GENWORTH FINANCIAL INC

Previous wording

This report 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 our future business and financial performance. Examples of forward-looking statements include statements we make relating to potential dividends or share repurchases; future return of capital by Enact Holdings, Inc. (“Enact Holdings”), including share repurchases, and quarterly and special dividends; the cumulative economic benefit of approved and future rate actions included in our long-term care insurance multi-yearin-force rate action plan; planned investments in and our outlook for new lines of business or new insurance and other products and services, such as those we are pursuing with our CareScout business (“CareScout”), including through our CareScout services business (“CareScout Services”) and our CareScout insurance business (“CareScout Insurance”); the timing of any future insurance offering through CareScout Insurance; future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in our long-term care insurance business; any potential future judgment, recovery and/or payment amounts in connection with the AXA S.A. (“AXA”) and Santander Cards UK Limited (“Santander”) litigation, 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 our businesses; and statements we make regarding the outlook of the U.S. economy.

Current wording

This report 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 our future business and financial performance. Examples of forward-looking statements include statements we make relating to potential dividends or share repurchases; future return of capital by Enact Holdings, Inc. (“Enact Holdings”), including share repurchases, and quarterly and special dividends; the cumulative economic benefit of approved and future rate actions included in our long-term care insurance multi-year in-force rate action plan; planned investments in and our outlook for new lines of business or new insurance and other products and services, such as those we are pursuing with our CareScout business (“CareScout”), including through our CareScout services business (“CareScout Services”) and our CareScout insurance business (“CareScout Insurance”); the expected benefits and/or synergies of the Seniorly, Inc. (“Seniorly”) acquisition; future insurance offerings through CareScout Insurance; future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in our long-term care insurance business; 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 our businesses; and statements we make regarding the outlook of the U.S. economy.

Previous wording

market; an increase in the number of loans insured through federal government mortgage insurance programs, including those offered by the Federal Housing Administration (“FHA”); the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by the private mortgage insurer eligibility requirements (“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;

Current wording

•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 (“FHA”); the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by the private mortgage insurer eligibility requirements (“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;

Previous wording

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s legacy U.S. life insurance subsidiaries offer long-term care insurance and also managein-force blocks of life insurance and annuity products. Genworth Financial also has astart-up business whereby it offersfee-based services, advice, consulting and other aging care products and services through CareScout.

Current wording

Genworth Financial, through its principal insurance subsidiaries, offers mortgage and long-term care insurance products. Genworth Financial is the parent company of Enact Holdings, a leading provider of private mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial’s legacy U.S. life insurance subsidiaries offer long-term care insurance and also manage in-force blocks of life insurance and annuity products. Genworth Financial also has start-up businesses whereby it offers fee-based services, advice, consulting and other aging care services, as well as long-term care insurance products, through CareScout.

Previous wording

We report our business results through three segments: Enact; Long-Term Care Insurance; and Life and Annuities. The products in the Life and Annuities segment include traditional andnon-traditional life insurance (term, universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), and fixed and variable annuities, none of which are actively marketed or sold.

Current wording

We report our business results through three segments: Enact; Long-Term Care Insurance; and Life and Annuities. The products in the Life and Annuities segment include traditional and non-traditional life insurance (term, universal and term universal life insurance as well as corporate-owned life insurance and funding agreements), and fixed and variable annuities, none of which are actively marketed or sold.

Previous wording

In addition to our three reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings, Inc. (“Genworth Holdings”) level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as CareScout and certain international businesses.

Current wording

In addition to our three reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings, Inc. (“Genworth Holdings”) level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as CareScout Services and CareScout Insurance, and certain international businesses.

Previous wording

We continue to create shareholder value through Enact’s growing market value and capital returns. Enact Holdings provided $94 million of capital returns to Genworth Holdings in the second quarter of 2025. We believe capital returns from Enact will continue to benefit our shareholders by funding our strategic initiatives, including new CareScout products and services, as well as share repurchases and opportunistic debt reduction. Since the initial authorization of Genworth Financial’s share repurchase program in May 2022 and through July 31, 2025, we have repurchased $630 million worth of shares of Genworth Financial’s common stock. For additional information on our share repurchase program, see “—Liquidity and Capital Resources.”

