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olivLaw · US equity research

Genworth Financial, Inc. GNW

Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)

9.19USD+1.77% · 1 dayClose 04 Nov 2026

Genworth Financial is a holding company whose Enact segment is a major U.S. private mortgage insurer, alongside the Closed Block of run-off long-term care, life and annuity insurance it still manages. It is now steering capital toward CareScout, its aging-care services and products platform, and toward share repurchases funded in part by Enact's dividends to the holding company.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Genworth Financial, Inc. (GNW) stock was 9.19 USD (+1.77% on the day), with market capitalisation 3.5 bn USD, P/E 17.5 on diluted EPS of 0.52 USD over the last 12 months, beta 0.77, 52-week range 7.94–10.60 USD. Latest reported quarter (Q2 2026): revenue of 1.9 bn USD (+5.8% YoY), net income of 47.0 m USD (−7.8% YoY), diluted EPS 0.12 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.5 bn USD
shares as of 31 Jul 2026
P/E (TTM)
17.5
Diluted EPS TTM 0.52 · TTM to 30 Jun 2026
E/P (TTM)
5.71%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.77
Volatility (1y) 23%
52-week range
7.9410.60

Price history

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Technical reading

RSI (14)
51.1
neutral
Bollinger (20, 2)
8.58 – 9.44
in the upper half of the band · %B 0.71 · band width 9.6%
SMA 50 / 200
9.54 / 9.12
mixed trend
MACD (12, 26, 9)
-0.14 / -0.19
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−4.2%−1.1%−3.1 pp—
3 months−5.2%−0.5%−4.7 pp—
6 months+0.2%+4.4%−4.2 pp—
Year to date+1.8%+12.3%−10.5 pp—
1 year+7.7%+13.5%−5.8 pp+1.1%
3 years+48.2%+76.4%−28.2 pp+41.1%
5 years+110.3%+63.7%+46.6 pp—
Max drawdown (1y)
−17.2%
14 Sept 2026 → 30 Oct 2026
Max drawdown (5y)
−26.1%
15 Feb 2023 → 04 May 2023
Compound annual growth (5y)
+16.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.9 bn USD
+5.8% YoY
Net income
47.0 m USD
−7.8% YoY
Diluted EPS
0.12
0.0% YoY
net / operating
2.5% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue1.9 bn1.8 bn1.8 bn1.8 bn1.9 bn1.8 bn1.8 bn1.9 bn
SG&A259.0 m253.0 m236.0 m249.0 m259.0 m265.0 m213.0 m268.0 m
Operating income48.0 m—51.0 m68.0 m————
Depreciation & amortisation62.0 m ≈62.0 m60.0 m57.0 m ≈57.0 m ≈57.0 m55.0 m54.0 m ≈
Interest expense28.0 m27.0 m26.0 m26.0 m27.0 m26.0 m25.0 m26.0 m
Pre-tax income161.0 m55.0 m126.0 m125.0 m164.0 m18.0 m111.0 m109.0 m
Income tax40.0 m20.0 m36.0 m35.0 m9.0 m4.0 m31.0 m26.0 m
Net income85.0 m-1.0 m54.0 m51.0 m116.0 m2.0 m47.0 m47.0 m
Diluted EPS0.19-0.00 ≈0.130.120.280.00 ≈0.120.12
Operating cash flow161.0 m ≈27.0 m34.0 m6.0 m ≈87.0 m ≈200.0 m91.0 m52.0 m ≈
Share repurchases36.0 m ≈54.0 m45.0 m32.0 m ≈74.0 m ≈96.0 m67.0 m63.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 76 percentile of its own 34-quarter history (min 1.8, median 8.5, max 88.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue7.9 bn7.7 bn8.3 bn7.8 bn7.5 bn7.5 bn7.3 bn7.3 bn
Revenue YoY+5.2%−2.5%+7.5%−5.6%−4.2%−0.1%−2.6%+0.1%
Net income119.0 m343.0 m178.0 m850.0 m916.0 m76.0 m299.0 m223.0 m
Net income YoY−85.4%+188.2%−48.1%+377.5%+7.8%−91.7%+293.4%−25.4%
Diluted EPS0.240.670.351.651.790.160.680.54
Diluted EPS YoY−85.3%+179.2%−47.8%+371.4%+8.5%−91.1%+325.0%−20.6%
net %1.5%4.5%2.1%10.9%12.2%1.0%4.1%3.1%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
2.0 bn USD
Financial debt
1.5 bn USD
Net debt
-523.0 m USD
Equity
9.8 bn USD
Total assets
88.1 bn USD
Debt / equity
0.15x
Current ratio
unavailable
ROE
2.3%
ROA
0.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Pre-tax income
2023
303.0 m
2024
595.0 m
2025
433.0 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
76.0 m
2024
299.0 m
2025
223.0 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
0.16
2024
0.68
2025
0.54

