Core Insights - Enact Holdings, Inc. (NASDAQ:ACT) is recognized as one of the 14 best up-and-coming dividend stocks to buy [1] - JPMorgan has maintained a neutral stance on Enact, reducing its price target from $40 to $39 following the company's Q3 update [2] Financial Performance - For Q3 2025, Enact reported total revenue of $311.4 million, a slight increase from $309.5 million year-over-year [3] - Premiums for the quarter were $244.6 million, down from $249 million in the same period last year [3] - The company held $339 million in cash and cash equivalents and $311 million in invested assets as of September 30, indicating stability in financial position [3] Insurance Metrics - New insurance written reached $14 billion for the quarter, reflecting a 6% increase from Q2 2025 and a 3% increase from Q3 2024 [4] - Monthly premium policies constituted 97% of the new insurance volume, while purchase originations accounted for 93% [4] - Primary insurance in force rose to $272 billion, compared to $270 billion in the previous quarter and $268 billion a year ago [4] Shareholder Returns - Enact emphasized its commitment to shareholder returns, distributing $31 million in dividends during the quarter [4] - The company continues to support lenders by backing mortgage loans, facilitating access to homeownership for more borrowers [5]

Core Insights - NU E Power Corp. has successfully closed the acquisition of approximately 500 MW of hybrid power assets from ACT Mid Market Ltd., surpassing its target of 1 GW of secured global power capacity [1][8] - The company is positioned to meet the growing demand from AI hyperscalers, Bitcoin mining, and traditional grid customers, establishing itself as a rapidly scaling power platform [1][7] Acquisition Details - The acquired portfolio includes strategic hybrid sites across North America, Asia, South America, and Africa, with a flagship asset being the Dakhan Hybrid Energy & Data Complex in Mongolia [2] - The acquisition enhances NU E's diversified, multi-continental footprint, allowing it to supply reliable power regardless of end-use load [2] Leadership Changes - Broderick Gunning has been appointed as President, CEO, and Director, bringing two decades of experience in energy and digital infrastructure [3] - Frederick Stearman has been appointed Chief Technology Officer, while Bold Batsukh has been appointed Director - Asia, contributing regional expertise [4] Shareholder Changes - Following the acquisition, Brodie Gunning will control approximately 14% of the issued and outstanding voting securities of the company, increasing his stake significantly [10] - Samuel Kyler Hardy has resigned from the Board, with the company expressing gratitude for his contributions [5] Future Outlook - The company aims to accelerate towards its next target of 2 GW by 2027, indicating a strong growth trajectory [7] - NU E is described as a vertically integrated, load-agnostic power developer with over 1 GW of secured hybrid capacity across four continents [11]

