Independent Analysis of Insurance Company Risk Trends. Selected Financial Metrics with % change since 12/31/2013. Company

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1 INSURANCE RESEARCH Genworth and Annuity Insurance (GLAIC) Performance Trend Outperform In-Line Underperform '09 '10 '11 '12 '13 9M14 49 Selected Financial Metrics with % change since 12/31/2013 9/30/2014 ($, MNS) Total Surplus Gen'l Acct. Inv. Sep. Acct. Inv. Assets Net Written* 2,292 14,061 8,701 1, % +5.4 % -7.2 % % 398,005 3,196,506 2,165, , % +3.1 % +2.6 % +3.9 % Rating Entity Moody's S&P Fitch Independent Analysis of Insurance Trends 200 Day Hill Road, Ste. 220, Windsor, CT Phone: (860) Current Insurer Financial Strength Ratings Rating Outlook Rank AA- N\A 4th Highest** A3 Negative 7th Highest BBB+ Negative 8th Highest BBB Negative 9th Highest Model Leading Indicators of Financial Strength/Weakness Executive Summary Continuum Low from Overview: GLAIC's fell four points (-8%) in the first nine months of 2014 (9M14) and matched the declining industry average on modestly deteriorating investment and operating performance, and slightly improved group performance. IP: performance declined modestly on a below average net investment yield and net total return (net capital losses were minimal). This was partly offset by a much stronger than industry average pure capital ratio and much lower than average market risks. OP: Operating performance fell slightly in 9M14 on a sharp drop in operating profitability (which nonetheless was stronger than the industry) and a notable decline in premiums, which have been very volatile over the last few years due to distortions from large reinsurance transactions. GP: Genworth Financial, Inc. s overall GAAP performance improved slightly and was roughly in-line with substantially weaker industry performance. GNW's large operating loss at 9M14 (see below) was balanced by modest revenue growth and much improved cash flow. : GLAIC's fell to 49 from 53 during 9M14 in tandem with a five-point decline to 49 for the industry. GLAIC's was adversely affected mainly by a declining and below average net investment yield and sharply lower (but still solid) operating earnings. About the : GLAIC is a subsidiary of Genworth Financial Inc. (GNW), a publicly-traded insurance holding company, with $110.5 billion of GAAP total assets and $15.2 billion of shareholder's equity at 9/30/2014. GNW has a sizeable footprint in the U.S. insurance (life, P/C and mortgage) and investment space, and business interests internationally in mortgage insurance. GLAIC ranks outside just outside the 50 largest U.S. life insurers based on invested assets. In November 2014, GNW announced a $345 million reserve charge related to its LTC business and a $517 million write-down of goodwill, which were the main drivers of the group's $844 million GAAP net loss at 9/30/2014. However, GLAIC was mostly unscathed by these charges as the company does not write LTC business and statutory accounting does not allow for goodwill, thus it had no affect on GLAIC's statutory financials. GLAIC also paid $100 million of shareholder dividends to its parent through 9/30/2014. Product Suite: Fixed individual annuities and life insurance (fixed-indexed and universal). GLAIC also has substantial premium flow from a run-off block of variable annuities. 49 Industry High from Performance Trends Max. Weighting = 4 of Total Operational Performance Trends Max. Weighting = 35% of Total Performance Trends Max. Weighting = of Total Max. Weighting = 14% of Total '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 Performance Performance Tier Measurement 9/30/2014 Operational Performance Performance Results Invest. 12.5% Market Interest Rate 22.5% Credit & Default Business 37% Capital Growth & Earnings 31% Revenue Vitality & as part of 18% Revenues & 46% Financial, Coverage & 36% Percentage = The metric's impact on performance. * Annualized. ** Out of Seven. = is Outperforming the industry = Performance is in-line with the industry = is Underperforming the industry Ratings 79% Size 21% Insurance Research December 2014

2 Performance Overview - * vs. Genworth and Annuity Insurance Capital & Surplus 18% 16% 14% 12% 8% 6% 4% 2% vs. vs. 25% 5% -5% - vs. vs. ( (2014* 9/30/2014 Surplus=$2.3 = $2.3 billion) billion) Earnings vs. vs. vs. vs s Comparison of Exposures to Higher Assets vs % 7 As a % of Surplus 94% 91% 88% 86% 86% 74% 55% 42% 31% 35% - Breakout by Asset Class at 9/30/2014 Sch. BA Assets 18.2% Unaffiliated Stocks 5.1% Non-Inv. Grade Bonds 76.7% *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the Insurance Research December 2014

3 Performance Overview - * vs. Genworth and Annuity Insurance Results Net Yield Net Yield vs. vs vs. vs Annual % Change in Direct Written Annual % Change in Direct Written vs. vs. ( 2014* = = $1.6 $2.5 billion) Annual % Change in Net Written Recaptured all term life business previously ceded to one of its special purpose reinsurance vehicles. Annual % Change in Net Written vs. vs. ( 2014* = $1.6 billion) 2013 premiums were "normal" but the growth rate (over 10,00) was distorted by an $828 million reinsurance transaction with RGA Re in M2014 By-Line Breakout of Direct Written 9M2014 By-Line Breakout of Direct Written vs. vs. ( 2014* = = $1.6 $2.5 billion) Annu. Deposit Annu. Funds Health Health Credit Cash Flow 25% 5% -5% vs. vs. *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the Insurance Research December 2014

4 INSURANCE RESEARCH Genworth Insurance (GLIC) Performance Trend Outperform In-Line Underperform '09 '10 '11 '12 '13 9M14 46 Rating Entity Moody's S&P Fitch Independent Analysis of Insurance Trends 200 Day Hill Road, Ste. 220, Windsor, CT Phone: (860) Selected Financial Metrics with % change since 12/31/2013 9/30/2014 ($, MNS) Total Surplus Gen'l Acct. Inv. Sep. Acct. Inv. Assets Net Written* 4,282 35, , % +1.3 % +1.7 % % 398,005 3,196,506 2,165, , % +3.1 % +2.6 % +3.9 % Current Insurer Financial Strength Ratings Rating Outlook Rank A+ N\A 5th Highest** A3 Negative 7th Highest BBB+ Negative 8th Highest BBB Negative 9th Highest Model Leading Indicators of Financial Strength/Weakness Executive Summary Overview: GLIC's fell five points (-) in the first nine months of 2014 (9M14) but ended in-line with the declining industry average. GLIC's operating performance declined sharply and investment performance declined modestly while group performance improved slightly. IP: performance deteriorated modestly but remained in-line with industry performance as GLIC's investment results were on par with industry results. Market risk was well below average, but bond maturities were much longer than average and investment leverage was on par with the industry. OP: GLIC's operating performance declined in tandem with the industry and lagged industry performance in 9M14. GLIC reported a notable operating loss in 9M14 (driven by $301 million of adverse development on its LTC reserves) and a substantial decline in net premiums, but this measure was distorted by tremendous premium growth in 2013 driven by GLIC's recapture of all deferred annuities previously ceded to Hannover. GLIC also has very high reinsurance leverage but solid cash flow. GP: Genworth Financial, Inc. s (GNW's) overall GAAP performance improved slightly and was roughly in-line with substantially weaker industry performance. GNW's large operating loss at 9M14 (see below) was balanced by modest revenue growth and declining debt leverage. : GLIC's 9/30/2014 fell to 46 from 51 while the industry fell to 49 from 54. About the : GLIC is a subsidiary of Genworth Financial Inc. (GNW) a publicly-traded insurance holding company, with $110.5 billion of GAAP total assets and $15.2 billion of shareholder's equity at 9/30/2014. GNW has a sizeable footprint in the U.S. insurance (life, P/C and mortgage) and investment space, and business interests internationally in mortgage insurance. GLIC was the 25th largest U.S. life insurer at 9/30/2014, based on invested assets. In November 2014, GNW announced a $345 million reserve charge related to its LTC business and a $517 million write-down of goodwill, which were the main drivers of the group's $844 million GAAP net loss at 9/30/2014. Relatedly GLIC's 9M14 results were impacted by a $301 million of adverse development on its LTC reserves. Product Suite: Mainly individual annuities and individual A&H insurance (LTC), but also some group A&H and individual life insurance. Continuum Low from 46 Industry High from Performance Trends Max. Weighting = 4 of Total Operational Performance Trends Max. Weighting = 35% of Total Performance Trends Max. Weighting = of Total Max. Weighting = 14% of Total '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 Performance Performance Tier Measurement 9/30/2014 Operational Performance Performance Results Invest. 12.5% Market Interest Rate 22.5% Credit & Default Business 37% Capital Growth & Earnings 31% Revenue Vitality & as part of 18% Revenues & 46% Financial, Coverage & 36% Percentage = The metric's impact on performance. * Annualized. ** Out of Seven. = is Outperforming the industry = Performance is in-line with the industry = is Underperforming the industry Ratings 79% Size 21% Insurance Research December 2014

5 Performance Overview - * vs. Genworth Insurance Capital & Surplus 13% 13% 12% 12% vs. vs. 5% -5% - vs. vs. ( (2014* 9/30/2014 Surplus=$4.3 = $4.3 billion) billion) - Earnings vs. vs. vs. vs s Comparison of Exposures to Higher Assets vs As a % of Surplus 102% 94% 91% 88% 86% 86% 63% 66% 5 47% 39% 43% - Breakout by Asset Class at 9/30/2014 Sch. BA Assets 21.1% Unaffiliated Stocks 9.5% Non-Inv. Grade Bonds 69.4% *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the Insurance Research December 2014

6 Performance Overview - * vs. Genworth Insurance Results Net Yield Net Yield vs. vs vs. vs Annual % Change in Direct Written Annual % Change in Direct Written vs. vs. ( 2014* = = $1.7 $3.4 billion) Annual % Change in Net Written Annual % Change in Net Written vs. vs. ( 2014* = $1.7 billion) M2014 By-Line Breakout of Direct Written 9M2014 By-Line Breakout of Direct Written vs. vs. ( 2014* = = $1.7 $3.4 billion) Annu. Deposit Annu. Funds Health Health Credit Cash Flow vs. vs *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the Insurance Research December 2014