分组1 - Enact Holdings, Inc. reported quarterly earnings of $0.98 per share, exceeding the Zacks Consensus Estimate of $0.90 per share, and showing an increase from $0.90 per share a year ago, representing an earnings surprise of 8.89% [1] - The company posted revenues of $296.19 million for the quarter ended December 2023, which was below the Zacks Consensus Estimate by 2.43%, but an increase from $276.84 million in the same quarter last year [1] - Over the last four quarters, Enact Holdings has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] 分组2 - The stock has underperformed the market, losing about 4% since the beginning of the year compared to the S&P 500's gain of 3.6% [2] - The current consensus EPS estimate for the upcoming quarter is $0.90 on revenues of $306.09 million, and for the current fiscal year, it is $3.65 on revenues of $1.26 billion [4] - The Zacks Industry Rank for Insurance - Multi line is in the top 42% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [5]

RALEIGH, N.C., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (NASDAQ:ACT) (Enact), a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured approximately $255 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of expected new insurance written for the 2024 book year (policies written from January 1, 2 ...

Core Viewpoint - Enact Holdings, Inc. is expected to report flat earnings of $0.90 per share for the quarter ended December 2023, with revenues projected at $303.58 million, reflecting a 9.7% increase from the previous year [1][2]. Earnings Expectations - The earnings report is scheduled for release on February 6, 2024, and the actual results will significantly influence the stock price depending on whether they meet or exceed expectations [1]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [2]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [5]. - The stock currently holds a Zacks Rank of 4, indicating a less favorable outlook for an earnings beat [5][6]. Historical Performance - In the last reported quarter, Enact Holdings exceeded expectations by posting earnings of $1.02 per share against an estimate of $0.86, resulting in a surprise of +18.60% [7]. - Over the past four quarters, the company has beaten consensus EPS estimates three times, indicating a history of positive surprises [7]. Conclusion - Enact Holdings does not appear to be a strong candidate for an earnings beat based on current estimates and rankings, but investors should consider other factors before making investment decisions [8].

Core Points - Enact Holdings, Inc. received an upgrade from S&P Global Ratings, with its flagship insurance subsidiary's long-term financial strength rating raised to A- from BBB+ and the issuer credit rating for Enact Holdings upgraded to 'BBB-' from 'BB+' [1] - The outlook for the ratings is stable, indicating confidence in the company's future performance [1] - The CEO of Enact expressed satisfaction with the upgrade, attributing it to the company's strong capital position and performance [1] Company Overview - Enact Holdings, Inc. operates primarily through its wholly-owned subsidiary, Enact Mortgage Insurance Corporation, and has been a leading provider of private mortgage insurance in the U.S. since 1981 [2] - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide top-tier service, underwriting expertise, and risk management [2] - Enact aims to positively impact communities by empowering customers and their borrowers in a sustainable manner [2]

RALEIGH, N.C., Jan. 04, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) announced it will issue its fourth quarter earnings release after the market closes on February 6, 2024. Enact will host a conference call to review fourth quarter 2023 financial results on February 7, 2024 at 8:00 a.m. (ET). Enact’s earnings release, summary presentation and financial supplement will be available through the company's website, https://ir.enactmi.com/, at the time of their release to the public. Part ...

RALEIGH, N.C., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (NASDAQ:ACT) (Enact), a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has entered into a quota share reinsurance agreement with a broad panel of highly rated reinsurers. Under the agreement, and subject to certain conditions, Enact will cede approximately 21% of a portion of expected new insurance written for the peri ...

