

4.8 

Supplemental Indenture No. 9, dated as of April 1, 2013, among Genworth Holdings, Inc., Genworth 

Financial, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee 

(incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on April 1, 2013)  

4.9 

Supplemental Indenture No. 12, dated as of March 18, 2016, among Genworth Holdings, Inc., 

Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, 

amending the Indenture, dated as of June 15, 2004, between Genworth Financial, Inc. (renamed 

Genworth Holdings, Inc.) and JPMorgan Chase Bank, N.A. (succeeded by The Bank of New York 

Mellon Trust Company, N.A.), as Trustee (incorporated by reference to Exhibit 4.1 to the Current 

Report on Form 8-K filed on March 22, 2016)  

Number 

4.10 

4.11 

10.1 

10.1.1 

10.2 

10.2.1 

10.3 

10.3.1 

10.4 

10.4.1 

10.4.2 

10.5 

10.5.1 

10.5.2 

10.6 

Description 

Supplemental Indenture No. 13, dated as of October 3, 2018, among Genworth Holdings, Inc., 
Genworth Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, 
amending the Indenture, dated as of June 15, 2004, between Genworth Financial, Inc. (renamed 
Genworth Holdings, Inc.) and JPMorgan Chase Bank, N.A. (succeeded by The Bank of New York 
Mellon Trust Company, N.A.), as Trustee (incorporated by reference to Exhibit 4.1 to the Current 
Report on Form 8-K filed on October 4, 2018)  

Description of Registrant’s Capital Stock (incorporated by reference to Exhibit 4.15 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2019)  

Coinsurance Agreement, dated as of April 15, 2004, by and between GE Life and Annuity Assurance 
Company (now known as Genworth Life and Annuity Insurance Company) and Union Fidelity Life 
Insurance Company (incorporated by reference to Exhibit 10.11 to the Registration Statement on 
Form S-1 (No. 333-112009) (the “Registration Statement”))  

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.6.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Coinsurance Agreement, dated as of April 15, 2004, by and between Federal Home Life Insurance 
Company (merged with and into Genworth Life and Annuity Insurance Company effective 
January 1, 2007) and Union Fidelity Life Insurance Company (incorporated by reference to 
Exhibit 10.12 to the Registration Statement)  

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.7.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Coinsurance Agreement, dated as of April 15, 2004, by and between General Electric Capital 
Assurance Company (now known as Genworth Life Insurance Company) and Union Fidelity Life 
Insurance Company (incorporated by reference to Exhibit 10.13 to the Registration Statement)  

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.8.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Coinsurance Agreement, dated as of April 15, 2004, by and between GE Capital Life Assurance 
Company of New York (now known as Genworth Life Insurance Company of New York) and Union 
Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.14 to the Registration 
Statement)  

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.9.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Third Amendment to Coinsurance Agreement (incorporated by reference to Exhibit 10.11.2 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2009)  

Coinsurance Agreement, dated as of April 15, 2004, by and between American Mayflower Life 
Insurance Company of New York (merged with and into Genworth Life Insurance Company of 
New York effective January 1, 2007) and Union Fidelity Life Insurance Company (incorporated by 
reference to Exhibit 10.15 to the Registration Statement)  

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.10.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Third Amendment to Coinsurance Agreement (incorporated by reference to Exhibit 10.12.2 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2009) 

Coinsurance Agreement, dated as of April 15, 2004, between First Colony Life Insurance Company 
(merged with and into Genworth Life and Annuity Insurance Company, effective January 1, 2007) 
and Union Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.54 to the 
Registration Statement)  

288 

289 

Number 

10.6.1 

10.7 

10.7.1 

10.8 

10.8.1 

10.8.2 

10.9 

10.9.1 

10.9.2 

10.10 

10.10.1 

10.10.2 

10.10.3 

10.11 

10.12 

10.13 

Description 

Description 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.11.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Retrocession Agreement, dated as of April 15, 2004, by and between General Electric Capital 
Assurance Company (now known as Genworth Life Insurance Company) and Union Fidelity Life 
Insurance Company (incorporated by reference to Exhibit 10.16 to the Registration Statement)  

Amendments to Retrocession Agreement (incorporated by reference to Exhibit 10.12.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Retrocession Agreement, dated as of April 15, 2004, by and between GE Capital Life Assurance 
Company of New York (now known as Genworth Life Insurance Company of New York) and Union 
Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.17 to the Registration 
Statement)  

Amendments to Retrocession Agreement (incorporated by reference to Exhibit 10.13.1 to the Annual 
Report on Form 10-K for the fiscal year ended December 31, 2008)  

Third Amendment to Retrocession Agreement (incorporated by reference to Exhibit 10.15.2 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2009)  

Reinsurance Agreement, dated as of April 15, 2004, by and between GE Life and Annuity Assurance 
Company (now known as Genworth Life and Annuity Insurance Company) and Union Fidelity Life 
Insurance Company (incorporated by reference to Exhibit 10.18 to the Registration Statement)  

First Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.14.1 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2008)  

Second Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.15.2 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2012)  

Reinsurance Agreement, dated as of April 15, 2004, by and between GE Capital Life Assurance 
Company of New York (now known as Genworth Life Insurance Company of New York) and Union 
Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.19 to the Registration 
Statement)  

First Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.15.1 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2008)  

Second Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.17.2 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2009)  

Third Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.16.3 to the 
Annual Report on Form 10-K for the fiscal year ended December 31, 2012)  

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, 
General Electric Capital Assurance Company (now known as Genworth Life Insurance Company) 
and The Bank of New York (incorporated by reference to Exhibit 10.48 to the Registration 
Statement)  

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, 
Federal Home Life Insurance Company (merged with and into Genworth Life and Annuity Insurance 
Company, effective January 1, 2007) and The Bank of New York (incorporated by reference to 
Exhibit 10.51 to the Registration Statement)  

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, First 
Colony Life Insurance Company (merged with and into Genworth Life and Annuity Insurance 
Company, effective January 1, 2007) and The Bank of New York (incorporated by reference to 
Exhibit 10.53 to the Registration Statement)  

