GENWORTH FINANCIAL INC
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
GNW$8.70-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-050196
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001628280-26-031374
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 393 previous paragraphs and 313 current paragraphs.
119 unchanged; 131 reworded; 53 added; 122 removed; 21 previous and 10 current paragraphs rearranged.
Tables are not compared: 35 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (53)
Current report
Create value
Current report
Drive growth
Current report
During the first quarter of 2026, CareScout Services added our first senior living communities to the CareScout Quality Network and continued expanding the home care provider network, with approximately 97% coverage of the age 65 and over U.S. census population across all 50 states. We also continued to see growth in the number of CareScout members who received first-time home care services or moved into a senior living community, including through the direct-to-consumer channel. As we continue to integrate senior living communities from our acquisition of Seniorly, Inc., we are building a more comprehensive network that can support individuals across different stages of the aging journey, and over time, we expect will complement our existing home care model with a more diversified and scalable revenue stream. We remain focused on optimizing coverage and pricing efficiency, along with providing a quality experience, to drive long-term scalability. As the CareScout Quality Network continues to expand and brand awareness grows, we anticipate increased traction across the platform. We also expect more Genworth policyholders to utilize the network providers, helping to stretch their benefit dollars further while generating claims savings in Closed Block over time.
Current report
We continue to work with other insurance carriers with closed blocks of long-term care insurance and select affinity groups to expand awareness of the CareScout Quality Network beyond Genworth policyholders and generate additional fee-based revenues over time. In parallel, we are scaling our other fee-based service offerings that we anticipate will generate recurring revenue streams and create additional pathways for growth.
Current report
We expect to invest approximately $50 million to $55 million in CareScout Services for the full year 2026 as we continue to scale the business. This investment will support the continued build-out of our technology-enabled platform, the addition of new products and care settings, and growth across both consumer and business-to-business channels.
Current report
We continue to build out differentiated product offerings and expand our distribution capability in CareScout Insurance. CareScout Insurance’s individual long-term care insurance product, Care Assurance, is clearly differentiated in the long-term care insurance market by giving customers and their families access to a more holistic aging experience through CareScout Services, including access to the CareScout Quality Network, wellness support tools and care planning services. While we expect adoption to build gradually, we believe this product creates significant value for both our customers and distribution partners. We plan to launch our Care Assurance worksite product later this year, which will broaden access through employers. We are also developing additional offerings, including hybrid long-term care insurance products, as part of a broader set of funding solutions designed to meet evolving consumer needs and solve critical gaps in retirement income and retirement security in the marketplace.
Current report
Maintain self-sustainability
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•Provision (benefit) for income taxes
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We use non-U.S. GAAP (“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 our 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 our 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. We also continue to report adjusted operating income (loss) for the Closed Block segment, as we believe 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, we believe these measures aid in understanding the underlying performance of our operations.
Current report
•net investment gains (losses),
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•restructuring costs, and
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Earnings (loss) per share
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•Adjusted operating income, excluding Closed Block reflected strong operating performance in Enact mostly attributable to favorable cure performance, resulting in a pre-tax reserve release of $39 million in the current year, partially offset by continued investment in CareScout Services and interest expense on Genworth Holdings’ debt.
Current report
•Mortgage insurance portfolio. New insurance written increased 30% in thefirst quarter of 2026 compared to thefirst quarter of 2025. Enact’s primary persistency rate was 80% and 84%in thefirst quarter of 2026 and 2025, respectively.
Current report
•Capital returns. On February 3, 2026, Enact Holdings announced the authorization of a new share repurchase program under which it may repurchase up to $500 million of its common stock. On May 5, 2026, Enact Holdings announced an increase of its quarterly dividend from $0.21 to $0.24 per share, payable in June 2026.
Current report
Closed Block segment
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•Capital returns from Enact Holdings. Genworth Holdings received$99 million of capital returns from Enact Holdings during thefirst quarter of 2026.
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Segment results of operations
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Adjusted operating income increased primarily due to higher net investment income, partially offset by a lower reserve release in the current year.
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Revenues
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Benefits and expenses
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Acquisition and operating expenses, net of deferrals, decreased primarily driven by higher ceding commissions and lower professional services expenses in the current year.
Current report
New insurance written increased primarily driven by elevated mortgage refinance volume in the current year.
Current report
The expense ratio decreased primarily driven by higher ceding commissions and lower professional services expenses in the current year.
