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2004 ANNUAL REPORT Shareholder Information

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2004 ANNUAL REPORT Shareholder Information Possibilities Imagined… Genworth Financial, Inc. 2004 ANNUAL REPORT shareholder information CORPORATE HEADQUARTERS BUYDIRECT STOCK PURCHASE AND SALE PLAN The BuyDIRECT plan provides stockholders of TOTAL ASSETS record and new investors with a convenient way to make GENWORTH FINANCIAL, INC. cash purchases of the Company’s common stock and 2004 $103.9 billion 6620 West Broad Street to automatically reinvest dividends. Inquiries should be Richmond, VA 23230 made directly to The Bank of New York. 2003 $103.4 billion email: [email protected] (804) 484-3821 NET EARNINGS FROM CONTINUING OPERATIONS toll free in the U.S.: 888-genworth CONTACTS (888) 436-9678 2004 $1,145 million INVESTOR RELATIONS 2003 $969 million STOCK EXCHANGE LISTING (804) 281-6418 email: [email protected] NET EARNINGS FROM CONTINUING OPERATIONS PER DILUTED SHARE www.genworth.com/investor Genworth Class A Common stock is listed on 2004 $2.33 the New York Stock Exchange (Ticker symbol: GNW) CORPORATE OMBUDSPERSON 2003 $1.98 To report concerns related to compliance INDEPENDENT PUBLIC ACCOUNTANTS with the law, Genworth Financial policies or government contracting requirements, KPMG LLP contact the Genworth Ombudsperson, Suite 2000 6620 West Broad Street, Richmond, VA 23230 PRO FORMA NET EARNINGS FROM CONTINUING OPERATIONS (1) 1021 East Cary Street (888) 251-4332 Richmond, VA 23219-4023 2004 $1,130 million tel: (804) 782-4200 CONTACT THE GENWORTH fax: (804) 782-4300 FINANCIAL BOARD OF DIRECTORS (1) PRO FORMA NET EARNINGS FROM CONTINUING OPERATIONS PER DILUTED SHARE For reporting complaints about Genworth Financial’s 2004 $2.30 TRANSFER AGENT internal accounting controls or auditing matters or any other concerns to the Board of Directors or the Audit Committee, you may write to Board of Directors, PRO FORMA NET OPERATING EARNINGS (1) THE BANK OF NEW YORK Genworth Financial, 6620 West Broad Street, Richmond, 2004 $1,044 million tel: (800) 524-4458 VA 23230 tel: (610) 382-7833 (866) 717-3594 PRO FORMA NET OPERATING EARNINGS PER DILUTED SHARE (1) (outside the U.S. may call collect) [email protected] tel: (888) 269-5221 2004 $2.13 (tdd phone – hearing impaired) PRODUCT/SERVICE INFORMATION PRO FORMA NET OPERATING RETURN ON EQUITY (2) ADDRESS GENWORTH STOCKHOLDER For information about Genworth Financial 2004: 9.8% INQUIRIES TO: products log on to: www.genworth.com SHAREHOLDER RELATIONS DEPARTMENT (1) See pages f-54 – f-55 of Form 10-K. Per diluted share amounts calculated by dividing by 490.5 million weighted average P.O. Box 11258 diluted shares outstanding. Church Street Station PRODUCED BY: (2) See page 32 for reconciliation to GAAP. New York, NY 10286 GENWORTH FINANCIAL, INC. www.stockbny.com [email protected] Also available online at: www.genworth.com Send certificates for transfer and address changes to: RECEIVE AND DELIVER DEPARTMENT P.O. Box 11002 Church Street Station New York, NY 10286 Design by Addison www.addison.com Photography by Jeff Photography by Zaruba www.addison.com Addison Design by … then realized. ... Genworth Financial is a different kind of insurance company, dedicated to helping individuals make it financially in a world of shifting burdens. We make dreams a reality for millions of people every day around the world. 2 letter to shareholders 22 mortgage insurance 7 dreams 26 risk management 13 dreams realized 29 understanding our financials 14 protection 34 officers, directors and leaders 18 retirement income and 35 form 10-K investments insert: welcome to generation i 1 letter to shareholders Michael Fraizer CHAIRMAN, PRESIDENT and CHIEF EXECUTIVE OFFICER Genworth Financial TO OUR SHAREHOLDERS I CONSISTENTLY DESCRIBE GENWORTH FINANCIAL AS MORE THAN A LIFE AND MORTGAGE INSURANCE COMPANY, ASKING PEOPLE TO THINK OF US AS AN EXECUTION COMPANY – AND THAT IS EXACTLY WHAT WE WERE IN 2004. BEGINNING OUR PUBLIC COMPANY LIFE AS THE LARGEST IPO OF 2004, WE SET OUT TO PROVE THAT WE ARE A COMPANY BUILT FOR WHERE THE MARKETS ARE GOING, NOT WHERE THEY HAVE BEEN, AND A COMPANY THAT CREATES VALUE FOR SHAREHOLDERS. I AM EXCITED TO SHARE WITH ALL OF YOU HOW WE ARE DOING BOTH. > 2 letter to shareholders Our mission is simple: Genworth is dedicated to helping individuals make it financially in this world of shifting burdens. WHILE A NEW PUBLIC COMPANY, WE HAVE HERITAGE AND STRENGTH. Our underwriting companies have decades of experience, with our oldest dating back to 1871. Through a combination of core growth, acquisitions, and dili- gent risk management, we built what today is Genworth. We have strength and depth, with assets of $104 billion, revenues of $11.1 billion, and sound capital ratios. We have reach, with diversified distribution and oper- ations in 22 countries. We derive nearly 29 percent of our earnings from outside the U.S. We have character, benefiting from operating rigor and deep values stemming from our GE heritage. And we have opportunity, due to our sharp focus on three growth markets and