Current wording

We continue to create shareholder value through Enact’s growing market value and capital returns. Enact Holdings provided $110 million of capital returns to Genworth Holdings in the third quarter of 2025. We believe capital returns from Enact will continue to benefit our shareholders by funding our strategic initiatives, including new CareScout products and services, as well as share repurchases and opportunistic debt reduction. On September 18, 2025, Genworth Financial announced that its Board of Directors had authorized a new share repurchase program under which Genworth Financial may purchase up to $350 million of its outstanding common stock. Since the initial authorization of Genworth Financial’s share repurchase program in May 2022 and through October 31, 2025, we have repurchased $725 million worth of shares of Genworth Financial’s common stock. For additional information on our share repurchase program, see “—Liquidity and Capital Resources.”

Previous wording

We continue to make progress on our strategic priority to maintain self-sustaining, customer-centric legacy U.S. life insurance subsidiaries, including our long-term care insurance, life insurance and annuity businesses. Our long-term care insurance multi-yearin-force rate action plan continues to be our most effective tool in supporting this strategic priority. We achieved an estimated cumulative economic benefit of approximately $31.6 billion, on a net present value basis, of approved rate actions since 2012 through the second quarter of 2025. As we manage our legacy U.S. life insurance subsidiaries on a standalone basis, these entities will continue to rely on their statutory capital, significant reserves, prudent management of thein-force blocks and long-term care insurancein-force rate actions to satisfy policyholder obligations. For additional information regarding ourin-force rate actions, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment—Long-Term Care Insurance segment.”

Current wording

We continue to make progress on our strategic priority to maintain self-sustaining, customer-centric legacy U.S. life insurance subsidiaries, including our long-term care insurance, life insurance and annuity businesses. Our long-term care insurance multi-year in-force rate action plan continues to be our most effective tool in supporting this strategic priority. We achieved an estimated cumulative economic benefit of approximately $31.8 billion, on a net present value basis, of approved rate actions since 2012 through the third quarter of 2025. As we manage our legacy U.S. life insurance subsidiaries on a standalone basis, these entities will continue to rely on their statutory capital, significant reserves, prudent management of the in-force blocks and long-term care insurance in-force rate actions to satisfy policyholder obligations. For additional information regarding our in-force rate actions, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment—Long-Term Care Insurance segment.”

Previous wording

We plan to drive future growth through CareScout with innovative, consumer-focused aging care services and funding solutions.

Current wording

We continue to drive future growth through CareScout with innovative, consumer-focused aging care services and funding solutions.

Previous wording

CareScout Services made strong progress during the second quarter of 2025, increasing its network of long-term care providers (“CareScout Quality Network”) to nearly 650 home care providers nationwide, and continued to see growth in the number of CareScout members who received first-time services from the network. Substantially all of the providers in the CareScout Quality Network have agreed to hourly rates below the median cost of care in their respective zip codes (as determined by Genworth and CareScout’s Cost of Care Survey in effect when the providers were added). In addition to the benefits to consumers, the discounts available through the network are expected to further mitigate risk in our legacy long-term care insurance block by reducing claims costs, aligning the interests of long-term care providers, CareScout Services and CareScout members. Throughout the remainder of 2025, we plan to add assisted living communities in large metropolitan areas while continuing to grow our home care provider network and invest in scaling our technology-enabled platform along with marketing and brand awareness. We are also executing on our plan to expand network access to other long-term care insurance carriers with closed blocks of business and have begun pilot programs with two long-term care insurers. In the second quarter of 2025, we expanded our product offerings through CareScout Services with the launch of Care Plans, which provides virtual care evaluations conducted by a licensed nurse and tailored aging care strategies and local resources for consumers. In addition to helping families navigate the aging journey, the new Care Plans offering and the continued expansion of the CareScout Quality Network are expected to contribute to fee-based revenue growth, in line with our strategy of diversifying earnings and scaling our capital-light services business. We plan to invest approximately $45 million to $50 million in CareScout Services for the full year 2025 as we continue to build out the offering.

