US Market News
2月前
Genworth Financial Announces First Quarter 2026 ResultsMay 5, 2026 4:15 PM
Business Wire Strategic Highlights Strong capital returns from Enact, with $99M received in the quarter Repurchased $66M of shares in the quarter; $856M since program inception as of March 31, 2026 CareScout delivered 1,486 matches1 in the quarter with 97% home care coverage of the aged 65-plus census population in the United States Continued progress on the LTC2 MYRAP3 with approximately $34.5B estimated net present value achieved since 2012 from IFAs4 Financial Highlights Net income5 of $47M, or $0.12 per diluted share, and adjusted operating income, excluding Closed Block5,6 of $109M, or $0.28 per diluted share Enact reported adjusted operating income of $140M5 in the quarter; PMIERs sufficiency ratio7 remains strong at 162%8 Legacy insurance companies’9 RBC ratio10 of 289%8 driven by a statutory loss in the quarter Genworth holding company cash and liquid assets of $166M11 at quarter-end Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2026. “Genworth is off to a solid start in 2026, with first quarter results demonstrating disciplined execution across our businesses,” said Tom McInerney, President & CEO. “Enact’s strong cash generation supported capital returns to shareholders, while we continued to build the CareScout platform and enhanced the self-sustainability of the Closed Block. We remain well positioned to deliver long-term shareholder value and help families navigate the aging journey with confidence.” Consolidated Metrics (Amounts in millions, except per share data) Q1 2026 Q4 2025 Q1 2025 Net income (loss)5 $ 47 $ 2 $ 54 Net income (loss) per diluted share5 $ 0.12 $ — $ 0.13 Adjusted operating income (loss), excluding Closed Block5,6 $ 109 $ 122 $ 114 Adjusted operating income (loss), excluding Closed Block per diluted share5,6 $ 0.28 $ 0.31 $ 0.27 Weighted-average diluted shares12 393.7 396.4 422.9 In the first quarter of 2026, the company began reporting adjusted operating income (loss), excluding Closed Block as its new consolidated operating performance measure. Management believes the new measure better aligns with the company’s strategy and capital allocation framework, managing the Closed Block on a standalone basis. While this is a non-GAAP financial measure, the company believes the new measure aids in understanding the company’s underlying operating performance. Consolidated GAAP Financial Highlights Net income was driven by Enact, which had strong operating performance Net investment income, net of taxes, was $605 million in the quarter, down from $620 million in the prior quarter and up from $584 million in the prior year primarily from changes in limited partnership income Net investment losses, net of taxes, decreased net income by $21 million in the quarter, compared with losses of $31 million in the prior quarter and net investment gains of $21 million in the prior year. The investment losses in the current quarter were driven primarily by net trading losses and mark-to-market adjustments on equity securities Enact Operating Metrics (Dollar amounts in millions, except where indicated) Q1 2026 Q4 2025 Q1 2025 Adjusted operating income (loss)5 $ 140 $ 146 $ 137 Primary new insurance written $ 12,786 $ 14,386 $ 9,818 Primary insurance in-force (amounts in billions) $ 272.5 $ 273.1 $ 268.4 Loss ratio 15 % 7 % 12 % Equity13 $ 4,328 $ 4,351 $ 4,159 Results in the quarter included a pre-tax reserve release of $39 million reflecting favorable cure performance and loss mitigation activities. The prior quarter and prior year included pre-tax reserve releases of $60 million and $47 million, respectively Pre-tax net investment income of $72 million was up from $63 million in the prior year from higher yields and higher invested assets Primary new insurance written (NIW) was down 11% from the prior quarter from seasonality and up 30% from the prior year primarily from elevated refinance volume Primary insurance in-force increased 2% versus the prior year, driven by NIW and continued elevated persistency Capital Metric Q1 2026 Q4 2025 Q1 2025 PMIERs sufficiency ratio7,8 162 % 162 % 165 % Enact paid a quarterly dividend of $0.21 per share Enact announced an increase to its quarterly dividend to $0.24 per share, payable in June 2026 Estimated PMIERs sufficiency ratio of 162%, $1,919 million above requirements Corporate and Other Operating Metric (Amounts in millions) Q1 2026 Q4 2025 Q1 2025 Adjusted operating income (loss) $ (31 ) $ (24 ) $ (23 ) Current quarter results were primarily driven by continued investment in CareScout to fund growth in the services business and debt service Prior quarter results included a favorable impact from tax-related items Closed Block Operating Metric (Amounts in millions) Q1 2026 Q4 2025 Q1 2025 Adjusted operating income (loss) $ (32 ) $ (114 ) $ (63 ) Current quarter results were primarily driven by a $36 million pre-tax A/E14 loss15 Mortality increased sequentially with seasonal trends, but was lower than the prior year; LTC claims continued to grow as the block ages Results included net insurance recoveries of $65 million pre-tax in LTC, with $42 million recorded as a reduction to expenses and $23 million reflected as a reduction to the A/E loss Results in the prior quarter and prior year reflected pre-tax A/E losses of $133 million and $5 million, respectively Statutory Results8,9 and RBC Ratio8,9 (Dollar amounts in millions) Q1 2026 Q4 2025 Q1 2025 Statutory pre-tax income (loss)8,16 $ (77 ) $ 3 $ (1 ) Long-term care insurance (40 ) (84 ) 50 Life insurance (57 ) 60 (34 ) Annuities 20 27 (17 ) GLIC consolidated RBC ratio8,10 289 % 300 % 304 % Statutory pre-tax loss was $77 million in the current quarter LTC continued to benefit from IFAs. Claims continued to grow as the block ages. Current quarter results reflected a $50 million benefit from net insurance recoveries Life insurance results included unfavorable reserve changes from aging of the block. The prior quarter included a net benefit from assumption updates of $51 million Mortality in LTC and life insurance increased sequentially with seasonal trends, but was lower than the prior year Annuities results reflected a $19 million favorable reserve release from a required regulatory update, partially offset by $13 million unfavorable net equity market and interest rate impacts compared to $22 million favorable in the prior quarter and $26 million unfavorable in the prior year Current quarter estimated GLIC consolidated RBC ratio was 289%, down from the prior quarter driven by the statutory loss in the quarter Holding Company Cash and Liquid Assets (Amounts in millions) Q1 2026 Q4 2025 Q1 2025 Holding company cash and liquid assets11,17 $ 166 $ 234 $ 211 Cash and liquid assets were $166 million at the end of the current quarter, which included approximately $50 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries Cash inflows during the current quarter included $99 million from Enact capital returns Current quarter cash outflows included $89 million primarily related to annual employee benefit payments, which were advanced by the subsidiaries in 2025, $66 million in share repurchases, $7 million related to debt servicing costs and the repurchase of $5 million in principal of holding company debt Capital Allocation and Shareholder Returns Executed $66 million in share repurchases in the quarter at an average price of $8.61 per share Executed $856 million in share repurchases since the program’s inception through March 31, 2026 at an average price of $6.35 per share About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a publicly traded holding company headquartered in Richmond, Virginia. Through its family of brands—including CareScout, Genworth, and Enact—Genworth uses its more than 150 years of experience to help families navigate the aging journey with clarity and confidence, offering guidance, products, and services that support caregiving decisions, long-term care planning, and the financial challenges of aging. Genworth is the majority owner of Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information, visit https://www.genworth.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, https://investor.genworth.com. Genworth will conduct a conference call on May 6, 2026 at 9:00 a.m. (ET) to discuss its first quarter results, which will be accessible via: Telephone: 800-330-6710 or 213-279-1505 (outside the U.S.); conference ID # 5100219; 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. Prior to Genworth’s conference call, Enact will hold a conference call on May 6, 2026 at 8:00 a.m. (ET) to discuss its first quarter results, which will be accessible via: Telephone: Click here to obtain a dial-in number and unique PIN for Enact’s live question and answer session; or Webcast: https://ir.enactmi.com/news-and-events/events Allow at least 15 minutes prior to the call time to register for the call. Use of Non-GAAP Measures
The company uses non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss), excluding Closed Block.” These non-GAAP financial measures are evaluated by management and the company’s Board of Directors to assess performance, manage capital allocation, and in the case of adjusted operating income (loss), excluding Closed Block, as a basis for determining annual incentive awards and compensation for senior management. These measures have been established to more accurately reflect overall operating performance, as they minimize the impact of macroeconomic volatility. Management believes using adjusted operating income (loss), excluding Closed Block as a consolidated measure of profit or loss better aligns with the company’s strategy and capital allocation framework, as no capital is allocated to the Closed Block segment, which operates on a standalone basis, using existing capital and reserves, along with in-force management actions, to meet future obligations. The company also continues to report adjusted operating income (loss) for the Closed Block segment, as it believes it is the appropriate measure of profit or loss in accordance with segment reporting. Although adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are non-GAAP financial measures, the company believes these measures aid in understanding the underlying performance of its operations. The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding: the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits attributable to interest rates, equity markets 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 attributable to interest rates, equity markets 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. Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% current tax rate, plus any associated deferred taxes, 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. Adjusted operating income (loss), excluding Closed Block, is derived from adjusted operating income (loss) and excludes adjusted operating income (loss) of the company’s Closed Block segment. While some of these items may be significant components of net income (loss) determined 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), excluding Closed Block, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are not measures of complete profitability; therefore, they should not be considered in isolation or viewed as substitutes for GAAP net income (loss). In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies. In reporting non-GAAP measures in the future, the company may make other adjustments to exclude items it does not consider reflective of its core operating performance. The company may also disclose other non-GAAP operating measures in the future if it believes that such measures would be helpful to investors in their evaluation of the company. A table at the end of this press release provides a reconciliation of net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block for the three months ended March 31, 2026 and 2025, as well as the three months ended December 31, 2025. Management also reports revenues of CareScout Services to monitor growth of the business. CareScout Services revenues, which are included in Corporate and Other, primarily consist of fees from the CareScout Quality Network and placement fees earned when placing a care seeker in a senior living community, along with service fees such as eligibility assessments and Care Plans. To arrive at CareScout Services revenues, Corporate and Other revenues are adjusted to exclude intercompany eliminations, revenues from other businesses not individually reportable, including the company’s CareScout insurance business (CareScout Insurance) and international businesses, and other sources of revenue such as corporate net investment income and net investment gains (losses). See the table at the end of this press release for a reconciliation of total Corporate and Other revenues to CareScout Services revenues. 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 the company action level RBC ratio for GLIC and its consolidating life insurance subsidiaries as well as combined statutory pre-tax earnings from the principal legacy 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). The combined product level statutory pre-tax earnings are grouped on a consistent basis as those provided on page six of the statutory Annual Statements. 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 legacy 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,” “may” 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 economic benefit of approved and future rate increases and benefit reductions included in the multi-year in-force rate action plan and other reduced benefit options associated with the long-term care insurance products in the company’s Closed Block segment; planned investments in and the company’s outlook for new lines of business or new insurance and other products and services, such as those it is pursuing with its CareScout business (CareScout), including through its CareScout services business (CareScout Services) and its CareScout insurance business (CareScout Insurance); the expected benefits and/or synergies of the Seniorly, Inc. (Seniorly) acquisition; future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in the company’s long-term care insurance products in its Closed Block segment; the resolution of the appeal or any potential litigation recovery amounts in connection with the AXA S.A. (AXA) and Santander Cards UK Limited (Santander) litigation, and Genworth’s planned use of proceeds from any recovery in connection with the litigation, including share repurchases, debt repurchases and investments in new businesses; future financial condition and liquidity of the company’s businesses; and statements the company makes regarding the outlook of the U.S. economy. 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 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 the self-sustainability of GLIC and its subsidiaries, collectively referred to as “Closed Block” or its “legacy insurance subsidiaries”, including as a result of the inability to achieve desired levels of in-force management 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; the impact on any potential recovery in the AXA and Santander litigation resulting from a successful appeal, significant delays or any other adverse development in the litigation; 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), the 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, including a U.S. federal government shutdown; an increase in the cost of care impacting the company’s long-term care insurance products included in its Closed Block segment; changes in international trade policy, including the potential impact of new or increased tariffs, retaliatory policies or actions from other countries, and trade wars or other events that lead to political and economic instability; changes in government or monetary policies; changes within regulatory agencies; changes in immigration policy; 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, including private equity and private credit; 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, instability in the Middle East and economic competition between the United States and China, among others), a public health emergency, including pandemics, or climate change; the inability to effectively manage 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 resulting from 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 27, 2026. 