Genworth Financial (GNW) Q4 2025 earnings summary

Executive summary

• Q4 2025 net income was $2 million, with adjusted operating income of $8 million; full-year net income was $223 million, down from $299 million in 2024.

• Enact delivered $146 million in adjusted operating income for Q4 and $558 million for 2025, with strong cure performance and capital returns.

• Closed Block posted a $114 million adjusted operating loss in Q4 and $317 million loss for 2025, mainly due to LTC losses and assumption updates.

• $127 million in capital returns received from Enact in Q4; $94 million in share repurchases executed in the quarter.

• CareScout expanded services, launched Care Assurance (live in 39–40 states), and closed the Seniorly acquisition.

Financial highlights

• Full-year 2025 adjusted operating income was $144 million, with Enact contributing $558 million.

• Enact’s new insurance written reached $14 billion in Q4, with primary insurance in force at $273 billion, up 2% year-over-year.

• Enact’s loss ratio was 7% in Q4, with a PMIER sufficiency ratio of 162%.

• Legacy insurance companies’ risk-based capital ratio was 300% at year-end, with statutory pre-tax income of $71 million for 2025.

• Holding company cash and liquid assets stood at $234 million at year-end.

Outlook and guidance

• Enact expects to return ~$500 million to shareholders in 2026; new $500 million share repurchase program announced.

• Planned share repurchases for 2026 are $175–$225 million, subject to market conditions.

• CareScout targets 7,500 matches and at least $25 million in revenue for 2026.

• Expected investment in CareScout Services is $50–$55 million in 2026, with lower incremental investment in CareScout Insurance.

• Ongoing execution of LTC rate action program and development of additional risk mitigation options.