Current wording

CareScout Services made strong progress during the third quarter of 2025, increasing its network of long-term care providers (“CareScout Quality Network”) to over 700 home care providers with more than 950 locations nationwide, and continued to see growth in the number of CareScout members who received first-time services from the network. Substantially all of the home care providers in the CareScout Quality Network have agreed to hourly rates below the median cost of care in their respective zip codes (as determined by Genworth and CareScout’s Cost of Care Survey). In addition to the benefits to consumers, the discounts available through the network are expected to further mitigate risk in our legacy long-term care insurance block by reducing claims costs, aligning the interests of long-term care providers, CareScout Services and CareScout members. We also continue to work towards expanding network access to other long-term care insurance carriers with closed blocks of business. Two pilot programs are in progress, and we are in various stages of engagement with three other long-term care insurers.

Previous wording

We also continue to work towards rolling out innovative solutions to meet the growing demand for aging care funding through CareScout Insurance. In April 2025, our individual long-term care insurance product, CareScout Care Assurance, was approved by the Interstate Insurance Product Regulation Commission (“Compact”), which extended to 23 individual jurisdictions. As of June 30, 2025, CareScout Care Assurance has been approved by 6 additional jurisdictions that do not participate in the Compact, for a total of 29 approvals. We are in the process of filing for additional state licenses and plan to launch the product later this year. This product has been developed with meaningful, but limited coverage and assumptions designed to reduce the need for future premium increases. CareScout Care Assurance will also include access to the CareScout Quality Network, which provides significant discounts on care costs to help policyholders optimize their claim dollars. We plan to contribute $85 million of capital to our CareScout Insurance subsidiary for the full year 2025 to meet regulatory capital requirements. The increase from our previously planned capital investment of $75 million reflects lower investment income expected to be earned in 2025 in our CareScout Insurance subsidiary as a result of later than originally anticipated funding, leading to modestly higher capital requirements. We anticipate this initial capital investment will be the majority of the funding we allocate to this business over the next three years. Though actual funding may vary based on business performance and other developments, we expect amounts in subsequent years will be smaller than this initial amount.

Current wording

We have advanced our strategy to roll out innovative solutions to meet the growing demand for aging care funding through CareScout Insurance. In October 2025, we launched our individual long-term care insurance product, CareScout Care Assurance, with the product approved in 37 states as of October 31, 2025 and additional approvals pending. CareScout Care Assurance features customizable levels of coverage, inflation protection and individualized policyholder experiences. It also includes access to the CareScout Quality Network, which provides discounts on care costs to help policyholders optimize their claim dollars. This product has been developed with meaningful but limited coverage, and assumptions designed to reduce the need for future premium rate increases. We anticipate that future product offerings would include an asset-based hybrid long-term care insurance design that includes low-cost equity-based crediting strategies for accumulation, as well as worksite and association group long-term care insurance offerings to broaden distribution through employers and other partners. We have contributed $85 million to our CareScout Insurance subsidiary in 2025 to meet its regulatory capital requirements. Though actual funding may vary based on business performance and other developments, we anticipate this initial capital investment will be the majority of the funding we allocate to this business over the next few years.

Previous wording

There were no changes in the financial strength ratings of our principal insurance subsidiaries or the credit ratings of Genworth Financial and Genworth Holdings subsequent to February 28, 2025, the date we filed our 2024 Annual Report on Form 10-K. For additional information regarding the financial strength ratings of Genworth Financial’s insurance subsidiaries and the credit ratings of Genworth Financial and Genworth Holdings, including their importance to our business, see “Item 1—Business—Ratings” in our 2024 Annual Report on Form 10-K.

Current wording

There were no other changes in the financial strength ratings of our principal insurance subsidiaries or the credit ratings of Genworth Financial and Genworth Holdings subsequent to February 28, 2025, the date we filed our 2024 Annual Report on Form 10-K. For additional information regarding the financial strength ratings of Genworth Financial’s insurance subsidiaries and the credit ratings of Genworth Financial and Genworth Holdings, including their importance to our business, see “Item 1—Business—Ratings” in our 2024 Annual Report on Form 10-K.

Previous wording

Benefits and other changes in policy reserves

Current wording

•Benefits and other changes in policy reserves. Benefits and other changes in policy reserves consist primarily of benefits paid, interest accretion expense and other reserve activity related to future policy benefits for long-term care insurance, life insurance, and fixed and variable annuities, and claim costs incurred related to mortgage insurance products.

