XML 56 R34.htm IDEA: XBRL DOCUMENT v3.25.4
Schedule II - Condensed Financial Information of Registrant (Parent Company Only)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant (Parent Company Only)
Schedule II
Genworth Financial, Inc.
Condensed Financial Information of Registrant
(Parent Company Only)
Balance Sheets
(Amounts in millions)
December 31,
20252024
Assets:
Investments in subsidiaries$8,922 $8,557 
Deferred tax asset3 3 
Other assets3 3 
Total assets$8,928 $8,563 
Liabilities and stockholders’ equity
Liabilities:
Other liabilities$63 $35 
Intercompany notes payable115 84 
Total liabilities178 119 
Commitments and contingencies
Stockholders’ equity:
Common stock1 1 
Additional paid-in capital11,888 11,875 
Accumulated other comprehensive income (loss)(1,324)(1,643)
Retained earnings1,684 1,462 
Treasury stock, at cost(3,499)(3,251)
Total stockholders’ equity8,750 8,444 
Total liabilities and stockholders’ equity$8,928 $8,563 
See Notes to Condensed Financial Information of Registrant
See Report of Independent Registered Public Accounting Firm
Schedule II
Genworth Financial, Inc.
Condensed Financial Information of Registrant
(Parent Company Only)
Statements of Operations
(Amounts in millions)
Years ended December 31,
202520242023
Revenues:
Total revenues$— $— $— 
Expenses:
Acquisition and operating expenses, net of deferrals41 34 35 
Interest expense3 1 7 
Total expenses44 35 42 
Income (loss) before income taxes and equity in income of subsidiaries(44)(35)(42)
Provision (benefit) for income taxes(7)(6)(4)
Equity in income (loss) of subsidiaries260 328 114 
Net income (loss)$223 $299 $76 
See Notes to Condensed Financial Information of Registrant
See Report of Independent Registered Public Accounting Firm
Schedule II
Genworth Financial, Inc.
Condensed Financial Information of Registrant
(Parent Company Only)
Statements of Comprehensive Income (Loss)
(Amounts in millions)
Years ended December 31,
202520242023
Net income (loss)$223 $299 $76 
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses1,171 (1,021)1,277 
Net unrealized gains (losses) on securities with an allowance for credit losses(2)(5)— 
Derivatives qualifying as hedges(305)(518)(190)
Change in discount rate used to measure future policy benefits(559)2,462 (1,036)
Change in instrument-specific credit risk of market risk benefits1 3 2 
Foreign currency translation and other adjustments13 (8)6 
Total other comprehensive income (loss)319 913 59 
Total comprehensive income (loss)$542 $1,212 $135 
See Notes to Condensed Financial Information of Registrant
See Report of Independent Registered Public Accounting Firm
Schedule II
Genworth Financial, Inc.
Condensed Financial Information of Registrant
(Parent Company Only)
Statements of Cash Flows
(Amounts in millions)
Years ended December 31,
202520242023
Cash flows from (used by) operating activities:
Net income (loss)$223 $299 $76 
Adjustments to reconcile net income (loss) to net cash from operating activities:
Equity in (income) loss from subsidiaries(260)(328)(114)
Deferred income taxes(5)(6)(4)
Long-term incentive compensation expense39 32 34 
Change in certain assets and liabilities:
Current tax assets and liabilities24 25 (1)
Other liabilities12 7 14 
Net cash from (used by) operating activities33 29 5 
Cash flows from (used by) investing activities:
Capital contributions paid to subsidiaries(2)(7)(3)
Net cash from (used by) investing activities(2)(7)(3)
Cash flows from (used by) financing activities:
Intercompany notes payable, net220 180 307 
Treasury stock acquired in connection with share repurchases(247)(189)(296)
Other, net(4)(13)(13)
Net cash from (used by) financing activities(31)(22)(2)
Net change in cash and cash equivalents— — — 
Cash and cash equivalents at beginning of year— — — 
Cash and cash equivalents at end of year$— $— $— 
See Notes to Condensed Financial Information of Registrant
See Report of Independent Registered Public Accounting Firm
Schedule II
Genworth Financial, Inc.
Notes to Condensed Financial Information of Registrant
(Parent Company Only)
Years Ended December 31, 2025, 2024 and 2023
(1) Basis of Presentation
The condensed financial information of Genworth Financial (“parent company”) should be read in conjunction with the consolidated financial statements of Genworth Financial and its subsidiaries and the notes thereto. The condensed financial information reflects Genworth Financial’s direct subsidiaries using the equity method of accounting.
(2) Contingencies and Guarantees
See note 22 in the consolidated financial statements of Genworth Financial and its subsidiaries for a description of material pending litigation affecting the parent company.
Genworth Financial provides a full and unconditional guarantee to the trustee and holders of Genworth Holdings’ outstanding senior and subordinated notes, on an unsecured unsubordinated and subordinated basis, respectively, of the full and punctual payment of the principal of, premium, if any, and interest on, and all other amounts payable under, the outstanding senior and subordinated notes and their respective indentures. For additional information on Genworth Holdings’ outstanding debt, see note 15 in the consolidated financial statements of Genworth Financial and its subsidiaries.
During 2024, Genworth Holdings entered into an interest rate swap designed to hedge the variable interest payments on $100 million aggregate principal amount of its 2066 Notes, locking in an approximate 5.5% fixed interest rate for a period of five years from the hedge origination date. In connection with the hedge agreement, Genworth Financial provided an unconditional guarantee to the counterparty, covering the obligations associated with the hedge transaction.
Genworth Financial also provides guarantees to third parties for the performance of certain lease obligations of its subsidiaries. Genworth Financial estimates that its potential obligations under such guarantees were approximately $47 million as of December 31, 2025.
(3) Supplemental Cash Flow Information
Net cash received (paid) for taxes was $27 million, $26 million and $(1) million for the years ended December 31, 2025, 2024 and 2023, respectively.
In 2025, 2024 and 2023, Genworth Holdings forgave intercompany loans of $189 million, $127 million and $302 million, respectively, due from Genworth Financial. The extinguishment of the loans between the related parties was treated as non-cash deemed dividends to Genworth Financial and accordingly had no impact on Genworth Financial’s cash flows for the years ended December 31, 2025, 2024 and 2023.