Expanded the CareScout Quality Network to all 50 states, covering over 86% of the aged 65-plus census population in the United States

Continued progress on the LTC¹ multi-year rate action plan with $40M of gross incremental premium approvals; approximately $31.2B estimated net present value achieved since 2012 from in-force rate actions (IFAs)

Executed $51M in share repurchases in the quarter at an average price of $7.32 per share; $186M executed in 2024 at an average price of $6.52 per share; $565M in share repurchases program-to-date through February 14^th at an average price of $5.69 per share

Repurchased $31M in principal of holding company debt at a discount during the quarter

Net income² of $299M, or $0.68 per diluted share, and adjusted operating income^2,3 of $273M, or $0.62³ per diluted share in 2024

Net loss² of $1M and adjusted operating income^2,3 of $15M in the fourth quarter

Enact reported adjusted operating income of $137M² in the fourth quarter; distributed $84M in capital returns to Genworth

Completed annual assumption updates with unfavorable impacts to adjusted operating income (loss) in LTC and Life and Annuities of $52M

U.S. life insurance companies’ RBC⁴ ratio of 306%⁵ reflects strong statutory pre-tax income of $378M⁵ in 2024 and an increase in the value of the limited partnership portfolio, partially offset by higher required capital as the portfolio grows

Genworth holding company cash and liquid assets of $294M⁶ at quarter-end

(Amounts in millions, except per share data)

Net income (loss)²

Net income (loss) per diluted share²

Adjusted operating income (loss)^2,3

Adjusted operating income (loss) per diluted share^2,3

Weighted-average diluted shares⁷

Net loss in the quarter was driven by LTC, partially offset by strong Enact operating performance

Net investment losses, net of taxes, decreased net income by $32 million in the current quarter, compared with net investment gains of $52 million in the prior quarter and $30 million in the prior year. The investment losses in the current quarter were driven primarily by derivatives and an increase in the allowance for credit losses

Changes in the fair value of market risk benefits and associated hedges, net of taxes, increased net income by $2 million in the quarter driven primarily by a favorable change in interest rates, compared with decreases of $17 million in the prior quarter and $11 million in the prior year

Net investment income, net of taxes, was $626 million in the quarter, up from $614 million in the prior quarter driven by higher income from limited partnerships

(Dollar amounts in millions)

Adjusted operating income²

Primary new insurance written

Loss ratio

Equity⁸

Current quarter results reflected a pre-tax reserve release of $56 million primarily from favorable cure performance and loss mitigation activities. The prior quarter and prior year included pre-tax reserve releases of $65 million and $53 million, respectively

Net investment income of $62 million in the current quarter was up from $57 million in the prior year from higher yields and higher average invested assets

Primary insurance in-force increased two percent versus the prior year to $269 billion driven by new insurance written (NIW) and continued elevated persistency

Primary NIW was up 27 percent versus the prior year primarily driven by higher estimated originations

New delinquencies increased 17 percent to 13,717 from 11,706 in the prior year primarily from continued seasoning of large, newer books and increased six percent sequentially primarily from hurricane-related new delinquencies, which historical experience indicates cure at a higher rate

Capital Metric

PMIERs Sufficiency Ratio^5,9

Enact paid a quarterly dividend of $0.185 per share in the current quarter

Estimated PMIERs sufficiency ratio of 167 percent, $2,052 million above requirements

(Amounts in millions)

Adjusted operating loss

Premiums

Net investment income

Liability remeasurement gains (losses)

Cash flow assumption updates

Actual variances from expected experience

Premiums decreased versus the prior year primarily driven by lower renewal premiums as a result of benefit reduction elections in connection with IFAs and legal settlements and from policy terminations

Net investment income increased from higher income from limited partnerships

Current quarter liability remeasurement loss included adverse actual variances from expected experience primarily from lower terminations and higher claims and an unfavorable impact from assumption updates. The unfavorable impact from assumption updates was primarily related to healthy life assumptions and benefit utilization to better align with recent experience. These unfavorable impacts were largely offset by a favorable impact from assumption updates for future IFA approvals based on recent experience, as well as short-term incidence assumptions for incurred but not reported claims

(Amounts in millions)

Life Insurance

Fixed Annuities

Variable Annuities

Total Life and Annuities

Life insurance results in the current quarter included a net favorable $30 million pre-tax impact from model and assumption updates. The favorable model refinement related to certain universal life (UL) products with secondary guarantees and was partially offset by $28 million of unfavorable pre-tax assumption updates to mortality for UL contracts originating from term life conversions and interest rates

Current quarter mortality experience was favorable compared to the prior quarter and prior year

Prior year results included an unfavorable $226 million pre-tax impact from assumption updates

Annuity results in the current quarter included an unfavorable $18 million pre-tax impact from annual assumption updates primarily related to lapse assumptions for fixed indexed and variable annuity products; prior year results included a favorable impact from assumption updates

Current quarter results reflected lower net spread income primarily from block runoff

(Dollar amounts in millions)