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 the reader 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 (Loss) (Amounts in millions, except per share amounts) (Unaudited) Three months ended March 31, Three months ended December 31, 2025 2026 2025 Revenues: Premiums $ 881 $ 862 $ 886 Net investment income 766 739 785 Net investment gains (losses) (26 ) 27 (39 ) Policy fees and other income 156 158 152 Total revenues 1,777 1,786 1,784 Benefits and expenses: Benefits and other changes in policy reserves 1,224 1,217 1,182 Liability remeasurement (gains) losses 44 4 143 Changes in fair value of market risk benefits and associated hedges 10 18 (4 ) Interest credited 95 99 97 Acquisition and operating expenses, net of deferrals 213 236 265 Amortization of deferred acquisition costs and intangibles 55 60 57 Interest expense 25 26 26 Total benefits and expenses 1,666 1,660 1,766 Income (loss) from continuing operations before income taxes 111 126 18 Provision (benefit) for income taxes 31 36 4 Income (loss) from continuing operations 80 90 14 Income (loss) from discontinued operations, net of taxes (1 ) (5 ) 21 Net income (loss) 79 85 35 Less: net income (loss) attributable to noncontrolling interests 32 31 33 Net income (loss) available to Genworth Financial, Inc.’s common stockholders $ 47 $ 54 $ 2 Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic $ 0.12 $ 0.14 $ (0.05 ) Diluted $ 0.12 $ 0.14 $ (0.05 ) Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share: Basic $ 0.12 $ 0.13 $ — Diluted $ 0.12 $ 0.13 $ — Weighted-average common shares outstanding: Basic 388.1 418.3 396.4 Diluted12 393.7 422.9 396.4 Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss), Excluding Closed Block (Amounts in millions, except per share amounts) (Unaudited) Three months ended March 31, Three months ended December 31, 2025 2026 2025 Net income (loss) available to Genworth Financial, Inc.’s common stockholders $ 47 $ 54 $ 2 Add: net income (loss) attributable to noncontrolling interests 32 31 33 Net income (loss) 79 85 35 Less: income (loss) from discontinued operations, net of taxes (1 ) (5 ) 21 Income (loss) from continuing operations 80 90 14 Less: net income (loss) from continuing operations attributable to noncontrolling interests 32 31 33 Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders 48 59 (19 ) Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net18 25 (28 ) 38 Changes in fair value of market risk benefits attributable to changes in interest rates, equity markets and associated hedges19 9 19 (6 ) (Gains) losses on early extinguishment of debt — — (1 ) Expenses related to restructuring 2 (1 ) — Taxes on adjustments20 (7 ) 2 (4 ) Adjusted operating income (loss) 77 51 8 Less: Closed Block segment adjusted operating income (loss) (32 ) (63 ) (114 ) Adjusted operating income (loss), excluding Closed Block $ 109 $ 114 $ 122 Adjusted operating income (loss): Enact segment $ 140 $ 137 $ 146 Corporate and Other (31 ) (23 ) (24 ) Closed Block segment (32 ) (63 ) (114 ) Adjusted operating income (loss) $ 77 $ 51 $ 8 Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share: Basic $ 0.12 $ 0.13 $ — Diluted $ 0.12 $ 0.13 $ — Adjusted operating income (loss), excluding Closed Block per share: Basic $ 0.28 $ 0.27 $ 0.31 Diluted $ 0.28 $ 0.27 $ 0.31 Weighted-average common shares outstanding: Basic 388.1 418.3 396.4 Diluted12 393.7 422.9 396.4 Reconciliation of Total Corporate and Other Revenues to CareScout Services Revenues (Amounts in millions) Three months ended March 31, Three months ended December 31, 2025 2026 2025 Total Corporate and Other revenues $ 15 $ 7 $ 2 Less: intercompany eliminations (4 ) (4 ) (4 ) Less: other revenues 13 7 1 CareScout Services revenues $ 6 $ 4 $ 5 Footnote Definitions 1 A match is identified when CareScout validates and approves a home care invoice that demonstrates a CareScout member has received services for the first time and the appropriate discount was applied, or receives notice of a move-in to a senior living community. 2 Long-term care insurance. 3 Multi-year rate action plan. 4 In-force rate actions. 5 All references reflect amounts available to Genworth’s common stockholders. 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 The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. 8 Company estimate for the first quarter of 2026 due to timing of the preparation and filing of the statutory financial statement(s). 9 Includes Genworth’s legacy insurance companies: Genworth Life Insurance Company (GLIC), Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY). 10 Risk-based capital ratio based on company action level for GLIC consolidated. 11 Included approximately $50 million, $127 million and $98 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. 12 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, 2025, 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, 2025, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.0 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, 2025, dilutive potential weighted-average common shares outstanding would have been 402.4 million. 13 Reflected Genworth’s ownership of equity including accumulated other comprehensive income (loss) and excluding noncontrolling interests of $1,026 million, $1,017 million and $971 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. 14 Actual variances from expected experience. 15 Included $23 million pre-tax net insurance recovery benefit in LTC. 16 Net gain (loss) 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). 17 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. 18 Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for all periods. 19 Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(1) million and $1 million for the three months ended March 31, 2026 and 2025, respectively, and $(2) million for the three months ended December 31, 2025. 20 Taxes on adjustments included tax expense of $3 million for the three months ended December 31, 2025 related to a release of a portion of the valuation allowance on certain deferred tax assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505488087/en/ Investors:
