Net Income of $29 Million and Adjusted
Operating Income of $42 Million
- Enact segment adjusted operating income of $134M; PMIERs1
sufficiency ratio of 162%2
- LTC adjusted operating loss of $71M; Life and Annuities
adjusted operating loss of $3M
- Continued progress on Long-Term Care Insurance (LTC) multi-year
rate action plan, with $83M of gross incremental premium approved
in third quarter and approximately $25B net present value achieved
from in-force rate actions (IFAs) since 2012
- U.S. life insurance companies’ statutory pre-tax income3 of
$30M2 and RBC4 ratio of 291%2
- Executed $80M in share repurchases in the quarter; $334M in
total executed through October 2023 at an average price of $5.24
per share, approximately 451M shares outstanding
- Successful completion of consent solicitation for 2034 Senior
Notes providing greater financial flexibility
- Genworth holding company cash and liquid assets of $232M at
quarter-end
Genworth Financial, Inc. (NYSE: GNW) today reported results for
the quarter ended September 30, 2023.
“I am very pleased with Enact’s continued strong financial
performance, and as expected, we experienced volatility in our LTC
results due to the required liability remeasurement,” said Tom
McInerney, President & CEO. “Genworth continues to execute on
its strategy to maximize shareholder value, with capital returns
from Enact fueling our share repurchase program, investments in
growth, and opportunistic debt reduction.”
Consolidated Metrics
Q3 2023 Q2 2023 Q3 2022
(Amounts in millions, except per share
data)
Net income5
$
29
$
137
$
136
Earnings per diluted share5
$
0.06
$
0.29
$
0.27
Adjusted operating income5,6
$
42
$
85
$
158
Adjusted operating income per diluted
share5,6
$
0.09
$
0.18
$
0.31
Weighted-average diluted shares
466.0
478.1
509.3
Consolidated GAAP Financial
Highlights
- Net income was driven by Enact, which had strong operating
performance resulting from strong loss performance and increased
net investment income
- Net investment losses, net of taxes and other adjustments,
decreased net income by $34 million in the current quarter,
compared with $46 million in the prior year. The investment losses
in the current quarter were driven primarily from derivatives,
mark-to-market on equity securities and net trading losses
- Adjusted operating income reflects Enact’s strong operating
performance, partially offset by losses in LTC, Corporate and Other
and Life and Annuities
- Net investment income was $801 million in the quarter, down
from $808 million in the prior year as lower income from U.S.
Government Treasury Inflation-Protected Securities (TIPS) and lower
asset levels were mostly offset by higher investment yields
Enact
GAAP Operating Metrics
Q3 2023
Q2 2023
Q3 2022
(Dollar amounts in millions)
Adjusted operating income7
$
134
$
146
$
156
Primary new insurance written
$
14,391
$
15,083
$
15,069
Loss ratio
7%
(2)%
(17)%
- Adjusted operating income reflected a favorable pre-tax reserve
release of $55 million, primarily from cure performance on
delinquencies from 2022 and earlier, including COVID-19 related
delinquencies. The prior quarter and prior year included favorable
pre-tax reserves releases of $63 million and $80 million,
respectively, primarily related to cures on COVID-19
delinquencies
- Net investment income was $55 million pre-tax in the current
quarter, up from $39 million pre-tax in the prior year from rising
interest rates and higher average invested assets
- Primary insurance in-force increased eight percent versus the
prior year to $262 billion, driven by new insurance written (NIW)
and continued elevated persistency
- Primary NIW was down four percent versus the prior year and
five percent versus the prior quarter primarily from lower
originations as a result of elevated interest rates
- New delinquencies increased 22 percent to 11,107 from 9,121 in
the prior year, primarily from the aging of large, new books
Capital Metric
Q3 2023
Q2 2023
Q3 2022
PMIERs Sufficiency Ratio2,8
162
%
162
%
174
%
- Enact paid a quarterly dividend of $0.16 per share in the
current quarter
- Estimated PMIERs sufficiency ratio was 162 percent, flat to
prior quarter and $2,017 million above requirements
- Announced a special cash dividend of $113 million and a
quarterly dividend of $26 million, Genworth share will be $92
million and $21 million, respectively
Long-Term Care Insurance
GAAP Operating Metrics
Q3 2023
Q2 2023
Q3 2022
(Amounts in millions)
Adjusted operating income (loss)
$
(71)
$
(43)
$
26
Premiums
$
621
$
611
$
637
Net investment income
$
482
$
470
$
497
Liability remeasurement gains (losses)
$
(104)
$
(61)
$
(3)
Cash flow assumption updates
6
24
10
Actual to expected experience
(110)
(85)
(13)
- Premiums related to IFAs of $253 million pre-tax, up $11
million versus the prior year
- Net investment income driven primarily by limited partnership
income, which was up versus the prior quarter and down versus the
prior year and TIPS income, which was lower than the prior quarter
and prior year
- Current quarter results reflected a liability remeasurement
loss of $104 million pre-tax, $(0.17) after-tax per diluted share.