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
2.2 bn
2024
2.0 bn
2025
2.0 bn

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
90.8 bn
2024
86.8 bn
2025
88.1 bn

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
1.6 bn
2024
1.5 bn
2025
1.5 bn

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
82.5 bn
2024
77.4 bn
2025
78.3 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
8.3 bn
2024
9.4 bn
2025
9.8 bn

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Share repurchases
2023
296.0 m
2024
189.0 m
2025
247.0 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
0.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-2.5%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-25.4%
computed by olivLawFY 2025
Net income CAGR 3Y
-37.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
4.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-20.6%
computed by olivLawFY 2025
EPS CAGR 3Y
-32.9%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
9.1%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
2.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
2.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing

Market and valuation

Market capitalisation
3.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
16.4x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
17.5x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
5.7%
computed by olivLawTTM to 30 Jun 2026
P/B
0.4x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
8.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 16 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

9.19 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 3.5 bn USD

Key indicators

Market capitalisation
3.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
17.5x
computed by olivLawTTM to 30 Jun 2026
P/B
0.4x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
2.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
2.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
0.1%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

9/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 2254derived 167

Score by group

  • Balance sheet0
  • Growth0
  • Valuation41
  • Quality0

Estimated value range

Low
7.62
USD per share
Mid
19.66
USD per share
High
20.11
USD per share
Price: 9.19 USD
The price is within the range
Potential to the central value: 113.9% (value / price − 1)
Margin of safety: 53.3% (1 − price / value)
Agreement between methods: medium · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.84 – 45.69 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income19.23 – 20.11 (Mid 19.66)
  • Justified P/Bunavailable · insufficient data
  • Dividend discount (DDM)unavailable · input data missing
  • Peers: P/E1.84 – 6.80 (Mid 4.79)
    16 companies used · median multiple 9.1x · quartiles 3.5x – 13.0x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
  • Peers: P/B7.62 – 45.69 (Mid 22.63)
    16 companies used · median multiple 1.0x · quartiles 0.3x – 2.0x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Multiple comparisons use the SIC vertical: Life Insurance (SIC 6311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 16/100

FactorValueScoreWeight used
ROE · Quality2.4%0 (vs peers)25%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growth-32.9%0 (on a fixed band)14%
Revenue CAGR 3Y · Growth-0.9%0 (on a fixed band)11%
ROA · Balance sheet0.2%0 (on a fixed band)11%
P/B · Valuation0.4x69 (vs peers)19%
P/E (TTM) · Valuation17.5x13 (vs peers)19%
Dividend yield · Returnsunavailableunavailable—
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 1/1 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality· partial0/100 · 1/2 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation41/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GENWORTH FINANCIAL, INC. (GNW). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: YoY growth 0.1%; net margin 2.9%; ROE 2.4%.

The estimated value range is 7.62–20.11 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 19.66 USD, the price of 9.19 USD leaves a potential of 113.9% (value / price − 1) and a margin of safety of 53.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 16/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROE: 2.4%
  • EPS CAGR 3Y: -32.9%
  • Revenue CAGR 3Y: -0.9%
  • ROA: 0.2%
  • P/E (TTM): 17.5x

Not assessed (insufficient data or a ratio without meaning): Loss ratio, Dividend yield, Payout ratio (EPS).

Versus the vertical median

Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies

Multiples and returns vs the median

P/E
17.5x
vertical median 9.1x
above median (+92.0%)
EV/EBITDA
—
vertical median —
P/S
0.5x
vertical median 0.6x
below median (−18.2%)
P/B
0.4x
vertical median 1.0x
below median (−59.4%)
ROE
2.4%
vertical median 12.6%
below median (−80.8%)
Net margin
2.9%
vertical median 9.5%
below median (−69.9%)
EBIT margin
—
vertical median —
Revenue YoY
0.1%
vertical median 6.6%
below median (−98.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 2.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PUKPrudential PLC67.2 bn17.221.2%34.6%+7.0%−10% / +20%
METMetLife, Inc.65.4 bn19.513.2%4.6%+8.6%+34% / +62%
RGAReinsurance Group Of America, Incorporated17.4 bn11.711.7%5.8%+7.2%+40% / +64%
GLGlobe Life Inc.12.2 bn10.819.3%18.9%+3.7%+20% / +31%
VOYAVoya Financial, Inc.9.3 bn16.714.3%7.8%+1.7%+49% / +46%
CRBDCorebridge Financial, Inc.9.3 bn4.621.7%10.6%−1.2%−11% / unavailable
JXNJackson Financial Inc.9.1 bn11.19.5%13.4%+104.3%+40% / +188%
PRIPrimerica, Inc.8.8 bn11.433.0%23.2%+6.6%+11% / +36%
LNCLincoln National Corp8.0 bn3.622.6%12.2%−1.2%+1% / +75%
PFHPrudential Financial, Inc.5.3 bn1.412.6%6.3%−13.7%−11% / −20%
GNWGenworth Financial, Inc.3.5 bn17.52.4%2.9%+0.1%+8% / +48%
FGF&G Annuities & Life, Inc.2.9 bn7.49.2%6.9%−0.2%−32% / −46%
BHFBrighthouse Financial, Inc.2.4 bn3.313.6%12.5%+43.2%−35% / −18%
CIACitizens, Inc.209.2 m18.05.0%4.5%+4.3%−31% / +25%
AAMEAtlantic American Corporation24.3 m4.35.2%2.9%+11.9%−51% / −39%
ATHSAthene Holding Ltd4.7 m0.04.5%2.9%+24.1%−8% / unavailable
ANG-PDAmerican National Group Inc.215.5 k0.08.4%12.6%−0.4%−15% / unavailable
MFCManulife Financial Corporation——11.0%68.5%+7.1%+31% / +135%
SLFSun Life Financial Inc——14.2%8.5%+8.0%+39% / +62%
AEGAegon Ltd.——10.5%—+1.1%+7% / +56%

1- and 3-year price returns: for GNW from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
5.49
Total return -40% · Per year -40%
9.74
Total return 6% · Per year 6%
14.70
Total return 60% · Per year 60%
3 years
4.77
Total return -48% · Per year -20%
9.57
Total return 4% · Per year 1%
15.94
Total return 73% · Per year 20%
5 years
4.14
Total return -55% · Per year -15%
9.40
Total return 2% · Per year 0%
17.29
Total return 88% · Per year 13%
What moves the 3-year price the most
  • Exit P/E± 2.39
  • Net margin± 1.67
  • Annual revenue growth± 1.45
  • Annual dilution± 0.14

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).

