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11 November 5, 2025 3Q Investor Presentation Earnings Summary
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22 Cautionary Note Regarding Forward-Looking Statements This presentation 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 actions included in the company’s long-term care insurance multi-year in-force rate action plan; 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 insurance offerings through CareScout Insurance; 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 business; the resolution of the appeal or any potential litigation recovery amounts in connection with the AXA S.A. and Santander Cards UK Limited litigation (AXA Litigation), Genworth’s planned use of proceeds from any recovery in connection with the AXA 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 those discussed at the end of this presentation, as well as in the risk factor section of Genworth’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 28, 2025. Genworth 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. For information regarding forward-looking statements, see the Appendix. Non-GAAP and Other Items All financial results are as of September 30, 2025 unless otherwise noted. For additional information, please see Genworth’s third quarter 2025 earnings release posted at investor.genworth.com. For important information regarding the use of financial measures not based on U.S. Generally Accepted Accounting Principles (GAAP), see use of non-GAAP measures in the Appendix. Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) 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 and adjusted operating income (loss) available to Genworth’s common stockholders per diluted share, respectively. Statutory Accounting Data The company presents certain supplemental statutory data for Genworth Life Insurance Company (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 risk-based capital (RBC) ratio for GLIC and its consolidating life insurance subsidiaries as well as combined statutory pre-tax earnings from the principal U.S. life insurance companies, GLIC, Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (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 U.S. life insurance companies with internally generated capital.
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33 Financial Performance in 3rd Quarter — Net income1 of $116M, or $0.28 per diluted share, and adjusted operating income1,2 of $17M, or $0.042 per diluted share — Enact reported adjusted operating income of $134M1; distributed $110M in capital returns to Genworth — U.S. life insurance companies’ RBC3 ratio of 303%4, down slightly from the prior quarter — Genworth holding company cash and liquid assets of $254M5 at quarter-end 1 All references reflect amounts available to Genworth’s common stockholders; 2 This is a financial measure that is not calculated based on GAAP. See the Use of Non-GAAP Measures section of this presentation for additional information; 3 Risk-based capital ratio based on company action level for GLIC consolidated; 4 Estimate for the third quarter of 2025 due to timing of the preparation and filing of statutory financial statements; 5 Includes approximately $145M of cash held for future obligations, including advance cash payments from the company’s subsidiaries
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44 Genworth’s Strategic Pillars Create shareholder value through Enact’s growing market value and capital returns Maintain self-sustaining, customer-centric legacy insurance companies, including the LTC1, life and annuity businesses Drive future growth through CareScout with innovative, consumer-focused aging care services and funding solutions Create Value Maintain Self-Sustainability Drive Growth 1 Long-term care insurance
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55 3rd Quarter Progress on Genworth’s Strategic Pillars 1 Initial public offering; 2 Net present value; 3 In-force rate actions; 4 CareScout Quality Network; 5 A match is identified when CareScout validates and approves an invoice from a CQN provider that demonstrates a CareScout member has received services for the first time, and the appropriate discount was applied Create Value Maintain Self-Sustainability Drive Growth $110M capital returns received from Enact, with $1.2B since Enact’s IPO1 $76M in share repurchases executed in 3Q ~$31.8B estimated NPV2 achieved from LTC IFAs3 since 2012 $44M of gross incremental LTC premium approvals in 3Q Continued CQN4 growth, with 950 matches5 in 3Q Acquired Seniorly in October, accelerating CareScout’s growth into senior living communities $696M in share repurchases executed program-to-date through September 30, 2025 60.5% cumulative benefit reduction rate in LTC Launched Care Assurance in October, CareScout’s inaugural standalone LTC product