Christine Jewell
InvestorInfo@genworth.com Media:
Evans Mandes
Evans.Mandes@genworth.com Original: Genworth Financial Announces First Quarter 2026 Results
US Market News
5月前
Genworth Financial Announces Fourth Quarter 2025 ResultsFebruary 23, 2026 4:10 PM
Business Wire
Strategic Highlights
Executed $94M in share repurchases in the quarter; $245M in 2025 and $790M since program inception as of December 31, 2025
Delivered 925 matches with home care providers1 in the CareScout Quality Network in the quarter with over 95% home care coverage of the aged 65-plus census population in the United States
Closed acquisition of Seniorly, Inc. for total cash consideration of $15M
Care Assurance launched in October and was live in 39 states as of December 31, 2025
Continued progress on the LTC2 MYRAP3 with $100M of gross incremental premium approvals in the quarter; approximately $34.5B estimated net present value achieved since 2012 from IFAs4
Financial Highlights
Net income5 of $223M, or $0.54 per diluted share, and adjusted operating income5,6 of $144M, or $0.356 per diluted share in 2025
Net income5 of $2M and adjusted operating income5,6 of $8M in the quarter
Enact reported adjusted operating income of $146M5 in the quarter; distributed $127M in capital returns to Genworth, PMIERs sufficiency ratio7 remains strong at 162%8
Completed Closed Block9 annual assumption updates with net unfavorable impacts of $6M to the adjusted operating loss in the quarter
Legacy insurance companies’10 RBC ratio11 of 300%8 and statutory pre-tax income of $71M8 in 2025
Genworth holding company cash and liquid assets of $234M12 at quarter-end
Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended December 31, 2025.
“Genworth delivered strong results in 2025 as we continued to execute against our strategic priorities,” said Tom McInerney, President & CEO. “We took major steps to advance CareScout’s strategy, with nationwide expansion of the CareScout Quality Network, the launch of Care Plans, our new innovative consumer-facing solution, along with the launch and continued buildout of our CareScout insurance offerings. With Enact as a durable source of cash flows, a growing and increasingly integrated CareScout platform, and disciplined management of our legacy insurance businesses, we are delivering long-term value for shareholders while supporting millions of families navigating the aging journey.”
Consolidated Metrics
(Amounts in millions, except per share data)
Q4 2025
Q3 2025
Q4 2024
Net income (loss)5
$
2
$
116
$
(1
)
Net income (loss) per diluted share5
$
—
$
0.28
$
—
Adjusted operating income (loss)5,6
$
8
$
17
$
15
Adjusted operating income (loss) per diluted share5,6
$
0.02
$
0.04
$
0.04
Weighted-average diluted shares13
396.4
413.3
431.0
Consolidated GAAP Financial Highlights
Beginning in the fourth quarter of 2025, the company changed its reportable segments to better align with how it currently manages the business. Under the new reporting structure, the company operates its business through the following two reportable segments: Enact, comprised primarily of private mortgage insurance products, and Closed Block, comprised of long-term care insurance, life insurance and annuity products that were previously sold under the legacy insurance companies. Financial information has been updated for all periods
Net income was driven by Enact, which had strong operating performance
Net investment income, net of taxes, was $620 million in the quarter, down from $631 million in the prior quarter and $626 million in the prior year primarily from lower income from limited partnerships
Net investment losses, net of taxes, decreased net income by $31 million in the quarter, compared with net investment gains of $78 million in the prior quarter and net investment losses of $32 million in the prior year. The investment losses in the current quarter were driven primarily by net trading losses and mark-to-market adjustments on limited partnerships
Enact
GAAP Operating Metrics
(Dollar amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Adjusted operating income (loss)5
$
146
$
134
$
137
Primary new insurance written
$
14,386
$
14,048
$
13,266
Loss ratio
7
%
15
%
10
%
Equity14
$
4,351
$
4,320
$
4,068
Results included a pre-tax net reserve release of $60 million reflecting favorable cure performance and the lowering of claim rate expectations. The prior quarter and prior year included pre-tax reserve releases of $45 million and $56 million, respectively
Pre-tax net investment income of $69 million was up from $62 million in the prior year from higher yields and higher invested assets
Primary insurance in-force increased 2% versus the prior year to $273.1 billion driven by new insurance written (NIW) and continued elevated persistency
Primary NIW was up 2% from the prior quarter and 8% from the prior year
Capital Metric
Q4 2025
Q3 2025
Q4 2024
PMIERs sufficiency ratio7,8
162%
162%
167%
In February 2026, Enact announced a new share repurchase program with authorization to purchase up to $500 million of common stock
Enact announced an excess of loss reinsurance agreement covering the 2027 book year
Enact paid a quarterly dividend of $0.21 per share
Estimated PMIERs sufficiency ratio of 162%, $1,919 million above requirements
Closed Block