290 

291 

Number 

10.14 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Insurance Company, American 

Mayflower Life Insurance Company of New York (merged with and into Genworth Life Insurance 

Company of New York, effective January 1, 2007) and The Bank of New York (incorporated by 

reference to Exhibit 10.49 to the Registration Statement)  

10.15 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, GE 

Life and Annuity Assurance Company (now known as Genworth Life and Annuity Insurance 

Company) and The Bank of New York (incorporated by reference to Exhibit 10.50 to the 

Registration Statement)  

10.16 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, GE 

Capital Life Assurance Company of New York (now known as Genworth Life Insurance Company 

of New York) and The Bank of New York (incorporated by reference to Exhibit 10.52 to the 

Registration Statement)  

10.17 

Trust Agreement, dated as of December 1, 2009, among Union Fidelity Life Insurance Company, 

Genworth Life Insurance Company of New York and Deutsche Bank Trust Company Americas 

(incorporated by reference to Exhibit 10.24 to the Annual Report on Form 10-K for the fiscal year 

ended December 31, 2009)  

10.18 

Capital Maintenance Agreement, dated as of January 1, 2004, by and between Union Fidelity Life 

Insurance Company and General Electric Capital Corporation (incorporated by reference to 

Exhibit 10.21 to the Registration Statement)  

10.18.1 

Amendment No. 1 to Capital Maintenance Agreement, dated as of December 1, 2013, by and 

between General Electric Capital Corporation and Union Fidelity Life Insurance Company 

(received by Genworth Financial, Inc. with all required signatures for effectiveness from General 

Electric Capital Corporation and Union Fidelity Life Insurance Company in February 2015) 

(incorporated by reference to Exhibit 10.27.1 to the Annual Report on Form 10-K for the fiscal year 

ended December 31, 2014  

10.19 

Replacement Capital Covenant, dated November 14, 2006 (incorporated by reference to 

Exhibit 10.1 to the Current Report on Form 8-K filed on November 14, 2006)  

10.19.1 

Amendment No. 1 to Replacement Capital Covenant, dated as of October 18, 2023 (incorporated 

by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 19, 2023)  

10.20 

Assignment and Assumption Agreement, dated as of April 1, 2013, between Genworth Holdings, 

Inc. and Genworth Financial, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report 

10.21§ 

2004 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.56 

on Form 8-K filed on April 1, 2013)  

to the Registration Statement)  

10.21.1§ 

First Amendment to the Genworth Financial, Inc. 2004 Omnibus Incentive Plan (incorporated by 

reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended 

September 30, 2007)  

10.21.2§ 

Second Amendment to the Genworth Financial, Inc. 2004 Omnibus Incentive Plan (incorporated by 

reference to Exhibit 10.1 to the Current Report on Form 8-K filed on May 18, 2009)  

10.22§ 

2012 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 

to the Current Report on Form 8-K filed on May 21, 2012)  

10.22.1§ 

First Amendment to the 2012 Genworth Financial, Inc. Omnibus Incentive Plan, dated as of 

December 12, 2017 (incorporated by reference to Exhibit 10.34.1 to the Annual Report on Form 

10-K for the fiscal year ended December 31, 2017)  

Number 

Description 

10.6.1 

Amendments to Coinsurance Agreement (incorporated by reference to Exhibit 10.11.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.7 

Retrocession Agreement, dated as of April 15, 2004, by and between General Electric Capital 

Assurance Company (now known as Genworth Life Insurance Company) and Union Fidelity Life 

Insurance Company (incorporated by reference to Exhibit 10.16 to the Registration Statement)  

10.7.1 

Amendments to Retrocession Agreement (incorporated by reference to Exhibit 10.12.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.8 

Retrocession Agreement, dated as of April 15, 2004, by and between GE Capital Life Assurance 

Company of New York (now known as Genworth Life Insurance Company of New York) and Union 

Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.17 to the Registration 

Statement)  

10.8.1 

Amendments to Retrocession Agreement (incorporated by reference to Exhibit 10.13.1 to the Annual 

Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.8.2 

Third Amendment to Retrocession Agreement (incorporated by reference to Exhibit 10.15.2 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2009)  

10.9 

Reinsurance Agreement, dated as of April 15, 2004, by and between GE Life and Annuity Assurance 

Company (now known as Genworth Life and Annuity Insurance Company) and Union Fidelity Life 

Insurance Company (incorporated by reference to Exhibit 10.18 to the Registration Statement)  

10.9.1 

First Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.14.1 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.9.2 

Second Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.15.2 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2012)  

10.10 

Reinsurance Agreement, dated as of April 15, 2004, by and between GE Capital Life Assurance 

Company of New York (now known as Genworth Life Insurance Company of New York) and Union 

Fidelity Life Insurance Company (incorporated by reference to Exhibit 10.19 to the Registration 

Statement)  

10.10.1 

First Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.15.1 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.10.2 

Second Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.17.2 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2009)  

10.10.3 

Third Amendment to Reinsurance Agreement (incorporated by reference to Exhibit 10.16.3 to the 

Annual Report on Form 10-K for the fiscal year ended December 31, 2012)  

10.11 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, 

General Electric Capital Assurance Company (now known as Genworth Life Insurance Company) 

and The Bank of New York (incorporated by reference to Exhibit 10.48 to the Registration 

Statement)  

10.12 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, 

Federal Home Life Insurance Company (merged with and into Genworth Life and Annuity Insurance 

Company, effective January 1, 2007) and The Bank of New York (incorporated by reference to 

Exhibit 10.51 to the Registration Statement)  

10.13 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, First 

Colony Life Insurance Company (merged with and into Genworth Life and Annuity Insurance 

Company, effective January 1, 2007) and The Bank of New York (incorporated by reference to 

Exhibit 10.53 to the Registration Statement)  