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Closed Block segment
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We no longer solicit sales of the long-term care insurance, life insurance and annuity products included in our Closed Block segment. However, our legacy insurance subsidiaries continue to service and manage their in-force blocks of business and may still issue a limited number of certificates under existing group long-term care insurance policies.
Current report
For a discussion of potential impacts of assumption updates and actual variances from expected experience on our results of operations, see “Item 1A—Risk Factors—We may be required to increase our reserves as a result of deviations from our estimates and actuarial assumptions or other reasons, which could have a material adverse effect on our business, results of operations and financial condition” in our 2025 Annual Report on Form 10-K.
Current report
We typically see seasonally high mortality in the first quarter, which is favorable for our long-term care insurance products and unfavorable for our life insurance products. While mortality was higher in the first quarter of 2026 compared to the fourth quarter of 2025, it was lower than the first quarter of 2025. However, this was in line with nationwide mortality given a relatively mild respiratory virus season during the first three months of 2026, particularly for the 65 and over age group.
Current report
In-force management actions
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We also plan to continue to offer existing, and to design and implement additional, reduced benefit options outside of in-force rate actions to enhance sustainability of our legacy insurance subsidiaries and to reduce the risk on certain product features of our long-term care insurance policies.
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Annuities
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Equity market performance was unfavorable in the first quarter of 2026 compared to the fourth and first quarters of 2025. Interest rate performance had a favorable impact in the first quarter of 2026 and the fourth quarter of 2025 compared to an unfavorable impact in the first quarter of 2025.
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Segment results of operations
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The following table sets forth the results of operations relating to our Closed Block segment for the periods indicated:
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•Adjusted operating income in our annuity products increased primarily from lower annuitizations and favorable mortality in the current year.
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Revenues
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Premiums
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•Our long-term care insurance products increased $26 million largely due to $31 million of higher income from limited partnerships, partially offset by$5 millionof lower income from U.S. Government Treasury Inflation Protected Securities in the current year.
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Benefits and expenses
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•Our life insurance products decreased $12 million largely due to less unfavorable overall mortality experience, partially offset by a lower favorable change in reserves in our term life insurance products in the current year.
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Removed paragraphs (122)
Previous report
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 report
Creating shareholder value
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Legacy businesses
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CareScout growth initiatives
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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 report
On October 31, 2025, we acquired Seniorly, a leading platform with a large network of senior living communities that helps families with care planning and placement through its growing advisor network. The acquisition of Seniorly will expand the CareScout Quality Network to include assisted living communities and is expected to accelerate our expansion into the direct-to-consumer market. This expansion of the network will allow us to connect consumers to the full range of CareScout Services offerings, from personalized care plans to our national network of home care providers and assisted living communities, based on the their individual needs. We believe this strong strategic and cultural alignment positions CareScout Services for continued growth and leadership as we build a trusted aging-care platform.
Previous report
In addition to expanding the network, we are scaling other fee-based service offerings that we anticipate will generate a growing stream of recurring revenue, including our new Care Plans product, which launched in the second quarter of 2025. Our Care Plans product provides virtual care evaluations conducted by a licensed nurse and tailored aging care strategies and local resources for consumers. We plan to launch an in-person evaluation option in the fourth quarter of 2025.
Previous report
Over time, we expect to expand both the range of services offered by CareScout Services and the number of customers we serve. We continue to expect to invest approximately $45 million to $50 million in CareScout Services for the full year 2025, excluding our payment to acquire Seniorly. Our expected investment will go towards scaling our technology-enabled platform along with marketing and brand awareness as we continue to build out the offering.
Previous report
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 report
On August 6, 2025, Moody’s Investors Service, Inc. upgraded the credit rating of Genworth Holdings’ senior unsecured debt to “Baa3” from “Ba1” and upgraded the financial strength rating of Enact Mortgage Insurance Corporation (“EMICO”) to “A2” from “A3,” both with an outlook of stable.
Previous report
On September 17, 2025, A.M. Best Company, Inc. (“A.M. Best”) revised the outlook to positive from stable and affirmed the financial strength rating of “C++” of Genworth Life Insurance Company and Genworth Life Insurance Company of New York. A.M. Best also affirmed the financial strength rating of “B-” of Genworth Life and Annuity Insurance Company and the credit rating of “bb-” of Genworth Financial and Genworth Holdings with an outlook of stable.
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On September 18, 2025, A.M. Best revised the outlook to positive from stable and affirmed the financial strength rating of “A-” of EMICO.
