McInerney joined Genworth as president and CEO in January 2013 and has led the company through more than 13 years of financial restructuring. During his tenure, Genworth completed a minority initial public offering of Enact Holdings on Nasdaq in September 2021 and launched CareScout as an aging care platform, per company filings.
Upton has been with Genworth and its predecessor companies since 1998, a tenure of more than 28 years. He has served as Genworth's CFO since March 2023, with prior executive roles spanning finance, operations, and multiple business lines and geographies. The board described him as closely involved in developing Genworth's current strategy and financial position alongside McInerney.
The transition comes as Genworth manages one of the largest long-term care insurance books in the United States. The company's multiyear rate action program and reserve management practices directly affect premiums for hundreds of thousands of LTC policyholders.
Melina Higgins, Genworth's board chair, said the board's thoughts were with McInerney and his family as he recovers. "I am confident that we will continue during this interim period to execute Genworth's existing strategy, maintain continuity, and make progress towards our goals," Higgins said.
Genworth reported full-year 2025 net income of $223 million, or $0.54 per diluted share, and repurchased $245 million in shares during the year. Total buybacks since the repurchase program's inception have reached $790 million.
In Q4 2025, Genworth achieved $100 million in gross incremental premium approvals under its LTC multiyear rate action program. The plan has generated an estimated $31.8 billion in net present value since 2012. Enact Holdings returned $127 million to Genworth in Q4 2025 and maintained a PMIERs sufficiency ratio of 162%.
In October 2025, Genworth launched Care Assurance, a standalone long-term care insurance product through its CareScout Insurance subsidiary. At the same time, it ceased new sales of LTC products through Genworth Life Insurance Company.
The company operates through two reportable segments: Enact, its private mortgage insurance operation, and Closed Block, its in-force LTC, life, and annuity book. CareScout Services and CareScout Insurance operate as separate start-up businesses within the corporate structure.
Genworth did not provide a timeline for McInerney's expected return. Q1 2026 revenue guidance was $175 million to $185 million, with Enact expected to continue distributing capital to the parent company.