Number 

10.14 

10.15 

10.16 

10.17 

10.18 

10.18.1 

10.19 

10.19.1 

10.20 

10.21§ 

10.21.1§ 

Description 

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Insurance Company, American 
Mayflower Life Insurance Company of New York (merged with and into Genworth Life Insurance 
Company of New York, effective January 1, 2007) and The Bank of New York (incorporated by 
reference to Exhibit 10.49 to the Registration Statement)  

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, GE 
Life and Annuity Assurance Company (now known as Genworth Life and Annuity Insurance 
Company) and The Bank of New York (incorporated by reference to Exhibit 10.50 to the 
Registration Statement)  

Trust Agreement, dated as of April 15, 2004, among Union Fidelity Life Insurance Company, GE 
Capital Life Assurance Company of New York (now known as Genworth Life Insurance Company 
of New York) and The Bank of New York (incorporated by reference to Exhibit 10.52 to the 
Registration Statement)  

Trust Agreement, dated as of December 1, 2009, among Union Fidelity Life Insurance Company, 
Genworth Life Insurance Company of New York and Deutsche Bank Trust Company Americas 
(incorporated by reference to Exhibit 10.24 to the Annual Report on Form 10-K for the fiscal year 
ended December 31, 2009)  

Capital Maintenance Agreement, dated as of January 1, 2004, by and between Union Fidelity Life 
Insurance Company and General Electric Capital Corporation (incorporated by reference to 
Exhibit 10.21 to the Registration Statement)  

Amendment No. 1 to Capital Maintenance Agreement, dated as of December 1, 2013, by and 
between General Electric Capital Corporation and Union Fidelity Life Insurance Company 
(received by Genworth Financial, Inc. with all required signatures for effectiveness from General 
Electric Capital Corporation and Union Fidelity Life Insurance Company in February 2015) 
(incorporated by reference to Exhibit 10.27.1 to the Annual Report on Form 10-K for the fiscal year 
ended December 31, 2014  

Replacement Capital Covenant, dated November 14, 2006 (incorporated by reference to 
Exhibit 10.1 to the Current Report on Form 8-K filed on November 14, 2006)  

Amendment No. 1 to Replacement Capital Covenant, dated as of October 18, 2023 (incorporated 
by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 19, 2023)  

Assignment and Assumption Agreement, dated as of April 1, 2013, between Genworth Holdings, 
Inc. and Genworth Financial, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report 
on Form 8-K filed on April 1, 2013)  

2004 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.56 
to the Registration Statement)  

First Amendment to the Genworth Financial, Inc. 2004 Omnibus Incentive Plan (incorporated by 
reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended 
September 30, 2007)  

10.21.2§ 

Second Amendment to the Genworth Financial, Inc. 2004 Omnibus Incentive Plan (incorporated by 
reference to Exhibit 10.1 to the Current Report on Form 8-K filed on May 18, 2009)  

10.22§ 

10.22.1§ 

2012 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 
to the Current Report on Form 8-K filed on May 21, 2012)  

First Amendment to the 2012 Genworth Financial, Inc. Omnibus Incentive Plan, dated as of 
December 12, 2017 (incorporated by reference to Exhibit 10.34.1 to the Annual Report on Form 
10-K for the fiscal year ended December 31, 2017)  

290 

291 

Number 

10.22.2§ 

10.22.3§ 

10.22.4§ 

10.23§ 

10.24§ 

10.25§ 

10.25.1§ 

10.25.2§ 

10.26§ 

10.27§ 

10.28§ 

10.29§ 

10.30§ 

10.30.1§ 

10.30.2§ 

10.31§ 

Description 

Description 

Form of Deferred Stock Unit Award Agreement under the 2012 Genworth Financial, Inc. Omnibus 
Incentive Plan (incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q for 
the period ended June 30, 2012)  

Form of Stock Appreciation Rights with a Maximum Share Value—Executive Officer Retention 
Agreement under the 2012 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by 
reference to Exhibit 10.3 to the Current Report on Form 8-K filed on November 1, 2012)  

Form of Stock Appreciation Rights with a Maximum Share Value Award Agreement under the 
2012 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 
to the Quarterly Report on Form 10-Q for the period ended June 30, 2015)  

Amendment to Stock Options and Stock Appreciation Rights under the 2004 Genworth Financial, 
Inc. Omnibus Incentive Plan and the 2012 Genworth Financial, Inc. Omnibus Incentive Plan 
(incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q for the period 
ended June 30, 2013)  

Policy Regarding Personal Use of Non-Commercial Aircraft by Executive Officers (incorporated 
by reference to Exhibit 10 to the Current Report on Form 8-K filed on July 21, 2006)  

Genworth Financial, Inc. Executive Life Program (incorporated by reference to Exhibit 10.2 to the 
Current Report on Form 8-K filed on September 6, 2005)  

Amendment to the Genworth Financial, Inc. Executive Life Program (incorporated by reference to 
Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended March 31, 2007)  

Amendment to the Genworth Financial, Inc. Executive Life Program (incorporated by reference to 
Exhibit 10.38.2 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2008)  

Amendment to Stock Options and Stock Appreciation Rights under the 2004 Genworth Financial, 
Inc. Omnibus Incentive Plan and the 2012 Genworth Financial, Inc. Omnibus Incentive Plan 
(incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period 
ended June 30, 2015)  

Amended and Restated Genworth Financial, Inc. Supplemental Executive Retirement Plan 
(incorporated by reference to Exhibit 10.47 to the Annual Report on Form 10-K for the fiscal year 
ended December 31, 2015)  

Amended and Restated Genworth Financial, Inc. Retirement and Savings Restoration Plan 
(incorporated by reference to Exhibit 10.48 to the Annual Report on Form 10-K for the fiscal year 
ended December 31, 2015)  

Amended and Restated Genworth Financial, Inc. Deferred Compensation Plan (incorporated by 
reference to Exhibit 10.49 to the Annual Report on Form 10-K for the fiscal year ended 
December 31, 2015)  

