The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included herein and with our 2025 Annual Report on Form 10-K. Unless the context otherwise requires, references to “Genworth,” the “Company,” “we” or “our” herein are to Genworth Financial, Inc. on a consolidated basis. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries. Cautionary note regarding forward-looking statements This report contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” “may” or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Examples of forward-looking statements include statements we make relating to potential dividends or share repurchases; future return of capital by Enact Holdings, Inc. (“Enact Holdings”), including share repurchases, and quarterly and special dividends; the cumulative economic benefit of approved and future rate increases and benefit reductions included in our multi-year in-force rate action plan and other reduced benefit options associated with the long-term care insurance products in our Closed Block segment; planned investments in and our outlook for new lines of business or new insurance and other products and services, such as those we are pursuing with our CareScout business (“CareScout”), including through our CareScout services business (“CareScout Services”) and our CareScout insurance business (“CareScout Insurance”); future financial performance, including the expectation that quarterly adverse variances between actual and expected experience could persist resulting in future remeasurement losses in our Closed Block segment; the resolution of the appeal or any potential litigation recovery amounts in connection with the AXA S.A. (“AXA”) and Santander Cards UK Limited (“Santander”) litigation, and Genworth’s planned use of proceeds from any recovery in connection with the litigation, including share repurchases, debt repurchases and investments in new businesses; future financial condition and liquidity of our businesses; and statements we make regarding the outlook of the U.S. economy. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, inflation, business, competitive, market, regulatory and other factors and risks, including but not limited to, the following: •the inability to successfully launch new lines of business, including long-term care insurance and other products and services we are pursuing with CareScout; •our failure to maintain the self-sustainability of Genworth Life Insurance Company and its subsidiaries, collectively referred to as “Closed Block” or our “legacy insurance subsidiaries,” including as a result of the inability to achieve desired levels of in-force management actions and/or the timing of future premium rate increases and associated benefit reductions taking longer to achieve than originally assumed; other regulatory actions negatively impacting our life insurance businesses; •inaccuracies or changes in estimates, assumptions, methodologies, valuations, projections and/or models, which result in inadequate reserves or other adverse results (including as a result of any changes in connection with quarterly, annual or other reviews); •the impact on holding company liquidity caused by an inability to receive dividends or any other returns of capital from Enact Holdings, and limited sources of capital and financing and the need to seek additional capital on unfavorable terms; •the impact on any potential recovery in the AXA and Santander litigation resulting from a successful appeal, significant delays or any other adverse development in the litigation; •adverse changes to the structure or requirements of Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the U.S. mortgage insurance market; an increase in the number of loans insured through federal government mortgage insurance programs, including those offered by the Federal Housing Administration (“FHA”); the inability of Enact Holdings and/or its U.S. mortgage insurance subsidiaries to continue to meet the requirements mandated by the private mortgage insurer eligibility requirements (“PMIERs”) (or any adverse changes thereto), the inability to meet minimum statutory capital requirements of applicable regulators or the mortgage insurer eligibility requirements of Fannie Mae or Freddie Mac; 80 Table of Contents •changes in economic, market and political conditions, labor shortages and fluctuating interest rates; unanticipated financial events, which could lead to market-wide liquidity problems and other significant market disruption resulting in losses, defaults or credit rating downgrades of other financial institutions; deterioration in economic conditions, a recession or a decline in home prices, all of which could be driven by many potential factors, including a U.S. federal government shutdown; an increase in the cost of care impacting our long-term care insurance products included in our Closed Block segment; changes in international trade policy, including the potential impact of new or increased tariffs, retaliatory policies or actions from other countries, and trade wars or other events that lead to political and economic instability; changes in government or monetary policies; changes within regulatory agencies; changes in immigration policy; and fluctuations in international securities markets; •downgrades in financial strength and credit ratings and potential adverse impacts to liquidity; counterparty credit risks; defaults by counterparties to reinsurance arrangements or derivative instruments; defaults or other events impacting the value of invested assets, including private equity and private credit; •changes in tax rates or tax laws, or changes in accounting and reporting standards; •litigation and regulatory investigations or other actions, including commercial and contractual disputes with counterparties; •the inability to retain, attract and motivate qualified employees or senior management; •changes in the composition of Enact Holdings’ business or undue concentration by customer or geographic region; •the impact from deficiencies in our disclosure controls and procedures or internal control over financial reporting; •the occurrence of natural or man-made disasters, including geopolitical tensions and war (including the Russian invasion of Ukraine, ongoing conflict between Iran and the United States, and economic competition between the United States and China, among others), a public health emergency, including pandemics, or climate change; •the inability to effectively manage technology systems (including artificial intelligence), cyber incidents or other failures, disruptions or security breaches of us or our third-party vendors, as well as unknown risks and uncertainties associated with artificial intelligence; •the inability of third-party vendors to meet their obligations to us; •the lack of availability, affordability or adequacy of reinsurance to protect us against losses; •a decrease in the volume of high loan-to-value home mortgage originations or an increase in the volume of mortgage insurance cancellations; •unanticipated claims resulting from Enact Holdings’ delegated underwriting and loss mitigation programs; •the impact of medical advances such as genetic research and diagnostic imaging, emerging new technology, including artificial intelligence and related legislation; and •other factors described in the risk factors contained in Item 1A of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2026. We provide additional information regarding these risks and uncertainties in our Annual Report on Form 10-K. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Accordingly, for the foregoing reasons, we caution the reader against relying on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws. Overview Genworth Financial offers mortgage insurance products through its principal mortgage insurance subsidiaries. Genworth Financial also has start-up businesses whereby it offers fee-based services, advice, consulting and other aging care services through CareScout Services and long-term care insurance products through CareScout Insurance. Genworth Financial’s legacy insurance subsidiaries no longer offer or sell long-term care insurance, life insurance or annuity 81 Table of Contents products. However, these subsidiaries continue to service and manage their in-force blocks of business and may still issue a limited number of certificates under existing group long-term care insurance policies. We report our business results through two segments: Enact, comprised primarily of mortgage insurance products, and Closed Block, comprised of long-term care insurance, life insurance and annuity products previously sold through our legacy insurance subsidiaries. In addition to our two reportable segments, we also have Corporate and Other, which includes debt financing expenses that are incurred at the Genworth Holdings, Inc. (“Genworth Holdings”) level, unallocated corporate income and expenses, and eliminations of inter-segment transactions. Corporate and Other also includes the results of other businesses that are not individually reportable, such as CareScout Services, CareScout Insurance and certain international businesses. Genworth Financial is the parent company of Enact Holdings, a leading provider of private mortgage insurance in the United States through its mortgage insurance subsidiaries. Enact Holdings is a public company traded on the Nasdaq Global Select Market exchange under the ticker symbol “ACT.” Genworth Financial maintains control of Enact Holdings through an indirect majority voting interest and accordingly, Enact Holdings remains a consolidated subsidiary of Genworth Financial. Enact Holdings and its mortgage insurance subsidiaries comprise, and can therefore generally be viewed as, our Enact segment, or commonly referred to as “Enact.” Strategic Update Create value We continue to create shareholder value through Enact’s growing market value and capital returns. Enact Holdings provided $103 million of capital returns to Genworth Holdings in the second quarter of 2026. Enact Holdings expects to return $550 million to $600 million of capital to its shareholders for the full year 2026, an increase from its earlier expectation of approximately $500 million. Based on our approximate 81% ownership, we expect to receive $445 million to $485 million in capital returns from Enact Holdings for the full year 2026. We expect capital returns from Enact will continue to benefit our shareholders by funding our strategic initiatives, including new CareScout products and services, as well as share repurchases and opportunistic debt reduction. Since the initial authorization of Genworth Financial’s share repurchase program in May 2022 and through July 31, 2026, we have repurchased $922 million worth of shares of Genworth Financial’s common stock. For additional information on our share repurchase program, see “—Liquidity and Capital Resources.” Drive growth We continue to drive future growth through CareScout with innovative, consumer-focused aging care services and funding solutions. CareScout Services During the second quarter of 2026, CareScout Services expanded the CareScout Quality Network to more than 1,100 active home care locations and continued integrating senior living communities. The network now includes local advisors in major markets who help guide families in their search for high-quality senior living communities. Together with CareScout Services’ nationwide network of nurses, these local advisors provide families with access to both expert guidance and clinical expertise. We also continued to see growth in the number of CareScout members who received first-time home care services or moved into a senior living community. As we further integrate senior living communities, we are building a more comprehensive network that can support individuals across different stages of the aging journey and we expect will complement our existing home care model with a more diversified and scalable revenue stream. As the network continues to expand and brand awareness grows, we anticipate increased traction across the platform, including greater utilization by Genworth policyholders, helping to stretch their benefit dollars further while generating claims savings in the Closed Block over time. We continue to expand our offerings to employers and select affinity groups as we seek to introduce the CareScout brand to more consumers, broaden access to our services and generate additional fee-based revenues over time. We expect to invest approximately $50 million to $55 million in CareScout Services for the full year 2026 to further scale the 82 Table of Contents business. This investment will support the continued build-out of our technology-enabled platform, the addition of new products and growth across both consumer and business-to-business channels. CareScout Insurance We continue to build out differentiated product offerings and expand our distribution capability in CareScout Insurance. Our Care Assurance worksite product, a version of CareScout Insurance’s individual standalone long-term care insurance product that will be available through employers, is ready for launch in the third quarter of 2026. The Care Assurance offerings are differentiated in the long-term care insurance market by giving customers and their families access to a more holistic aging experience through CareScout Services, including access to the CareScout Quality Network, wellness support tools and care planning services. While we expect adoption to build gradually, we believe the Care Assurance offerings create significant value for both our customers and distribution partners. We are also developing additional offerings, including hybrid long-term care insurance products, as part of a broader set of funding solutions designed to meet evolving consumer needs and address critical gaps in retirement income and retirement security in the marketplace. We do not anticipate any additional capital investment in CareScout Insurance in 2026 following the $85 million investment made in 2025 to enable the launch of the business. While it will take time to scale these businesses, we believe our investments in CareScout Services and CareScout Insurance will drive sustainable future growth for Genworth and are aligned with our overarching priority to maximize long-term value for our shareholders. We will continue to take a disciplined approach in our capital allocation strategy, balancing investments in CareScout growth initiatives with returning value to shareholders and opportunistically retiring debt. Maintain self-sustainability We continue to actively manage our self-sustaining, customer-centric legacy insurance subsidiaries, comprising long-term care insurance, life insurance and annuity products included in our Closed Block segment. Our long-term care insurance multi-year in-force rate action plan continues to be our most effective tool in supporting this strategic priority. We achieved an estimated cumulative economic benefit of approximately $34.8 billion, on a net present value basis, of approved rate increases and benefit reductions from 2012 through the second quarter of 2026. As we manage our legacy insurance subsidiaries on a standalone basis, these entities will continue to rely on their statutory capital, significant reserves, prudent management of the in-force blocks and other management actions, including our long-term care insurance in-force rate actions, to satisfy policyholder obligations. For additional information regarding our in-force rate actions, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment—Closed Block segment.” Financial Strength and Credit Ratings There were no changes in the financial strength ratings of our principal insurance subsidiaries or the credit ratings of Genworth Financial and Genworth Holdings subsequent to February 27, 2026, the date we filed our 2025 Annual Report on Form 10-K. For additional information regarding the financial strength ratings of Genworth Financial’s insurance subsidiaries and the credit ratings of Genworth Financial and Genworth Holdings, including their importance to our business, see “Item 1—Business—Ratings” in our 2025 Annual Report on Form 10-K. Our Financial Information The financial information in this Quarterly Report on Form 10-Q has been derived from our unaudited condensed consolidated financial statements. Revenues and expenses Our revenues consist primarily of the following: •Premiums consist primarily of premiums earned on mortgage, long-term care and term life insurance products. •Net investment income represents the income earned on our investments. For discussion of the change in net investment income, see the comparison for this line item under “—Investments and Derivative Instruments.” 