Financial Data and Key Metrics Changes - Adjusted operating income was $164 million or $1.02 per diluted share, with a 15% adjusted operating return on equity [5][14] - GAAP net income was $164 million or $1.02 per diluted share, compared to $1.17 per diluted share in the same period last year [14] - Insurance-in-force reached a record $262 billion, up 8% year-over-year [6][15] Business Line Data and Key Metrics Changes - New insurance written was $14 billion, down $1 billion or 5% sequentially and down $1 billion or 4% year-over-year [15] - Net premiums earned were $243 million, up $5 million or 2% sequentially and up $8 million or 4% year-over-year [16] - Investment income was $55 million, up 8% sequentially and up 39% year-over-year [17] Market Data and Key Metrics Changes - Delinquency rate was 2%, up 11 basis points sequentially, flat year-over-year [9] - Weighted average FICO score was 744, and the weighted average loan-to-value ratio was 93% [8] - PMIERs Sufficiency remained strong at 162%, or $2 billion above PMIERs requirements [20] Company Strategy and Development Direction - The company focuses on three pillars: supporting policyholders, investing to enhance and diversify the platform, and returning capital to shareholders [10][12] - Enact Re, a reinsurer launched to access new business opportunities, participated in all GSE deals since its launch [10][11] - The company aims to return $300 million of capital to shareholders in 2023 through dividends and share repurchases [12][22] Management's Comments on Operating Environment and Future Outlook - The economy remains resilient, supported by a strong labor market, but risks include geopolitical conflicts and persistent inflation [6] - Management remains confident in the long-term outlook for housing and demand for mortgage insurance despite higher interest rates affecting mortgage originations [7] - The company is well-capitalized and continues to operate from a position of financial strength [20] Other Important Information - The company released $55 million of reserves due to strong cure activity [9] - Operating expenses were $55 million, flat sequentially and down 5% year-over-year [19] - The company has returned approximately $150 million to shareholders year-to-date [22] Q&A Session Summary Question: Capital return strategy and mix between buybacks and dividends - Management indicated that the capital return mix will be dictated by share repurchase opportunities and the durability of the quarterly dividend [26][28] Question: Investment portfolio and new money yield - The effective duration of the portfolio is about 3.5 years, with new money yields around 5.5% [30] Question: Performance of post-pandemic vintages - Credit performance remains strong, with no deterioration in performance across credit cohorts or vintages [32][33] Question: Impact of builder-driven originations - The company sees builder-driven originations as beneficial, with a focus on new homes driving more of the origination market [42][43] Question: GSE CRT deals and expected returns - Management has not provided specific guidance on returns from GSE CRT deals but finds the quality of underwriting and returns attractive [54][62] Question: Bermuda's tax rate impact on competition - Higher taxes in Bermuda could lead to higher returns for the company as competitors may need to adjust their pricing [60]

CONFIDENTIAL Third Quarter 2023 Financial Results ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40399 Enact Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1579166 (State or other jurisdicti ...

Financial Data and Key Metrics Changes - Adjusted operating income was $178 million or $1.10 per diluted share, with a 16% adjusted operating return on equity [6][14] - GAAP net income for the quarter was $168 million or $1.04 per diluted share, compared to $1.25 per diluted share in the same period last year [14] - Insurance-in-force grew 9% year-over-year to a record $258 billion, driven by new insurance written of $15 billion [6][15] - The loss ratio in the quarter was negative 2%, with a reserve release of $63 million due to favorable cure performance [9][18] Business Line Data and Key Metrics Changes - New insurance written of $15 billion was up $2 billion or 15% sequentially but down $2 billion or 14% year-over-year [15] - Persistency remained high at 84%, down 1 percentage point sequentially and up 4 percentage points year-over-year [15] - The weighted average FICO score was 744, and the weighted average loan-to-value ratio was 93% [9] Market Data and Key Metrics Changes - The company observed increased pricing on new insurance written in the market, responding to macroeconomic uncertainty [8][9] - The investment income in the second quarter was $51 million, up 12% sequentially and 42% year-over-year [16] Company Strategy and Development Direction - The company launched Enact Re, a reinsurer aimed at expanding its franchise and accessing new business opportunities [11][12] - The capital return guidance for 2023 was increased to $300 million from $250 million, reflecting confidence in the business [10][25] - The company continues to focus on a balanced approach to capital allocation, supporting policyholders, investing in the platform, and returning capital to shareholders [10][24] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term outlook for housing and demand for mortgage insurance, despite macroeconomic uncertainties [7][8] - The labor market has shown resilience, and household balance sheets are healthy, which supports the company's optimistic view [7][8] - The company expects the origination market size for purchase originations to be around $1.3 trillion for the year [39] Other Important Information - PMIERs sufficiency at the end of the quarter remained robust at 162%, with $2 billion of sufficiency [10][23] - The company executed its first quota share reinsurance agreement, enhancing capital efficiency and minimizing credit risk volatility [10][21] Q&A Session Summary Question: Competitive intensity in the industry - Management stated that market share is not a strategy but an outcome of successful execution, emphasizing strong underwriting quality and credit policy [29][31] Question: Growth areas in the origination market - Management noted that first-time homebuyers are expected to drive demand, with a significant market size still anticipated despite economic uncertainties [35][39] Question: Persistency levels - Management indicated that persistency is expected to remain elevated due to the current interest rate environment, although predicting exact levels is challenging [40][42] Question: Durability of price increases - Management acknowledged that pricing power may be influenced by macroeconomic conditions, with expectations of retaining some price increases even in a normalized environment [44][73] Question: PMIERs credit - Management confirmed PMIERs credit at approximately $1.524 billion, providing clarity on capital requirements [59][60] Question: Capital return thresholds - Management indicated that capital return guidance is subject to regulatory approvals and macroeconomic conditions, with a focus on maintaining PMIERs sufficiency [63][65]