2018 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 
to the Quarterly report filed on Form 10-Q for the period ended June 30, 2019)  

Form of Restricted Stock Award Agreement under the 2018 Genworth Financial, Inc. Omnibus 
Incentive Plan (incorporated by reference to Exhibit 10.3 to the Quarterly report filed on Form 10-
Q for the period ended June 30, 2019)  

Form of Cash-Based Award Agreement under the 2018 Genworth Financial, Inc. Omnibus 
Incentive Plan (incorporated by reference to Exhibit 10.4 to the Quarterly report filed on Form 10-
Q for the period ended June 30, 2019)  

Amended and Restated Genworth Financial, Inc. Leadership Life Insurance Plan (incorporated by 
reference to Exhibit 10.48 to the Annual Report on Form 10-K for the fiscal year ended December 
31, 2020)  

292 

293 

Number 

10.32§ 

2021 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 

to the Quarterly Report on Form 10-Q for the period ended June 30, 2021)  

10.33§ 

Amended and Restated Genworth Financial, Inc. 2014 Change of Control Plan (incorporated by 

reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended September 

10.34§ 

Amended and Restated Genworth Financial, Inc. Senior Executive Severance Plan (incorporated 

by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended September 

30, 2022)  

30, 2022)  

10.35§ 

Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Current 

Report on Form 8-K filed on July 26, 2021)  

10.36§ 

Transition, Severance & Release Agreement, dated February 22, 2023, between Genworth 

Financial, Inc. and Daniel Sheehan (incorporated by reference to Exhibit 10.1 to the Quarterly 

Report on Form 10-Q for the period ended March 31, 2023)  

10.37§ 

Form of 2023-2025 Restricted Stock Unit Award Agreement under the 2021 Genworth Financial, 

Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Quarterly Report on 

Form 10-Q for the period ended March 31, 2023)  

10.38§ 

Form of 2023-2025 Performance Stock Unit Award Agreement under the 2021 Genworth 

Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Quarterly 

Report on Form 10-Q for the period ended March 31, 2023)  

10.39§ 

Form of 2023 Director Restricted Stock Unit Award Agreement under the 2021 Genworth 

Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Quarterly 

Report on Form 10-Q for the period ended June 30, 2023)  

Genworth Financial, Inc. Split-Dollar Leadership Life Insurance Plan (filed herewith)  

Amended and Restated Indemnification Agreement, dated as of February 26, 2024, by and 

between Genworth Financial, Inc. and Rohit Gupta (filed herewith)  

Subsidiaries of the registrant (filed herewith)  

Consent of KPMG LLP (filed herewith)  

Powers of Attorney (filed herewith)  

(filed herewith)  

herewith)  

31.1 

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—Thomas J. McInerney 

31.2 

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—Jerome T. Upton (filed 

10.40§ 

10.41§ 

21 

23 

24 

32.1 

Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code—

32.2 

Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code—

Thomas J. McInerney (filed herewith)  

Jerome T. Upton (filed herewith)  

97 

Genworth Financial, Inc. Incentive-Based Compensation Recovery Policy (filed herewith )  

101.INS 

Inline XBRL Instance Document 

101.SCH 

Inline XBRL Taxonomy Extension Schema Document 

101.CAL 

Inline XBRL Taxonomy Extension Calculation Linkbase Document 

101.LAB 

Inline XBRL Taxonomy Extension Label Linkbase Document 

101.PRE 

Inline XBRL Taxonomy Extension Presentation Linkbase Document 

Number 

Description 

10.22.2§ 

Form of Deferred Stock Unit Award Agreement under the 2012 Genworth Financial, Inc. Omnibus 

Incentive Plan (incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q for 

the period ended June 30, 2012)  

10.22.3§ 

Form of Stock Appreciation Rights with a Maximum Share Value—Executive Officer Retention 

Agreement under the 2012 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by 

reference to Exhibit 10.3 to the Current Report on Form 8-K filed on November 1, 2012)  

10.22.4§ 

Form of Stock Appreciation Rights with a Maximum Share Value Award Agreement under the 

2012 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 

to the Quarterly Report on Form 10-Q for the period ended June 30, 2015)  

10.23§ 

Amendment to Stock Options and Stock Appreciation Rights under the 2004 Genworth Financial, 

Inc. Omnibus Incentive Plan and the 2012 Genworth Financial, Inc. Omnibus Incentive Plan 

(incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q for the period 

ended June 30, 2013)  

10.24§ 

Policy Regarding Personal Use of Non-Commercial Aircraft by Executive Officers (incorporated 

by reference to Exhibit 10 to the Current Report on Form 8-K filed on July 21, 2006)  

10.25§ 

Genworth Financial, Inc. Executive Life Program (incorporated by reference to Exhibit 10.2 to the 

Current Report on Form 8-K filed on September 6, 2005)  

10.25.1§ 

Amendment to the Genworth Financial, Inc. Executive Life Program (incorporated by reference to 

Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended March 31, 2007)  

10.25.2§ 

Amendment to the Genworth Financial, Inc. Executive Life Program (incorporated by reference to 

Exhibit 10.38.2 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2008)  

10.26§ 

Amendment to Stock Options and Stock Appreciation Rights under the 2004 Genworth Financial, 

Inc. Omnibus Incentive Plan and the 2012 Genworth Financial, Inc. Omnibus Incentive Plan 

(incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period 

10.27§ 

Amended and Restated Genworth Financial, Inc. Supplemental Executive Retirement Plan 

(incorporated by reference to Exhibit 10.47 to the Annual Report on Form 10-K for the fiscal year 

10.28§ 

Amended and Restated Genworth Financial, Inc. Retirement and Savings Restoration Plan 

(incorporated by reference to Exhibit 10.48 to the Annual Report on Form 10-K for the fiscal year 

10.29§ 

Amended and Restated Genworth Financial, Inc. Deferred Compensation Plan (incorporated by 

reference to Exhibit 10.49 to the Annual Report on Form 10-K for the fiscal year ended 

ended June 30, 2015)  

ended December 31, 2015)  

ended December 31, 2015)  

