Genworth Financial, Inc. (GNW)

Genworth Financial reported a third-quarter 2026 net loss of $41 million, or $0.11 per diluted share, in its results release of 4 November 2026 1. The company said the loss was driven by Closed Block, partly offset by Enact 1.

Closed Block is the run-off book of long-term care, life insurance and annuity policies that Genworth no longer sells 2. It posted an adjusted operating loss of $146 million, which the company tied to a $111 million pre-tax loss from fewer policy terminations, mostly deaths, and heavier use of long-term care benefits than assumed 1.

Enact, the mortgage insurance business of which Genworth owns about 81 percent, earned adjusted operating income of $132 million, and Genworth received $122 million of capital returns from it in the quarter 18.

Genworth also announced a new $500 million share repurchase authorization 1. On 30 October it said Thomas McInerney will retire as chief executive on 31 December 2026, with chief financial officer Jerome Upton to succeed him on 1 January 2027 34.

Genworth was incorporated in Delaware in 2003 to prepare for an initial public offering of its stock, which was completed on 28 May 2004 2. In April 2013 a new public holding company, also named Genworth Financial, became the parent of the original company in a reorganization 2.

In November 2008 the board suspended dividends and share repurchases indefinitely 10. Thomas McInerney became president and chief executive in January 2013 6.

A proposed transaction with China Oceanwide hung over the company for years, and shareholder lawsuits were paused to await its outcome 9. Genworth terminated it on 6 April 2021, which lifted the pause 9.

On 20 September 2021 Genworth sold 18.4 percent of Enact Holdings in a minority public offering, and Enact began trading on Nasdaq as ACT 9. Genworth kept control through a majority voting interest 9.

In 2022 the company cut the debt of its Genworth Holdings unit to about $1.0 billion 10. On 2 May 2022 the board authorized a share repurchase program of up to $350 million 10.

Revenue was $7.5 billion in 2023, $7.3 billion in 2024 and $7.3 billion in 2025, while net income available to common stockholders was $76 million, $299 million and $223 million 2.

Closed Block explains most of the swings 2. Its liability remeasurement losses, charges that follow when actual claims and terminations differ from what was assumed, were $587 million in 2023, $153 million in 2024 and $313 million in 2025 2.

Enact supplied the steady profit 2. Its adjusted operating income was $552 million in 2023, $585 million in 2024 and $558 million in 2025, while Closed Block lost $430 million, $214 million and $317 million in the same years 2.

Part of Enact's profit came from setting aside less for losses than first expected, because borrowers cured more missed payments than assumed 2. Enact released reserves of $252 million in 2024 and $200 million in 2025 2.

On 1 October 2025 Genworth stopped selling long-term care insurance through Genworth Life Insurance Company, and that October its CareScout Insurance subsidiary began selling an individual long-term care policy 2.

Enact: mortgage insurance

Enact insures part of the loss on home loans above 80 percent of the home's value, which protects lenders and investors if a borrower stops paying 2. It has written private mortgage insurance in the United States since 1981 and operates in all 50 states and the District of Columbia 2.

Enact wrote $51.5 billion of new insurance in 2025, up 1 percent from 2024, and the weighted average credit score on its insured loans was 746 2. Its 2025 revenue was $1,235 million and its adjusted operating income was $558 million 2.

Enact competes with the Federal Housing Administration and the Department of Veterans Affairs, and the annual report counts six active private mortgage insurers in the United States, Enact included 2. In the third quarter of 2026 Enact's insurance in force was $275.1 billion 1.

CareScout: aging-care services and insurance

CareScout Services is a fee-based business that matches families with credentialed care providers and sells care evaluations and plans 2. At the end of 2025 its network had about 790 home care providers with more than 1,000 locations 2. The company reported 1,532 matches in the third quarter of 2026 1.

In October 2025 Genworth bought Seniorly, a platform that connects families with senior living communities, to extend the network to assisted living 2. Credentialing of its major national providers is expected to finish by the end of 2026 2.

CareScout Insurance sells Care Assurance, an individual long-term care policy launched in October 2025 and live in 40 states by 20 February 2026 2. A worksite version launched in the third quarter of 2026 and was approved in 40 states as of 30 September 1.

Genworth put about $50 million into CareScout Services in 2025, not counting the Seniorly purchase, and $85 million into CareScout Insurance to meet regulatory capital rules 2. Corporate and Other, which houses CareScout, lost $30 million in the third quarter of 2026 1.

Closed Block: the legacy insurers

Closed Block services long-term care, life insurance and annuity policies sold in the past 2. Life insurance and fixed annuities have not been actively sold since 2016, and variable annuities since 2011 2.

In 2025 long-term care lost $326 million, life insurance lost $66 million and annuities earned $75 million on an adjusted operating basis 2. Genworth has raised premiums and cut benefits on long-term care policies since 2012, which it estimates at about $34.5 billion of benefit through 2025 on a present-value basis 2.

The legacy insurers' risk-based capital ratio, a regulator's measure of cushion, was 274 percent at the end of the third quarter of 2026, down from 303 percent a year earlier 1. The company wrote that claims continued to grow as the block ages 1.

People, places and rivals

Genworth employed about 3,100 people at the end of 2025 2. It leases a 174,000 square foot headquarters in Richmond, Virginia, owns a 210,000 square foot facility in Lynchburg, and Enact leases about 130,000 square feet in Raleigh, North Carolina 2.

Jerome Upton has been chief financial officer since March 2023 and was interim chief executive from 7 July to 2 September 2026 while Thomas McInerney was on medical leave 47.

The umbrella, in words

Genworth describes a family of brands that includes CareScout, Genworth and Enact 1. Enact Holdings is the public mortgage insurer, listed on Nasdaq as ACT, and Genworth owns about 81 percent of its shares 28.

Exhibit 21 to the annual report lists subsidiaries owned in full unless noted 8. They include Genworth Life Insurance Company, Genworth Life and Annuity Insurance Company, Genworth Life Insurance Company of New York, CareScout Insurance Company, CareScout, LLC and Seniorly, Inc., and Enact entities in North Carolina and Bermuda 8.

Genworth sold its former Richmond headquarters on 11 December 2025 for a pre-tax gain of about $9 million 2.

Two large holders appear in the filings 1112. Vanguard Portfolio Management reported beneficial ownership of 6.13 percent of the common stock as of 31 March 2026, and Donald Smith & Co. reported 5.87 percent as of 30 June 2026 1112.

Genworth said on 30 October 2026 that Thomas McInerney will retire as chief executive on 31 December 2026 and leave the board 34. The board is expected to name Jerome Upton chief executive and Angela Simmons chief financial officer, both effective 1 January 2027 34.

Darren Woodell, the controller, told the company on 8 October 2026 that he intends to resign in early November after the quarterly report is filed 5. Upton is to serve as principal accounting officer on an interim basis 4.

Genworth will discuss the quarter on a conference call on 5 November 2026 at 10:00 in the morning Eastern time 1. Enact holds its own call that day at 8:00 in the morning 1.

For CareScout, the company said it plans to launch worksite and association group offerings in 2026 and expects Seniorly credentialing to finish by the end of 2026 2. It also anticipates smaller capital investments in CareScout Insurance over the next few years 2.

For Enact, the company reported a quota share reinsurance agreement covering the 2028 book year, on top of excess of loss reinsurance for the 2026 and 2027 book years of $260 million and $170 million 12.

The company also said the federal housing finance regulator's plan to accept VantageScore 4.0 for loans sold to Fannie Mae and Freddie Mac has no implementation timeline yet, and its effect on Enact is uncertain 2.