The unfavorable actual experience versus best estimate liability
assumptions of $110 million pre-tax was primarily on unprofitable,
capped cohorts driven by legal settlement timing impacts, higher
claims as the blocks age, and lower terminations
- Results in the prior year included a $16 million after-tax
accrual related to legal settlements
Life and
Annuities
GAAP Adjusted Operating Income
(Loss)
Q3 2023
Q2 2023
Q3 2022
(Amounts in millions)
Life Insurance
$
(25)
$
(17)
$
(28)
Fixed Annuities
$
17
$
10
$
15
Variable Annuities
$
5
$
9
$
7
Total Life and Annuities
$
(3)
$
2
$
(6)
Life Insurance
- Life results improved from prior year with favorable mortality,
partially offset by $9 million after-tax impact from a voluntary
recapture of previously ceded reinsurance in the current
quarter
- Deferred acquisition costs amortization expense was lower,
primarily driven by lower lapses and block runoff
Annuities
- Fixed annuities results included favorable fixed payout annuity
mortality and lower net spreads primarily related to block
runoff
- Variable annuities reported lower adjusted operating income
with unfavorable mortality versus the prior quarter and lower fee
income versus the prior year primarily related to block runoff
U.S. Life Insurance Companies Statutory Results and
RBC
(Dollar amounts in millions)
Q3 2023
Q2 2023
Q3 2022
Statutory Pre-Tax Income (Loss)2,9
$
30
$
63
$
59
Long-Term Care Insurance
21
(71)
50
Life Insurance
(40)
26
(18)
Fixed Annuities
32
14
28
Variable Annuities
17
94
(1)
GLIC Consolidated RBC Ratio2
291%
293%
286%
- Statutory pre-tax income estimated at $30 million for the
current quarter, driven by:
- LTC, which continues to benefit from premium increases and
benefit reductions from IFAs, including more favorable impacts from
reserve releases related to legal settlements and higher
terminations compared to the prior quarter
- Life insurance results included $45 million of pre-tax
unfavorable impacts from recaptures of previously ceded
reinsurance, primarily related to the liquidation of Scottish
Re
- Fixed annuities mortality was favorable, partially offset by
lower net spread income
- Variable annuity reserves impacts from equity market and
interest rate movements was less favorable than the prior
quarter
- The U.S life insurance companies estimate current quarter RBC
to be 291 percent, down slightly from the prior quarter
Corporate and Other
- The current quarter adjusted operating loss of $18 million was
lower versus the prior quarter’s loss of $20 million, primarily due
to higher tax benefits, and flat to the prior year’s loss of $18
million
Holding Company Cash and Liquid Assets
(Amounts in millions)
Q3 2023
Q2 2023
Q3 2022
Holding Company Cash and Liquid
Assets10,11
$
232
$
222
$
145
- Cash and liquid assets of $232 million remained above the
company’s cash target of two-times annual debt service
- Cash inflows during the current quarter consisted of $59
million from intercompany tax payments and $26 million from Enact
capital returns, which included a $21 million quarterly dividend
and $5 million in share repurchase proceeds
- Current quarter cash outflows included $80 million in share
repurchases and $11 million related to debt servicing costs
Returns to Shareholders
- In the third quarter of 2023, the company repurchased $80
million of its common stock at an average price of $5.69 per share.
Subsequently, in October 2023, the company repurchased an
additional $10 million of its common stock at an average price of
$5.82
- Approximately 451 million shares outstanding as of October 31,
2023
About Genworth Financial Genworth Financial, Inc. (NYSE:
GNW) is a Fortune 500 company focused on empowering families to
navigate the aging journey with confidence, now and in the future.
Headquartered in Richmond, Virginia, Genworth provides guidance,
products, and services that help people understand their caregiving
options and fund their long-term care needs. Genworth is also the
parent company of publicly traded Enact Holdings, Inc. (Nasdaq:
ACT), a leading U.S. mortgage insurance provider. For more
information on Genworth, visit genworth.com, and for more
information on Enact Holdings, Inc. visit enactmi.com.
Conference Call Information Investors are encouraged to
read this press release, summary presentation and financial
supplement which are now posted on the company’s website,
http://investor.genworth.com.
Genworth will conduct a conference call on November 9, 2023 at
9:00 a.m. (ET) to discuss its third quarter results, which will be
accessible via:
- Telephone: 888-208-1820 or 323-794-2110 (outside the U.S.);
conference ID # 5935361; or
- Webcast:
https://investor.genworth.com/news-events/ir-calendar
Allow at least 15 minutes prior to the call time to register for
the call. A replay of the webcast will be available on the
company’s website for one year.
Use of Non-GAAP Measures This press release includes the
non-GAAP financial measures entitled "adjusted operating income
(loss)" and "adjusted operating income (loss) per share." Adjusted
operating income (loss) per share is derived from adjusted
operating income (loss). The company’s President and Chief
Executive Officer (Principal Executive Officer), who serves as the
chief operating decision maker, evaluates segment performance and
allocates resources on the basis of adjusted operating income
(loss). The company defines adjusted operating income (loss) as
income (loss) from continuing operations excluding the after-tax
effects of income (loss) from continuing operations attributable to
noncontrolling interests, net investment gains (losses), 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 the company’s net
investment gains (losses) is the result of estimated future credit
losses, the size and timing of which can vary significantly
depending on market credit cycles. In addition, the size and timing
of other investment gains (losses) can be subject to the company’s
discretion and are influenced by market opportunities, as well as
asset-liability matching considerations. The company excludes 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 the company’s
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 GAAP, the company believes that
adjusted operating income (loss) and measures that are derived from
or incorporate adjusted operating income (loss), including adjusted
operating income (loss) per share on a basic and diluted basis, are
appropriate measures that are useful to investors because they
identify the income (loss) attributable to the ongoing operations
of the business. Management also uses adjusted operating income
(loss) as a basis for determining awards and compensation for
senior management and to evaluate performance on a basis comparable
to that used by analysts. However, the items excluded from adjusted
operating income (loss) have occurred in the past and could, and in
some cases will, recur in the future. Adjusted operating income
(loss) and adjusted operating income (loss) per share on a basic
and diluted basis are not substitutes for net income (loss) or net
income (loss) per share on a basic and diluted basis determined in
accordance with GAAP. In addition, the company’s definition of
adjusted operating income (loss) may differ from the definitions
used by other companies.
Adjustments to reconcile net income (loss) to adjusted operating
income (loss) assume a 21 percent 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 tables at the end of this press release provide a
reconciliation of net income available to Genworth Financial,
Inc.'s common stockholders to adjusted operating income for the
three months ended September 30, 2023 and 2022, as well as the
three months ended June 30, 2023 and reflect adjusted operating
income (loss) as determined in accordance with accounting guidance
related to segment reporting.
Long-Duration Targeted Improvements On January 1, 2023,
the company adopted new GAAP accounting guidance that significantly
changed the recognition and measurement of long-duration insurance
contracts, commonly known as LDTI. This accounting guidance
impacted the company’s LTC, life insurance and annuity products and
was applied as of January 1, 2021. While the new guidance has had a
significant impact on existing GAAP financial statements and
disclosures, it does not impact the cash flows or underlying
economics of the business, business strategy, statutory net income
(loss) or RBC of the U.S. life insurance companies, and it does not
have an impact on the Enact segment, Corporate and Other or
management of capital. All prior period information herein has been
re-presented to reflect the adoption of LDTI.