December 31, 2015)  

10.30§ 

2018 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 

to the Quarterly report filed on Form 10-Q for the period ended June 30, 2019)  

10.30.1§ 

Form of Restricted Stock Award Agreement under the 2018 Genworth Financial, Inc. Omnibus 

Incentive Plan (incorporated by reference to Exhibit 10.3 to the Quarterly report filed on Form 10-

Q for the period ended June 30, 2019)  

10.30.2§ 

Form of Cash-Based Award Agreement under the 2018 Genworth Financial, Inc. Omnibus 

Incentive Plan (incorporated by reference to Exhibit 10.4 to the Quarterly report filed on Form 10-

Q for the period ended June 30, 2019)  

10.31§ 

Amended and Restated Genworth Financial, Inc. Leadership Life Insurance Plan (incorporated by 

reference to Exhibit 10.48 to the Annual Report on Form 10-K for the fiscal year ended December 

31, 2020)  

Number 

10.32§ 

10.33§ 

10.34§ 

10.35§ 

10.36§ 

10.37§ 

10.38§ 

10.39§ 

10.40§ 

10.41§ 

21 

23 

24 

31.1 

31.2 

32.1 

32.2 

Description 

2021 Genworth Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 
to the Quarterly Report on Form 10-Q for the period ended June 30, 2021)  

Amended and Restated Genworth Financial, Inc. 2014 Change of Control Plan (incorporated by 
reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended September 
30, 2022)  

Amended and Restated Genworth Financial, Inc. Senior Executive Severance Plan (incorporated 
by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended September 
30, 2022)  

Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Current 
Report on Form 8-K filed on July 26, 2021)  

Transition, Severance & Release Agreement, dated February 22, 2023, between Genworth 
Financial, Inc. and Daniel Sheehan (incorporated by reference to Exhibit 10.1 to the Quarterly 
Report on Form 10-Q for the period ended March 31, 2023)  

Form of 2023-2025 Restricted Stock Unit Award Agreement under the 2021 Genworth Financial, 
Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Quarterly Report on 
Form 10-Q for the period ended March 31, 2023)  

Form of 2023-2025 Performance Stock Unit Award Agreement under the 2021 Genworth 
Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Quarterly 
Report on Form 10-Q for the period ended March 31, 2023)  

Form of 2023 Director Restricted Stock Unit Award Agreement under the 2021 Genworth 
Financial, Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Quarterly 
Report on Form 10-Q for the period ended June 30, 2023)  

Genworth Financial, Inc. Split-Dollar Leadership Life Insurance Plan (filed herewith)  

Amended and Restated Indemnification Agreement, dated as of February 26, 2024, by and 
between Genworth Financial, Inc. and Rohit Gupta (filed herewith)  

Subsidiaries of the registrant (filed herewith)  

Consent of KPMG LLP (filed herewith)  

Powers of Attorney (filed herewith)  

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—Thomas J. McInerney 
(filed herewith)  

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—Jerome T. Upton (filed 
herewith)  

Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code—
Thomas J. McInerney (filed herewith)  

Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code—
Jerome T. Upton (filed herewith)  

97 

Genworth Financial, Inc. Incentive-Based Compensation Recovery Policy (filed herewith )  

101.INS 

Inline XBRL Instance Document 

101.SCH 

Inline XBRL Taxonomy Extension Schema Document 

101.CAL 

Inline XBRL Taxonomy Extension Calculation Linkbase Document 

101.LAB 

Inline XBRL Taxonomy Extension Label Linkbase Document 

101.PRE 

Inline XBRL Taxonomy Extension Presentation Linkbase Document 

292 

293 

Number 

Description 

101.DEF 

Inline XBRL Taxonomy Extension Definition Linkbase Document 

104 

The cover page for the Company’s Annual Report on Form 10-K for the year ended December 31, 
2023, has been formatted in Inline XBRL 

§  Management contract or compensatory plan or arrangement. 

Neither Genworth Financial, Inc., nor any of its consolidated subsidiaries, has outstanding any instrument 
with respect to its long-term debt, other than those filed as an exhibit to this Annual Report, under which the total 
amount of securities authorized exceeds 10% of the total assets of Genworth Financial, Inc. and its subsidiaries 
on a consolidated basis. Genworth Financial, Inc. hereby agrees to furnish to the U.S. Securities and Exchange 
Commission, upon request, a copy of each instrument that defines the rights of holders of such long-term debt 
that is not filed or incorporated by reference as an exhibit to this Annual Report. 

Genworth Financial, Inc. will furnish any exhibit upon the payment of a reasonable fee, which fee shall be 

limited to Genworth Financial, Inc.’s reasonable expenses in furnishing such exhibit. 

Dated: February 29, 2024 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant 

has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

SIGNATURES 

Dated: February 29, 2024 

GENWORTH FINANCIAL, INC. 

By: 

Name: 

/s/ Thomas J. McInerney 

Thomas J. McInerney 

Title:  President and Chief Executive Officer; Director 

(Principal Executive Officer) 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by 

the following persons on behalf of the registrant and in the capacities and on the date indicated. 

President and Chief Executive Officer; Director (Principal 

Executive Officer) 

Executive Vice President and Chief Financial Officer 

(Principal Financial Officer) 

Vice President and Controller 

(Principal Accounting Officer) 

/s/ Thomas J. McInerney 

Thomas J. McInerney 

/s/ Jerome T. Upton 

Jerome T. Upton 

/s/ Darren W. Woodell 

Darren W. Woodell 

* 

* 

* 

* 

* 

* 

* 

* 

G. Kent Conrad 

Karen E. Dyson 

Jill R. Goodman 

Howard D. Mills, III 

Robert P. Restrepo Jr. 

