Genworth Financial Inc

NYSE:GNWUnited States

market risk benefits and associated hedges 21 (24) (8) Interest credited 102 127 125 Acquisition and operating expenses, net of deferrals 259 228 229 Amortization of deferred acquisition costs and intangibles 62 65 60 Interest expense 28 30 30 ------- ------ --------- Total benefits and expenses 1,719 1,741 1,626 ------- ------ --------- Income from continuing operations before income taxes 161 90 143 Provision for income taxes 40 30 32 ------- ------ --------- Income from continuing operations 121 60 111 Loss from discontinued operations, net of taxes (3) -- (1) ------- ------ --------- Net income 118 60 110 Less: net income attributable to noncontrolling interests 33 31 34 ------- ------ --------- Net income available to Genworth Financial, Inc.'s common stockholders $ 85 $ 29 $ 76 ======= ====== ========= Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share: Basic $ 0.20 $ 0.06 $ 0.18 ======= ====== ========= Diluted $ 0.20 $ 0.06 $ 0.17 ======= ====== ========= Net income available to Genworth Financial, Inc.'s common stockholders per share: Basic $ 0.20 $ 0.06 $ 0.17 ======= ====== ========= Diluted $ 0.19 $ 0.06 $ 0.17 ======= ====== ========= Weighted-average common shares outstanding: Basic 430.8 460.5 436.4 ======= ====== ========= Diluted 435.8 466.0 440.7 ======= ====== ========= Reconciliation of Net Income to Adjusted Operating Income (Amounts in millions, except per share amounts) (Unaudited) Three Three months ended months ended September 30, June 30, ---------------- 2024 2023 2024 ------- ------- ---------------- Net income available to Genworth Financial, Inc.'s common stockholders $ 85 $ 29 $ 76 Add: net income attributable to noncontrolling interests 33 31 34 ----- ----- --------- Net income 118 60 110 Less: loss from discontinued operations, net of taxes (3) -- (1) ----- ----- --------- Income from continuing operations 121 60 111 Less: net income from continuing operations attributable to noncontrolling interests 33 31 34 ----- ----- --------- Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 88 29 77 Adjustments to income from continuing operations available to Genworth Financial, Inc.'s common stockholders: Net investment (gains) losses, net(12) (66) 43 60 Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(13) 17 (26) (10) (Gains) losses on early extinguishment of debt, net(14) (2) -- 7 Expenses related to restructuring -- -- 4 Taxes on adjustments 11 (4) (13) ----- ----- --------- Adjusted operating income $ 48 $ 42 $ 125 ===== ===== ========= Adjusted operating income (loss): Enact segment $ 148 $ 134 $ 165 Long-Term Care Insurance segment (46) (71) (29) Life and Annuities segment: Life Insurance (40) (25) (23) Fixed Annuities 6 17 12 Variable Annuities 7 5 10 ----- ----- --------- Total Life and Annuities segment (27) (3) (1) ----- ----- --------- Corporate and Other (27) (18) (10) ----- ----- --------- Adjusted operating income $ 48 $ 42 $ 125 ===== ===== ========= Net income available to Genworth Financial, Inc.'s common stockholders per share: Basic $ 0.20 $ 0.06 $ 0.17 ===== ===== ========= Diluted $ 0.19 $ 0.06 $ 0.17 ===== ===== ========= Adjusted operating income per share: Basic $ 0.11 $ 0.09 $ 0.29 ===== ===== ========= Diluted $ 0.11 $ 0.09 $ 0.28 ===== ===== ========= Weighted-average common shares outstanding: Basic 430.8 460.5 436.4 ===== ===== ========= Diluted 435.8 466.0 440.7 ===== ===== =========

market risk benefits and associated hedges 21 (24) (8) Interest credited 102 127 125 Acquisition and operating expenses, net of deferrals 259 228 229 Amortization of deferred acquisition costs and intangibles 62 65 60 Interest expense 28 30 30 ------- ------ --------- Total benefits and expenses 1,719 1,741 1,626 ------- ------ --------- Income from continuing operations before income taxes 161 90 143 Provision for income taxes 40 30 32 ------- ------ --------- Income from continuing operations 121 60 111 Loss from discontinued operations, net of taxes (3) -- (1) ------- ------ --------- Net income 118 60 110 Less: net income attributable to noncontrolling interests 33 31 34 ------- ------ --------- Net income available to Genworth Financial, Inc.'s common stockholders $ 85 $ 29 $ 76 ======= ====== ========= Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share: Basic $ 0.20 $ 0.06 $ 0.18 ======= ====== ========= Diluted $ 0.20 $ 0.06 $ 0.17 ======= ====== ========= Net income available to Genworth Financial, Inc.'s common stockholders per share: Basic $ 0.20 $ 0.06 $ 0.17 ======= ====== ========= Diluted $ 0.19 $ 0.06 $ 0.17 ======= ====== ========= Weighted-average common shares outstanding: Basic 430.8 460.5 436.4 ======= ====== ========= Diluted 435.8 466.0 440.7 ======= ====== ========= Reconciliation of Net Income to Adjusted Operating Income (Amounts in millions, except per share amounts) (Unaudited) Three Three months ended months ended September 30, June 30, ---------------- 2024 2023 2024 ------- ------- ---------------- Net income available to Genworth Financial, Inc.'s common stockholders $ 85 $ 29 $ 76 Add: net income attributable to noncontrolling interests 33 31 34 ----- ----- --------- Net income 118 60 110 Less: loss from discontinued operations, net of taxes (3) -- (1) ----- ----- --------- Income from continuing operations 121 60 111 Less: net income from continuing operations attributable to noncontrolling interests 33 31 34 ----- ----- --------- Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 88 29 77 Adjustments to income from continuing operations available to Genworth Financial, Inc.'s common stockholders: Net investment (gains) losses, net(12) (66) 43 60 Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges(13) 17 (26) (10) (Gains) losses on early extinguishment of debt, net(14) (2) -- 7 Expenses related to restructuring -- -- 4 Taxes on adjustments 11 (4) (13) ----- ----- --------- Adjusted operating income $ 48 $ 42 $ 125 ===== ===== ========= Adjusted operating income (loss): Enact segment $ 148 $ 134 $ 165 Long-Term Care Insurance segment (46) (71) (29) Life and Annuities segment: Life Insurance (40) (25) (23) Fixed Annuities 6 17 12 Variable Annuities 7 5 10 ----- ----- --------- Total Life and Annuities segment (27) (3) (1) ----- ----- --------- Corporate and Other (27) (18) (10) ----- ----- --------- Adjusted operating income $ 48 $ 42 $ 125 ===== ===== ========= Net income available to Genworth Financial, Inc.'s common stockholders per share: Basic $ 0.20 $ 0.06 $ 0.17 ===== ===== ========= Diluted $ 0.19 $ 0.06 $ 0.17 ===== ===== ========= Adjusted operating income per share: Basic $ 0.11 $ 0.09 $ 0.29 ===== ===== ========= Diluted $ 0.11 $ 0.09 $ 0.28 ===== ===== ========= Weighted-average common shares outstanding: Basic 430.8 460.5 436.4 ===== ===== ========= Diluted 435.8 466.0 440.7 ===== ===== =========