All financial information in this press release is based on the
company's implementation of LDTI and is currently unaudited. It is
possible that the final audited financial results may differ,
perhaps materially, from the information included in this press
release.
Statutory Accounting Data The company presents certain
supplemental statutory data for GLIC and its consolidating life
insurance subsidiaries that has been prepared on the basis of
statutory accounting principles (SAP). GLIC and its consolidating
life insurance subsidiaries file financial statements with state
insurance regulatory authorities and the National Association of
Insurance Commissioners that are prepared using SAP, an accounting
basis either prescribed or permitted by such authorities. Due to
differences in methodology between SAP and GAAP, the values for
assets, liabilities and equity, and the recognition of income and
expenses, reflected in financial statements prepared in accordance
with GAAP are materially different from those reflected in
financial statements prepared under SAP. This supplemental
statutory data should not be viewed as an alternative to, or used
in lieu of, GAAP.
This supplemental statutory data includes company action level
RBC ratios for GLIC and its consolidating life insurance
subsidiaries as well as combined statutory pre-tax earnings from
the principal U.S. life insurance companies, GLIC, GLAIC and
GLICNY. Statutory pre-tax earnings represent the net gain from
operations, including the impact from in-force rate actions, before
dividends to policyholders, refunds to members and federal income
taxes and before realized capital gains or (losses). Management
uses and provides this supplemental statutory data because it
believes it provides a useful measure of, among other things,
statutory pre-tax earnings and the adequacy of capital. Management
uses this data to measure against its policy to manage the U.S.
life insurance companies with internally generated capital.
Cautionary Note Regarding Forward-Looking Statements This
press release contains certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by words such as
“expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,”
“estimates,” “will” or words of similar meaning and include, but
are not limited to, statements regarding the outlook for the
company’s future business and financial performance. Examples of
forward-looking statements include statements the company makes
relating to potential dividends or share repurchases; future return
of capital by Enact Holdings, Inc. (Enact Holdings), including
share repurchases, and quarterly and special dividends; the
cumulative amount of rate action benefits required for the
company’s long-term care insurance business to achieve economic
break-even status; future financial performance and condition of
the company’s businesses; liquidity and future strategic
investments, including new senior care services and products;
future business and financial performance of CareScout LLC
(CareScout); as well as statements the company makes regarding the
potential 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 following:
- the company’s inability to successfully execute its strategic
plans;
- the company’s failure to achieve economic break-even on or
stabilize its legacy long-term care insurance in-force block,
including as a result of the inability to achieve desired levels of
in-force rate actions and/or the timing of its future premium rate
increases and associated benefit reductions taking longer to
achieve than originally assumed; other regulatory actions
negatively impacting the company’s life insurance businesses and/or
the inability to establish new long-term care insurance
business;
- inaccuracies or changes in estimates, assumptions,
methodologies, valuations, projections and/or models, which result
in inadequate reserves or other adverse results (including as a
result of any changes in connection with quarterly, annual or other
reviews, including reviews the company expects to complete and
carry out in the fourth quarter of 2023);
- the impact on holding company liquidity caused by an inability
to receive dividends or any other returns of capital from Enact
Holdings, and limited sources of capital and financing;
- adverse changes to the structure, or requirements of Federal
National Mortgage Association (Fannie Mae), Federal Home Loan
Mortgage Corporation (Freddie Mac) or the U.S. mortgage insurance
market; an increase in the number of loans insured through federal
government mortgage insurance programs, including those offered by
the Federal Housing Administration; the inability of Enact Holdings
and/or its U.S. mortgage insurance subsidiaries to continue to meet
the requirements mandated by PMIERs (or any adverse changes
