Genworth Financial Inc (NYSE: GNW)

Genworth Financial is a financial services company that primarily provides mortgage insurance through its Enact segment and manages legacy insurance policies through its Closed Block segment while developing aging care services via CareScout.

Revenue is generated from mortgage insurance premiums collected by Enact, fee based income from CareScout Services offering senior care assessments and care plans, and fees from Enact's contract underwriting services, while additional revenue comes from premiums for the new long term care product sold by CareScout Insurance and from capital transfers from Enact to Genworth Holdings to fund strategic initiatives and shareholder returns.

Genworth Financial operates through the following reportable segments: Enact, which consists of private mortgage insurance products, and Closed Block, which consists of long term care, life insurance and annuity products previously sold through legacy insurance subsidiaries.

• Enact: Provides private mortgage insurance covering a portion of the unpaid principal balance of loans with loan to value ratios above 80%, protects lenders against losses, facilitates secondary market sales to government sponsored enterprises, offers primary and pool mortgage insurance, contract underwriting services, uses risk based pricing and loss mitigation techniques.

• Closed Block: Services in force long term care, life insurance and annuity policies that were no longer sold after 2025, implements premium rate increases and benefit reductions to maintain self sustaining operations, and continues to administer claims and policy obligations.

Enact is a leading provider of private mortgage insurance in the United States, competing with five other private insurers and government agencies such as the Federal Housing Administration and the Department of Veterans Affairs, while the Closed Block segment focuses on managing its in force long term care, life insurance and annuity policies through premium rate increases and benefit reductions, positioning the company as a steady operator of legacy policies amid competition from other long term care insurers, and Enact's risk based pricing model enhances its ability to adapt to changing market conditions.

Enact sells its mortgage insurance to lenders and originators across the country including large money center banks, non bank lenders, national and local mortgage bankers, community banks, credit unions, with its largest customer representing 22% of new insurance written and 12% of total revenues in 2025 and the top five lenders together accounting for 33% of new insurance written, while the Closed Block segment serves individual policy holders who hold long term care, life insurance and annuity contracts that remain in force.