Genworth Financial is a holding company whose earnings are almost entirely generated by Enact Holdings, its roughly 81%-owned publicly traded mortgage insurance subsidiary. Enact is one of six private mortgage insurers in the U.S., insuring residential mortgage loans where the borrower puts down less than 20% of the home's purchase price. If the borrower defaults, Enact pays the lender a portion of the loss. Enact's customers are mortgage lenders who need mortgage insurance to sell low-down-payment loans to Fannie Mae and Freddie Mac. Enact earns monthly premiums calculated as a percentage of the insured loan balance, and revenue is driven by the size of its insurance in-force portfolio, which stood at roughly $273B at year-end 2025. Alongside Enact, Genworth manages a large Closed Block of legacy long-term care (LTC), life, and annuity policies that are no longer being sold and are in runoff. The Closed Block is managed to break even over time, primarily through regulatory approval for LTC premium rate increases. Genworth is also investing in CareScout, a pair of start-up businesses: CareScout Services connects aging consumers with a network of home care and senior living providers, earning fees from successful matches, while CareScout Insurance launched a new LTC insurance product in late 2025. Enact's cash flows fund CareScout investment, share repurchases, and holding company debt service.