83 Table of Contents •Net investment gains (losses) consist primarily of realized gains and losses from the sale of our investments, credit losses, and unrealized gains and losses on equity securities, limited partnership investments and derivative instruments. For discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.” •Policy fees and other income consist primarily of fees assessed against policyholder and contractholder account values, surrender charges, cost of insurance assessed on universal and term universal life insurance policies, advisory and administration service fees assessed on investment contractholder account values, broker-dealer commission revenues, fee revenue from contract underwriting services and other fees. Our expenses consist primarily of the following: •Benefits and other changes in policy reserves consist primarily of benefits paid, interest accretion expense and other reserve activity related to future policy benefits for long-term care insurance, life insurance and annuities, and claim costs incurred related to mortgage insurance products. •Liability remeasurement (gains) losses represent changes to the net premium ratio for actual variances from expected experience and updates to cash flow assumptions used to measure long-duration traditional and limited-payment insurance contracts. •Changes in fair value of market risk benefits and associated hedges consist of fair value changes of market risk benefits (other than changes attributable to instrument-specific credit risk), net of changes in the fair value of non-qualified derivative instruments that support our market risk benefits, along with other reserve changes. •Interest credited represents interest credited on behalf of policyholder and contractholder general account balances. •Acquisition and operating expenses, net of deferrals, represent costs and expenses related to the acquisition and ongoing maintenance of insurance and investment contracts, including commissions, policy issuance expenses and other underwriting and general operating costs. These costs and expenses are net of amounts that are capitalized and deferred, which are costs and expenses that are related directly to the successful acquisition of new or renewal insurance policies and investment contracts, such as first-year commissions in excess of ultimate renewal commissions and other policy issuance expenses. We allocate certain corporate expenses to each of our segments using various methodologies. •Amortization of deferred acquisition costs and intangibles consists primarily of the amortization of capitalized acquisition costs, present value of future profits and capitalized software. •Interest expense primarily represents interest incurred on borrowings of Genworth Holdings and Enact Holdings. •Provision (benefit) for income taxes •We allocate tax to our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. generally accepted accounting principles (“U.S. GAAP”) and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other. •The effective tax rates disclosed herein are calculated using whole numbers. As a result, the percentages shown may differ from an effective tax rate calculated using rounded numbers. The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year. For a discussion of the effective tax rates used to record the provision for income taxes for our reportable segments and Corporate and Other, see note 14 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.” •Net income (loss) attributable to noncontrolling interests represents third party ownership interests in income (loss) of Enact Holdings, a consolidated subsidiary of Genworth Financial. 84 Table of Contents Consolidated Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 The following table sets forth the consolidated results of operations for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 875 $ 865 $ 10 1 % Net investment income 836 802 34 4 % Net investment gains (losses) 37 (28) 65 NM⁽¹⁾ Policy fees and other income 153 157 (4) (3) % Total revenues 1,901 1,796 105 6 % Benefits and expenses: Benefits and other changes in policy reserves 1,233 1,195 38 3 % Liability remeasurement (gains) losses 132 60 72 120 % Changes in fair value of market risk benefits and associated hedges (17) (10) (7) (70) % Interest credited 96 94 2 2 % Acquisition and operating expenses, net of deferrals 268 249 19 8 % Amortization of deferred acquisition costs and intangibles 54 57 (3) (5) % Interest expense 26 26 — — % Total benefits and expenses 1,792 1,671 121 7 % Income (loss) from continuing operations before income taxes 109 125 (16) (13) % Provision (benefit) for income taxes 26 35 (9) (26) % Income (loss) from continuing operations 83 90 (7) (8) % Income (loss) from discontinued operations, net of taxes (2) (7) 5 71 % Net income (loss) 81 83 (2) (2) % Less: net income (loss) attributable to noncontrolling interests 34 32 2 6 % Net income (loss) available to Genworth Financial, Inc.’s common stockholders $ 47 $ 51 $ (4) (8) % ______________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. 85 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following table sets forth the consolidated results of operations for the periods indicated: Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 1,756 $ 1,727 $ 29 2 % Net investment income 1,602 1,541 61 4 % Net investment gains (losses) 11 (1) 12 NM⁽¹⁾ Policy fees and other income 309 315 (6) (2) % Total revenues 3,678 3,582 96 3 % Benefits and expenses: Benefits and other changes in policy reserves 2,457 2,412 45 2 % Liability remeasurement (gains) losses 176 64 112 175 % Changes in fair value of market risk benefits and associated hedges (7) 8 (15) (188) % Interest credited 191 193 (2) (1) % Acquisition and operating expenses, net of deferrals 481 485 (4) (1) % Amortization of deferred acquisition costs and intangibles 109 117 (8) (7) % Interest expense 51 52 (1) (2) % Total benefits and expenses 3,458 3,331 127 4 % Income (loss) from continuing operations before income taxes 220 251 (31) (12) % Provision (benefit) for income taxes 57 71 (14) (20) % Income (loss) from continuing operations 163 180 (17) (9) % Income (loss) from discontinued operations, net of taxes (3) (12) 9 75 % Net income (loss) 160 168 (8) (5) % Less: net income (loss) attributable to noncontrolling interests 66 63 3 5 % Net income (loss) available to Genworth Financial, Inc.’s common stockholders $ 94 $ 105 $ (11) (10) % ______________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. Unless otherwise stated, all references to net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss), excluding Closed Block and adjusted operating income (loss), excluding Closed Block per share found in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read as net income (loss) available to Genworth Financial, Inc.’s common stockholders, net income (loss) available to Genworth Financial, Inc.’s common stockholders per share, adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, adjusted operating income (loss), excluding Closed Block available to Genworth Financial, Inc.’s common stockholders and adjusted operating income (loss), excluding Closed Block available to Genworth Financial, Inc.’s common stockholders per share, respectively. Use of non-GAAP measures We use non-U.S. GAAP (“non-GAAP”) financial measures entitled “adjusted operating income (loss)” and “adjusted operating income (loss), excluding Closed Block.” These non-GAAP financial measures are evaluated by management and our Board of Directors to assess performance, manage capital allocation, and in the case of adjusted operating income (loss), excluding Closed Block, as a factor for determining annual incentive awards and compensation for senior management. These measures have been established to more accurately reflect overall operating performance, as they minimize the impact of macroeconomic volatility. Management believes using adjusted operating income (loss), excluding Closed Block as a consolidated measure of profit or loss better aligns with our strategy and capital allocation framework, as no capital is allocated to the Closed Block segment, which operates on a standalone basis, using existing capital and 86 Table of Contents reserves, along with in-force management actions, to meet future obligations. We also continue to report adjusted operating income (loss) for the Closed Block segment, as we believe it is the appropriate measure of profit or loss in accordance with segment reporting. Although adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. We define adjusted operating income (loss) as income (loss) from continuing operations excluding: •net income (loss) attributable to noncontrolling interests, •net investment gains (losses), •changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges, •gains (losses) on the sale of businesses, •gains (losses) on the early extinguishment of debt, •restructuring costs, and •infrequent or unusual non-operating items. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. We exclude the items listed above from adjusted operating income (loss) because, in our opinion, they are not indicative of overall operating performance. Adjustments to reconcile net income (loss) to adjusted operating income (loss) assume a 21% current tax rate, plus any associated deferred taxes, and are net of the portion attributable to noncontrolling interests. Changes in fair value of market risk benefits and associated hedges are adjusted to exclude changes in reserves, attributed fees and benefit payments. Adjusted operating income (loss), excluding Closed Block is derived from adjusted operating income (loss) and excludes adjusted operating income (loss) of our Closed Block segment. While some of the excluded items may be significant components of net income (loss) determined in accordance with U.S. GAAP, we believe that adjusted operating income (loss), and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss), excluding Closed Block, are appropriate measures that are useful to investors because they identify the income (loss) attributable to our ongoing operations. Adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block are not measures of complete profitability; therefore, they should not be considered in isolation or viewed as substitutes for U.S. GAAP net income (loss). In addition, our definition of adjusted operating income (loss) may differ from the definitions used by other companies. In reporting non-GAAP measures in the future, we may make other adjustments to exclude items we do not consider reflective of our core operating performance. We may also disclose other non-GAAP operating measures in the future if we believe that such measures would be helpful to investors in their evaluation of our company. 87 Table of Contents The following table presents a reconciliation of net income (loss) to adjusted operating income (loss) and adjusted operating income (loss), excluding Closed Block for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2026 2025 2026 2025 Net income (loss) available to Genworth Financial, Inc.’s common stockholders $ 47 $ 51 $ 94 $ 105 Add: net income (loss) attributable to noncontrolling interests 34 32 66 63 Net income (loss) 81 83 160 168 Less: income (loss) from discontinued operations, net of taxes (2) (7) (3) (12) Income (loss) from continuing operations 83 90 163 180 Less: net income (loss) attributable to noncontrolling interests 34 32 66 63 Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders 49 58 97 117 Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) (37) 27 (12) (1) Changes in fair value of market risk benefits attributable to changes in interest rates, equity markets and associated hedges (2) (23) (15) (14) 4 (Gains) losses on early extinguishment of debt (1) — (1) — Expenses related to restructuring 2 — 4 (1) Taxes on adjustments 12 (2) 5 — Adjusted operating income (loss) 2 68 79 119 Adjustment to exclude Closed Block segment adjusted operating (income) loss 110 44 142 107 Adjusted operating income (loss), excluding Closed Block $ 112 $ 112 $ 221 $ 226 ______________ (1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for the three months ended June 30, 2025 and $1 million and $2 million for the six months ended June 30, 2026 and 2025, respectively. (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 $(6) million and $(5) million for the three months ended June 30, 2026 and 2025, respectively, and $(7) million and $(4) million for the six months ended June 30, 2026 and 2025, respectively. 