Elaine A. Sarsynski 

Ramsey D. Smith 

Melina E. Higgins 

Director 

Director 

Director 

Director 

Director 

Director 

Director 

Director 

**By 

/s/ Thomas J. McInerney 

Thomas J. McInerney 

Attorney-in-Fact 

294 

295 

 
 
Number 

Description 

101.DEF 

Inline XBRL Taxonomy Extension Definition Linkbase Document 

104 

The cover page for the Company’s Annual Report on Form 10-K for the year ended December 31, 

2023, has been formatted in Inline XBRL 

§  Management contract or compensatory plan or arrangement. 

Neither Genworth Financial, Inc., nor any of its consolidated subsidiaries, has outstanding any instrument 

with respect to its long-term debt, other than those filed as an exhibit to this Annual Report, under which the total 

amount of securities authorized exceeds 10% of the total assets of Genworth Financial, Inc. and its subsidiaries 

on a consolidated basis. Genworth Financial, Inc. hereby agrees to furnish to the U.S. Securities and Exchange 

Commission, upon request, a copy of each instrument that defines the rights of holders of such long-term debt 

that is not filed or incorporated by reference as an exhibit to this Annual Report. 

Genworth Financial, Inc. will furnish any exhibit upon the payment of a reasonable fee, which fee shall be 

limited to Genworth Financial, Inc.’s reasonable expenses in furnishing such exhibit. 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant 

has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

SIGNATURES 

Dated: February 29, 2024 

GENWORTH FINANCIAL, INC. 

By: 
Name: 
Title:  President and Chief Executive Officer; Director 

/s/ Thomas J. McInerney 
Thomas J. McInerney 

(Principal Executive Officer) 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by 

the following persons on behalf of the registrant and in the capacities and on the date indicated. 

Dated: February 29, 2024 

/s/ Thomas J. McInerney 
Thomas J. McInerney 

/s/ Jerome T. Upton 
Jerome T. Upton 

/s/ Darren W. Woodell 
Darren W. Woodell 

* 
G. Kent Conrad 

* 
Karen E. Dyson 

* 
Jill R. Goodman 

* 
Howard D. Mills, III 

* 
Robert P. Restrepo Jr. 

* 
Elaine A. Sarsynski 

* 
Ramsey D. Smith 

* 
Melina E. Higgins 

President and Chief Executive Officer; Director (Principal 
Executive Officer) 

Executive Vice President and Chief Financial Officer 
(Principal Financial Officer) 

Vice President and Controller 
(Principal Accounting Officer) 

Director 

Director 

Director 

Director 

Director 

Director 

Director 

Director 

294 

295 

**By 

/s/ Thomas J. McInerney 
Thomas J. McInerney 
Attorney-in-Fact 

 
 
Exhibit 21

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the registration statements (No. 333-255187) on Form S-3 and (Nos. 333-256459, 333-115825, 333-

127474, 333-168961, 333-181607 and 333-231538) on Form S-8 of our reports dated February 29, 2024, with respect to the consolidated financial

statements of Genworth Financial, Inc. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Richmond, Virginia

February 29, 2024

Genworth Financial, Inc.’s subsidiaries as of December 31, 2023 are listed below. Except where noted below, Genworth Financial, Inc. owns,
directly or indirectly, 100% of the outstanding shares or other equity interests of these companies (including, with respect to certain companies, shares in
names of nominees and qualifying shares in names of directors).
(cid:31)
Name
Assigned Settlement, Inc.
Capital Brokerage Corporation
CareScout, LLC
CareScout Holdings, Inc.
Enact Financial Assurance Corporation(1)
Enact Financial Services, Inc.(1)
Enact Holdings, Inc.(1)
Enact Mortgage Holdings, LLC(1)
Enact Mortgage Insurance Corporation(1)
Enact Mortgage Insurance Corporation of North Carolina(1)
Enact Mortgage Reinsurance Corporation(1)
Enact Mortgage Services, LLC(1)
Enact Re Ltd.(1)
Genworth Annuity Service Corporation
Genworth Financial Agency, Inc.
Genworth Financial Asia Limited
Genworth Financial India Private Limited
Genworth Financial International Holdings, LLC
Genworth Financial Mauritius Holdings Limited(1)
Genworth Holdings, Inc.
Genworth Insurance Company
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company (dba GLIC in New York)
Genworth Life Insurance Company of New York
Genworth North America Corporation
Genworth Seguros de Credito a la Vivienda, S.A. de C.V.
Genworth Servicios, S. de R. L. de C. V.
Genworth (Shanghai) Health Consulting Services Company Limited
GFCM LLC
GLIC Real Estate Holding, LLC
GLICNY Real Estate Holding, LLC
GNWLAAC Real Estate Holding, LLC
HGI Annuity Service Corporation
Jamestown Assignment Company, Inc.
Mayflower Assignment Corporation
Monument Lane PCC, Inc.(1)
Monument Lane IC 1, Inc.(1)
Monument Lane IC 2, Inc.(1)
Newco Properties, Inc.
River Lake Insurance Company VI
River Lake Insurance Company X
Sponsored Captive Re, Inc.(1)
United Pacific Structured Settlement Company
(cid:31)
(1)  Genworth Financial, Inc. beneficially owns 81.6% of the shares.

Domicile
Virginia
Washington
Delaware
Delaware
North Carolina
Delaware
Delaware
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
Bermuda
Delaware
Virginia
Hong Kong
India
Delaware
Mauritius
Delaware
North Carolina
Virginia
Delaware
New York
Washington
Mexico
Mexico
China
Delaware
Delaware
Delaware
Delaware
Delaware
Virginia
New York

Virginia
Delaware
Vermont
North Carolina
Florida

   Washington, D.C.
   Washington, D.C.
   Washington, D.C.

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
Genworth Financial, Inc.’s subsidiaries as of December 31, 2023 are listed below. Except where noted below, Genworth Financial, Inc. owns,

directly or indirectly, 100% of the outstanding shares or other equity interests of these companies (including, with respect to certain companies, shares in

names of nominees and qualifying shares in names of directors).

