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News Release 6620 West Broad Street Richmond , VA 23230 Genworth Genworth Financial Announces First Quarter 2021 Results First Quarter Net Income Of $ 187 Million And Adjusted Operating Income Of $ 168 Million • Executing On The Company's Strategic Plan Following The Termination Of The Merger Agreement With China Oceanwide Holdings Group Co. , Ltd ( Oceanwide ) Completed Sale Of Genworth's Interest In Genworth Mortgage Insurance Australia Limited ( Genworth Australia ) During The Quarter , Resulting In Net Proceeds Of $ 123 Million After $ 247 Million Payment To AXA S.A. ( AXA ) Under The Outstanding Promissory Note Continued Progress On Planned Partial Initial Public Offering ( IPO ) Of U.S. Mortgage Insurance ( MI ) Business • U.S. MI Adjusted Operating Income Of $ 126 Million , 33 Percent Above Prior Quarter New Delinquencies Continued To Decline , Down 16 Percent From The Prior Quarter • U.S. MI's PMIERS¹ Sufficiency Ratio Estimated At 159 Percent , $ 1,764 Million Above Published Requirements • U.S. Life Insurance Segment Adjusted Operating Income Of $ 62 Million Driven By LTC² Results Benefitting From High Claim Terminations In The Quarter • Continued Progress Toward LTC Multi - Year Rate Action Plan ( MYRAP ) With $ 157 Million Incremental Annual Rate Increases Approved In First Quarter , With An Estimated Net Present Value Of Approximately $ 0.7 Billion • Holding Company Cash And Liquid Assets Of $ 757 Million , Including $ 60 Million Restricted , With $ 729 Million Holding Company Debt Retired During The Quarter , Including Partial Prepayment Of AXA Promissory Note Richmond , VA ( April 29 , 2021 ) - Genworth Financial , Inc. ( NYSE : GNW ) today reported results for the quarter ended March 31 , 2021. The company reported net income³ of $ 187 million , or $ 0.37 per diluted share , in the first quarter of 2021 , compared with a net loss of $ 66 million , or $ 0.13 per diluted share , in the first quarter of 2020 . The company reported adjusted operating income of $ 168 million , or $ 0.33 per diluted share , in the first quarter of 2021 , compared with adjusted operating income of $ 20 million , or $ 0.04 per diluted share , in the first quarter of 2020 . 1 Private Mortgage Insurer Eligibility Requirements . 2 Long term care insurance . 3 Unless otherwise stated , all references in this press release to net income ( loss ) , net income ( loss ) per share , adjusted operating income ( loss ) , adjusted operating income ( loss ) per share and book value per share should be read as net income ( loss ) available to Genworth's common stockholders , net income ( loss ) available to Genworth's common stockholders per diluted share , adjusted operating income ( loss ) available to Genworth's common stockholders , adjusted operating income ( loss ) available to Genworth's common stockholders per diluted share and book value available to Genworth's common stockholders per share , respectively . 4 This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles ( Non - GAAP ) . See the Use of Non - GAAP Measures section of this press release for additional information . 1