GAAP Adjusted Operating Income (Loss)
(Amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Long-term care insurance
$
(159
)
$
(100
)
$
(104
)
Life insurance
13
(15
)
2
Annuities
32
19
3
Total Closed Block
$
(114
)
$
(96
)
$
(99
)
Long-term care insurance
Current quarter loss included unfavorable A/E15 of $124 million pre-tax primarily from higher claims and lower terminations and an unfavorable impact from assumption updates of $47 million pre-tax
Unfavorable assumption updates in the current quarter were primarily related to benefit utilization and healthy life mortality and incidence updates that align with near-term experience, largely offset by updates reflecting favorable approval experience and benefit reductions and claim termination rates
Prior quarter loss included unfavorable A/E of $107 million pre-tax primarily from lower terminations and higher benefit utilization
Prior year loss included unfavorable A/E of $97 million pre-tax primarily from lower terminations and higher claims and an unfavorable impact from assumption updates of $20 million pre-tax
Life insurance
Current quarter income reflects favorable interest rate assumption updates of $15 million pre-tax
Prior year included a net favorable impact of $30 million pre-tax from a model refinement and assumption updates
Annuities
Current quarter income reflects favorable impact from annual assumption updates of $25 million pre-tax primarily related to mortality compared to unfavorable updates of $18 million pre-tax in the prior year
Corporate and Other
The current quarter adjusted operating loss was $24 million, up from $21 million in the prior quarter and $23 million in the prior year primarily driven by continued investment in CareScout and debt service, partially offset by favorable tax-related items
Legacy Insurance Companies10 Statutory Results8 and RBC Ratio8
(Dollar amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Statutory pre-tax income (loss)8,16
$
3
$
(12
)
$
(33
)
Long-term care insurance
(84
)
(75
)
(78
)
Life insurance
60
(2
)
49
Annuities
27
65
(4
)
GLIC consolidated RBC ratio8,11
300
%
303
%
306
%
Statutory pre-tax income was $71 million in 2025, with $3 million in the current quarter
LTC continued to benefit from premium increases and benefit reductions from IFAs. Results reflected higher claims and lower reserve releases from in-force rate actions, largely offset by higher income from limited partnerships than the prior quarter. The current quarter included an unfavorable $12 million pre-tax impact from assumption updates; prior year 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 net benefit from assumption updates of $51 million compared to $75 million in the prior year and favorable reserve changes from block runoff
Annuity results reflected favorable net equity market and interest rate impacts and unfavorable assumption updates, though lower than the prior year
Current quarter estimated GLIC consolidated RBC ratio was 300%, down from the prior year driven by higher required capital as the limited partnership portfolio grows, partially offset by statutory earnings in the year.
Holding Company Cash and Liquid Assets
(Amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Holding company cash and liquid assets12,17
$
234
$
254
$
294
Cash and liquid assets were $234 million at the end of the current quarter, which included approximately $127 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries
Cash inflows during the current quarter included $127 million from Enact capital returns
Current quarter cash outflows included $96 million18 in share repurchases, $22 million in net tax payments, $18 million related to debt servicing costs and the repurchase of $7 million in principal of holding company debt at a discount
Capital Allocation and Shareholder Returns
Executed $94 million in share repurchases in the quarter at an average price of $8.66 per share
Executed $790 million in share repurchases since the program’s inception through December 31, 2025 at an average price of $6.21 per share
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a publicly traded holding company headquartered in Richmond, Virginia. Through its family of brands—including CareScout, Genworth, and Enact—Genworth uses its more than 150 years of experience to help families navigate the aging journey with clarity and confidence, offering guidance, products, and services that support caregiving decisions, long-term care planning, and the financial challenges of aging. Genworth is the majority owner of Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information, visit https://www.genworth.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, https://investor.genworth.com.
Genworth will conduct a conference call on February 24, 2026 at 9:00 a.m. (ET) to discuss its fourth quarter results, which will be accessible via:
Telephone: 800-330-6710 or 213-279-1505 (outside the U.S.); conference ID # 5373572; 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
Management evaluates performance and allocates resources based on a non-GAAP financial measure entitled “adjusted operating income (loss).” Management evaluates adjusted operating income (loss) as a key measure to assess performance and support new business initiatives because the measure more accurately reflects overall operating performance, as it minimizes the impact of macroeconomic volatility. GLIC and its subsidiaries, which comprise the Closed Block segment, are managed on a standalone basis; therefore, the company does not allocate capital to its Closed Block segment.
