Good morning, ladies and gentlemen, and welcome to Genworth Financial's First Quarter 2022 Earnings Conference Call. My name is Kevin, and I will be your coordinator today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of the conference call. As a reminder, this conference is being recorded for replay purposes. Please refrain from using cell phones, speaker phones or headsets during the Q&A portion of today’s call. I would now like to turn the presentation over to Sarah Crews, Director of Investor Relations. Please go ahead.

Thank you, operator. Good morning, and welcome to Genworth's first quarter 2022 earnings call. Today you will hear from our President and Chief Executive Officer, Tom McInerney; followed by Dan Sheehan, our Chief Financial Officer and Chief Investment Officer. The slide presentation that accompanies this call is available in the investor relations section on the Genworth website, investor.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials. Following our prepared remarks, we will open the call up for a question-and-answer period. In addition to our speakers, Brian Haendiges, President of our U.S. Life Insurance Segment, and Jerome Upton, Deputy Chief Financial Officer and Controller, will also be available to take your questions. During the call this morning, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentations as well as the risk factors of our most recent annual report on Form 10-K as filed with the SEC. This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. In our financial supplement, earnings release, and investor materials, non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules. Also, references to statutory results are estimates due to the timing of the filing of the statutory statements. And now, I'll turn the call over to our President and CEO, Tom McInerney.