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66 CareScout: Enabling Families to Understand, Find and Fund Quality Care 71M $77k <5% Americans will be age 65 or older by 20291 Nationwide annual median cost of home care 3 of Americans over age 50 have long- term care insurance 4 Addressing an underserved need… …with a comprehensive set of solutions, leveraging the most extensive LTC claims data in the industry. CareScout Quality Network Care Assessments Care Plans Ho Care Assurance Developing additional funding solutions Services Insurance 1 Source: U.S. Census Bureau estimate ; 2 Source: Administration for Community Living at LongTermCare.gov; 3 Source: CareScout’s 2024 Cost of Care Survey; 4 Source: Life Insurance Marketing and Research Association (LIMRA) estimate that only 3-4% of Americans over age 50 have long-term care insurance 70% of Americans over age 65 will need long- term care services 2
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77 Care Providers: Offering quality care solutions Care Seekers: Looking for quality care solutions Scaling the CareScout Services Platform • 1 Percentage of aged 65-plus census population in the United States covered by a home care provider in the CQN CareScout acquired Seniorly, accelerating growth beyond home care providers ‒ Connects older adults with senior living communities and its network of local advisors ‒ Closed in October; funded with existing Genworth holding company cash Expanded reach to additional care seekers in 3Q ‒ Pilots continue with two other carriers with closed LTC blocks and in discussion with additional partners ‒ Growing Care Plans, a fee-based service helping consumers evaluate long-term care needs and find providers 181 302 390 493 543 643 727 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Number of Home Care Providers in the CQN Continues to Grow Network in all 50 states with 95%+ coverage1 52 140 284 430 576 804 950 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 +18% VPQ Full-Year Estimate 3,000+ +13% VPQ Continued Growth in Matches Between Care Seekers and CQN Providers As of:
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88 Introducing the Next Generation of LTC with Care Assurance Care Assurance Increased Price Stability More conservative pricing assumptions help mitigate the need for future rate increases Care Options Home care, assisted living, adult day care, hospice Holistic Resources Wellness programs, assessments and access to the CQN: vetted providers, preferred pricing Customer Experience Digital-first, with experienced service reps providing individualized support through the policy Claims Experience Leveraging Genworth’s experience, the deepest dataset in the industry with $32B+ in LTC benefits paid1 Capital & Risk Backed by an A+ rated2 reinsurer; prudently priced for a mid-teens return with conservative assumptions Revenue Model Expands CareScout ecosystem; creates value through integration with CQN and other services Customers Leveraging more than 50 years of experience to deliver more sustainable care funding solutions through CareScout Insurance Company 1 Long-term care claims experience data for Genworth Life Insurance Company and affiliates – December 1974 through December 31, 2024; 2 A.M. Best Financial Strength Rating
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99 (100) (37) (46) 4 (7) (27) (21) (29) (27) 134 141 148 Adjusted Operating Income (Loss)1 ($M) 3Q25 Results Summary – Genworth Consolidated (GAAP) • 1 Reflects Genworth’s ownership excluding noncontrolling interests Net Income $116 Net Income $85 $68 3Q25 3Q24 Enact Life & AnnuitiesLong-Term Care Insurance Corporate & Other $48$17 2Q25 Net Income $51 Enact: $134M1 — Cure performance remains strong, driving reserve releases — Lower income than the prior year primarily driven by lower reserve release Long-Term Care Insurance: $(100)M — Current quarter pre-tax remeasurement loss of $113M reflected unfavorable actual variances from expected experience — Prior quarter pre-tax remeasurement loss of $50M included a $26M pre-tax gain from a third-party reinsurance recapture — Prior year pre-tax remeasurement loss of $28M included $63M pre-tax favorable cash flow assumption updates Life and Annuities: $4M — Life insurance loss of $15M reflected favorable mortality — Annuities income of $19M included favorable mortality, partially offset by lower spread income from block runoff Corporate and Other: $(21)M — Current quarter loss included a $7M tax benefit related to a release of a portion of the valuation allowance on certain deferred tax assets, as well as investments in CareScout and debt service expense
