v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information (15) 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. 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. See note 14 for a discussion of the effective tax rates used for our segments and Corporate and Other.
Our chief operating decision maker (“CODM”) evaluates performance and allocates resources for our reportable segments based on “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” 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 three months ended March 31:
20262025
(Amounts in millions)EnactClosed BlockEnactClosed Block
Revenues:
Premiums$243 $636 $245 $615 
Net investment income72 691 63 671 
Policy fees and other income3 150 2 156 
318 1,477 310 1,442 
Less:
Benefits and other changes in policy reserves (1)
37 1,189 31 1,188 
Cash flow assumption updates (1)
— 8 — (1)
Actual variances from expected experience (1)
— 36 — 5 
Amortization of deferred acquisition costs and intangibles (1)
2 51 2 57 
Interest expense (2)
12 — 12 — 
Other segment expenses (2), (3)
47 228 49 265 
Provision (benefit) for income taxes (2)
47 (3)47 (9)
Adjusted operating income (loss) attributable to noncontrolling interests33 — 32 — 
Reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders$140 $(32)$137 $(63)
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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 condensed 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 condensed 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 three months ended March 31:
(Amounts in millions)20262025
Total reportable segment adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders$108 $74 
Corporate and Other income (loss) from continuing operations(27)(22)
Net investment gains (losses) available to Genworth Financial, Inc.’s common stockholders ⁽¹⁾(32)28 
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(9)(19)
Expenses related to restructuring ⁽¹⁾— (1)
Taxes on adjustments ⁽¹⁾8 (1)
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders48 59 
Income (loss) from discontinued operations, net of taxes(1)(5)
Net income (loss) available to Genworth Financial, Inc.’s common stockholders$47 $54 
______________
(1)Excludes amounts related to Corporate and Other.
The following table presents total assets for our reportable segments as of the dates indicated:
(Amounts in millions)March 31,
2026		December 31,
2025
Enact$6,967 $6,895 
Closed Block$78,472 $79,615