Thank you, Sarah. Good morning, everyone and thank you for joining our first quarter earnings call. Genworth had a very good start to the year with solid results in the first quarter, and important progress against our strategic priorities, strengthening our ability to drive value for shareholders. This progress has been delivered in a period marked by significant market volatility driven by geopolitical and economic challenges as we enter the post-pandemic era. I am proud of our team's ability to deliver these results in this environment, while serving our almost 3 million policyholders. I'm also proud of the performance of Enact; our mortgage insurance subsidiary has delivered thus far in its first year as a public company. As recently announced by Enact, the company has initiated a quarterly dividend program, which has been approved by Enact's board of directors. Enact will issue its first quarterly dividend of $0.14 per share in the second quarter. Genworth will receive approximately $90 million as majority shareholder. In addition to its quarterly dividend program, Enact is planning to return additional capital to shareholders later in 2022. Based on projected cash flow from Enact and Genworth's improved financial condition, Genworth’s board authorized a new share buyback program that was announced on Monday. Now I want to briefly review our first quarter results. U.S. GAAP net income was $149 million for the first quarter, while adjusted operating income was $131 million or $0.25 per share. These results were led by Enact, which reported $135 million in adjusted operating income. U.S. Life reported an adjusted operating loss of $4 million for the quarter, driven by an operating loss of $79 million in life insurance, mostly offset by strong performance in LTC insurance and annuities. The life insurance loss included a number of one-time items that Dan will discuss in more detail. As a reminder, we are providing information on our statutory results on a quarter lag with results as of year-end 2021, available on pages 10 and 13 of our investor presentation. While the first quarter statutory results are still being finalized, we expect strong pre-tax statutory income of approximately $210 million for the first quarter. As shown on slide 13, the consolidated balance sheet of General Life Insurance Company or GLIC remains very strong, with capital and surplus of approximately $2.9 billion as of the year-end 2021, up from $2.1 billion at the end of 2020. Similarly, GLIC’s unassigned surplus improved to negative $985 million at the end of 2021 from negative $1.8 billion at year-end 2020. GLIC’s RBC ratio is estimated to be 296% as of March 31, 2022, an increase of 7 points from 289% at year-end 2021. Our final statutory results will be available with our Q1 statutory filings later this month. I'm pleased with the continued momentum in our operating results amid a volatile macro environment. At the same time, we are making outstanding progress on our strategic priorities to maximize shareholder value. While working to maximize the value of Enact, we've also been able to reduce our debt and initiate a plan to return capital to shareholders. This progress positions Genworth for the future, as we continue to work to reduce risk in our legacy LTC business and advance our LTC growth initiatives. Through focused execution across these areas, we have achieved a significant improvement in Genworth’s financial position, and outlined a clear path to future value creation. After retiring $2.1 billion of debt last year, we received another ratings upgrade from S&P in March, reflecting substantial improvement in our credit profile. We completed additional open market debt repurchases during the first quarter, and are now very close to reaching our debt target of $1 billion or less. We expect to retire the remaining $200 million of debt due in 2024 in the third quarter, which will bring total outstanding debt to approximately $900 million. After reducing our debt to $900 million by fully retiring the 2024 debt, we will have an interest coverage ratio, inclusive of cash tax payments of approximately 8.8 times and a debt-to-capital ratio of 10.3% which would be among the lowest debt-to-capital ratios in the life insurance industry. Because of the positive free cash flow outlook and balance sheet improvements enabled by the Enact IPO, as well as our continued strong operating performance, the Genworth board has authorized a new share repurchase program of up to $350 million, representing over 15% of Genworth’s current market cap. This important milestone marks the first time Genworth has been able to return capital to shareholders in over 13 years. We plan to fund repurchases from excess holding company cash, and we expect the majority of our repurchase activity to occur after we redeem the remaining 2024 debt, which is planned for the third quarter of 2022. This new share repurchase program underscores our commitment to returning value to shareholders and reflects the board's confidence in our strategy and our future. As we continue to build significant excess cash, the board intends to consider paying a regular dividend to Genworth shareholders in 2023. I would like to reiterate our commitment to retaining Genworth’s