GENWORTH FINANCIAL INC (GNW) FY2025 10-K Annual Report
GENWORTH FINANCIAL INC (GNW) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
GENWORTH FINANCIAL INC FY2025 10-K Analysis
Business Overview
- • Core business model: U.S. mortgage insurance focusing on insurance in-force and risk in-force metrics
- • New strategic emphasis: Continued large-scale share repurchase programs totaling up to $1.1B authorized since mid-2024 to return capital to shareholders
- • Competitive positioning shift: Moderate premium rate pressure balanced by flat premiums and increased net investment income from higher yields and assets
- • Notable quantitative metric: Primary insurance in-force grew 2% to $273.1B; adjusted operating income decreased 5% to $558M due to reserve releases and delinquencies
- • Most unusual fact: Enact Holdings’ direct involvement in multiple share repurchase agreements with Genworth Holdings to maintain ownership stake
Management Discussion & Analysis
- • New insurance written $51.5B in 2025, up 1% YoY from 2024
- • Loss ratio 11% in 2025 vs 4% in 2024, with $200M reserve releases in 2025 vs $252M in 2024
- • Best performing: primary insurance in-force increased 2% to $4.3B; worst: loss ratio increased significantly
- • Reinsurance coverage of $225M for 2025 new insurance; $260M and $170M for 2026 and 2027 respectively; 34% quota share cession for 2027
- • Management notes continued economic volatility, mortgage affordability pressures easing, uncertainty from FHFA VantageScore 4.0 policy implementation
Risk Factors
- • Interest rate risk on long-term debt $750M due May 2029 and $783M with no maturities until June 2034
- • Exposure to equity market risk on variable annuities causing $55M increase in net liability after reinsurance as of Dec 31, 2025
- • Derivatives portfolio fair value decrease of $605M from 100 bps interest rate rise requiring $555M collateral posting as of Dec 31, 2025
- • Decline in equity market prices 10% causing $50M decrease in equity investment fair value as of Dec 31, 2025
- • No specific legal, geopolitical, competitive, or key-person risks detailed in provided text
GENWORTH FINANCIAL INC FY2025 Key Financial MetricsXBRL
Revenue
$7.3B
▲ +0.1% YoY
Net Income
$223M
▼ -25.4% YoY
Net Margin
3.1%
▼ -104bp YoY
ROE
2.5%
▼ -97bp YoY
Total Assets
$88.1B
▲ +1.4% YoY
EPS (Diluted)
$0.54
▼ -20.6% YoY
Operating Cash Flow
$327M
▲ +271.6% YoY
Source: XBRL data from GENWORTH FINANCIAL INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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