Previous wording

Our chief operating decision maker (“CODM”) evaluates performance and allocates resources based on anon-GAAP financial measure entitled “adjusted operating income (loss).” Our CODM 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. Our legacy U.S. life insurance subsidiaries, which comprise our Long-Term Care Insurance and Life and Annuities segments, are managed on a standalone basis; therefore, we do not allocate capital to our Long-Term Care Insurance and Life and Annuities segments.

Current wording

Our chief operating decision maker (“CODM”) evaluates performance and allocates resources based on a non-GAAP financial measure entitled “adjusted operating income (loss).” Our CODM 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. Our legacy U.S. life insurance subsidiaries, which comprise our Long-Term Care Insurance and Life and Annuities segments, are managed on a standalone basis; therefore, we do not allocate capital to our Long-Term Care Insurance and Life and Annuities segments.

Previous wording

We define adjusted operating income (loss) as income (loss) from continuing operations excluding theafter-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 unusualnon-operating items. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits 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 unusualnon-operating items from adjusted operating income (loss) because, in our opinion, they are not indicative of overall operating performance.

Current wording

We define 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 our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude net investment gains (losses), changes in fair value of market risk benefits 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 our opinion, they are not indicative of overall operating performance.

Previous wording

Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments.

Current wording

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.

Previous wording

The adjusted operating loss increased primarily driven by net insurance recoveries of $19 million in the prior year that did not recur and a higher remeasurement loss in the current year, partially offset by higher limited partnership income in the current year.

Current wording

•Theadjusted operating loss increased primarily driven by unfavorable cash flow assumption updates in the current year compared to favorable updates in the prior year, net insurance recoveries of $22 million in the prior year that did not recur and aging of the in-force block, including higher interest accretion.

Previous wording

While inflation remained elevated through the second quarter of 2025, household balance sheets were supported by low unemployment rates and continued earnings growth. Beginning in April 2025, the U.S. economy became subject to significant volatility and uncertainty, largely related to changing economic policies, including new and increasing tariffs as well as certain domestic and geopolitical tensions. The ancillary effects of these factors on the domestic and global economies could materially impact the U.S. housing market and Enact’s business.

Current wording

During the first three quarters of 2025, the U.S. economy was subject to significant volatility and uncertainty, largely related to changing economic policies, including new and increasing tariffs, continued inflationary pressure and the then impending federal government shutdown, as well as certain domestic and geopolitical tensions. The ancillary effects of these factors on the domestic and global economies could materially impact the U.S. housing market and Enact’s business.

Previous wording

Mortgage origination activity remained slow during the second quarter of 2025 in response to elevated mortgage rates and sustained low housing supply. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation outpaced median family income, according to the National Association of Realtors Housing Affordability Index. National home price growth has slowed into the first half of 2025, according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (seasonally adjusted).

Current wording

The mortgage origination market remained relatively slow in response to elevated mortgage rates. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation outpaced median family income, according to the National Association of Realtors Housing Affordability Index. Affordability pressures eased slightly during the third quarter of 2025 as mortgage rates began to decline and national home price growth has slowed, according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (seasonally adjusted).

Previous wording

New insurance written of $13.3 billion in the second quarter of 2025 decreased 3% compared to the second quarter of 2024. Changes in new insurance written are primarily impacted by the size of the mortgage insurance market and Enact’s market share. Enact’s primary persistency rate was 82% and 83% during the second quarters of 2025 and 2024, respectively. The persistency rate continues to remain higher than historical levels driven by a large percentage of Enact’sin-force policies with interest rates below current mortgage rates.

Current wording

New insurance written of$14.0 billion in thethird quarter of 2025 increased 3% compared to thethird quarter of 2024. Changes in new insurance written are primarily impacted by the size of the mortgage insurance market and Enact’s market share. Enact’s primary persistency rate was 83% for both thethree months ended September 30, 2025 and 2024. The persistency rate continues to remain higher than historical averages driven by a large percentage of Enact’s in-force policies with interest rates below current mortgage rates.

