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 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.

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”); future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses 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

•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;

Current wording

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

Previous wording

•other factors described in the risk factors contained in Item 1A of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 27, 2026.

Current wording

•other factors described in the risk factors contained in Item 1A of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2026.

Previous 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.”

Current wording

We continue to create shareholder value through Enact’s growing market value and capital returns. Enact Holdings provided $103 million of capital returns to Genworth Holdings in the second quarter of 2026. Enact Holdings expects to return $550 million to $600 million of capital to its shareholders for the full year 2026, an increase from its earlier expectation of approximately $500 million. Based on our approximate 81% ownership, we expect to receive $445 million to $485 million in capital returns from Enact Holdings for the full year 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 July 31, 2026, we have repurchased $922 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

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 wording

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. As we further integrate senior living communities, we are building a more comprehensive network that can support individuals across different stages of the aging journey and we expect will complement our existing home care model with a more diversified and scalable revenue stream. As the network continues to expand and brand awareness grows, we anticipate increased traction across the platform, including greater utilization by Genworth policyholders, helping to stretch their benefit dollars further while generating claims savings in the Closed Block over time.

Previous wording

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 wording

We continue to expand our offerings to employers and select affinity groups as we seek to introduce the CareScout brand to more consumers, broaden access to our services and generate additional fee-based revenues over time. We expect to invest approximately $50 million to $55 million in CareScout Services for the full year 2026 to further scale the business. This investment will support the continued build-out of our technology-enabled platform, the addition of new products and growth across both consumer and business-to-business channels.

Previous wording

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 wording

We continue to build out differentiated product offerings and expand our distribution capability in CareScout Insurance. Our Care Assurance worksite product, a version of CareScout Insurance’s individual standalone long-term care insurance product that will be available through employers, is ready for launch in the third quarter of 2026. The Care Assurance offerings are 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 the Care Assurance offerings create significant value for both our customers and distribution partners. 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 address critical gaps in retirement income and retirement security in the marketplace. We do not anticipate any additional capital investment in CareScout Insurance in 2026 following the $85 million investment made in 2025 to enable the launch of the business.

Previous wording

While it will take time to scale these businesses, we believe our investments in CareScout Services and CareScout Insurance will drive sustainable future growth for Genworth and are aligned with our overarching priority to maximize long-term value for our shareholders. We will continue to strive to maintain a disciplined approach in our capital allocation strategy, balancing investments in CareScout growth initiatives with returning value to shareholders and opportunistically retiring debt.

Current wording

While it will take time to scale these businesses, we believe our investments in CareScout Services and CareScout Insurance will drive sustainable future growth for Genworth and are aligned with our overarching priority to maximize long-term value for our shareholders. We will continue to take a disciplined approach in our capital allocation strategy, balancing investments in CareScout growth initiatives with returning value to shareholders and opportunistically retiring debt.

Previous 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.”

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 $34.8 billion, on a net present value basis, of approved rate increases and benefit reductions from 2012 through the second 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

•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, along with other reserve changes.

Previous wording

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 wording

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 factor 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.

Previous 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.

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 the items listed above from adjusted operating income (loss) because, in our opinion, they are not indicative of overall operating performance.

Previous 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.

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 the excluded 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 our ongoing operations. 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

•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.

Current wording

•Net income for thesix months ended June 30, 2026 and 2025 was$94 million and$105 million, respectively, and adjusted operating income, excluding Closed Block was$221 million and$226 million, respectively.

Previous wording

•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 wording

•For thethree and six months ended June 30, 2026, adjusted operating income, excluding Closed Block reflected strong operating performance in Enact mostly attributable to favorable cure performance, resulting in pre-tax reserve releases of $37 million and $76 million, respectively, partially offset by continued investment in CareScout Services and interest expense on Genworth Holdings’ debt.

Previous wording

•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 wording

•Mortgage insurance portfolio. New insurance written increased 15% in thesecond quarter of 2026 compared to thesecond quarter of 2025. Enact’s primary persistency rate was 80% and 82%in thesecond quarter of 2026 and 2025, respectively.

Previous wording

•PMIERs compliance. Enact’s PMIERs sufficiency ratio was 162% or $1,919 million above the PMIERs requirements as of March 31, 2026.

Current wording

•PMIERs compliance. Enact’s PMIERs sufficiency ratio was 161% or $1,894 million above the PMIERs requirements as of June 30, 2026.

Previous 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.

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 thesecond quarter of 2026 was approximately$34.8 billion, on a net present value basis.

Previous wording

•Risk-based capital ratio. As of March 31, 2026, the consolidated risk-based capital ratio on a company action level basis of our legacy insurance subsidiaries was approximately 289%, down from 300% as of December 31, 2025. The decrease was primarily driven by a statutory loss in the current year.

Current wording

•Risk-based capital ratio. As of June 30, 2026, the consolidated risk-based capital ratio on a company action level basis of our legacy insurance subsidiaries was approximately 286%, down from 300% as of December 31, 2025. The decrease was primarily driven by a statutory loss andhigher required capital on long-term care insurance claims in the current year.