Previous report
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 report
(3)(Gains) losses on early extinguishment of debt were net of the portion attributable to noncontrolling interests of $2 million for the nine months ended September 30, 2024.
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(4)The three and nine months ended September 30, 2025 included a $27 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets.
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Earnings per share
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•Adjusted operating income decreased primarily due to a lower reserve release and higher new delinquencies, partially offset by higher net investment income in the current year.
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•Long-Term Care Insurance segment
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•Theadjusted operating loss increased primarily due to unfavorable cash flow assumption updates in the current year compared to favorable updates in the prior year, partially offset by higher limited partnership income in the current year.
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•Life and Annuities segment
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•The adjusted operating loss in our life insurance products decreased primarily due to favorable mortality in the current year.
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•Adjusted operating income in our fixed annuities increased primarily from favorable mortality, partially offset by lower spread income in the current year largely related to block runoff.
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•The adjusted operating loss decreased primarily from a $7 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets in the current year.
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•Net income for thenine months ended September 30, 2025 and 2024 was$221 million and$300 million, respectively, and adjusted operating income was$136 million and$258 million, respectively.
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•Adjusted operating income decreased primarily due to lower reserve releases and higher new delinquencies, partially offset by higher net investment income and lower operating expenses in the current year.
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•Long-Term Care Insurance segment
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•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.
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•These adverse developments were partially offset by higher limited partnership income and a $21 million gain related to a third-party reinsurance recapture in the current year. For additional information on the third-party reinsurance recapture, see note 16 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.”
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•Life and Annuities segment
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•Adjusted operating income in our fixed annuities decreased primarily from lower spread income driven mostly by block runoff, partially offset by a favorable change in mortality experience in the current year.
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•Corporate and Other
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•The adjusted operating loss decreased primarily from a $7 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets and lower interest expense, partially offset by higher expenses related to CareScout growth initiatives in the current year.
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Enact segment
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•Mortgage insurance portfolio. Enact’s primary persistency rate remained elevated at 83% in thethird quarter of 2025. New insurance written increased 3% in thethird quarter of 2025 compared to thethird quarter of 2024.
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•Loss performance. Enact recorded a pre-tax reserve release of$45 million during thethird quarter of 2025 primarily driven by favorable cure performance compared to a pre-tax reserve release of $65 million in thethird quarter of 2024.
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•Liquidity and financial flexibility. On September 30, 2025, Enact Holdings entered into a $435 million five-year unsecured revolving credit facility (“2025 Credit Facility”), which replaces the previous $200 million revolving credit facility dated June 30, 2022 (“2022 Credit Facility”). The 2025 Credit Facility remained undrawn as of September 30, 2025.
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Long-Term Care Insurance segment
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Capital of U.S. life insurance subsidiaries
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Enact segment
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Reinsurance transactions
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Reworded paragraphs (131)
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-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.
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 increases and benefit reductions included in our multi-year in-force rate action plan and other reduced benefit options associated with the long-term care insurance products in our Closed Block segment; 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 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 products in our 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 our businesses; and statements we make regarding the outlook of the U.S. economy.
Previous wording
•our failure to maintain the self-sustainability of our legacy U.S. life insurance subsidiaries, including as a result of the inability to achieve desired levels of in-force rate actions and/or the timing of future premium rate increases and associated benefit reductions taking longer to achieve than originally assumed; other regulatory actions negatively impacting our life insurance businesses;
Current wording
•our failure to maintain the self-sustainability of Genworth Life Insurance Company and its subsidiaries, collectively referred to as “Closed Block” or our “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 our life insurance businesses;
Previous wording
•inaccuracies or changes in estimates, assumptions, methodologies, valuations, projections and/or models, which result in inadequate reserves or other adverse results (including as a result of any changes in connection with quarterly, annual or other reviews, including reviews we expect to complete in the fourth quarter of 2025);
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•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);
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•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 the U.S. government shutdown; an increase in the cost of care impacting our long-term care insurance business; 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, including U.S. federal tax laws, such as the One Big Beautiful Bill Act that was signed into law on July 4, 2025, tax rates or interest rates; changes within regulatory agencies as a result of the change in the U.S. Administration in January 2025; changes in immigration policy; and fluctuations in international securities markets;
Current wording
•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 our long-term care insurance products included in our 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;
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•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;
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•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;
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•the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine, the Israel-Hamas conflict and economic competition between the United States and China), a public health emergency, including pandemics, or climate change;
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•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;
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•the inability to effectively manage information technology systems (including artificial intelligence), cyber incidents or other failures, disruptions or security breaches of us or our third-party vendors, as well as unknown risks and uncertainties associated with artificial intelligence;
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•the inability to effectively manage technology systems (including artificial intelligence), cyber incidents or other failures, disruptions or security breaches of us or our third-party vendors, as well as unknown risks and uncertainties associated with artificial intelligence;
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•unanticipated claims against Enact Holdings’ delegated underwriting and loss mitigation programs;
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•unanticipated claims resulting from Enact Holdings’ delegated underwriting and loss mitigation programs;
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 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.