In brief

Genworth Financial is a holding company whose Enact segment is a major U.S. private mortgage insurer, alongside the Closed Block of run-off long-term care, life and annuity insurance it still manages. It is now steering capital toward CareScout, its aging-care services and products platform, and toward share repurchases funded in part by Enact's dividends to the holding company.

SWOT

Strengths

  • Enact provides steady earnings and capital returns to the holding company, supporting buybacks and investment in CareScout. A high PMIERs sufficiency ratio and a leading position in private mortgage insurance give a solid financial base.
  • The long-term care rate action program has delivered a substantial cumulative economic benefit, showing the company's ability to manage its inherited portfolios.
  • The CareScout network has expanded quickly, and the Seniorly integration gives the business a wider consumer-facing platform for care services.

Weaknesses

  • The Closed Block segment posted an operating loss in the second quarter of 2026, and claims keep rising as the block ages.
  • The holding company relies on dividends and capital returns from Enact, and its own liquid assets are limited.
  • CareScout consumes capital and generates operating losses, and results in Corporate and Other are negative.

Opportunities

  • If adoption of the Care Assurance product grows, the company could widen distribution through partners and launch group offerings.
  • Extending CareScout to direct consumers and assisted living communities could build recurring service revenue.
  • Continued buybacks and debt reduction could improve the capital structure if Enact's cash flows remain stable.

Threats

  • Changes in GSE structures or credit practices could reduce demand for private mortgage insurance.
  • Ratings and regulatory capital pressures could limit the ability to develop new products or keep Closed Block self-sustaining.
  • A weaker economy or falling home prices could affect Enact's results and its loss experience.

Risks

  • Reserves and actuarial assumptionshigh

    Differences between actual experience and actuarial assumptions could require reserve increases with direct effects on results, and the second quarter of 2026 already showed such losses in Closed Block 13.

  • Holding company capitalhigh

    Genworth depends on Enact dividends to meet its obligations and fund buybacks, and if these flows fall the company could need additional capital on unfavorable terms 1.

  • PMIERs and GSE requirementsmedium

    If Enact no longer meets PMIERs or the GSEs change their rules, it could lose eligibility to insure new loans acquired by the GSEs 1.

  • New CareScout lines of businessmedium

    CareScout may not achieve expected performance, and expenses could exceed revenues for longer than anticipated 1.

  • Litigation and regulationlow

    Litigation and regulatory actions could cause financial losses and harm reputation, and the recovery from the AXA and Santander litigation remains uncertain 2.

Investment thesis

What would need to be true (bull case)

  • If Enact keeps delivering strong results and returning capital to the holding company, Genworth could fund buybacks and CareScout investment at the same time.
  • The Closed Block rate action program could keep supporting the self-sustainability of the inherited portfolio and ease pressure on the holding company.
  • Expansion of the CareScout network and the Seniorly integration could open a stream of recurring service revenue from direct consumers.

What would break the thesis

  • Operating losses in Closed Block and rising claims could force reserve increases that weigh on reported results.
  • Holding company liquidity is limited, and if Enact dividends fall, the company could need capital on unfavorable terms.
  • CareScout consumes capital and posts losses, and if product adoption does not grow, investments could stay unrecovered for a long time.

What to watch

  • Pace of Enact capital returns and share repurchasesQ3 2026
  • Launch of Care Assurance Worksite and state approvalsQ3 2026
  • A/E results and claims trends in Closed BlockQ3 2026
  • Seniorly integration and credentialing of national senior living providersend 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).

The business

Genworth Financial offers mortgage insurance through its principal subsidiaries, grouped in the Enact segment, which includes Enact Holdings, listed on Nasdaq under the ticker ACT. Genworth holds an indirect majority voting interest in Enact, so it remains a consolidated subsidiary. The company also runs start-up businesses through CareScout Services and CareScout Insurance, offering fee-based aging-care services and long-term care products, while its legacy insurance subsidiaries, grouped as Closed Block, no longer sell new products but continue to service in-force business 1.