Previous wording

•Holding company liquidity. Genworth Holdings had$166 million of unrestricted cash and cash equivalents as of March 31, 2026, which included approximately$50 million of cash held for future obligations, including advance cash payments from our subsidiaries.

Current wording

•Holding company liquidity. Genworth Holdings had$215 million of unrestricted cash and cash equivalents as of June 30, 2026, which included approximately$81 million of cash held for future obligations, including advance cash payments from our subsidiaries.

Previous wording

•Capital returns from Enact Holdings. Genworth Holdings received$99 million of capital returns from Enact Holdings during thefirst quarter of 2026.

Current wording

•Capital returns from Enact Holdings. Genworth Holdings received$103 million of capital returns from Enact Holdings during thesecond quarter of 2026.

Previous wording

•Share repurchases. Genworth Financial executed$66 million of share repurchases, before excise taxes and other associated costs, during thefirst quarter of 2026.

Current wording

•Share repurchases. Genworth Financial executed$62 million of share repurchases, before excise taxes and other associated costs, during thesecond quarter of 2026.

Previous wording

During the first quarter of 2026, the U.S. economy continued to be subject to significant volatility and uncertainty, largely related to geopolitical tensions, including the Iran conflict, changing economic policies and continued inflationary pressure. 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

Through the second quarter of 2026, the U.S. economy continued to be subject to significant volatility and uncertainty, largely related to geopolitical tensions, including the Iran conflict, changing economic policies and continued inflationary pressure. 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

The U.S. Bureau of Labor Statistics reported that the Consumer Price Index inflation was 3.3%year-over-year in March 2026 compared to 2.7% year-over-year in December 2025, while the unemployment rate fell slightly to 4.3% in March 2026 from 4.4% in December 2025.

Current wording

The U.S. Bureau of Labor Statistics reported that the Consumer Price Index inflation was 3.5%year-over-year in June 2026 compared to 3.3% year-over-year in March 2026, while the unemployment rate fell slightly to 4.2% in June 2026 from 4.3% in March 2026.

Previous wording

U.S. mortgage rates were especially volatile during thefirst quarter of 2026. Lower rates earlier in the quarter drove higher refinance volume in the market, while the mortgage origination market remained relatively slow, particularly as rates rose later in the quarter. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation have outpaced median family income, according to the National Association of Realtors Housing Affordability Index. Despite slowing of home price growth nationally according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (seasonally adjusted), affordability remains challenged.

Current wording

U.S. mortgage rates remained elevated into thesecond quarter of 2026. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation have outpaced median family income, according to the National Association of Realtors Housing Affordability Index. Despite slowing of home price growth nationally in 2026, according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (seasonally adjusted), affordability remains challenged.

Previous wording

In July 2025, the FHFA announced that it will implement the acceptance of VantageScore 4.0 for mortgages delivered to Fannie Mae and Freddie Mac. The GSEs have since released preliminary implementation details and timelines, but the full impact of this initiative on Enact’s business, processes and financial results remains uncertain.

Current wording

In July 2025, the FHFA announced that it would implement the acceptance of VantageScore 4.0 for mortgages delivered to Fannie Mae and Freddie Mac. Enact began accepting VantageScore 4.0 on mortgages during the second quarter of 2026, though volume remains immaterial to date.

Previous wording

Enact’s loss ratio for thethree months ended March 31, 2026 and 2025 was 15% and 12%, respectively. Both periods were impacted by favorable reserve development. Enact released reserves of $39 million during thefirst quarter of 2026 primarily driven by favorable cure performance and loss mitigation activities, compared to areserve release of$47 million in the first quarter of 2025 primarily driven by favorable cure performance on prior year delinquencies.

Current wording

Enact’s loss ratio for thethree months ended June 30, 2026 and 2025 was 14% and 10%, respectively. Both periods were impacted by favorable reserve development. Enact released reserves of $37 million during thesecond quarter of 2026 primarily driven by favorable cure performance and loss mitigation activities, compared to areserve release of$48 million in the second quarter of 2025.

Previous wording

Newprimary delinquencies in the first quarter of 2026 increased compared to the first quarter of 2025 primarily due to the normal loss development pattern on newer books of business. New primary delinquencies of 13,559 contributed $76 million of loss expense in the first quarter of 2026, while Enact incurred $75 million of loss expense from 12,237 new primary delinquencies in the first quarter of 2025. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions.

Current wording

New primary delinquencies in the second quarter of 2026 increased compared to the second quarter of 2025 primarily due to the normal loss development pattern on newer books of business. New primary delinquencies of 12,299 contributed $68 million of loss expense in the second quarter of 2026, while Enact incurred $69 million of loss expense from 11,567 new primary delinquencies in the second quarter of 2025. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions. Loss expense on new delinquencies in the second quarter of 2026 reflected a reduction in expected claim rates made in late 2025 resulting from sustained favorable cure performance and Enact’s market expectations.

Previous wording

As of March 31, 2026, 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 10.0:1, compared with risk-to-capital ratios of 10.1:1 and 10.5:1 as of December 31, 2025 and March 31, 2025, 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.

