Genworth Financial Announces Fourth Quarter 2025 Results
RICHMOND, Va.--( BUSINESS WIRE)--Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended December 31, 2025.
“Genworth delivered strong results in 2025 as we continued to execute against our strategic priorities,” said Tom McInerney, President & CEO. “We took major steps to advance CareScout’s strategy, with nationwide expansion of the CareScout Quality Network, the launch of Care Plans, our new innovative consumer-facing solution, along with the launch and continued buildout of our CareScout insurance offerings. With Enact as a durable source of cash flows, a growing and increasingly integrated CareScout platform, and disciplined management of our legacy insurance businesses, we are delivering long-term value for shareholders while supporting millions of families navigating the aging journey.”
(Amounts in millions, except per share data)
Q4 2025
Q3 2025
Q4 2024
Net income (loss) 5
$
2
$
116
$
(1
)
Net income (loss) per diluted share 5
$
—
$
0.28
$
—
Adjusted operating income (loss) 5,6
$
8
$
17
$
15
Adjusted operating income (loss) per diluted share 5,6
$
0.02
$
0.04
$
0.04
Weighted-average diluted shares 13
396.4
413.3
431.0
Consolidated GAAP Financial Highlights
Enact
GAAP Operating Metrics
(Dollar amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Adjusted operating income (loss) 5
$
146
$
134
$
137
Primary new insurance written
$
14,386
$
14,048
$
13,266
Loss ratio
7
%
15
%
10
%
Equity 14
$
4,351
$
4,320
$
4,068
Capital Metric
Q4 2025
Q3 2025
Q4 2024
PMIERs sufficiency ratio 7,8
162%
162%
167%
Closed Block
GAAP Adjusted Operating Income (Loss)
(Amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Long-term care insurance
$
(159
)
$
(100
)
$
(104
)
Life insurance
13
(15
)
2
Annuities
32
19
3
Total Closed Block
$
(114
)
$
(96
)
$
(99
)
Long-term care insurance
Life insurance
Annuities
Corporate and Other
Legacy Insurance Companies 10 Statutory Results 8 and RBC Ratio 8
(Dollar amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Statutory pre-tax income (loss) 8,16
$
3
$
(12
)
$
(33
)
Long-term care insurance
(84
)
(75
)
(78
)
Life insurance
60
(2
)
49
Annuities
27
65
(4
)
GLIC consolidated RBC ratio 8,11
300
%
303
%
306
%
Holding Company Cash and Liquid Assets
(Amounts in millions)
Q4 2025
Q3 2025
Q4 2024
Holding company cash and liquid assets 12,17
$
234
$
254
$
294
Capital Allocation and Shareholder Returns
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a publicly traded holding company headquartered in Richmond, Virginia. Through its family of brands—including CareScout, Genworth, and Enact—Genworth uses its more than 150 years of experience to help families navigate the aging journey with clarity and confidence, offering guidance, products, and services that support caregiving decisions, long-term care planning, and the financial challenges of aging. Genworth is the majority owner of Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information, visit https://www.genworth.com.
Conference Call Information
Investors are encouraged to read this press release, summary presentation and financial supplement which are now posted on the company’s website, https://investor.genworth.com.
Genworth will conduct a conference call on February 24, 2026 at 9:00 a.m. (ET) to discuss its fourth quarter results, which will be accessible via:
Allow at least 15 minutes prior to the call time to register for the call. A replay of the webcast will be available on the company’s website for one year.
Use of Non-GAAP Measures
Management evaluates performance and allocates resources based on a non-GAAP financial measure entitled “adjusted operating income (loss).” Management evaluates adjusted operating income (loss) 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. GLIC and its subsidiaries, which comprise the Closed Block segment, are managed on a standalone basis; therefore, the company does not allocate capital to its Closed Block segment.
The company defines adjusted operating income (loss) 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 the company’s 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 the company’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations. The company excludes 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 the company’s opinion, they are not indicative of overall operating performance.
While some of these items may be significant components of net income (loss) determined in accordance with GAAP, the company believes that adjusted operating income (loss), and measures that are derived from or incorporate adjusted operating income (loss), 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) is not a substitute for net income (loss) determined in accordance with GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% current tax rate, plus any associated deferred taxes, and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments.
The table at the end of this press release provides a reconciliation of net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) for the three and twelve months ended December 31, 2025 and 2024, as well as the three months ended September 30, 2025 and reflects adjusted operating income (loss) as determined in accordance with accounting guidance related to segment reporting.
Statutory Accounting Data
The company presents certain supplemental statutory data for GLIC and its consolidating life insurance subsidiaries that has been prepared on the basis of statutory accounting principles (SAP). GLIC and its consolidating life insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners that are prepared using SAP, an accounting basis either prescribed or permitted by such authorities. Due to differences in methodology between SAP and GAAP, the values for assets, liabilities and equity, and the recognition of income and expenses, reflected in financial statements prepared in accordance with GAAP are materially different from those reflected in financial statements prepared under SAP. This supplemental statutory data should not be viewed as an alternative to, or used in lieu of, GAAP.