From the fourth quarter of 2025 Genworth reports two segments: Enact, made up mainly of private mortgage insurance, and Closed Block, made up of long-term care, life and annuity products previously sold through its legacy insurers. CareScout activities are reported in Corporate and Other. The company says the change helps investors understand performance and aligns with its priorities, including keeping the standalone legacy insurance subsidiaries self-sustaining 1.

Strategic priorities include creating value through Enact's capital returns and share repurchases, growing CareScout after the October 2025 acquisition of Seniorly to extend its network into assisted living communities, and keeping Closed Block self-sustaining through in-force management, including multi-year approved rate increases on long-term care policies 13.

Segments

Enact

Enact writes primary mortgage insurance on low down payment loans in the United States, mostly sold to Fannie Mae and Freddie Mac. In the second quarter of 2026 Enact reported adjusted operating income of 143 million USD and a PMIERs sufficiency ratio of 161%, while primary new insurance written rose 19% from the prior quarter 13.

Closed Block

Closed Block holds long-term care, life and annuity products that are no longer sold and are managed on a standalone basis without allocated new capital. In the second quarter of 2026 it recorded an adjusted operating loss of 110 million USD, driven mainly by a 127 million USD pre-tax A/E loss and by claims that keep growing as the block ages 3.

Market context

The U.S. private mortgage insurance market is shaped largely by the credit enhancement requirements of the GSEs, and Enact has operated in all 50 states and the District of Columbia since 1981. Mortgage insurance facilitates secondary market sales, and pricing is highly competitive, with insurers competing on share, relationships and value. The market for aging-care services that CareScout targets is growing, but remains early for the company 1.

Volumes of high loan-to-value mortgage originations and cancellation rates affect Enact's revenue, while rising costs of long-term care could weigh on the Closed Block book. The company describes these as factors that could shape results rather than as fixed outcomes 12.

Trends

  • Long-term care rate actionsmixed

    The multi-year in-force rate action plan has delivered an estimated cumulative economic benefit of roughly 34.5 billion USD on a net present value basis from 2012 to 2025, but if approvals take longer than assumed, Closed Block self-sustainability could be affected 13.

  • CareScout network expansiontailwind

    The CareScout Quality Network grew to about 790 home care providers, and the Seniorly acquisition adds assisted living communities, which could support growth in recurring fee revenue if consumer adoption builds 1.

  • Claims pressure in Closed Blockheadwind

    Long-term care claims continue to grow as the block ages, and the adverse A/E results in the second quarter of 2026 point to persistent pressure on segment results 3.

  • Enact capital and buybacksmixed

    Capital returned from Enact has supported share repurchases totalling 918 million USD since the program began, but holding company liquidity is limited, which could narrow flexibility if shocks occur 3.

Competitive position

The documents do not profile competitors in detail, but they state that pricing in the mortgage insurance industry is highly competitive, with participants competing for market share and customer relationships. Alternatives to private mortgage insurance, including federal programs such as those of the FHA, are named as factors that could reduce volumes 12.

In long-term care funding, CareScout products face competitive alternatives, including potential U.S. federal government programs, and success depends on achieving desired financial strength ratings and obtaining the regulatory approvals needed for new insurance products 1.

  • Enact HoldingsACT

    Nasdaq-listed and majority-controlled by Genworth, it appears in the documents as part of the Enact segment, so it is a subsidiary rather than an outside rival 13.

  • Other private U.S. mortgage insurers

    The documents refer to competition for share in private mortgage insurance without naming specific companies in the sources reviewed.

  • Federal mortgage insurance programs

    Government programs, such as those of the FHA, are cited as alternatives that could reduce private mortgage insurance volumes 2.

  • Competing aging-care alternatives

    The documents refer generically to competitive alternatives for CareScout services and products without naming particular providers.

News & filings

In the press

The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Genworth Financial, Inc. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Genworth Financial, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Genworth Financial, Inc. · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.