Core Insights - The KeyBank survey indicates that 70% of middle market companies plan to leverage the provisions of the One Big Beautiful Bill Act (OBBBA) for competitive advantage [1][3] - The survey reveals high familiarity with OBBBA among executives, with 60% reporting awareness of its provisions [5] - Companies anticipate significant impacts on the U.S. economy and their own businesses, with 86% expecting moderate or greater effects within the next 12 months [5] Familiarity and Expectations - 60% of middle market companies are familiar with OBBBA provisions [5] - 86% expect the bill's provisions to have a moderate or greater level of impact on the U.S. economy in the next 12 months, with 45% anticipating significant impact [5] - 60% expect a meaningful positive impact on their business in the next two years [5] - 89% anticipate at least one significant long-term impact from OBBBA on their business [5] Anticipated Long-Term Impacts - The top three expected long-term impacts include: - Increased ability to invest in growth and expansion (59%) [5] - Improved cash flow through accelerated depreciation and capital expenditure incentives (59%) [5] - Greater certainty and stability in financial planning and forecasting (53%) [5] Strategic Priorities Post-Enactment - Within 12 months of OBBBA enactment, middle market companies plan to prioritize: - Upgrading technology or investing in process automation (68%) [5] - Increasing domestic R&D investment (65%) [5] - Expanding/reconfiguring supply chain (63%) [5] - Adjusting debt financing or leverage strategy (59%) [5] - Accelerating capital expenditures (58%) [5] - Enhancing employee benefits (57%) [5] - Investing in clean energy projects (55%) [5]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $311,455 thousand, slightly up from $309,588 thousand in the same period of 2024, reflecting a 0.6% increase[17]. - Net income for the three months ended September 30, 2025, was $163,497 thousand, down from $180,669 thousand in 2024, indicating a decrease of 9.5%[19]. - The company reported a total comprehensive income of $226,054 thousand for the three months ended September 30, 2025, compared to $314,990 thousand in 2024, a decrease of 28.2%[19]. - Basic net income per common share for the three months ended September 30, 2025, was $1.11, down from $1.16 in 2024, a decline of 4.3%[17]. - Net income for the nine months ended September 30, 2025, was $497,083, compared to $525,330 for the same period in 2024, reflecting a decrease of approximately 5.4%[24]. - The company reported comprehensive income of $662,753 for the nine months ended September 30, 2025, compared to $653,746 for the same period in 2024, showing a slight increase of about 1.6%[22]. Assets and Liabilities - Total assets increased to $6,876,443 thousand as of September 30, 2025, up from $6,521,531 thousand at December 31, 2024, representing a growth of 5.4%[15]. - Total liabilities increased to $1,559,157 thousand as of September 30, 2025, from $1,525,435 thousand at December 31, 2024, reflecting a growth of 2.2%[15]. - Total equity rose to $5,317,286 thousand as of September 30, 2025, compared to $4,996,096 thousand at December 31, 2024, an increase of 6.4%[15]. - Cash and cash equivalents at the end of the period on September 30, 2025, were $543,577, down from $673,363 at the end of September 2024, a decrease of about 19.2%[24]. Investment Income and Losses - Net investment income for the three months ended September 30, 2025, was $68,611 thousand, up from $61,056 thousand in 2024, representing an increase of 12.5%[17]. - Net investment income for the nine months ended September 30, 2025, was $197,532, an increase from $177,940 in 2024, indicating a growth of approximately 11%[41]. - For the three months ended September 30, 2025, net investment losses amounted to $2,834,000, compared to losses of $1,243,000 in the same period of 2024, reflecting a significant increase in losses[42]. - For the nine months ended September 30, 2025, net investment losses totaled $13,420,000, compared to $15,640,000 for the same period in 2024, indicating a decrease in losses year-over-year[42]. Insurance and Loss Reserves - Total loss reserves as of September 30, 2025, amounted to $572.1 million, an increase from $524.7 million as of December 31, 2024[105]. - For the nine months ended September 30, 2025, losses and LAE incurred related to insured events of the current accident year were $221 million, compared to $212 million for the same period in 2024[110]. - The gross loss reserves for domestic mortgage insurance increased to $566.9 million as of September 30, 2025, from $520.0 million at the end of 2024[105]. - The company recorded favorable reserve adjustments of $140 million primarily on prior accident year reserves due to improved cure performance of delinquencies[110]. Shareholder Activities - The company repurchased common stock totaling $255,377 during the nine months ended September 30, 2025, compared to $169,321 in the same period of 2024, reflecting an increase of approximately 50.9%[24]. - Cash dividends paid to Genworth were $25.1 million for the three months ended September 30, 2025, and $73.4 million for the nine months ended September 30, 2025[142]. - Total dividends declared and paid per common share for 2025 was $0.605, down from $0.715 in 2024[158]. - During Q3 2025, the company repurchased 2,824,499 shares at an average price of $37.23 per share, compared to 2,096,329 shares at $34.04 per share in Q3 2024[155]. Market Conditions and Performance Metrics - The U.S. mortgage origination market remained slow due to elevated mortgage rates, impacting housing affordability[166]. - The loss ratio for Q3 2025 was 15%, up from 5% in Q3 2024, with a reserve release of $45 million in Q3 2025 compared to $65 million in Q3 2024[172][192]. - The primary persistency rate remained stable at 83% for both Q3 2025 and Q3 2024, indicating strong retention of in-force policies[170]. - New insurance written (NIW) for Q3 2025 was $14.0 billion, representing a 3% increase compared to Q3 2024[170].