our ability now to forge our own destiny as a purpose-driven company with a new ownership base. OUR PURPOSE IS CLEAR. Looking at our markets we see aging populations with inadequate savings and rising health- care costs, where burdens are increasingly shifted from governments and corporations to individuals. In addition, we see incentives by governments to foster individual ownership – of one’s home or one’s own financial security. Our mission is simple: Genworth is dedicated to helping individuals make it financially in this world of shifting burdens through our focus on protection, retirement income and investments, and homeownership. We deliver protection, helping people build a personal safety net through life and long-term care insurance, payment protec- tion coverage, and benefits for employees of small companies. We concentrate on retirement income, helping people create a paycheck they can’t outlive, while also helping them invest to achieve their financial dreams. And we enable homeownership, helping people achieve this dream with lower down payments through the use of mortgage insur- ance. Across our businesses we link valued services such as education, wellness programs, and technology to our insurance products in order to differentiate, make us easier to do business with, and help our business partners grow and succeed. Our mission and approach puts us on a new footing versus many competitors – with a focus on needs, not just products. WE EMBRACE CUSTOMER NEEDS. While there can be debate about what groups constitute customers when it comes to insurance, it is straightforward in our minds. We must understand and serve the needs of our policyholders, companies that distribute our products, and the producers and sales representatives who sell those products. Addressing each of these needs creates a better outcome for all. OUR MARKETS HOLD STRONG GROWTH OPPORTUNITIES. Our industry, like most, is full of opportunities and chal- lenges. Fortunately, the opportunity list is long, driven by compelling demographics. We see growing protection needs driving demand for our products. We remain bullish about the long-term care market despite its current transition. Long-term care insurance penetration remains low – under 10 percent for those who need it the > 3 letter to shareholders While our growth opportunities are strong, we will remain focused and selective. In each of our three operating segments, we are experts. most, people age 55 and over. An age-old product like life insurance presents significant opportunity as people remain underinsured – the typical person has roughly two times income coverage while experts suggest 12 to 15 times income coverage may be required. Moreover, growth of small employers with increasing employee benefit needs helps drive our small group benefits business, just as European consumer lending drives growth in our payment protection business. Our number one position in individual long-term care insurance, top 10 ranking in term life and leading position in European payment protection set us up for continued growth. Retirement income is emerging as the market need for tomorrow, as people shift from accumulating savings to income distribution and trying not to outlive their financial assets. In the U.S., people within 10 years of retire- ment hold some $4.4 trillion of financial assets, with another $3.3 trillion held by people in their first 10 years of retirement. This creates an enormous opportunity for income distribution and asset protection products – and in these markets Genworth is a clear leader. We see strong potential for mortgage insurance growth as well, particularly outside of the U.S., where govern- ment homeownership policies, capital regulations and the growth of low down payment lending all act as growth catalysts. While our growth opportunities are strong, we will remain focused and selective. In each of our three operating segments, we are experts. We have deep experience and distribution relationships, and we intend to drive core growth as a first priority – through product innovation, distribution penetration and service. As Genworth, we strive to link the power of focusing on the right things with a commitment to blast bureaucracy and be more agile – we call this smart agility. We also know how to acquire companies and blocks of business, and do this well – integrating them into our business in a disciplined way. So we will pursue acquisitions, but will be selective. WE FACE REALITIES AND CHALLENGES HEAD ON. While the opportunities are clear, we also understand the challenges before us. We face about as tough an investment environment as one could imagine, with low interest rates and tight credit spreads. Fortunately, credit quality remains strong. We are working hard to broaden prudent invest- ment strategies to enhance the yield on our investment portfolios. Our industry has overcapacity and long-term patterns of profit emergence. This, at times, results in undisciplined competition and can heighten the importance of distribution or operating scale.
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