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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Summary of Revenues of Major Product Groups for Segments and Corporate and Other | The following is a summary of revenues for our segments and Corporate and Other for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Enact segment |  | $ | 298 |  |  | $ | 277 |  |  | $ | 590 |  |  | $ | 558 |
Long-Term Care Insurance segment |  |  | 1,011 |  |  |  | 1,143 |  |  |  | 2,116 |  |  |  | 2,241 |
Life and Annuities segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance |  |  | 352 |  |  |  | 350 |  |  |  | 706 |  |  |  | 708 |
Fixed annuities |  |  | 70 |  |  |  | 84 |  |  |  | 143 |  |  |  | 169 |
Variable annuities |  |  | 32 |  |  |  | 35 |  |  |  | 66 |  |  |  | 71 |
Life and Annuities segment |  |  | 454 |  |  |  | 469 |  |  |  | 915 |  |  |  | 948 |
Corporate and Other |  |  | 6 |  |  |  | 3 |  |  |  | 12 |  |  |  | (1 | )
Total revenues |  | $ | 1,769 |  |  | $ | 1,892 |  |  | $ | 3,633 |  |  | $ | 3,746 |
Summary of Net Operating Income (Loss) for Segments and Corporate and Other | The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income available to Genworth Financial, Inc.’s common stockholders |  | $ | 76 |  |  | $ | 137 |  |  | $ | 215 |  |  | $ | 259 |
Add: net income attributable to noncontrolling interests |  |  | 34 |  |  |  | 31 |  |  |  | 64 |  |  |  | 63 |
Net income |  |  | 110 |  |  |  | 168 |  |  |  | 279 |  |  |  | 322 |
Less: income (loss) from discontinued operations, net of taxes |  |  | (1 | ) |  |  | 2 |  |  |  | (2 | ) |  |  | 2 |
Income from continuing operations |  |  | 111 |  |  |  | 166 |  |  |  | 281 |  |  |  | 320 |
Less: net income from continuing operations attributable to noncontrolling interests |  |  | 34 |  |  |  | 31 |  |  |  | 64 |  |  |  | 63 |
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders |  |  | 77 |  |  |  | 135 |  |  |  | 217 |  |  |  | 257 |
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment (gains) losses, net (1) |  |  | 60 |  |  |  | (41 | ) |  |  | 10 |  |  |  | (30 | )
Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) |  |  | (10 | ) |  |  | (23 | ) |  |  | (36 | ) |  |  | (9 | )
(Gains) losses on early extinguishment of debt, net (3) |  |  | 7 |  |  |  | — |  |  |  | 6 |  |  |  | (1 | )
Expenses related to restructuring |  |  | 4 |  |  |  | 1 |  |  |  | 11 |  |  |  | 4 |
Taxes on adjustments |  |  | (13 | ) |  |  | 13 |  |  |  | 2 |  |  |  | 8 |
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders |  | $ | 125 |  |  | $ | 85 |  |  | $ | 210 |  |  | $ | 229 |
(1) | Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $ 1 million and $ 2 million for the three months ended June 30, 2024 and 2023, respectively, and $ 2 million for both the six months ended June 30, 2024 and 2023.
(2) | Changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $ (2 ) million and $ (4 ) million for the three months ended June 30, 2024 and 2023, respectively, and $ (5 ) million and $ (7 ) million for the six months ended June 30, 2024 and 2023, respectively.
(3) | (Gains) losses on early extinguishment of debt are net of the portion attributable to noncontrolling interests of $ 2 million for the three and six months ended June 30, 2024.
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Enact segment |  | $ | 165 |  |  | $ | 146 |  |  | $ | 300 |  |  | $ | 289 |
Long-Term Care Insurance segment |  |  | (29 | ) |  |  | (43 | ) |  |  | (26 | ) |  |  | (20 | )
Life and Annuities segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance |  |  | (23 | ) |  |  | (17 | ) |  |  | (56 | ) |  |  | (44 | )
Fixed annuities |  |  | 12 |  |  |  | 10 |  |  |  | 23 |  |  |  | 24 |
Variable annuities |  |  | 10 |  |  |  | 9 |  |  |  | 17 |  |  |  | 18 |
Life and Annuities segment |  |  | (1 | ) |  |  | 2 |  |  |  | (16 | ) |  |  | (2 | )
Corporate and Other |  |  | (10 | ) |  |  | (20 | ) |  |  | (48 | ) |  |  | (38 | )
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders |  | $ | 125 |  |  | $ | 85 |  |  | $ | 210 |  |  | $ | 229 |
Summary of Assets for Segments and Corporate and Other | The following is a summary of total assets for our segments and Corporate and Other as of the dates indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |  |  |
Enact segment |  | $ | 6,351 |  |  | $ | 6,193 |
Long-Term Care Insurance segment |  |  | 44,559 |  |  |  | 46,195 |
Life and Annuities segment |  |  | 34,829 |  |  |  | 36,517 |
Corporate and Other |  |  | 1,804 |  |  |  | 1,912 |
Total assets |  | $ | 87,543 |  |  | $ | 90,817 |

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