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1010 Enact Segment $272 $270 $268 3Q25 2Q25 3Q24 Primary IIF1 ($B) $245 $245 $249 3Q25 2Q25 3Q24 Earned Premiums ($M) Portfolio up 2% year-over-year driven by new insurance written (NIW) and continued elevated persistency Earned premiums decreased slightly versus the prior year as IIF growth was more than offset by higher ceded premiums Primary NIW up 6% versus the prior quarter from seasonal trends Primary NIW $13,254 $13,591 1 Insurance in-force $14,048
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1111 Enact Segment $36 $25 $12 3Q25 2Q25 3Q24 Benefits & Changes in Policy Reserves ($M) Enact entered into a quota share reinsurance agreement and in October announced an excess of loss reinsurance agreement, both covering the 2027 book year Enact closed new $435M revolving credit facility Estimated PMIERs sufficiency ratio was 162%, $1,904M above requirements • 1 Includes rescissions and claim denials; 2 Private Mortgage Insurer Eligibility Requirements (PMIERs), company estimate for the third quarter of 2025 due to the timing of the PMIERs filing; • 3 Calculated as available assets divided by required assets as defined within PMIERs Pre-tax reserve release of $45M primarily from favorable cure performance; prior quarter and prior year included pre-tax reserve releases of $48M and $65M, respectively Primary delinquency rate of 2.5% in line with pre-pandemic levels New delinquencies up sequentially from seasonality Continued strong cure performance Loss Ratio Primary Delqs (#) Primary New Delqs (#) Primary Paid Claims (#) Primary Cures 1 (#) 15% 23,382 12,998 253 11,481 5% 21,027 12,964 220 10,768 $1,904 $1,961 $2,190 162% 165% 173% 9/30/25 6/30/25 9/30/24 Sufficiency to PMIERs2 ($M) Net Sufficiency to Compliance Sufficiency Ratio3 10% 22,118 11,567 218 11,580
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1212 Proactively Managing LTC Risk •Effective in-force management proactively addresses risk in the legacy LTC block by building resiliency, with focus on 3 key areas: 1 Multi-Year Rate Action Plan; 2 Individual LTC policies only; Note: all figures presented as of 9/30/25 ~$31.8B Estimated NPV of IFAs Achieved since 2012 60.5% Benefit reduction rate Election rates since 2012 35.8% 5% compound inflation exposure2 Reduced from 57.2% as of 1/1/14 $3.6B GLIC statutory capital and surplus $1.0-1.5B Expected claim savings over time from CQN On an NPV basis MYRAP1 Progress — The MYRAP continues to be the most effective tool for maintaining self-sustainability and proactively addressing future risk — Working with state insurance regulators; focused on timely approvals and addressing cross-state premium inequities Benefit Reductions — Developing additional options for policyholders to continue reducing exposure to riskiest product features now that recent legal settlement implementations are materially complete — Focused on 5% compound inflation and large benefit pools Additional Risk Mitigation Factors — Existing capital and surplus, with no plan to contribute capital from Genworth holding company and no plan to return capital — Innovative risk reduction strategies in CQN and Live Well | Age Well near-claim intervention program 1 2 3
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1313 U.S. Life1 Statutory Results LTC continued to benefit from premium increases and benefit reductions from IFAs, with $1.0B year-to-date through September 30, 2025, though lower than the prior year as the Choice II legal settlement is complete. Current quarter results reflected higher claims as the block ages, prior quarter included a pre-tax gain of $11M from a third-party reinsurance recapture Life insurance results included unfavorableseasonal impacts versus the prior quarter, though improved from prior year with favorable mortality experience and reserve changes from block runoff Annuity results reflected a net favorable impact of $47M pre-tax from equity market and interest rate performance in the variable annuity products in the current quarter