Genworth Financial Announces First Quarter 2026 Results
GNW
Strategic Highlights Strong capital returns from Enact, with $99M received in the quarter Repurchased $66M of shares in the quarter; $856M since program inception as of March 31, 2026 CareScout delivered 1,486 matches1 in the quarter with 97% home care coverage of the aged 65-plus census population in the United States Continued progress on the LTC2 MYRAP3 with approximately $34.5B estimated net present value achieved since 2012 from IFAs4 Financial Highlights Net income5 of $47M, or $0.12 per diluted share, and adjusted operating income, excluding Closed Block5,6 of $109M, or $0.28 per diluted share Enact reported adjusted operating income of $140M5 in the quarter; PMIERs sufficiency ratio7 remains strong at 162%8 Legacy insurance companies’9 RBC ratio10 of 289%8 driven by a statutory loss in the quarter Genworth holding company cash and liquid assets of $166M11 at quarter-end
Published on 05/05/2026 at 04:18 pm EDT
Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2026.
“Genworth is off to a solid start in 2026, with first quarter results demonstrating disciplined execution across our businesses,” said Tom McInerney, President & CEO. “Enact’s strong cash generation supported capital returns to shareholders, while we continued to build the CareScout platform and enhanced the self-sustainability of the Closed Block. We remain well positioned to deliver long-term shareholder value and help families navigate the aging journey with confidence.”
(Amounts in millions, except per share data)
Q1 2026
Q4 2025
Q1 2025
Net income (loss)5
$
47
$
2
$
54
Net income (loss) per diluted share5
$
0.12
$
—
$
0.13
Adjusted operating income (loss), excluding Closed Block5,6
$
109
$
122
$
114
Adjusted operating income (loss), excluding Closed Block per diluted share5,6
$
0.28
$
0.31
$
0.27
Weighted-average diluted shares12
393.7
396.4
422.9
In the first quarter of 2026, the company began reporting adjusted operating income (loss), excluding Closed Block as its new consolidated operating performance measure. Management believes the new measure better aligns with the company’s strategy and capital allocation framework, managing the Closed Block on a standalone basis. While this is a non-GAAP financial measure, the company believes the new measure aids in understanding the company’s underlying operating performance.
Consolidated GAAP Financial Highlights
Enact
Operating Metrics
(Dollar amounts in millions, except where indicated)
Q1 2026
Q4 2025
Q1 2025
Adjusted operating income (loss)5
$
140
$
146
$
137
Primary new insurance written
$
12,786
$
14,386
$
9,818
Primary insurance in-force (amounts in billions)
$
272.5
$
273.1
$
268.4
Loss ratio
15
%
7
%
12
%
Equity13
$
4,328
$
4,351
$
4,159
Capital Metric
Q1 2026
Q4 2025
Q1 2025
PMIERs sufficiency ratio7,8
162
%
162
%
165
%
Corporate and Other
Operating Metric
(Amounts in millions)
Q1 2026
Q4 2025
Q1 2025
Adjusted operating income (loss)
$
(31
)
$
(24
)
$
(23
)
Closed Block
Operating Metric
(Amounts in millions)
Q1 2026
Q4 2025
Q1 2025
Adjusted operating income (loss)
$
(32
)
$
(114
)
$
(63
)
Statutory Results8,9 and RBC Ratio8,9
(Dollar amounts in millions)
Q1 2026
Q4 2025
Q1 2025
Statutory pre-tax income (loss)8,16
$
(77
)
$
3
$
(1
)
Long-term care insurance
(40
)
(84
)
50
Life insurance
(57
)
60
(34
)
Annuities
20
27
(17
)
GLIC consolidated RBC ratio8,10
289
%
300
%
304
%
Holding Company Cash and Liquid Assets
(Amounts in millions)
Q1 2026
Q4 2025
Q1 2025
Holding company cash and liquid assets11,17
$
166
$
234
$
211
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 May 6, 2026 at 9:00 a.m. (ET) to discuss its first 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.
Prior to Genworth’s conference call, Enact will hold a conference call on May 6, 2026 at 8:00 a.m. (ET) to discuss its first quarter results, which will be accessible via:
Allow at least 15 minutes prior to the call time to register for the call.