majority interest in Enact for the foreseeable future. The future cash flows generated by our ownership stake are key to executing our strategy to maximize shareholder value over the near term and medium term. Longer-term, after Genworth addresses its remaining debt maturities, brings the legacy LTC portfolio closer to economic breakeven on a go-forward basis and makes headway on our LTC growth strategy, Genworth would be in a position to consider other options for Enact, including a spin-off of Enact shares to Genworth shareholders. As we work to get to that point, stabilizing our legacy LTC portfolio remains a key part of our long-term strategy. In the first quarter, we continued the strong momentum in our multi-year rate action plan or MYRAP, which is the most effective tool we have to bring our legacy portfolio closer to economic breakeven on a go-forward basis. We achieved $101 million in annual premium rate increase approvals in the first quarter. Looking at our cumulative progress against the MYRAP program, we have achieved $20.4 billion on a net present value since 2012. Genworth has made tremendous progress reducing the very large premium shortfall in our legacy business that was written or required prior to 2013. The substantial benefit of Genworth and our shareholders is shown on our investor presentation on slides 9 and 10. Slide 9 shows the impact of LTC in-force rate actions and reduced benefits on Genworth’s U.S. GAAP adjusted operating income after tax. In 2016, the estimated improvement in Genworth’s adjusted operating income from MYRAP was $385 million. Five years later, the estimated improvement in adjusted operating income from the MYRAP tripled to $1.15 billion in 2021. In the first quarter, the benefit increased by 25% from $243 million in the first quarter of 2021 to $304 million in 2022, driven by higher reduced benefit elections by policyholders. Turning to the benefit for the MYRAP on Genworth’s statutory results, slide 10 illustrates the impact of LTC in-force rate actions under statutory pre-tax earnings. In 2018, the LTC statutory pre-tax earnings benefit from the in-force rate actions was $758 million. By 2021, the statutory pre-tax earnings benefit had more than doubled to $1.7 billion. We certainly understand that some shareholders are frustrated that we cannot close the legacy LTC premium shortfall more quickly. However, the reality we face is that we have to negotiate actuarially justified LTC premium increases with 50 different states. Each insurance department has its own rules that can vary significantly. And regulators have to properly balance the negative impact of very large rate increases on their state's policyholders against the need to grant appropriate increases to Genworth. Genworth appreciates that insurance regulators have stepped up the pace and the amounts of approved LTC premium increases in recent years. But many state regulators approve increases that are well below the actuarially justified amounts we request and spread the increases out over several years. While we have significantly reduced the legacy LTC premium shortfall, our best estimate, based on our current MYRAP projections and regulatory approval trends, is that it could take five more years to reach economic breakeven on our legacy LTC blocks on a go-forward basis. Turning to our long-term LTC growth strategy, Genworth continues to explore a very broad range of LTC products, and LTC services that we may offer in the future to our global care solutions business. We are currently in the process of narrowing our strategic focus on the most promising and highest value-added opportunities. Based on discussions with many third parties, including the rating agencies, we believe that offering full LTC risk-bearing insurance products in the future will be very capital-intensive because of the problems of the past. While we have not made the final decisions on the global care solution strategy, and the set of products and services we will offer, it is likely that Genworth will initially focus on less capital-intensive LTC advice and service offerings that help consumers navigate the complex caregiving challenges in the market. To complement our extensive experience in this space, we are taking a consumer-led approach to this new business, and conducting primary research with caregivers and consumers to inform our go-to-market strategy. We are pleased with the progress made to date. And I look forward to sharing further updates in the next few quarters. In closing, I'm very excited about Genworth’s future and the opportunities we have to create value for our stakeholders. I also want to be clear that the position we are in today, with a much stronger balance sheet and liquidity profile, and the ability to begin returning capital to shareholders, is a direct result of the actions our board and management team took in 2021. I'm very proud of this decisiveness and urgency with which we executed against our strategic priorities. And I look forward to reviewing our progress in more detail at our upcoming annual shareholders meeting on May 19. With that, I will turn the call over to Dan to provide more details on our first quarter results, financial position, and our capital allocation strategy going forward.

