GENWORTH FINANCIAL INCGNW
GENWORTH FINANCIAL INC Segments Disclosure
(21) Segment Information
(a) Reportable Segment Information
We have the following two reportable segments: Enact, comprised primarily of private mortgage insurance products, and Closed Block, comprised of long-term care insurance, life insurance and annuity products that were previously sold 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 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.
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. 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.
We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income (loss) and assets. Our CODM, who is our Chief Executive Officer, evaluates performance and allocates resources for our reportable segments based on “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” Our CODM evaluates adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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 insurance subsidiaries, which comprise our Closed Block segment, are managed on a standalone basis; therefore, we do not allocate capital to our Closed Block segment.
We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders 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) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating performance.
Adjustments to reconcile reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders to consolidated net income (loss) available to Genworth Financial, Inc.’s common stockholders assume a 21% current tax rate, plus any associated deferred taxes, and are net of the portion attributable to noncontrolling interests.
The following table presents adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our reportable segments for the years ended December 31:
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| (Amounts in millions) | Enact | Closed Block | Enact | Closed Block | Enact | Closed Block | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Premiums | $ | 980 | $ | 2,508 | $ | 980 | $ | 2,489 | $ | 957 | $ | 2,670 | |||||||||||||||||||||||
| Net investment income | 266 | 2,840 | 240 | 2,899 | 208 | 2,956 | |||||||||||||||||||||||||||||
| Policy fees and other income | 5 | 612 | 4 | 638 | 2 | 646 | |||||||||||||||||||||||||||||
| 1,251 | 5,960 | 1,224 | 6,026 | 1,167 | 6,272 | ||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Benefits and other changes in policy reserves (1) | 110 | 4,719 | 39 | 4,736 | 27 | 4,765 | |||||||||||||||||||||||||||||
Cash flow assumption updates (1) | — | 23 | — | (42) | — | 308 | |||||||||||||||||||||||||||||
Actual variances from expected experience (1) | — | 290 | — | 195 | — | 279 | |||||||||||||||||||||||||||||
Amortization of deferred acquisition costs and intangibles (1) | 9 | 217 | 10 | 235 | 11 | 252 | |||||||||||||||||||||||||||||
Interest expense (2) | 50 | — | 51 | — | 52 | — | |||||||||||||||||||||||||||||
Other segment expenses (2), (3) | 207 | 1,082 | 209 | 1,140 | 212 | 1,178 | |||||||||||||||||||||||||||||
Provision (benefit) for income taxes (2) | 188 | (54) | 198 | (24) | 188 | (80) | |||||||||||||||||||||||||||||
| Adjusted operating income (loss) attributable to noncontrolling interests | 129 | — | 132 | — | 125 | — | |||||||||||||||||||||||||||||
| Reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 558 | $ | (317) | $ | 585 | $ | (214) | $ | 552 | $ | (430) | |||||||||||||||||||||||
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(1)Significant expense category and amounts, which align with segment-level information, as applicable, that is regularly provided to the CODM.
(2)Other segment items not considered a significant expense category.
(3)Other segment expenses include interest credited; acquisition and operating expenses, net of deferrals, as reported in the consolidated statements of operations, excluding gains (losses) on the early extinguishment of debt and expenses related to restructuring, as applicable; and changes in fair value of market risk benefits and associated hedges, as reported in the consolidated statements of operations, excluding the impacts of interest rates, equity markets and associated hedges.
The following table presents the reconciliation of total reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders to net income (loss) available to Genworth Financial, Inc.’s common stockholders for the years ended December 31:
| (Amounts in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Total reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 241 | $ | 371 | $ | 122 | |||||||||||
| Corporate and Other adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders | (97) | (98) | (81) | ||||||||||||||
| Net investment gains (losses) available to Genworth Financial, Inc.’s common stockholders | 62 | 17 | 25 | ||||||||||||||
| Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges | 5 | 43 | 22 | ||||||||||||||
| Gains (losses) on early extinguishment of debt | 1 | (2) | 2 | ||||||||||||||
| Expenses related to restructuring | — | (12) | (4) | ||||||||||||||
Taxes on adjustments (1) | 10 | (10) | (10) | ||||||||||||||
| Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders | 222 | 309 | 76 | ||||||||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | (10) | — | ||||||||||||||
| Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 223 | $ | 299 | $ | 76 | |||||||||||
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(1)The year ended December 31, 2025 included a $24 million tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets.
The following table presents the reconciliation of total reportable segment revenues and assets to consolidated revenue and assets as of and for the years ended December 31:
| (Amounts in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Reconciliation of revenues | |||||||||||||||||
| Total reportable segment revenues | $ | 7,211 | $ | 7,250 | $ | 7,439 | |||||||||||
| Corporate and Other, excluding net investment gains (losses) | 31 | 32 | 26 | ||||||||||||||
| Net investment gains (losses) | 59 | 13 | 23 | ||||||||||||||
| Total revenues | $ | 7,301 | $ | 7,295 | $ | 7,488 | |||||||||||
| Reconciliation of assets | |||||||||||||||||
| Enact | $ | 6,895 | $ | 6,525 | |||||||||||||
| Closed Block | 79,615 | 78,624 | |||||||||||||||
| Total reportable segment assets | 86,510 | 85,149 | |||||||||||||||
| Corporate and Other | 1,573 | 1,672 | |||||||||||||||
| Total assets | $ | 88,083 | $ | 86,821 | |||||||||||||
(b) Revenues from External Customers for Major Product Groups
The following presents premiums and policy fees and other income of major product groups for our segments and Corporate and Other for the years ended December 31:
| (Amounts in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Enact segment | $ | 985 | $ | 984 | $ | 959 | |||||||||||
| Closed Block segment: | |||||||||||||||||
| Long-term care insurance | 2,345 | 2,310 | 2,463 | ||||||||||||||
| Life insurance | 669 | 704 | 738 | ||||||||||||||
| Annuities | 106 | 113 | 115 | ||||||||||||||
| Closed Block segment | 3,120 | 3,127 | 3,316 | ||||||||||||||
| Corporate and Other | 12 | 11 | 7 | ||||||||||||||
| Total revenues from external customers | $ | 4,117 | $ | 4,122 | $ | 4,282 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.