The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income (loss) attributable to noncontrolling interests, net investment gains (losses), changes in fair value of market risk benefits attributable to interest rates, equity markets 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 attributable to interest rates, equity markets 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) determined in accordance with GAAP, the company believes that adjusted operating income (loss), and measures that are derived from or incorporate adjusted operating income (loss), are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Adjusted operating income (loss) is not a substitute for net income (loss) 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% current tax rate, plus any associated deferred taxes, 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 table at the end of this press release provides a reconciliation of net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) for the three and twelve months ended December 31, 2025 and 2024, as well as the three months ended September 30, 2025 and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.
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 the company action level RBC ratio for GLIC and its consolidating life insurance subsidiaries as well as combined statutory pre-tax earnings from the principal legacy 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). The combined product level statutory pre-tax earnings are grouped on a consistent basis as those provided on page six of the statutory Annual Statements. 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 legacy 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,” “may” 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 economic benefit of approved and future rate increases and benefit reductions included in the multi-year in-force rate action plan and other reduced benefit options associated with the long-term care insurance products in the company’s Closed Block segment; planned investments in and the company’s outlook for new lines of business or new insurance and other products and services, such as those it is pursuing with its CareScout business (CareScout), including through its CareScout services business (CareScout Services) and its CareScout insurance business (CareScout Insurance); the expected benefits and/or synergies of the Seniorly, Inc. (Seniorly) acquisition; future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in the company’s long-term care insurance products in its Closed Block segment; the resolution of the appeal or any potential litigation recovery amounts in connection with the AXA S.A. (AXA) and Santander Cards UK Limited (Santander) litigation, and Genworth’s planned use of proceeds from any recovery in connection with the litigation, including share repurchases, debt repurchases and investments in new businesses; future financial condition and liquidity of the company’s businesses; and statements the company makes regarding the outlook of the U.S. economy.
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 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 the self-sustainability of its legacy insurance subsidiaries, including as a result of the inability to achieve desired levels of in-force management 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;
the impact on any potential recovery in the AXA and Santander litigation resulting from a successful appeal, significant delays or any other adverse development in the litigation;
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), the 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, including a U.S. federal government shutdown; an increase in the cost of care impacting the company’s long-term care insurance products included in its Closed Block segment; changes in international trade policy, including the potential impact of new or increased tariffs, retaliatory policies or actions from other countries, and trade wars or other events that lead to political and economic instability; changes in government or monetary policies; changes within regulatory agencies; changes in immigration policy; 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, instability in the Middle East and economic competition between the United States and China, among others), 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 resulting from 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 28, 2025.
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 the reader 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 (Loss)
(Amounts in millions, except per share amounts)
Three months ended
December 31,
Twelve months ended
December 31,
Three months
ended
September 30,
2025
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues:
Premiums
$
886
$
876
$
3,499
$
3,480
$
886
Net investment income
785
793
3,125
3,160
799
Net investment gains (losses)
(39
)
(41
)
59
13
99
Policy fees and other income
152
154
618
642
151
Total revenues
1,784
1,782
7,301
7,295
1,935
Benefits and expenses:
Benefits and other changes in policy reserves
1,182
1,199
4,821
4,766
1,227
Liability remeasurement (gains) losses
143
88
313
153
106
Changes in fair value of market risk benefits and associated hedges
(4
)
(3
)
3
(13
)
(1
)
Interest credited
97
101
386
453
96
Acquisition and operating expenses, net of deferrals
265
253
1,009
977
259
Amortization of deferred acquisition costs and intangibles
57
62
231
249
57
Interest expense
26
27
105
115
27
Total benefits and expenses
1,766
1,727
6,868
6,700
1,771
Income (loss) from continuing operations before income taxes
18
55
433
595
164
Provision (benefit) for income taxes
4
20
84
158
9
Income (loss) from continuing operations
14
35
349
437
155
Income (loss) from discontinued operations, net of taxes
21
(5
)
1
(10
)
(8
)