thereto), inability to meet minimum statutory capital requirements
of applicable regulators or the mortgage insurer eligibility
requirements of Fannie Mae or Freddie Mac;
- changes in economic, market and political conditions including
as a result of high inflation, labor shortages, displacements
related to the coronavirus pandemic (COVID-19) and elevated
interest rates, including actions taken by the U.S. Federal Reserve
to increase interest rates to combat inflation and slow economic
growth, which could heighten the risk of a future recession;
unanticipated financial events such as closures and disruptions
experienced by the banking sector, which could lead to market-wide
liquidity problems and other significant market disruption
resulting in losses, defaults or credit rating downgrades of other
financial institutions; deterioration in economic conditions, a
recession or a decline in home prices, all of which could be driven
by many potential factors, including inflation, may adversely
affect Enact Holdings’ loss experience and/or business levels;
political and economic instability or changes in government
policies, and fluctuations in international securities
markets;
- rating downgrades or potential downgrades in liquidity,
financial strength and credit ratings; counterparty credit risks;
defaults by counterparties to reinsurance arrangements or
derivative instruments; defaults or other events impacting the
value of invested assets;
- changes in tax rates or tax laws, or changes in accounting and
reporting standards (including new accounting guidance the company
adopted on January 1, 2023 related to long-duration insurance
contracts);
- litigation and regulatory investigations or other actions,
including commercial and contractual disputes with
counterparties;
- the company’s inability to achieve anticipated business
performance and financial results from CareScout and its senior
care growth initiatives through fee-based services, advice,
consulting and other products and services;
- the inability to retain, attract and motivate qualified
employees or senior management;
- the occurrence of natural or man-made disasters, including
geopolitical tensions and war (including the Russian invasion of
Ukraine and the Hamas attack on Israel and ensuing response), a
public health emergency, including pandemics, or climate
change;
- the inability to effectively manage information technology
systems, cyber incidents or other failures, disruptions or security
breaches to the company or its third-party vendors such as the
MOVEit cybersecurity incident; and
- other factors described in the risk factors contained in Item
1A of the company’s Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission on February 28, 2023.
The company provides additional information regarding these
risks and uncertainties in its Annual Report on Form 10-K. Unlisted
factors may present significant additional obstacles to the
realization of forward-looking statements. Accordingly, for the
foregoing reasons, the company cautions you against relying on any
forward-looking statements. The company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required under applicable securities laws.
Condensed Consolidated
Statements of Income
(Amounts in millions, except
per share amounts)
(Unaudited)
Three months
Three months ended
ended
September 30,
June 30,
2023
2022
2023
Revenues:
Premiums
$
915
$
929
$
902
Net investment income
801
808
785
Net investment gains (losses)
(43
)
(58
)
39
Policy fees and other income
158
169
166
Total revenues
1,831
1,848
1,892
Benefits and expenses:
Benefits and other changes in policy
reserves
1,199
1,159
1,175
Liability remeasurement (gains) losses
116
17
70
Changes in fair value of market risk
benefits and associated hedges
(24
)
(27
)
(19
)
Interest credited
127
128
126
Acquisition and operating expenses, net of
deferrals
228
245
226
Amortization of deferred acquisition costs
and intangibles
65
80
64
Interest expense
30
26
29
Total benefits and expenses
1,741
1,628
1,671
Income from continuing operations before
income taxes
90
220
221
Provision for income taxes
30
54
55
Income from continuing operations
60
166
166
Income from discontinued operations, net
of taxes
—
5
2
Net income
60
171
168
Less: net income from continuing
operations attributable to noncontrolling
interests
31
35
31
Less: net income from discontinued
operations attributable to noncontrolling
interests
—
—
—
Net income available to Genworth
Financial, Inc.'s common stockholders
$
29
$
136
$
137
Net income available to Genworth
Financial, Inc.'s common stockholders:
Income from continuing operations
available to Genworth Financial, Inc.'s
common stockholders
$
29
$
131
$
135
Income from discontinued operations
available to Genworth Financial, Inc.'s
