Presentation Q2 2023

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" 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 retuof capital by Enact Holdings, Inc. (Enact Holdings), including share repurchases, and quarterly and special dividends; the cumulative amount of rate action benefits required for the company's long-term care insurance business to achieve economic break-even status; future financial performance and condition of the company's businesses; liquidity and future strategic investments, including new senior care services and products; future business and financial performance of CareScout; as well as statements the company makes regarding the potential of a recession. 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 United States Securities and Exchange Commission (SEC) on February 28, 2023. 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.

Long-duration Targeted Improvements

In the second quarter of 2023, the company changed its accounting for the liability for future policy benefits under long-duration targeted improvements accounting guidance (LDTI) to include an estimate in assumptions for cash payments to policyholders associated with previously disclosed Long-term Care Insurance (LTC) legal settlements. This is consistent with the treatment of the estimate for benefit reductions associated with these settlements as part of the liability for future policy benefits. The change impacted the balance sheet and income statement results for prior periods after the adoption of LDTI on January 1, 2023. All prior period amounts reflected herein have been updated to reflect this change. LTC's GAAP results were impacted as a result, but there was no impact to Enact, the company's cash flows, capital levels, or statutory accounting results.

Non-GAAP and other items

All financial results are as of June 30, 2023 unless otherwise noted. For additional information, please see Genworth's second quarter 2023 earnings release posted at investor.genworth.com. For important information regarding the use of non-GAAP 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

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 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 GAAP or used in lieu of GAAP.

This supplemental statutory data includes company action level RBC ratios 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 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 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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Key Themes for the 2nd Quarter of 2023

Second quarter net income of $137M, or $0.29 per diluted share, and adjusted operating income1 of $85M, or $0.18 per diluted share

Enact segment adjusted operating income of $146M2; PMIERs3 sufficiency ratio of 162%4

Continued progress on Long-Term Care Insurance (LTC) multi-year rate action plan with $94M of gross incremental premium approved in second quarter and approximately $24.4B net present value achieved from in-force rate actions (IFAs) since 2012

LTC adjusted operating loss of $(43)M; Life and Annuities adjusted operating income of $2M

U.S. life insurance companies' statutory pre-tax income5 of $63M4 driving risk-based capital ratio6 of 293%4

Genworth holding company cash and liquid assets of $222M at quarter-end

Executed $112M in share repurchases in the quarter; $264M in total executed through July 2023 at an average price of $5.11 per share

Announced $350M expansion of existing share repurchase program

1 Non-GAAP measure, see appendix for additional information; 2 Reflects Genworth's ownership percentage; 3 Private Mortgage Insurer Eligibility Requirements; 4 Company estimate for the second quarter of 2023 due to timing of the preparation of the filing(s); 5 Net gain 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); 6 Risk-based capital ratio

based on company action level for GLIC consolidated

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Genworth Strategic Pillars

Purpose: To help families navigate the aging journey with confidence

Vision: ​​​​​​​To be compassionate, experienced allies for those navigating care now and in the future with guidance, products and services that meet families where they are in the aging journey

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