Genworth Financial layoffs, on the record
Every job cut, severance charge and restructuring Genworth Financial reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 2,700 to approximately 3,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 2,700 | December 31, 2023 |
| 10-K for 2024 | approximately 2,960 | December 31, 2024 |
| 10-K for 2025 | approximately 3,100 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryThe filing reports restructuring expenses in its reconciliation of net income to adjusted operating income, with restructuring costs of $4 million in 2023 and $2 million in 2022, and $34 million in 2021 on a consolidated basis.
Word for word“Expenses related to restructuring 4 2 34 Pension plan termination costs — 8 — Taxes on adjustments 10 26 96 Adjusted operating income available to Genworth Financial, Inc.'s common stockholders $ 41 $ 818 $ 474 (1) For the year ended December 31, 2023, net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $2 million.” 10-K for 2023
Our summaryThe Long-Term Care Insurance segment reported restructuring expenses that did not recur, with restructuring costs of $12 million in 2021 noted as a driver of lower acquisition and operating expenses in 2022.
Word for word“Acquisition and operating expenses, net of deferrals, decreased principally from lower operating costs in 2022 and restructuring costs of $12 million in 2021 that did not recur, partially offset by a $20 million accrual for legal settlement costs in 2022.” 10-K for 2023
Our summaryThe Corporate and Other segment reported restructuring expenses within its adjustments to adjusted operating loss.
Word for word“Expenses related to restructuring 4 1 14 3 NM (1) (13 ) (93)% Taxes on adjustments (6 ) (5 ) (13 ) (1 ) (20)% 8 62% Adjusted operating loss available to Genworth Financial, Inc.'s common stockholders $ (81 ) $ (52 ) $ (76 ) $ (29 ) (56)% $ 24 32% (1) We define "NM" as not meaningful for increases or decreases greater than 200%.” 10-K for 2023
Our summaryCompany reported expenses related to restructuring in its adjusted operating income reconciliation for 2024, 2023 and 2022 (consolidated amounts of 12, 4 and 2 million).
Word for word“Expenses related to restructuring 12 4 2 Pension plan termination costs — — 8 Taxes on adjustments 10 10 26 Adjusted operating income available to Genworth Financial, Inc.'s common stockholders $ 273 $ 41 $ 818 (1) For the years ended December 31, 2024 and 2023, net investment (gains) losses were adjusted for the portion attributable to noncontrolling interests of $4 million and $2 million, respectively.” 10-K for 2024
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $22 million |
| 2017-12-31 | $1 million |
| 2018-12-31 | $2 million |
| 2019-12-31 | $4 million |
| 2020-12-31 | $3 million |
| 2021-12-31 | $34 million |
| 2022-12-31 | $2 million |
| 2023-12-31 | $4 million |
Genworth Financial has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Genworth Financial’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.