compared to $79M in the prior quarter and $11M in the prior year RBC ratio was down slightly from the prior quarter driven by the pre-tax loss, mostly offset by unrealized investment gains Statutory Pre-Tax Income (Loss)2,3 ($M) 3Q25 2Q25 3Q24 Long-Term Care Insurance (75) (26) (9) Life Insurance (2) 18 (29) Annuities 65 89 20 Combined Statutory Pre-Tax Income (Loss) (12) 81 (18) Capital Metrics 9/30/25 6/30/25 9/30/24 Capital and Surplus2 ($B) 3.6 3.6 3.7 RBC Ratio2 303% 304% 317% Total Income From IFAs4 Non-settlement IFAs Legal Settlement Impacts Losses Excluding IFAs5 LTC Statutory Pre-Tax Income (Loss) ($M) 88 337 342 322 (412) (368) (419) 337 342 410 (75) (26) (9) 3Q25 2Q25 3Q24 1 Includes GLIC and consolidating life insurance subsidiaries; 2 Estimate for the third quarter of 2025 due to timing of the preparation and filing of statutory financial statements; 3 Net gain (loss) from operations before dividends to policyholders, refunds to members and federal income taxes for GLIC, GLAIC and GLICNY, and before realized capital gains or (losses); 4 Includes all implemented rate actions since 2012. Earned premium & reserve change estimates reflect certain simplifying assumptions that may vary materially from actual historical results, including but not limited to, a uniform rate of co-insurance & premium taxes in addition to consistent policyholder behavior over time. Actual behavior may differ significantly from these assumptions; excludes reserve updates; 5 Includes statutory pre- tax losses excluding income from in-force rate actions; Note: results for the third quarter of 2025 are subject to change due to the timing of the preparation and filing of statutory financial statements
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1414 Investment Portfolio Holdings1 Fixed Maturities - Investment Grade Public, 45% Fixed Maturities - Investment Grade Structured, 7% Commercial Mortgage Loans, 10% Cash & Short Term Investments, 3% Equity Securities & Limited Partnerships, 7% Other2, 5% Fixed Maturities - Non- Investment Grade, 2% Fixed Maturities - State & Political, 3% Fixed Maturities - Investment Grade Private, 18% $61.4B 1 Carrying value as of 9/30/25 for total Genworth (including Enact); 2 Other includes policy loans, bank loan investments, derivatives and other investments; 3 Mortgage-backed securities Fixed Maturities by SectorComposition of Portfolio 97% of total fixed maturities rated BBB or higherFixed maturities comprise $46.1B or 75% of total portfolio Unrealized loss position $2.2B as of 9/30/25 versus $3.0B as of 6/30/25 Net investment gain of $99M pre-tax in 3Q25 includes $66M from limited partnerships Commercial real estate exposure approximately 15% of total portfolio Fixed Maturity Securities Sector Fair Value ($B) % Of Total Government & Municipal 6.9 16% Residential & Commercial MBS3 2.4 5% Other Asset-Backed Securities 2.1 4% Corporate Bond Holdings: Finance & Insurance 8.8 19% Utilities 5.2 11% Energy 3.4 7% Consumer - Non-Cyclical 5.1 11% Consumer - Cyclical 1.6 3% Capital Goods 3.0 7% Industrial 1.8 4% Technology & Communications 3.6 8% Transportation 1.5 3% Other 0.7 2% Total Fixed Maturities $46.1 100%
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1515 Holding Company Cash & Liquid Assets1 1 Holding company cash & liquid assets comprises assets held in Genworth Holdings, Inc. (the issuer of outstanding public debt) which is a wholly-owned subsidiary of Genworth Financial, Inc.; 2 Includes approximately $128M and $145M of cash held for future obligations, including advance cash payments from the company’s subsidiaries as of 6/30/25 and 9/30/25, respectively; 3 Excludes $2M of share repurchases settled subsequent to the quarter; 4 Includes $2M of share repurchases executed in 3Q25 but settled subsequent to the quarter 6/30/25 Enact capital returns Net tax payments CareScout Insurance Share repurchases Debt service 9/30/25 (74)3 (7) (81) 2482 2542 58 110 ($M) $110M in capital returns from Enact received in 3Q25, including $25M from quarterly dividend and $85M in share repurchase proceeds $58M received from net intercompany tax payments held for future obligations $81M capital investment into CareScout Insurance to support the launch of the inaugural LTC product $74M in share repurchases settled in 3Q25 with an additional $31M 4 settled in October