Previous wording

Enact’s loss ratio for the three months ended June 30, 2025 and 2024 was 10% and (7)%, respectively. Both periods were impacted by favorable reserve development. Enact released reserves of $48 million during the second quarter of 2025 primarily driven by favorable cure performance on delinquencies from early 2024 and prior. This compares to a reserve release of $77 million in the second quarter of 2024 primarily related to early 2023 and prior delinquencies. As part of the reserve release in the second quarter of 2024, Enact also decreased its claim rate assumptions largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

Current wording

Enact’s loss ratio for thethree months ended September 30, 2025 and 2024 was 15% and 5%, respectively. Both periods were impacted by favorable reserve development. Enact released reserves of $45 million during the third quarter of 2025 primarily driven by favorable cure performance on delinquencies from 2024 and prior. This compares to a reserve release of $65 million in the third quarter of 2024 primarily related to cure performance on 2023 and prior delinquencies.

Previous wording

New primary delinquencies in the second quarter of 2025 increased compared to the second quarter of 2024 primarily due to the normal loss development pattern on newer books of business. New primary delinquencies of 11,567 contributed $69 million of loss expense in the second quarter of 2025, while Enact incurred $60 million of losses from 10,461 new primary delinquencies in the second quarter of 2024. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions.

Current wording

Newprimary delinquencies in the third quarter of 2025 increased slightly compared to the third quarter of 2024 primarily due to the normal loss development pattern on newer books of business. New primary delinquencies of 12,998 contributed $79 million of loss expense in the third quarter of 2025, while Enact incurred $75 million of loss expense from 12,964 new primary delinquencies in the third quarter of 2024. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions.

Previous wording

As of June 30, 2025, Enact Mortgage Insurance Corporation’s (“EMICO”) estimated risk-to-capital ratio under North Carolina law and enforced by the North Carolina Department of Insurance (“NCDOI”), EMICO’s domestic insurance regulator, was 10.3:1, compared with risk-to-capital ratios of 10.5:1 and 10.8:1 as of December 31, 2024 and June 30, 2024, respectively. EMICO’srisk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s calculation ofrisk-to-capital excludes the riskin-force for delinquent loans given the established loss reserves against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional capital that is generated or distributed by the business.

Current wording

As of September 30, 2025, EMICO’s estimated risk-to-capital ratio under North Carolina law and enforced by the North Carolina Department of Insurance (“NCDOI”), EMICO’s domestic insurance regulator, was 10.2:1, compared with risk-to-capital ratios of 10.5:1 and 10.4:1 as of December 31, 2024 and September 30, 2024, respectively. EMICO’s risk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s calculation of risk-to-capital excludes the risk in-force for delinquent loans given the established loss reserves against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional capital that is generated or distributed by the business.

Previous wording

Under PMIERs, Enact is subject to operational and financial requirements that private mortgage insurers must meet in order to remain eligible to insure loans that are purchased by the GSEs. As of June 30, 2025, Enact had estimated available assets of $4,992 million against $3,031 million net required assets under PMIERs compared to available assets of $4,999 million against $3,033 million net required assets as of March 31, 2025. The sufficiency ratio as of June 30, 2025 was 165% or $1,961 million above the PMIERs requirements, compared to 165% or $1,966 million above the PMIERs requirements as of March 31, 2025. Enact’s PMIERs required assets benefited from a reinsurance credit of $1,870 million and $1,880 million as of June 30, 2025 and March 31, 2025, respectively, related to third-party reinsurance transactions.

Current wording

Under PMIERs, Enact is subject to operational and financial requirements that private mortgage insurers must meet in order to remain eligible to insure loans that are purchased by the GSEs. As of September 30, 2025, Enact had estimated available assets of $4,974 million against $3,070 million net required assets under PMIERs compared to available assets of $4,992 million against $3,031 million net required assets as of June 30, 2025. The sufficiency ratio as of September 30, 2025 was 162% or $1,904 million above the PMIERs requirements, compared to 165% or $1,961 million above the PMIERs requirements as of June 30, 2025. Enact’s PMIERs required assets benefited from a reinsurance credit of$1,889 million and $1,870 million as of September 30, 2025 and June 30, 2025, respectively, related to third-party reinsurance transactions.

