Genworth 3Q22 Earnings Summary Presentation
Third Quarter 2022
Earnings Summary
Cautionary Note Regarding Forward-looking Statements
Thispresentation containscertain "forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statementsmay be identified by wordssuch as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or wordsof similar meaning and include, but are not limited to, statementsregarding the outlookfor the company'sfuture businessand financial performance. Examplesof forward-looking statementsinclude statementsthe company makesrelating to potential dividendsor share repurchases; future retuof capital by
Non-GAAP1 and other items
All financial resultsare as of
For important information regarding the use of non-GAAP and selected operating performance measures, see the Appendix.
Unless otherwise noted, all referencesin thispresentation 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
StatutoryAccounting Data
The company presentscertain supplemental statutory data for
Thissupplemental statutory data includesCompany Action Level risk-based capital ratiosfor GLIC and itsconsolidating life insurance subsidiariesaswell asstatutory earnings. Management usesand providesthissupplemental statutory data because it believesit providesa useful measure of among other thingsthe adequacy of capital. Management usesthisdata to measure against itspolicy to manage the
2 |
1 |
Key Themes for the 3rd Quarter of 2022
Third quarter net income of
Enact segment adjusted operating income of $156M2 Received
Redeemed
Executed
1 Non-GAAP measure, see appendix for additional information; 2 ReflectsGenworth ownership percentage; 3 Risk-based capital ratio based on company action level
3
Significant Progress on Strategic Priorities
Reduce parent holding company debt to
Maximize the value of Enact to
Achieve economic breakeven/ stabilize legacy LTC block
Advance Global Care Solutions initiatives
Retucapital to shareholders
4
Genworth Consolidated Results
Enact: $156M1 |
Adjusted operating income (loss)1 ($M) |
- Continued IIF2 growth, up 9% versus prior year
- Strong loss performance driven by elevated cures from COVID- |
3Q22 |
2Q22 |
3Q21 |
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related delinquencies |
159 |
176 |
239 |
|||||||||
|
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- Lower earnings in LTC driven by higher benefit utilization, lower |
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terminations and new claims growth; in-force rate action earnings |
134 |
|||||||||||
lower versus the prior year |
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- Lower life mortality versus the prior year as pandemic impacts |
167 |
|||||||||||
subside, partially offset by higher DAC3 amortization related to term |
156 |
|||||||||||
lapses |
93 |
|||||||||||
- Fixed annuities results driven by lower net spreads; lower versus |
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9 |
2 |
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prior quarter from lower reserves from continued rising rates, mostly |
11 |
21 |
11 |
1 |
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offset by higher DAC amortization |
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(17) |
(14) |
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Runoff: |
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Net Income |
Net Income |
Net Income |
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- Variable annuity results driven by equity market performance |
104 |
181 |
314 |
|||||||||
Corporate and Other: |
Enact |
|
Runoff |
Corp/Other |
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- Non-recurring tax benefit in prior year |
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5
•1 ReflectsGenworth ownership amount excluding noncontrolling interestsof
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