Net income (loss)
35
30
350
427
147
Less: net income (loss) attributable to noncontrolling interests
33
31
127
128
31
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
$
2
$
(1
)
$
223
$
299
$
116
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
(0.05
)
$
0.01
$
0.54
$
0.71
$
0.30
Diluted
$
(0.05
)
$
0.01
$
0.54
$
0.70
$
0.30
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
—
$
—
$
0.54
$
0.69
$
0.29
Diluted
$
—
$
—
$
0.54
$
0.68
$
0.28
Weighted-average common shares outstanding:
Basic
396.4
425.3
409.0
433.9
408.0
Diluted13
396.4
431.0
414.0
439.4
413.3
Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss)
(Amounts in millions, except per share amounts)
(Unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
Three months
ended
September 30,
2025
2025
2024
2025
2024
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
$
2
$
(1
)
$
223
$
299
$
116
Add: net income (loss) attributable to noncontrolling interests
33
31
127
128
31
Net income (loss)
35
30
350
427
147
Less: income (loss) from discontinued operations, net of taxes
21
(5
)
1
(10
)
(8
)
Income (loss) from continuing operations
14
35
349
437
155
Less: net income (loss) from continuing operations attributable to noncontrolling interests
33
31
127
128
31
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders
(19
)
4
222
309
124
Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses, net19
38
39
(62
)
(17
)
(99
)
Changes in fair value of market risk benefits attributable to changes in interest rates, equity markets and associated hedges20
(6
)
(24
)
(5
)
(43
)
(3
)
(Gains) losses on early extinguishment of debt, net21
(1
)
(2
)
(1
)
2
—
Expenses related to restructuring
—
1
—
12
1
Taxes on adjustments22
(4
)
(3
)
(10
)
10
(6
)
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
$
8
$
15
$
144
$
273
$
17
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
Enact segment
$
146
$
137
$
558
$
585
$
134
Closed Block segment:
Long-term care insurance
(159
)
(104
)
(326
)
(176
)
(100
)
Life insurance
13
2
(66
)
(94
)
(15
)
Annuities
32
3
75
56
19
Closed Block segment
(114
)
(99
)
(317
)
(214
)
(96
)
Corporate and Other
(24
)
(23
)
(97
)
(98
)
(21
)
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
$
8
$
15
$
144
$
273
$
17
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
—
$
—
$
0.54
$
0.69
$
0.29
Diluted
$
—
$
—
$
0.54
$
0.68
$
0.28
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
0.02
$
0.04
$
0.35
$
0.63
$
0.04
Diluted
$
0.02
$
0.04
$
0.35
$
0.62
$
0.04
Weighted-average common shares outstanding:
Basic
396.4
425.3
409.0
433.9
408.0
Diluted13
396.4
431.0
414.0
439.4
413.3
Footnote Definitions
A match with a home care provider is identified when CareScout validates and approves an invoice from a CareScout Quality Network provider that demonstrates a CareScout member has received services for the first time, and the appropriate discount was applied.
Long-term care insurance.
Multi-year rate action plan.
In-force rate actions.
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.
The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs.
Company estimate for the fourth quarter of 2025 due to timing of the preparation and filing of the statutory financial statement(s).
Beginning in the fourth quarter of 2025, the company changed its reportable segments—the Closed Block segment is comprised of long-term care insurance, life insurance and annuity products.
Genworth’s legacy insurance companies: GLIC, Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY).
Risk-based capital ratio based on company action level for Genworth Life Insurance Company (GLIC) consolidated.
Includes approximately $127 million, $145 million and $186 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries as of December 31, 2025, September 30, 2025 and December 31, 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 for the three months ended December 31, 2025, 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, 2025, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.0 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, 2025, dilutive potential weighted-average common shares outstanding would have been 402.4 million.
Reflects Genworth’s ownership of equity including accumulated other comprehensive income (loss) and excluding noncontrolling interests of $1,017 million, $1,009 million and $937 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
Actual variances from expected experience.
Net gain (loss) 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.
Includes $2 million of share repurchases executed in the third quarter of 2025 but settled in the fourth quarter of 2025.
Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $3 million and $4 million for the twelve months ended December 31, 2025 and 2024, 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 $(2) million and $(21) million for the three months ended December 31, 2025 and 2024, respectively, $(8) million and $(30) million for the twelve months ended December 31, 2025 and 2024, respectively, and $(2) million for the three months ended September 30, 2025.
(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.
Taxes on adjustments included tax expense (benefits) of $3 million and $(24) million for the three and twelve months ended December 31, 2025, respectively, and $(27) million for the three months ended September 30, 2025 related to a release of a portion of the valuation allowance on certain deferred tax assets.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260223312330/en/
Investors:
Christine Jewell
InvestorInfo@genworth.com
Media:
Evans Mandes
Evans.Mandes@genworth.com
Original: Genworth Financial Announces Fourth Quarter 2025 Results
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
dounome
3年前
Joe Stocks
5年前
1hot toddy
5年前
JusticeWillWin
6年前
whytestocks
6年前
ClayTrader
6年前
$treet $inatra
6年前
メールアドレスで登録