Use of Non-GAAP Measures The company uses non-GAAP financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss), excluding Closed Block.” These non-GAAP financial measures are evaluated by management and the company’s Board of Directors to assess performance, manage capital allocation, and in the case of adjusted operating income (loss), excluding Closed Block, as a basis for determining annual incentive awards and compensation for senior management. These measures have been established to more accurately reflect overall operating performance, as they minimize the impact of macroeconomic volatility. Management believes using adjusted operating income (loss), excluding Closed Block as a consolidated measure of profit or loss better aligns with the company’s strategy and capital allocation framework, as no capital is allocated to the Closed Block segment, which operates on a standalone basis, using existing capital and reserves, along with in-force management actions, to meet future obligations. The company also continues to report adjusted operating income (loss) for the Closed Block segment, as it believes it is the appropriate measure of profit or loss in accordance with segment reporting. Although adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are non-GAAP financial measures, the company believes these measures aid in understanding the underlying performance of its operations.
The company defines adjusted operating income (loss) as income (loss) from continuing operations excluding:
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.
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.
Adjusted operating income (loss), excluding Closed Block, is derived from adjusted operating income (loss) and excludes adjusted operating income (loss) of the company’s Closed Block segment. 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), including adjusted operating income (loss), excluding Closed Block, 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) and adjusted operating income (loss), excluding Closed Block are not measures of complete profitability; therefore, they should not be considered in isolation or viewed as substitutes for GAAP net income (loss). In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies. In reporting non-GAAP measures in the future, the company may make other adjustments to exclude items it does not consider reflective of its core operating performance. The company may also disclose other non-GAAP operating measures in the future if it believes that such measures would be helpful to investors in their evaluation of the company.
A 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) and adjusted operating income (loss), excluding Closed Block for the three months ended March 31, 2026 and 2025, as well as the three months ended December 31, 2025.
Management also reports revenues of CareScout Services to monitor growth of the business. CareScout Services revenues, which are included in Corporate and Other, primarily consist of fees from the CareScout Quality Network and placement fees earned when placing a care seeker in a senior living community, along with service fees such as eligibility assessments and Care Plans. To arrive at CareScout Services revenues, Corporate and Other revenues are adjusted to exclude intercompany eliminations, revenues from other businesses not individually reportable, including the company’s CareScout insurance business (CareScout Insurance) and international businesses, and other sources of revenue such as corporate net investment income and net investment gains (losses). See the table at the end of this press release for a reconciliation of total Corporate and Other revenues to CareScout Services revenues.
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)
(Unaudited)
Three months ended March 31,
Three months ended December 31, 2025
2026
2025
Revenues:
Premiums
$
881
$
862
$
886
Net investment income
766
739
785
Net investment gains (losses)
(26
)
27
(39
)
Policy fees and other income
156
158
152
Total revenues
1,777
1,786
1,784
Benefits and expenses:
Benefits and other changes in policy reserves
1,224
1,217
1,182
Liability remeasurement (gains) losses
44
4
143
Changes in fair value of market risk benefits and associated hedges
10
18
(4
)
Interest credited
95
99
97
Acquisition and operating expenses, net of deferrals
213
236
265
Amortization of deferred acquisition costs and intangibles
55
60
57
Interest expense
25
26
26
Total benefits and expenses
1,666
1,660
1,766
Income (loss) from continuing operations before income taxes
111
126
18
Provision (benefit) for income taxes
31
36
4
Income (loss) from continuing operations
80
90
14
Income (loss) from discontinued operations, net of taxes
(1
)
(5
)
21
Net income (loss)
79
85
35
Less: net income (loss) attributable to noncontrolling interests
32
31
33
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
$
47
$
54
$
2
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
0.12
$
0.14
$
(0.05
)
Diluted
$
0.12
$
0.14
$
(0.05
)
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
0.12
$
0.13
$
—
Diluted
$
0.12
$
0.13
$
—
Weighted-average common shares outstanding:
Basic
388.1
418.3
396.4
Diluted12
393.7
422.9
396.4