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1616 Invest in long-term growth — CareScout Services: Funding to continue to support expansion to other LTC carriers, scale for tech-enabled platform and invest in marketing and brand awareness — CareScout Insurance: Market entrance with launch in October 2025 Return capital to shareholders — Announced new $350M share repurchase authorization and executed $76M in share repurchases in the quarter — $151M in share repurchases executed year-to-date through September 30, 2025 — 21% reduction in shares outstanding since program inception • Opportunistically pay down debt1 — Maintaining a debt-to-capital ratio of 25% or less2 — $790M outstanding holding company debt as of 9/30/25 Capital Allocation & Shareholder Returns $64 $359 $545 $590 $620 $696 511 495 447 421 416 412 403 5/2/22 12/31/22 12/31/23 12/31/24 3/31/25 6/30/25 9/30/25 Total Inception-To-Date Spend ($M) Shares Outstanding (M) Share Repurchase ProgramCapital Allocation Priorities Inception of Share Repurchase Program 1 At the Genworth holding company; 2 Attributing no equity value to Long-Term Care Insurance and Life and Annuities segments 1 2 3 As of:
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1717 Appendix
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1818 1 Since 2012; 2 Percentage of in-force policies that selected non-forfeiture option (NFO); 3 Percentage of in-force policies that have selected reduced benefit option (RBO) at least once since 2012; 4 Percentage of in-force policies that have always elected to pay the full rate increase premium; 5 As of September 30, 2025 on Pre-PCS through PC (Privileged Choice) Flex I and including MFMP (My Future My Plan) in GLIC and GLICNY; 6 As of September 30, 2025 on individual LTC policies in GLIC and GLICNY LTC In-Force Rate Action Progress Approvals and Filings Cumulative Policyholder Responses1 $44M of IFA approvals on a gross incremental basis in 3Q25, bringing year-to-date total to $109M New filings of $384M of in-force premiums in 3Q25, bringing year-to- date total to $639M, across 25 states Estimated NPV achieved of $31.8B 1 as of 9/30/25 Paying Full Amount4 NFO2 RBO3 As of: 47.3% 41.3% 39.5% Cumulative benefit reduction rate of 60.5%5, with recent growth driven primarily by additional NFO and RBO options offered to Choice I, PCS I & II, and Choice II policyholders through legal settlements, which are now materially complete Significant progress in addressing LTC tail-risk – Number of policyholders with 5% compound inflation reduced to 35.8%6, down from 57.2% as of 1/1/14 – Number of policyholders with lifetime benefits reduced to 11.4%6, down from 24.3% as of 1/1/14 Approved Filings 2023 2024 3Q24 YTD 3Q25 YTD State Filings Approved 117 97 72 48 Impacted In-Force Premium ($M) 697 870 695 270 Weighted Average % Rate Increase Approved On Impacted In-Force 51% 39% 44% 40% Gross Incremental Premium Approved ($M) 354 343 303 109 Filings Submitted 2023 2024 3Q24 YTD 3Q25 YTD State Filings Submitted 144 90 54 58 In-Force Premium Submitted ($M) 989 525 276 639 30.5% 32.7% 33.6% 22.2% 26.0% 26.9% 52.7% 58.7% 60.5% 12/31/23 12/31/24 9/30/25
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1919 LTC Claims Trends by Product – Statutory — Paid claims on newer products continue to increase as policyholders approach peak claim age, as claims on the older products past peak claim age decline — Continued progress on the MYRAP, benefit reduction strategies, and additional risk mitigation factors, which reduce future paid claims — LTC paid claims expected to continue to increase as the block ages, with peak claim years over a decade away 225 211 199 150 139 331 331 317 241 224 675 738 784 586 608 625 720 826 610 680 303 380 472 346 409 86 105 125 93 107 2,245 2,485 2,723 2,026 2,167 2022 2023 2024 9/30/24 YTD 9/30/25 YTD LTC Direct Paid Claims by Product ($M) Flex, MFMP, & Group Avg Age 69 Choice II Avg Age 75 Choice I Avg Age 78 PCS II Avg Age 84 PCS I Avg Age 88 Pre-PCS Avg Age 90
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2020 As of 9/30/25 Pre PCS PCS I PCS II Choice I2 Choice II PC Flex MFMP3 PC Flex II PC Flex III Total Individual Group Total Issue Years 1974-1994 1994-1997 1997-2001 2001-2007 2003-2011 2011-2014 2009-2013 2013-2017 2014+ 1999+ Annual Premium ($M)4 25 67 244 642 991 276 103 69 33 2,451 147 2,598 In-Force Lives (000s) 14 21 101 239 357 92 40 26 13 905 109 1,014 Average Attained Age 90 88 84 78 75 70 74 70 68 76 65 75 % Lifetime Benefits 55% 23% 17% 16% 8% 3% 4% 0% 0% 11% 0% 10% 5% Compound Inflation 23% 28% 30% 43% 35% 37% 48% 12% 0% 36% 3% 32% Claim Population Information as of 9/30/25 Claims Count5 2,757 4,988 13,634 14,910 10,554 916 833 193 70 48,855 1,517 50,372 % Claims Lifetime 64% 35% 31% 27% 13% 4% 5% 0% 0% 27% 0% 26% % Claims Non-Lifetime 36% 65% 69% 73% 87% 96% 95% 100% 100% 73% 100% 74% 5% Compound Inflation 21% 33% 40% 53% 44% 33% 33% 10% 0% 43% 3% 41% LTC In-Force1 Policy Information 1 In-force data as of September 30, 2025 and excludes assumed business from Riversource, Travelers (through Brighthouse Financial), & Continental Life; 2 Includes policies sold in California between 2010 and 2013; 3 My Future My Plan (AARP branded product); 4 Includes rate actions implemented as of September 30, 2025; 5 Reflects both active and pending claims
