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AM Best Upgrades Issuer Credit Ratings for Most of Genworth Financial, Inc.’s U.S. Life Subsidiaries; Downgrades Credit Ratings of Genworth Life and Annuity Insurance Company

OLDWICK, NJ, November 10, 2022–(BUSINESS WIRE)–am greatest has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) from “b” (Marginal) to “b+” (Marginal) and the Financial Strength Rating (FSR) from C++ (Marginal) of Genworth Life Insurance Company (GLIC) confirmed ) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). The outlook of these credit score rankings (rankings) is Stable. In addition, AM Best has upgraded Genworth Financial, Inc.’s (Genworth) long-term ICRs from “b” (Marginal) to “b+” (Marginal). [NYSE: GNW] and Genworth Holdings, Inc., and their related Long-Term Issue Credit Ratings (Long-Term IRs). (Both firms are primarily based in Delaware.) The outlook for these rankings is secure.

Concurrently, AM Best downgraded Genworth Life and Annuity Insurance Company (GLAIC) FSR from B (Fair) to B- (Fair) and Long-Term ICR from bb+ (Fair) to bb- (Fair). (Richmond, Va.). The outlook of these rankings is detrimental.

The GLIC and GLICNY rankings mirror its stability sheet power, which AM Best charges as weak, in addition to its marginal working efficiency, restricted enterprise profile and sufficient Enterprise Risk Management (ERM).

The GLIC and GLICNY score upgrades mirror a tangible enchancment in operational efficiency over the previous a number of years as administration has maintained its technique of delivering actuarial-backed price will increase for ongoing long-term care (LTC) insurance policies and has achieved vital outcomes. The working efficiency of the previous couple of years benefited from elevated cancellations and a lower in capability utilization within the LTC division consequently of the pandemic. The surroundings of rising rates of interest can be web optimistic, considerably offset by greater prices related to rising inflation. Although the Group has efficiently achieved premium will increase up to now, the impression and timing of approval and receipt of these will increase stays unsure and represents a possible danger.

GLAIC’s rankings mirror its stability sheet power, which AM Best considers cheap, weak operational efficiency, restricted enterprise profile and sufficient ERM.

GLAIC’s score downgrades are primarily because of the firm’s weak risk-adjusted capital as measured by Best’s capital adequacy ratio (BCAR), which has fallen considerably over the previous 12 months, with the corporate posting a web statutory loss of $179 recorded hundreds of thousands for year-end 2021, pushed by declining inventory markets requiring greater ranges of reserves for the corporate’s variable annuity enterprise and greater mortality from the COVID-19 pandemic. The detrimental outlook for GLAIC displays continued strain on its present stability sheet power score. AM Best will proceed to watch the corporate’s potential to enhance on its present degree of risk-adjusted capitalization. Failure to implement capital administration initiatives to enhance risk-adjusted capital might lead to additional hostile score actions.

The following long-term IRs have been upgraded with secure outlook:

Genworth Holdings, Inc.—
— to “b+” (Marginal) from “b” (Marginal) to six.50% of $300 million senior unsecured debt obligations due 2034
— to “b-” (Marginal) from “ccc+” (weak) on $600 million of Subordinated Fixed/Floating Rate Subordinated Notes due 2066

The following indicative long-term IRs have been upgraded with secure outlook:

Genworth Financial, Inc.—
— to “b+” (Marginal) of “b” (Marginal) on senior unsecured debt
— to “b” (marginal) from “b-” (marginal) on subordinated debt
— to “b-” (marginal) from “ccc+” (weak) on most popular inventory

Genworth Holdings, Inc.—
— to “b+” (Marginal) of “b” (Marginal) on senior unsecured debt
— to “b” (marginal) from “b-” (marginal) on subordinated debt
— to “b-” (marginal) from “ccc+” (weak) on most popular inventory

This press launch pertains to rankings printed on AM Best’s web site. All rankings data regarding the press launch and related disclosures, together with particulars of the workplace accountable for issuing every score referenced on this press launch, may be discovered on AM Best’s most up-to-date rankings webpage. Activities. For extra data on the use and limitations of credit score rankings, see Best’s Guide to Credit Ratings. For data on the correct use of Best’s credit score rankings, Best’s efficiency rankings, Best’s preliminary credit score rankings and AM Best press releases, see the Proper Use of Best’s Ratings & Assessments Guide .

AM Best is a world score company, information writer and knowledge analytics supplier specializing within the insurance coverage trade. Headquartered within the United States, the corporate operates in over 100 nations with regional places of work in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. Visit www.ambest.com for extra data.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its associates. ALL RIGHTS RESERVED.

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Kevin Varvaro
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