Current wording

As of June 30, 2026, 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 9.9:1, compared with risk-to-capital ratios of 10.1:1 and 10.3:1 as of December 31, 2025 and June 30, 2025, 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 March 31, 2026, Enact had estimated available assets of $5,016 million against $3,097 million net required assets under PMIERs compared to available assets of $5,015 million against $3,096 million net required assets as of December 31, 2025. The sufficiency ratio as of March 31, 2026 and December 31, 2025 was 162% or $1,919 million above the PMIERs requirements. Enact’s PMIERs required assets benefited from a reinsurance credit of $1,944 million and $1,932 million as of March 31, 2026 and December 31, 2025, respectively, related to third-party reinsurance.

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 June 30, 2026, Enact had estimated available assets of $5,002 million against $3,108 million net required assets under PMIERs compared to available assets of $5,016 million against $3,097 million net required assets as of March 31, 2026. The sufficiency ratio as of June 30, 2026 was 161% or $1,894 million above the PMIERs requirements, compared to 162% or $1,919 million as of March 31, 2026. Enact’s PMIERs required assets benefited from a reinsurance credit of $1,931 million and $1,944 million as of June 30, 2026 and March 31, 2026, respectively, related to third-party reinsurance.

Previous wording

During the first quarter of 2026, EMICO paid a dividend to Enact Holdings that supports Enact Holdings’ ability to return capital to shareholders, and Enact Holdings completed the repurchase of shares under the $350 million share repurchase authorization that it had announced on April 30, 2025. 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. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its ownership interest in Enact Holdings. As the majority shareholder, Genworth Holdings received $99 million of capital returns from Enact Holdings during the first quarter of 2026, comprised of $75 million of share repurchases and $24 million of quarterly dividends. 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 wording

During the first quarter of 2026, Enact Holdings completed the repurchase of shares under the $350 million share repurchase authorization it had announced on April 30, 2025. 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. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its ownership interest in Enact Holdings. As the majority shareholder, Genworth Holdings received $103 million of capital returns from Enact Holdings during the second quarter of 2026, comprised of $76 million of share repurchases and $27 million of quarterly dividends.

Previous 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.

Current wording

(1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for the three months ended June 30, 2025.

Previous wording

Adjusted operating income increased primarily due to higher net investment income, partially offset by a lower reserve release in the current year.

Current wording

Adjusted operating income increased primarily due to higher net investment income and lower operating expenses, partially offset by a lower reserve release in the current year.

Previous wording

Benefits and other changes in policy reserves were impacted by favorable reserve development in both years and increased primarily driven by a lower reserve release in the current year. Enact released reserves of $39 million during thefirst quarter of 2026 primarily driven by favorable cure performance and loss mitigation activities, compared to areserve release of$47 million in the first quarter of 2025 primarily driven by favorable cure performance on prior year delinquencies.

Current wording

Benefits and other changes in policy reserves in both years were impacted by favorable reserve development related to prior years and increased primarily driven by a lower reserve release in the current year. Enact released reserves of $37 million during thesecond quarter of 2026 primarily driven by favorable cure performance and loss mitigation activities, compared to areserve release of$48 million in the second quarter of 2025.

Previous wording

Provision (benefit) for income taxes. The effective tax rate was 21.4% and 21.6% for the three months ended March 31, 2026 and 2025, respectively, consistent with the U.S. corporate federal income tax rate.

Current wording

Provision (benefit) for income taxes. The effective tax rate was 20.5% and 21.8% for the three months ended June 30, 2026 and 2025, respectively, consistent with the U.S. corporate federal income tax rate.

Previous wording

Premiums decreased modestly mainly driven by higher ceded premiums and lapse-driven premium rate decline, largely offset by insurance in-force and assumed premium growth in the current year.

Current wording

Premiums decreased modestly as slightly lower average premium rates and higher ceded premiums were largely offset by insurance in-force and assumed premium growth in the current year.

Previous wording

Acquisition and operating expenses, net of deferrals, decreased primarily driven by higher ceding commissions and lower professional services expenses in the current year.

Current wording

Acquisition and operating expenses, net of deferrals, decreased primarily driven by higher ceding commissions, partially offset by higher employee-related expenses in the current year.

Previous wording

The following table sets forth selected operating performance measures regarding Enact as of and for the dates indicated:

Current wording

The following tables set forth selected operating performance measures regarding Enact as of and for the dates indicated:

Previous wording

Primary insurance in-force increased mainly from new insurance written, partially offset by lapses and cancellations. The primary persistency rate was 80% and 84% for thethree months ended March 31, 2026 and 2025, respectively. Total risk in-force increased primarily as a result of higher primary insurance in-force.

Current wording

Primary insurance in-force increased mainly from new insurance written, partially offset by lapses and cancellations. The primary persistency rate was 80% and 83% for thesix months ended June 30, 2026 and 2025, respectively. Total risk in-force increased primarily as a result of higher primary insurance in-force.

Previous wording

The following table sets forth the loss and expense ratiosfor Enact for the dates indicated:

Current wording

The following table sets forth the loss and expense ratios for Enact for the dates indicated: