UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): July 23, 2004

 
GENWORTH FINANCIAL, INC.
(Exact Name of Registrant as Specified in its Charter)

 
					
Delaware	 	001-32195	 	33-1073076	
(State or Other Jurisdiction
of Incorporation)	 	(Commission File Number)	 	(I.R.S. Employer
Identification No.)	

6620 West Broad Street
Richmond, Virginia	 	23230	
(Address of Principal Executive Offices)	 	(Zip Code)	
 
(804) 281-6000
(Registrant’s Telephone Number, Including Area Code)
 
N/A
(Former Name or Former Address, if Changed Since Last Report)

Item 12. Results of Operations and Financial Condition.

 
On July 23, 2004, Genworth Financial, Inc. (“Genworth”) issued a Second Quarter Financial Supplement for the quarter ended June 30, 2004, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information contained in this Current Report on Form 8-K (including the exhibit) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: July 23, 2004

GENWORTH FINANCIAL, INC.	
		
By:	 	/s/ Richard P. McKenney
	
 	 	Richard P. McKenney	
 	 	Senior Vice President – Chief Financial Officer	

EXHIBIT INDEX

Exhibit No.
	  	Description
	
99.1	  	Second Quarter Financial Supplement for the quarter ended June 30, 2004.	

EXHIBIT 99.1

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT

Table of Contents
	  	Page
	
Presentation of Financial Information	  	2, 3 & 4	
Financial Highlights	  	5	
Reconciliation to Pro Forma Net Operating Earnings	  	6	
Notes to Pro Forma Financial Information	  	7	
		
Historical Highlights	  	 	
QTD Historical Financial Highlights	  	9	
YTD Historical Financial Highlights	  	10	
QTD Historical Combined Earnings From Continuing Operations	  	11	
YTD Historical Combined Earnings From Continuing Operations	  	12	
Combined Statement of Financial Position	  	13	
		
Pro Forma Highlights	  	 	
QTD Pro Forma Financial Highlights	  	15	
YTD Pro Forma Financial Highlights	  	16	
QTD Pro Forma Earnings From Continuing Operations	  	17	
YTD Pro Forma Earnings From Continuing Operations	  	18	
		
Pro Forma Information	  	 	
Pro Forma Operating Results	  	 	
QTD Pro Forma Statement of Earnings by Segment	  	20	
YTD Pro Forma Statement of Earnings by Segment	  	21	
Pro Forma By Segment	  	 	
QTD Pro Forma Segment Net Earnings - Protection	  	22	
YTD Pro Forma Segment Net Earnings - Protection	  	23	
QTD Pro Forma Segment Net Earnings - Retirement Income and Investments	  	24	
YTD Pro Forma Segment Net Earnings - Retirement Income and Investments	  	25	
QTD Pro Forma Segment Net Earnings - Mortgage Insurance	  	26	
YTD Pro Forma Segment Net Earnings - Mortgage Insurance	  	27	
Selected Key Performance Measures - Mortgage Insurance	  	28 & 29	
QTD Pro Forma Segment Net Earnings - Corporate and Other	  	30	
YTD Pro Forma Segment Net Earnings - Corporate and Other	  	31	
		
Pro Forma Earnings Trends	  	 	
Pro Forma Net Earnings	  	32	
Pro Forma Segment Net Earnings - Protection	  	33	
Pro Forma Segment Net Earnings - Retirement Income and Investments	  	34	
Pro Forma Segment Net Earnings - Mortgage Insurance	  	35	
Pro Forma Segment Net Earnings - Corporate and Other	  	36	
		
Statistical Data	  	 	
Investments Summary	  	38	
Fixed Maturity Summary	  	39	
Commercial Mortgage Loan Data	  	40	
Historical Segment Sales	  	41	
		
Historical Information	  	 	
Historical Combined Operating Results	  	 	
QTD Historical Combined Statement of Earnings by Segment	  	43	
YTD Historical Combined Statement of Earnings by Segment	  	44	
		
Historical By Segment	  	 	
QTD Historical Segment Net Earnings - Protection	  	45	
YTD Historical Segment Net Earnings - Protection	  	46	
QTD Historical Segment Net Earnings - Retirement Income and Investments	  	47	
YTD Historical Segment Net Earnings - Retirement Income and Investments	  	48	
Account Values - Retirement Income and Investments	  	49	
QTD Historical Segment Net Earnings - Mortgage Insurance	  	50	
YTD Historical Segment Net Earnings - Mortgage Insurance	  	51	
QTD Historical Segment Net Earnings - Corporate and Other	  	52	
YTD Historical Segment Net Earnings - Corporate and Other	  	53	
		
Historical Earnings Trends	  	 	
Historical Combined Net Earnings	  	54	
Historical Segment Net Earnings - Protection	  	55	
Historical Segment Net Earnings - Retirement Income and Investments	  	56	
Historical Segment Net Earnings - Mortgage Insurance	  	57	
Historical Segment Net Earnings - Corporate and Other	  	58	
Historical Segment Net Earnings - Affinity	  	59	
		
Corporate Information	  	61 & 62 	
 
1

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Dear Investor/Analyst,
 
In conjunction with the release of Second Quarter earnings, we have prepared this financial statistical supplement to assist investors in understanding Genworth’s financial results.
 
This supplement contains both historical and pro forma earnings and other financial information. Pro forma financial information included in this supplement reflects the effect of the company’s corporate reorganization in conjunction with its recent initial public offering (IPO), completed May 28, 2004. As further detailed below, pro forma financial information is presented to enable a more meaningful comparison of Genworth’s period-to-period results.
 
Additional detail on the basis of presentation of historical and pro forma financial information is provided below.
 
If you have additional questions, please feel free to contact me at Genworth Financial at 804-662-2693.
 
Regards,
 
Jean Peters
Senior Vice President
Investor Relations and Corporate Communications

 
Basis of Historical and Pro Forma Financial Information
 
As part of a corporate reorganization effected in connection with the company’s IPO, the company acquired substantially all of the assets and liabilities of GE Financial Assurance Holdings, Inc. (GEFAHI), an indirect subsidiary of GE. The company also acquired certain other insurance businesses that were owned by other GE subsidiaries but managed by members of the company’s management team. In consideration for the assets that the company acquired and the liabilities that the company assumed, the company issued various equity and debt securities to GEFAHI.
 
The company has prepared its historical financial information as if the company had been in existence throughout all relevant periods. The historical financial information through the date of the corporate reorganization (May 24, 2004) includes all businesses that were owned by GEFAHI, including those that were not transferred to the company, as well as the other insurance businesses that the company acquired from other GE subsidiaries in connection with the corporate reorganization. The financial information after the date of the corporate reorganization excludes businesses that the company did not acquire from GEFAHI. As a result, the company’s historical financial information for periods prior to the corporate reorganization is not comparable to historical financial information for periods ending after that date.
 
Prior to the completion of the IPO, the company entered into several significant reinsurance transactions with Union Fidelity Life Insurance Company (UFLIC), an indirect subsidiary of GE. As part of these transactions, the company ceded to UFLIC, effective as of January 1, 2004, policy obligations under all of its in-force structured settlement contracts, which had reserves of $12.0 billion, and substantially all of its in-force variable annuity contracts, which had general account reserves of $2.8 billion and separate account reserves of $7.9 billion, each as of December 31, 2003. These contracts represent substantially all of the company’s contracts that were in force as of December 31, 2003 for these products. In addition, effective as of January 1, 2004, the company ceded to UFLIC policy obligations under a block of long-term care insurance policies, which had reserves of $1.5 billion as of December 31, 2003. As part of the reinsurance transactions, UFLIC ceded to the company in-force blocks of Medicare supplement insurance, which had reserves of $19 million.
 
2

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
The unaudited pro forma financial information contained in this financial supplement reflects the company’s historical combined financial information as adjusted to give effect to the transactions described below and certain other transactions as if each had occurred as of January 1, 2003:
 
•	the removal of certain businesses of GEFAHI that were not transferred to the company in connection with the corporate reorganization;	
 
•	the reinsurance transactions with UFLIC;	
 
•	the issuance of equity and debt securities to GEFAHI in exchange for the assets that the company acquired and the liabilities that the company assumed in connection with the corporate reorganization; and	
 
•	the issuance and sale of $1.9 billion of senior notes and $500 million of commercial paper and the application of the proceeds therefrom.	
 
The unaudited pro forma financial information is based upon available information and assumptions that the company believes are reasonable. The unaudited pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what the company’s financial condition or results of operations would have been had the transactions described above occurred on the dates indicated, nor what they may be in the future.
 
Use of Non-GAAP Measures
 
This financial supplement includes the non-GAAP financial measure entitled “net operating earnings.” The company defines net operating earnings as pro forma net earnings from continuing operations, excluding pro forma after-tax net realized investment gains and losses (which can fluctuate significantly from period to period), changes in accounting principles and non-recurring, infrequent or unusual items. There were no non-recurring, infrequent or unusual items excluded from pro forma net operating earnings for the periods presented in this financial supplement other than a $22 million tax charge during the three months ended June 30, 2004 arising from the company’s separation from GE. Management believes that analysis of net operating earnings enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. However, net operating earnings should not be viewed as a substitute for GAAP net earnings. In addition, the company’s definition of net operating earnings may differ from the definitions used by other companies.
 
The table on page 6 of this financial supplement provides a reconciliation of pro forma net operating earnings to historical and pro forma net earnings. The term “net operating loss” as used in this financial supplement is also a non-GAAP financial measure and has a meaning corollary to “net operating earnings.”
 
All net realized investment gains (losses) are reflected in the Corporate and Other Segment and are not reflected in the results of any of the company’s other segments. As a result, the segment results contained in this financial supplement are presented on a net operating earnings basis, which is the same as net earnings under GAAP for all segments, except for the Corporate and Other Segment. For a reconciliation of pro forma net operating earnings for the Corporate and Other Segment to pro forma net earnings presented in accordance with GAAP, see the tables on pages 15 and 16 in this financial supplement.
 
3

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Definition of Sales
 
The term “sales” as used in this financial supplement means (1) annualized first-year premiums for term life insurance, long-term care insurance, group life and health insurance and life-contingent annuities; (2) deposits for universal life insurance, spread-based non-life contingent products and fee-based products; (3) gross written premiums for European payment protection insurance; and (4) new insurance written for mortgage insurance, which in each case reflects the amount of business the company generated during each period presented. Sales do not include renewal premiums or deposits on policies or contracts written during prior periods.
 
The company considers annualized first-year premiums, deposits and new insurance written to be a measure of the company’s operating performance because they represent a measure of new sales of insurance policies or contracts during a specified period, rather than a measure of the company’s revenues or profitability during that period. This operating measure enables the company to compare its operating performance across periods without regard to revenues or profitability related to policies or contracts sold in prior periods or from investments or other sources.
 
4

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Financial Highlights
(Dollar amounts in millions, except per share data)

Historical Combined Balance Sheet Data
	  	June 30,
2004
	
Total stockholders’ equity, excluding accumulated nonowner changes in stockholders’ equity	  	$	10,691	
Total accumulated nonowner changes in stockholders’ equity	  	 	386	
 	  			
Total stockholders’ equity	  	$	11,077	
 	  			
Book value per share	  	 	 	
Basic	  	$	22.63	
Diluted	  	$	22.57	
Book value per share, excluding accumulated nonowner changes in stockholders’ equity	  	 	 	
Basic	  	$	21.84	
Diluted	  	$	21.78	
 
Stockholders’ equity refers to stockholders’ interest in the Combined Statement of Financial Position
 
5

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Reconciliation to Pro Forma Net Operating Earnings 
(Dollar amounts in millions, except per share data)

Reconciliation of net earnings to pro forma net operating earnings
	  	For the Three
Months ended
June 30,
	 	 	For the Six
Months ended
June 30,
	 	
	  	2004
	 	 	2003
	 	 	2004
	 	 	2003
	 	
Net earnings	  	$	268	 	 	$	364	 	 	$	540	 	 	$	695	 	
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	(99	)	 	 	—  	 	 	 	(176	)	
(Gain) loss on sale of discontinued operations, net of taxes	  	 	—  	 	 	 	—  	 	 	 	(7	)	 	 	—  	 	
Cumulative effect of accounting change, net of taxes	  	 	—  	 	 	 	—  	 	 	 	(5	)	 	 	—  	 	
 	  				 				 				 				
Net earnings from continuing operations	  	 	268	 	 	 	265	 	 	 	528	 	 	 	519	 	
 	  				 				 				 				
Excluded assets and liabilities (a)	  	 	6	 	 	 	(10	)	 	 	7	 	 	 	(10	)	
Reinsurance transactions (b)	  	 	(4	)	 	 	(2	)	 	 	—  	 	 	 	(17	)	
Capital structure and other (c)	  	 	(9	)	 	 	(11	)	 	 	(18	)	 	 	(21	)	
 	  				 				 				 				
Pro forma net earnings from continuing operations	  	 	261	 	 	 	242	 	 	 	517	 	 	 	471	 	
 	  				 				 				 				
Pro forma net realized (gains) losses on investments, net of taxes	  	 	(4	)	 	 	14	 	 	 	(14	)	 	 	1	 	
One-time tax charge relating to initial public offering, net of taxes	  	 	22	 	 	 	—  	 	 	 	22	 	 	 	—  	 	
 	  				 				 				 				
Pro forma net operating earnings	  	$	279	 	 	$	256	 	 	$	525	 	 	$	472	 	
 	  				 				 				 				
Net earnings per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.55	 	 	$	0.74	 	 	$	1.10	 	 	$	1.42	 	
 	  				 				 				 				
Diluted	  	$	0.55	 	 	$	0.74	 	 	$	1.10	 	 	$	1.42	 	
 	  				 				 				 				
Net earnings from continuing operations per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.55	 	 	$	0.54	 	 	$	1.08	 	 	$	1.06	 	
 	  				 				 				 				
Diluted	  	$	0.55	 	 	$	0.54	 	 	$	1.08	 	 	$	1.06	 	
 	  				 				 				 				
Pro forma net earnings from continuing operations per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.53	 	 	$	0.49	 	 	$	1.06	 	 	$	0.96	 	
 	  				 				 				 				
Diluted	  	$	0.53	 	 	$	0.49	 	 	$	1.05	 	 	$	0.96	 	
 	  				 				 				 				
Pro forma net operating earnings per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.57	 	 	$	0.52	 	 	$	1.07	 	 	$	0.96	 	
 	  				 				 				 				
Diluted	  	$	0.57	 	 	$	0.52	 	 	$	1.07	 	 	$	0.96	 	
 	  				 				 				 				
Pro forma shares outstanding	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	489.5	 	 	 	489.5	 	 	 	489.5	 	 	 	489.5	 	
Diluted	  	 	490.9	 	 	 	490.9	 	 	 	490.9	 	 	 	490.9	 	
 
Note: For a discussion of notes (a), (b), and (c) to these tables see Notes To Pro Forma Financial Information on page 7.
 
6

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Notes to Pro Forma Financial Information
 
(a)	Reflects adjustments to exclude amounts included in the company’s historical combined earnings relating to (1) certain businesses (formerly reported in the company’s Affinity Segment) and certain investment partnerships, which in each case were not transferred to the company, and (2) net realized investment (gains) losses and related tax benefit arising from sales of Affinity segment assets that were reflected in the company’s Corporate and Other Segment.	
 
(b)	Reflects adjustments to record the effects of the reinsurance transactions the company entered into with, and the related contribution the company made to, UFLIC, an indirect subsidiary of GE. As part of these transactions, the company ceded to UFLIC all of its in-force structured settlement contracts, substantially all of its in-force variable annuity contracts, and a block of long-term care insurance policies that it reinsured from Travelers in 2000, and it assumed from UFLIC a block of Medicare supplement insurance, all effective as of January 1, 2004. The unaudited pro forma earnings information gives effect to the reinsurance transactions as if each occurred as of January 1, 2003 and excludes the effects of all ceded reinsured contracts that were issued before January 1, 2003. The company has continued to sell variable annuities and structured settlements after completion of the reinsurance transactions and is retaining that business for its own account, subject to third party insurance in the ordinary course of business.	
 
  	As a result, the company’s unaudited pro forma combined statement of earnings reflects premiums and fees from these products issued after January 1, 2003, even though variable annuities and structured settlements issued during 2003 are included in the blocks of policies reinsured to UFLIC. The company’s pro forma combined statements of earnings exclude the impact of the entire block of long-term care insurance policies that the company ceded to UFLIC as the company did not issue any new policies for this block in 2003, and the company will not issue any in the future.	
 
  	Under the reinsurance transactions, the company receives an expense allowance to reimburse it for costs it incurs to service the reinsured blocks. Actual costs and expense allowance amounts will be determined by expense studies to be conducted periodically. The pro forma adjustments have been prepared assuming that actual costs incurred during the pro forma periods, as determined under the company’s historical cost structure and allocation methods, were reimbursed by an expense allowance.	
 
  	In addition to investment assets transferred to UFLIC in exchange for a reinsurance recoverable asset from UFLIC, concurrently, the company contributed $1.836 billion of capital to UFLIC which primarily represented the excess statutory capital in the company’s insurance subsidiaries after giving effect to the reinsurance transactions. As a significant portion of the assets transferred and contributed were not owned for the entire period, the pro forma earnings adjustments to reduce net investment income and net realized investment gains were based upon a proportional allocation of investment income from the investment assets historically identified (1) as supporting the blocks of business reinsured for the reinsurance, and (2) as representing surplus of subsidiaries providing assets to be contributed to UFLIC for the contribution.	
 
(c)	Reflects adjustments for changes in the company’s capitalization to exclude the impact of commercial paper, short-term borrowings from GE Capital and derivatives that were not transferred to the company and are excluded from the company’s historical combined statement of financial position at June 30, 2004, and to include the impact of the issuance of $600 million of the company’s 6.00% Equity Units and $100 million of the company’s 5.25% mandatorily redeemable Series A Cumulative Preferred Stock, both of which were completed on May 24, 2004, the issuance of 3, 5, 10 and 30 year notes totaling $1.9 billion which was completed June 15, 2004, and the issuance of $500 million of commercial paper which was completed June 14, 2004, as well as interest expense related to the accretion of the company’s obligation to GE under the Tax Matters Agreement and the tax impacts resulting from these changes in the company’s capitalization.	
 
7

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT

 
HISTORICAL HIGHLIGHTS
 
8

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Financial Highlights
(Dollar amounts in millions, except per share data)

 	  	Three months ended
June 30,
	 	
HISTORICAL COMBINED EARNINGS BY SEGMENT
	  	2004
	 	 	2003
	 	
Earnings (loss) from continuing operations before income taxes	  	 	 	 	 	 	 	 	
Protection	  	$	207	 	 	$	200	 	
Retirement Income & Investments	  	 	74	 	 	 	82	 	
Mortgage Insurance	  	 	163	 	 	 	161	 	
Corporate and Other	  	 	14	 	 	 	(71	)	
Affinity	  	 	(19	)	 	 	22	 	
 	  				 				
Total	  	$	439	 	 	$	394	 	
 	  				 				
Net earnings (loss) from continuing operations	  	 	 	 	 	 	 	 	
Protection	  	$	129	 	 	$	131	 	
Retirement Income and Investments	  	 	47	 	 	 	55	 	
Mortgage Insurance	  	 	114	 	 	 	114	 	
Corporate and Other	  	 	(10	)	 	 	(46	)	
Affinity	  	 	(12	)	 	 	11	 	
 	  				 				
Total	  	 	268	 	 	 	265	 	
 	  				 				
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	99	 	
Gain on sale of discontinued operations, net of taxes	  	 	—  	 	 	 	—  	 	
Cumulative effect of accounting changes, net of taxes	  	 	—  	 	 	 	—  	 	
 	  				 				
Net Earnings	  	$	268	 	 	$	364	 	

 	  	Three Months ended
June 30,
	 	
 	  	2004
	 	 	Pro Forma 1
2003
	 	
EARNINGS PER SHARE
	  			 			
Basic EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations	  	$	0.55	 	 	$	0.54	 	
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	0.20	 	
Gain on sale of discontinued operations, net of taxes	  	 	—  	 	 	 	—  	 	
Cumulative effect of accounting changes, net of taxes	  	 	—  	 	 	 	—  	 	
 	  				 				
Basic earnings per share	  	$	0.55	 	 	$	0.74	 	
 	  				 				
Diluted EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations	  	$	0.55	 	 	$	0.54	 	
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	0.20	 	
Gain on sale of discontinued operations, net of taxes	  	 	—  	 	 	 	—  	 	
Cumulative effect of accounting changes, net of taxes	  	 	—  	 	 	 	—  	 	
 	  				 				
Diluted earnings per share	  	$	0.55	 	 	$	0.74	 	
 	  				 				
Shares outstanding (millions)	  	 	 	 	 	 	 	 	
Basic	  	 	489.5	 	 	 	489.5	 	
Diluted	  	 	490.9	 	 	 	490.9	 	

1 	Basic and diluted pro forma earnings per share for the three and six month periods ended June 30, 2003 were calculated by dividing historical net earnings for that period by the basic and diluted number of shares outstanding as of June 30, 2004, assuming in each case that such shares were outstanding as of June 30, 2003. 	
 
