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Executive Summary

Genworth Financial, the parent company of Enact Holdings, a leading provider of private mortgage insurance, reported its financial results for the year ended December 31, 2024. The company operates through three segments: Enact, Long-Term Care Insurance, and Life and Annuities.

In 2024, Genworth Financial reported net income of $299 million, up from $76 million in 2023. Adjusted operating income, which excludes certain items, was $273 million in 2024 compared to $41 million in 2023. This increase was driven by improved performance across the company’s business segments.

Enact Segment

Enact’s adjusted operating income increased 6% in 2024 compared to 2023, primarily due to higher net investment income and premiums, partially offset by higher new delinquencies. Enact’s primary insurance in-force grew 2% in 2024 to $268.8 billion, as elevated persistency continued to offset the decline in new insurance written. The segment’s loss ratio increased to 4% in 2024 from 3% in 2023, as new delinquencies outpaced cures and paid claims. Enact’s PMIERs sufficiency ratio remained strong at 167% as of December 31, 2024.

Long-Term Care Insurance Segment

The adjusted operating loss in the Long-Term Care Insurance segment decreased 27% in 2024 compared to 2023. This was driven by lower liability remeasurement losses, net insurance recoveries, and higher income from limited partnerships, partially offset by lower renewal premiums. The company estimates the cumulative economic benefit of approved rate actions in its long-term care insurance multi-year in-force rate action plan was approximately $31.2 billion as of December 31, 2024, up from the prior estimate of $29.1 billion.

Life and Annuities Segment

The adjusted operating loss in the Life and Annuities segment decreased 80% in 2024 compared to 2023. This was primarily due to liability remeasurement gains in the life insurance products, partially offset by unfavorable assumption updates in the fixed and variable annuity products. The life insurance products saw a $181 million improvement in adjusted operating income, while the fixed and variable annuity products saw declines of $20 million and $11 million, respectively.

Capital and Liquidity

Genworth Holdings received $289 million of capital returns from Enact Holdings in 2024, and Genworth Financial executed $186 million of share repurchases. Genworth Holdings also repurchased $66 million of its own debt in 2024. The consolidated RBC ratio of Genworth’s U.S. life insurance subsidiaries increased to 306% as of December 31, 2024, up from 303% a year earlier.

Outlook

Genworth Financial continues to focus on improving the risk and profitability profile of its businesses through initiatives such as premium rate increases and benefit reductions on in-force long-term care insurance policies, as well as growth opportunities in its CareScout services. The company plans to invest additional capital in CareScout Services in 2025 and contribute capital to its CareScout Insurance subsidiary to re-enter the long-term care insurance market.

Analysis

Genworth Financial’s improved financial performance in 2024 was driven by solid execution across its business segments. The Enact segment continued to grow its insurance in-force and maintain strong capital levels, despite some pressure on loss experience. The Long-Term Care Insurance segment made meaningful progress on its multi-year rate action plan, which has helped offset the decline in renewal premiums. And the Life and Annuities segment saw a significant turnaround, particularly in the life insurance products, as the company was able to favorably update its assumptions.

The company’s ability to generate capital through Enact and prudently manage its legacy long-term care and life insurance blocks has been critical to its financial stability. The planned investments in CareScout also represent an opportunity for Genworth to diversify its business and leverage its expertise in long-term care services.

However, the company continues to face challenges, particularly in its long-term care insurance business, where actual experience can deviate significantly from assumptions. The volatility in this segment’s results underscores the importance of Genworth’s ongoing efforts to improve the risk profile through rate actions and benefit reductions. Additionally, the life insurance and annuity products remain sensitive to interest rate movements, which could create further volatility.

Overall, Genworth Financial appears to be making steady progress in strengthening its financial position and positioning its businesses for the future. The company’s focus on risk management, capital optimization, and strategic initiatives seems well-aligned with the goal of enhancing shareholder value over the long term.

Key Takeaways:

• Genworth Financial reported improved financial performance in 2024, with net income of $299 million and adjusted operating income of $273 million.
• The Enact segment grew its insurance in-force and maintained strong capital levels, despite some pressure on loss experience.
• The Long-Term Care Insurance segment made progress on its multi-year rate action plan, helping offset the decline in renewal premiums.
• The Life and Annuities segment saw a significant turnaround, particularly in the life insurance products, as the company was able to favorably update its assumptions.
• Genworth continues to face challenges in its long-term care insurance business, where actual experience can deviate significantly from assumptions.
• The company’s planned investments in CareScout represent an opportunity to diversify its business and leverage its expertise in long-term care services.
• Genworth’s focus on risk management, capital optimization, and strategic initiatives appears well-aligned with enhancing shareholder value over the long term.