Statutory pre-tax income (loss)^5,11

Long-Term Care Insurance

Life Insurance

Fixed Annuities

Variable Annuities

GLIC Consolidated RBC Ratio^4,5

Statutory pre-tax income was $378 million in 2024, with a pre-tax loss of $33 million in the current quarter

LTC continued to benefit from premium increases and benefit reductions from IFAs, though lower than the prior quarter and prior year as the Choice II legal settlement is now materially complete. LTC results also included a $79 million increase in cash flow testing reserves in GLICNY, partially offset by a net $20 million pre-tax benefit from assumption updates

Life insurance results included a favorable $75 million pre-tax impact from assumption updates, primarily related to favorable changes to the prescribed assumptions for certain term UL and UL products with secondary guarantees, including interest rates and mortality improvement; prior year included a favorable $99 million pre-tax impact from assumption updates

Fixed annuity results reflected less favorable mortality and lower net spread income primarily from block runoff compared to prior year

Variable annuity results included an unfavorable $50 million pre-tax assumption update related to expenses from declining policies in force, partially offset by a $35 million pre-tax net benefit from equity markets and interest rates

Current quarter estimated GLIC consolidated RBC ratio was 306 percent, driven by strong statutory pre-tax income in 2024 and an increase in the value of the limited partnership portfolio, partially offset by higher required capital as this portfolio grows

Cash flow testing margin in GLIC for 2024 was within the $0.5-$1.0 billion range after the completion of assumption updates

The current quarter adjusted operating loss was $23 million, down from $27 million in the prior quarter driven by lower operating expenses

(Amounts in millions)

Holding Company Cash and Liquid Assets¹²

Cash and liquid assets were $294 million at the end of the quarter, including approximately $186 million of advance cash payments from the company’s subsidiaries held for future obligations

Cash inflows during the current quarter consisted of $84 million from Enact capital returns and $40 million of other inflows related to advance cash payments from subsidiaries and other miscellaneous items

Current quarter cash outflows included $102 million in net tax payments, $51 million in share repurchases, $19 million related to debt servicing costs and the repurchase of $31 million in principal of holding company debt at a discount

In the fourth quarter of 2024, the company repurchased $51 million of its common stock at an average price of $7.32 per share leaving 421 million shares outstanding at the end of the quarter

Executed $565 million in share repurchases program-to-date through February 14^th at an average price of $5.69 per share

Telephone: 888-208-1820 or 323-794-2110 (outside the U.S.); conference ID # 5461958; or

Webcast: https://investor.genworth.com/news-events/ir-calendar

the inability to successfully launch new lines of business, including long-term care insurance and other products and services the company is pursuing with CareScout;

the company’s failure to maintain self-sustainability of its legacy life insurance subsidiaries, including as a result of the inability to achieve desired levels of in-force rate actions and/or the timing of 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;

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);

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 and the need to seek additional capital on unfavorable terms;

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, labor shortages and fluctuating interest rates; unanticipated financial events, 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; political and economic instability or changes in government policies, including U.S. federal tax laws or rates, and at regulatory agencies as a result of the change in the U.S. Administration in January 2025; and fluctuations in international securities markets;

downgrades in financial strength and credit ratings and potential adverse impacts to liquidity; 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;

litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties;

the inability to retain, attract and motivate qualified employees or senior management;

changes in the composition of Enact Holdings’ business or undue concentration by customer or geographic region;

the impact from deficiencies in the company’s disclosure controls and procedures or internal control over financial reporting;

the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine, the Israel-Hamas conflict and economic competition between the United States and China), a public health emergency, including pandemics, or climate change;

the inability to effectively manage information technology systems (including artificial intelligence), cyber incidents or other failures, disruptions or security breaches of the company or its third-party vendors, as well as unknown risks and uncertainties associated with artificial intelligence;

the inability of third-party vendors to meet their obligations to the company;

the lack of availability, affordability or adequacy of reinsurance to protect the company 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;

unanticipated claims against Enact Holdings’ delegated underwriting and loss mitigation programs;

the impact of medical advances such as genetic research and diagnostic imaging, emerging new technology, including artificial intelligence and related legislation; 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 29, 2024.

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

Loss from discontinued operations, net of taxes

Net income (loss)

Less: net income attributable to noncontrolling interests

Net income (loss) available to Genworth Financial, Inc.’s common stockholders

Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:

Basic

Diluted

Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:

Basic

Diluted

Weighted-average common shares outstanding:

Basic

Diluted⁷

Net income (loss) available to Genworth Financial, Inc.’s common stockholders

Add: net income attributable to noncontrolling interests

Net income (loss)

Less: loss from discontinued operations, net of taxes

Income (loss) from continuing operations

Less: net income from continuing operations attributable to noncontrolling interests

Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders

Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders:

Net investment (gains) losses, net¹³

Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges¹⁴

(Gains) losses on early extinguishment of debt, net¹⁵

Expenses related to restructuring

Taxes on adjustments

Adjusted operating income (loss)

Adjusted operating income (loss):

Enact segment

Long-Term Care Insurance segment

Life and Annuities segment:

Life Insurance

Fixed Annuities

Variable Annuities

Total Life and Annuities segment

Corporate and Other

Adjusted operating income (loss)

Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:

Basic

Diluted

Adjusted operating income (loss) per share:

Basic

Diluted

Weighted-average common shares outstanding:

Basic

Diluted⁷

Long-term care insurance.