9

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Financial Highlights
(Dollar amounts in millions, except per share data)

 	  	Six months ended
June 30,
	 	
HISTORICAL COMBINED EARNINGS BY SEGMENT
	  	2004
	 	 	2003
	 	
Earnings (loss) from continuing operations before income taxes	  	 	 	 	 	 	 	 	
Protection	  	$	400	 	 	$	401	 	
Retirement Income & Investments	  	 	121	 	 	 	147	 	
Mortgage Insurance	  	 	311	 	 	 	277	 	
Corporate and Other	  	 	16	 	 	 	(95	)	
Affinity	  	 	(32	)	 	 	18	 	
 	  				 				
Total	  	$	816	 	 	$	748	 	
 	  				 				
Net earnings (loss) from continuing operations	  	 	 	 	 	 	 	 	
Protection	  	$	253	 	 	$	262	 	
Retirement Income and Investments	  	 	78	 	 	 	97	 	
Mortgage Insurance	  	 	217	 	 	 	199	 	
Corporate and Other	  	 	(6	)	 	 	(50	)	
Affinity	  	 	(14	)	 	 	11	 	
 	  				 				
Total	  	 	528	 	 	 	519	 	
 	  				 				
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	176	 	
Gain on sale of discontinued operations, net of taxes	  	 	7	 	 	 	—  	 	
Cumulative effect of accounting changes, net of taxes	  	 	5	 	 	 	—  	 	
 	  				 				
Net Earnings	  	$	540	 	 	$	695	 	

 	  	Six Months ended
June 30,
	 	
 	  	2004
	 	 	Pro Forma 1
2003
	 	
EARNINGS PER SHARE
	  			 			
Basic EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations	  	$	1.08	 	 	$	1.06	 	
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	0.36	 	
Gain on sale of discontinued operations, net of taxes	  	 	0.01	 	 	 	—  	 	
Cumulative effect of accounting changes, net of taxes	  	 	0.01	 	 	 	—  	 	
 	  				 				
Basic earnings per share	  	$	1.10	 	 	$	1.42	 	
 	  				 				
Diluted EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations	  	$	1.08	 	 	$	1.06	 	
Net earnings from discontinued operations, net of taxes	  	 	—  	 	 	 	0.36	 	
Gain on sale of discontinued operations, net of taxes	  	 	0.01	 	 	 	—  	 	
Cumulative effect of accounting changes, net of taxes	  	 	0.01	 	 	 	—  	 	
 	  				 				
Diluted earnings per share	  	$	1.10	 	 	$	1.42	 	
 	  				 				
Shares outstanding (millions)	  	 	 	 	 	 	 	 	
Basic	  	 	489.5	 	 	 	489.5	 	
Diluted	  	 	490.9	 	 	 	490.9	 	

1 	Basic and diluted pro forma earnings per share for the three and six month periods ended June 30, 2003 were calculated by dividing historical net earnings for that period by the basic and diluted number of shares outstanding as of June 30, 2004, assuming in each case that such shares were outstanding as of June 30, 2003.	
 
10

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Combined Earnings From Continuing Operations
(Dollar amounts in millions)

 	  	Three months ended
June 30,
	 	
 	  	2004
	 	 	2003
	 	
REVENUES:	  	 	 	 	 	 	 	 	
Premiums	  	$	1,708	 	 	$	1,690	 	
Net investment income	  	 	1,001	 	 	 	995	 	
Net realized investment gains (losses)	  	 	8	 	 	 	(37	)	
Policy fees and other Income	  	 	200	 	 	 	216	 	
 	  				 				
Total revenues	  	 	2,917	 	 	 	2,864	 	
 	  				 				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	
Benefits and other changes in policy reserves	  	 	1,296	 	 	 	1,202	 	
Interest credited	  	 	354	 	 	 	406	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	476	 	 	 	476	 	
Amortization of deferred acquisition costs and intangibles	  	 	305	 	 	 	359	 	
Interest expense	  	 	47	 	 	 	27	 	
 	  				 				
Total benefits and expenses	  	 	2,478	 	 	 	2,470	 	
 	  				 				
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	439	 	 	 	394	 	
Provision for income taxes	  	 	171	 	 	 	129	 	
Effective tax rate	  	 	39	%	 	 	33	%	
 	  				 				
NET EARNINGS FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	268	 	 	$	265	 	

11

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Combined Earnings From Continuing Operations
(Dollar amounts in millions)

 	  	Six months ended
June 30,
	 	
 	  	2004
	 	 	2003
	 	
REVENUES:	  	 	 	 	 	 	 	 	
Premiums	  	$	3,430	 	 	$	3,277	 	
Net investment income	  	 	2,038	 	 	 	1,987	 	
Net realized investment gains (losses)	  	 	24	 	 	 	(16	)	
Policy fees and other Income	  	 	446	 	 	 	447	 	
 	  				 				
Total revenues	  	 	5,938	 	 	 	5,695	 	
 	  				 				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	
Benefits and other changes in policy reserves	  	 	2,644	 	 	 	2,455	 	
Interest credited	  	 	750	 	 	 	815	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	984	 	 	 	964	 	
Amortization of deferred acquisition costs and intangibles	  	 	650	 	 	 	659	 	
Interest expense	  	 	94	 	 	 	54	 	
 	  				 				
Total benefits and expenses	  	 	5,122	 	 	 	4,947	 	
 	  				 				
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	816	 	 	 	748	 	
Provision for income taxes	  	 	288	 	 	 	229	 	
Effective tax rate	  	 	35	%	 	 	31	%	
 	  				 				
NET EARNINGS FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	528	 	 	$	519	 	

12

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Combined Statement of Financial Position
(Dollar amounts in millions) 

 	  	June 30, 2004
	  	December 31, 2003
	 	
ASSETS	  	 	 	  	 	 	 	
Investments:	  	 	 	  	 	 	 	
Fixed maturities available-for-sale, at fair value	  	$	48,001	  	$	65,485	 	
Equity securities available-for-sale, at fair value	  	 	352	  	 	600	 	
Mortgage and other loans, net of valuation allowance of $49 and $50	  	 	5,800	  	 	6,114	 	
Policy loans	  	 	1,108	  	 	1,105	 	
Short term investments	  	 	856	  	 	531	 	
Restricted investments held by securitization entities	  	 	956	  	 	1,069	 	
Other invested assets	  	 	3,558	  	 	3,789	 	
 	  			  				
Total investments	  	 	60,631	  	 	78,693	 	
			
Cash and cash equivalents	  	 	1,384	  	 	1,982	 	
Accrued investment income	  	 	736	  	 	970	 	
Deferred acquisition costs	  	 	4,989	  	 	5,788	 	
Intangible assets	  	 	889	  	 	1,346	 	
Goodwill	  	 	1,457	  	 	1,728	 	
Reinsurance recoverable	  	 	18,817	  	 	2,334	 	
Other assets ($30 and $65 restricted in securitization entities)	  	 	1,471	  	 	2,346	 	
Deferred tax asset	  	 	139	  	 	—  	 	
Separate account assets	  	 	8,393	  	 	8,244	 	
 	  			  				
Total assets	  	$	98,906	  	$	103,431	 	
 	  			  				
LIABILITIES AND STOCKHOLDERS’ INTEREST	  	 	 	  	 	 	 	
Liabilities:	  	 	 	  	 	 	 	
Future annuity and contract benefits	  	$	59,935	  	$	59,257	 	
Liability for policy and contract claims	  	 	3,180	  	 	3,207	 	
Unearned premiums	  	 	3,329	  	 	3,616	 	
Other policyholder liabilities	  	 	723	  	 	465	 	
Other liabilities ($16 and $58 restricted in securitization entities)	  	 	7,117	  	 	7,051	 	
Non-recourse funding obligations	  	 	600	  	 	600	 	
Short-term borrowings	  	 	500	  	 	2,239	 	
Long-term borrowings	  	 	2,415	  	 	529	 	
3.84% Senior notes due 2009 underlying equity units	  	 	600	  	 	—  	 	
Series A preferred stock, mandatorily redeemable	  	 	100	  	 	—  	 	
Deferred tax liabilities	  	 	—  	  	 	1,405	 	
Borrowings related to securitization entities	  	 	937	  	 	1,018	 	
Separate account liabilities	  	 	8,393	  	 	8,244	 	
 	  			  				
Total liabilities	  	 	87,829	  	 	87,631	 	
			
Stockholders’ interest:	  	 	 	  	 	 	 	
Common stock	  	 	—  	  	 	—  	 	
Paid-in capital	  	 	10,599	  	 	8,377	 	
Accumulated nonowner changes in stockholders’ interest:	  	 	 	  	 	 	 	
Net unrealized investment gains	  	 	166	  	 	1,518	 	
Derivatives qualifying as hedges	  	 	84	  	 	(5	)	
Foreign currency translation adjustments	  	 	136	  	 	159	 	
 	  			  				
Total accumulated nonowner changes in stockholders’ interest	  	 	386	  	 	1,672	 	
Retained earnings	  	 	92	  	 	5,751	 	
 	  			  				
Total stockholders’ interest	  	 	11,077	  	 	15,800	 	
 	  			  				
Total liabilities and stockholders’ interest	  	$	98,906	  	$	103,431	 	

13

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT

PRO FORMA HIGHLIGHTS
 
14

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Financial Highlights
(Dollar amounts in millions, except per share data)

 	  	Three months ended
June 30,
	 	
PRO FORMA EARNINGS BY SEGMENT
	  	2004
	 	 	2003
	 	
Earnings (loss) from continuing operations before income taxes	  	 	 	 	 	 	 	 	
Protection	  	$	206	 	 	$	197	 	
Retirement Income & Investments	  	 	70	 	 	 	59	 	
Mortgage Insurance	  	 	163	 	 	 	161	 	
Corporate and Other	  	 	(10	)	 	 	(64	)	
 	  				 				
Total	  	$	429	 	 	$	353	 	
 	  				 				
Net earnings (loss) from continuing operations	  	 	 	 	 	 	 	 	
Protection	  	$	129	 	 	$	129	 	
Retirement Income and Investments	  	 	45	 	 	 	40	 	
Mortgage Insurance	  	 	114	 	 	 	114	 	
Corporate and Other	  	 	(27	)	 	 	(41	)	
 	  				 				
Total	  	$	261	 	 	$	242	 	
 	  				 				
Net operating earnings (loss)	  	 	 	 	 	 	 	 	
Protection	  	$	129	 	 	$	129	 	
Retirement Income and Investments	  	 	45	 	 	 	40	 	
Mortgage Insurance	  	 	114	 	 	 	114	 	
Corporate and Other (see reconciliation below)	  	 	(9	)	 	 	(27	)	
 	  				 				
Total	  	$	279	 	 	$	256	 	

 	  	As
of or for the Three Months ended
June 30,
	 	
PRO FORMA EARNINGS PER SHARE 1
	  	2004
	 	 	2003
	 	
Basic EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations per share	  	$	0.53	 	 	$	0.49	 	
Net operating earnings per share	  	$	0.57	 	 	$	0.52	 	
			
Diluted EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations per share	  	$	0.53	 	 	$	0.49	 	
Net operating earnings per share	  	$	0.57	 	 	$	0.52	 	
			
Shares outstanding (millions)	  	 	 	 	 	 	 	 	
Basic	  	 	489.5	 	 	 	489.5	 	
Diluted	  	 	490.9	 	 	 	490.9	 	

1 	Basic and diluted pro forma earnings per share for each period were calculated by dividing historical net earnings for such period by the basic and diluted number of shares outstanding as of June 30, 2004, assuming in each case that such shares were outstanding as of June 30, 2003.	

Reconciliation of Corporate and Other segment net loss to pro forma net operating loss
	  	Three months ended June 30,
	 	
 	  	2004
	 	 	2003
	 	
Segment net loss	  	$	(10	)	 	$	(46	)	
Excluded assets and liabilities (a)	  	 	(6	)	 	 	2	 	
Reinsurance transactions (b)	  	 	(2	)	 	 	14	 	
Capital structure and other (c)	  	 	(9	)	 	 	(11	)	
 	  				 				
Pro forma net loss from continuing operations	  	 	(27	)	 	 	(41	)	
 	  				 				
Net realized (gains) losses on investments, net of taxes	  	 	(4	)	 	 	14	 	
One-time tax charge relating to initial public offering	  	 	22	 	 	 	—  	 	
 	  				 				
Pro forma net operating loss	  	$	(9	)	 	$	(27	)	

Note: For a discussion of notes (a), (b), and (c) to these tables see Notes To Pro Forma Financial Information on page 7.
 
15

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Financial Highlights
(Dollar amounts in millions, except per share data)

 	  	Six months ended
June 30,
	 	
PRO FORMA EARNINGS BY SEGMENT
	  	2004
	 	 	2003
	 	
Earnings (loss) before income taxes	  	 	 	 	 	 	 	 	
Protection	  	$	398	 	 	$	388	 	
Retirement Income & Investments	  	 	119	 	 	 	100	 	
Mortgage Insurance	  	 	311	 	 	 	277	 	
Corporate and Other	  	 	(21	)	 	 	(95	)	
 	  				 				
Total earnings (loss) before income taxes	  	$	807	 	 	$	670	 	
 	  				 				
Segment net earnings (loss)	  	 	 	 	 	 	 	 	
Protection	  	$	252	 	 	$	253	 	
Retirement Income and Investments	  	 	77	 	 	 	66	 	
Mortgage Insurance	  	 	217	 	 	 	199	 	
Corporate and Other	  	 	(29	)	 	 	(47	)	
 	  				 				
Total segment net earnings (loss)	  	$	517	 	 	$	471	 	
 	  				 				
Net operating earnings (loss)	  	 	 	 	 	 	 	 	
Protection	  	$	252	 	 	$	253	 	
Retirement Income and Investments	  	 	77	 	 	 	66	 	
Mortgage Insurance	  	 	217	 	 	 	199	 	
Corporate and Other (see reconciliation below)	  	 	(21	)	 	 	(46	)	
 	  				 				
Total	  	$	525	 	 	$	472	 	

 	  	As of or for the Six Months
ended June 30,
	 	
PRO FORMA EARNINGS PER SHARE 1
	  	2004
	 	 	2003
	 	
Basic EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations per share	  	$	1.06	 	 	$	0.96	 	
Net operating earnings per share	  	$	1.07	 	 	$	0.96	 	
Diluted EPS	  	 	 	 	 	 	 	 	
Net earnings from continuing operations per share	  	$	1.05	 	 	$	0.96	 	
Net operating earnings per share	  	$	1.07	 	 	$	0.96	 	
Shares outstanding (millions)	  	 	 	 	 	 	 	 	
Basic	  	 	489.5	 	 	 	489.5	 	
Diluted	  	 	490.9	 	 	 	490.9	 	

1 	Basic and diluted pro forma earnings per share for each period were calculated by dividing historical net earnings for such period by the basic and diluted number of shares outstanding as of June 30, 2004, assuming in each case that such shares were outstanding as of June 30, 2003.	
 
Reconciliation of Corporate and Other segment net loss to pro forma net operating loss

 	  	Six months ended June 30,
	 	
 	  	2004
	 	 	2003
	 	
Segment net loss	  	$	(6	)	 	$	(50	)	
Excluded assets and liabilities (a)	  	 	(6	)	 	 	1	 	
Reinsurance transactions (b)	  	 	—  	 	 	 	23	 	
Capital structure and other (c)	  	 	(17	)	 	 	(21	)	
 	  				 				
Pro forma net loss from continuing operations	  	 	(29	)	 	 	(47	)	
 	  				 				
Net realized (gains) losses on investments, net of taxes	  	 	(14	)	 	 	1	 	
One-time tax charge relating to initial public offering	  	 	22	 	 	 	—  	 	
 	  				 				
Pro forma net operating loss	  	$	(21	)	 	$	(46	)	

Note: For a discussion of notes (a), (b), and (c) to these tables see Notes To Pro Forma Financial Information on page 7.
 
16

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Earnings From Continuing Operations
(Dollar amounts in millions)

 	  	Three months ended
June 30,
	 	
 	  	2004
	 	 	2003
	 	
REVENUES:	  	 	 	 	 	 	 	 	
Premiums	  	$	1,640	 	 	$	1,580	 	
Net investment income	  	 	815	 	 	 	722	 	
Net realized investment gains (losses)	  	 	6	 	 	 	(22	)	
Policy fees and other Income	  	 	144	 	 	 	120	 	
 	  				 				
Total revenues	  	 	2,605	 	 	 	2,400	 	
 	  				 				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	
Benefits and other changes in policy reserves	  	 	1,106	 	 	 	964	 	
Interest credited	  	 	324	 	 	 	340	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	420	 	 	 	386	 	
Amortization of deferred acquisition costs and intangibles	  	 	267	 	 	 	313	 	
Interest expense	  	 	59	 	 	 	44	 	
 	  				 				
Total benefits and expenses	  	 	2,176	 	 	 	2,047	 	
 	  				 				
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	429	 	 	 	353	 	
Provision for income taxes	  	 	168	 	 	 	111	 	
Effective tax rate	  	 	39	%	 	 	31	%	
 	  				 				
NET EARNINGS FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	261	 	 	$	242	 	

17

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Earnings From Continuing Operations
(Dollar amounts in millions)

 	  	Six months ended
June 30,
	 	
 	  	2004
	 	 	2003
	 	
REVENUES:	  	 	 	 	 	 	 	 	
Premiums	  	$	3,259	 	 	$	3,058	 	
Net investment income	  	 	1,587	 	 	 	1,443	 	
Net realized investment gains (losses)	  	 	21	 	 	 	(2	)	
Policy fees and other Income	  	 	293	 	 	 	255	 	
 	  				 				
Total revenues	  	 	5,160	 	 	 	4,754	 	
 	  				 				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	
Benefits and other changes in policy reserves	  	 	2,192	 	 	 	1,960	 	
Interest credited	  	 	654	 	 	 	683	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	834	 	 	 	790	 	
Amortization of deferred acquisition costs and intangibles	  	 	553	 	 	 	564	 	
Interest expense	  	 	120	 	 	 	87	 	
 	  				 				
Total benefits and expenses	  	 	4,353	 	 	 	4,084	 	
 	  				 				
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	807	 	 	 	670	 	
Provision for income taxes	  	 	290	 	 	 	199	 	
Effective tax rate	  	 	36	%	 	 	30	%	
 	  				 				
NET EARNINGS FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	517	 	 	$	471	 	

18

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
ADDITIONAL
PRO FORMA INFORMATION
 
19

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Statement of Earnings by Segment
(Dollar amounts in millions)

Three months ended June 30, 2004
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	 	 	Corporate
Segment
	 	 	 	  	Combined
	 	
REVENUES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	1,098	  	$	321	  	$	195	 	 	$	26	 	 	 	  	$	1,640	 	
Net investment income	  	 	288	  	 	413	  	 	61	 	 	 	53	 	 	 	  	 	815	 	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	 	 	 	6	 	 	 	  	 	6	 	
Policy fees and other Income	  	 	79	  	 	53	  	 	10	 	 	 	2	 	 	 	  	 	144	 	
 	  			  			  				 				 	 	  				
Total revenues	  	 	1,465	  	 	787	  	 	266	 	 	 	87	 	 	 	  	 	2,605	 	
 	  			  			  				 				 	 	  				
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	691	  	 	379	  	 	27	 	 	 	9	 	 	 	  	 	1,106	 	
Interest credited	  	 	90	  	 	234	  	 	—  	 	 	 	—  	 	 	 	  	 	324	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	262	  	 	65	  	 	65	 	 	 	28	 	 	 	  	 	420	 	
Amortization of deferred acquisition costs and intangibles	  	 	214	  	 	38	  	 	11	 	 	 	4	 	 	 	  	 	267	 	
Interest expense	  	 	2	  	 	1	  	 	—  	 	 	 	56	 	 	 	  	 	59	 	
 	  			  			  				 				 	 	  				
Total benefits and expenses	  	 	1,259	  	 	717	  	 	103	 	 	 	97	 	 	 	  	 	2,176	 	
 	  			  			  				 				 	 	  				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	206	  	 	70	  	 	163	 	 	 	(10	)	 	 	  	 	429	 	
 	  			  			  				 				 	 	  				
Provision for income taxes	  	 	77	  	 	25	  	 	49	 	 	 	17	 	 	 	  	 	168	 	
 	  			  			  				 				 	 	  				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	 	129	  	 	45	  	 	114	 	 	 	(27	)	 	 	  	 	261	 	
 	  			  			  				 				 	 	  				
Net realized investment gains on investments, net of tax	  	 	—  	  	 	—  	  	 	—  	 	 	 	(4	)	 	 	  	 	(4	)	
One-time tax charge relating to initial public offering	  	 	—  	  	 	—  	  	 	—  	 	 	 	22	 	 	 	  	 	22	 	
 	  			  			  				 				 	 	  				
NET OPERATING EARNINGS (LOSS)	  	$	129	  	$	45	  	$	114	 	 	$	(9	)	 	 	  	$	279	 	

 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	 	
Three months ended June 30, 2003
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	 	 	Corporate
Segment
	 	 	 	  	Combined
	 	
REVENUES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	1,128	  	$	251	  	$	175	 	 	$	26	 	 	 	  	$	1,580	 	
Net investment income	  	 	271	  	 	387	  	 	54	 	 	 	10	 	 	 	  	 	722	 	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	 	 	 	(22	)	 	 	  	 	(22	)	
Policy fees and other Income	  	 	81	  	 	24	  	 	13	 	 	 	2	 	 	 	  	 	120	 	
 	  			  			  				 				 	 	  				
Total revenues	  	 	1,480	  	 	662	  	 	242	 	 	 	16	 	 	 	  	 	2,400	 	
 	  			  			  				 				 	 	  				
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	657	  	 	303	  	 	(8	)	 	 	12	 	 	 	  	 	964	 	
Interest credited	  	 	92	  	 	248	  	 	—  	 	 	 	—  	 	 	 	  	 	340	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	244	  	 	40	  	 	81	 	 	 	21	 	 	 	  	 	386	 	
Amortization of deferred acquisition costs and intangibles	  	 	290	  	 	12	  	 	8	 	 	 	3	 	 	 	  	 	313	 	
Interest expense	  	 	—  	  	 	—  	  	 	—  	 	 	 	44	 	 	 	  	 	44	 	
 	  			  			  				 				 	 	  				
Total benefits and expenses	  	 	1,283	  	 	603	  	 	81	 	 	 	80	 	 	 	  	 	2,047	 	
 	  			  			  				 				 	 	  				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	197	  	 	59	  	 	161	 	 	 	(64	)	 	 	  	 	353	 	
 	  			  			  				 				 	 	  				
Provision for income taxes	  	 	68	  	 	19	  	 	47	 	 	 	(23	)	 	 	  	 	111	 	
 	  			  			  				 				 	 	  				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	 	129	  	 	40	  	 	114	 	 	 	(41	)	 	 	  	 	242	 	
 	  			  			  				 				 	 	  				
Net realized investment gains on investments, net of tax	  	 	—  	  	 	—  	  	 	—  	 	 	 	14	 	 	 	  	 	14	 	
One-time tax charge relating to initial public offering	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	  	 	—  	 	
 	  			  			  				 				 	 	  				
NET OPERATING EARNINGS (LOSS)	  	$	129	  	$	40	  	$	114	 	 	$	(27	)	 	 	  	$	256	 	

20

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Statement of Earnings by Segment
(Dollar amounts in millions)

Six months ended June 30, 2004
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	  	Corporate
Segment
	 	 	 	  	Combined
	 	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	
Premiums	  	$	2,219	  	$	598	  	$	390	  	$	52	 	 	 	  	$	3,259	 	
Net investment income	  	 	569	  	 	809	  	 	121	  	 	88	 	 	 	  	 	1,587	 	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	  	 	21	 	 	 	  	 	21	 	
Policy fees and other Income	  	 	166	  	 	105	  	 	18	  	 	4	 	 	 	  	 	293	 	
 	  			  			  			  				 	 	  				
Total revenues	  	 	2,954	  	 	1,512	  	 	529	  	 	165	 	 	 	  	 	5,160	 	
 	  			  			  			  				 	 	  				
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	1,385	  	 	723	  	 	66	  	 	18	 	 	 	  	 	2,192	 	
Interest credited	  	 	180	  	 	474	  	 	—  	  	 	—  	 	 	 	  	 	654	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	531	  	 	127	  	 	129	  	 	47	 	 	 	  	 	834	 	
Amortization of deferred acquisition costs and intangibles	  	 	455	  	 	68	  	 	23	  	 	7	 	 	 	  	 	553	 	
Interest expense	  	 	5	  	 	1	  	 	—  	  	 	114	 	 	 	  	 	120	 	
 	  			  			  			  				 	 	  				
Total benefits and expenses	  	 	2,556	  	 	1,393	  	 	218	  	 	186	 	 	 	  	 	4,353	 	
 	  			  			  			  				 	 	  				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	398	  	 	119	  	 	311	  	 	(21	)	 	 	  	 	807	 	
 	  			  			  			  				 	 	  				
Provision for income taxes	  	 	146	  	 	42	  	 	94	  	 	8	 	 	 	  	 	290	 	
 	  			  			  			  				 	 	  				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	 	252	  	 	77	  	 	217	  	 	(29	)	 	 	  	 	517	 	
 	  			  			  			  				 	 	  				
Net realized investment gains on investments, net of tax	  	 	—  	  	 	—  	  	 	—  	  	 	(14	)	 	 	  	 	(14	)	
One-time tax charge relating to initial public offering	  	 	—  	  	 	—  	  	 	—  	  	 	22	 	 	 	  	 	22	 	
 	  			  			  			  				 	 	  				
NET OPERATING EARNINGS (LOSS)	  	$	252	  	$	77	  	$	217	  	$	(21	)	 	 	  	$	525	 	

Six months ended June 30, 2003
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	  	Corporate
Segment
	 	 	 	  	Combined
	 	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	
Premiums	  	$	2,159	  	$	509	  	$	340	  	$	50	 	 	 	  	$	3,058	 	
Net investment income	  	 	542	  	 	788	  	 	104	  	 	9	 	 	 	  	 	1,443	 	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	  	 	(2	)	 	 	  	 	(2	)	
Policy fees and other Income	  	 	172	  	 	54	  	 	25	  	 	4	 	 	 	  	 	255	 	
 	  			  			  			  				 	 	  				
Total revenues	  	 	2,873	  	 	1,351	  	 	469	  	 	61	 	 	 	  	 	4,754	 	
 	  			  			  			  				 	 	  				
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	1,301	  	 	613	  	 	25	  	 	21	 	 	 	  	 	1,960	 	
Interest credited	  	 	183	  	 	500	  	 	—  	  	 	—  	 	 	 	  	 	683	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	505	  	 	92	  	 	151	  	 	42	 	 	 	  	 	790	 	
Amortization of deferred acquisition costs and intangibles	  	 	496	  	 	46	  	 	16	  	 	6	 	 	 	  	 	564	 	
Interest expense	  	 	—  	  	 	—  	  	 	—  	  	 	87	 	 	 	  	 	87	 	
 	  			  			  			  				 	 	  				
Total benefits and expenses	  	 	2,485	  	 	1,251	  	 	192	  	 	156	 	 	 	  	 	4,084	 	
 	  			  			  			  				 	 	  				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	388	  	 	100	  	 	277	  	 	(95	)	 	 	  	 	670	 	
 	  			  			  			  				 	 	  				
Provision for income taxes	  	 	135	  	 	34	  	 	78	  	 	(48	)	 	 	  	 	199	 	
 	  			  			  			  				 	 	  				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	 	253	  	 	66	  	 	199	  	 	(47	)	 	 	  	 	471	 	
 	  			  			  			  				 	 	  				
Net realized investment gains on investments, net of tax	  	 	—  	  	 	—  	  	 	—  	  	 	1	 	 	 	  	 	1	 	
One-time tax charge relating to initial public offering	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	  	 	—  	 	
 	  			  			  			  				 	 	  				
NET OPERATING EARNINGS (LOSS)	  	$	253	  	$	66	  	$	199	  	$	(46	)	 	 	  	$	472	 	

21

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Protection
(Dollar amounts in millions)

Three months ended June 30, 2004
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	  	Group
	  	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Premiums	  	$	187	  	$	399	  	$	359	  	$	153	  	 	  	$	1,098	
Net investment income	  	 	109	  	 	143	  	 	26	  	 	10	  	 	  	 	288	
Policy fees and other income	  	 	68	  	 	1	  	 	5	  	 	5	  	 	  	 	79	
 	  			  			  			  			  	 	  			
Total revenues	  	 	364	  	 	543	  	 	390	  	 	168	  	 	  	 	1,465	
 	  			  			  			  			  	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Benefits and other changes in policy reserves	  	 	145	  	 	374	  	 	64	  	 	108	  	 	  	 	691	
Interest credited	  	 	61	  	 	29	  	 	—  	  	 	—  	  	 	  	 	90	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	31	  	 	62	  	 	129	  	 	40	  	 	  	 	262	
Amortization of deferred acquisition costs and intangibles	  	 	30	  	 	11	  	 	165	  	 	8	  	 	  	 	214	
Interest expense	  	 	2	  	 	—  	  	 	—  	  	 	—  	  	 	  	 	2	
 	  			  			  			  			  	 	  			
Total benefits and expenses	  	 	269	  	 	476	  	 	358	  	 	156	  	 	  	 	1,259	
 	  			  			  			  			  	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	95	  	 	67	  	 	32	  	 	12	  	 	  	 	206	
 	  			  			  			  			  	 	  			
Provision for income taxes	  	 	35	  	 	24	  	 	14	  	 	4	  	 	  	 	77	
 	  			  			  			  			  	 	  			
SEGMENT NET EARNINGS	  	$	60	  	$	43	  	$	18	  	$	8	  	 	  	$	129	

 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Three months ended June 30 , 2003
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	  	Group
	  	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Premiums	  	$	177	  	$	385	  	$	413	  	$	153	  	 	  	$	1,128	
Net investment income	  	 	113	  	 	125	  	 	23	  	 	10	  	 	  	 	271	
Policy fees and other income	  	 	67	  	 	4	  	 	2	  	 	8	  	 	  	 	81	
 	  			  			  			  			  	 	  			
Total revenues	  	 	357	  	 	514	  	 	438	  	 	171	  	 	  	 	1,480	
 	  			  			  			  			  	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Benefits and other changes in policy reserves	  	 	116	  	 	337	  	 	98	  	 	106	  	 	  	 	657	
Interest credited	  	 	65	  	 	27	  	 	—  	  	 	—  	  	 	  	 	92	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	35	  	 	68	  	 	102	  	 	39	  	 	  	 	244	
Amortization of deferred acquisition costs and intangibles	  	 	55	  	 	18	  	 	210	  	 	7	  	 	  	 	290	
Interest expense	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	  	 	—  	
 	  			  			  			  			  	 	  			
Total benefits and expenses	  	 	271	  	 	450	  	 	410	  	 	152	  	 	  	 	1,283	
 	  			  			  			  			  	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	86	  	 	64	  	 	28	  	 	19	  	 	  	 	197	
 	  			  			  			  			  	 	  			
Provision for income taxes	  	 	32	  	 	23	  	 	6	  	 	7	  	 	  	 	68	
 	  			  			  			  			  	 	  			
SEGMENT NET EARNINGS	  	$	54	  	$	41	  	$	22	  	$	12	  	 	  	$	129	

Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
22

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Protection
(Dollar amounts in millions)

Six months ended June 30, 2004
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	  	Group
	  	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Premiums	  	$	377	  	$	790	  	$	744	  	$	308	  	 	  	$	2,219	
Net investment income	  	 	218	  	 	278	  	 	52	  	 	21	  	 	  	 	569	
Policy fees and other income	  	 	143	  	 	3	  	 	10	  	 	10	  	 	  	 	166	
 	  			  			  			  			  	 	  			
Total revenues	  	 	738	  	 	1,071	  	 	806	  	 	339	  	 	  	 	2,954	
 	  			  			  			  			  	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Benefits and other changes in policy reserves	  	 	306	  	 	716	  	 	145	  	 	218	  	 	  	 	1,385	
Interest credited	  	 	123	  	 	57	  	 	—  	  	 	—  	  	 	  	 	180	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	60	  	 	135	  	 	254	  	 	82	  	 	  	 	531	
Amortization of deferred acquisition costs and intangibles	  	 	59	  	 	35	  	 	345	  	 	16	  	 	  	 	455	
Interest expense	  	 	5	  	 	—  	  	 	—  	  	 	—  	  	 	  	 	5	
 	  			  			  			  			  	 	  			
Total benefits and expenses	  	 	553	  	 	943	  	 	744	  	 	316	  	 	  	 	2,556	
 	  			  			  			  			  	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	185	  	 	128	  	 	62	  	 	23	  	 	  	 	398	
 	  			  			  			  			  	 	  			
Provision for income taxes	  	 	68	  	 	46	  	 	24	  	 	8	  	 	  	 	146	
 	  			  			  			  			  	 	  			
SEGMENT NET EARNINGS	  	$	117	  	$	82	  	$	38	  	$	15	  	 	  	$	252	

 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Six months ended June 30, 2003
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	  	Group
	  	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Premiums	  	$	346	  	$	749	  	$	756	  	$	308	  	 	  	$	2,159	
Net investment income	  	 	224	  	 	249	  	 	48	  	 	21	  	 	  	 	542	
Policy fees and other income	  	 	145	  	 	8	  	 	3	  	 	16	  	 	  	 	172	
 	  			  			  			  			  	 	  			
Total revenues	  	 	715	  	 	1,006	  	 	807	  	 	345	  	 	  	 	2,873	
 	  			  			  			  			  	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	 	 	
Benefits and other changes in policy reserves	  	 	256	  	 	664	  	 	169	  	 	212	  	 	  	 	1,301	
Interest credited	  	 	130	  	 	53	  	 	—  	  	 	—  	  	 	  	 	183	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	69	  	 	133	  	 	220	  	 	83	  	 	  	 	505	
Amortization of deferred acquisition costs and intangibles	  	 	88	  	 	35	  	 	360	  	 	13	  	 	  	 	496	
Interest expense	  	 	— 	  	 	—  	  	 	—  	  	 	—  	  	 	  	 	—  	
 	  			  			  			  			  	 	  			
Total benefits and expenses	  	 	543	  	 	885	  	 	749	  	 	308	  	 	  	 	2,485	
 	  			  			  			  			  	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	172	  	 	121	  	 	58	  	 	37	  	 	  	 	388	
 	  			  			  			  			  	 	  			
Provision for income taxes	  	 	63	  	 	45	  	 	14	  	 	13	  	 	  	 	135	
 	  			  			  			  			  	 	  			
SEGMENT NET EARNINGS	  	$	109	  	$	76	  	$	44	  	$	24	  	 	  	$	253	

Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
23

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Retirement Income and Investments
(Dollar amounts in millions) 

Three months ended June 30, 2004 
	  	Spread Based
Retail
Products
	  	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	321	  	$	—  	 	 	$	—  	 	 	  	$	321	
Net investment income	  	 	322	  	 	7	 	 	 	84	 	 	  	 	413	
Policy fees and other income	  	 	1	  	 	52	 	 	 	—  	 	 	  	 	53	
 	  			  				 			 	 	  			
Total revenues	  	 	644	  	 	59	 	 	 	84	 	 	  	 	787	
 	  			  				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	383	  	 	(4	)	 	 	—  	 	 	  	 	379	
Interest credited	  	 	161	  	 	6	 	 	 	67	 	 	  	 	234	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	35	  	 	29	 	 	 	1	 	 	  	 	65	
Amortization of deferred acquisition costs and intangibles	  	 	30	  	 	8	 	 	 	—  	 	 	  	 	38	
Interest expense	  	 	—  	  	 	1	 	 	 	—  	 	 	  	 	1	
 	  			  				 			 	 	  			
Total benefits and expenses	  	 	609	  	 	40	 	 	 	68	 	 	  	 	717	
 	  			  				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	35	  	 	19	 	 	 	16	 	 	  	 	70	
 	  			  				 			 	 	  			
Provision for income taxes	  	 	13	  	 	6	 	 	 	6	 	 	  	 	25	
 	  			  				 			 	 	  			
SEGMENT NET EARNINGS	  	$	22	  	$	13	 	 	$	10	 	 	  	$	45	

 	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
					 	
Three months ended June 30, 2003 
	  	Spread Based
Retail
Products
	  	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	251	  	$	—  	 	 	$	—  	 	 	  	$	251	
Net investment income	  	 	295	  	 	3	 	 	 	89	 	 	  	 	387	
Policy fees and other income	  	 	—  	  	 	24	 	 	 	—  	 	 	  	 	24	
 	  			  				 			 	 	  			
Total revenues	  	 	546	  	 	27	 	 	 	89	 	 	  	 	662	
 	  			  				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	294	  	 	9	 	 	 	—  	 	 	  	 	303	
Interest credited	  	 	171	  	 	2	 	 	 	75	 	 	  	 	248	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	27	  	 	13	 	 	 	—  	 	 	  	 	40	
Amortization of deferred acquisition costs and intangibles	  	 	10	  	 	2	 	 	 	—  	 	 	  	 	12	
Interest expense	  	 	—  	  	 	—  	 	 	 	—  	 	 	  	 	—  	
 	  			  				 			 	 	  			
Total benefits and expenses	  	 	502	  	 	26	 	 	 	75	 	 	  	 	603	
 	  			  				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	44	  	 	1	 	 	 	14	 	 	  	 	59	
 	  			  				 			 	 	  			
Provision for income taxes	  	 	17	  	 	(3	)	 	 	5	 	 	  	 	19	
 	  			  				 			 	 	  			
SEGMENT NET EARNINGS	  	$	27	  	$	4	 	 	$	9	 	 	  	$	40	

Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
24

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Retirement Income and Investments
(Dollar amounts in millions) 

Six months ended June 30, 2004 
	  	Spread Based
Retail
Products
	  	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	598	  	$	—  	 	 	$	—  	 	 	  	$	598	
Net investment income	  	 	629	  	 	20	 	 	 	160	 	 	  	 	809	
Policy fees and other income	  	 	1	  	 	104	 	 	 	—  	 	 	  	 	105	
 	  			  				 			 	 	  			
Total revenues	  	 	1,228	  	 	124	 	 	 	160	 	 	  	 	1,512	
 	  			  				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	721	  	 	2	 	 	 	—  	 	 	  	 	723	
Interest credited	  	 	325	  	 	16	 	 	 	133	 	 	  	 	474	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	64	  	 	61	 	 	 	2	 	 	  	 	127	
Amortization of deferred acquisition costs and intangibles	  	 	56	  	 	12	 	 	 	—  	 	 	  	 	68	
Interest expense	  	 	—  	  	 	1	 	 	 	—  	 	 	  	 	1	
 	  			  				 			 	 	  			
Total benefits and expenses	  	 	1,166	  	 	92	 	 	 	135	 	 	  	 	1,393	
 	  			  				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	62	  	 	32	 	 	 	25	 	 	  	 	119	
 	  			  				 			 	 	  			
Provision for income taxes	  	 	23	  	 	10	 	 	 	9	 	 	  	 	42	
 	  			  				 			 	 	  			
SEGMENT NET EARNINGS	  	$	39	  	$	22	 	 	$	16	 	 	  	$	77	

 	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
					 	
Six months ended June 30, 2003 
	  	Spread Based
Retail
Products
	  	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	509	  	$	—  	 	 	$	—  	 	 	  	$	509	
Net investment income	  	 	597	  	 	7	 	 	 	184	 	 	  	 	788	
Policy fees and other income	  	 	1	  	 	53	 	 	 	—  	 	 	  	 	54	
 	  			  				 			 	 	  			
Total revenues	  	 	1,107	  	 	60	 	 	 	184	 	 	  	 	1,351	
 	  			  				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	598	  	 	15	 	 	 	—  	 	 	  	 	613	
Interest credited	  	 	344	  	 	4	 	 	 	152	 	 	  	 	500	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	55	  	 	36	 	 	 	1	 	 	  	 	92	
Amortization of deferred acquisition costs and intangibles	  	 	34	  	 	12	 	 	 	—  	 	 	  	 	46	
Interest expense	  	 	—  	  	 	—  	 	 	 	—  	 	 	  	 	—  	
 	  			  				 			 	 	  			
Total benefits and expenses	  	 	1,031	  	 	67	 	 	 	153	 	 	  	 	1,251	
 	  			  				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	76	  	 	(7	)	 	 	31	 	 	  	 	100	
 	  			  				 			 	 	  			
Provision for income taxes	  	 	30	  	 	(7	)	 	 	11	 	 	  	 	34	
 	  			  				 			 	 	  			
SEGMENT NET EARNINGS	  	$	46	  	$	—  	 	 	$	20	 	 	  	$	66	

Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
25

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Mortgage Insurance
(Dollar amounts in millions)

Three months ended June 30, 2004 
	  	U. S.
	 	 	International
	 	 	  	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	116	 	 	$	79	 	 	  	$	195	 	
Net investment income	  	 	32	 	 	 	29	 	 	  	 	61	 	
Policy fees and other Income	  	 	5	 	 	 	5	 	 	  	 	10	 	
 	  				 			 	 	  				
Total revenues	  	 	153	 	 	 	113	 	 	  	 	266	 	
 	  				 			 	 	  				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	21	 	 	 	6	 	 	  	 	27	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	43	 	 	 	22	 	 	  	 	65	 	
Amortization of deferred acquisition costs and intangibles	  	 	7	 	 	 	4	 	 	  	 	11	 	
 	  				 			 	 	  				
Total benefits and expenses	  	 	71	 	 	 	32	 	 	  	 	103	 	
 	  				 			 	 	  				
EARNINGS BEFORE INCOME TAXES	  	 	82	 	 	 	81	 	 	  	 	163	 	
 	  				 			 	 	  				
Provision for income taxes	  	 	19	 	 	 	30	 	 	  	 	49	 	
 	  				 			 	 	  				
SEGMENT NET EARNINGS	  	$	63	 	 	$	51	 	 	  	$	114	 	

Three months ended June 30, 2003 
	  	U. S.
	 	 	International
	 	 	  	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	125	 	 	$	50	 	 	  	$	175	 	
Net investment income	  	 	33	 	 	 	21	 	 	  	 	54	 	
Policy fees and other Income	  	 	11	 	 	 	2	 	 	  	 	13	 	
 	  				 			 	 	  				
Total revenues	  	 	169	 	 	 	73	 	 	  	 	242	 	
 	  				 			 	 	  				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	(13	)	 	 	5	 	 	  	 	(8	)	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	68	 	 	 	13	 	 	  	 	81	 	
Amortization of deferred acquisition costs and intangibles	  	 	6	 	 	 	2	 	 	  	 	8	 	
 	  				 			 	 	  				
Total benefits and expenses	  	 	61	 	 	 	20	 	 	  	 	81	 	
 	  				 			 	 	  				
EARNINGS BEFORE INCOME TAXES	  	 	108	 	 	 	53	 	 	  	 	161	 	
 	  				 			 	 	  				
Provision for income taxes	  	 	30	 	 	 	17	 	 	  	 	47	 	
 	  				 			 	 	  				
SEGMENT NET EARNINGS	  	$	78	 	 	$	36	 	 	  	$	114	 	

Pro Forma Segment Net Earnings is equivalent to Historical Segment Net Earnings for the Mortgage Insurance Segment.
Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
26

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Mortgage Insurance
(Dollar amounts in millions)

Six months ended June 30, 2004 
	  	U. S.
	  	International
	  	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	  	 	 	
Premiums	  	$	235	  	$	155	  	 	  	$	390	
Net investment income	  	 	63	  	 	58	  	 	  	 	121	
Policy fees and other Income	  	 	9	  	 	9	  	 	  	 	18	
 	  			  			  	 	  			
Total revenues	  	 	307	  	 	222	  	 	  	 	529	
 	  			  			  	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	  	 	 	
Benefits and other changes in policy reserves	  	 	50	  	 	16	  	 	  	 	66	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	84	  	 	45	  	 	  	 	129	
Amortization of deferred acquisition costs and intangibles	  	 	14	  	 	9	  	 	  	 	23	
 	  			  			  	 	  			
Total benefits and expenses	  	 	148	  	 	70	  	 	  	 	218	
 	  			  			  	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	159	  	 	152	  	 	  	 	311	
 	  			  			  	 	  			
Provision for income taxes	  	 	37	  	 	57	  	 	  	 	94	
 	  			  			  	 	  			
SEGMENT NET EARNINGS	  	$	122	  	$	95	  	 	  	$	217	

 	  	 	 	  	 	 	  	 	  	 	 	
Six months ended June 30, 2003 
	  	U. S.
	  	International
	  	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	  	 	 	
Premiums	  	 	251	  	 	89	  	 	  	 	340	
Net investment income	  	 	66	  	 	38	  	 	  	 	104	
Policy fees and other Income	  	 	21	  	 	4	  	 	  	 	25	
 	  			  			  	 	  			
Total revenues	  	 	338	  	 	131	  	 	  	 	469	
 	  			  			  	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	  	 	 	
Benefits and other changes in policy reserves	  	 	19	  	 	6	  	 	  	 	25	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	127	  	 	24	  	 	  	 	151	
Amortization of deferred acquisition costs and intangibles	  	 	12	  	 	4	  	 	  	 	16	
 	  			  			  	 	  			
Total benefits and expenses	  	 	158	  	 	34	  	 	  	 	192	
 	  			  			  	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	180	  	 	97	  	 	  	 	277	
 	  			  			  	 	  			
Provision for income taxes	  	 	45	  	 	33	  	 	  	 	78	
 	  			  			  	 	  			
SEGMENT NET EARNINGS	  	$	135	  	$	64	  	 	  	$	199	

Pro Forma Segment Net Earnings is equivalent to Historical Segment Net Earnings for the Mortgage Insurance Segment.
Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
27

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Selected Key Performance Measures - Mortgage Insurance
(Dollar amounts in millions)

 	  	As of or for the
three months ended
June 30
	 	
 	  	2004
	 	 	2003
	 	
Primary Insurance in Force	  	 	 	 	 	 	 	 	
U.S. Mortgage Insurance	  	$	116,520	 	 	$	121,530	 	
International Mortgage Insurance	  	 	149,824	 	 	 	110,819	 	
 	  				 				
Total primary insurance in force	  	$	266,344	 	 	$	232,349	 	
 	  				 				
Total Risk in Force	  	 	 	 	 	 	 	 	
U.S. Mortgage Insurance	  	$	25,195	 	 	$	28,181	 	
International Mortgage Insurance	  	 	47,350	 	 	 	33,829	 	
 	  				 				
Total risk in force	  	$	72,545	 	 	$	62,010	 	
 	  				 				
New Insurance Written	  	 	 	 	 	 	 	 	
U.S. Mortgage Insurance	  	$	8,055	 	 	$	17,664	 	
International Mortgage Insurance	  	 	12,545	 	 	 	7,670	 	
 	  				 				
Total new insurance written	  	$	20,600	 	 	$	25,334	 	
 	  				 				
Net Premiums Written	  	 	 	 	 	 	 	 	
U.S. Mortgage Insurance	  	$	114	 	 	$	122	 	
International Mortgage Insurance	  	 	149	 	 	 	92	 	
 	  				 				
Total net premiums written	  	$	263	 	 	$	214	 	
 	  				 				
Loss Ratio	  	 	 	 	 	 	 	 	
U.S. Mortgage Insurance	  	 	18	%	 	 	-10	%	
International Mortgage Insurance	  	 	8	%	 	 	10	%	
 	  				 				
Total loss ratio	  	 	14	%	 	 	-4	%	
 	  				 				
Expense Ratio	  	 	 	 	 	 	 	 	
U.S. Mortgage Insurance	  	 	44	%	 	 	61	%	
International Mortgage Insurance	  	 	17	%	 	 	16	%	
 	  				 				
Total expense ratio	  	 	29	%	 	 	42	%	

28

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Selected Key Performance Measures - Mortgage Insurance, Domestic Only
(Dollar amounts in millions)

 	  	As of or for the
three months ended
June 30
	 	
 	  	2004
	 	 	2003
	 	
New Risk Written	  	 	 	 	 	 	 	 	
Flow	  	$	1,635	 	 	$	3,400	 	
Bulk	  	 	19	 	 	 	47	 	
 	  				 				
Total	  	$	1,654	 	 	$	3,447	 	
 	  				 				
Risk in Force	  	 	 	 	 	 	 	 	
Flow	  	$	23,978	 	 	$	26,495	 	
Bulk	  	 	350	 	 	 	430	 	
 	  				 				
Primary	  	 	24,328	 	 	 	26,925	 	
Pool	  	 	867	 	 	 	1,256	 	
 	  				 				
Total	  	$	25,195	 	 	$	28,181	 	
 	  				 				
Risk in Force by Credit Quality	  	 	 	 	 	 	 	 	
Flow by FICO Scores >619 (%)	  	 	92	%	 	 	92	%	
Flow by FICO Scores 575-619	  	 	6	%	 	 	6	%	
Flow by FICO Scores <575	  	 	2	%	 	 	2	%	
			
Bulk by FICO Scores >619	  	 	89	%	 	 	84	%	
Bulk by FICO Scores 575-619	  	 	6	%	 	 	9	%	
Bulk by FICO Scores <575	  	 	5	%	 	 	7	%	
			
Primary A minus and sub-prime	  	 	9.6	%	 	 	8.2	%	
			
Primary Loans	  	 	 	 	 	 	 	 	
Primary total loans in force	  	 	897,204	 	 	 	975,307	 	
Primary total loans in default	  	 	27,971	 	 	 	31,140	 	
Primary loans total default rate	  	 	3.1	%	 	 	3.2	%	
			
Flow loans in default	  	 	25,995	 	 	 	28,422	 	
Flow loans default rate	  	 	3.3	%	 	 	3.2	%	
			
Bulk loans in default	  	 	1,976	 	 	 	2,718	 	
Bulk loans default rate	  	 	1.7	%	 	 	3.6	%	
			
A minus and sub-prime loans in default	  	 	6,543	 	 	 	5,946	 	
A minus and sub-prime loans default rate	  	 	8.9	%	 	 	8.4	%	
			
Pool Loans	  	 	 	 	 	 	 	 	
Pool loans in default	  	 	916	 	 	 	1,222	 	
Pool loans default rate	  	 	3.0	%	 	 	2.7	%	
			
Claims Paid	  	 	 	 	 	 	 	 	
Primary Claims Paid (includes LAE)	  	 	38.3	 	 	 	29.7	 	
Pool Claims Paid (includes LAE)	  	 	0.1	 	 	 	0.3	 	
Primary Average Claim Severity	  	 	94	%	 	 	91	%	
			
Other Measures	  	 	 	 	 	 	 	 	
Persistency	  	 	58	%	 	 	39	%	
Gross written premiums ceded to captives/total gross written premiums	  	 	24	%	 	 	22	%	
 
29

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Corporate and Other
(Dollar amounts in millions)

Three months ended June 30, 2004 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	26	 	
Net investment income	  	 	53	 	
Net realized investment gains	  	 	6	 	
Policy fees and other income	  	 	2	 	
 	  				
Total revenues	  	 	87	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	9	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	28	 	
Amortization of deferred acquisition costs and intangibles	  	 	4	 	
Interest expense	  	 	56	 	
 	  				
Total benefits and expenses	  	 	97	 	
 	  				
EARNINGS BEFORE INCOME TAXES	  	 	(10	)	
 	  				
Provision for income taxes	  	 	17	 	
 	  				
SEGMENT NET LOSS	  	 	(27	)	
 	  				
Net realized investment gains on investments, net of tax	  	 	(4	)	
One-time tax charge relating to initial public offering	  	 	22	 	
 	  				
NET OPERATING LOSS	  	$	(9	)	

	 	
Three months ended June 30, 2003 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	26	 	
Net investment loss	  	 	10	 	
Net realized investment loss	  	 	(22	)	
Policy fees and other income	  	 	2	 	
 	  				
Total revenues	  	 	16	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	12	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	21	 	
Amortization of deferred acquisition costs and intangibles	  	 	3	 	
Interest expense	  	 	44	 	
 	  				
Total benefits and expenses	  	 	80	 	
 	  				
LOSS BEFORE INCOME TAXES	  	 	(64	)	
 	  				
Benefit from income taxes	  	 	(23	)	
 	  				
SEGMENT NET LOSS	  	 	(41	)	
 	  				
Net realized investment losses on investments, net of tax	  	 	14	 	
 	  				
NET OPERATING LOSS	  	$	(27	)	

30

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT

Pro Forma Segment Net Earnings - Corporate and Other
(Dollar amounts in millions)

Six months ended June 30, 2004 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	52	 	
Net investment income	  	 	88	 	
Net realized investment gains	  	 	21	 	
Policy fees and other income	  	 	4	 	
 	  				
Total revenues	  	 	165	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	18	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	47	 	
Amortization of deferred acquisition costs and intangibles	  	 	7	 	
Interest expense	  	 	114	 	
 	  				
Total benefits and expenses	  	 	186	 	
 	  				
EARNINGS BEFORE INCOME TAXES	  	 	(21	)	
 	  				
Provision for income taxes	  	 	8	 	
 	  				
SEGMENT NET EARNINGS	  	 	(29	)	
 	  				
Net realized investment gains on investments, net of tax	  	 	(14	)	
One-time tax charge relating to initial public offering	  	 	22	 	
 	  				
NET OPERATING LOSS	  	$	(21	)	

					
	 	
Six months ended June 30, 2003 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	50	 	
Net investment income	  	 	9	 	
Net realized investment loss	  	 	(2	)	
Policy fees and other income	  	 	4	 	
 	  				
Total revenues	  	 	61	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	21	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	42	 	
Amortization of deferred acquisition costs and intangibles	  	 	6	 	
Interest expense	  	 	87	 	
 	  				
Total benefits and expenses	  	 	156	 	
 	  				
LOSS BEFORE INCOME TAXES	  	 	(95	)	
 	  				
Benefit from income taxes	  	 	(48	)	
 	  				
SEGMENT NET LOSS	  	 	(47	)	
 	  				
Net realized investment losses, net of tax	  	 	1	 	
 	  				
NET OPERATING LOSS	  	$	(46	)	

31

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Net Earnings
(Dollar amounts in millions) 

 	  	2004
	 	 	2003
	 	
 	  	Q2
	 	 	Q1
	 	 	YTD
	 	 	Q4
	 	 	Q3
	 	 	Q2
	 	 	Q1
	 	  	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	1,640	 	 	$	1,619	 	 	$	3,259	 	 	$	1,651	 	 	$	1,547	 	 	$	1,580	 	 	$	1,478	 	  	$	6,256	 	
Net investment income	  	 	815	 	 	 	772	 	 	 	1,587	 	 	 	742	 	 	 	743	 	 	 	722	 	 	 	721	 	  	 	2,928	 	
Net realized investment gains	  	 	6	 	 	 	15	 	 	 	21	 	 	 	49	 	 	 	(9	)	 	 	(22	)	 	 	20	 	  	 	38	 	
Policy fees and other Income	  	 	144	 	 	 	149	 	 	 	293	 	 	 	147	 	 	 	153	 	 	 	120	 	 	 	135	 	  	 	555	 	
 	  				 				 				 				 				 				 				  				
Total revenues	  	 	2,605	 	 	 	2,555	 	 	 	5,160	 	 	 	2,589	 	 	 	2,434	 	 	 	2,400	 	 	 	2,354	 	  	 	9,777	 	
 	  				 				 				 				 				 				 				  				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	1,106	 	 	 	1,086	 	 	 	2,192	 	 	 	1,182	 	 	 	1,054	 	 	 	964	 	 	 	996	 	  	 	4,196	 	
Interest credited	  	 	324	 	 	 	330	 	 	 	654	 	 	 	335	 	 	 	340	 	 	 	340	 	 	 	343	 	  	 	1,358	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	420	 	 	 	414	 	 	 	834	 	 	 	352	 	 	 	464	 	 	 	386	 	 	 	404	 	  	 	1,606	 	
Amortization of deferred acquisition costs and intangibles	  	 	267	 	 	 	286	 	 	 	553	 	 	 	359	 	 	 	226	 	 	 	313	 	 	 	251	 	  	 	1,149	 	
Interest expense	  	 	59	 	 	 	61	 	 	 	120	 	 	 	61	 	 	 	57	 	 	 	44	 	 	 	43	 	  	 	205	 	
 	  				 				 				 				 				 				 				  				
Total benefits and expenses	  	 	2,176	 	 	 	2,177	 	 	 	4,353	 	 	 	2,289	 	 	 	2,141	 	 	 	2,047	 	 	 	2,037	 	  	 	8,514	 	
 	  				 				 				 				 				 				 				  				
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	429	 	 	 	378	 	 	 	807	 	 	 	300	 	 	 	293	 	 	 	353	 	 	 	317	 	  	 	1,263	 	
 	  				 				 				 				 				 				 				  				
Provision for income taxes	  	 	168	 	 	 	122	 	 	 	290	 	 	 	89	 	 	 	83	 	 	 	111	 	 	 	88	 	  	 	371	 	
 	  				 				 				 				 				 				 				  				
NET EARNINGS FROM CONTINUING OPERATIONS	  	 	261	 	 	 	256	 	 	 	517	 	 	 	211	 	 	 	210	 	 	 	242	 	 	 	229	 	  	 	892	 	
 	  				 				 				 				 				 				 				  				
Net realized investment gains on investments, net of tax	  	 	(4	)	 	 	(10	)	 	 	(14	)	 	 	(32	)	 	 	6	 	 	 	14	 	 	 	(13	)	  	 	(25	)	
One-time tax charge relating to initial public offering	  	 	22	 	 	 	—  	 	 	 	22	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	
 	  				 				 				 				 				 				 				  				
NET OPERATING EARNINGS	  	$	279	 	 	$	246	 	 	$	525	 	 	$	179	 	 	$	216	 	 	$	256	 	 	$	216	 	  	$	867	 	

32

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Protection
(Dollar amounts in millions) 

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	  	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Premiums	  	$	1,098	  	$	1,121	  	$	2,219	  	$	1,123	  	$	1,099	  	$	1,128	  	$	1,031	  	$	4,381	
Net investment income	  	 	288	  	 	281	  	 	569	  	 	273	  	 	277	  	 	271	  	 	271	  	 	1,092	
Policy fees and other Income	  	 	79	  	 	87	  	 	166	  	 	94	  	 	90	  	 	81	  	 	91	  	 	356	
 	  			  			  			  			  			  			  			  			
Total revenues	  	 	1,465	  	 	1,489	  	 	2,954	  	 	1,490	  	 	1,466	  	 	1,480	  	 	1,393	  	 	5,829	
 	  			  			  			  			  			  			  			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	691	  	 	694	  	 	1,385	  	 	737	  	 	707	  	 	657	  	 	644	  	 	2,745	
Interest credited	  	 	90	  	 	90	  	 	180	  	 	90	  	 	92	  	 	92	  	 	91	  	 	365	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	262	  	 	269	  	 	531	  	 	199	  	 	280	  	 	244	  	 	261	  	 	984	
Amortization of deferred acquisition costs and intangibles	  	 	214	  	 	241	  	 	455	  	 	304	  	 	181	  	 	290	  	 	206	  	 	981	
Interest expense	  	 	2	  	 	3	  	 	5	  	 	2	  	 	1	  	 	—  	  	 	—  	  	 	3	
 	  			  			  			  			  			  			  			  			
Total benefits and expenses	  	 	1,259	  	 	1,297	  	 	2,556	  	 	1,332	  	 	1,261	  	 	1,283	  	 	1,202	  	 	5,078	
 	  			  			  			  			  			  			  			  			
EARNINGS BEFORE INCOME TAXES	  	 	206	  	 	192	  	 	398	  	 	158	  	 	205	  	 	197	  	 	191	  	 	751	
 	  			  			  			  			  			  			  			  			
Provision for income taxes	  	 	77	  	 	69	  	 	146	  	 	62	  	 	73	  	 	68	  	 	67	  	 	270	
 	  			  			  			  			  			  			  			  			
SEGMENT NET EARNINGS	  	$	129	  	$	123	  	$	252	  	$	96	  	$	132	  	$	129	  	$	124	  	$	481	

Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
33

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Retirement Income and Investments
(Dollar amounts in millions) 

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	  	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Premiums	  	$	321	  	$	277	  	$	598	  	$	303	  	$	237	  	$	251	  	$	258	  	$	1,049	
Net investment income	  	 	413	  	 	396	  	 	809	  	 	394	  	 	381	  	 	387	  	 	401	  	 	1,563	
Policy fees and other income	  	 	53	  	 	52	  	 	105	  	 	26	  	 	27	  	 	24	  	 	30	  	 	107	
 	  			  			  			  			  			  			  			  			
Total revenues	  	 	787	  	 	725	  	 	1,512	  	 	723	  	 	645	  	 	662	  	 	689	  	 	2,719	
 	  			  			  			  			  			  			  			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	379	  	 	344	  	 	723	  	 	356	  	 	314	  	 	303	  	 	310	  	 	1,283	
Interest credited	  	 	234	  	 	240	  	 	474	  	 	245	  	 	248	  	 	248	  	 	252	  	 	993	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	65	  	 	62	  	 	127	  	 	64	  	 	33	  	 	40	  	 	52	  	 	189	
Amortization of deferred acquisition costs and intangibles	  	 	38	  	 	30	  	 	68	  	 	37	  	 	30	  	 	12	  	 	34	  	 	113	
Interest expense	  	 	1	  	 	—  	  	 	1	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	
 	  			  			  			  			  			  			  			  			
Total benefits and expenses	  	 	717	  	 	676	  	 	1,393	  	 	702	  	 	625	  	 	603	  	 	648	  	 	2,578	
 	  			  			  			  			  			  			  			  			
EARNINGS BEFORE INCOME TAXES	  	 	70	  	 	49	  	 	119	  	 	21	  	 	20	  	 	59	  	 	41	  	 	141	
 	  			  			  			  			  			  			  			  			
Provision for income taxes	  	 	25	  	 	17	  	 	42	  	 	9	  	 	5	  	 	19	  	 	15	  	 	48	
 	  			  			  			  			  			  			  			  			
SEGMENT NET EARNINGS	  	$	45	  	$	32	  	$	77	  	$	12	  	$	15	  	$	40	  	$	26	  	$	93	

Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
34

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Mortgage Insurance
(Dollar amounts in millions) 

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	 	 	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	
Premiums	  	$	195	  	$	195	  	$	390	  	$	194	  	$	182	  	$	175	 	 	$	165	  	$	716	
Net investment income	  	 	61	  	 	60	  	 	121	  	 	58	  	 	56	  	 	54	 	 	 	50	  	 	218	
Policy fees and other Income	  	 	10	  	 	8	  	 	18	  	 	10	  	 	13	  	 	13	 	 	 	12	  	 	48	
 	  			  			  			  			  			  				 			  			
Total revenues	  	 	266	  	 	263	  	 	529	  	 	262	  	 	251	  	 	242	 	 	 	227	  	 	982	
 	  			  			  			  			  			  				 			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	27	  	 	39	  	 	66	  	 	46	  	 	44	  	 	(8	)	 	 	33	  	 	115	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	65	  	 	64	  	 	129	  	 	74	  	 	74	  	 	81	 	 	 	70	  	 	299	
Amortization of deferred acquisition costs and intangibles	  	 	11	  	 	12	  	 	23	  	 	11	  	 	10	  	 	8	 	 	 	8	  	 	37	
 	  			  			  			  			  			  				 			  			
Total benefits and expenses	  	 	103	  	 	115	  	 	218	  	 	131	  	 	128	  	 	81	 	 	 	111	  	 	451	
 	  			  			  			  			  			  				 			  			
EARNINGS BEFORE INCOME TAXES	  	 	163	  	 	148	  	 	311	  	 	131	  	 	123	  	 	161	 	 	 	116	  	 	531	
 	  			  			  			  			  			  				 			  			
Provision for income taxes	  	 	49	  	 	45	  	 	94	  	 	54	  	 	30	  	 	47	 	 	 	31	  	 	162	
 	  			  			  			  			  			  				 			  			
SEGMENT NET EARNINGS	  	$	114	  	$	103	  	$	217	  	$	77	  	$	93	  	$	114	 	 	$	85	  	$	369	

Pro Forma Segment Net Earnings is equivalent to Historical Segment Net Earnings for the Mortgage Insurance Segment.
Segment Pro Forma Net Operating Earnings is equivalent to Pro Forma Segment Net Earnings.
 
35

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Pro Forma Segment Net Earnings - Corporate and Other
(Dollar amounts in millions)

 	  	2004
	 	 	2003
	 	
 	  	Q2
	 	 	Q1
	 	 	YTD
	 	 	Q4
	 	 	Q3
	 	 	Q2
	 	 	Q1
	 	 	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	  	$	26	 	 	$	26	 	 	$	52	 	 	$	31	 	 	$	29	 	 	$	26	 	 	$	24	 	 	$	110	 	
Net investment income (loss)	  	 	53	 	 	 	35	 	 	 	88	 	 	 	17	 	 	 	29	 	 	 	10	 	 	 	(1	)	 	 	55	 	
Net realized investment gains	  	 	6	 	 	 	15	 	 	 	21	 	 	 	49	 	 	 	(9	)	 	 	(22	)	 	 	20	 	 	 	38	 	
Policy fees and other Income	  	 	2	 	 	 	2	 	 	 	4	 	 	 	17	 	 	 	23	 	 	 	2	 	 	 	2	 	 	 	44	 	
 	  				 				 				 				 				 				 				 				
Total Revenue	  	 	87	 	 	 	78	 	 	 	165	 	 	 	114	 	 	 	72	 	 	 	16	 	 	 	45	 	 	 	247	 	
 	  				 				 				 				 				 				 				 				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and other changes in policy reserves	  	 	9	 	 	 	9	 	 	 	18	 	 	 	43	 	 	 	(11	)	 	 	12	 	 	 	9	 	 	 	53	 	
Interest credited	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	28	 	 	 	19	 	 	 	47	 	 	 	15	 	 	 	77	 	 	 	21	 	 	 	21	 	 	 	134	 	
Amortization of deferred acquisition costs and intangibles	  	 	4	 	 	 	3	 	 	 	7	 	 	 	7	 	 	 	5	 	 	 	3	 	 	 	3	 	 	 	18	 	
Interest expense	  	 	56	 	 	 	58	 	 	 	114	 	 	 	59	 	 	 	56	 	 	 	44	 	 	 	43	 	 	 	202	 	
 	  				 				 				 				 				 				 				 				
Total benefits and expenses	  	 	97	 	 	 	89	 	 	 	186	 	 	 	124	 	 	 	127	 	 	 	80	 	 	 	76	 	 	 	407	 	
 	  				 				 				 				 				 				 				 				
EARNINGS (LOSS) BEFORE INCOME TAXES	  	 	(10	)	 	 	(11	)	 	 	(21	)	 	 	(10	)	 	 	(55	)	 	 	(64	)	 	 	(31	)	 	 	(160	)	
 	  				 				 				 				 				 				 				 				
Provision (benefit) for income taxes	  	 	17	 	 	 	(9	)	 	 	8	 	 	 	(36	)	 	 	(25	)	 	 	(23	)	 	 	(25	)	 	 	(109	)	
 	  				 				 				 				 				 				 				 				
SEGMENT NET EARNINGS (LOSS)	  	 	(27	)	 	 	(2	)	 	 	(29	)	 	 	26	 	 	 	(30	)	 	 	(41	)	 	 	(6	)	 	 	(51	)	
 	  				 				 				 				 				 				 				 				
Net realized investment gains on investments, net of tax	  	 	(4	)	 	 	(10	)	 	 	(14	)	 	 	(32	)	 	 	6	 	 	 	14	 	 	 	(13	)	 	 	(25	)	
									
One-time tax charge relating to initial public offering	  	 	22	 	 	 	—  	 	 	 	22	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  				 				 				 				 				 				 				 				
NET OPERATING EARNINGS (LOSS)	  	$	(9	)	 	$	(12	)	 	$	(21	)	 	$	(6	)	 	$	(24	)	 	$	(27	)	 	$	(19	)	 	$	(76	)	

36

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
ADDITIONAL
STATISTICAL DATA
 
37

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Investments Summary
(Dollar amounts in millions)

 	  	 	  	June 30, 2004
	 	 	March 31, 2004
	 	 	December 31, 2003
	 	
 	  	 	  	Carrying
Amount
	  	% of Total
	 	 	Carrying
Amount
	  	% of Total
	 	 	Carrying
Amount
	  	% of Total
	 	
Composition of Investment Portfolio	  	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Fixed maturities, available-for-sale:	  	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Public	  	 	  	$	36,703	  	59	%	 	$	54,054	  	65	%	 	$	51,336	  	64	%	
Private	  	 	  	 	11,298	  	18	%	 	 	14,861	  	18	%	 	 	14,149	  	18	%	
Mortgage loans	  	 	  	 	5,800	  	9	%	 	 	6,124	  	7	%	 	 	6,114	  	8	%	
Equity securities and other investments	  	 	  	 	3,910	  	6	%	 	 	4,082	  	5	%	 	 	4,389	  	5	%	
Policy loans	  	 	  	 	1,108	  	2	%	 	 	1,114	  	1	%	 	 	1,105	  	1	%	
Restricted investments held by securitization entities	  	 	  	 	956	  	2	%	 	 	1,018	  	1	%	 	 	1,069	  	1	%	
Cash, cash equivalents and short-term investments	  	 	  	 	2,240	  	4	%	 	 	2,465	  	3	%	 	 	2,513	  	3	%	
 	  	 	  	 	  			  			 			  			 			  			
Total invested assets	  	 	  	$	62,015	  	100	%	 	$	83,718	  	100	%	 	$	80,675	  	100	%	

 	  	 	  	 	  	June 30, 2004
	 	 	March 31, 2004
	 	 	December 31, 2003
	 	
 	  	 	  	Estimated
Fair Value
	  	% of Total
	 	 	Estimated
Fair Value
	  	% of Total
	 	 	Estimated
Fair Value
	  	% of Total
	 	
Public Fixed Maturities - Credit Quality:	  	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
NAIC Designation	  	Rating Agency Equivalent Designation	  	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
1	  	Aaa/Aa/A	  	 	  	$	26,053	  	71	%	 	$	34,481	  	64	%	 	$	33,212	  	64	%	
2	  	Baa	  	 	  	 	8,758	  	24	%	 	 	15,770	  	29	%	 	 	14,778	  	29	%	
3	  	Ba	  	 	  	 	1,189	  	3	%	 	 	2,313	  	4	%	 	 	1,896	  	4	%	
4	  	B	  	 	  	 	571	  	2	%	 	 	1,122	  	2	%	 	 	979	  	2	%	
5	  	Caa and lower	  	 	  	 	94	  	0	%	 	 	217	  	1	%	 	 	272	  	1	%	
6	  	In or near default	  	 	  	 	21	  	0	%	 	 	79	  	0	%	 	 	104	  	0	%	
Not rated	  	Not rated	  	 	  	 	17	  	0	%	 	 	72	  	0	%	 	 	95	  	0	%	
 	  	 	  	 	  			  			 			  			 			  			
 	  	Total public fixed maturities	  	 	  	$	36,703	  	100	%	 	$	54,054	  	100	%	 	$	51,336	  	100	%	
 	  	 	  	 	  			  			 			  			 			  			
Private Fixed Maturities - Credit Quality:	  	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
NAIC Designation	  	Rating Agency Equivalent Designation	  	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
1	  	Aaa/Aa/A	  	 	  	$	5,853	  	52	%	 	$	7,872	  	53	%	 	$	7,388	  	52	%	
2	  	Baa	  	 	  	 	4,476	  	40	%	 	 	5,692	  	38	%	 	 	5,442	  	38	%	
3	  	Ba	  	 	  	 	628	  	5	%	 	 	783	  	5	%	 	 	728	  	5	%	
4	  	B	  	 	  	 	123	  	1	%	 	 	210	  	2	%	 	 	228	  	2	%	
5	  	Caa and lower	  	 	  	 	101	  	1	%	 	 	138	  	1	%	 	 	177	  	1	%	
6	  	In or near default	  	 	  	 	92	  	1	%	 	 	98	  	1	%	 	 	86	  	1	%	
Not rated	  	Not rated	  	 	  	 	25	  	0	%	 	 	68	  	0	%	 	 	100	  	1	%	
 	  	 	  	 	  			  			 			  			 			  			
 	  	Total private fixed maturities	  	 	  	$	11,298	  	100	%	 	$	14,861	  	100	%	 	$	14,149	  	100	%	

38

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Fixed Maturity Summary
(Dollar amounts in millions)

 	  	June 30, 2004
	 	 	March 31, 2004
	 	 	December 31, 2003
	 	
 	  	Estimated
Fair Value
	  	% of Total
	 	 	Estimated
Fair Value
	  	% of Total
	 	 	Estimated
Fair Value
	  	% of Total
	 	
Fixed maturities - Security Sector:	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
U.S. government & agencies	  	$	614	  	1	%	 	$	1,189	  	2	%	 	$	1,055	  	2	%	
State and municipal	  	 	3,140	  	7	%	 	 	3,359	  	5	%	 	 	3,350	  	5	%	
Foreign government	  	 	1,462	  	3	%	 	 	1,660	  	2	%	 	 	1,551	  	2	%	
U.S. corporate	  	 	20,389	  	42	%	 	 	35,058	  	51	%	 	 	33,025	  	50	%	
Foreign corporate	  	 	5,846	  	12	%	 	 	8,773	  	13	%	 	 	7,949	  	12	%	
Mortgage-backed	  	 	6,948	  	14	%	 	 	8,421	  	12	%	 	 	7,848	  	12	%	
Public utilities	  	 	6,152	  	13	%	 	 	6,043	  	6	%	 	 	6,303	  	7	%	
Asset-backed	  	 	3,450	  	7	%	 	 	4,412	  	9	%	 	 	4,404	  	10	%	
 	  			  			 			  			 			  			
Total fixed maturities	  	$	48,001	  	100	%	 	$	68,915	  	100	%	 	$	65,485	  	100	%	
 	  			  			 			  			 			  			
Corporate Bond Holdings - Industry Sector:	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Finance and insurance	  	$	9,619	  	30	%	 	$	13,881	  	28	%	 	$	13,069	  	28	%	
Utilities and energy	  	 	6,784	  	21	%	 	 	11,238	  	22	%	 	 	10,345	  	22	%	
Consumer - non cyclical	  	 	4,213	  	13	%	 	 	6,454	  	13	%	 	 	6,036	  	13	%	
Consumer - cyclical	  	 	2,640	  	8	%	 	 	4,028	  	8	%	 	 	4,356	  	9	%	
Capital goods	  	 	2,201	  	7	%	 	 	3,327	  	7	%	 	 	2,928	  	6	%	
Industrial	  	 	2,263	  	7	%	 	 	3,333	  	7	%	 	 	3,340	  	7	%	
Technology and communications	  	 	1,996	  	6	%	 	 	3,268	  	6	%	 	 	2,972	  	6	%	
Transportation	  	 	900	  	3	%	 	 	1,953	  	4	%	 	 	1,970	  	4	%	
Other	  	 	1,771	  	5	%	 	 	2,392	  	5	%	 	 	2,258	  	5	%	
 	  			  			 			  			 			  			
Total	  	$	32,387	  	100	%	 	$	49,874	  	100	%	 	$	47,274	  	100	%	
 	  			  			 			  			 			  			
Fixed maturities - Contractual Maturity Dates:	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Due in one year or less	  	$	1,297	  	3	%	 	$	1,636	  	2	%	 	$	1,761	  	3	%	
Due after one year through five years	  	 	10,952	  	22	%	 	 	12,112	  	18	%	 	 	11,817	  	18	%	
Due after five years through ten years	  	 	10,924	  	23	%	 	 	14,725	  	21	%	 	 	13,901	  	21	%	
Due after ten years	  	 	14,430	  	30	%	 	 	27,609	  	40	%	 	 	25,754	  	39	%	
 	  			  			 			  			 			  			
Subtotal	  	 	37,603	  	78	%	 	 	56,082	  	81	%	 	 	53,233	  	81	%	
Mortgage-backed and asset backed	  	 	10,398	  	22	%	 	 	12,833	  	19	%	 	 	12,252	  	19	%	
 	  			  			 			  			 			  			
Total fixed maturities	  	$	48,001	  	100	%	 	$	68,915	  	100	%	 	$	65,485	  	100	%	

39

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Commercial Mortgage Loan Data
(Dollar amounts in millions)

 	  	June 30, 2004
	 	 	March 31, 2004
	 	 	December 31, 2003
	 	
Summary of Commercial Mortgage Loans
	  	Carrying
Amount
	  	% of Total
	 	 	Carrying
Amount
	  	% of Total
	 	 	Carrying
Amount
	  	% of Total
	 	
Geographic Region	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Pacific	  	$	1,707	  	29	%	 	$	1,821	  	29	%	 	$	1,867	  	31	%	
South Atlantic	  	 	1,208	  	21	%	 	 	1,216	  	20	%	 	 	1,194	  	20	%	
Middle Atlantic	  	 	857	  	15	%	 	 	923	  	15	%	 	 	932	  	15	%	
East North Central	  	 	706	  	12	%	 	 	789	  	13	%	 	 	771	  	12	%	
Mountain	  	 	439	  	8	%	 	 	479	  	8	%	 	 	478	  	8	%	
West South Central	  	 	303	  	5	%	 	 	292	  	5	%	 	 	288	  	5	%	
West North Central	  	 	246	  	4	%	 	 	261	  	4	%	 	 	271	  	4	%	
East South Central	  	 	225	  	4	%	 	 	235	  	4	%	 	 	226	  	4	%	
New England	  	 	109	  	2	%	 	 	108	  	2	%	 	 	87	  	1	%	
 	  			  			 			  			 			  			
Total	  	$	5,800	  	100	%	 	$	6,124	  	100	%	 	$	6,114	  	100	%	
 	  			  			 			  			 			  			
Property Type	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
Office	  	$	1,826	  	31	%	 	$	1,985	  	32	%	 	$	2,024	  	33	%	
Industrial	  	 	1,697	  	29	%	 	 	1,814	  	30	%	 	 	1,812	  	30	%	
Retail	  	 	1,507	  	26	%	 	 	1,508	  	25	%	 	 	1,500	  	25	%	
Apartments	  	 	575	  	10	%	 	 	589	  	10	%	 	 	573	  	9	%	
Mixed use/other	  	 	195	  	3	%	 	 	228	  	3	%	 	 	205	  	3	%	
 	  			  			 			  			 			  			
Total	  	$	5,800	  	100	%	 	$	6,124	  	100	%	 	$	6,114	  	100	%	

Loan Size
	  	Principal
Balance
	  	% of Total
	 	 	Principal
Balance
	  	% of Total
	 	 	Principal
Balance
	  	% of Total
	 	
Under $5 million	  	$	3,008	  	51	%	 	$	3,208	  	52	%	 	$	3,153	  	51	%	
$5 million but less than $10 million	  	 	1,312	  	22	%	 	 	1,352	  	22	%	 	 	1,394	  	23	%	
$10 million but less than $20 million	  	 	970	  	17	%	 	 	959	  	15	%	 	 	948	  	15	%	
$20 million but less than $30 million	  	 	314	  	5	%	 	 	358	  	6	%	 	 	309	  	5	%	
$30 million and over	  	 	241	  	4	%	 	 	296	  	5	%	 	 	358	  	6	%	
 	  			  			 			  			 			  			
Total	  	$	5,845	  	100	%	 	$	6,173	  	100	%	 	$	6,162	  	100	%	

									
	 		
Allowance for Losses on Mortgage Loans
	  	2004
	 	 	2003
	 	
Balance, beginning of year	  	$	50	 	 	$	45	 	
Additions	  	 	3	 	 	 	8	 	
Deductions for write-downs and dispositions	  	 	(4	)	 	 	(3	)	
 	  				 				
Balance, end of year	  	$	49	 	 	$	50	 	

40

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Sales
(Dollar amounts in millions) 

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	  	Q1
	  	Total
	
Protection Segment	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Annualized first-year premiums 1 :	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Term life	  	$	23	  	$	26	  	$	49	  	$	19	  	$	24	  	$	31	  	$	32	  	$	106	
Universal life	  	 	9	  	 	11	  	 	20	  	 	12	  	 	15	  	 	17	  	 	14	  	 	58	
Long term care	  	 	39	  	 	40	  	 	79	  	 	52	  	 	61	  	 	59	  	 	60	  	 	232	
Group	  	 	43	  	 	28	  	 	71	  	 	60	  	 	33	  	 	37	  	 	23	  	 	153	
 	  			  			  			  			  			  			  			  			
Total annualized first-year premiums 1	  	 	114	  	 	105	  	 	219	  	 	143	  	 	133	  	 	144	  	 	129	  	 	549	
Gross written premiums 2 :	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
European payment protection	  	 	402	  	 	351	  	 	753	  	 	498	  	 	648	  	 	523	  	 	506	  	 	2,175	
 	  			  			  			  			  			  			  			  			
Total Protection Segment	  	$	516	  	$	456	  	$	972	  	$	641	  	$	781	  	$	667	  	$	635	  	$	2,724	
 	  			  			  			  			  			  			  			  			
Retirement Income and Investments (RI&I) Segment	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Annualized first-year premiums 1 :	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Structured settlements	  	$	163	  	$	138	  	$	301	  	$	128	  	$	105	  	$	94	  	$	108	  	$	435	
Variable life	  	 	1	  	 	1	  	 	2	  	 	1	  	 	2	  	 	2	  	 	2	  	 	7	
Income annuities	  	 	128	  	 	149	  	 	277	  	 	169	  	 	124	  	 	140	  	 	100	  	 	533	
 	  			  			  			  			  			  			  			  			
Total annualized first-year premiums 1 	  	 	292	  	 	288	  	 	580	  	 	298	  	 	231	  	 	236	  	 	210	  	 	975	
Deposits 3 :	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Fixed annuities	  	 	372	  	 	411	  	 	783	  	 	304	  	 	289	  	 	133	  	 	302	  	 	1,028	
Variable annuities	  	 	277	  	 	292	  	 	569	  	 	375	  	 	613	  	 	629	  	 	430	  	 	2,047	
Variable life	  	 	4	  	 	4	  	 	8	  	 	5	  	 	4	  	 	4	  	 	4	  	 	17	
Income annuities	  	 	36	  	 	52	  	 	88	  	 	60	  	 	53	  	 	37	  	 	37	  	 	187	
Structured settlements	  	 	29	  	 	12	  	 	41	  	 	14	  	 	12	  	 	21	  	 	26	  	 	73	
Institutional	  	 	421	  	 	354	  	 	775	  	 	526	  	 	334	  	 	658	  	 	394	  	 	1,912	
Asset management	  	 	271	  	 	304	  	 	575	  	 	297	  	 	272	  	 	282	  	 	158	  	 	1,009	
 	  			  			  			  			  			  			  			  			
Total deposits 3 	  	 	1,410	  	 	1,429	  	 	2,839	  	 	1,581	  	 	1,577	  	 	1,764	  	 	1,351	  	 	6,273	
 	  			  			  			  			  			  			  			  			
Total deposits—RI&I Segment	  	$	1,702	  	$	1,717	  	$	3,419	  	$	1,879	  	$	1,808	  	$	2,000	  	$	1,561	  	$	7,248	
 	  			  			  			  			  			  			  			  			
Mortgage Insurance Segment	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
New insurance written 4 :	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
U.S. mortgage insurance	  	$	8,055	  	$	6,798	  	$	14,853	  	$	18,087	  	$	17,207	  	$	17,664	  	$	14,530	  	$	67,488	
International mortgage insurance	  	 	12,545	  	 	10,905	  	 	23,450	  	 	12,210	  	 	13,026	  	 	7,670	  	 	6,254	  	 	39,160	
 	  			  			  			  			  			  			  			  			
Total Mortgage Insurance Segment	  	$	20,600	  	$	17,703	  	$	38,303	  	$	30,297	  	$	30,233	  	$	25,334	  	$	20,784	  	$	106,648	

1 	Annualized first-year premiums relate only to new sales and is calculated as if they are consistently paid for the full period of the sale even if they were actually paid for only a portion of the period of the sale. 	
2	Gross written premiums represent to total premiums for insurance written and reinsurance assumed during a given period. 	
3 	Deposits represent additional investments on spread-based non-life-contingent products and on fee-based products during a specific period. 	
4	New insurance written represents the original principal balance of mortgages covered by newly issued primary mortgage insurance during the period. 	
 
41

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
HISTORICAL INFORMATION
 
42

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Combined Statement of Earnings by Segment
(Dollar amounts in millions)

Three months ended June 30, 2004 
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	 	 	Corporate
Segment
	 	 	Affinity
Segment
	 	 	 	 	Combined
	 	
REVENUES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	  	$	1,132	  	$	321	  	$	195	 	 	$	26	 	 	$	34	 	 	 	 	$	1,708	 	
Net investment income	  	 	306	  	 	569	  	 	61	 	 	 	57	 	 	 	8	 	 	 	 	 	1,001	 	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	 	 	 	8	 	 	 	—  	 	 	 	 	 	8	 	
Policy fees and other Income	  	 	79	  	 	72	  	 	10	 	 	 	2	 	 	 	37	 	 	 	 	 	200	 	
 	  			  			  				 				 				 	 	 				
Total revenues	  	 	1,517	  	 	962	  	 	266	 	 	 	93	 	 	 	79	 	 	 	 	 	2,917	 	
 	  			  			  				 				 				 	 	 				
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and other changes in policy reserves	  	 	727	  	 	501	  	 	27	 	 	 	10	 	 	 	31	 	 	 	 	 	1,296	 	
Interest credited	  	 	90	  	 	264	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	 	 	354	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	272	  	 	68	  	 	65	 	 	 	22	 	 	 	49	 	 	 	 	 	476	 	
Amortization of deferred acquisition costs and intangibles	  	 	219	  	 	54	  	 	11	 	 	 	3	 	 	 	18	 	 	 	 	 	305	 	
Interest expense	  	 	2	  	 	1	  	 	—  	 	 	 	44	 	 	 	—  	 	 	 	 	 	47	 	
 	  			  			  				 				 				 	 	 				
Total benefits and expenses	  	 	1,310	  	 	888	  	 	103	 	 	 	79	 	 	 	98	 	 	 	 	 	2,478	 	
 	  			  			  				 				 				 	 	 				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	207	  	 	74	  	 	163	 	 	 	14	 	 	 	(19	)	 	 	 	 	439	 	
 	  			  			  				 				 				 	 	 				
Provision for income taxes	  	 	78	  	 	27	  	 	49	 	 	 	24	 	 	 	(7	)	 	 	 	 	171	 	
 	  			  			  				 				 				 	 	 				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	129	  	$	47	  	$	114	 	 	$	(10	)	 	$	(12	)	 	 	 	$	268	 	

 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Three months ended June 30, 2003 
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	 	 	Corporate
Segment
	 	 	Affinity
Segment
	 	 	 	 	Combined
	 	
REVENUES	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	  	$	1,175	  	$	251	  	$	175	 	 	$	26	 	 	$	63	 	 	 	 	$	1,690	 	
Net investment income	  	 	297	  	 	624	  	 	54	 	 	 	3	 	 	 	17	 	 	 	 	 	995	 	
Realized investment losses	  	 	—  	  	 	—  	  	 	—  	 	 	 	(37	)	 	 	—  	 	 	 	 	 	(37	)	
Policyholder fees and other Income	  	 	81	  	 	55	  	 	13	 	 	 	2	 	 	 	65	 	 	 	 	 	216	 	
 	  			  			  				 				 				 	 	 				
Total Revenue	  	 	1,553	  	 	930	  	 	242	 	 	 	(6	)	 	 	145	 	 	 	 	 	2,864	 	
 	  			  			  				 				 				 	 	 				
BENEFITS AND EXPENSES	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and changes in policy reserves	  	 	715	  	 	451	  	 	(8	)	 	 	12	 	 	 	32	 	 	 	 	 	1,202	 	
Interest credited	  	 	92	  	 	314	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	 	 	406	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	252	  	 	53	  	 	81	 	 	 	23	 	 	 	67	 	 	 	 	 	476	 	
Amortization of deferred acquisition costs and intangibles	  	 	294	  	 	30	  	 	8	 	 	 	3	 	 	 	24	 	 	 	 	 	359	 	
Interest expense	  	 	—  	  	 	—  	  	 	—  	 	 	 	27	 	 	 	—  	 	 	 	 	 	27	 	
 	  			  			  				 				 				 	 	 				
Total benefits and expenses	  	 	1,353	  	 	848	  	 	81	 	 	 	65	 	 	 	123	 	 	 	 	 	2,470	 	
 	  			  			  				 				 				 	 	 				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	200	  	 	82	  	 	161	 	 	 	(71	)	 	 	22	 	 	 	 	 	394	 	
 	  			  			  				 				 				 	 	 				
Provision for income taxes	  	 	69	  	 	27	  	 	47	 	 	 	(25	)	 	 	11	 	 	 	 	 	129	 	
 	  			  			  				 				 				 	 	 				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	131	  	$	55	  	$	114	 	 	$	(46	)	 	$	11	 	 	 	 	$	265	 	

43

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Combined Statement of Earnings by Segment
(Dollar amounts in millions)

Six months ended June 30, 2004 
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	  	Corporate
Segment
	 	 	Affinity
Segment
	 	 	 	  	Combined
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	2,302	  	$	598	  	$	390	  	$	52	 	 	$	88	 	 	 	  	$	3,430	
Net investment income	  	 	615	  	 	1,186	  	 	121	  	 	90	 	 	 	26	 	 	 	  	 	2,038	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	  	 	24	 	 	 	—  	 	 	 	  	 	24	
Policy fees and other Income	  	 	166	  	 	154	  	 	18	  	 	4	 	 	 	104	 	 	 	  	 	446	
 	  			  			  			  				 				 	 	  			
Total revenues	  	 	3,083	  	 	1,938	  	 	529	  	 	170	 	 	 	218	 	 	 	  	 	5,938	
 	  			  			  			  				 				 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	1,487	  	 	992	  	 	66	  	 	19	 	 	 	80	 	 	 	  	 	2,644	
Interest credited	  	 	180	  	 	570	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	  	 	750	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	548	  	 	143	  	 	129	  	 	41	 	 	 	123	 	 	 	  	 	984	
Amortization of deferred acquisition costs and intangibles	  	 	463	  	 	111	  	 	23	  	 	6	 	 	 	47	 	 	 	  	 	650	
Interest expense	  	 	5	  	 	1	  	 	—  	  	 	88	 	 	 	—  	 	 	 	  	 	94	
 	  			  			  			  				 				 	 	  			
Total benefits and expenses	  	 	2,683	  	 	1,817	  	 	218	  	 	154	 	 	 	250	 	 	 	  	 	5,122	
 	  			  			  			  				 				 	 	  			
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	400	  	 	121	  	 	311	  	 	16	 	 	 	(32	)	 	 	  	 	816	
 	  			  			  			  				 				 	 	  			
Provision for income taxes	  	 	147	  	 	43	  	 	94	  	 	22	 	 	 	(18	)	 	 	  	 	288	
 	  			  			  			  				 				 	 	  			
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	253	  	$	78	  	$	217	  	$	(6	)	 	$	(14	)	 	 	  	$	528	

																							
Six months ended June 30, 200 3
	  	Protection
Segment
	  	RI&I
Segment
	  	Mortgage
Segment
	  	Corporate
Segment
	 	 	Affinity
Segment
	 	 	  	Combined
	 	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	2,257	  	$	509	  	$	340	  	$	50	 	 	$	121	 	 	  	$	3,277	 	
Net investment income	  	 	596	  	 	1,263	  	 	104	  	 	(7	)	 	 	31	 	 	  	 	1,987	 	
Net realized investment gains	  	 	—  	  	 	—  	  	 	—  	  	 	(16	)	 	 	—  	 	 	  	 	(16	)	
Policy fees and other Income	  	 	172	  	 	116	  	 	25	  	 	4	 	 	 	130	 	 	  	 	447	 	
 	  			  			  			  				 			 	 	  				
Total revenues	  	 	3,025	  	 	1,888	  	 	469	  	 	31	 	 	 	282	 	 	  	 	5,695	 	
 	  			  			  			  				 			 	 	  				
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	1,418	  	 	907	  	 	25	  	 	21	 	 	 	84	 	 	  	 	2,455	 	
Interest credited	  	 	183	  	 	632	  	 	—  	  	 	—  	 	 	 	—  	 	 	  	 	815	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	519	  	 	118	  	 	151	  	 	45	 	 	 	131	 	 	  	 	964	 	
Amortization of deferred acquisition costs and intangibles	  	 	504	  	 	84	  	 	16	  	 	6	 	 	 	49	 	 	  	 	659	 	
Interest expense	  	 	—  	  	 	—  	  	 	—  	  	 	54	 	 	 	—  	 	 	  	 	54	 	
 	  			  			  			  				 			 	 	  				
Total benefits and expenses	  	 	2,624	  	 	1,741	  	 	192	  	 	126	 	 	 	264	 	 	  	 	4,947	 	
 	  			  			  			  				 			 	 	  				
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND ACCOUNTING CHANGE	  	 	401	  	 	147	  	 	277	  	 	(95	)	 	 	18	 	 	  	 	748	 	
 	  			  			  			  				 			 	 	  				
Provision for income taxes	  	 	139	  	 	50	  	 	78	  	 	(45	)	 	 	7	 	 	  	 	229	 	
 	  			  			  			  				 			 	 	  				
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE	  	$	262	  	$	97	  	$	199	  	$	(50	)	 	$	11	 	 	  	$	519	 	

44

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Protection
(Dollar amounts in millions)

Three months ended June 30, 2004 
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	  	Group
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	  	 	 	
Premiums	  	$	187	  	$	433	  	$	359	  	$	153	 	 	  	$	1,132	
Net investment income	  	 	109	  	 	161	  	 	26	  	 	10	 	 	  	 	306	
Policy fees and other income	  	 	68	  	 	1	  	 	5	  	 	5	 	 	  	 	79	
 	  			  			  			  			 	 	  			
Total revenues	  	 	364	  	 	595	  	 	390	  	 	168	 	 	  	 	1,517	
 	  			  			  			  			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	145	  	 	410	  	 	64	  	 	108	 	 	  	 	727	
Interest credited	  	 	61	  	 	29	  	 	—  	  	 	—  	 	 	  	 	90	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	31	  	 	72	  	 	129	  	 	40	 	 	  	 	272	
Amortization of deferred acquisition costs and intangibles	  	 	30	  	 	16	  	 	165	  	 	8	 	 	  	 	219	
Interest expense	  	 	2	  	 	—  	  	 	—  	  	 	—  	 	 	  	 	2	
 	  			  			  			  			 	 	  			
Total benefits and expenses	  	 	269	  	 	527	  	 	358	  	 	156	 	 	  	 	1,310	
 	  			  			  			  			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	95	  	 	68	  	 	32	  	 	12	 	 	  	 	207	
 	  			  			  			  			 	 	  			
Provision for income taxes	  	 	35	  	 	25	  	 	14	  	 	4	 	 	  	 	78	
 	  			  			  			  			 	 	  			
SEGMENT NET EARNINGS	  	$	60	  	$	43	  	$	18	  	$	8	 	 	  	$	129	

																		
Three months ended June 30, 200 3
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	  	Group
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	  	 	 	
Premiums	  	$	177	  	$	432	  	$	413	  	$	153	 	 	  	$	1,175	
Net investment income	  	 	113	  	 	151	  	 	23	  	 	10	 	 	  	 	297	
Policy fees and other income	  	 	67	  	 	4	  	 	2	  	 	8	 	 	  	 	81	
 	  			  			  			  			 	 	  			
Total revenues	  	 	357	  	 	587	  	 	438	  	 	171	 	 	  	 	1,553	
 	  			  			  			  			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	116	  	 	395	  	 	98	  	 	106	 	 	  	 	715	
Interest credited	  	 	65	  	 	27	  	 	—  	  	 	—  	 	 	  	 	92	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	35	  	 	76	  	 	102	  	 	39	 	 	  	 	252	
Amortization of deferred acquisition costs and intangibles	  	 	55	  	 	22	  	 	210	  	 	7	 	 	  	 	294	
Interest expense	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	  	 	—  	
 	  			  			  			  			 	 	  			
Total benefits and expenses	  	 	271	  	 	520	  	 	410	  	 	152	 	 	  	 	1,353	
 	  			  			  			  			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	86	  	 	67	  	 	28	  	 	19	 	 	  	 	200	
 	  			  			  			  			 	 	  			
Provision for income taxes	  	 	32	  	 	24	  	 	6	  	 	7	 	 	  	 	69	
 	  			  			  			  			 	 	  			
SEGMENT NET EARNINGS	  	$	54	  	$	43	  	$	22	  	$	12	 	 	  	$	131	

45

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Protection
(Dollar amounts in millions)

Six months ended June 30, 2004 
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	 	Group
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	377	  	$	873	  	$	744	 	$	308	 	 	  	$	2,302	
Net investment income	  	 	218	  	 	324	  	 	52	 	 	21	 	 	  	 	615	
Policy fees and other income	  	 	143	  	 	3	  	 	10	 	 	10	 	 	  	 	166	
 	  			  			  			 			 	 	  			
Total revenues	  	 	738	  	 	1,200	  	 	806	 	 	339	 	 	  	 	3,083	
 	  			  			  			 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	306	  	 	818	  	 	145	 	 	218	 	 	  	 	1,487	
Interest credited	  	 	123	  	 	57	  	 	—  	 	 	—  	 	 	  	 	180	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	60	  	 	152	  	 	254	 	 	82	 	 	  	 	548	
Amortization of deferred acquisition costs and intangibles	  	 	59	  	 	43	  	 	345	 	 	16	 	 	  	 	463	
Interest expense	  	 	5	  	 	—  	  	 	—  	 	 	—  	 	 	  	 	5	
 	  			  			  			 			 	 	  			
Total benefits and expenses	  	 	553	  	 	1,070	  	 	744	 	 	316	 	 	  	 	2,683	
 	  			  			  			 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	185	  	 	130	  	 	62	 	 	23	 	 	  	 	400	
 	  			  			  			 			 	 	  			
Provision for income taxes	  	 	68	  	 	47	  	 	24	 	 	8	 	 	  	 	147	
 	  			  			  			 			 	 	  			
SEGMENT NET EARNINGS	  	$	117	  	$	83	  	$	38	 	$	15	 	 	  	$	253	

																		
Six months ended June 30, 200 3
	  	Life
	  	Long Term
Care
	  	Payment
Protection Ins.
	 	Group
	 	 	  	Total

REVENUES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	346	  	$	847	  	$	756	 	$	308	 	 	  	$	2,257	
Net investment income	  	 	224	  	 	303	  	 	48	 	 	21	 	 	  	 	596	
Policy fees and other income	  	 	145	  	 	8	  	 	3	 	 	16	 	 	  	 	172	
 	  			  			  			 			 	 	  			
Total revenues	  	 	715	  	 	1,158	  	 	807	 	 	345	 	 	  	 	3,025	
 	  			  			  			 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	256	  	 	781	  	 	169	 	 	212	 	 	  	 	1,418	
Interest credited	  	 	130	  	 	53	  	 	—  	 	 	—  	 	 	  	 	183	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	69	  	 	147	  	 	220	 	 	83	 	 	  	 	519	
Amortization of deferred acquisition costs and intangibles	  	 	88	  	 	43	  	 	360	 	 	13	 	 	  	 	504	
Interest expense	  	 	—  	  	 	—  	  	 	—  	 	 	—  	 	 	  	 	—  	
 	  			  			  			 			 	 	  			
Total benefits and expenses	  	 	543	  	 	1,024	  	 	749	 	 	308	 	 	  	 	2,624	
 	  			  			  			 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	172	  	 	134	  	 	58	 	 	37	 	 	  	 	401	
 	  			  			  			 			 	 	  			
Provision for income taxes	  	 	63	  	 	49	  	 	14	 	 	13	 	 	  	 	139	
 	  			  			  			 			 	 	  			
SEGMENT NET EARNINGS	  	$	109	  	$	85	  	$	44	 	$	24	 	 	  	$	262	

46

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Retirement Income and Investments
(Dollar amounts in millions) 
																
Three months ended June 30, 2004
	  	Spread Based
Retail
Products
	  	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	321	  	$	—  	 	 	$	—  	 	 	  	$	321	
Net investment income	  	 	461	  	 	24	 	 	 	84	 	 	  	 	569	
Policy fees and other income	  	 	—  	  	 	72	 	 	 	—  	 	 	  	 	72	
 	  			  				 			 	 	  			
Total revenues	  	 	782	  	 	96	 	 	 	84	 	 	  	 	962	
 	  			  				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	492	  	 	9	 	 	 	—  	 	 	  	 	501	
Interest credited	  	 	188	  	 	9	 	 	 	67	 	 	  	 	264	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	34	  	 	33	 	 	 	1	 	 	  	 	68	
Amortization of deferred acquisition costs and intangibles	  	 	31	  	 	23	 	 	 	—  	 	 	  	 	54	
Interest expense	  	 	—  	  	 	1	 	 	 	—  	 	 	  	 	1	
 	  			  				 			 	 	  			
Total benefits and expenses	  	 	745	  	 	75	 	 	 	68	 	 	  	 	888	
 	  			  				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	37	  	 	21	 	 	 	16	 	 	  	 	74	
 	  			  				 			 	 	  			
Provision for income taxes	  	 	13	  	 	8	 	 	 	6	 	 	  	 	27	
 	  			  				 			 	 	  			
SEGMENT NET EARNINGS	  	$	24	  	$	13	 	 	$	10	 	 	  	$	47	

 	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Three months ended June 30, 2003
	  	Spread Based
Retail
Products
	  	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	251	  	$	—  	 	 	$	—  	 	 	  	$	251	
Net investment income	  	 	513	  	 	22	 	 	 	89	 	 	  	 	624	
Policy fees and other income	  	 	—  	  	 	55	 	 	 	—  	 	 	  	 	55	
 	  			  				 			 	 	  			
Total revenues	  	 	764	  	 	77	 	 	 	89	 	 	  	 	930	
 	  			  				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	441	  	 	10	 	 	 	—  	 	 	  	 	451	
Interest credited	  	 	220	  	 	19	 	 	 	75	 	 	  	 	314	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	29	  	 	24	 	 	 	—  	 	 	  	 	53	
Amortization of deferred acquisition costs and intangibles	  	 	10	  	 	20	 	 	 	—  	 	 	  	 	30	
Interest expense	  	 	—  	  	 	—  	 	 	 	—  	 	 	  	 	—  	
 	  			  				 			 	 	  			
Total benefits and expenses	  	 	700	  	 	73	 	 	 	75	 	 	  	 	848	
 	  			  				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	64	  	 	4	 	 	 	14	 	 	  	 	82	
 	  			  				 			 	 	  			
Provision for income taxes	  	 	23	  	 	(1	)	 	 	5	 	 	  	 	27	
 	  			  				 			 	 	  			
SEGMENT NET EARNINGS	  	$	41	  	$	5	 	 	$	9	 	 	  	$	55	

47

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Retirement Income and Investments
(Dollar amounts in millions) 

Six months ended June 30, 2004
	  	Spread Based
Retail
Products
	 	 	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	598	 	 	$	—  	 	 	$	—  	 	 	  	$	598	
Net investment income	  	 	973	 	 	 	53	 	 	 	160	 	 	  	 	1,186	
Policy fees and other Income	  	 	(1	)	 	 	155	 	 	 	—  	 	 	  	 	154	
 	  				 				 			 	 	  			
Total revenues	  	 	1,570	 	 	 	208	 	 	 	160	 	 	  	 	1,938	
 	  				 				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	976	 	 	 	16	 	 	 	—  	 	 	  	 	992	
Interest credited	  	 	401	 	 	 	36	 	 	 	133	 	 	  	 	570	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	64	 	 	 	77	 	 	 	2	 	 	  	 	143	
Amortization of deferred acquisition costs and intangibles	  	 	58	 	 	 	53	 	 	 	—  	 	 	  	 	111	
Interest expense	  	 	—  	 	 	 	1	 	 	 	—  	 	 	  	 	1	
 	  				 				 			 	 	  			
Total benefits and expenses	  	 	1,499	 	 	 	183	 	 	 	135	 	 	  	 	1,817	
 	  				 				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	71	 	 	 	25	 	 	 	25	 	 	  	 	121	
 	  				 				 			 	 	  			
Provision for income taxes	  	 	25	 	 	 	9	 	 	 	9	 	 	  	 	43	
 	  				 				 			 	 	  			
SEGMENT NET EARNINGS	  	$	46	 	 	$	16	 	 	$	16	 	 	  	$	78	

 	  	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Six months ended June 30, 2003
	  	Spread Based
Retail
Products
	 	 	Fee Based
Products
	 	 	Spread Based
Institutional
Products
	 	 	  	Total
	
REVENUES:	  	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	509	 	 	$	—  	 	 	$	—  	 	 	  	$	509	
Net investment income	  	 	1,034	 	 	 	45	 	 	 	184	 	 	  	 	1,263	
Policy fees and other Income	  	 	2	 	 	 	114	 	 	 	—  	 	 	  	 	116	
 	  				 				 			 	 	  			
Total revenues	  	 	1,545	 	 	 	159	 	 	 	184	 	 	  	 	1,888	
 	  				 				 			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	890	 	 	 	17	 	 	 	—  	 	 	  	 	907	
Interest credited	  	 	442	 	 	 	38	 	 	 	152	 	 	  	 	632	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	60	 	 	 	57	 	 	 	1	 	 	  	 	118	
Amortization of deferred acquisition costs and intangibles	  	 	37	 	 	 	47	 	 	 	—  	 	 	  	 	84	
Interest expense	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	  	 	—  	
 	  				 				 			 	 	  			
Total benefits and expenses	  	 	1,429	 	 	 	159	 	 	 	153	 	 	  	 	1,741	
 	  				 				 			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	116	 	 	 	—  	 	 	 	31	 	 	  	 	147	
 	  				 				 			 	 	  			
Provision for income taxes	  	 	42	 	 	 	(3	)	 	 	11	 	 	  	 	50	
 	  				 				 			 	 	  			
SEGMENT NET EARNINGS	  	$	74	 	 	$	3	 	 	$	20	 	 	  	$	97	

48

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Retirement Income and Investments - Historical Account Values
(Dollar amounts in millions)

 	  	Three Months Ended
June 30,
	 	
 	  	2004
	 	 	2003
	 	
Spread-Based Products	  	 	 	 	 	 	 	 	
			
Fixed Annuities	  	 	 	 	 	 	 	 	
Account value net of reinsurance, beginning of period	  	$	14,304	 	 	$	13,939	 	
Deposits	  	 	485	 	 	 	179	 	
Interest credited	  	 	150	 	 	 	150	 	
Surrenders, benefits and product charges	  	 	(356	)	 	 	(315	)	
 	  				 				
Account value net of reinsurance, end of period	  	$	14,583	 	 	$	13,953	 	
 	  				 				
Income Annuities	  	 	 	 	 	 	 	 	
Account value net of reinsurance, beginning of period	  	$	5,098	 	 	$	4,726	 	
Premiums and deposits	  	 	179	 	 	 	173	 	
Interest credited	  	 	75	 	 	 	73	 	
Surrenders, benefits and product charges	  	 	(176	)	 	 	(161	)	
 	  				 				
Account value net of reinsurance, end of period	  	$	5,176	 	 	$	4,811	 	
 	  				 				
GIC’s and Funding Agreements	  	 	 	 	 	 	 	 	
Account value, beginning of the period	  	$	9,461	 	 	$	10,198	 	
Premiums and deposits	  	 	648	 	 	 	829	 	
Interest credited	  	 	67	 	 	 	75	 	
Surrenders and benefits	  	 	(792	)	 	 	(1,172	)	
 	  				 				
Account value, end of period	  	$	9,384	 	 	$	9,930	 	
 	  				 				
Structured Settlements	  	 	 	 	 	 	 	 	
Account value, beginning of period	  	$	12,132	 	 	$	11,711	 	
Premiums and deposits	  	 	207	 	 	 	133	 	
Interest credited	  	 	227	 	 	 	206	 	
Surrenders, benefits and product charges	  	 	(385	)	 	 	(339	)	
 	  				 				
Account value, end of period a	  	$	12,181	 	 	$	11,711	 	
 	  				 				
Fee-Based Products	  	 	 	 	 	 	 	 	
			
Variable Annuities	  	 	 	 	 	 	 	 	
Account value, beginning of period	  	$	11,059	 	 	$	8,743	 	
Deposits	  	 	294	 	 	 	612	 	
Interest credited and investment performance	  	 	153	 	 	 	911	 	
Surrenders, benefits and product charges	  	 	(415	)	 	 	(379	)	
 	  				 				
Account value, end of period a	  	$	11,091	 	 	$	9,887	 	
 	  				 				
Variable Life Insurance	  	 	 	 	 	 	 	 	
Premiums and deposits	  	$	10	 	 	$	10	 	
Future policy benefits/policy account balances, net of reinsurance	  	 	12	 	 	 	10	 	
Separate account liability	  	 	278	 	 	 	242	 	
Life insurance in force	  	 	3,555	 	 	 	3,630	 	

a 	Included in the end of period account values for the 2004 period for structured settlements and variable annuities are $11,844 million and $10,416 million, respectively, that relate to contracts that were reinsured with UFLIC.	
 
49

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Mortgage Insurance
(Dollar amounts in millions)

Three months ended June 30, 2004 
	  	U. S.
	 	 	International
	 	 	  	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	116	 	 	$	79	 	 	  	$	195	 	
Net investment income	  	 	32	 	 	 	29	 	 	  	 	61	 	
Policy fees and other Income	  	 	5	 	 	 	5	 	 	  	 	10	 	
 	  				 			 	 	  				
Total revenues	  	 	153	 	 	 	113	 	 	  	 	266	 	
 	  				 			 	 	  				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	21	 	 	 	6	 	 	  	 	27	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	43	 	 	 	22	 	 	  	 	65	 	
Amortization of deferred acquisition costs and intangibles	  	 	7	 	 	 	4	 	 	  	 	11	 	
 	  				 			 	 	  				
Total benefits and expenses	  	 	71	 	 	 	32	 	 	  	 	103	 	
 	  				 			 	 	  				
EARNINGS BEFORE INCOME TAXES	  	 	82	 	 	 	81	 	 	  	 	163	 	
 	  				 			 	 	  				
Provision for income taxes	  	 	19	 	 	 	30	 	 	  	 	49	 	
 	  				 			 	 	  				
SEGMENT NET EARNINGS	  	$	63	 	 	$	51	 	 	  	$	114	 	

 	  	 	 	 	 	 	 	 	 	  	 	 	 	
Three months ended June 30, 2003 
	  	U. S.
	 	 	International
	 	 	  	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	125	 	 	$	50	 	 	  	$	175	 	
Net investment income	  	 	33	 	 	 	21	 	 	  	 	54	 	
Policy fees and other Income	  	 	11	 	 	 	2	 	 	  	 	13	 	
 	  				 			 	 	  				
Total revenues	  	 	169	 	 	 	73	 	 	  	 	242	 	
 	  				 			 	 	  				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	(13	)	 	 	5	 	 	  	 	(8	)	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	68	 	 	 	13	 	 	  	 	81	 	
Amortization of deferred acquisition costs and intangibles	  	 	6	 	 	 	2	 	 	  	 	8	 	
 	  				 			 	 	  				
Total benefits and expenses	  	 	61	 	 	 	20	 	 	  	 	81	 	
 	  				 			 	 	  				
EARNINGS BEFORE INCOME TAXES	  	 	108	 	 	 	53	 	 	  	 	161	 	
 	  				 			 	 	  				
Provision for income taxes	  	 	30	 	 	 	17	 	 	  	 	47	 	
 	  				 			 	 	  				
SEGMENT NET EARNINGS	  	$	78	 	 	$	36	 	 	  	$	114	 	

Pro Forma Segment Net Earnings is equivalent to Historical Segment Net Earnings for the Mortgage Insurance Segment.
 
50

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Mortgage Insurance
(Dollar amounts in millions)

Six months ended June 30, 2004 
	  	U. S.
	  	International
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	  	 	 	
Premiums	  	$	235	  	$	155	 	 	  	$	390	
Net investment income	  	 	63	  	 	58	 	 	  	 	121	
Policy fees and other Income	  	 	9	  	 	9	 	 	  	 	18	
 	  			  			 	 	  			
Total revenues	  	 	307	  	 	222	 	 	  	 	529	
 	  			  			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	50	  	 	16	 	 	  	 	66	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	84	  	 	45	 	 	  	 	129	
Amortization of deferred acquisition costs and intangibles	  	 	14	  	 	9	 	 	  	 	23	
 	  			  			 	 	  			
Total benefits and expenses	  	 	148	  	 	70	 	 	  	 	218	
 	  			  			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	159	  	 	152	 	 	  	 	311	
 	  			  			 	 	  			
Provision for income taxes	  	 	37	  	 	57	 	 	  	 	94	
 	  			  			 	 	  			
SEGMENT NET EARNINGS	  	$	122	  	$	95	 	 	  	$	217	

 	  	 	 	  	 	 	 	 	  	 	 	
Six months ended June 30, 2003 
	  	U. S.
	  	International
	 	 	  	Total
	
REVENUES:	  	 	 	  	 	 	 	 	  	 	 	
Premiums	  	 	251	  	 	89	 	 	  	 	340	
Net investment income	  	 	66	  	 	38	 	 	  	 	104	
Policy fees and other Income	  	 	21	  	 	4	 	 	  	 	25	
 	  			  			 	 	  			
Total revenues	  	 	338	  	 	131	 	 	  	 	469	
 	  			  			 	 	  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	19	  	 	6	 	 	  	 	25	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	127	  	 	24	 	 	  	 	151	
Amortization of deferred acquisition costs and intangibles	  	 	12	  	 	4	 	 	  	 	16	
 	  			  			 	 	  			
Total benefits and expenses	  	 	158	  	 	34	 	 	  	 	192	
 	  			  			 	 	  			
EARNINGS BEFORE INCOME TAXES	  	 	180	  	 	97	 	 	  	 	277	
 	  			  			 	 	  			
Provision for income taxes	  	 	45	  	 	33	 	 	  	 	78	
 	  			  			 	 	  			
SEGMENT NET EARNINGS	  	$	135	  	$	64	 	 	  	$	199	

Pro Forma Segment Net Earnings is equivalent to Historical Segment Net Earnings for the Mortgage Insurance Segment.
 
