1. Think of it as a Radian Group or MGIC, but focused on providing long-term care insurance instead of mortgage insurance.

2. It's like a MetLife or Prudential Financial, but with its primary business and reputation tied to long-term care insurance.

• Long-Term Care Insurance: Provides financial protection against the costs of future long-term care services, such as nursing home care, assisted living facilities, or in-home care.

Genworth Financial (symbol: GNW) primarily serves individuals, particularly through its long-term care insurance segment. While Genworth is also a major shareholder in Enact Holdings, Inc. (NACT), a mortgage insurance provider whose direct customers are lenders (companies), the core direct operational business remaining under Genworth Financial itself primarily involves managing a closed block of long-term care insurance policies.

The categories of individual customers that Genworth Financial serves through its long-term care insurance business typically include:

• Middle-aged and older adults: Individuals, often in their 40s to 70s, who are proactively planning for their financial future and potential long-term care needs as they age.
• Individuals seeking asset protection: Those who wish to safeguard their personal savings, investments, and other assets from the substantial costs associated with long-term care services, such as nursing home care, assisted living facilities, or in-home care.
• Customers concerned about family burden: Individuals who want to ensure that the financial and logistical responsibilities of their potential future care do not fall primarily on their family members.

• Berkshire Hathaway Inc. (BRK.B) (Parent company of General Re Life Corporation)
• Reinsurance Group of America, Incorporated (RGA) (Parent company of RGA Reinsurance Company)

Thomas J. McInerney, President and Chief Executive Officer

Thomas J. McInerney has served as President and Chief Executive Officer of Genworth Financial and a director since January 2013. Before joining Genworth, he was a Senior Advisor to The Boston Consulting Group from June 2011 to December 2012, providing consulting and advisory services to insurance and financial services companies. Prior to that, Mr. McInerney spent over 30 years in various senior executive roles with ING Groep NV and Aetna Inc. At ING Groep, he was a member of the Management Board for Insurance and Chief Operating Officer of ING's worldwide insurance and investment management business from October 2009 to December 2010. He also held positions as Chairman and Chief Executive Officer of ING Americas and a member of ING Groep's Executive Board from April 2006 to October 2009, and as Chief Executive Officer of ING U.S. Financial Services from October 2001 to April 2006. Before ING, he served in many leadership positions with Aetna, where he began his career as an insurance underwriter in June 1978, and ultimately became President of Aetna Financial Services. During his time at Aetna, he was deeply involved in the transformation of the company, including the sale of its Property and Casualty business.

Jerome T. Upton, Executive Vice President and Chief Financial Officer

Jerome T. Upton has been Genworth Financial's Executive Vice President and Chief Financial Officer since March 2023. Before this role, he was the Senior Vice President, Deputy CFO, and Controller from April 2022 to March 2023. He previously served as a Vice President of the company from June 2010 to April 2022. Earlier in his career, Mr. Upton worked with KPMG Peat Marwick and was the Controller and Director of Financial Reporting for Century American Insurance Company. He is a Certified Public Accountant. He has served as a director of Enact Holdings, a majority-owned subsidiary of Genworth Financial, Inc., since March 2023.

Kelly A. Saltzgaber, Executive Vice President and Chief Investment Officer

Kelly A. Saltzgaber serves as Executive Vice President and Chief Investment Officer. She holds a B.A. in Economics Modified with Mathematics from Dartmouth College and an M.B.A. in Finance from New York University's Stern School of Business.

Gregory S. Karawan, Executive Vice President and General Counsel

Gregory S. Karawan is the Executive Vice President and General Counsel at Genworth Financial.

Melissa Hagerman, Executive Vice President and Chief Human Resources Officer

Melissa Hagerman has served as Executive Vice President and Chief Human Resources Officer since January 2022. Prior to this, she held various Human Resources leadership positions within Genworth, including for the company's corporate and investment functions since February 2018, and as Director, Human Resources for the U.S. Life Insurance segment and corporate finance function from June 2014 to January 2018.

The key risks to Genworth Financial's business primarily revolve around its legacy Long-Term Care (LTC) insurance segment and the economic sensitivity of its mortgage insurance operations.

1. Legacy Long-Term Care (LTC) Business Challenges and Regulatory Uncertainty: Genworth's long-term care insurance segment has historically faced significant profitability hurdles. This is largely due to policyholders collecting more benefits for longer periods than initially expected, coupled with the impact of a sustained low-interest-rate environment on the company's investment returns. The segment has consistently posted operating losses. A critical component of Genworth's strategy to address these losses involves implementing multi-year rate action plans to secure premium increases on older policies. However, the future profitability and stability of the LTC business remain highly contingent on obtaining ongoing regulatory approvals for these premium increases, which are never guaranteed. Policyholder complaints regarding unexpected premium hikes, lengthy claims approval processes, and communication issues also present reputational and operational challenges.

2. Housing Market Dependence (Mortgage Insurance): Genworth's mortgage insurance subsidiary, Enact Holdings, Inc., is a significant source of capital and profitability for the company. However, Enact's performance is inherently tied to the activity and health of the housing market. A downturn in the housing market, characterized by a slowdown in mortgage originations or declining property values due to factors like rising interest rates or economic contraction, would negatively impact Enact's new insurance written (NIW) and, consequently, the capital it returns to Genworth Financial.