Exhibit 21

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the registration statements (No. 333-255187) on Form S-3 and (Nos. 333-256459, 333-115825, 333-
127474, 333-168961, 333-181607 and 333-231538) on Form S-8 of our reports dated February 29, 2024, with respect to the consolidated financial
statements of Genworth Financial, Inc. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Richmond, Virginia
February 29, 2024

(cid:31)

Name

Assigned Settlement, Inc.

Capital Brokerage Corporation

CareScout, LLC

CareScout Holdings, Inc.

Enact Financial Assurance Corporation(1)

Enact Financial Services, Inc.(1)

Enact Holdings, Inc.(1)

Enact Mortgage Holdings, LLC(1)

Enact Mortgage Insurance Corporation(1)

Enact Mortgage Insurance Corporation of North Carolina(1)

Enact Mortgage Reinsurance Corporation(1)

Enact Mortgage Services, LLC(1)

Enact Re Ltd.(1)

Genworth Annuity Service Corporation

Genworth Financial Agency, Inc.

Genworth Financial Asia Limited

Genworth Financial India Private Limited

Genworth Financial International Holdings, LLC

Genworth Financial Mauritius Holdings Limited(1)

Genworth Holdings, Inc.

Genworth Insurance Company

Genworth Life and Annuity Insurance Company

Genworth Life Insurance Company (dba GLIC in New York)

Genworth Life Insurance Company of New York

Genworth North America Corporation

Genworth Seguros de Credito a la Vivienda, S.A. de C.V.

Genworth Servicios, S. de R. L. de C. V.

Genworth (Shanghai) Health Consulting Services Company Limited

GFCM LLC

GLIC Real Estate Holding, LLC

GLICNY Real Estate Holding, LLC

GNWLAAC Real Estate Holding, LLC

HGI Annuity Service Corporation

Jamestown Assignment Company, Inc.

Mayflower Assignment Corporation

Monument Lane PCC, Inc.(1)

Monument Lane IC 1, Inc.(1)

Monument Lane IC 2, Inc.(1)

Newco Properties, Inc.

River Lake Insurance Company VI

River Lake Insurance Company X

Sponsored Captive Re, Inc.(1)

United Pacific Structured Settlement Company

(cid:31)

(1)  Genworth Financial, Inc. beneficially owns 81.6% of the shares.

Domicile

Virginia

Washington

Delaware

Delaware

North Carolina

Delaware

Delaware

North Carolina

North Carolina

North Carolina

North Carolina

North Carolina

Bermuda

Delaware

Virginia

Hong Kong

India

Delaware

Mauritius

Delaware

North Carolina

Virginia

Delaware

New York

Washington

Mexico

Mexico

China

Delaware

Delaware

Delaware

Delaware

Delaware

Virginia

New York

   Washington, D.C.

   Washington, D.C.

   Washington, D.C.

Virginia

Delaware

Vermont

North Carolina

Florida

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
Exhibit 24

Exhibit 31.1

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned, being a director of Genworth Financial, Inc., a Delaware
corporation (the “Company”), hereby severally constitutes and appoints Thomas J. McInerney, Jerome T. Upton and Gregory S. Karawan and each of
them individually, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or
her name, place and stead in any and all capacities, to sign the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, or
on such other form as such attorneys-in-fact, or any of them, may deem necessary or desirable and any amendments thereto, in such form as they or any
one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them individually, full power and authority to do and perform each and every
act and thing requisite and necessary to be done so that such Annual Report and any such amendments shall comply with the Securities Exchange Act of
1934, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute,
may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has hereunto set his or her hand on the date indicated below.

15d-15(f)) for the registrant and have:

(cid:31)

/s/ MELINA E. HIGGINS
Melina E. Higgins
Non-Executive Chair of the Board

/s/ G. KENT CONRAD
G. Kent Conrad
Director

/s/ KAREN E. DYSON
Karen E. Dyson
Director

/s/ JILL R. GOODMAN
Jill R. Goodman
Director

/s/ HOWARD D. MILLS, III
Howard D. Mills, III
Director

/s/ ROBERT P. RESTREPO JR.
Robert P. Restrepo Jr.
Director

/s/ ELAINE A. SARSYNSKI
Elaine A. Sarsynski
Director

/s/ RAMSEY D. SMITH
Ramsey D. Smith
Director

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

I, Thomas J. McInerney, certify that:

1. I have reviewed this annual report on Form 10-K of Genworth Financial, Inc.;

CERTIFICATIONS

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make

the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this

report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects

the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined

in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our

supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others

within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our

supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external

purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the

effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most

recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to

materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,

to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal

control over financial reporting.

Dated: February 29, 2024

(cid:31)

/s/ Thomas J. McInerney

Thomas J. McInerney

President and Chief Executive Officer

(Principal Executive Officer)

  
  
  
  
  
  
  
  
POWER OF ATTORNEY

I, Thomas J. McInerney, certify that:

CERTIFICATIONS

KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned, being a director of Genworth Financial, Inc., a Delaware

corporation (the “Company”), hereby severally constitutes and appoints Thomas J. McInerney, Jerome T. Upton and Gregory S. Karawan and each of

1. I have reviewed this annual report on Form 10-K of Genworth Financial, Inc.;

them individually, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or

her name, place and stead in any and all capacities, to sign the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, or

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make

on such other form as such attorneys-in-fact, or any of them, may deem necessary or desirable and any amendments thereto, in such form as they or any

one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange

Commission, granting unto said attorneys-in-fact and agents, and each of them individually, full power and authority to do and perform each and every

the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;

act and thing requisite and necessary to be done so that such Annual Report and any such amendments shall comply with the Securities Exchange Act of

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects

1934, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he or she

the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

Exhibit 24

Exhibit 31.1

might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute,

may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has hereunto set his or her hand on the date indicated below.