Thank you, Tom. Good morning, everyone. In the first quarter, we continued to build on the strong foundation we created in 2021 and enhanced our financial flexibility. We had solid earnings in the quarter and positive cash flows that enabled us to repurchase a portion of our 2024 debt maturities, bringing us closer to our $1 billion debt target. In recognition of our significant debt reduction over the past year and improved risk profile, we received three ratings upgrades, with the most recent in March from S&P Global ratings. Our businesses are well capitalized with an estimated PMIER sufficiency ratio for Enact of 176% and estimated RBC ratio for the life companies of 296% at March 31. Holding Company cash was more than $100 million above our cash target of two times annual debt service at the end of the quarter. I'm tremendously pleased with our progress and how we transformed and repositioned the business following the announcement of our five strategic priorities last year. Now that we have a clear path to achieving our debt target and generating meaningful excess cash flows, we're well positioned to return capital to shareholders, an important priority for Genworth. I will discuss our capital allocation strategy after reviewing our first quarter financial results and drivers. As Tom indicated earlier, the first quarter served as a strong start to the year as shown on slide four of the investor presentation, with net income of $149 million and adjusted operating income of $131 million or $0.25 per share. In the prior quarter, we had net income of $163 million and adjusted operating income of $164 million or $0.32 per share. Results in the current quarter reflect adjusted operating income of $135 million from Enact, and $9 million from our runoff segments, partially offset by adjusted operating losses of $4 million from the U.S. life insurance segment, and $9 million from corporate and other. In the first quarter of this year, we saw a meaningful rise in interest rates. In the short term, our investment results will be pressured by lower bond calls and commercial mortgage loan prepayments. However, over the medium term, portfolio yields will benefit as we're able to reinvest new money at higher rates. In summary, higher rates are positive for our U.S. life insurance business. However, they will not have a significant immediate impact on earnings. For Enact, rising rates will cause a decline in refinancing activity, which we've seen evidence of this quarter. However, there is the offsetting benefit of higher persistency. The recent books Enact has written are high credit quality books, with an average FICO of 745 and loan-to-value of 92%. Higher persistency along with new insurance written will drive insurance in-force growth. While there are inflationary concerns and rising economic uncertainties, the overall demographics for first-time homebuyers are expected to remain strong. We continue to see low unemployment rates, a strong U.S. consumer, and low housing inventory. We believe home price appreciation will moderate as the Federal Reserve raises rates, offsetting some of the affordability pressure caused by the increase in rates. It's important to remember that while interest rates are higher now than they've been in the last few years, they remain historically low. Shifting to our business specific results, I'll begin with Enact. Given that Enact hosted its earnings call earlier this morning and provided a thorough update, I will focus on the key highlights. As shown on slide four, Enact’s adjusted operating income to Genworth was $135 million, an increase of 8% from the fourth quarter. Turning to slide five, insurance in-force increased 10% year-over-year to $232 billion, driven by strong new insurance written and higher persistency from the rise of interest rates. Moving to slide six, current quarter results reflected a favorable $50 million pre-tax reserve release, which drove a negative loss ratio of 4%. The reserve release was predominantly related to 2020 COVID-19 delinquencies and improved Enact’s loss ratio by 21 points. The PMIER sufficiency ratio of 176% or approximately $2.3 billion above published requirements was driven by strong business results, combined with the completion of an excess of loss reinsurance transaction, which added $312 million of additional PMIER capital credit. Enact executed an additional reinsurance transaction in the quarter covering 2022 production, which is expected to provide up to $294 million of reinsurance coverage, and will provide additional PMIER credit throughout the year. Reinsurance transactions are a key part of Enact’s credit risk transfer program to provide cost-effective capital and reduce loss volatility. We're very pleased with Enact’s continued strong performance in the first quarter, and the announcement of their quarterly dividend. The $0.14 per share dividend beginning in the second quarter will generate approximately $19 million to Genworth on a quarterly basis. The quarterly dividend announcement, along with a potential special dividend from Enact later this year, will continue to strengthen our holding company balance sheet. I will now cover U.S. life insurance segment results starting on slide seven. The segment reported an adjusted operating loss of $4 million, reflecting an operating loss of $79 million in life, partially offset by operating income of $59 million from LTC and $16 million from fixed annuities. In our LTC insurance business, adjusted operating income was $59 million, compared to $190 million in the prior quarter and $95 million in the prior year. The LTC earnings were strong in the quarter, but negatively impacted versus the prior quarter from the significant decline in variable investment income, which is not subject to profits followed by losses. As a reminder, we had expected variable investment income to moderate from recent highs. The pre-tax balance of our GAAP-only profits followed by losses reserve, which covers projected losses in the future, increased by approximately $200 million pre-tax to approximately $1.5 billion, reflecting the strong LTC results for the quarter. As slide eight illustrates, new claim incidence remains low and active claim mortality remains elevated when compared to pre-pandemic levels. However, our experience continues to trend back to its historic levels. Claimed terminations in the first quarter were higher than the prior quarter and lower than the prior year. As a result, we reduced our previously established COVID-19 mortality reserve by $9 million pre-tax in the quarter, decreasing the balance to $225 million. LTC claim mortality remained elevated consistent with nationwide COVID-19 mortality trends and reflected the surge of the Omicron variant as well as seasonal mortality patterns of experiencing high mortality in the first quarter. We generally expect LTC mortality to return to a more normalized level throughout the year. New active claims are higher than the prior year, but new claims incidence experiences remain below pre-pandemic levels, driving favorable incurred but not reported claim reserve development. Given the increase in incidents, we reduced our COVID-19 IBNR claim reserve by $29 million pre-tax, resulting in a balance of $46 million. Pending claims, which are a leading indicator of future claims incidents, have returned to pre-pandemic levels. New claims have already increased, primarily reflecting the aging of our new blocks of business, which tend to have higher inflation coverage and higher daily benefit amounts than the older blocks. As Tom mentioned, and illustrated on slides nine and ten of the investor presentation, we continue to make significant progress in addressing risk in our legacy portfolio through the multiyear rate action plan. During the quarter, we received LTC in-force rate action approvals, impacting approximately $354 million of premiums with a weighted average approval rate of 29%. The resulting $101 million in annual premium rate increases approved in the first quarter brings the total net present value from achieved LTC rate actions to $20.4 billion since 2012, up approximately $800 million since year-end. As shown on slide nine, the first quarter adjusted operating earnings from in-force rate actions of $304 million after tax includes a favorable impact related to the Choice 1 legal settlement. As of the end of the quarter, approximately 95% of the settlement class had reached the end of the election period. We anticipate a positive benefit to earnings from similar pending settlements, which impact approximately 50% of our LTC in-force policies. Subject to court approval, these two additional settlements are expected to be implemented beginning in the second half of this year and throughout 2023. The success of the multiyear rate action plan has strengthened our ability to pay LTC claims in several ways. First, there's the increased recurring premium revenue. Second, in connection with approved rate actions, and the outcomes of the recent legal settlements, we've managed long-term exposure by offering reductions in certain generous product features, such as lifetime benefits and compound inflation riders. We see more policyholders electing benefit reductions, as indicated on slide 11, with 45% selecting reduced benefit or non-forfeiture options, which reduces our long-term tail risk. As a result of these increased take rates and normal block runoff, we saw lower renewal premiums in the current quarter versus the prior year. Turning to slide 12 in our life insurance product, we reported an adjusted operating loss of $79 million, compared to operating losses of $98 million in the prior quarter and $63 million in the prior year. Adverse mortality was a key driver of the loss in the quarter. COVID-19 mortality accounted for $26 million of the loss based on death certificates received to date. While mortality is seasonally higher in the first quarter, we continue to experience excess mortality beyond COVID-19. Some of this excess mortality is likely attributable to indirect impacts of the pandemic, such as lack of preventative care and stress-induced mortality, particularly for younger age groups. Others in the life insurance industry have observed similar excess mortality during the pandemic. As a reminder, while we did update our long-term mortality assumption in the fourth quarter of 2021, the update was based on pre-pandemic experience. It was not intended to account for the pandemic-related mortality we are currently experiencing. Due to the unfavorable life mortality experience and block runoff in the quarter, we recorded a $90 million after-tax charge for DAC recoverability testing compared to $32 million in the prior quarter and $17 million in the prior year. We also accrued $20 million after tax related to an agreement in principle to settle a class action lawsuit on universal life insurance products. In fixed annuities, adjusted operating income was $16 million compared to $20 million in the prior quarter, reflecting the impact of lower net spreads from a decrease in bond calls and commercial mortgage loan prepayments and continued block runoff. In the runoff segment, our adjusted operating income was $9 million for the first quarter compared to $16 million in the prior quarter and $12 million in the prior year. Variable annuity performance was adversely impacted in the quarter by unfavorable equity market performance. As shown on slide 13, we estimate the consolidated risk-based capital ratio for Genworth Life Insurance Company or GLIC to be 296% at March 31, an improvement from 289% at December 31. The increase reflects strong performance in long-term care, partially offset by continued elevated mortality in life insurance. We expect GLIC consolidated capital and surplus in excess of $3 billion, up from $2.9 billion at year-end 2021, reflecting strong statutory results in the quarter. As also evidenced by slide 13, the statutory balance sheet of the U.S. life companies has strengthened over time, with significant improvements in capital and surplus amounts and unassigned surplus. The continued successful execution of a multiyear rate action plan is a critical component of the U.S. Life Company's ability to fulfill the long-term commitments to our policyholders. While there is still progress to be made, our rate action strategy is key to achieving economic breakeven in the legacy LTC block. Turning to the holding company on slide 14, we ended the quarter with $250 million of cash and liquid assets. Key cash activity included an inflow of $64 million from intercompany tax payments through the continued utilization of corporate tax assets and outflows of $82 million for debt reduction, and a $30 million payment to AXA related to recently processed claims. As a reminder, we retired the AXA promissory note in September 2021, but there were a limited amount of unprocessed claims remaining. This payment to AXA effectively retires this liability. We anticipate that the holding company will receive approximately $200 million to $250 million from net intercompany tax payments this year, subject to ultimate taxable income generated. Given our current tax position, we do not anticipate paying federal taxes in the near term. Finally, I'll outline our capital priorities, which will help guide our capital allocation decisions to support the strategy Tom outlined. For us, reaching our target debt level remains a top priority, as we've continuously demonstrated. We plan to retire the remaining debt due in 2024 of approximately $200 million in the third quarter of this year. After that, we will have approximately $900 million in debt outstanding, achieving our target and bringing our consolidated leverage ratio below most of our peers. Achieving our debt target has multiple benefits for our shareholders. First, based on the expected cash flows from Enact’s regular quarterly dividends, we will have approximately two times coverage on our debt service costs of $40 million per year and no principal due until 2034. Second, currently there are more stringent capital requirements placed on Enact by the government-sponsored enterprises or GSEs. Following Genworth's planned 2024 debt paydown, we would expect the removal of these restrictions with our fourth quarter results. We view this as a positive for Genworth shareholders as the majority owners of Enact. With our debt below our target, we will evaluate the best use of our excess cash flows to maximize value to our shareholders, which will include investments in future growth and returning capital to shareholders in the form of buybacks and dividends. As evidenced by our board's authorization of a $350 million share repurchase program, we view returning capital to shareholders as a key priority. At today's trading levels, we believe our stock price is trading below intrinsic value, and that share repurchases would be an effective way to capitalize on that disconnect, while returning value to Genworth shareholders. We intend to execute the buyback program opportunistically as we continue to generate excess cash flow. In closing, we had a solid quarter led by the performance of Enact and long-term care, as well as lower debt service costs as a result of our improved financial position. I'm pleased with the progress made to improve our financial strength and flexibility. I'm even more pleased to be achieving our debt target level and generating excess cash flow, which will allow us to invest in our future and begin returning capital to shareholders. This progress demonstrates the confidence we have in our future. We look forward to updating you on our progress as we execute against the strategy. With that, we'll open it up for questions.