This supplemental statutory data includes the company action level RBC ratio for GLIC and its consolidating life insurance subsidiaries as well as combined statutory pre-tax earnings from the principal legacy insurance companies, GLIC, GLAIC and GLICNY. Statutory pre-tax earnings represent the net gain from operations, including the impact from in-force rate actions, before dividends to policyholders, refunds to members and federal income taxes and before realized capital gains or (losses). The combined product level statutory pre-tax earnings are grouped on a consistent basis as those provided on page six of the statutory Annual Statements. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of, among other things, statutory pre-tax earnings and the adequacy of capital. Management uses this data to measure against its policy to manage the legacy insurance companies with internally generated capital.
Cautionary Note Regarding Forward-Looking Statements
This press release 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 the company’s future business and financial performance. Examples of forward-looking statements include statements the company makes 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 the multi-year in-force rate action plan and other reduced benefit options associated with the long-term care insurance products in the company’s Closed Block segment; planned investments in and the company’s outlook for new lines of business or new insurance and other products and services, such as those it is pursuing with its CareScout business (CareScout), including through its CareScout services business (CareScout Services) and its 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 the company’s long-term care insurance products in its 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 the company’s businesses; and statements the company makes regarding the outlook of the U.S. economy.
Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, inflation, business, competitive, market, regulatory and other factors and risks, including but not limited to, the following:
The company provides additional information regarding these risks and uncertainties in its Annual Report on Form 10-K. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Accordingly, for the foregoing reasons, the company cautions the reader against relying on any forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.
Condensed Consolidated Statements of Income (Loss)
(Amounts in millions, except per share amounts)
Three months ended
December 31,
Twelve months ended
December 31,
Three months
ended
September 30,
2025
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues:
Premiums
$
886
$
876
$
3,499
$
3,480
$
886
Net investment income
785
793
3,125
3,160
799
Net investment gains (losses)
(39
)
(41
)
59
13
99
Policy fees and other income
152
154
618
642
151
Total revenues
1,784
1,782
7,301
7,295
1,935
Benefits and expenses:
Benefits and other changes in policy reserves
1,182
1,199
4,821
4,766
1,227
Liability remeasurement (gains) losses
143
88
313
153
106
Changes in fair value of market risk benefits and associated hedges
(4
)
(3
)
3
(13
)
(1
)
Interest credited
97
101
386
453
96
Acquisition and operating expenses, net of deferrals
265
253
1,009
977
259
Amortization of deferred acquisition costs and intangibles
57
62
231
249
57
Interest expense
26
27
105
115
27
Total benefits and expenses
1,766
1,727
6,868
6,700
1,771
Income (loss) from continuing operations before income taxes
18
55
433
595
164
Provision (benefit) for income taxes
4
20
84
158
9
Income (loss) from continuing operations
14
35
349
437
155
Income (loss) from discontinued operations, net of taxes
21
(5
)
1
(10
)
(8
)
Net income (loss)
35
30
350
427
147
Less: net income (loss) attributable to noncontrolling interests
33
31
127
128
31
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
$
2
$
(1
)
$
223
$
299
$
116
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
(0.05
)
$
0.01
$
0.54
$
0.71
$
0.30
Diluted
$
(0.05
)
$
0.01
$
0.54
$
0.70
$
0.30
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
—
$
—
$
0.54
$
0.69
$
0.29
Diluted
$
—
$
—
$
0.54
$
0.68
$
0.28
Weighted-average common shares outstanding:
Basic
396.4
425.3
409.0
433.9
408.0
Diluted 13
396.4
431.0
414.0
439.4
413.3
Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss)
(Amounts in millions, except per share amounts)
(Unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
Three months
ended
September 30,
2025
2025
2024
2025
2024
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
$
2
$
(1
)
$
223
$
299
$
116
Add: net income (loss) attributable to noncontrolling interests
33
31
127
128
31
Net income (loss)
35
30
350
427
147
Less: income (loss) from discontinued operations, net of taxes
21
(5
)
1
(10
)
(8
)
Income (loss) from continuing operations
14
35
349
437
155
Less: net income (loss) from continuing operations attributable to noncontrolling interests
33
31
127
128
31
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders
(19
)
4
222
309
124
Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses, net 19
38
39
(62
)
(17
)
(99
)
Changes in fair value of market risk benefits attributable to changes in interest rates, equity markets and associated hedges 20
(6
)
(24
)
(5
)
(43
)
(3
)
(Gains) losses on early extinguishment of debt, net 21
(1
)
(2
)
(1
)
2
—
Expenses related to restructuring
—
1
—
12
1
Taxes on adjustments 22
(4
)
(3
)
(10
)
10
(6
)
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
$
8
$
15
$
144
$
273
$
17
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
Enact segment
$
146
$
137
$
558
$
585
$
134
Closed Block segment:
Long-term care insurance
(159
)
(104
)
(326
)
(176
)
(100
)
Life insurance
13
2
(66
)
(94
)
(15
)
Annuities
32
3
75
56
19
Closed Block segment
(114
)
(99
)
(317
)
(214
)
(96
)
Corporate and Other
(24
)
(23
)
(97
)
(98
)
(21
)
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
$
8
$
15
$
144
$
273
$
17
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
—
$
—
$
0.54
$
0.69
$
0.29
Diluted
$
—
$
—
$
0.54
$
0.68
$
0.28
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
0.02
$
0.04
$
0.35
$
0.63
$
0.04
Diluted
$
0.02
$
0.04
$
0.35
$
0.62
$
0.04
Weighted-average common shares outstanding:
Basic
396.4
425.3
409.0
433.9
408.0
Diluted 13
396.4
431.0
414.0
439.4
413.3
Footnote Definitions