Genworth 4Q21 Earning Summary Presentation

Cautionary Note Regarding Forward-Looking Statements

This presentation contains certain "forward-looking statements" within the meaning of the United States 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" or words of similar meaning and include, but are not limited to, statements regarding the outlook for future business and financial performance. Examples of forward-looking statements include statements the company makes relating to future reductions of debt, potential dividends or share repurchases, and future strategic investments, including new products and services designed to assist individuals with navigating and financing long term care, as well as statements the company makes regarding the potential impacts of the COVID-19 pandemic. 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, 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 United States Securities and Exchange Commission (SEC) on February 26, 2021. Genworth undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. For information regarding forward-looking statements, see the Appendix.

Non-GAAP1 and Other Items

All financial results are as of December 31, 2021 unless otherwise noted. For additional information, please see Genworth's fourth quarter 2021 earnings release and financial supplement posted at genworth.com.

For important information regarding the use of non-GAAP and selected operating performance measures, see 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

In this presentation, 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 U.S. GAAP, the values for assets, liabilities and equity reflected in financial statements prepared in accordance with U.S. 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 U.S. GAAP or used in lieu of U.S. GAAP.

This supplemental statutory data includes risk-based capital ratios for GLIC and its consolidating life insurance subsidiaries as well as statutory pre-tax earnings of its long term care insurance business and the impact of its in force rate actions. Management uses and provides this supplemental statutory data because it believes it provides a useful measure of among other things the adequacy of capital and the progress and impact of its multi-year rate action plan. Management uses this data to measure against its policy to manage the U.S. life insurance businesses with internally generated capital and long term care insurance in-force rate actions with the goal of managing the legacy long term care insurance business on a break-even basis.

1 U.S. Generally Accepted Accounting Principles

Key Themes for the 4th Quarter of 2021

Financial Performance

Genworth fourth quarter net income of $163mm, or $0.32 per diluted share, and adjusted operating income1 of $164mm, or $0.32 per diluted share

2021 full year net income of $904mm, or $1.76 per diluted share, and adjusted operating income of $765mm, or $1.48 per diluted share

Enact segment adjusted operating income of $125mm2, with 9% annual growth in primary insurance in force and a loss ratio of 3%

Enact's PMIERs3 sufficiency ratio estimated at 165%, approximately $2.0b above published requirements

U.S. Life Insurance segment adjusted operating income of $41mm driven by long term care insurance (LTC) results benefitting from in force rate actions and higher net investment income

Annual U.S. GAAP assumption review completed for U.S. Life Insurance segment:

• LTC U.S. GAAP active life margins remained positive in the prior year range of $0.5 to $1.0b
• Net unfavorable impact of $70mm after-tax in life insurance

Strong U.S. Life Insurance companies' statutory income driving estimated year-end RBC to 290% Received $163mm dividend payment from Enact

Significant holding company debt retirement in the fourth quarter of 2021 and approximately $2.1b principal retired in the year

Genworth holding company cash and liquid assets of $356mm at year-end

1 Non-GAAP measure, see appendix for additional information; 2 Reflects Genworth ownership percentage; 3 Private mortgage insurer eligibility requirements

Go-Forward Strategic Priorities & 4Q21 Highlights

Fourth Quarter of 2021 Strategic Highlights

Reduced holding company debt by $518mm in the fourth quarter, including full retirement of the senior notes due in August 2023 ($400mm principal) and reduction of the February 2024 senior notes by $118mm principal. As of December 31, 2021, Genworth had approximately $1.2b of parent holding company long-term debt outstanding and $356mm in cash and liquid assets.

Continued progress against LTC multi-year rate action plan, with an estimated $19.6b net present value from achieved LTC rate actions since 2012.

Shareholder retuprogram will be evaluated once the company reaches its holding company debt target of $1.0b and Enact initiates its regular common dividend.