Ladies and gentlemen, we will now begin the Q&A portion of the call. Please follow the operator's instructions. Our first question today comes from Ryan Gilbert of BTIG.

Hi, thanks. Good morning, guys. On the LTC advice and service offerings, I'm wondering if you could frame up the addressable market and competition for that type of product and as well as the return potential relative to LTC insurance.

Great question, Ryan. So we're still reviewing a broad range of LTC services and LTC products. As I said in my remarks, based on conversations with third parties, the rating agencies and others, we think their traditional full LTC risk-bearing products are very capital intensive. So I think we're focused more now in terms of initially the path forward on services that would be more advice and counsel to individuals that may or may not have insurance with us or anyone else, but helping them navigate the very complex caregiving market. If you look at the baby boomers, there are 76 million people, and less than 10% actually own LTC products, so that means 90% don’t. But two-thirds of them will need long-term care at some point. So two-thirds of that amount would make the general size of the market about 50 million people that need help. And we've paid over 330,000 claims over time, have a lot of experience, and have a nurse network that works with individuals to develop care plans. Then we have a very broad provider network, with relationships with about 90,000 providers. So we really look to help families and individuals with disabilities to navigate the system on a fee basis. We'd hope to negotiate arrangements with providers that provide discounts so that we would do the work for the policyholder or the individuals needing care at an all-in cost lower than what they would do on their own. So that's the direction we're heading in. We'll have more to say; I think we've made good progress. In the second or third quarter, we'll probably be able to be more definitive on the exact service offerings that we look to do. We'll continue to work on LTC products. As we said before, we've been talking to reinsurance or a number of reinsurers that want to participate with us. But we do think the returns given the capital requirements are not as good as the returns on the fee advice business.

Okay, got it. Second question on holding company cash, it looks like Holdco other expenses were ahead of my estimate. Anything to call out there in that line? And how should we think about how holding company other expenses will trend through the rest of the year?

Yes, thanks, Ryan. Good question. So I covered most of the items in my script. The one thing I did not touch on, every first quarter, if you look back through history, we have employee benefit payments that go out, and then we get reimbursed for those throughout the next three quarters. The net cost at the corporate level is de minimis. And so you're going to see that every first quarter, that we have an outflow and then get paid back over the rest of the year. I would just exclude that from the way that you project the overall cash payments. I would also note that we did increase the forecast from $200 million to $250 million this quarter because we feel very good about the path that we're currently on.

And as there are no further questions, I will turn the call back to Mr. McInerney for closing comments.

Thank you very much, Kevin. I want to thank all the investors and others for being on the call today. I think we're very proud of the significant progress we made in 2021, moving into 2022 looking to return capital to shareholders. As Dan and I mentioned, we're making progress on our priorities. We also will have more to say in the future about where we're going on our new global care solution business. I gave you some sense today that it's likely to be more focused on advice and services, because those businesses would be much less capital intensive. Looking forward to the upcoming May 19 annual stockholders meeting. Looking forward to seeing many of you there. And thanks again for joining the call. You supported Genworth and being an investor. Back to you, Kevin.

Thank you. Ladies and gentlemen, this concludes Genworth Financial's first quarter conference call. Thank you for your participation. At this time, the call will end.