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2121 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. The company’s legacy U.S. life insurance subsidiaries, which comprise its Long-Term Care Insurance and Life and Annuities segments, are managed on a standalone basis; therefore, the company does not allocate capital to its Long-Term Care Insurance and Life and Annuities segments. •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 U.S. 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 U.S. 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 presentation provides a reconciliation of net income available to Genworth Financial, Inc.'s common stockholders to adjusted operating income for the three months ended September 30, 2025 and 2024, as well as the three months ended June 30, 2025.
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2222 Reconciliation of Net Income to Adjusted Operating Income (Unaudited) 1 Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1M for the three months ended June 30, 2025; 2 Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(2)M, $(5)M and $(4)M for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; 3 The three months ended September 30, 2025 included a $27 million tax benefit related to a release of a portion of the valuati on allowance on certain deferred tax assets ($M, except per share amounts) 2025 2024 3Q 2Q 3Q NET INCOME AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS $ 116 $ 51 $ 85 Add: net income attributable to noncontrolling interests 31 32 33 NET INCOME 147 83 118 Less: loss from discontinued operations, net of taxes (8) (7) (3) INCOME FROM CONTINUING OPERATIONS 155 90 121 Less: net income from continuing operations attributable to noncontrolling interests 31 32 33 INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS 124 58 88 ADJUSTMENTS TO INCOME FROM CONTINUING OPERATIONS AVAILABLE TO GENWORTH FINANCIAL, INC.’S COMMON STOCKHOLDERS: Net investment (gains) losses, net(1) (99) 27 (66) Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (3) (15) 17 (Gains) losses on early extinguishment of debt, net — — (2) Expenses related to restructuring 1 — — Taxes on adjustments(3) (6) (2) 11 ADJUSTED OPERATING INCOME $ 17 $ 68 $ 48 Earnings Per Share Data: Net income available to Genworth Financial, Inc.’s common stockholders per share Basic $ 0.29 $ 0.12 $ 0.20 Diluted $ 0.28 $ 0.12 $ 0.19 Adjusted operating income per share Basic $ 0.04 $ 0.16 $ 0.11 Diluted $ 0.04 $ 0.16 $ 0.11 Weighted-average common shares outstanding (M) Basic 408.0 413.2 430.8 Diluted 413.3 417.5 435.8
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2323 Cautionary Note Regarding Forward-Looking Statements •This presentation 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 actions included in the company’s long-term care insurance multi-year in-force rate action plan; 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 insurance offerings through CareScout Insurance; future financial performance, including the expectation t hat quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in the company’s long-term care insurance business; 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 inability to successfully launch new lines of business, including long-term care insurance and other products and services the company is pursuing with CareScout; •• the company’s failure to maintain the self-sustainability of its legacy U.S. life insurance subsidiaries, including as a result of the inability to achieve desired levels of in-force rate actions and/or the timing of future premium rate increases and associated benefit reductions taking longer to achieve than originally assumed; other regulatory actions negatively impacting the company’s life insurance businesses; •• inaccuracies or changes in estimates, assumptions, methodologies, valuations, projections and/or models, which result in inadequate reserves or other adverse