51

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Corporate and Other
(Dollar amounts in millions)

Three months ended June 30, 2004 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	26	 	
Net investment income	  	 	57	 	
Net realized investment gains	  	 	8	 	
Policy fees and other income	  	 	2	 	
 	  				
Total revenues	  	 	93	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	10	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	22	 	
Amortization of deferred acquisition costs and intangibles	  	 	3	 	
Interest expense	  	 	44	 	
 	  				
Total benefits and expenses	  	 	79	 	
 	  				
EARNINGS BEFORE INCOME TAXES	  	 	14	 	
 	  				
Provision for income taxes	  	 	24	 	
 	  				
SEGMENT NET LOSS	  	$	(10	)	

 	  	 	 	 	
Three months ended June 30, 2003 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	26	 	
Net investment income	  	 	3	 	
Net realized investment gains	  	 	(37	)	
Policy fees and other income	  	 	2	 	
 	  				
Total revenues	  	 	(6	)	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	12	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	23	 	
Amortization of deferred acquisition costs and intangibles	  	 	3	 	
Interest expense	  	 	27	 	
 	  				
Total benefits and expenses	  	 	65	 	
 	  				
LOSS BEFORE INCOME TAXES	  	 	(71	)	
 	  				
Benefit from income taxes	  	 	(25	)	
 	  				
SEGMENT NET LOSS	  	$	(46	)	

52

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Corporate and Other
(Dollar amounts in millions)

Six months ended June 30, 2004 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	52	 	
Net investment income	  	 	90	 	
Net realized investment gains	  	 	24	 	
Policy fees and other income	  	 	4	 	
 	  				
Total revenues	  	 	170	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	19	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	41	 	
Amortization of deferred acquisition costs and intangibles	  	 	6	 	
Interest expense	  	 	88	 	
 	  				
Total benefits and expenses	  	 	154	 	
 	  				
EARNINGS BEFORE INCOME TAXES	  	 	16	 	
 	  				
Provision for income taxes	  	 	22	 	
 	  				
SEGMENT NET LOSS	  	$	(6	)	

 	  	 	 	 	
Six months ended June 30, 2003 
	  	Total
	 	
REVENUES:	  	 	 	 	
Premiums	  	$	50	 	
Net investment loss	  	 	(7	)	
Net realized investment loss	  	 	(16	)	
Policy fees and other income	  	 	4	 	
 	  				
Total revenues	  	 	31	 	
 	  				
BENEFITS AND EXPENSES:	  	 	 	 	
Benefits and other changes in policy reserves	  	 	21	 	
Interest credited	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	45	 	
Amortization of deferred acquisition costs and intangibles	  	 	6	 	
Interest expense	  	 	54	 	
 	  				
Total benefits and expenses	  	 	126	 	
 	  				
LOSS BEFORE INCOME TAXES	  	 	(95	)	
 	  				
Benefit from income taxes	  	 	(45	)	
 	  				
SEGMENT NET LOSS	  	$	(50	)	

53

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Combined Net Earnings
(Dollar amounts in millions)

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	 	 	Q2
	 	 	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
Premiums	  	$	1,708	  	$	1,722	  	$	3,430	  	$	1,766	  	$	1,664	 	 	$	1,690	 	 	$	1,587	  	$	6,707	
Net investment income	  	 	1,001	  	 	1,037	  	 	2,038	  	 	1,016	  	 	1,012	 	 	 	995	 	 	 	992	  	 	4,015	
Net realized investment gains	  	 	8	  	 	16	  	 	24	  	 	39	  	 	(13	)	 	 	(37	)	 	 	21	  	 	10	
Policy fees and other Income	  	 	200	  	 	246	  	 	446	  	 	243	  	 	251	 	 	 	216	 	 	 	231	  	 	941	
 	  			  			  			  			  				 				 			  			
Total revenues	  	 	2,917	  	 	3,021	  	 	5,938	  	 	3,064	  	 	2,914	 	 	 	2,864	 	 	 	2,831	  	 	11,673	
 	  			  			  			  			  				 				 			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	1,296	  	 	1,348	  	 	2,644	  	 	1,462	  	 	1,320	 	 	 	1,202	 	 	 	1,253	  	 	5,237	
Interest credited	  	 	354	  	 	396	  	 	750	  	 	402	  	 	407	 	 	 	406	 	 	 	409	  	 	1,624	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	476	  	 	508	  	 	984	  	 	427	  	 	548	 	 	 	476	 	 	 	488	  	 	1,939	
Amortization of deferred acquisition costs and intangibles	  	 	305	  	 	345	  	 	650	  	 	416	  	 	276	 	 	 	359	 	 	 	300	  	 	1,351	
Interest expense	  	 	47	  	 	47	  	 	94	  	 	46	  	 	40	 	 	 	27	 	 	 	27	  	 	140	
 	  			  			  			  			  				 				 			  			
Total benefits and expenses	  	 	2,478	  	 	2,644	  	 	5,122	  	 	2,753	  	 	2,591	 	 	 	2,470	 	 	 	2,477	  	 	10,291	
 	  			  			  			  			  				 				 			  			
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	  	 	439	  	 	377	  	 	816	  	 	311	  	 	323	 	 	 	394	 	 	 	354	  	 	1,382	
 	  			  			  			  			  				 				 			  			
Provision for income taxes	  	 	171	  	 	117	  	 	288	  	 	91	  	 	93	 	 	 	129	 	 	 	100	  	 	413	
 	  			  			  			  			  				 				 			  			
NET EARNINGS FROM CONTINUING OPERATIONS	  	$	268	  	$	260	  	$	528	  	$	220	  	$	230	 	 	$	265	 	 	$	254	  	$	969	

54

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Protection
(Dollar amounts in millions)

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	  	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Premiums	  	$	1,132	  	$	1,170	  	$	2,302	  	$	1,181	  	$	1,150	  	$	1,175	  	$	1,082	  	$	4,588	
Net investment income	  	 	306	  	 	309	  	 	615	  	 	305	  	 	298	  	 	297	  	 	299	  	 	1,199	
Policy fees and other Income	  	 	79	  	 	87	  	 	166	  	 	93	  	 	91	  	 	81	  	 	91	  	 	356	
 	  			  			  			  			  			  			  			  			
Total Revenues	  	 	1,517	  	 	1,566	  	 	3,083	  	 	1,579	  	 	1,539	  	 	1,553	  	 	1,472	  	 	6,143	
 	  			  			  			  			  			  			  			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	727	  	 	760	  	 	1,487	  	 	805	  	 	774	  	 	715	  	 	703	  	 	2,997	
Interest credited	  	 	90	  	 	90	  	 	180	  	 	90	  	 	92	  	 	92	  	 	91	  	 	365	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	272	  	 	276	  	 	548	  	 	214	  	 	286	  	 	252	  	 	267	  	 	1,019	
Amortization of deferred acquisition costs and intangibles	  	 	219	  	 	244	  	 	463	  	 	312	  	 	185	  	 	294	  	 	210	  	 	1,001	
Interest expense	  	 	2	  	 	3	  	 	5	  	 	2	  	 	1	  	 	—  	  	 	—  	  	 	3	
 	  			  			  			  			  			  			  			  			
Total benefits and expenses	  	 	1,310	  	 	1,373	  	 	2,683	  	 	1,423	  	 	1,338	  	 	1,353	  	 	1,271	  	 	5,385	
 	  			  			  			  			  			  			  			  			
EARNINGS BEFORE INCOME TAXES	  	 	207	  	 	193	  	 	400	  	 	156	  	 	201	  	 	200	  	 	201	  	 	758	
 	  			  			  			  			  			  			  			  			
Provision for income taxes	  	 	78	  	 	69	  	 	147	  	 	61	  	 	71	  	 	69	  	 	70	  	 	271	
 	  			  			  			  			  			  			  			  			
SEGMENT NET EARNINGS	  	$	129	  	$	124	  	$	253	  	$	95	  	$	130	  	$	131	  	$	131	  	$	487	

55

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Retirement Income and Investments
(Dollar amounts in millions)

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	  	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Premiums	  	$	321	  	$	277	  	$	598	  	$	303	  	$	237	  	$	251	  	$	258	  	$	1,049	
Net investment income	  	 	569	  	 	617	  	 	1,186	  	 	630	  	 	618	  	 	624	  	 	639	  	 	2,511	
Policy fees and other income	  	 	72	  	 	82	  	 	154	  	 	58	  	 	59	  	 	55	  	 	61	  	 	233	
 	  			  			  			  			  			  			  			  			
Total revenues	  	 	962	  	 	976	  	 	1,938	  	 	991	  	 	914	  	 	930	  	 	958	  	 	3,793	
 	  			  			  			  			  			  			  			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	501	  	 	491	  	 	992	  	 	508	  	 	461	  	 	451	  	 	456	  	 	1,876	
Interest credited	  	 	264	  	 	306	  	 	570	  	 	312	  	 	315	  	 	314	  	 	318	  	 	1,259	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	68	  	 	75	  	 	143	  	 	76	  	 	45	  	 	53	  	 	65	  	 	239	
Amortization of deferred acquisition costs and intangibles	  	 	54	  	 	57	  	 	111	  	 	57	  	 	49	  	 	30	  	 	54	  	 	190	
Interest expense	  	 	1	  	 	—  	  	 	1	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	
 	  			  			  			  			  			  			  			  			
Total benefits and expenses	  	 	888	  	 	929	  	 	1,817	  	 	953	  	 	870	  	 	848	  	 	893	  	 	3,564	
 	  			  			  			  			  			  			  			  			
EARNINGS BEFORE INCOME TAXES	  	 	74	  	 	47	  	 	121	  	 	38	  	 	44	  	 	82	  	 	65	  	 	229	
 	  			  			  			  			  			  			  			  			
Provision for income taxes	  	 	27	  	 	16	  	 	43	  	 	15	  	 	13	  	 	27	  	 	23	  	 	78	
 	  			  			  			  			  			  			  			  			
SEGMENT NET EARNINGS	  	$	47	  	$	31	  	$	78	  	$	23	  	$	31	  	$	55	  	$	42	  	$	151	

56

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Mortgage Insurance
(Dollar amounts in millions)

 	  	2004
	  	2003
	
 	  	Q2
	  	Q1
	  	YTD
	  	Q4
	  	Q3
	  	Q2
	 	 	Q1
	  	Total
	
REVENUES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	
Premiums	  	$	195	  	$	195	  	$	390	  	$	194	  	$	182	  	$	175	 	 	$	165	  	$	716	
Net investment income	  	 	61	  	 	60	  	 	121	  	 	58	  	 	56	  	 	54	 	 	 	50	  	 	218	
Policy fees and other Income	  	 	10	  	 	8	  	 	18	  	 	10	  	 	13	  	 	13	 	 	 	12	  	 	48	
 	  			  			  			  			  			  				 			  			
Total revenues	  	 	266	  	 	263	  	 	529	  	 	262	  	 	251	  	 	242	 	 	 	227	  	 	982	
 	  			  			  			  			  			  				 			  			
BENEFITS AND EXPENSES:	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	27	  	 	39	  	 	66	  	 	46	  	 	44	  	 	(8	)	 	 	33	  	 	115	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	65	  	 	64	  	 	129	  	 	74	  	 	74	  	 	81	 	 	 	70	  	 	299	
Amortization of deferred acquisition costs and intangibles	  	 	11	  	 	12	  	 	23	  	 	11	  	 	10	  	 	8	 	 	 	8	  	 	37	
 	  			  			  			  			  			  				 			  			
Total benefits and expenses	  	 	103	  	 	115	  	 	218	  	 	131	  	 	128	  	 	81	 	 	 	111	  	 	451	
 	  			  			  			  			  			  				 			  			
EARNINGS BEFORE INCOME TAXES	  	 	163	  	 	148	  	 	311	  	 	131	  	 	123	  	 	161	 	 	 	116	  	 	531	
 	  			  			  			  			  			  				 			  			
Provision for income taxes	  	 	49	  	 	45	  	 	94	  	 	54	  	 	30	  	 	47	 	 	 	31	  	 	162	
 	  			  			  			  			  			  				 			  			
SEGMENT NET EARNINGS	  	$	114	  	$	103	  	$	217	  	$	77	  	$	93	  	$	114	 	 	$	85	  	$	369	

Pro Forma Segment Net Earnings is equivalent to Historical Segment Net Earnings for the Mortgage Insurance Segment.
 
57

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Corporate and Other
(Dollar amounts in millions)

 	  	2004
	 	 	2003
	 	
 	  	Q2
	 	 	Q1
	 	 	YTD
	 	 	Q4
	 	 	Q3
	 	 	Q2
	 	 	Q1
	 	  	Total
	 	
REVENUES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Premiums	  	$	26	 	 	$	26	 	 	$	52	 	 	$	31	 	 	$	29	 	 	$	26	 	 	$	24	 	  	$	110	 	
Net investment income (loss)	  	 	57	 	 	 	33	 	 	 	90	 	 	 	10	 	 	 	22	 	 	 	3	 	 	 	(10	)	  	 	25	 	
Net realized investment gains	  	 	8	 	 	 	16	 	 	 	24	 	 	 	39	 	 	 	(13	)	 	 	(37	)	 	 	21	 	  	 	10	 	
Policy fees and other Income	  	 	2	 	 	 	2	 	 	 	4	 	 	 	17	 	 	 	23	 	 	 	2	 	 	 	2	 	  	 	44	 	
 	  				 				 				 				 				 				 				  				
Total revenues	  	 	93	 	 	 	77	 	 	 	170	 	 	 	97	 	 	 	61	 	 	 	(6	)	 	 	37	 	  	 	189	 	
 	  				 				 				 				 				 				 				  				
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Benefits and other changes in policy reserves	  	 	10	 	 	 	9	 	 	 	19	 	 	 	43	 	 	 	(11	)	 	 	12	 	 	 	9	 	  	 	53	 	
Interest credited	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	22	 	 	 	19	 	 	 	41	 	 	 	15	 	 	 	78	 	 	 	23	 	 	 	22	 	  	 	138	 	
Amortization of deferred acquisition costs and intangibles	  	 	3	 	 	 	3	 	 	 	6	 	 	 	7	 	 	 	5	 	 	 	3	 	 	 	3	 	  	 	18	 	
Interest expense	  	 	44	 	 	 	44	 	 	 	88	 	 	 	44	 	 	 	39	 	 	 	27	 	 	 	27	 	  	 	137	 	
 	  				 				 				 				 				 				 				  				
Total benefits and expenses	  	 	79	 	 	 	75	 	 	 	154	 	 	 	109	 	 	 	111	 	 	 	65	 	 	 	61	 	  	 	346	 	
 	  				 				 				 				 				 				 				  				
EARNINGS (LOSS) BEFORE INCOME TAXES	  	 	14	 	 	 	2	 	 	 	16	 	 	 	(12	)	 	 	(50	)	 	 	(71	)	 	 	(24	)	  	 	(157	)	
 	  				 				 				 				 				 				 				  				
Provision (benefit) for income taxes	  	 	24	 	 	 	(2	)	 	 	22	 	 	 	(36	)	 	 	(22	)	 	 	(25	)	 	 	(20	)	  	 	(103	)	
 	  				 				 				 				 				 				 				  				
SEGMENT NET EARNINGS (LOSS)	  	$	(10	)	 	$	4	 	 	$	(6	)	 	$	24	 	 	$	(28	)	 	$	(46	)	 	$	(4	)	  	$	(54	)	

58

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Historical Segment Net Earnings - Affinity
(Dollar amounts in millions)

 	  	2004
	 	 	2003
	
 	  	Q2
	 	 	Q1
	 	 	YTD
	 	 	Q4
	 	 	Q3
	  	Q2
	  	Q1
	 	  	Total
	
REVENUES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	  	 	 	 	  	 	 	
Premiums	  	$	34	 	 	$	54	 	 	$	88	 	 	$	57	 	 	$	66	  	$	63	  	$	58	 	  	$	244	
Net investment income	  	 	8	 	 	 	18	 	 	 	26	 	 	 	13	 	 	 	18	  	 	17	  	 	14	 	  	 	62	
Realized investment gains (losses)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	—  	  	 	—  	 	  	 	—  	
Policy fees and other Income	  	 	37	 	 	 	67	 	 	 	104	 	 	 	65	 	 	 	65	  	 	65	  	 	65	 	  	 	260	
 	  				 				 				 				 			  			  				  			
Total revenues	  	 	79	 	 	 	139	 	 	 	218	 	 	 	135	 	 	 	149	  	 	145	  	 	137	 	  	 	566	
 	  				 				 				 				 			  			  				  			
BENEFITS AND EXPENSES:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	  	 	 	 	  	 	 	
Benefits and other changes in policy reserves	  	 	31	 	 	 	49	 	 	 	80	 	 	 	60	 	 	 	52	  	 	32	  	 	52	 	  	 	196	
Underwriting, acquisition and insurance expenses, net of deferrals	  	 	49	 	 	 	74	 	 	 	123	 	 	 	48	 	 	 	65	  	 	67	  	 	64	 	  	 	244	
Amortization of deferred acquisition costs and intangibles	  	 	18	 	 	 	29	 	 	 	47	 	 	 	29	 	 	 	27	  	 	24	  	 	25	 	  	 	105	
 	  				 				 				 				 			  			  				  			
Total benefits and expenses	  	 	98	 	 	 	152	 	 	 	250	 	 	 	137	 	 	 	144	  	 	123	  	 	141	 	  	 	545	
 	  				 				 				 				 			  			  				  			
(LOSS) EARNINGS BEFORE INCOME TAXES	  	 	(19	)	 	 	(13	)	 	 	(32	)	 	 	(2	)	 	 	5	  	 	22	  	 	(4	)	  	 	21	
 	  				 				 				 				 			  			  				  			
Provision (benefit) for income taxes	  	 	(7	)	 	 	(11	)	 	 	(18	)	 	 	(3	)	 	 	1	  	 	11	  	 	(4	)	  	 	5	
 	  				 				 				 				 			  			  				  			
SEGMENT NET (LOSS) EARNINGS	  	$	(12	)	 	$	(2	)	 	$	(14	)	 	$	1	 	 	$	4	  	$	11	  	$	—  	 	  	$	16	

59

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
CORPORATE INFORMATION
 
60

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Industry Ratings
 
Our principal life insurance subsidiaries are rated by A.M. Best, S&P, Moody’s and Fitch as follows:

Company
	  	A.M. Best rating
	  	S&P rating
	  	Moody’s rating
	  	Fitch rating
	
American Mayflower Life Insurance Company of New York	  	A+	  	AA-	  	Aa3	  	AA-	
					
Federal Home Life Insurance Company	  	A+	  	Not rated	  	Aa3	  	AA-	
					
First Colony Life Insurance Company	  	A+	  	AA-	  	Aa3	  	AA-	
					
GE Capital Life Assurance Company of NY	  	A+	  	AA-	  	Aa3	  	AA-	
					
GE Life and Annuity Assurance Company	  	A+	  	AA-	  	Aa3	  	AA-	
					
GE Group Life Assurance Company	  	A	  	AA-	  	Not rated	  	Not rated	
					
General Electric Capital Assurance Company	  	A+	  	AA-	  	Aa3	  	AA-	
	
Our mortgage insurance subsidiaries are rated by S&P, Moody’s and Fitch as follows:	
					
Company(1)
	  	 	  	S&P rating
	  	Moody’s rating
	  	Fitch rating
	
General Electric Mortgage Insurance Corporation	  	 	  	AA	  	Aa2	  	AA	
					
GE Mortgage Insurance Company Pty. Limited	  	 	  	AA	  	Aa2	  	AA	
					
GE Mortgage Insurance Limited	  	 	  	AA	  	Aa2	  	AA	

(1)	Our Canadian mortgage insurance company is not rated by any of the rating agencies shown above.	
 
The A.M. Best, S&P, Moody’s and Fitch ratings are not designed to be, and do not serve as, measures of protection or valuation offered to investors. These financial strength ratings should not be relied on with respect to making an investment in our securities.
 
A.M. Best states that its “A+” (Superior) rating is assigned to those companies that have, in its opinion, a superior ability to meet their ongoing obligations to policyholders. The “A+” (Superior) rating is the second-highest of sixteen ratings assigned by A.M. Best, which range from “A++” to “S”.
 
61

GENWORTH FINANCIAL
2Q 2004 FINANCIAL SUPPLEMENT
 
Industry Ratings (continued)
 
S&P states that an insurer rated “AA” (Very Strong) has very strong financial security characteristics that outweigh any vulnerabilities, and is highly likely to have the ability to meet financial commitments. The “AA” range is the second-highest of the four ratings ranges that meet these criteria, and also is the second-highest of nine financial strength rating ranges assigned by S&P, which range from “AAA” to “R.” A plus (+) or minus (-) shows relative standing in a rating category. Accordingly, the “AA” and “AA-” ratings are the third- and fourth-highest of S&P’s 21 ratings categories.
 
Moody’s states that insurance companies rated “Aa” (Excellent) offer excellent financial security. Moody’s states that companies in this group constitute what are generally known as high-grade companies. The “Aa” range is the second-highest of nine financial strength rating ranges assigned by Moody’s, which range from “Aaa” to “C.” Numeric modifiers are used to refer to the ranking within the group, with 1 being the highest and 3 being the lowest. Accordingly, the “Aa2” and “Aa3” ratings are the third- and fourth-highest of Moody’s 21 ratings categories.
 
Fitch states that “AA” (Very Strong) rated insurance companies are viewed as possessing very strong capacity to meet policyholder and contract obligations. Risk factors are modest, and the impact of any adverse business and economic factors is expected to be very small. The “AA” rating category is the second-highest of eight financial strength rating categories, which range from “AAA” to “D.” The symbol (+) or (-) may be appended to a rating to indicate the relative position of a credit within a rating category. These suffixes are not added to ratings in the “AAA” category or to ratings below the “CCC” category. Accordingly, the “AA” and “AA-” ratings are the third- and fourth-highest of Fitch’s 24 ratings categories.
 
A.M. Best, S&P, Moody’s and Fitch review their ratings periodically and we cannot assure you that insurance subsidiaries on a solicited or an unsolicited basis.
 
About Genworth Financial
 
Genworth is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 20 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit www.genworth.com
 
Inquiries:
 
Genworth Financial, Inc., Richmond
Jean Peters, 804/662-2693
jean.peters@genworth.com
 
62