Current wording
Genworth Financial offers mortgage insurance products through its principal mortgage insurance subsidiaries. Genworth Financial also has start-up businesses whereby it offers fee-based services, advice, consulting and other aging care services through CareScout Services and long-term care insurance products through CareScout Insurance. Genworth Financial’s legacy insurance subsidiaries no longer offer or sell long-term care insurance, life insurance or annuity products. However, these subsidiaries continue to service and manage their in-force blocks of business and may still issue a limited number of certificates under existing group long-term care insurance policies.
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 Services and CareScout Insurance, and certain international businesses.
Current wording
We report our business results through two segments: Enact, comprised primarily of mortgage insurance products, and Closed Block, comprised of long-term care insurance, life insurance and annuity products previously sold through our legacy insurance subsidiaries. In addition to our two 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, CareScout Insurance and certain international businesses.
Previous wording
Enact Holdings is a public company traded on the Nasdaq Global Select Market exchange under the ticker symbol “ACT.” Genworth Financial maintains control of Enact Holdings through an indirect majority voting interest and accordingly, Enact Holdings remains a consolidated subsidiary of Genworth Financial. Enact Holdings and its mortgage insurance subsidiaries comprise, and can therefore generally be viewed as, our Enact segment, or commonly referred to as “Enact.”
Current wording
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. Enact Holdings is a public company traded on the Nasdaq Global Select Market exchange under the ticker symbol “ACT.” Genworth Financial maintains control of Enact Holdings through an indirect majority voting interest and accordingly, Enact Holdings remains a consolidated subsidiary of Genworth Financial. Enact Holdings and its mortgage insurance subsidiaries comprise, and can therefore generally be viewed as, our Enact segment, or commonly referred to as “Enact.”
Previous 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.”
Current wording
We continue to create shareholder value through Enact’s growing market value and capital returns. Enact Holdings provided $99 million of capital returns to Genworth Holdings in the first quarter of 2026. We expect 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 April 30, 2026, we have repurchased $875 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-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.”
Current wording
We continue to actively manage our self-sustaining, customer-centric legacy insurance subsidiaries, comprising long-term care insurance, life insurance and annuity products included in our Closed Block segment. 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 $34.5 billion, on a net present value basis, of approved rate increases and benefit reductions from 2012 through the first quarter of 2026. As we manage our legacy 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 other management actions, including our 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—Closed Block segment.”
Previous 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.
Current 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 27, 2026, the date we filed our 2025 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 2025 Annual Report on Form 10-K.
Previous wording
•Premiums. Premiums consist primarily of premiums earned on insurance products for mortgage, long-term care and term life insurance.
Current wording
•Premiums consist primarily of premiums earned on mortgage, long-term care and term life insurance products.
Previous wording
•Net investment income. Net investment income represents the income earned on our investments. For discussion of the change in net investment income, see the comparison for this line item under “—Investments and Derivative Instruments.”
Current wording
•Net investment income represents the income earned on our investments. For discussion of the change in net investment income, see the comparison for this line item under “—Investments and Derivative Instruments.”
Previous wording
•Net investment gains (losses). Net investment gains (losses) consist primarily of realized gains and losses from the sale of our investments, credit losses, and unrealized gains and losses on equity securities, limited partnership investments and derivative instruments. For discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”
Current wording
•Net investment gains (losses) consist primarily of realized gains and losses from the sale of our investments, credit losses, and unrealized gains and losses on equity securities, limited partnership investments and derivative instruments. For discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”
Previous wording
•Policy fees and other income. Policy fees and other income consists primarily of fees assessed against policyholder and contractholder account values, surrender charges, cost of insurance assessed on universal and term universal life insurance policies, advisory and administration service fees assessed on investment contractholder account values, broker/dealer commission revenues, fee revenue from contract underwriting services and other fees.