Genworth Financial (symbol: GNW) operates primarily in the long-term care insurance and mortgage insurance markets, with a growing focus on aging care services through its CareScout brand. The addressable markets for their main products and services are as follows:

Long-Term Care Insurance (LTC)

• Global Market: The global long-term care insurance market was valued at approximately $32.35 billion in 2024 and is projected to reach $45.89 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period. Other estimates place the global market at $27.45 billion in 2024, expected to grow to $70.43 billion by 2032 with a CAGR of 12.5%.
• U.S. Private Long-Term Care Insurance Market: This market was valued at approximately $9.67 billion in 2023 and is projected to reach around $17.08 billion by 2033, with a CAGR of 5.86% from 2024 to 2033. Another estimate for the U.S. private long-term care insurance industry revenue is $25.6 billion in 2025.
• U.S. Overall Long-Term Care Market (Relevant for CareScout services): The broader U.S. long-term care market, which includes various services, was estimated at $470.66 billion in 2024 and is expected to reach $729.78 billion by 2030, growing at a CAGR of 7.71% from 2025 to 2030. Genworth's CareScout Quality Network covers 90% of the U.S. population aged 65 and older as of Q1 2025, and CareScout recently launched a standalone long-term care product.

Mortgage Insurance

• U.S. Private Mortgage Insurance Market: Genworth's subsidiary, Enact Holdings, is a leading provider of private mortgage insurance in the U.S. The total value of mortgage originations supported by private mortgage insurance in the U.S. was approximately $283 billion in 2023. In 2024, the private mortgage insurance industry supported nearly $300 billion in mortgage originations. The market size for private mortgage insurance (based on revenue) is projected to grow from $6.24 billion in 2024 to $9.71 billion by 2029, at a CAGR of 9.2%. North America remains the largest Private Mortgage Insurance (PMI) market as of 2024.

Genworth Financial (GNW) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. Expansion and Growth of CareScout: Genworth is significantly investing in and building out its CareScout platform, aiming to establish it as a primary driver of future growth in the long-term care market. This includes plans to expand CareScout services and achieve over 3,000 care matches by the end of 2025. The company views CareScout as a means to deliver savings to its U.S. life insurance companies, generate new revenue streams, and enhance its long-term valuation.
2. Launch of New CareScout Products and Services: A key part of the CareScout strategy involves introducing new offerings. Genworth plans to launch a hybrid long-term care insurance product and has already introduced Care Assurance, CareScout's inaugural standalone long-term care product. The company also expanded its product offerings with the launch of care plans. These new products and services are designed to tap into the growing senior care market and provide new sources of revenue.
3. Strategic Acquisitions for Market Expansion: Genworth completed the acquisition of Seniorly in October 2025, which is intended to accelerate the expansion of CareScout into senior living communities. This move broadens CareScout's market reach and is expected to contribute to revenue growth by addressing a wider segment of the long-term care market.
4. Continued Strong Performance and Capital Returns from Enact: Enact Holdings, Inc. (Enact), Genworth's mortgage insurance subsidiary, consistently contributes significantly to Genworth's adjusted operating income and provides substantial capital returns. Enact remains a key source of cash for Genworth, fueling strategic investments in areas like CareScout and supporting shareholder returns. The growth in Enact's primary insurance in-force also demonstrates its continued strong business fundamentals.
5. Long-Term Care (LTC) Multi-Year Rate Action Plan (MYRAP): Genworth continues to implement its multi-year rate action plan in its legacy long-term care insurance business. In the third quarter of 2025, the company secured $44 million of gross incremental premium approvals with an average premium increase of 63%. Since its inception in 2012, this plan has achieved an estimated $31.8 billion in net present value, primarily driven by premium increases and benefit reductions. These ongoing rate actions are crucial for improving the financial stability and profitability of the LTC segment, thereby supporting overall revenue.

1. Share Repurchases
   • In May 2022, Genworth Financial authorized a share repurchase program for up to $350 million of its Class A common stock, marking its first such authorization in over 13 years.
   • The existing share repurchase program was expanded by an additional $350 million in July 2023. As of July 31, 2023, approximately $264 million of shares had been acquired, leaving about $436 million available under the program.
   • A new $350 million share repurchase program was authorized in September 2025, complementing a then-current $700 million program which had $16 million remaining as of September 17, 2025. For the full year 2025, Genworth expects to allocate between $200 million and $225 million to share repurchases.
2. Share Issuance
   • In September 2021, Genworth Financial completed a minority initial public offering (IPO) of 18.4% of its U.S. mortgage insurance business, Enact Holdings, Inc. This made Enact Holdings a standalone public company while Genworth maintained a majority voting interest and control.
3. Outbound Investments
   • In October 2025, CareScout, an indirect subsidiary of Genworth Financial, acquired Seniorly. This acquisition aimed to accelerate CareScout's expansion into senior living communities. The acquisition was valued at $20 million.
4. Capital Expenditures
   • In the third quarter of 2025, Genworth made an $81 million capital investment for CareScout Insurance. This investment supported the launch of CareScout's inaugural long-term care product.
   • Genworth continues to focus on investing in long-term growth through its aging-care platform, CareScout.