GNW · Genworth Financial, Inc.

Genworth Financial's first quarter 2026 results reflect disciplined execution across its businesses. Net income of $47 million was driven by strong operating performance at Enact, which reported adjusted operating income of $140 million, benefiting from a $39 million pre-tax reserve release due to favorable cure performance and loss mitigation. Enact's primary new insurance written increased 30% year-over-year to $12.8 billion, driven by elevated refinance volume, while insurance in-force grew 2% to $272.5 billion. The PMIERs sufficiency ratio remained strong at 162%, $1.9 billion above requirements. Enact paid a quarterly dividend of $0.21 per share and announced an increase to $0.24 per share payable in June 2026. Genworth received $99 million in capital returns from Enact during the quarter. The company repurchased $66 million of its shares at an average price of $8.61 per share, bringing cumulative repurchases to $856 million since program inception. The Closed Block segment reported an adjusted operating loss of $32 million, a significant improvement from a loss of $114 million in the prior quarter, driven by a $36 million pre-tax A/E loss and net insurance recoveries of $65 million pre-tax in long-term care. Mortality increased sequentially with seasonal trends but was lower than the prior year. The legacy insurance companies' RBC ratio was 289%, down from 300% in the prior quarter due to a statutory loss. Holding company cash and liquid assets were $166 million at quarter-end, down from $234 million in the prior quarter, reflecting $89 million in annual employee benefit payments and $66 million in share repurchases, partially offset by Enact capital returns. Management highlighted solid execution and progress on strategic initiatives, including CareScout's 1,486 matches with 97% home care coverage. The company began reporting adjusted operating income excluding Closed Block as its new consolidated operating performance measure, aligning with its strategy of managing the Closed Block on a standalone basis.