results (including as a result of any changes in connection with quarterly, annual or other reviews, including reviews the company expects to complete in the fourth quarter of 2025); •• the impact on holding company liquidity caused by an inability to receive dividends or any other returns of capital from Enact Holdings, and limited sources of capital and financing and the need to seek additional capital on unfavorable terms; •• the impact on any potential recovery in the AXA and Santander litigation resulting from a successful appeal, significant delays or any other adverse development in the litigation; •• adverse changes to the structure or requirements of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or the U.S. mortgage insurance market; an increase in the number of loans insured through federal government mortgage insurance programs, including those offered by the Federal Housing Administration; the inabi lity of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by PMIERs (or any adverse changes thereto), the inability to meet minimum statutory capital requirements of applicable regulators or the mortgage insurer eligibility requirements of Fannie Mae or Freddie Mac; •• changes in economic, market and political conditions, labor shortages and fluctuating interest rates; unanticipated financial events, which could lead to market-wide liquidity problems and other significant market disruption resulting in losses, defaults or credit rating downgrades of other financial institutions; deterioration in economic conditions, a recession or a decline in home prices, all of which could be driven by many potential factors, including the U.S. government shutdown; an increase in the cost of care impacting the company’s long-term care insurance business; changes in international trade policy, including the potential impact of new or increased tariffs, retaliatory policies or actions from other countries, and trade wars or other events that lead to political and economic instability; changes in government or monetary policies, including U.S. federal tax laws, such as the One Big Beautiful Bill Act that was signed into law on July 4, 2025, tax rates or interest rates; changes within regulatory agencies as a result of the change in the U.S. Administration in January 2025; changes in immigration policy; and fluctuations in international securities markets; •• downgrades in financial strength and credit ratings and potential adverse impacts to liquidity; counterparty credit risks; defaults by counterparties to reinsurance arrangements or derivative instruments; defaults or other events impacting the value of invested assets; •• changes in tax rates or tax laws, or changes in accounting and reporting standards; •• litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties; •• the inability to retain, attract and motivate qualified employees or senior management;
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2424 Cautionary Note Regarding Forward-Looking Statements •• changes in the composition of Enact Holdings’ business or undue concentration by customer or geographic region; •• the impact from deficiencies in the company’s disclosure controls and procedures or internal control over financial reporting; •• the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine, the Israel-Hamas conflict and economic competition between the United States and China), a public health emergency, including pandemics, or climate change; •• the inability to effectively manage information technology systems (including artificial intelligence), cyber incidents or other failures, disruptions or security breaches of the company or its third-party vendors, as well as unknown risks and uncertainties associated with artificial intelligence; •• the inability of third-party vendors to meet their obligations to the company; •• the lack of availability, affordability or adequacy of reinsurance to protect the company against losses; •• a decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of mortgage insurance c ancellations; •• unanticipated claims against Enact Holdings’ delegated underwriting and loss mitigation programs; •• the impact of medical advances such as genetic research and diagnostic imaging, emerging new technology, including artificial intelligence and related legislation; and •• other factors described in the risk factors contained in Item 1A of the company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2025. •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.