Genworth Posts $41 Million Loss; McInerney to Retire

The insurer's third-quarter results show a net loss as CEO Tom McInerney prepares to step down at the end of 2026, with Jerome Upton set to succeed him.

Updated on Nov. 6, 2026 in Insurance

Genworth Posts $41 Million Loss; McInerney to Retire

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Genworth Financial reported a third-quarter net loss of $41 million, with adjusted operating income of $102 million excluding its closed block. CEO Tom McInerney, who stepped away from executive roles on July 7, will retire at the end of 2026 and Jerome Upton will take over as CEO.

Why it matters

The results reflect a $146 million adjusted operating loss in the closed block, offset in part by $132 million from Enact, its mortgage insurance affiliate. The leadership transition comes as the company continues to reshape its operations around long-term care and home care services.

Genworth's third-quarter net loss of $41 million compares with $102 million in adjusted operating income excluding its closed block, which recorded a $146 million adjusted operating loss. The filing does not address the prior-year comparison, and whether AXA's appeal will proceed is still undetermined.

The players

Genworth Financial

Genworth Financial is a Richmond, Virginia-based insurer whose businesses include long-term care insurance, mortgage insurance through Enact, and home care services through CareScout.

Tom McInerney

Tom McInerney is the longtime chief executive of Genworth Financial who is retiring at the end of 2026 after turning 70.

Jerome Upton

Jerome Upton is the executive who will succeed Tom McInerney as chief executive of Genworth Financial.

AXA

AXA is a multinational insurance company whose appeal against a U.K. Court of Appeal ruling is pending before the U.K. Supreme Court.

The details

Genworth received $122 million in capital returns from Enact during the quarter, and Enact wrote $14.1 billion in new insurance with $275 billion of primary mortgage insurance in force. Genworth also received approval for $44 million in gross incremental premiums on long-term care policies, while CareScout Services generated $7 million in third-quarter revenue across a home care network of more than 1,200 locations.

- July 7: McInerney stepped away from his executive roles to focus on his health.
- August: Care Assurance Worksite launched.
- September: The U.K. Court of Appeal ruled against AXA.
- Oct. 13: AXA filed a request to appeal to the U.K. Supreme Court.
- End of 2026: McInerney's retirement takes effect.

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Legacy Liabilities

The $111 million pretax liability remeasurement and $146 million closed-block loss show how long-term care policies written in earlier decades continue to pressure Genworth's results. Growth in Enact and CareScout offsets part of that drag without eliminating it.

Long-term care policyholders in Genworth's closed block face ongoing pricing and reserve pressures that the company is working to address. Homeowners and buyers relying on Enact mortgage insurance see the company continuing to write substantial new coverage.

The takeaway

Investors and policyholders should watch how Genworth manages its closed-block liabilities under new leadership, as those obligations remain the main drag on reported results.

What happens next

Genworth expects to invest approximately $55 million in CareScout Services during 2026, and a decision on whether AXA's appeal will proceed could take approximately one to three months.