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James S. Riepe Non-Executive Chairman of the Board 1
G. Kent Conrad Melina E. Higgins Thomas J. McInerney David M. Moffett Thomas E. Moloney James S. Riepe Debra J. Perry Robert P. Restrepo Jr. 2
Thanks And Appreciation William H. Bolinder 3
Executive Management Kelly L. Groh Kevin D. Schneider Daniel J. Sheehan, IV Executive Vice President Executive Vice President Executive Vice President Chief Financial Officer Chief Operating Officer Chief Investment Officer 4
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Cautionary Note Regarding Forward-Looking Statements This presentation contains certain “forward - looking statements” within the meaning of the United States Private Securities Litig ation Reform Act of 1995. Forward- looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements regarding the outlook for future business and financial performance of Genworth Financial, Inc. (Genworth) and its consolidated subsidiaries. Forward- looking statements are based on management’s current expectations and ass umptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including those discussed at the end of this presentation, as well as in the risk factors section of Genworth’s Annual Report on Form 10 -K, filed with the United States Securities and Exchange Commission (SEC) on February 27, 2019. Genworth undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. Non-GAAP 1 And Other Items For important information regarding the use of non-GAAP measures, see the Appendix. Unless otherwise noted, all references in this presentation to net income (loss) should be read as net income (loss) available t o Genworth’s common stockholders. Portions of this presentation should be used in conjunction with the accompanying audio . 1 U.S. Generally Accepted Accounting Principles 6
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Key Accomplishments 2019 Year-To-Date Consolidated Adjusted Operating Income 1 Of $396MM Through 3Q19, 32% Above Prior Year Led By Continued Strong Performance In U.S. Mortgage Insurance (MI) Strong Capital Returns From Mortgage Insurance Platforms, Including A $250MM Dividend From U.S. MI In October 2019 Continued Progress On Long Term Care Insurance Rate Actions With 72 Approved State Filings Through 3Q19, With A 43% Weighted-Average Rate Increase On $594MM Of Annualized In Force Premiums Sold Canada MI Business To Facilitate Oceanwide Transaction With Expected Net Proceeds Of Approximately $1.8B 1 Non-GAAP Measure, See Appendix For Additional Information 8
3Q19 YTD Financial Performance Adjusted Operating Income (Loss) 1 ($MM) 3Q19 YTD 3Q18 YTD U.S. MI Higher Insurance In Force From Strong New Insurance Written Driving Earnings Growth $396 $300 Continued Solid Loss Performance With Strong Net Cures & Aging Of Delinquencies Australia MI 408 Lower Earned Premiums From Seasoning Of In Force Portfolio 366 U.S. Life Insurance 408 366 Earnings Improvement From In Force Rate Actions In Long Term Care Insurance 39 58 60 49 39 37 Runoff 39 58 Overall Positive Market Performance Supporting Variable Annuities 60 49 (150) 39 (210) 37 Corporate And Other (150) (210) Lower Expenses, Favorable Taxes Relative To Prior Year Net Income 2 Net Income 3 $360 $448 Canada MI Segment Results Now Reported As Discontinued Operations – Prior Periods Re-Presented Accordingly Runoff U.S. Life Australia MI U.S. MI Corp/Other 1 Non-GAAP Measure, See Appendix For Additional Information; 2 3Q19 YTD Net Income Included A Net Loss From Discontinued Operations Available To Genworth Financial, Inc.’s Common Stockhold ers Of $59MM; 3 3Q18 YTD Net Income Included Net Income From Discontinued Operations Available To Genworth Financial, Inc.’s Common Stockhold ers Of $170MM 9
LTC In Force Premium Rate Increases FY17 FY18 3Q19 YTD Approved Filings Actual Actual Actual State Filings Approved 114 120 72 Impacted In Force Premium ($MM) 714 875 594 Weighted Average % Rate Increase Approved On Impacted In Force 28% 45% 43% FY17 FY18 3Q19 YTD Filings Submitted Actual Actual Actual State Filings Submitted 226 97 32 In Force Premium Submitted ($MM) 1,280 848 356 Significant Activity Will Continue Through 4Q19 10
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Management Proposal #1 To Elect The Eight Nominees Named In The Proxy Statement As Directors For The Ensuing Year 12
Management Proposal #2 To Approve, On An Advisory Basis, The Compensation Of Our Named Executive Officers 13
Management Proposal #3 To Ratify The Selection Of KPMG LLP As Our Independent Registered Public Accounting Firm For 2019 14
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Preliminary Voting Results 16
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Questions and Answers 18
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Appendix 20
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