Previous wording

In March and June 2025, EMICO paid dividends to Enact Holdings that support Enact Holdings’ ability to return capital to shareholders. On May 1, 2024, Enact Holdings announced approval by its board of directors of a share repurchase program under which Enact Holdings could repurchase up to $250 million of its common stock. Enact Holdings completed the repurchase of shares under this authorization in the second quarter of 2025. On April 30, 2025, Enact Holdings announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $350 million of its common stock. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its current ownership interest in Enact Holdings. In addition to its share repurchase program, Enact Holdings pays a quarterly dividend. As the majority shareholder, Genworth Holdings received $94 million of capital returns from Enact Holdings during the second quarter of 2025, comprised of $68 million of share repurchases and $26 million of quarterly dividends.

Current wording

During each of the first three quarters of 2025, EMICO paid dividends to Enact Holdings that support Enact Holdings’ ability to return capital to shareholders. On May 1, 2024, Enact Holdings announced the approval by its board of directors of a share repurchase program under which Enact Holdings could repurchase up to $250 million of its common stock. Enact Holdings completed the repurchase of shares under this authorization in the second quarter of 2025. On April 30, 2025, Enact Holdings announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $350 million of its common stock. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its current ownership interest in Enact Holdings. In addition to its share repurchase program, Enact Holdings pays a quarterly dividend. As the majority shareholder, Genworth Holdings received $110 million of capital returns from Enact Holdings during thethird quarter of 2025, comprised of $85 million of share repurchases and $25 million of quarterly dividends.

Previous wording

Benefits and other changes in policy reserves increased primarily driven by a lower reserve release and higher new delinquencies in the current year. Enact released reserves of $48 million during the second quarter of 2025 primarily related to favorable cure performance on delinquencies from early 2024 and prior. During the second quarter of 2024, Enact recorded a reserve release of $77 million primarily related to cure performance on early 2023 and prior delinquencies. As part of the reserve release in the second quarter of 2024, Enact decreased its claim rate assumptions largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

Current wording

Benefits and other changes in policy reserves increased primarily driven by a lower reserve release and higher new delinquencies in the current year. Enact released reserves of $45 million during thethird quarter of 2025 primarily related to favorable cure performance on delinquencies from 2024 and prior. During thethird quarter of 2024, Enact recorded a reserve release of $65 million primarily related to cure performance on 2023 and prior delinquencies.

Previous wording

Premiums increased slightly mainly driven by higher assumed premiums and insurancein-force growth, partially offset by higher ceded premiums in the current year.

Current wording

Premiums increased slightly mainly driven by insurance-in force growth and higher assumed premiums, partially offset by higher ceded premiums and slightly lower average premium rates in the current year.

Previous wording

Benefits and other changes in policy reserves increased largely from lower reserve releases and higher new delinquencies in the current year. Enact released reserves of $95 million in the current year primarily related to favorable cure performance on delinquencies from early 2024 and prior. In the prior year, Enact recorded reserve releases of $131 million primarily related to cure performance on early 2023 and prior delinquencies. As part of the reserve releases in 2024, Enact decreased its claim rate assumptions largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

Current wording

Benefits and other changes in policy reserves increased largely from lower reserve releases and higher new delinquencies in the current year. Enact released reserves of $140 million in the current year primarily related to favorable cure performance on delinquencies from 2024 and prior. In the prior year, Enact recorded reserve releases of $196 million primarily related to cure performance on 2023 and prior delinquencies. As part of the reserve releases in 2024, Enact decreased its assumptions for the rate at which delinquencies go to claim (“claim rate”) largely as a result of sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies.

Previous wording

Acquisition and operating expenses, net of deferrals, decreased primarily due to expenses in the prior year that did not recur, including an $11 million loss on the early redemption of Enact Holdings’ 6.50% senior notes due in August 2025 (“2025 Notes”) and restructuring expenses.

Current wording

Acquisition and operating expenses, net of deferrals, decreased primarily due to expenses in the prior year that did not recur, including an $11 million loss on the early redemption of Enact Holdings’ 6.50% senior notes due in August 2025 (“2025 Notes”) and restructuring expenses. The decrease was also driven by lower operating costs in the current year.

