$GNW

GENWORTH FINANCIAL INC

CIK:0001276520|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Premiums	$ 875	$ 865	$ 1,756	$ 1,727
Net investment income	836	802	1,602	1,541
Net investment gains (losses)	37	(28)	11	(1)
Policy fees and other income	153	157	309	315
Total revenues	1,901	1,796	3,678	3,582
Benefits and expenses:
Benefits and other changes in policy reserves	1,233	1,195	2,457	2,412
Liability remeasurement (gains) losses	132	60	176	64
Changes in fair value of market risk benefits and associated hedges	(17)	(10)	(7)	8
Interest credited	96	94	191	193
Acquisition and operating expenses, net of deferrals	268	249	481	485
Amortization of deferred acquisition costs and intangibles	54	57	109	117
Interest expense	26	26	51	52
Total benefits and expenses	1,792	1,671	3,458	3,331
Income (loss) from continuing operations before income taxes	109	125	220	251
Provision (benefit) for income taxes	26	35	57	71
Income (loss) from continuing operations	83	90	163	180
Income (loss) from discontinued operations, net of taxes	(2)	(7)	(3)	(12)
Net income (loss)	81	83	160	168
Less: net income (loss) attributable to noncontrolling interests	34	32	66	63
Net income (loss) available to Genworth Financial, Inc.’s common stockholders	$ 47	$ 51	$ 94	$ 105
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic (in usd per share)	$ 0.13	$ 0.14	$ 0.25	$ 0.28
Diluted (in usd per share)	0.13	0.14	0.25	0.28
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic (in usd per share)	0.12	0.12	0.24	0.25
Diluted (in usd per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.25
Weighted-average common shares outstanding:
Basic (in shares)	381.3	413.2	384.7	415.7
Diluted (in shares)	386.3	417.5	390.0	420.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from (used by) operating activities:
Net income (loss)	$ 160	$ 168
Less (income) loss from discontinued operations, net of taxes	3	12
Adjustments to reconcile net income (loss) to net cash from (used by) operating activities:
Amortization of fixed maturity securities discounts and premiums	(92)	(69)
Net investment (gains) losses	(11)	1
Changes in fair value of market risk benefits and associated hedges	(7)	8
Charges assessed to policyholders	(265)	(276)
Amortization of deferred acquisition costs and intangibles	109	117
Deferred income taxes	4	(20)
Derivative instruments, limited partnerships and other	(159)	(160)
Long-term incentive compensation expense	35	25
Change in certain assets and liabilities:
Accrued investment income and other assets	(69)	(50)
Insurance reserves	489	336
Current tax liabilities	0	(20)
Other liabilities, policy and contract claims and other policy-related balances	(50)	(11)
Cash from (used by) operating activities—discontinued operations	(4)	(21)
Net cash from (used by) operating activities	143	40
Cash flows from (used by) investing activities:
Fixed maturity securities	1,647	1,260
Commercial mortgage loans	364	313
Limited partnerships and other invested assets	161	102
Proceeds from sales of investments:
Fixed maturity and equity securities	1,203	1,042
Purchases and originations of investments:
Fixed maturity and equity securities	(2,812)	(2,103)
Commercial mortgage loans	(408)	(259)
Limited partnerships and other invested assets	(264)	(226)
Short-term investments, net	(41)	(6)
Policy loans, net	1	52
Other	(28)	(15)
Net cash from (used by) investing activities	(177)	160
Cash flows from (used by) financing activities:
Deposits to universal life and investment contracts	549	258
Withdrawals from universal life and investment contracts	(376)	(562)
Repayment and repurchase of long-term debt	(15)	0
Repurchase of subsidiary shares	(36)	(28)
Treasury stock acquired in connection with share repurchases	(130)	(77)
Dividends paid to noncontrolling interests	(12)	(11)
Other, net	4	(31)
Net cash from (used by) financing activities	(16)	(451)
Net change in cash, cash equivalents and restricted cash	(50)	(251)
Cash, cash equivalents and restricted cash at beginning of period	2,036	2,048
Cash, cash equivalents and restricted cash at end of period	$ 1,986	$ 1,797

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities available-for-sale, at fair value	$ 45,264	$ 45,762
Equity securities, at fair value	564	555
Commercial mortgage loans	6,408	6,363
Less: Allowance for credit losses	(57)	(59)
Commercial mortgage loans, net	6,351	6,304
Policy loans	2,385	2,297
Limited partnerships	3,538	3,484
Other invested assets	871	770
Total investments	58,973	59,172
Cash, cash equivalents and restricted cash	1,986	2,036
Accrued investment income	555	603
Deferred acquisition costs	1,497	1,586
Intangible assets and goodwill	201	198
Reinsurance recoverable	17,412	17,860
Less: Allowance for credit losses	(21)	(23)
Reinsurance recoverable, net	17,391	17,837
Other assets	474	418
Deferred tax asset	1,811	1,800
Market risk benefit assets	79	64
Separate account assets	4,396	4,369
Total assets	87,363	88,083
Liabilities:
Future policy benefits	54,508	55,228
Policyholder account balances	13,895	13,843
Market risk benefit liabilities	366	413
Liability for policy and contract claims	757	727
Unearned premiums	81	92
Other liabilities	2,095	2,131
Long-term borrowings	1,500	1,513
Separate account liabilities	4,396	4,369
Total liabilities	77,598	78,316
Commitments and contingencies (Note 16)
Equity:
Common stock	1	1
Additional paid-in capital	11,885	11,888
Accumulated other comprehensive income (loss)	(1,307)	(1,324)
Retained earnings	1,777	1,684
Treasury stock, at cost	(3,628)	(3,499)
Total Genworth Financial, Inc.’s stockholders’ equity	8,728	8,750
Noncontrolling interests	1,037	1,017
Total equity	9,765	9,767
Total liabilities and equity	$ 87,363	$ 88,083