88 Table of Contents Earnings (loss) per share The following table provides basic and diluted earnings (loss) per common share for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions, except per share amounts) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: Basic $ 0.13 $ 0.14 $ (0.01) (7) % $ 0.25 $ 0.28 $ (0.03) (11) % Diluted $ 0.13 $ 0.14 $ (0.01) (7) % $ 0.25 $ 0.28 $ (0.03) (11) % Net income (loss) available to Genworth Financial, Inc.’s common stockholders per share: Basic $ 0.12 $ 0.12 $ — — % $ 0.24 $ 0.25 $ (0.01) (4) % Diluted $ 0.12 $ 0.12 $ — — % $ 0.24 $ 0.25 $ (0.01) (4) % Adjusted operating income (loss), excluding Closed Block per share: Basic $ 0.29 $ 0.27 $ 0.02 7 % $ 0.57 $ 0.54 $ 0.03 6 % Diluted $ 0.29 $ 0.27 $ 0.02 7 % $ 0.57 $ 0.54 $ 0.03 6 % Weighted-average common shares outstanding: Basic 381.3 413.2 384.7 415.7 Diluted 386.3 417.5 390.0 420.2 Diluted weighted-average common shares outstanding reflect the effects of potentially dilutive securities including performance stock units, restricted stock units and other equity-based awards. The following table presents a summary of adjusted operating income (loss) for our segments and Corporate and Other for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Enact segment $ 143 $ 141 $ 2 1 % $ 283 $ 278 $ 5 2 % Corporate and Other (31) (29) (2) (7) % (62) (52) (10) (19) % Closed Block segment (110) (44) (66) (150) % (142) (107) (35) (33) % Adjusted operating income (loss) $ 2 $ 68 $ (66) (97) % $ 79 $ 119 $ (40) (34) % Executive Summary of Consolidated Financial Results After-tax amounts in our discussion of financial results assume a tax rate of 21% unless otherwise indicated. •Net income for the three months ended June 30, 2026 and 2025 was $47 million and $51 million, respectively, and adjusted operating income, excluding Closed Block was $112 million for both periods. •Net income for the six months ended June 30, 2026 and 2025 was $94 million and $105 million, respectively, and adjusted operating income, excluding Closed Block was $221 million and $226 million, respectively. •For the three and six months ended June 30, 2026, adjusted operating income, excluding Closed Block reflected strong operating performance in Enact mostly attributable to favorable cure performance, resulting in pre-tax reserve releases of $37 million and $76 million, respectively, partially offset by continued investment in CareScout Services and interest expense on Genworth Holdings’ debt. 89 Table of Contents For a detailed discussion of selected financial information and detailed descriptions of operating performance measures, see “—Results of Operations and Selected Financial and Operating Performance Measures by Segment.” Significant Developments and Key Highlights Enact segment •Mortgage insurance portfolio. New insurance written increased 15% in the second quarter of 2026 compared to the second quarter of 2025. Enact’s primary persistency rate was 80% and 82% in the second quarter of 2026 and 2025, respectively. •PMIERs compliance. Enact’s PMIERs sufficiency ratio was 161% or $1,894 million above the PMIERs requirements as of June 30, 2026. Closed Block segment •In-force rate actions. We estimate that the cumulative economic benefit of approved rate increases and benefit reductions in our long-term care insurance multi-year in-force rate action plan from 2012 through the second quarter of 2026 was approximately $34.8 billion, on a net present value basis. •Risk-based capital ratio. As of June 30, 2026, the consolidated risk-based capital ratio on a company action level basis of our legacy insurance subsidiaries was approximately 286%, down from 300% as of December 31, 2025. The decrease was primarily driven by a statutory loss and higher required capital on long-term care insurance claims in the current year. Capital and liquidity •Holding company liquidity. Genworth Holdings had $215 million of unrestricted cash and cash equivalents as of June 30, 2026, which included approximately $81 million of cash held for future obligations, including advance cash payments from our subsidiaries. •Capital returns from Enact Holdings. Genworth Holdings received $103 million of capital returns from Enact Holdings during the second quarter of 2026. •Share repurchases. Genworth Financial executed $62 million of share repurchases, before excise taxes and other associated costs, during the second quarter of 2026. Results of Operations and Selected Financial and Operating Performance Measures by Segment Enact segment Trends and conditions Results of our Enact segment are affected primarily by the following factors: competitor actions; unemployment or underemployment levels; other economic and housing market trends, including interest rates, home prices, the number of first-time homebuyers, and mortgage origination volume mix and practices; the size of the overall private mortgage insurance market and the effect of regulatory actions thereon; the levels and aging of mortgage delinquencies; the effect of seasonal variations; the inventory of unsold homes; loan modification and other servicing efforts; and litigation, among other items. References to “Enact” included in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Enact segment” are, unless the context otherwise requires, to our Enact segment. Macroeconomic environment Through the second quarter of 2026, the U.S. economy continued to be subject to significant volatility and uncertainty, largely related to geopolitical tensions, including the Iran conflict, changing economic policies and continued inflationary pressure. The ancillary effects of these factors on the domestic and global economies could materially impact the U.S. housing market and Enact’s business. The U.S. Bureau of Labor Statistics reported that the Consumer Price Index inflation was 3.5% year-over-year in June 2026 compared to 3.3% year-over-year in March 2026, while the unemployment rate fell slightly to 4.2% in June 2026 from 4.3% in March 2026. 90 Table of Contents U.S. mortgage rates remained elevated into the second quarter of 2026. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation have outpaced median family income, according to the National Association of Realtors Housing Affordability Index. Despite slowing of home price growth nationally in 2026, according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (seasonally adjusted), affordability remains challenged. Regulatory developments Private mortgage insurance market penetration and overall market size are affected in part by actions that impact housing or housing finance policy taken by the government-sponsored enterprises (“GSEs”) and the U.S. government, including but not limited to, the FHA and the FHFA. In the past, these actions have included announced changes, or potential changes, to underwriting standards, including changes to the GSEs’ automated underwriting systems, FHA pricing, GSE guaranty fees, loan limits and alternative products. In July 2025, the FHFA announced that it would implement the acceptance of VantageScore 4.0 for mortgages delivered to Fannie Mae and Freddie Mac. Enact began accepting VantageScore 4.0 on mortgages during the second quarter of 2026, though volume remains immaterial to date. Competitive environment The U.S. private mortgage insurance industry is highly competitive. Enact Holdings’ market share is influenced by the execution of its go to market strategy, including but not limited to, pricing competitiveness relative to its peers and its selective participation in forward commitment transactions. Enact continues to manage the quality of new business through pricing and its underwriting guidelines, which are modified from time to time when circumstances warrant. The market and underwriting conditions, including the mortgage insurance pricing environment, are within Enact’s risk-adjusted return appetite, enabling it to write new business at returns it views as attractive. Mortgage insurance portfolio New insurance written of $15.2 billion in the second quarter of 2026 increased 15% compared to the second quarter of 2025 primarily driven by larger estimated purchase and refinance mortgage insurance markets in the current year. Enact’s primary persistency rate was 80% and 82% during the second quarter of 2026 and 2025, respectively. Net earned premiums in the second quarter of 2026 were consistent with the second quarter of 2025 as slightly lower average premium rates and higher ceded premiums were offset by insurance in-force and assumed premium growth. Loss experience Enact’s loss ratio for the three months ended June 30, 2026 and 2025 was 14% and 10%, respectively. Both periods were impacted by favorable reserve development. Enact released reserves of $37 million during the second quarter of 2026 primarily driven by favorable cure performance and loss mitigation activities, compared to a reserve release of $48 million in the second quarter of 2025. New primary delinquencies in the second quarter of 2026 increased compared to the second quarter of 2025 primarily due to the normal loss development pattern on newer books of business. New primary delinquencies of 12,299 contributed $68 million of loss expense in the second quarter of 2026, while Enact incurred $69 million of loss expense from 11,567 new primary delinquencies in the second quarter of 2025. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions. Loss expense on new delinquencies in the second quarter of 2026 reflected a reduction in expected claim rates made in late 2025 resulting from sustained favorable cure performance and Enact’s market expectations. The severity of loss on loans that go to claim may be negatively impacted by extended forbearance and foreclosure timelines, the associated elevated expenses and the higher loan amount of recent new delinquencies. These negative influences on loss severity could be mitigated in part by embedded home price appreciation. The majority of Enact’s mortgage insurance policies limit the number of months of unpaid interest and associated expenses that are included in the mortgage insurance claim amount to a maximum of 36 months. 91 Table of Contents Capital requirements As of June 30, 2026, Enact Mortgage Insurance Corporation’s (“EMICO”) estimated risk-to-capital ratio under North Carolina law and enforced by the North Carolina Department of Insurance (“NCDOI”), EMICO’s domestic insurance regulator, was 9.9:1, compared with risk-to-capital ratios of 10.1:1 and 10.3:1 as of December 31, 2025 and June 30, 2025, respectively. EMICO’s risk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s calculation of risk-to-capital excludes the risk in-force for delinquent loans given the established loss reserves against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional capital that is generated or distributed by the business. Under PMIERs, Enact is subject to operational and financial requirements that private mortgage insurers must meet in order to remain eligible to insure loans that are purchased by the GSEs. As of June 30, 2026, Enact had estimated available assets of $5,002 million against $3,108 million net required assets under PMIERs compared to available assets of $5,016 million against $3,097 million net required assets as of March 31, 2026. The sufficiency ratio as of June 30, 2026 was 161% or $1,894 million above the PMIERs requirements, compared to 162% or $1,919 million as of March 31, 2026. Enact’s PMIERs required assets benefited from a reinsurance credit of $1,931 million and $1,944 million as of June 30, 2026 and March 31, 2026, respectively, related to third-party reinsurance. On August 21, 2024, the GSEs and the FHFA released updated PMIERs requirements phasing in a revision to the available assets standards between March 31, 2025 and September 30, 2026. The updated standards differentiate between bonds held as available assets under PMIERs based on credit quality and liquidity. The updates also establish limits for assets backed by residential mortgages or commercial real estate to mitigate the impact if such assets lose value during periods of housing stress. Enact expects to hold capital sufficiency well in excess of these requirements and does not expect the impact of these updates to be material to its sufficiency. Capital returns During the first quarter of 2026, Enact Holdings completed the repurchase of shares under the $350 million share repurchase authorization it had announced on April 30, 2025. On February 3, 2026, Enact Holdings announced the authorization of a new share repurchase program under which it may repurchase up to $500 million of its common stock. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its ownership interest in Enact Holdings. As the majority shareholder, Genworth Holdings received $103 million of capital returns from Enact Holdings during the second quarter of 2026, comprised of $76 million of share repurchases and $27 million of quarterly dividends. Returning capital to shareholders, balanced with growth and risk management priorities, remains a key commitment for Enact Holdings as it looks to enhance shareholder value through time. Future return of capital will be shaped by Enact Holdings’ capital prioritization framework, which sets the following priorities: supporting its existing policyholders, growing its mortgage insurance business, funding attractive new business opportunities and returning capital to shareholders. Enact Holdings’ total return of capital will also be based on its view of the prevailing and prospective macroeconomic conditions, regulatory landscape and business performance. 92 Table of Contents Segment results of operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 The following table sets forth the results of operations relating to our Enact segment for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 245 $ 245 $ — — % Net investment income 73 66 7 11 % Net investment gains (losses) (2) (8) 6 75 % Policy fees and other income 1 1 — — % Total revenues 317 304 13 4 % Benefits and expenses: Benefits and other changes in policy reserves 33 25 8 32 % Acquisition and operating expenses, net of deferrals 50 50 — — % Amortization of deferred acquisition costs and intangibles 2 3 (1) (33) % Interest expense 13 12 1 8 % Total benefits and expenses 98 90 8 9 % Income (loss) from continuing operations before income taxes 219 214 5 2 % Provision (benefit) for income taxes 44 46 (2) (4) % Income (loss) from continuing operations 175 168 7 4 % Less: net income (loss) attributable to noncontrolling interests 34 32 2 6 % Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders 141 136 5 4 % Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) 2 7 (5) (71) % Expenses related to restructuring 1 (1) 2 200 % Taxes on adjustments (1) (1) — — % Adjusted operating income (loss) $ 143 $ 141 $ 2 1 % ______________ (1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million for the three months ended June 30, 2025. Adjusted operating income (loss) Adjusted operating income increased primarily due to higher net investment income and lower operating expenses, partially offset by a lower reserve release in the current year. Revenues Premiums were consistent as slightly lower average premium rates and higher ceded premiums were offset by insurance in-force and assumed premium growth in the current year. Net investment income increased primarily from higher investment yields and higher average invested assets in the current year. 93 Table of Contents For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.” Benefits and expenses Benefits and other changes in policy reserves in both years were impacted by favorable reserve development related to prior years and increased primarily driven by a lower reserve release in the current year. Enact released reserves of $37 million during the second quarter of 2026 primarily driven by favorable cure performance and loss mitigation activities, compared to a reserve release of $48 million in the second quarter of 2025. Provision (benefit) for income taxes. The effective tax rate was 20.5% and 21.8% for the three months ended June 30, 2026 and 2025, respectively, consistent with the U.S. corporate federal income tax rate. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following table sets forth the results of operations relating to our Enact segment for the periods indicated: Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 488 $ 490 $ (2) — % Net investment income 145 129 16 12 % Net investment gains (losses) (8) (11) 3 27 % Policy fees and other income 4 3 1 33 % Total revenues 629 611 18 3 % Benefits and expenses: Benefits and other changes in policy reserves 70 56 14 25 % Acquisition and operating expenses, net of deferrals 97 100 (3) (3) % Amortization of deferred acquisition costs and intangibles 4 5 (1) (20) % Interest expense 25 24 1 4 % Total benefits and expenses 196 185 11 6 % Income (loss) from continuing operations before income taxes 433 426 7 2 % Provision (benefit) for income taxes 90 92 (2) (2) % Income (loss) from continuing operations 343 334 9 3 % Less: net income (loss) attributable to noncontrolling interests 66 63 3 5 % Income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders 277 271 6 2 % Adjustments to income (loss) from continuing operations available to Genworth Financial, Inc.’s common stockholders: Net investment (gains) losses, net (1) 7 9 (2) (22) % Expenses related to restructuring 1 — 1 NM(2) Taxes on adjustments (2) (2) — — % Adjusted operating income (loss) $ 283 $ 278 $ 5 2 % ______________ (1)Net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $1 million and $2 million for the six months ended June 30, 2026 and 2025, respectively. (2)We define “NM” as not meaningful for increases or decreases greater than 200%. 94 Table of Contents Adjusted operating income (loss) Adjusted operating income increased primarily due to higher net investment income and lower operating expenses, partially offset by lower reserve releases in the current year. Revenues Premiums decreased modestly as slightly lower average premium rates and higher ceded premiums were largely offset by insurance in-force and assumed premium growth in the current year. Net investment income increased primarily from higher investment yields and higher average invested assets in the current year. For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.” Benefits and expenses Benefits and other changes in policy reserves in both years were impacted by favorable reserve development related to prior years and increased primarily driven by lower reserve releases in the current year. Enact released reserves of $76 million in the current year primarily driven by favorable cure performance and loss mitigation activities, compared to reserve releases of $95 million in the prior year. Acquisition and operating expenses, net of deferrals, decreased primarily driven by higher ceding commissions, partially offset by higher employee-related expenses in the current year. Provision (benefit) for income taxes. The effective tax rate was 20.9% and 21.7% for the six months ended June 30, 2026 and 2025, respectively, consistent with the U.S. corporate federal income tax rate. Enact selected operating performance measures Management regularly monitors and reports insurance in-force and risk in-force for our Enact segment. Insurance in-force is a measure of the aggregate unpaid principal balance as of the respective reporting date for loans insured by our U.S. mortgage insurance subsidiaries. Risk in-force is based on the coverage percentage applied to the estimated current outstanding loan balance. These metrics are presented on a direct basis and exclude reinsurance. We consider insurance in-force and risk in-force to be measures of Enact’s operating performance because they represent measures of the size of its business at a specific date which will generate revenues and profits in a future period, rather than measures of its revenues or profitability during that period. Management also regularly monitors and reports new insurance written for our Enact segment as a measure of volume of new business generated in a period. We consider new insurance written to be a measure of Enact’s operating performance because it represents a measure of new sales of mortgage insurance policies during a specified period, rather than a measure of revenues or profitability during that period. Substantially all of Enact’s policies are primary mortgage insurance, which provides protection on individual loans at specified coverage percentages. Primary mortgage insurance is placed on individual loans at the time of origination and is typically delivered to Enact on a loan-by-loan basis. Primary mortgage insurance can also be delivered to Enact on an aggregated basis, whereby each mortgage in a given loan portfolio is insured in a single transaction after the point of origination. Enact also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”). 95 Table of Contents The following tables set forth selected operating performance measures regarding Enact as of and for the dates indicated: As of June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Primary insurance in-force $ 273,953 $ 269,754 $ 4,199 2% Risk in-force: Primary $ 71,616 $ 70,401 $ 1,215 2% Pool 48 54 (6) (11)% Total risk in-force $ 71,664 $ 70,455 $ 1,209 2% Three months ended June 30, Increase (decrease) and percentage change Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 New insurance written $ 15,199 $ 13,254 $ 1,945 15 % $ 27,985 $ 23,072 $ 4,913 21 % Primary insurance in-force and risk in-force Primary insurance in-force increased mainly from new insurance written, partially offset by lapses and cancellations. The primary persistency rate was 80% and 83% for the six months ended June 30, 2026 and 2025, respectively. Total risk in-force increased primarily as a result of higher primary insurance in-force. New insurance written New insurance written increased for the three months ended June 30, 2026 mainly due to larger estimated purchase and refinance mortgage insurance markets in the current year. New insurance written increased for the six months ended June 30, 2026 primarily driven by higher mortgage refinancing originations in the current year. Loss and expense ratios Management regularly monitors and reports a loss ratio and an expense ratio for our Enact segment. We consider the loss ratio, which is the ratio of benefits and other changes in policy reserves to net earned premiums, to be a measure of underwriting performance. The expense ratio is the ratio of general expenses to net earned premiums. Enact’s general expenses consist of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs (“DAC”) and intangibles. We believe these ratios help to enhance the understanding of Enact’s operating performance. The following table sets forth the loss and expense ratios for Enact for the dates indicated: Three months ended June 30, Increase (decrease) Six months ended June 30, Increase (decrease) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Loss ratio 14 % 10 % 4 % 14 % 11 % 3 % Expense ratio 21 % 22 % (1) % 21 % 21 % — % The loss ratio increased for the three and six months ended June 30, 2026 largely from lower reserve releases in the current year as discussed above. The expense ratio remained relatively consistent for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. 96 Table of Contents Mortgage insurance loan portfolio The following table sets forth selected financial information regarding Enact’s loan portfolio as of June 30: (Amounts in millions) 2026 2025 Primary insurance in-force by loan-to-value ratio at origination: 95.01% and above $ 56,164 $ 52,438 90.01% to 95.00% 115,163 112,683 85.01% to 90.00% 76,257 79,237 85.00% and below 26,369 25,396 Total $ 273,953 $ 269,754 Primary risk in-force by loan-to-value ratio at origination: 95.01% and above $ 16,209 $ 15,034 90.01% to 95.00% 33,505 32,770 85.01% to 90.00% 18,765 19,558 85.00% and below 3,137 3,039 Total $ 71,616 $ 70,401 Primary insurance in-force by credit score at origination: Over 760 $ 121,349 $ 117,403 740-759 45,274 44,191 720-739 37,627 37,725 700-719 29,400 29,524 680-699 20,542 20,910 660-679 (1) 11,066 11,040 640-659 5,846 6,018 620-639 2,351 2,395 <620 498 548 Total $ 273,953 $ 269,754 Primary risk in-force by credit score at origination: Over 760 $ 31,519 $ 30,502 740-759 11,878 11,579 720-739 9,980 9,983 700-719 7,712 7,701 680-699 5,354 5,432 660-679 (1) 2,914 2,886 640-659 1,530 1,565 620-639 603 614 <620 126 139 Total $ 71,616 $ 70,401 ______________ (1)Loans with unknown credit scores are included in the 660-679 category. Beginning in the second quarter of 2026, an immaterial number of loans that use VantageScore 4.0 are included in the table above. 97 Table of Contents Delinquent loans The following table sets forth the number of loans insured, the number of delinquent loans and the delinquency rate for Enact’s loan portfolio as of the dates indicated: June 30, 2026 December 31, 2025 June 30, 2025 Primary insurance: Insured loans in-force 940,648 950,670 952,795 Delinquent loans 24,330 24,885 22,118 Percentage of delinquent loans (delinquency rate) 2.59 % 2.62 % 2.32 % The following tables set forth primary delinquencies, direct primary case reserves and risk in-force by aged missed payment status in Enact’s loan portfolio as of the dates indicated: June 30, 2026 (Dollar amounts in millions) Delinquencies Direct primarycase reserves (1) Risk in-force Reserves as % of risk in-force Payments in default: 3 payments or less 11,709 $ 104 $ 808 13 % 4 - 11 payments 8,609 214 675 32 % 12 payments or more 4,012 222 308 72 % Total 24,330 $ 540 $ 1,791 30 % ______________ (1)Direct primary case reserves exclude loss adjustment expenses, pool, incurred but not reported (“IBNR”) and reinsurance reserves. December 31, 2025 (Dollar amounts in millions) Delinquencies Direct primarycase reserves (1) Risk in-force Reserves as % of risk in-force Payments in default: 3 payments or less 12,647 $ 104 $ 867 12 % 4 - 11 payments 8,591 206 641 32 % 12 payments or more 3,647 205 270 76 % Total 24,885 $ 515 $ 1,778 29 % ______________ (1)Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. Total reserves as a percentage of risk in-force as of June 30, 2026 remained relatively consistent compared to December 31, 2025. 98 Table of Contents Primary insurance delinquency rates differ from region to region in the United States at any one time depending upon economic conditions and cyclical growth patterns. The tables below set forth the dispersion of direct primary case reserves and primary delinquency rates for the 10 largest states and the 10 largest Metropolitan Statistical Areas (“MSA”) or Metro Divisions (“MD”) by Enact’s primary risk in-force as of the dates indicated. Delinquency rates are shown by region based upon the location of the underlying property rather than the location of the lender. % of primary risk in-force as of June 30, 2026 % of direct primary case reserves as of June 30, 2026 (1) Delinquency rate as of June 30, 2026 December 31, 2025 June 30, 2025 By State: California 12 % 13 % 2.87 % 2.84 % 2.50 % Texas 9 % 10 % 2.80 % 2.81 % 2.53 % Florida (2) 9 % 13 % 3.24 % 3.35 % 2.97 % New York (2) 5 % 8 % 3.29 % 3.38 % 3.11 % Illinois (2) 4 % 5 % 3.19 % 3.15 % 2.83 % Arizona 4 % 4 % 2.60 % 2.78 % 2.30 % Michigan 4 % 2 % 2.45 % 2.33 % 2.09 % Georgia 3 % 4 % 3.31 % 3.33 % 2.86 % North Carolina 3 % 2 % 2.01 % 2.07 % 1.90 % Pennsylvania (2) 3 % 3 % 2.36 % 2.29 % 2.16 % ______________ (1)Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. (2)Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed. % of primary risk in-force as of June 30, 2026 % of direct primary case reserves as of June 30, 2026 (1) Delinquency rate as of June 30, 2026 December 31, 2025 June 30, 2025 By MSA or MD: Phoenix, AZ MSA 3 % 3 % 2.76 % 2.85 % 2.32 % Atlanta, GA MSA 3 % 3 % 3.55 % 3.59 % 3.04 % Chicago-Naperville, IL MD 3 % 4 % 3.43 % 3.31 % 3.10 % Dallas, TX MD 2 % 2 % 2.42 % 2.49 % 2.25 % Houston, TX MSA 2 % 3 % 3.39 % 3.54 % 3.15 % New York, NY MD 2 % 5 % 3.67 % 3.70 % 3.39 % Washington-Arlington, DC MD 2 % 2 % 2.36 % 2.62 % 2.09 % Riverside-San Bernardino, CA MSA 2 % 3 % 3.68 % 3.53 % 3.05 % Los Angeles-Long Beach, CA MD 2 % 3 % 3.49 % 3.26 % 2.88 % Denver-Aurora-Lakewood, CO MSA 2 % 1 % 1.85 % 1.85 % 1.41 % ______________ (1)Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. 99 Table of Contents The following table sets forth the dispersion of Enact’s direct primary case reserves, primary insurance in-force and risk in-force by year of policy origination, and delinquency rate as of June 30, 2026: (Amounts in millions) % of direct primarycase reserves (1) Primary insurance in-force % of total Primary risk in-force % of total Delinquency rate Policy Year 2008 and prior 7 % $ 3,947 1 % $ 1,021 1 % 7.84 % 2009 to 2018 9 8,987 3 2,307 3 5.01 % 2019 5 8,232 3 2,164 3 3.55 % 2020 10 24,569 9 6,812 9 2.48 % 2021 18 41,310 15 11,298 16 2.64 % 2022 21 42,388 16 11,028 15 3.15 % 2023 16 34,303 13 8,967 13 3.10 % 2024 11 38,075 14 9,819 14 2.21 % 2025 3 44,762 16 11,295 16 0.69 % 2026 — 27,380 10 6,905 10 0.09 % Total portfolio 100 % $ 273,953 100 % $ 71,616 100 % 2.59 % _____________ (1)Direct primary case reserves exclude loss adjustment expenses, pool, IBNR and reinsurance reserves. Loss reserves in policy years 2008 and prior are outsized compared to their representation of risk in-force. The size of these policy years at origination, particularly 2005 through 2008, combined with the significant decline in home prices led to significant losses in policy years prior to 2009. Although uncertainty remains with respect to the ultimate losses Enact will experience on these policy years, they have become a smaller percentage of its total mortgage insurance portfolio. The concentration of loss reserves has shifted to newer book years in line with changes in risk in-force. As of June 30, 2026, Enact’s 2019 and newer policy years represented approximately 96% of its primary risk in-force and 84% of its total direct primary case reserves. Closed Block segment We no longer solicit sales of the long-term care insurance, life insurance and annuity products included in our Closed Block segment. However, our legacy insurance subsidiaries continue to service and manage their in-force blocks of business and may still issue a limited number of certificates under existing group long-term care insurance policies. Trends and conditions Many factors can affect the results of our long-term care insurance, life insurance and annuity products, as further discussed below. Because these factors are not known in advance, change over time, are difficult to accurately predict and are inherently uncertain, we cannot determine with precision the ultimate amounts we will pay for actual claims or the timing of those payments. Results of the products in our Closed Block segment depend significantly upon the extent to which our actual future experience is consistent with assumptions and methodologies we have used in calculating our reserves. We will continue to monitor our experience and assumptions closely and make changes to our assumptions and methodologies, as appropriate, for these products. Even small changes in assumptions or small deviations of actual experience from assumptions could have, and in the past have had, material impacts on our reserve levels, results of operations and financial condition. For a discussion of potential impacts of assumption updates and actual variances from expected experience on our results of operations, see “Item 1A—Risk Factors—We may be required to increase our reserves as a result of deviations from our estimates and actuarial assumptions or other reasons, which could have a material adverse effect on our business, results of operations and financial condition” in our 2025 Annual Report on Form 10-K. Results of our life insurance and annuity products and the financial condition of our long-term care insurance products are also impacted by interest rates. We remeasure our liability for future policy benefits and the related reinsurance recoverables at the single-A bond rate each quarter. As a result, our reported insurance liabilities are sensitive 100 Table of Contents to movements in interest rates, which will likely result in continued volatility to our reserve balances and equity. For a discussion of the potential impacts and risks associated with changes in interest rates, see “Item 1A—Risk Factors—Interest rates and changes in rates could materially adversely affect our business and profitability” in our 2025 Annual Report on Form 10-K. Long-term care insurance The results of our long-term care insurance products depend upon how our actual experience compares with our valuation assumptions, including but not limited to in-force rate actions, morbidity, mortality and persistency. Estimates for in-force rate actions reflect certain simplifying assumptions that may vary materially from actual results, including but not limited to consistent policyholder behavior over time in addition to a uniform rate of coinsurance and premium taxes. Actual policyholder behavior may differ significantly from these assumptions. Results of our long-term care insurance products are also influenced by our ability to improve investment yields and