Genworth Financial, Inc. announced that it will postpone the release of its financial results for the period ending June 30, 2023 and earnings conference call, previously scheduled for August 1, 2023 and August 2, 2023, respectively. Genworth now expects to issue its second quarter earnings release after the market closes on August 8, 2023. Genworth requires additional time to complete its GAAP accounting for previously disclosed long-term care insurance (LTC) legal settlements under the new standard for long duration targeted improvements (LDTI).

This accounting only applies to Genworth?s LTC segment. It does not impact Enact?s results or the timing of Enact?s earnings release and conference call. As with all LDTI accounting, it is non-economic, and will not impact the company?s cash flows, statutory accounting results, or capital levels.

As previously disclosed, the legal settlements are expected to have a net favorable economic impact to Genworth. The cumulative economic value and total LTC settlement expenses will not change and will be based on policyholder reduced benefit elections over the implementation of the settlements. Further, the GAAP accounting for the settlements will have no impact on how Genworth manages or values its LTC business, or its corporate strategy.