Financial Data and Key Metrics Changes - The company reported adjusted operating income of $166 million or $1.20 per diluted share, with adjusted return on equity at 13% [4][12] - Insurance in force increased by 2% year over year to $272 billion, with new insurance written exceeding $14 billion [5][12] - Total net premiums earned were $245 million, flat sequentially and down modestly year over year due to higher ceded premiums [13][14] Business Line Data and Key Metrics Changes - Persistency was 83% in the third quarter, up 1 percentage point sequentially and flat year over year [12] - The base premium rate was 39.7 basis points, down 0.1 basis points sequentially, while the net earned premium rate was 34.9 basis points, also down slightly [13][14] - Investment income increased to $69 million, up 4% sequentially and 12% year over year [15] Market Data and Key Metrics Changes - The U.S. economy is supported by steady consumer spending, moderating inflation, and a resilient labor market, although consumers are cautious [5][6] - Total delinquencies increased by 6% sequentially, with new delinquencies up 12% and cures down 1%, consistent with seasonal trends [8][16] Company Strategy and Development Direction - The company aims to support existing policyholders, invest in business growth, fund new opportunities, and return excess capital to shareholders [9][10] - A new $435 million revolving credit facility was established to enhance financial flexibility [4][19] - The company is focused on technology investments to improve efficiency and customer experience, including enhancements to its Rate 360 pricing engine [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term health of the U.S. housing market, supported by strong demographic trends [5][6] - The company remains well-positioned to navigate economic uncertainties and capitalize on long-term opportunities [22] - The PMIERs sufficiency ratio was reported at 162%, indicating strong capital and liquidity positions [18] Other Important Information - The company announced an increase in its 2025 capital return expectation to approximately $500 million, up from $400 million [4][20] - Moody's upgraded the company's ratings, reflecting improved financial strength and stability [19] Q&A Session Summary Question: Expectations for delinquency trends - Management indicated that credit performance remains strong, with no significant variance across portfolio book years, and expects credit performance to align with current strong trends [24][25] Question: Clarification on expense trends - Management noted that expenses are typically higher in the second half of the year due to performance-based incentives, which may impact the fourth quarter [27] Question: Impact of technology and AI on expenses - The company has managed to reduce expenses despite inflationary pressures, focusing on efficiency through technology investments, including AI [30][31] Question: Increase in capital return allocation - The increase in capital return guidance reflects favorable business performance and current mortgage origination levels, with management gaining confidence as the year progresses [34][36]

Third Quarter 2025 Financial Results November 5, 2025 Cautionary Note Regarding Forward-Looking Statements Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share should be read as net income (loss) income (loss) available to Enact's common stockholders per diluted share, respectively. 2 1 U.S. Generally Accepted Accounting Principles Third Quarter Key Takeaways Insurance in ...

Core Viewpoint - Enact Holdings, Inc. reported quarterly earnings of $1.12 per share, matching the Zacks Consensus Estimate, but down from $1.16 per share a year ago [1] - The company posted revenues of $314.29 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 0.41% and up from $310.83 million year-over-year [2] Financial Performance - Earnings per share (EPS) for the latest quarter was $1.12, consistent with estimates, while the previous quarter's EPS was $1.15, resulting in a surprise of +3.6% [1] - The company has surpassed consensus revenue estimates two times over the last four quarters [2] - Current consensus EPS estimate for the upcoming quarter is $1.12 on revenues of $316.13 million, and for the current fiscal year, it is $4.42 on revenues of $1.25 billion [7] Market Performance - Enact Holdings shares have increased by approximately 12.7% since the beginning of the year, compared to a 15.1% gain for the S&P 500 [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Insurance - Multi line industry, to which Enact Holdings belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - GAAP net income for Q3 2025 was $163 million, or $1.10 per diluted share, a decrease from $168 million in Q2 2025 and $181 million in Q3 2024[1][6] - Adjusted operating income was $166 million, or $1.12 per diluted share, compared to $174 million in Q2 2025 and $182 million in Q3 2024[1][6] - Net income for Q3 2025 was $163,497,000, down 2% from $167,808,000 in Q2 2025 and down 9.5% from $180,669,000 in Q3 2024[18] - The adjusted operating income for Q3 2025 was $165,885,000, a decrease from $173,590,000 in Q2 2025 and $182,321,000 in Q3 2024[18] Revenue and Expenses - Total revenues for Q3 2025 were $311,455,000, an increase of 2% from $304,890,000 in Q2 2025 and a slight increase from $309,588,000 in Q3 2024[18] - Operating expenses remained flat at $53 million with an expense ratio of 22%[1][6] - The provision for income taxes in Q3 2025 was $46,332,000, a slight decrease from $46,694,000 in Q2 2025 and $48,788,000 in Q3 2024[18] Insurance Metrics - New insurance written (NIW) was $14 billion, a 6% increase from Q2 2025 and a 3% increase from Q3 2024[1][6] - Primary insurance in-force (IIF) reached $272 billion, up 2% year-over-year[1][6] - Losses incurred were $36 million with a loss ratio of 15%, compared to $25 million and 10% in Q2 2025, and $12 million and 5% in Q3 2024[1][6] - The loss ratio increased to 15% in Q3 2025 from 10% in Q2 2025 and 5% in Q3 2024[18] Investment Performance - Net investment income increased to $69 million, up from $66 million in Q2 2025 and $61 million in Q3 2024[1][6] - The company reported net investment losses of $2,834,000 in Q3 2025, an improvement from losses of $7,343,000 in Q2 2025[18] Balance Sheet - Total assets as of Q3 2025 were $6,876,443,000, up from $6,773,473,000 in Q2 2025 and $6,597,046,000 in Q3 2024[19] - Total liabilities as of Q3 2025 were $1,559,157,000, slightly up from $1,550,345,000 in Q2 2025 but down from $1,560,801,000 in Q3 2024[19] - The debt to capital ratio remained stable at 12% in Q3 2025 and Q2 2025, down from 13% in Q3 2024[19] Shareholder Returns - The company announced a quarterly dividend of $0.21 per share, payable on December 11, 2025[1][13] - Full-year capital return guidance was increased to approximately $500 million, reflecting strong performance and current mortgage origination levels[1][13] PMIERs Sufficiency - PMIERs sufficiency was 162%, approximately $1.9 billion above requirements, down from 165% in Q2 2025[1][6]