manage expenses and reinsurance, among other factors. Changes in laws or government programs, including long-term care insurance rate action legislation, regulation and/or practices, also impact our long-term care insurance products either positively or negatively. Our actual claims experience will emerge over many years, or decades. In recent years, average claim reserves for new claims have trended higher as the mix of claims continues to evolve, with an increasing number of policies with higher daily benefit amounts and higher inflation factors going on claim. Although new claim counts on certain of our oldest long-term care insurance blocks of business have reached their peak claim years and will decrease as the blocks run off, we expect overall claims costs to continue to increase as the approximately 584,000 insured individuals in our two largest blocks, Choice I and Choice II, with average attained ages of 78 and 76, respectively, reach their peak claim years, which are age 85 and over. Additionally, we have observed an increase in the cost of care in our long-term care insurance products, due in part to elevated inflation. Increases in cost of care have resulted in higher claim payments, which could have a material adverse impact on our liquidity, results of operations and financial condition if the increases persist. The impacts of assumption updates and actual variances from expected experience will continue to drive volatility in our long-term care insurance results, particularly for our unprofitable capped cohorts. Our profitable uncapped cohorts have had a more modest earnings impact related to assumption updates and actual variances from expected experience, to date, as a portion of the impact is reflected in current period results with the remaining majority of the impact recognized over the life of the cohort. However, we may see increased volatility as the uncapped cohorts continue to age, with more of the impact related to assumption updates and actual variances from expected experience recognized immediately in net income (loss). It is important to note that quarterly variations resulting from assumption updates and actual variances from expected experience are typically expected to be relatively small compared to the overall size of our liability for future policy benefits of $44.6 billion, at the locked-in discount rate, for our long-term care insurance products as of June 30, 2026. In-force management actions Given the ongoing challenges in our long-term care insurance products, we continue to pursue initiatives to improve the risk and profitability profile of our business, including premium increases and benefit reductions on our in-force policies. Executing on our multi-year long-term care insurance in-force rate action plan with premium rate increases and associated benefit reductions on our in-force long-term care insurance policies is critical to the Closed Block. For an update on in-force rate actions, refer to the selected operating performance measures below. While we expect renewal premiums to decline over time as the block runs off, benefit reductions elected by policyholders in connection with our in-force rate actions and prior legal settlements have accelerated that decline. However, we expect this decline to be partially offset by future approved rate actions. We also plan to continue to offer existing, and to design and implement additional, reduced benefit options outside of in-force rate actions to enhance the sustainability of our legacy insurance subsidiaries and to reduce the risk on certain product features of our long-term care insurance policies. Life insurance Our life insurance products include traditional and non-traditional life insurance (term, universal, term universal and corporate-owned life insurance) as well as funding agreements. Results of our life insurance products are impacted 101 Table of Contents primarily by mortality, persistency, investment yields, expenses, reinsurance and statutory reserve requirements, among other factors. Mortality levels may deviate each period from historical trends. The overall impact of mortality experience was more unfavorable during the second quarter of 2026 than the first quarter of 2026 and the second quarter of 2025. We have also experienced unfavorable mortality compared to our then-current and priced-for assumptions in recent years for our universal life insurance block. Reinsurance costs typically increase due to natural aging of the yearly renewable term reinsured blocks. In prior periods, we have received some yearly renewable term reinsurance premium increases from some of our reinsurance partners that reflect unfavorable mortality. Annuities Results of our fixed and variable annuity products are affected primarily by investment performance, interest rate levels, the slope of the interest rate yield curve, net interest spreads, equity market conditions, mortality, persistency, expense and commission levels, surrenders and scheduled maturities. We monitor and change crediting rates on fixed deferred annuities on a regular basis to maintain spreads and targeted returns, if applicable. However, we have seen and could continue to see declines in our fixed annuity spreads and margins as interest rates change, depending on the severity of the change. Equity market volatility and interest rate movements have caused, and may continue to cause, fluctuations in the results of our fixed indexed and variable annuity products and can significantly impact our regulatory capital requirements and liquidity. We use hedging strategies as well as liquidity planning and asset-liability management to help mitigate these impacts. In addition, we have used reinsurance to help mitigate volatility in our variable annuity results. Impacts from equity market and interest rate performance were favorable in the second quarter of 2026 compared to both the first quarter of 2026 and the second quarter of 2025. 102 Table of Contents Segment results of operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 The following table sets forth the results of operations relating to our Closed Block segment for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 627 $ 617 $ 10 2 % Net investment income 758 732 26 4 % Net investment gains (losses) 46 8 38 NM⁽¹⁾ Policy fees and other income 150 156 (6) (4) % Total revenues 1,581 1,513 68 4 % Benefits and expenses: Benefits and other changes in policy reserves 1,202 1,171 31 3 % Liability remeasurement (gains) losses 132 60 72 120 % Changes in fair value of market risk benefits and associated hedges (17) (10) (7) (70) % Interest credited 96 94 2 2 % Acquisition and operating expenses, net of deferrals 185 170 15 9 % Amortization of deferred acquisition costs and intangibles 49 53 (4) (8) % Total benefits and expenses 1,647 1,538 109 7 % Income (loss) from continuing operations before income taxes (66) (25) (41) (164) % Provision (benefit) for income taxes (10) 1 (11) NM⁽¹⁾ Income (loss) from continuing operations (56) (26) (30) (115) % Adjustments to income (loss) from continuing operations: Net investment (gains) losses (46) (8) (38) NM⁽¹⁾ Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (23) (15) (8) (53) % Expenses related to restructuring 1 — 1 NM⁽¹⁾ Taxes on adjustments 14 5 9 180 % Adjusted operating income (loss) $ (110) $ (44) $ (66) (150) % ______________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. (2)For the three months ended June 30, 2026 and 2025, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(6) million and $(5) million, respectively. The following table sets forth adjusted operating income (loss) for the products included in our Closed Block segment for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Long-term care insurance $ (90) $ (37) $ (53) (143) % Life insurance (33) (20) (13) (65) % Annuities 13 13 — — % Total adjusted operating income (loss) $ (110) $ (44) $ (66) (150) % 103 Table of Contents Adjusted operating income (loss) •The adjusted operating loss in our long-term care insurance products increased primarily driven by higher unfavorable actual variances from expected experience, partially offset by higher income from U.S. Government Treasury Inflation-Protected Securities (“TIPS”) in the current year. •The adjusted operating loss in our life insurance products increased largely due to higher operating expenses and more unfavorable mortality in the current year. Revenues Premiums •Our long-term care insurance products increased $5 million primarily driven by $15 million of higher premiums in the current year from newly implemented in-force rate actions, partially offset by lower renewal premiums from policy terminations and prior benefit reduction elections made by policyholders in connection with our in-force rate actions. •Our life insurance products increased $5 million largely due to lower ceded premiums in the current year, partially offset by the continued runoff of our in-force blocks. Net investment income •Our long-term care insurance products increased $26 million largely due to higher income of $16 million from TIPS, $6 million from company-owned life insurance investments and $4 million from limited partnerships in the current year. •Our life insurance products increased $7 million principally from higher policy loan rates in our corporate-owned life insurance products in the current year. •Our annuity products decreased $7 million primarily attributable to lower average invested assets in the current year driven mostly by block runoff. Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.” Policy fees and other income. The decrease was driven by our life insurance products principally due to block runoff. Benefits and expenses Benefits and other changes in policy reserves •Our long-term care insurance products increased $24 million primarily from a higher unfavorable change in reserves due to an increase in net premiums collected and from aging of the in-force block, including higher interest accretion, in the current year. •Our life insurance products increased $11 million largely due to unfavorable overall mortality experience, partially offset by a higher favorable change in reserves in our term life insurance products in the current year. •Our annuity products decreased $4 million primarily due to block runoff and lower annuitizations in the current year as the block ages. Liability remeasurement (gains) losses •Our long-term care insurance products had a liability remeasurement loss of $122 million in the current year compared to $50 million in the prior year. The loss in the current year was principally from unfavorable actual variances from expected experience primarily due to lower terminations. The loss in the prior year was largely due to unfavorable actual variances from expected experience primarily driven by lower terminations and higher benefit utilization, partially offset by a $26 million gain related to a third-party recapture of a block of long-term care insurance policies. Changes in fair value of market risk benefits and associated hedges. The increase in the gain was driven by our annuity products, mainly due to higher favorable equity market impacts and lower derivative losses in the current year. 104 Table of Contents Acquisition and operating expenses, net of deferrals •Our long-term care insurance products increased $6 million primarily driven by higher employee-related expenses in the current year. •Our life insurance products increased $11 million largely due to higher operating expenses and legal fees in the current year. Amortization of deferred acquisition costs and intangibles. The decrease was primarily driven by lower DAC amortization in our life insurance products in the current year due to block runoff. Provision (benefit) for income taxes. The tax benefit for the three months ended June 30, 2026 was primarily related to the pre-tax loss, partially offset by tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. For the three months ended June 30, 2025, the tax benefit on the pre-tax loss was more than offset by tax expense on the amortization of these forward starting swap gains. 105 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following table sets forth the results of operations relating to our Closed Block segment for the periods indicated: Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 1,263 $ 1,232 $ 31 3 % Net investment income 1,449 1,403 46 3 % Net investment gains (losses) 19 38 (19) (50) % Policy fees and other income 300 312 (12) (4) % Total revenues 3,031 2,985 46 2 % Benefits and expenses: Benefits and other changes in policy reserves 2,391 2,359 32 1 % Liability remeasurement (gains) losses 176 64 112 175 % Changes in fair value of market risk benefits and associated hedges (7) 8 (15) (188) % Interest credited 191 193 (2) (1) % Acquisition and operating expenses, net of deferrals 317 337 (20) (6) % Amortization of deferred acquisition costs and intangibles 100 110 (10) (9) % Total benefits and expenses 3,168 3,071 97 3 % Income (loss) from continuing operations before income taxes (137) (86) (51) (59) % Provision (benefit) for income taxes (20) (6) (14) NM⁽¹⁾ Income (loss) from continuing operations (117) (80) (37) (46) % Adjustments to income (loss) from continuing operations: Net investment (gains) losses (19) (38) 19 50 % Changes in fair value of market risk benefits attributable to interest rates, equity markets and associated hedges (2) (14) 4 (18) NM⁽¹⁾ Expenses related to restructuring 1 — 1 NM⁽¹⁾ Taxes on adjustments 7 7 — — % Adjusted operating income (loss) $ (142) $ (107) $ (35) (33) % ______________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. (2)For the six months ended June 30, 2026 and 2025, changes in fair value of market risk benefits and associated hedges were adjusted to exclude changes in reserves, attributed fees and benefit payments of $(7) million and $(4) million, respectively. The following table sets forth adjusted operating income (loss) for the products included in our Closed Block segment for the periods indicated: Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Long-term care insurance $ (124) $ (67) $ (57) (85) % Life insurance (47) (64) 17 27 % Annuities 29 24 5 21 % Total adjusted operating income (loss) $ (142) $ (107) $ (35) (33) % 106 Table of Contents Adjusted operating income (loss) •The adjusted operating loss in our long-term care insurance products increased primarily driven by higher unfavorable actual variances from expected experience, partially offset by net insurance recoveries related to prior legal settlements and higher limited partnership income in the current year. •The adjusted operating loss in our life insurance products decreased largely due to less unfavorable mortality, partially offset by higher operating expenses in the current year. •Adjusted operating income in our annuity products increased primarily from favorable mortality and lower annuitizations in the current year. Revenues Premiums •Our long-term care insurance products increased $13 million primarily driven by $29 million of higher premiums in the current year from newly implemented in-force rate actions, partially offset by lower renewal premiums from policy terminations and prior benefit reduction elections made by policyholders in connection with our in-force rate actions. •Our life insurance products increased $18 million largely due to lower ceded premiums in the current year, partially offset by the continued runoff of our in-force blocks. Net investment income •Our long-term care insurance products increased $52 million largely due to higher income of $35 million from limited partnerships, $11 million from TIPS and $10 million from company-owned life insurance investments in the current year. •Our life insurance products increased $8 million principally from higher policy loan rates in our corporate-owned life insurance products in the current year. •Our annuity products decreased $14 million primarily attributable to lower average invested assets in the current year driven mostly by block runoff. Net investment gains (losses). For a discussion of the change in net investment gains (losses), see the comparison for this line item under “—Investments and Derivative Instruments.” Policy fees and other income. The decrease was primarily driven by our life insurance products principally due to block runoff. Benefits and expenses Benefits and other changes in policy reserves •Our long-term care insurance products increased $45 million primarily from aging of the in-force block, including higher interest accretion, and a higher unfavorable change in reserves due to an increase in net premiums collected in the current year. •Our annuity products decreased $12 million primarily due to block runoff and lower annuitizations in the current year as the block ages. Liability remeasurement (gains) losses •Our long-term care insurance products had a liability remeasurement loss of $159 million in the current year compared to $32 million in the prior year. The loss in the current year was principally from unfavorable actual variances from expected experience primarily due to lower terminations and higher claims, partially offset by net insurance recoveries of $23 million related to cash payments made to policyholders in connection with a prior legal settlement. The loss in the prior year was largely due to unfavorable actual variances from expected experience primarily driven by higher benefit utilization, partially offset by a $26 million gain related to a third-party recapture of a block of long-term care insurance policies. 