Genworth corrects LTC insurance liability measurement under LDTI; restates prior periods

GENWORTH FINANCIAL INC

Corrected measurement of liability for future policy benefits for LTC insurance to include settlement payment cash flow assumptions under LDTI.
Restated quarterly financial supplement for Q1 2023 and prior quarters back to 2021 due to the correction.
Actual settlement payments will be reflected in benefits and reserve changes; assumption changes in liability remeasurement gains/losses.
Attorney fees accrued at court settlement, recognized in acquisition and operating expenses.
Final audited results may differ materially from these unaudited restatements.

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