common stockholders
—
5
2
Net income available to Genworth
Financial, Inc.'s common stockholders
$
29
$
136
$
137
Income from continuing operations
available to Genworth Financial, Inc.'s
common stockholders per share:
Basic
$
0.06
$
0.26
$
0.28
Diluted
$
0.06
$
0.26
$
0.28
Net income available to Genworth
Financial, Inc.'s common stockholders
per share:
Basic
$
0.06
$
0.27
$
0.29
Diluted
$
0.06
$
0.27
$
0.29
Weighted-average common shares
outstanding:
Basic
460.5
503.8
473.2
Diluted
466.0
509.3
478.1
Reconciliation of Net Income
to Adjusted Operating Income
(Amounts in millions, except
per share amounts)
(Unaudited)
Three
Three
months ended
months ended
September 30,
June 30,
2023
2022
2023
Net income available to Genworth
Financial, Inc.'s common stockholders
$
29
$
136
$
137
Add: net income from continuing operations
attributable to noncontrolling interests
31
35
31
Add: net income from discontinued
operations attributable to noncontrolling
interests
—
—
—
Net income
60
171
168
Less: income from discontinued operations,
net of taxes
—
5
2
Income from continuing operations
60
166
166
Less: net income from continuing
operations attributable to noncontrolling interests
31
35
31
Income from continuing operations
available to Genworth Financial, Inc.'s
common stockholders
29
131
135
Adjustments to income from continuing
operations available to Genworth
Financial, Inc.'s common stockholders:
Net investment (gains) losses, net12
43
58
(41
)
Changes in fair value of market risk
benefits attributable to interest rates, equity
markets and associated hedges13
(26
)
(32
)
(23
)
(Gains) losses on early extinguishment of
debt
—
3
—
Expenses related to restructuring
—
—
1
Pension plan termination costs
—
6
—
Taxes on adjustments
(4
)
(8
)
13
Adjusted operating income
$
42
$
158
$
85
Adjusted operating income (loss):
Enact segment
$
134
$
156
$
146
Long-Term Care Insurance segment
(71
)
26
(43
)
Life and Annuities segment:
Life Insurance
(25
)
(28
)
(17
)
Fixed Annuities
17
15
10
Variable Annuities
5
7
9
Total Life and Annuities segment
(3
)
(6
)
2
Corporate and Other
(18
)
(18
)
(20
)
Adjusted operating income
$
42
$
158
$
85
Net income available to Genworth
Financial, Inc.'s common stockholders
per share:
Basic
$
0.06
$
0.27
$
0.29
Diluted
$
0.06
$
0.27
$
0.29
Adjusted operating income per share:
Basic
$
0.09
$
0.31
$
0.18
Diluted
$
0.09
$
0.31
$
0.18
Weighted-average common shares
outstanding:
Basic
460.5
503.8
473.2
Diluted
466.0
509.3
478.1
_____________________________
1 Private Mortgage Insurer Eligibility
Requirements.
2 Company estimate for the third quarter
of 2023 due to timing of the preparation of the filing(s).
3 Net gain from operations before
dividends to policyholders, refunds to members and federal income
taxes for Genworth Life Insurance Company (GLIC), Genworth Life and
Annuity Insurance Company (GLAIC) and Genworth Life Insurance
Company of New York (GLICNY), and before realized capital gains or
(losses).
4 Risk-based capital ratio based on
company action level for GLIC consolidated.
5 All references reflect amounts available
to Genworth’s common stockholders excluding noncontrolling
interests.
6 This is a financial measure that is not
calculated based on U.S. Generally Accepted Accounting Principles
(GAAP). See the Use of Non-GAAP Measures section of this press
release for additional information.
7 Reflects Genworth’s ownership excluding
noncontrolling interests of $31 million, $31 million and $35
million in the third and second quarters of 2023 and third quarter
of 2022, respectively.
8 The PMIERs sufficiency ratio is
calculated as available assets divided by required assets as
defined within PMIERs.
9 Genworth’s principal U.S. life insurance
companies: GLIC, GLAIC and GLICNY.
10 Holding company cash and liquid assets
comprises assets held in Genworth Holdings, Inc. (the issuer of
outstanding public debt) which is a wholly-owned subsidiary of
Genworth Financial, Inc.
11 Genworth Holdings, Inc. held no
short-term investments or U.S. government securities as of
September 30, 2023, June 30, 2023 and September 30, 2022.
12 Net investment (gains) losses were
adjusted for the portion attributable to noncontrolling interests
of $2 million for the three months ended June 30, 2023.
13 Changes in fair value of market risk
benefits and associated hedges were adjusted to exclude changes in
reserves, attributed fees and benefit payments of $(2) million and
$(5) million for the three months ended September 30, 2023 and
2022, respectively, and $(4) million for the three months June 30,
2023.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107945561/en/
Investors: Brian Johnson InvestorInfo@genworth.com
Media: Amy Rein Amy.Rein@genworth.com
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