107 Table of Contents •Our life insurance products had a liability remeasurement loss of $18 million in the current year compared to $34 million in the prior year. The decrease in the loss was primarily attributable to less unfavorable overall mortality experience in the current year. Changes in fair value of market risk benefits and associated hedges. The change to a gain in the current year from a loss in the prior year was driven by our annuity products, mainly due to higher favorable equity market impacts and lower derivative losses. Acquisition and operating expenses, net of deferrals •Our long-term care insurance products decreased $29 million primarily driven by $42 million of net insurance recoveries related to previously incurred legal settlement expenses, partially offset by higher employee-related expenses in the current year. •Our life insurance products increased $15 million largely due to higher operating expenses in the current year. •Our annuity products decreased $6 million mainly driven by lower operating expenses in the current year. Amortization of deferred acquisition costs and intangibles. The decrease was primarily driven by lower DAC amortization in our life insurance products in the current year due to block runoff. Provision (benefit) for income taxes. The tax benefit for both the six months ended June 30, 2026 and 2025 was primarily related to the pre-tax loss, partially offset by tax expense on certain forward starting swap gains that are tax effected at the previously enacted federal income tax rate of 35% as they are amortized into net investment income. Closed Block selected operating performance measures Long-term care insurance Liability remeasurement (gains) losses We include expectations for benefit reductions related to in-force rate actions and other benefit reductions outside of in-force rate actions in our assumptions for the liability for future policy benefits, which have impacted and will continue to impact our reported U.S. GAAP financial results. We update the net premium ratio quarterly for actual variances from expected experience; therefore, forecasted cash flow assumptions will be replaced with actual cash flows each quarter with any difference recorded in net income (loss). As a result, variances between actual experience and our expectations for benefit reductions will be reflected in liability remeasurement (gains) losses in our operating results on a quarterly basis. The following table sets forth the pre-tax components of the liability remeasurement (gains) losses, net of reinsurance, of our long-term care insurance products for the periods indicated: Three months ended June 30, (Favorable) unfavorable change and percentage change Six months ended June 30, (Favorable) unfavorable change and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Cash flow assumption updates $ 5 $ 8 $ (3) (38) % $ 13 $ 7 $ 6 86 % Actual variances from expected experience 117 42 75 179 % 146 25 121 NM⁽¹⁾ Total liability remeasurement (gains) losses $ 122 $ 50 $ 72 144 % $ 159 $ 32 $ 127 NM⁽¹⁾ ______________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. For additional discussion of liability remeasurement (gains) losses, see the comparison for this line item above. In-force management actions As part of our strategy for our long-term care insurance products, we have been implementing, and expect to continue to pursue, significant premium rate increases and associated benefit reductions as well as other reduced benefit 108 Table of Contents options outside of in-force rate actions in order to maintain the self-sustainability of our legacy insurance subsidiaries and reduce the strain on earnings and capital in our Closed Block segment. Management regularly monitors and reports in-force rate actions, including state filing approvals; impacted in-force premiums; weighted-average percentage rate increases approved; and gross incremental premiums approved for the long-term care insurance products included in our Closed Block segment. We also estimate the cumulative economic benefit of approved rate actions in our long-term care insurance multi-year in-force rate action plan on a net present value basis, discounted at our investment portfolio yield. This is based on current assumptions and is defined as the net present value of historical and future expected premium increases and benefit reductions as a result of rate increases approved on our long-term care insurance policies. It also includes the net present value of reserve reductions related to prior legal settlements less cash payments made to policyholders who elected certain reduced benefit options in connection with the legal settlements, referred to as settlement payments. We monitor these selected operating performance measures for in-force management actions to track our progress on maintaining the self-sustainability of our legacy insurance subsidiaries. We consider these in-force management action metrics to be measures of financial performance and help to enhance the understanding of the operating performance of our Closed Block segment. The following table sets forth filing approvals as part of our multi-year in-force rate action plan for the periods indicated: Three months ended June 30, Six months ended June 30, (Dollar amounts in millions) 2026 2025 2026 2025 State filings approved 15 11 29 30 Impacted in-force premiums $ 189 $ 114 $ 210 $ 199 Weighted-average percentage rate increase approved 24 % 36 % 25 % 32 % Gross incremental premiums approved $ 46 $ 41 $ 51 $ 65 During the six months ended June 30, 2026, we also submitted 19 new filings on approximately $99 million in annualized in-force premiums. We estimate that the cumulative economic benefit of approved rate increases and benefit reductions from 2012 through the second quarter of 2026 was approximately $34.8 billion, on a net present value basis. The approval process for in-force rate actions and the amount and timing of the premium rate increases and associated benefit reductions approved vary by state and product. In certain states, the decision to approve or disapprove a rate increase can take a significant amount of time, and the approved amount may be phased in over time. After approval, insureds are provided with written notice of the increase, and increases are generally applied on the insured’s next policy anniversary date. At that time, policyholders make an election to either pay the full increase or reduce their benefits, and therefore, mitigate some or all of the rate increase. As a result, the benefits of any rate increase are not fully realized until the implementation cycle is complete and are, therefore, expected to be realized over time. We continue to work closely with the National Association of Insurance Commissioners and state regulators to demonstrate the broad-based need for actuarially justified rate increases in order to pay future claims. Because obtaining actuarially justified rate increases and associated benefit reductions is important to our ability to pay future claims and reduces cross-state premium inequities, we will consider litigation against states that decline to approve those actuarially justified rate increases. As of June 30, 2026, we were in litigation with one state that has refused to approve actuarially justified rate increases for certain products. 109 Table of Contents Corporate and Other Results of operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 The following table sets forth the results of operations relating to Corporate and Other for the periods indicated: Three months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 3 $ 3 $ — — % Net investment income 5 4 1 25 % Net investment gains (losses) (7) (28) 21 75 % Policy fees and other income 2 — 2 NM⁽¹⁾ Total revenues 3 (21) 24 114 % Benefits and expenses: Benefits and other changes in policy reserves (2) (1) (1) (100) % Acquisition and operating expenses, net of deferrals 33 29 4 14 % Amortization of deferred acquisition costs and intangibles 3 1 2 200 % Interest expense 13 14 (1) (7) % Total benefits and expenses 47 43 4 9 % Income (loss) from continuing operations before income taxes (44) (64) 20 31 % Provision (benefit) for income taxes (8) (12) 4 33 % Income (loss) from continuing operations (36) (52) 16 31 % Adjustments to income (loss) loss from continuing operations: Net investment (gains) losses 7 28 (21) (75) % (Gains) losses on early extinguishment of debt (1) — (1) NM⁽¹⁾ Expenses related to restructuring — 1 (1) (100) % Taxes on adjustments (1) (6) 5 83 % Adjusted operating income (loss) $ (31) $ (29) $ (2) (7) % _____________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. Adjusted operating income (loss) The adjusted operating loss increased primarily from continued investment in CareScout Services in the current year, partially offset by an increase in revenue as the business grows. 110 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following table sets forth the results of operations relating to Corporate and Other for the periods indicated: Six months ended June 30, Increase (decrease) and percentage change (Amounts in millions) 2026 2025 2026 vs. 2025 Revenues: Premiums $ 5 $ 5 $ — — % Net investment income 8 9 (1) (11) % Net investment gains (losses) — (28) 28 100 % Policy fees and other income 5 — 5 NM⁽¹⁾ Total revenues 18 (14) 32 NM⁽¹⁾ Benefits and expenses: Benefits and other changes in policy reserves (4) (3) (1) (33) % Acquisition and operating expenses, net of deferrals 67 48 19 40 % Amortization of deferred acquisition costs and intangibles 5 2 3 150 % Interest expense 26 28 (2) (7) % Total benefits and expenses 94 75 19 25 % Income (loss) from continuing operations before income taxes (76) (89) 13 15 % Provision (benefit) for income taxes (13) (15) 2 13 % Income (loss) from continuing operations (63) (74) 11 15 % Adjustments to income (loss) from continuing operations: Net investment (gains) losses — 28 (28) (100) % (Gains) losses on early extinguishment of debt (1) — (1) NM⁽¹⁾ Expenses related to restructuring 2 (1) 3 NM⁽¹⁾ Taxes on adjustments — (5) 5 100 % Adjusted operating income (loss) $ (62) $ (52) $ (10) (19) % _____________ (1)We define “NM” as not meaningful for increases or decreases greater than 200%. Adjusted operating income (loss) The adjusted operating loss increased primarily from continued investment in CareScout Services in the current year, partially offset by an increase in revenue as the business grows. The increase was also driven by higher employee-related expenses in the current year. Investments and Derivative Instruments Trends and conditions Investments During the three months ended June 30, 2026, our investment portfolio was impacted, and we believe will continue to be impacted, by the following macroeconomic trends: •The U.S. Federal Reserve kept interest rates unchanged during the second quarter of 2026 while it continued to monitor labor market conditions and inflation, including impacts from rising energy prices due to developments in the Middle East. •During the second quarter of 2026, both short- and long-term U.S. Treasury yields increased compared to March 31, 2026. 111 Table of Contents •Credit spreads tightened during the second quarter of 2026 compared to March 31, 2026 as investor sentiment improved and market conditions stabilized following earlier volatility associated with geopolitical tensions in the Middle East, as well as from moderating concerns regarding the impact of artificial intelligence on software companies. Equity markets mirrored this recovery, with major U.S. equity indices achieving all-time highs during the second quarter of 2026. •As of June 30, 2026, our fixed maturity securities portfolio, which was 97% investment grade, comprised 74% of our total invested assets and cash. Derivatives •As of June 30, 2026, $873 million notional of our derivatives portfolio was cleared through the Chicago Mercantile Exchange (“CME”). •The customer swap agreements that govern our cleared derivatives contain provisions that enable our clearing agents to request initial margin in excess of CME requirements. As of June 30, 2026, we posted initial margin of $76 million to our clearing agents, which represented $38 million more than was otherwise required by the clearinghouse. Because our clearing agents serve as guarantors of our obligations to the CME, the customer agreements contain broad termination provisions that are not specifically dependent on ratings. •As of June 30, 2026, $12.1 billion notional of our derivatives portfolio was in bilateral over-the-counter derivative transactions pursuant to which we have posted aggregate independent amounts of $553 million and are holding collateral from counterparties in the amount of $10 million. Investment results The following tables set forth information about investment income, excluding net investment gains (losses), for each component of our investment portfolio for the periods indicated: Three months ended June 30, Increase (decrease) 2026 2025 2026 vs. 2025 (Amounts in millions) Yield Amount Yield Amount Yield Amount Fixed maturity securities 4.9 % $ 592 4.7 % $ 570 0.2 % $ 22 Equity securities 2.2 % 3 2.4 % 3 (0.2) % — Commercial mortgage loans 4.7 % 75 4.6 % 72 0.1 % 3 Policy loans 6.1 % 36 5.5 % 32 0.6 % 4 Limited partnerships (1) 8.4 % 74 8.4 % 69 — % 5 Other invested assets (2) 46.2 % 63 42.3 % 62 3.9 % 1 Cash, cash equivalents, restricted cash and short-term investments 3.6 % 19 4.1 % 19 (0.5) % — Gross investment income before expenses and fees 5.4 % 862 5.2 % 827 0.2 % 35 Expenses and fees (0.1) % (26) (0.2) % (25) 0.1 % (1) Net investment income 5.3 % $ 836 5.0 % $ 802 0.3 % $ 34 Average invested assets and cash $ 63,595 $ 63,641 $ (46) ______________ (1)Limited partnership investments are primarily equity-based and do not have fixed returns by period. (2)Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation. 