Current wording
•Policy fees and other income consist primarily of fees assessed against policyholder and contractholder account values, surrender charges, cost of insurance assessed on universal and term universal life insurance policies, advisory and administration service fees assessed on investment contractholder account values, broker-dealer commission revenues, fee revenue from contract underwriting services and other fees.
Previous 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.
Current wording
•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 annuities, and claim costs incurred related to mortgage insurance products.
Previous wording
•Liability remeasurement (gains) losses. Liability remeasurement (gains) losses represent changes to the net premium ratio for actual variances from expected experience and updates to cash flow assumptions used to measure long-duration traditional and limited-payment insurance contracts.
Current wording
•Liability remeasurement (gains) losses represent changes to the net premium ratio for actual variances from expected experience and updates to cash flow assumptions used to measure long-duration traditional and limited-payment insurance contracts.
Previous wording
•Changes in fair value of market risk benefits and associated hedges. Changes in fair value of market risk benefits and associated hedges consist of fair value changes of market risk benefits (other than changes attributable to instrument-specific credit risk), net of changes in the fair value of non-qualified derivative instruments that support our market risk benefits.
Current wording
•Changes in fair value of market risk benefits and associated hedges consist of fair value changes of market risk benefits (other than changes attributable to instrument-specific credit risk), net of changes in the fair value of non-qualified derivative instruments that support our market risk benefits.
Previous wording
•Interest credited. Interest credited represents interest credited on behalf of policyholder and contractholder general account balances.
Current wording
•Interest credited represents interest credited on behalf of policyholder and contractholder general account balances.
Previous wording
•Acquisition and operating expenses, net of deferrals. Acquisition and operating expenses, net of deferrals, represent costs and expenses related to the acquisition and ongoing maintenance of insurance and investment contracts, including commissions, policy issuance expenses and other underwriting and general operating costs. These costs and expenses are net of amounts that are capitalized and deferred, which are costs and expenses that are related directly to the successful acquisition of new or renewal insurance policies and investment contracts, such as first-year commissions in excess of ultimate renewal commissions and other policy issuance expenses. We allocate certain corporate expenses to each of our segments using various methodologies.
Current wording
•Acquisition and operating expenses, net of deferrals, represent costs and expenses related to the acquisition and ongoing maintenance of insurance and investment contracts, including commissions, policy issuance expenses and other underwriting and general operating costs. These costs and expenses are net of amounts that are capitalized and deferred, which are costs and expenses that are related directly to the successful acquisition of new or renewal insurance policies and investment contracts, such as first-year commissions in excess of ultimate renewal commissions and other policy issuance expenses. We allocate certain corporate expenses to each of our segments using various methodologies.
Previous wording
•Amortization of deferred acquisition costs and intangibles. Amortization of deferred acquisition costs (“DAC”) and intangibles consists primarily of the amortization of capitalized acquisition costs, present value of future profits and capitalized software.
Current wording
•Amortization of deferred acquisition costs and intangibles consists primarily of the amortization of capitalized acquisition costs, present value of future profits and capitalized software.
Previous wording
•Interest expense. Interest expense primarily represents interest incurred on borrowings of Genworth Holdings and Enact Holdings.
Current wording
•Interest expense primarily represents interest incurred on borrowings of Genworth Holdings and Enact Holdings.
Previous wording
•Provision (benefit) for income taxes. We allocate tax to our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. generally accepted accounting principles (“U.S. GAAP”) and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other.
Current wording
•We allocate tax to our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. generally accepted accounting principles (“U.S. GAAP”) and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other.
Previous wording
The effective tax rates disclosed herein are calculated using whole numbers. As a result, the percentages shown may differ from an effective tax rate calculated using rounded numbers. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. For a discussion of the effective tax rates used to record the provision for income taxes for our three reportable segments and Corporate and Other, see note 14 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.”
Current wording
•The effective tax rates disclosed herein are calculated using whole numbers. As a result, the percentages shown may differ from an effective tax rate calculated using rounded numbers. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. For a discussion of the effective tax rates used to record the provision for income taxes for our reportable segments and Corporate and Other, see note 14 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.”
Previous wording
•Net income attributable to noncontrolling interests. Net income attributable to noncontrolling interests represents third party ownership interests in income of Enact Holdings, a consolidated subsidiary of Genworth Financial.