All references reflect amounts available to Genworth’s common stockholders.

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.

Risk-based capital ratio based on company action level for Genworth Life Insurance Company (GLIC) consolidated.

Company estimate for the fourth quarter of 2024 due to timing of the preparation and filing of the statutory financial statement(s).

Includes approximately $186 million and $162 million of advance cash payments from the company’s subsidiaries held for future obligations as of December 31, 2024 and September 30, 2024, respectively.

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 the loss from continuing operations available to Genworth Financial, Inc.’s common stockholders for the three months ended December 31, 2023, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended December 31, 2023 as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.3 million would have been antidilutive to the calculation. If the company 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.

Reflects Genworth’s ownership of equity including accumulated other comprehensive income (loss) and excluding noncontrolling interests of $937 million, $944 million and $855 million as of December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs.

Genworth’s principal U.S. life insurance companies: GLIC, Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY).

Net gain from operations before dividends to policyholders, refunds to members and federal income taxes for GLIC, GLAIC and GLICNY, and before realized capital gains or (losses).

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.

Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million for the three months ended December 31, 2024, and $4 million and $2 million for the twelve months ended December 31, 2024 and 2023, respectively.

Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(21) million and $(1) million for the three months ended December 31, 2024 and 2023, respectively, $(30) million and $(10) million for the twelve months ended December 31, 2024 and 2023, respectively, and $(4) million for the three months ended September 30, 2024.

(Gains) losses on early extinguishment of debt were net of the portion attributable to noncontrolling interests of $2 million for the twelve months ended December 31, 2024.

Table of Contents

Investor Letter

Use of Non-GAAP Measures

Results of Operations and Selected Operating Performance Measures

Financial Highlights

Consolidated Quarterly Results

Consolidated Net Income (Loss) by Quarter

Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss)

Consolidated Balance Sheets

Consolidated Balance Sheets by Segment

Quarterly Results by Business

Adjusted Operating Income and Operating Metrics—Enact Segment

Adjusted Operating Income (Loss) and Statutory Impact of In-Force Rate Actions—Long-Term Care Insurance Segment

Adjusted Operating Income (Loss)—Life and Annuities Segment

Adjusted Operating Loss—Corporate and Other

Additional Financial Data

Investments Summary

Fixed Maturity Securities Summary

U.S. GAAP Net Investment Income Yields

Net Investment Gains (Losses)—Detail

Reconciliations of Non-GAAP Measures

Reconciliation of Operating Return On Equity (ROE)

Reconciliation of Consolidated Expense Ratio

Reconciliation of Reported Yield to Core Yield

Balance Sheet Data

Total Genworth Financial, Inc.’s stockholders’ equity, excluding accumulated other comprehensive income (loss)

Total accumulated other comprehensive income (loss)⁽¹⁾

Total Genworth Financial, Inc.’s stockholders’ equity

Book value per share

Book value per share, excluding accumulated other comprehensive income (loss)

Common shares outstanding as of the balance sheet date

Twelve Month Rolling Average ROE

U.S. GAAP Basis ROE

Operating ROE⁽²⁾

Quarterly Average ROE

U.S. GAAP Basis ROE

Operating ROE⁽²⁾

Basic and Diluted Shares

Weighted-average common shares used in basic earnings per share calculations

Potentially dilutive securities:

Performance stock units, restricted stock units and other equity-based awards

Weighted-average common shares used in diluted earnings per share calculations

As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, total accumulated other comprehensive income (loss) includes $1,023 million, $(1,341) million, $624 million, $(334) million and $(1,439) million, net of taxes, respectively, related to changes in the discount rate used to remeasure the liability for future policy benefits and related reinsurance recoverables.

See page 37 herein for a reconciliation of U.S. GAAP Basis ROE to Operating ROE.

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 (loss) from discontinued operations, net of taxes⁽¹⁾

NET INCOME (LOSS)

Less: net income attributable to noncontrolling interests

NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS

Earnings (Loss) Per Share Data:

Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share

Basic

Diluted

Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share

Basic

Diluted

Weighted-average common shares outstanding

Basic

Diluted⁽²⁾

Income (loss) from discontinued operations primarily relates to a settlement agreement involving the company’s former lifestyle protection insurance business that was sold on December 1, 2015.

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 the loss from continuing operations for the three months ended December 31, 2023, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended December 31, 2023, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.3 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended December 31, 2023, dilutive potential weighted-average common shares outstanding would have been 455.7 million.

NET INCOME (LOSS) AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS

Add: net income attributable to noncontrolling interests

NET INCOME (LOSS)

Less: income (loss) from discontinued operations, net of taxes