112 Table of Contents Six months ended June 30, Increase (decrease) 2026 2025 2026 vs. 2025 (Amounts in millions) Yield Amount Yield Amount Yield Amount Fixed maturity securities 4.8 % $ 1,148 4.6 % $ 1,129 0.2 % $ 19 Equity securities 1.8 % 5 2.4 % 6 (0.6) % (1) Commercial mortgage loans 4.8 % 151 4.6 % 145 0.2 % 6 Policy loans 6.4 % 74 5.8 % 68 0.6 % 6 Limited partnerships (1) 6.4 % 112 4.8 % 77 1.6 % 35 Other invested assets (2) 41.4 % 123 41.9 % 123 (0.5) % — Cash, cash equivalents, restricted cash and short-term investments 3.6 % 38 4.3 % 41 (0.7) % (3) Gross investment income before expenses and fees 5.2 % 1,651 5.0 % 1,589 0.2 % 62 Expenses and fees (0.2) % (49) (0.2) % (48) — % (1) Net investment income 5.0 % $ 1,602 4.8 % $ 1,541 0.2 % $ 61 Average invested assets and cash $ 63,574 $ 63,670 $ (96) ______________ (1)Limited partnership investments are primarily equity-based and do not have fixed returns by period. (2)Investment income for other invested assets includes amortization of terminated cash flow hedges, which have no corresponding book value within the yield calculation. Yields are based on net investment income as reported under U.S. GAAP and are consistent with how we measure our investment performance for management purposes. Yields are annualized, for interim periods, and are calculated as net investment income as a percentage of average quarterly asset carrying values except for fixed maturity securities, derivatives and derivative counterparty collateral, which exclude unrealized fair value adjustments. For the three and six months ended June 30, 2026, gross annualized weighted-average investment yields increased driven by higher net investment income on lower average invested assets. Net investment income increased for the three months ended June 30, 2026 largely from $16 million of higher income related to inflation-driven volatility on TIPS and $6 million of income in the current year from company-owned life insurance investments purchased in the fourth quarter of 2025. The increase was also attributable to higher income from limited partnerships and higher policy loan rates in our corporate-owned life insurance products in the current year. Net investment income for the six months ended June 30, 2026 increased from higher income from limited partnerships, as well as $11 million of higher income from TIPS and $10 million of income in the current year from company-owned life insurance investments. 113 Table of Contents The following table sets forth net investment gains (losses) for the periods indicated: Three months ended June 30, Six months ended June 30, (Amounts in millions) 2026 2025 2026 2025 Realized investment gains (losses): Available-for-sale fixed maturity securities: Realized gains $ 29 $ 7 $ 35 $ 11 Realized losses (34) (25) (61) (33) Net realized gains (losses) on available-for-sale fixed maturity securities (5) (18) (26) (22) Net realized gains (losses) on equity securities sold — 4 — 5 Total net realized investment gains (losses) (5) (14) (26) (17) Net change in allowance for credit losses on available-for-sale fixed maturity securities 1 (11) 1 (15) Write-down of available-for-sale fixed maturity securities — (4) — (4) Net unrealized gains (losses) on equity securities still held 59 32 40 18 Net unrealized gains (losses) on limited partnerships (21) 25 (18) 63 Commercial mortgage loans 1 (20) 2 (17) Derivative instruments 3 (36) 14 (30) Other (1) — (2) 1 Net investment gains (losses) $ 37 $ (28) $ 11 $ (1) Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 •We recorded $13 million of lower net realized losses related to the sale of available-for-sale fixed maturity securities in the current year. The prior year losses were primarily driven by sales related to portfolio repositioning. •We recorded $27 million of higher net unrealized gains on equity securities from more favorable equity market performance in the current year. We recorded $21 million of net unrealized losses on limited partnerships in the current year driven by unfavorable private equity market performance compared to $25 million of net unrealized gains in the prior year driven by favorable performance. •During the prior year, we increased the provision for credit losses for commercial mortgage loans by $20 million as a result of updates to the analytical model used to determine the adequacy of the allowance for credit losses. We also increased the allowance for credit losses on available-for-sale fixed maturity securities by $11 million in the prior year. •We had $3 million of net investment gains related to derivatives in the current year compared to $36 million of net investment losses in the prior year primarily attributable to lower losses on foreign currency forward contracts used to mitigate foreign currency exchange risk, as well as gains on forward bond purchase commitments in the current year compared to losses in the prior year driven by changes in interest rates. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 •The current year included $22 million of higher net unrealized gains on equity securities driven by more favorable equity market performance. We recorded $18 million of net unrealized losses on limited partnerships in the current year driven by unfavorable private equity market performance compared to $63 million of net unrealized gains in the prior year driven by favorable performance. •During the prior year, we increased the provision for credit losses for commercial mortgage loans by $17 million primarily as a result of updates to the analytical model used to determine the adequacy of the allowance for credit 114 Table of Contents losses. We also increased the allowance for credit losses on available-for-sale fixed maturity securities by $15 million in the prior year. •We had $14 million of net investment gains related to derivatives in the current year compared to $30 million of net investment losses in the prior year primarily attributable to gains on foreign currency forward contracts and forward bond purchase commitments in the current year compared to losses in the prior year. Investment portfolio The following table sets forth our cash, cash equivalents and invested assets as of the dates indicated: June 30, 2026 December 31, 2025 (Amounts in millions) Carrying value % of total Carrying value % of total Available-for-sale fixed maturity securities: Public $ 30,228 49 % $ 31,251 51 % Private 15,036 25 14,511 24 Equity securities 564 1 555 1 Commercial mortgage loans, net 6,351 11 6,304 10 Policy loans 2,385 4 2,297 4 Limited partnerships 3,538 6 3,484 6 Other invested assets 871 1 770 1 Cash, cash equivalents and restricted cash 1,986 3 2,036 3 Total cash, cash equivalents and invested assets $ 60,959 100 % $ 61,208 100 % For a discussion of the change in cash, cash equivalents and invested assets, see the comparison for these line items under “—Consolidated Balance Sheets.” See note 4 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements” for additional information related to our investment portfolio. We hold fixed maturity and equity securities, limited partnerships, derivatives, embedded derivatives and certain other financial instruments, which are carried at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. As of June 30, 2026, 7% of our investment holdings recorded at fair value was based on significant inputs that were not market observable and were classified as Level 3 measurements. See note 6 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements” for additional information related to fair value. Other invested assets The following table sets forth the carrying values of our other invested assets as of the dates indicated: June 30, 2026 December 31, 2025 (Amounts in millions) Carrying value % of total Carrying value % of total Bank loan investments $ 533 61 % $ 527 68 % Company-owned life insurance investments 125 14 115 15 Short-term investments 79 9 37 5 Federal Home Loan Bank common stock 45 5 — — Derivatives 36 4 39 5 Other investments 53 7 52 7 Total other invested assets $ 871 100 % $ 770 100 % 115 Table of Contents Derivatives The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for fixed indexed annuity and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of and for the periods indicated: (Notional in millions) Measurement December 31, 2025 Additions Maturities/ terminations June 30, 2026 Derivatives designated as hedges Cash flow hedges: Interest rate swaps Notional $ 8,058 $ — $ (547) $ 7,511 Foreign currency swaps Notional 156 — — 156 Forward bond purchase commitments Notional 2,964 124 (85) 3,003 Total cash flow hedges 11,178 124 (632) 10,670 Total derivatives designated as hedges 11,178 124 (632) 10,670 Derivatives not designated as hedges Equity index options Notional 503 202 (248) 457 Financial futures Notional 989 2,095 (2,211) 873 Forward bond purchase commitments Notional 500 — — 500 Foreign currency forward contracts Notional 521 519 (521) 519 Total derivatives not designated as hedges 2,513 2,816 (2,980) 2,349 Total derivatives $ 13,691 $ 2,940 $ (3,612) $ 13,019 (Number of policies) Measurement December 31, 2025 Additions Maturities/ terminations June 30, 2026 Derivatives not designated as hedges Fixed indexed annuity embedded derivatives Policies 4,171 — (297) 3,874 Indexed universal life embedded derivatives Policies 688 — (7) 681 The decrease in the notional value of derivatives was primarily attributable to a decrease in interest rate swaps that support our long-term care insurance products. The number of policies with embedded derivatives decreased as these products are no longer being offered and continue to run off. Consolidated Balance Sheets Total assets. Total assets decreased $720 million from $88,083 million as of December 31, 2025 to $87,363 million as of June 30, 2026. •Invested assets decreased $199 million primarily attributable to a decrease of $498 million in fixed maturity securities predominantly driven by higher interest rates and widening credit spreads in the current year decreasing the fair value of our fixed maturity investment portfolio. The decrease was partially offset by higher policy loan balances in our corporate-owned life insurance products, limited partnership capital calls, commercial mortgage loan originations outpacing repayments and net purchases of short-term investments in the current year. •Reinsurance recoverable decreased $446 million primarily due to an increase in the single-A interest rate used to discount the reinsurance recoverable and the runoff of certain ceded products in the current year. 116 Table of Contents Total liabilities. Total liabilities decreased $718 million from $78,316 million as of December 31, 2025 to $77,598 million as of June 30, 2026. •The liability for future policy benefits decreased $720 million primarily from an increase in the single-A interest rate used to discount the liability for future policy benefits and from the runoff of our fixed annuity and life insurance products. The decrease was partially offset by an increase in our long-term care insurance reserves, at the locked-in discount rate, largely driven by aging of the in-force block, including higher interest accretion, and unfavorable actual variances from expected experience, partially offset by benefit payments outpacing premiums collected in the current year. Total equity. Total equity decreased $2 million from $9,767 million as of December 31, 2025 to $9,765 million as of June 30, 2026. •We reported net income available to Genworth Financial, Inc.’s common stockholders of $94 million for the six months ended June 30, 2026. •Unrealized gains (losses) on investments decreased total equity by $439 million primarily due to an increase in interest rates and widening credit spreads in the current year. •The change in the discount rate used to measure future policy benefits and related reinsurance recoverables increased total equity by $482 million largely attributable to an increase in the single-A interest rate in the current year. •Treasury stock increased $129 million due to the repurchase of Genworth Financial’s common stock, at cost, including excise taxes and other associated costs, resulting in a decrease to total equity in the current year. Liquidity and Capital Resources Liquidity and capital resources represent our overall financial strength and our ability to generate cash flows from our businesses, borrow funds at competitive rates and raise new capital to meet our operating and growth needs. Overview of cash flows—Genworth and subsidiaries Our principal sources of cash include premiums and other payments received on our insurance products and services, income from our investment portfolio and proceeds from sales and maturities of investments. Cash flows related to operating activities are affected by the timing of premiums, fees and investment income received and benefits, claims and expenses paid. Cash flows from operating activities have been invested to support the obligations of our insurance and investment products and required capital supporting these products. In analyzing our cash flows, we focus on the change in the amount of cash available and used in investing activities. Changes in cash from financing activities primarily relate to deposits to, and redemptions and benefit payments on, universal life insurance and investment contracts; deposits from Federal Home Loan Banks; the issuance of debt and equity securities; the repayment or repurchase of borrowings; the repurchase of common stock presented as treasury stock; and other capital transactions. The following table sets forth our unaudited condensed consolidated cash flows for the six months ended June 30: (Amounts in millions) 2026 2025 Net cash from (used by) operating activities $ 143 $ 40 Net cash from (used by) investing activities (177) 160 Net cash from (used by) financing activities (16) (451) Net increase (decrease) in cash and cash equivalents $ (50) $ (251) We had higher net cash inflows from operating activities in the current year primarily driven by net insurance recoveries received related to prior legal settlements in the long-term care insurance products in our Closed Block segment and from lower tax payments. We had net cash outflows from investing activities in the current year compared to net cash inflows in the prior year mainly due to lower net sales of fixed maturity securities and higher commercial mortgage loan originations in the current year. 117 Table of Contents Net cash outflows related to financing activities were lower primarily due to new funding agreement deposits and lower net withdrawals from our investment contracts, partially offset by higher repurchases of Genworth Financial’s common stock in the current year. Genworth—holding company liquidity In consideration of our liquidity, it is important to separate the needs of our holding companies from the needs of their respective subsidiaries. Genworth Financial and Genworth Holdings each act as a holding company for their respective subsidiaries and do not have any significant operations of their own. Genworth Financial’s and Genworth Holdings’ principal sources of cash are derived from dividends and other returns of capital from Enact Holdings. Additional sources of cash have included subsidiary payments to them under tax sharing and expense reimbursement arrangements and proceeds from borrowings or securities issuances. The primary uses of funds at Genworth Financial and Genworth Holdings include payments of