Previous wording

Provision for income taxes. The effective tax rate was 21.7% and 21.8% for the six months ended June 30, 2025 and 2024, respectively, consistent with the U.S. corporate federal income tax rate.

Current wording

Provision for income taxes. The effective tax rate was 21.8% and 21.6% for thenine months ended September 30, 2025 and 2024, respectively, consistent with the U.S. corporate federal income tax rate.

Previous wording

Management regularly monitors and reports insurancein-force and riskin-force for our Enact segment. Insurancein-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by our U.S. mortgage insurance subsidiaries. Riskin-force is based on the coverage percentage applied to the estimated current outstanding loan balance. These metrics are presented on a direct basis and exclude reinsurance. We consider insurancein-force and riskin-force to be measures of Enact’s operating performance because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period.

Current wording

Management regularly monitors and reports insurance in-force and risk in-force for our Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by our U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. These metrics are presented on a direct basis and exclude reinsurance. We consider insurance in-force and risk in-force to be measures of Enact’s operating performance because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period.

Previous wording

Substantially all of Enact’s policies are primary mortgage insurance, which provides protection on individual loans at specified coverage percentages. Primary mortgage insurance is placed on individual loans at the time of origination and is typically delivered to Enact on aloan-by-loan basis. Primary mortgage insurance can also be delivered to Enact on an aggregated basis, whereby each mortgage in a given loan portfolio is insured in a single transaction after the point of origination. Enact also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”).

Current wording

Substantially all of Enact’s policies are primary mortgage insurance, which provides protection on individual loans at specified coverage percentages. Primary mortgage insurance is placed on individual loans at the time of origination and is typically delivered to Enact on a loan-by-loan basis. Primary mortgage insurance can also be delivered to Enact on an aggregated basis, whereby each mortgage in a given loan portfolio is insured in a single transaction after the point of origination. Enact also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”).

Previous wording

Primary insurancein-force increased mainly from new insurance written and elevated persistency, partially offset by lapses and cancellations. The primary persistency rate was 83% and 84% for the six months ended June 30, 2025 and 2024, respectively. Total riskin-force increased primarily as a result of higher primary insurancein-force.

Current wording

Primary insurance in-force increased mainly from new insurance written and elevated persistency, partially offset by lapses and cancellations. The primary persistency rate was 83% for both thenine months ended September 30, 2025 and 2024. Total risk in-force increased primarily as a result of higher primary insurance in-force.

Previous wording

The loss ratio increased for the three and six months ended June 30, 2025 largely from lower reserve releases and higher new delinquencies in the current year as discussed above.

Current wording

The loss ratio increased for thethree and nine months ended September 30, 2025 largely from lower reserve releases and higher new delinquencies in the current year as discussed above.

Previous wording

The expense ratio decreased for the three and six months ended June 30, 2025 primarily due to an $11 million loss on the early redemption of Enact Holdings’ 2025 Notes in the prior year that did not recur, which increased the expense ratio by five and two percentage points for the three and six months ended June 30, 2024, respectively. The decrease in the expense ratio for the six months ended June 30, 2025 was also attributable to restructuring expenses in the prior year that did not recur.

Current wording

The expense ratio decreased for thenine months ended September 30, 2025 due to an $11 million loss on the early redemption of Enact Holdings’ 2025 Notes, which increased the expense ratio by two percentage points for thenine months ended September 30, 2024.

Previous wording

The delinquency rate decreased compared to December 31, 2024 primarily from a decrease in total delinquencies mostly driven by cures and paid claims outpacing new delinquencies, but increased compared to June 30, 2024 largely due to new delinquencies exceeding cures and paid claims.

Current wording

The delinquency rate increased compared to September 30, 2024 largely due to new delinquencies exceeding cures and paid claims.

Previous wording

Loss reserves in policy years 2008 and prior are outsized compared to their representation of risk in-force. The size of these policy years at origination combined with the significant decline in home prices led to significant losses in policy years prior to 2009. Although uncertainty remains with respect to the ultimate losses Enact will experience on these policy years, they have become a smaller percentage of its total mortgage insurance portfolio. The concentration of loss reserves has shifted to newer book years in line with changes in risk in-force. As of June 30, 2025, Enact’s 2018 and newer policy years represented approximately 95% of its primary risk in-force and 83% of its total direct primary case reserves.