Current wording
•Net income (loss) attributable to noncontrolling interests represents third party ownership interests in income (loss) of Enact Holdings, a consolidated subsidiary of Genworth Financial.
Previous wording
Unless otherwise stated, all references to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share found in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read as net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share, respectively.
Current wording
Unless otherwise stated, all references to net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss), excluding Closed Block and adjusted operating income (loss), excluding Closed Block per share found in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read as net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, adjusted operating income (loss), excluding Closed Block available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss), excluding Closed Block available to Genworth Financial, Inc.’s common stockholders per share, respectively.
Previous 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.
Current wording
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
While some of these items may be significant components of net income (loss) determined in accordance with U.S. GAAP, we believe 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 U.S. GAAP. In addition, our definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Current wording
Adjusted operating income (loss), excluding Closed Block is derived from adjusted operating income (loss) and excludes adjusted operating income (loss) of our Closed Block segment. While some of these items may be significant components of net income (loss) determined in accordance with U.S. GAAP, we believe 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 U.S. GAAP net income (loss). In addition, our definition of adjusted operating income (loss) may differ from the definitions used by other companies. In reporting non-GAAP measures in the future, we may make other adjustments to exclude items we do not consider reflective of our core operating performance. We may also disclose other non-GAAP operating measures in the future if we believe that such measures would be helpful to investors in their evaluation of our company.
Previous wording
The following table presents a reconciliation of net income to adjusted operating income for the periods indicated:
Current wording
The following table presents a reconciliation of net income (loss) to adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block for the periods indicated:
Previous wording
(1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million for both the nine months ended September 30, 2025 and 2024.
Current wording
(1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for both the three months ended March 31, 2026 and 2025.
Previous wording
(2)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 $(4) million for the three months ended September 30, 2025 and 2024, respectively, and $(6) million and $(9) million for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
(2)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.
Previous wording
The following table provides basic and diluted earnings per common share for the periods indicated:
Current wording
The following table provides basic and diluted earnings (loss) per common share for the periods indicated:
Previous wording
Below is an executive summary of our condensed consolidated financial results for the periods indicated. Amounts within this “Executive Summary of Consolidated Financial Results” and in our discussion of adjusted operating income (loss) within “—Results of Operations and Selected Financial and Operating Performance Measures by Segment” are net of taxes, unless otherwise indicated. After-tax amounts assume a tax rate of 21%.
Current wording
After-tax amounts in our discussion of financial results assume a tax rate of 21% unless otherwise indicated.
Previous wording
•Net income for thethree months ended September 30, 2025 and 2024 was$116 million and$85 million, respectively, and adjusted operating income was$17 million and$48 million, respectively.
Current wording
•Net income for thethree months ended March 31, 2026 and 2025 was$47 million and$54 million, respectively, and adjusted operating income, excluding Closed Block was$109 million and $114 million, respectively.
Previous wording
For a discussion of selected financial information and detailed descriptions of operating performance measures, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment.”
Current wording
For a detailed discussion of selected financial information and detailed descriptions of operating performance measures, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment.”
Previous wording
•PMIERs compliance. Enact’s PMIERs sufficiency ratio was 162% or $1,904 million above the PMIERs requirements as of September 30, 2025.
Current wording
•PMIERs compliance. Enact’s PMIERs sufficiency ratio was 162% or $1,919 million above the PMIERs requirements as of March 31, 2026.
Previous wording
•In-force rate actions. We estimate that the cumulative economic benefit of approved rate actions in our long-term care insurance multi-year in-force rate action plan since 2012 through thethird quarter of 2025 was approximately $31.8 billion, on a net present value basis.
Current wording
•In-force rate actions. We estimate that the cumulative economic benefit of approved rate increases and benefit reductions in our long-term care insurance multi-year in-force rate action plan from 2012 through thefirst quarter of 2026 was approximately$34.5 billion, on a net present value basis.
Showing the first 40 of 131 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
We define adjusted operating income (loss) as income (loss) from continuing operations excluding:
Current report — wording carried from elsewhere
•the after-tax effects of income (loss) attributable to noncontrolling interests,
Current report — wording carried from elsewhere
•changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges,
Current report — wording carried from elsewhere
•gains (losses) on the sale of businesses,
Current report — wording carried from elsewhere
•gains (losses) on the early extinguishment of debt,
Current report — wording carried from elsewhere
•infrequent or unusual non-operating items.