principal, interest and other expenses on borrowings or other obligations, payment of holding company general operating expenses (including employee benefits and taxes), payments under guarantees (including guarantees of certain subsidiary obligations), payments to subsidiaries (or, in the case of Genworth Holdings, to Genworth Financial) under tax sharing agreements, investments in CareScout, repurchases of debt securities, repurchases of Genworth Financial’s common stock and, in the case of Genworth Holdings, loans, dividends or other distributions to Genworth Financial. Management’s focus is predominantly on Genworth Holdings’ liquidity given it is the issuer of our outstanding public debt. We manage our legacy insurance subsidiaries on a standalone basis and accordingly, do not expect to receive any dividends or other returns of capital from them. Therefore, our liquidity at the holding company level is highly dependent on the performance of Enact Holdings and its ability to pay timely dividends and other forms of capital returns to Genworth Holdings as anticipated. Genworth Financial has the right to appoint a majority of directors to Enact Holdings’ board of directors; however, actions taken by Enact Holdings and its board of directors are subject to and may be limited by the interests of Enact Holdings, including but not limited to, its use of capital for growth opportunities and regulatory requirements. In addition, insurance laws and regulations regulate the payment of dividends and other distributions to Genworth Financial and Genworth Holdings by their insurance subsidiaries. Enact Holdings’ capital allocation strategy includes supporting its existing policyholders, growing its mortgage insurance business, funding attractive new business opportunities and returning capital to its shareholders. During each of the first two quarters of 2026, EMICO paid a dividend to Enact Holdings that supports Enact Holdings’ ability to return capital to its shareholders. During the first quarter of 2026, Enact Holdings completed the repurchase of shares under a $350 million share repurchase authorization that it had announced on April 30, 2025. On February 3, 2026, Enact Holdings announced the authorization of a new share repurchase program under which it may repurchase up to $500 million of its common stock. Genworth Holdings entered into an agreement with Enact Holdings to participate in the share repurchase program in order to maintain its ownership interest in Enact Holdings. As the majority shareholder, Genworth Holdings received $202 million of capital returns from Enact Holdings during the six months ended June 30, 2026, comprised of share repurchases and quarterly dividends. Enact Holdings expects the timing and amount of any future share repurchases will be opportunistic and will depend on a variety of factors, including Enact Holdings’ stock price, capital availability, business and market conditions, regulatory requirements and debt covenant restrictions, among other factors. Future dividend payments will be subject to quarterly review and approval by Enact Holdings’ board of directors and Genworth Financial and will also be dependent on a variety of economic, market and business conditions, among other considerations. Enact Holdings expects to return $550 million to $600 million of capital to its shareholders for the full year 2026, an increase from its earlier expectation of approximately $500 million. Based on our approximate 81% ownership, we expect to receive $445 million to $485 million in capital returns from Enact Holdings for the full year 2026. On September 18, 2025, Genworth Financial announced that its Board of Directors had authorized a share repurchase program under which Genworth Financial may purchase up to $350 million of its outstanding common stock. Under the program, share repurchases may be made at Genworth’s discretion from time to time in open market transactions, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. Pursuant to the program, during the six months ended June 30, 2026, Genworth Financial repurchased 14,719,298 shares of its common stock at an average price of $8.67 per share for a total of $128 million before excise taxes and other costs. In July 2026, Genworth Financial repurchased 514,057 shares of its common stock through a Rule 10b5-1 trading plan at an average price of $9.24 per share, leaving approximately $128 million available for repurchase under the program as of July 31, 2026. Further share repurchases will continue to be funded from holding company capital, as well as future cash flow generation, including 118 Table of Contents expected capital returns from Enact Holdings. The timing and number of future shares repurchased under the share repurchase program will depend on a variety of factors, including Genworth Financial’s stock price and trading volume, and general business and market conditions, among other factors. The authorization has no expiration date and may be modified, suspended or terminated at any time. Our future use of liquidity and capital will prioritize strategic investments in CareScout and returning capital to Genworth Financial’s shareholders through share repurchases. In addition, we also expect to repurchase or redeem outstanding debt from time to time (with cash on hand, proceeds from the issuance of new debt and/or the proceeds from asset or stock sales) in open market purchases, tender offers, privately negotiated transactions or otherwise. Genworth Holdings had $215 million and $234 million of unrestricted cash and cash equivalents as of June 30, 2026 and December 31, 2025, respectively. The decrease was principally driven by repurchases of Genworth Financial’s common stock and annual employee benefit payments, which were advanced by our subsidiaries in 2025, partially offset by capital returns from Enact Holdings. The $215 million of Genworth Holdings’ cash and cash equivalents included approximately $81 million of cash held for future obligations, including advance cash payments from our subsidiaries. We do not consider this cash held for future obligations when evaluating holding company liquidity for the purposes of allocating capital or computing our cash position relative to the cash management target discussed below. We believe Genworth Holdings’ unrestricted cash and cash equivalents provide sufficient liquidity to meet its financial obligations over the next twelve months as well as in the longer term. We expect Genworth Holdings’ liquidity to continue to be impacted by the amounts and timing of Genworth Financial’s share repurchases, investments in CareScout, and future dividends and other forms of capital returns from Enact Holdings. We actively monitor our liquidity position (most notably at Genworth Holdings), liquidity generation options and the credit markets given changing market conditions. Genworth Holdings’ cash management target is to maintain a cash buffer of two times expected annual external debt interest payments. Genworth Holdings may move below or above this targeted cash buffer during any given quarter due to the timing of cash outflows and inflows or as a result of planned future actions. Management of Genworth Financial continues to evaluate Genworth Holdings’ target level of liquidity as circumstances warrant. AXA and Santander litigation As previously disclosed, in connection with pending litigation between AXA and Santander related to the payment protection insurance (“PPI”) mis-selling losses, Genworth has certain rights to share in any recoveries by AXA to recoup payments it previously made to AXA for the underlying PPI mis-selling losses. Genworth is not a named party in the litigation with Santander, and, therefore, does not ultimately control the litigation. On July 25, 2025, the High Court issued a liability judgment in favor of AXA in the legal proceedings against Santander. The judgment found Santander liable for AXA’s losses resulting from Santander’s mis-selling. The judge awarded AXA damages, interest and costs of approximately £680 million ($911 million based on the exchange rate at that point in time). Santander subsequently applied for permission to appeal, and the Court of Appeal granted that request on October 21, 2025. AXA sought permission to cross-appeal certain aspects of the High Court judgment and was granted permission in January 2026. The hearing before the Court of Appeal occurred in July 2026, and we are awaiting the Court’s ruling. Under prior agreements between Genworth and AXA, Genworth is entitled to share in funds that AXA recovers from third parties related to the mis-selling losses. In November 2025, we received £15 million ($20 million) from AXA related to a portion of the liability judgment not subject to dispute. If the appeal is resolved in favor of AXA, Genworth could be entitled to receive a total recovery of approximately $750 million, depending upon the applicable exchange rate at that time. Loss recoveries have not been factored into our capital allocation plans, including the sizing of the share repurchase program authorized in September 2025. We would expect to deploy any loss recoveries in line with our stated capital allocation priorities, which are investing in growth through CareScout, returning cash to shareholders through our share repurchase program and opportunistically paying down debt. Capital resources and financing activities Our current capital resource plans do not include any additional debt offerings by Genworth Holdings or minority sales of Enact Holdings. The availability of additional capital resources will depend on a variety of factors such as market conditions, regulatory considerations, the general availability of credit, credit ratings and the performance of and outlook for Enact Holdings and the payment of dividends and other returns of capital therefrom. 119 Table of Contents During the six months ended June 30, 2026, Genworth Holdings repurchased $6 million and $9 million principal amount of its fixed rate senior notes due in 2034 and its floating rate junior subordinated notes due in 2066, respectively. Regulated insurance subsidiaries The liquidity requirements of our regulated insurance subsidiaries principally relate to the liabilities associated with their various insurance and investment products, operating costs and expenses, the payment of dividends to us, contributions to their subsidiaries, payments of principal and interest on their outstanding debt obligations and income taxes. Liabilities arising from insurance and investment products include the payment of benefits and claims, as well as cash payments in connection with policy surrenders and withdrawals, policy loans and obligations to redeem funding agreements. Our insurance subsidiaries’ principal cash inflows from operating activities are derived from premiums, annuity deposits and insurance and investment product fees and other income, including commissions, cost of insurance, mortality, expense and surrender charges, contract underwriting fees, investment management fees, investment income and dividends and distributions from their subsidiaries. We manage our legacy insurance subsidiaries on a standalone basis. Accordingly, these subsidiaries will continue to rely on their statutory capital, significant reserves, prudent management of the in-force blocks and other management actions, including our long-term care insurance in-force rate actions, to satisfy policyholder obligations. We have observed an increase in the cost of care in the long-term care insurance products in our Closed Block segment in recent years due in part to elevated inflation. These inflationary pressures have not had a significant impact on our liquidity to date; however, if these conditions persist, they could have a material adverse impact on our liquidity, results of operations and financial condition. We will continue to monitor macroeconomic trends, including inflation, to help mitigate any potential adverse impacts to our liquidity. We expect overall claims costs in the long-term care insurance products in our Closed Block segment to continue to increase over time as our blocks age, with peak claim years over a decade away. For information on discounted and undiscounted expected future benefit payments, see note 8 in our unaudited condensed consolidated financial statements under “Item 1—Financial Statements.” We also expect renewal premiums on the in-force block of our long-term care insurance products in our Closed Block segment to decline over time as the block runs off and as policyholders elect benefit reductions in connection with our in-force rate actions; however, we expect this decline to be partially offset by future approved rate actions. Our insurance subsidiaries maintain investment strategies intended to provide adequate funds to pay benefits without forced sales of investments. Products having liabilities with longer durations, such as certain long-term care and life insurance policies, are typically matched with investments having similar duration such as long-term fixed maturity securities and commercial mortgage loans. Shorter-term liabilities are typically matched with fixed maturity securities that have short- and medium-term fixed maturities. In addition, our insurance subsidiaries hold highly liquid, high quality short-term investment securities and other liquid investment grade fixed maturity securities to fund anticipated operating expenses, surrenders and withdrawals. As of June 30, 2026, our total cash, cash equivalents and invested assets were $61.0 billion. Our investments in privately placed fixed maturity securities, commercial mortgage loans, policy loans, limited partnership investments, select mortgage-backed and asset-backed securities, bank loans and company-owned life insurance are relatively illiquid. These asset classes represented approximately 46% of the carrying value of our total cash, cash equivalents and invested assets as of June 30, 2026. Off-balance sheet commitments, guarantees and contractual obligations As of June 30, 2026, we were committed to fund $1,837 million in limited partnership investments, $677 million in private placement investments, $122 million of bank loan investments and $16 million in commercial mortgage loan investments. As of June 30, 2026, there have been no material additions or changes to guarantees provided by Genworth Financial and Genworth Holdings or to our contractual obligations as compared to the amounts disclosed within our 2025 Annual Report on Form 10-K filed on February 27, 2026. Supplemental Condensed Consolidating Financial Information Genworth Financial provides a full and unconditional guarantee to the trustee and holders of Genworth Holdings’ outstanding senior and subordinated notes (registered securities under the Securities Act of 1933), on an unsecured 120 Table of Contents 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. Genworth Holdings is a direct, 100% owned subsidiary of Genworth Financial. Excluding investments in subsidiaries, the assets, liabilities and results of operations of Genworth Financial and Genworth Holdings, on a combined basis, are not material to the consolidated financial position or the consolidated results of operations of Genworth. In addition, other than Genworth Holdings, Genworth Financial does not guarantee any other security registered with the SEC by its subsidiaries. Therefore, in accordance with Rule 13-01 of Regulation S-X, we are permitted, and we elected, to exclude the summarized financial information for both the issuer (Genworth Holdings) and guarantor (Genworth Financial) of the registered debt securities.