Core Insights - Enact Holdings, Inc. reported strong financial results for Q3 2025, with a GAAP net income of $163 million, or $1.10 per diluted share, and an adjusted operating income of $166 million, or $1.12 per diluted share [1][4] - The company has increased its full-year capital return guidance to approximately $500 million, reflecting its strong performance and market conditions [1][7] Financial Performance - Net income decreased from $168 million in Q2 2025 and $181 million in Q3 2024 [4][3] - Adjusted operating income also saw a decline from $174 million in Q2 2025 and $182 million in Q3 2024 [4][3] - New insurance written (NIW) was $14 billion, a 6% increase from Q2 2025 and a 3% increase from Q3 2024 [4][3] - The primary insurance in-force (IIF) rose to $272 billion, a 2% year-over-year increase [1][7] Risk Management and Operational Efficiency - The company maintained a primary persistency rate of 83%, consistent with the previous quarter and year [4][3] - Losses incurred increased to $36 million with a loss ratio of 15%, compared to $25 million and 10% in Q2 2025, and $12 million and 5% in Q3 2024 [7][4] - Operating expenses remained stable at $53 million, with an expense ratio of 22% [7][4] Investment and Capital Management - Net investment income increased to $69 million, up from $66 million in Q2 2025 and $61 million in Q3 2024, driven by elevated interest rates [7][4] - The company repurchased approximately 2.8 million shares at an average price of $37.23, totaling around $105 million in the quarter [7][4] - PMIERs sufficiency was reported at 162%, approximately $1.9 billion above requirements [1][7] Future Outlook - The company is well-positioned for success in the evolving housing market, with a focus on disciplined execution and risk management [2][4] - Enact anticipates a total capital return of approximately $500 million for 2025, contingent on business performance and market conditions [7][4]

Core Insights - NU E Power Corp. has entered into an asset purchase agreement to acquire certain assets from ACT Mid Market Ltd., enhancing its position in renewable energy, data infrastructure, AI, and Bitcoin mining [1][2][3] Company Overview - NU E Power Corp. is focused on building and operating next-generation power sites to meet the demands of AI, Bitcoin, and digital economies through a hybrid approach that combines renewable, grid, and behind-the-meter generation [12] - ACT Mid Market Ltd. specializes in developing mid-market power sites optimized for AI, Bitcoin mining, and hybrid energy applications [13] Acquisition Details - The acquisition includes 500 MW of energy projects utilizing solar, natural gas, and electrical grid, which will support various Bitcoin and AI projects across multiple regions including Canada, Asia, South America, and Africa [3][4] - Following the acquisition, NU E's total targeted energy asset size will exceed 1 GW, marking significant progress towards its 2 GW target [2] Strategic Importance - The acquisition aligns with the increasing global demand for data centers driven by AI and cloud computing, projected to reach 78 GW by 2035 [2] - NU E's strategy includes generating cash flow through Bitcoin mining and securing long-term off-takes for clean energy and data center infrastructure [4] Project Highlights - The assets being acquired include: 1. 100 MW Mongolia Hybrid Power & Data Infrastructure Project, integrating grid, solar, and natural gas generation [5] 2. 200 MW Grid & Gas Hybrid Power Project in Saskatchewan, Canada, designed to support a self-sustaining smart community [8] 3. 100 MW Solar & Graphene Battery Program with the International Islamic University of Malaysia [8] 4. 100 MW Hybrid Solar, Gas & Grid Power and Data Centre Project in Lagos, Nigeria [8] 5. 100 MW Solar Development Program in Brazil [8] Management Changes - Following the acquisition, Broderick Gunning will be appointed as President and CEO of NU E, and Frederick Stearman will become Chief Technology Officer [7][10][11]