(cid:31)

/s/ MELINA E. HIGGINS

Melina E. Higgins

Non-Executive Chair of the Board

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

   February 27, 2024

/s/ G. KENT CONRAD

G. Kent Conrad

Director

/s/ KAREN E. DYSON

Karen E. Dyson

Director

/s/ JILL R. GOODMAN

Jill R. Goodman

Director

/s/ HOWARD D. MILLS, III

Howard D. Mills, III

Director

Robert P. Restrepo Jr.

Director

Elaine A. Sarsynski

Director

/s/ RAMSEY D. SMITH

Ramsey D. Smith

Director

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined

in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the

effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most

recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,

to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal

/s/ ROBERT P. RESTREPO JR.

   February 27, 2024

/s/ ELAINE A. SARSYNSKI

   February 27, 2024

control over financial reporting.

Dated: February 29, 2024
(cid:31)

/s/ Thomas J. McInerney
Thomas J. McInerney
President and Chief Executive Officer
(Principal Executive Officer)

  
  
  
  
  
  
  
  
Exhibit 31.2

Exhibit 32.1

I, Jerome T. Upton, certify that:

(AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

CERTIFICATIONS

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

1. I have reviewed this annual report on Form 10-K of Genworth Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make

the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects

the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

the Company.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined

Dated: February 29, 2024

in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the registrant and have:

(cid:31)

(cid:31)

(cid:31)

I, Thomas J. McInerney, as President and Chief Executive Officer of Genworth Financial, Inc. (the “Company”), certify, pursuant to 18 U.S.C.

Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), that to my knowledge:

(1)

the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2023 (the “Report”), filed with

the U.S. Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities

Exchange Act of 1934, as amended; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the

effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most

recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,

to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal

control over financial reporting.

Dated: February 29, 2024

(cid:31)

/s/ Jerome T. Upton
Jerome T. Upton
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

/s/ Thomas J. McInerney

Thomas J. McInerney

President and Chief Executive Officer

(Principal Executive Officer)

 
 
CERTIFICATIONS

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

Exhibit 31.2

Exhibit 32.1

I, Jerome T. Upton, certify that:

(AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

1. I have reviewed this annual report on Form 10-K of Genworth Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make

the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this

report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects

the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

I, Thomas J. McInerney, as President and Chief Executive Officer of Genworth Financial, Inc. (the “Company”), certify, pursuant to 18 U.S.C.

Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), that to my knowledge:
(cid:31)

(1)

(2)

(cid:31)

the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2023 (the “Report”), filed with
the U.S. Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Company.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined

in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and

Dated: February 29, 2024
(cid:31)

15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our

supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others

within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our

supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external

purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the

effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most

recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to

materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,

to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal

control over financial reporting.

Dated: February 29, 2024

(cid:31)

/s/ Jerome T. Upton

Jerome T. Upton

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

/s/ Thomas J. McInerney
Thomas J. McInerney
President and Chief Executive Officer
(Principal Executive Officer)

 
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

Exhibit 32.2

(AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

I, Jerome T. Upton, as Executive Vice President and Chief Financial Officer of Genworth Financial, Inc. (the “Company”), certify, pursuant to 18

U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), that to my knowledge:
(cid:31)

(1)

(2)

(cid:31)

the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2023 (the “Report”), filed with the U.S.
Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company.

Dated: February 29, 2024
(cid:31)

/s/ Jerome T. Upton
Jerome T. Upton
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

 
 
Stockholder Information

Corporate Headquarters(cid:1)
Genworth Financial, Inc.  
6620 West Broad Street 
Richmond, VA 23230
e-mail: contactus@genworth.com
804 484.3821(cid:1)(cid:1)
Toll free in the U.S.:
1 888 GENWORTH
1 888 436.9678

Stock Exchange Listing(cid:1)
Genworth Class A Common Stock 
is listed on the New York Stock 
Exchange (Ticker symbol: GNW)

Transfer Agent
Computershare  
Tel: 1 866 229.8413  
Tel: 1 800 231.5469 (hearing impaired) 
Tel: 1 201 680.
and Canada)  
Tel: 1 201 680.6610 (hearing impaired 
outside the U.S. and Canada)

 (outside the U.S. 

6685

Address Genworth Stockholder 
Inquiries to:  
Computershare  
P.O. Box 430
Providence, RI 02940-30
www.computershare.com/investor

78

78

Stock Purchase and Sale Plan(cid:1)
The Computershare CIP plan provides 
shareholders of record and new 
investors with a convenient way to 
make cash purchases of Genworth’s 
common stock and to automatically 
reinvest dividends, when paid. 
Inquiries should be made directly to 
Computershare.

Contacts

Board of Directors  
For reporting complaints about 
Genworth’s accounting, internal 
accounting controls or auditing 
matters or any other concerns to 
the Board of Directors or the Audit 
Committee, you may write to or call:

To obtain plan enrollment materials, 
please call 1 866 229.8413 or visit 
www.computershare.com/investor

Independent Registered Public 
Accounting Firm
KPMG LLP  
Suite 2000  
1021 East Cary Street  
Richmond, VA 23219-4023  
Tel: 804 782.4200  
Fax: 804 782.4300

Board of Directors  
Genworth Financial, Inc.
c/o Corporate Secretary
6620 West Broad Street
Richmond, VA 23230
1 866 717.3594  
e-mail: directors@genworth.com

Corporate Ombudsperson  
To report concerns related to 
compliance with the law, Genworth 
policies or government contracting 
requirements, contact:

Genworth Ombudsperson  
6620 West Broad Street
Richmond, VA 23230  
1 888 251.4332  
e-mail: ombudsoffice.genworth@
genworth.com

Investor Relations  
e-mail: investorinfo@genworth.com
investor.

genworth.com

Product/Service Information(cid:1)
For information about products 
offered by Genworth Financial 
companies, visit genworth.com. This 
Annual Report is also available online 
at genworth.com.

Genworth Financial, Inc. 
6620 West Broad Street 
Richmond, Virginia 23230 
genworth.com

©202 4   Genworth Financial, Inc. All rights reserved.