Current wording

Loss reserves in policy years 2008 and prior are outsized compared to their representation of risk in-force. The size of these policy years at origination combined with the significant decline in home prices led to significant losses in policy years prior to 2009. Although uncertainty remains with respect to the ultimate losses Enact will experience on these policy years, they have become a smaller percentage of its total mortgage insurance portfolio. The concentration of loss reserves has shifted to newer book years in line with changes in risk in-force. As of September 30, 2025, Enact’s 2018 and newer policy years represented approximately 95% of its primary risk in-force and 85% of its total direct primary case reserves.

Previous wording

Because these factors are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments as our actual claims experience will emerge over many years, or decades. For example, average claim reserves for new claims have trended higher over time as the mix of claims continues to evolve, with an increasing number of policies with higher daily benefit amounts and higher inflation factors going on claim. Although new claim counts on certain of our oldest long-term care insurance blocks of business have reached their peak claim years and will decrease as the blocks run off, we expect overall claims costs to continue to increase as the approximately 601,000 insured individuals in our two largest blocks, Choice I and Choice II, with average attained ages of 78 and 75, respectively, reach their peak claim years, which are over age 85.

Current wording

Because these factors are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments as our actual claims experience will emerge over many years, or decades. For example, average claim reserves for new claims have trended higher over time as the mix of claims continues to evolve, with an increasing number of policies with higher daily benefit amounts and higher inflation factors going on claim. Although new claim counts on certain of our oldest long-term care insurance blocks of business have reached their peak claim years and will decrease as the blocks run off, we expect overall claims costs to continue to increase as the approximately 596,000 insured individuals in our two largest blocks, Choice I and Choice II, with average attained ages of 78 and 75, respectively, reach their peak claim years, which are over age 85.

Previous wording

The impacts of assumption updates and actual variances from expected experience will continue to drive volatility in our long-term care insurance results, particularly for our unprofitable capped cohorts. Our profitable uncapped cohorts have to date had a more modest earnings impact related to assumption updates and actual variances from expected experience, as a portion of the impact is reflected in current period results with the remaining majority of the impact recognized over the life of the cohort. However, we may see increased volatility as the uncapped cohorts continue to age, with more of the impact related to assumption updates and actual variances from expected experience recognized immediately in net income. It is important to note that quarterly variations resulting from assumption updates and actual variances from expected experience are typically expected to be relatively small compared to the overall size of our liability for future policy benefits of $43.3 billion, at the locked-in discount rate, for our long-term care insurance business as of June 30, 2025.

Current wording

The impacts of assumption updates and actual variances from expected experience will continue to drive volatility in our long-term care insurance results, particularly for our unprofitable capped cohorts. Our profitable uncapped cohorts have to date had a more modest earnings impact related to assumption updates and actual variances from expected experience, as a portion of the impact is reflected in current period results with the remaining majority of the impact recognized over the life of the cohort. However, we may see increased volatility as the uncapped cohorts continue to age, with more of the impact related to assumption updates and actual variances from expected experience recognized immediately in net income. It is important to note that quarterly variations resulting from assumption updates and actual variances from expected experience are typically expected to be relatively small compared to the overall size of our liability for future policy benefits of $43.5 billion, at the locked-in discount rate, for our long-term care insurance business as of September 30, 2025.

Previous wording

Premiums increased primarily driven by $29 million of higher premiums in the current year from newly implemented in-force rate actions, partially offset by lower renewal premiums from prior benefit reduction elections made by policyholders in connection with our in-force rate actions and prior legal settlements. Policy terminations also drove lower renewal premiums in the current year.

Current wording

Premiums increased primarily driven by $26 million of higher premiums in the current year from newly implemented in-force rate actions, partially offset by lower renewal premiums from prior benefit reduction elections made by policyholders in connection with our in-force rate actions and prior legal settlements. Policy terminations also drove lower renewal premiums in the current year.

Previous wording

Net investment income increased largely due to $21 million of higher income from limited partnerships, partially offset by lower investment yields in the current year.

Current wording

Net investment income increased largely due to $25 million of higher income from limited partnerships, partially offset by lower investment yields in the current year.