Reconciliation of Net Income (Loss) to Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss), Excluding Closed Block
(Amounts in millions, except per share amounts)
(Unaudited)
Three months ended March 31,
Three months ended December 31, 2025
2026
2025
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
$
47
$
54
$
2
Add: net income (loss) attributable to noncontrolling interests
32
31
33
Net income (loss)
79
85
35
Less: income (loss) from discontinued operations, net of taxes
(1
)
(5
)
21
Income (loss) from continuing operations
80
90
14
Less: net income (loss) from continuing operations attributable to noncontrolling interests
32
31
33
Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders
48
59
(19
)
Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders:
Net investment (gains) losses, net18
25
(28
)
38
Changes in fair value of market risk benefits attributable to changes in interest rates, equity markets and associated hedges19
9
19
(6
)
(Gains) losses on early extinguishment of debt
—
—
(1
)
Expenses related to restructuring
2
(1
)
—
Taxes on adjustments20
(7
)
2
(4
)
Adjusted operating income (loss)
77
51
8
Less: Closed Block segment adjusted operating income (loss)
(32
)
(63
)
(114
)
Adjusted operating income (loss), excluding Closed Block
$
109
$
114
$
122
Adjusted operating income (loss):
Enact segment
$
140
$
137
$
146
Corporate and Other
(31
)
(23
)
(24
)
Closed Block segment
(32
)
(63
)
(114
)
Adjusted operating income (loss)
$
77
$
51
$
8
Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share:
Basic
$
0.12
$
0.13
$
—
Diluted
$
0.12
$
0.13
$
—
Adjusted operating income (loss), excluding Closed Block per share:
Basic
$
0.28
$
0.27
$
0.31
Diluted
$
0.28
$
0.27
$
0.31
Weighted-average common shares outstanding:
Basic
388.1
418.3
396.4
Diluted12
393.7
422.9
396.4
Reconciliation of Total Corporate and Other Revenues to CareScout Services Revenues
(Amounts in millions)
Three months ended March 31,
Three months ended December 31, 2025
2026
2025
Total Corporate and Other revenues
$
15
$
7
$
2
Less: intercompany eliminations
(4
)
(4
)
(4
)
Less: other revenues
13
7
1
CareScout Services revenues
$
6
$
4
$
5
Footnote Definitions
1
A match is identified when CareScout validates and approves a home care invoice that demonstrates a CareScout member has received services for the first time and the appropriate discount was applied, or receives notice of a move-in to a senior living community.
2
Long-term care insurance.
3
Multi-year rate action plan.
4
In-force rate actions.
5
All references reflect amounts available to Genworth’s common stockholders.
6
This is a financial measure that is not calculated based on U.S. Generally Accepted Accounting Principles (GAAP). See the Use of Non-GAAP Measures section of this press release for additional information.
7
The Private Mortgage Insurer Eligibility Requirements (PMIERs) sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs.
8
Company estimate for the first quarter of 2026 due to timing of the preparation and filing of the statutory financial statement(s).
9
Includes Genworth’s legacy insurance companies: Genworth Life Insurance Company (GLIC), Genworth Life and Annuity Insurance Company (GLAIC) and Genworth Life Insurance Company of New York (GLICNY).
10
Risk-based capital ratio based on company action level for GLIC consolidated.
11
Included approximately $50 million, $127 million and $98 million of cash held for future obligations, including advance cash payments from the company’s subsidiaries as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
12
Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of the loss from continuing operations for the three months ended December 31, 2025, the company was required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share for the three months ended December 31, 2025, as the inclusion of shares for performance stock units, restricted stock units and other equity-based awards of 6.0 million would have been antidilutive to the calculation. If the company had not incurred a loss from continuing operations for the three months ended December 31, 2025, dilutive potential weighted-average common shares outstanding would have been 402.4 million.
13
Reflected Genworth’s ownership of equity including accumulated other comprehensive income (loss) and excluding noncontrolling interests of $1,026 million, $1,017 million and $971 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
14
Actual variances from expected experience.
15
Included $23 million pre-tax net insurance recovery benefit in LTC.
16
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).
17
Holding company cash and 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.
18
Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for all periods.
19
Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(1) million and $1 million for the three months ended March 31, 2026 and 2025, respectively, and $(2) million for the three months ended December 31, 2025.
20
Taxes on adjustments included tax expense of $3 million for the three months ended December 31, 2025 related to a release of a portion of the valuation allowance on certain deferred tax assets.
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