Current report — wording carried from elsewhere
For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”
Current report — wording carried from elsewhere
Management regularly monitors and reports in-force rate actions, including state filing approvals; impacted in-force premiums; weighted-average percentage rate increases approved; and gross incremental premiums approved for the long-term care insurance products included in our Closed Block segment.
Current report — wording carried from elsewhere
On May 5, 2026, Enact Holdings announced an increase of its quarterly dividend from $0.21 to $0.24 per share, payable in June 2026. Future dividend payments will be subject to quarterly review and approval by Enact Holdings’ board of directors and Genworth Financial and will also be dependent on a variety of economic, market and business conditions, among other considerations.
Current report — wording carried from elsewhere
Under prior agreements between Genworth and AXA, Genworth is entitled to share in funds that AXA recovers from third parties related to the mis-selling losses. In November 2025, we received £15 million ($20 million) from AXA related to a portion of the liability judgment not subject to dispute. If the appeal is resolved in favor of AXA, Genworth could be entitled to receive a total recovery of approximately$750 million, depending upon the applicable exchange rate at that time. Loss recoveries have not been factored into our capital allocation plans, including the sizing of the share repurchase program authorized in September 2025. We would expect to deploy any loss recoveries in line with our stated capital allocation priorities, which are investing in growth through CareScout, returning cash to shareholders through our share repurchase program and opportunistically paying down debt.
Rearranged previous paragraphs (21)
Previous report — wording carried elsewhere
The following table sets forth the consolidated results of operations for the periods indicated:
Previous report — wording carried elsewhere
Reconciliation of net income (loss) to adjusted operating income (loss)
Previous report — wording carried elsewhere
The following table sets forth the results of operations relating to our Enact segment for the periods indicated:
Previous report — wording carried elsewhere
Net investment income increased primarily from higher investment yields and higher average invested assets in the current year.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
Changes in new insurance written are primarily impacted by the size of the mortgage insurance market and Enact’s market share.
Previous report — wording carried elsewhere
Premiums increased primarily driven by $80 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 report — wording carried elsewhere
Benefits and other changes in policy reserves increased primarily due to aging of the in-force block, including higher interest accretion, and a higher unfavorable change in reserves from an increase in net premiums collected in the current year.
Previous report — wording carried elsewhere
Provision for income taxes. The tax provision in the current year was primarily attributable to tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income, partially offset by the tax benefit on the pre-tax loss. The tax provision in the prior year was largely attributable to tax expense on certain forward starting swap gains and tax expense on pre-tax income.
Previous report — wording carried elsewhere
Results of our life insurance and annuity products are also impacted by interest rates. For a discussion of the potential impacts and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates and changes in rates could materially adversely affect our business and profitability” in our 2024 Annual Report on Form 10-K.
Previous report — wording carried elsewhere
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
Previous report — wording carried elsewhere
The following table sets forth adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for the products included in our Life and Annuities segment for the periods indicated:
Previous report — wording carried elsewhere
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
Previous report — wording carried elsewhere
•The adjusted operating loss in our life insurance products decreased largely due to less unfavorable mortality experience in the current year.
Previous report — wording carried elsewhere
Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.”
Previous report — wording carried elsewhere
Policy fees and other income. The decrease was primarily driven by our life insurance products principally due to block runoff.
Previous report — wording carried elsewhere
The following table sets forth the results of operations relating to Corporate and Other for the periods indicated:
Previous report — wording carried elsewhere
(1)Limited partnership investments are primarily equity-based and do not have fixed returns by period.
Previous report — wording carried elsewhere
(2)Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation.
Previous report — wording carried elsewhere
In October 2025, Genworth Financial repurchased 3,302,403 shares of its common stock through a Rule 10b5-1 trading plan at an average price of$8.76 per share, finalizing the repurchases under the July 2023 authorization and leaving approximately$325 million available for repurchase under the new program as of October 31, 2025. Future share repurchases will be funded from holding company capital, as well as future cash flow generation, including expected future capital returns from Enact Holdings.
Previous report — wording carried elsewhere
Given the challenging macroeconomic environment in 2024 and into the first three quarters of 2025, employee costs have increased driven in part by wage inflation, the competitive labor market and low labor participation. Additionally, in our long-term care insurance business, we have observed an increase in the cost of care due in part to elevated inflation. These inflationary pressures have not had a significant impact on our liquidity to date; however, if these conditions persist, they could have a material adverse impact on our liquidity, results of operations and financial condition.