Good morning, ladies and gentlemen, and welcome to Genworth Financial's Fourth Quarter 2025 Earnings Conference Call. My name is Lisa, and I'll be your coordinator today. [Operator Instructions]. As a reminder, the conference is being recorded for replay purposes. [Operator Instructions]. I would now like to turn the call over to Christine Jewell, Head of Investor Relations. Please go ahead.

Thank you, and good morning. Welcome to Genworth's Fourth Quarter 2025 Earnings Call. The slide presentation that accompanies this call is available on the Investor Relations section of the Genworth's website investor.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials. Speaking today will be Thomas McInerney, President and Chief Executive Officer; and Jerome Upton, Chief Financial Officer. Following our prepared remarks, we will open the call for questions. In addition to our speakers, Jamala Arland, President and CEO of our Closed Block Insurance business; Gregory Karawan, General Counsel; Kelly Saltzgaber, Chief Investment Officer; and Samir Shah, CEO of CareScout Services, will also be available to take your questions. During this morning's call, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentation as well as the risk factors of our most recent annual report on Form 10-K as filed with the SEC. Today's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. In our investor materials, non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules. Additionally, references to statutory results are estimates due to the timing of the statutory filings. And now I'll turn the call over to our President and CEO, Tom McInerney.

Thank you, Christine. And thank you for taking the time to join our fourth quarter earnings call this morning. Genworth reported net income of $2 million with adjusted operating income of $8 million. This quarter's results were driven primarily by strong performance from Enact, which contributed $146 million to Genworth's adjusted operating income, partially offset by a loss of $114 million in our Closed Block, primarily from LTC. Our estimated pretax statutory income for our U.S. life insurance companies was approximately $71 million for the full year, including the net favorable impacts to annuities from equity market and interest rate movements. We will provide full statutory results in our annual filings later this month. Genworth ended the quarter with a healthy liquidity position, holding $234 million of cash and liquid assets. We also continue to advance our strategic priorities in 2025. First, we continue to create shareholder value through Enact's growing market value and capital returns. Our approximately 81% ownership stake in Enact remains a key source of cash to Genworth with $407 million received in 2025, fueling our share repurchases and investments in CareScout. Supported by these strong cash flows, we continue to execute our share repurchase strategy throughout the fourth quarter, making progress on our $350 million authorization announced in September. In 2025, we repurchased $245 million of shares. Since May 2022, we have repurchased approximately $828 million of stock as of February 20, reducing shares outstanding by about 24% from 511 million to 388 million. These share repurchases create meaningful long-term value for shareholders by deploying capital at prices we believe represent a discount to Genworth's intrinsic value. Turning to our second strategic priority. CareScout represents our long-term growth strategy and our vision for how aging care should work in the future. We are building an innovative…

Thank you, Tom, and good morning, everyone. I am pleased with our strong performance in 2025. We continue to advance our strategic priorities and further position the company for long-term success. Our disciplined capital allocation balanced returning capital to shareholders, reinvesting in opportunities that support long-term growth through CareScout and continuing to strengthen our financial flexibility. Enact delivered another quarter of strong performance, supported by a strong balance sheet and capital and liquidity positions with returns that enabled our own capital allocation priorities. At the same time, we continue to make meaningful progress advancing CareScout and enhance the self-sustainability of our Closed Block. I will begin this morning's discussion with our fourth quarter and full year financial results, followed by an update on our annual assumption reviews before covering our investment portfolio and an update on our holding company liquidity. Finally, I will share some guidance for 2026 before we open the call for Q&A. Before I cover the financial results in more detail, I would like to discuss the resegmentation we completed in the quarter to report our Long-Term Care, Life and Annuity businesses under a new Closed Block segment. With the launch of our new CareScout Care Assurance product, we formally ceased LTC sales in Genworth Life Insurance Company or GLIC. In recent years, there was very limited business being issued from GLIC. And now that new policies will be issued from CareScout, this new presentation better aligns with the way we run the business, including our continued commitment to manage these entities as a closed system. This is a presentation change only and does not change the economics of Long-Term Care, Life and Annuity products. We will continue to provide a breakdown of our results by product within the new Closed Block segment. Now turning to the…

[Operator Instructions] I will turn the call back to Ms. Jewell to read questions received via e-mail.

Thank you, Lisa. We received a question around the importance of offering both services and insurance under the CareScout umbrella and why it makes sense to invest in both at the same time. Tom, can you please provide some additional color around this one?

I think that's a very important question about CareScout's future growth. I'd start by saying the LTC market is fragmented. LTC care is very expensive and the annual cost of care inflation is significant and as shown in the CareScout cost of care survey that we've been doing for about 20 years, CareScout is the only LTC competitor that can deliver the full value chain in the LTC ecosystem. First, CareScout services is focused on delivering LTC care advice, providing assessments of LTC care needs, working with families to develop care plans and providing access to the extensive and cost-efficient CareScout Quality Network. CareScout services' target market is the 70 million baby boomers, 95% of whom never bought LTC insurance. CareScout services will help these baby boomers determine the care they need and help them find care providers and the 20% discounts from providers in the CareScout Quality Network will make the LTC care more affordable. For CareScout insurance, the very large population segments of the children and grandchildren of the baby boomers are about to find out how difficult it is to navigate the LTC ecosystem for their parents and grandparents as they're looking for care for them. And I think they'll be shocked at the very high cost of LTC care at $76,000 a year for home care and $125,000 in some markets for nursing home care. And we think the target market for CareScout insurance, the children and grandchildren of the baby boomers will rely on CareScout services to help their parents, and we believe they'll be interested in buying CareScout insurance and funding products to be better prepared for their own LTC care needs and the high cost when they reach their peak claim years when they're in their 80s. Samir, anything you want to add to that?

Tom, thank you for that holistic contextual answer. I agree. Look, we're in the middle of an aging crisis, which many 70-year-old-plus population are feeling. And as we talk to the generation that follows after them, they are watching their long-term needs play out in front of them. Our ability to support consumers through both aspects of this through the history we've had over the last 40 years of supporting aging consumers and playing claims gives us a unique perspective to how consumers age and help them across their family needs, helping aging parents and in-laws with our services offering and then creating a lineup of insurance products that help folks with funding needs and services needs as they age through the process.

Great. Thank you, Tom and Samir, for that additional context. So Lisa, I'll turn the call back over to you, please, to take any live questions.

[Operator Instructions] It appears that there are no questions at this time. Ladies and gentlemen, I will turn the call back over to Mr. McInerney for closing comments.

Thank you very much, Lisa. And in closing, I want to say we're pleased with the strong progress we've made across Genworth's 3 strategic priorities in 2025, supported primarily by Enact's performance and we're excited to continue executing on those priorities in 2026. We're confident in our ability to maintain this momentum and deliver on our objectives going forward. And I want to thank all of you who joined the call today and your investment and interest in Genworth, and we look forward to talking to you again next quarter.

And ladies and gentlemen, this concludes Genworth Financial's Fourth Quarter Conference Call. Thank you for your participation. At this time, the call will end.