XML 54 R42.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Segment Information (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration