Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Governance
• Social

Environmental Achievements

• Reduced paper usage through MyGenworth platform, resulting in approximately 2,000 kg of CO2e reduction.
• Implemented building energy efficiency initiatives, resulting in significant savings of kilowatt hours used for each of the past 10 years.

Social Achievements

• Employees volunteered over 3,700 hours collectively in 2021 for environmentally focused activities.
• Genworth employees donated over $1.1 million to causes and organizations, provided $1 million in grants, and contributed almost $450,000 in sponsorships in 2021.

Governance Achievements

• Established board-level oversight of climate-related issues through the Nominating and Corporate Governance Committee and the Risk Committee.
• Adopted an ESG policy and formed an ESG Investments Committee in 2021.

Climate Goals & Targets

Environmental Challenges

• Increased direct costs from GHG emissions regulations.
• Increased severity and frequency of extreme weather events causing operational disruptions and increased capital expenditures.
• Reputational risks associated with third-party suppliers' environmental practices.

Mitigation Strategies

• Implemented building energy efficiency initiatives (e.g., LED lights, energy-efficient chillers).
• Implemented Business Continuity Plans and remote capabilities, including a Work From Home Policy.
• Conduct periodic reviews of select third-party service providers and require business continuity/disaster recovery plans.

Supply Chain Management

Supplier Audits: 208/year

Responsible Procurement

• Business continuity/disaster recovery plan requirement for suppliers.
• ESG considerations incorporated into RFP templates.

Climate-Related Risks & Opportunities

Physical Risks

• Increased severity and frequency of extreme weather events.

Transition Risks

• GHG emissions regulations and carbon pricing mechanisms.

Opportunities

• Reduced employee commuting emissions through hybrid work model.

Reporting Standards

Frameworks Used: Greenhouse Gas Protocol, SASB

Third-party Assurance: IEC GHGi

Sustainable Products & Innovation

• MyGenworth platform for electronic document transfer.

Environmental Metrics

ESG Focus Areas

• Diversity and Inclusion
• Climate Change
• Corporate Governance

Social Achievements

• Introduced a new rewards and recognition platform in 2023.
• Continued to provide additional financial, health and wellbeing resources, as well as a flexible work schedule to employees.
• Actively engaged strong community connections and partnerships with diverse organizations to promote equitable opportunities.
• Implemented training initiatives to enhance employee inclusivity and self-awareness.

Governance Achievements

• Revised Incentive-Based Compensation Recovery Policy to include applicable provisions of the SEC's final rule.

Climate Goals & Targets

Environmental Challenges

• Inability to obtain in-force rate action increases in long-term care insurance.
• Potential for adverse rating agency actions.
• Risks associated with launching new business initiatives offered by CareScout.
• Climate change risks and regulatory scrutiny.
• Cybersecurity risks and regulatory compliance.

Mitigation Strategies

• Implementing a multi-phase climate risk management process.
• Complying with NYDFS requirements for managing financial risks from climate change.
• Developing and implementing a robust cybersecurity program.
• Pursuing significant premium rate increases and associated benefit reductions on long-term care insurance policies.
• Maintaining a disciplined approach in Genworth’s capital allocation strategy, balancing investments in CareScout growth initiatives with returning value to shareholders.

Supply Chain Management

Climate-Related Risks & Opportunities