Core Insights - Actinium Pharmaceuticals is advancing Iomab-ACT, a targeted radiotherapy conditioning agent intended to replace traditional chemotherapy agents for CAR-T therapy, with initial clinical data expected in the second half of 2025 [1][2][3] - The Iomab-ACT trial aims to improve patient access and outcomes by reducing CAR-T related toxicities such as ICANS and CRS, which are significant barriers for patients [2][3] - The CAR-T therapy market generated over $4 billion in sales in 2024 and is projected to reach $12 billion by 2030, indicating a substantial market opportunity for Iomab-ACT [1][5] Company Developments - The first patient has been enrolled in the Iomab-ACT trial at the University of Texas Southwestern Medical Center, marking a significant step in the development of this innovative therapy [1][2] - Iomab-ACT targets CD45, selectively depleting immune cells associated with CAR-T toxicities while sparing essential blood components, which could lead to better patient outcomes [2][3] - Initial clinical results from a pilot study showed no patients developed ICANS and minimal CRS, supporting the advancement of Iomab-ACT into commercial trials [2][3] Market Opportunity - The addressable market for Iomab-ACT aligns with the approximately 150,000 patients annually who require conditioning for CAR-T therapies, suggesting a potential blockbuster revenue opportunity if clinical benefits are demonstrated [5] - The pipeline of CAR-T therapies is rapidly expanding, with the patient population expected to nearly double by 2030, further enhancing the market potential for Iomab-ACT [5]

Financial Performance - Total revenues for Q1 2025 were $306,776,000, an increase of 5.3% compared to $291,576,000 in Q1 2024[18] - Net income for Q1 2025 was $165,778,000, up from $160,988,000 in Q1 2024, representing a growth of 3.5%[18] - Basic net income per share increased to $1.09 in Q1 2025 from $1.01 in Q1 2024, reflecting an increase of 7.9%[18] - Comprehensive income for Q1 2025 was $220,751,000, compared to $153,911,000 in Q1 2024, indicating a significant increase of 43.4%[20] - For the three months ended March 31, 2025, net investment income was $63,037 thousand, an increase of 10.5% from $57,111 thousand in the same period of 2024[38] - Adjusted operating income for Q1 2025 was $168,837, an increase from $166,235 in Q1 2024, primarily due to higher net investment income and earned premiums[191] - Net premiums written for the three months ended March 31, 2025, were $237.6 million, compared to $230.3 million for the same period in 2024, indicating a growth of approximately 3.0%[108] Assets and Equity - Total assets as of March 31, 2025, were $6,721,520,000, up from $6,521,531,000 as of December 31, 2024, indicating a growth of 3.1%[16] - Total equity increased to $5,119,407,000 as of March 31, 2025, compared to $4,996,096,000 at the end of 2024, marking a rise of 2.5%[16] - Cash and cash equivalents at the end of Q1 2025 were $635,269,000, an increase from $599,432,000 at the end of Q4 2024, representing a growth of 6.0%[24] Investment Performance - The company reported net investment income of $63,037,000 in Q1 2025, up from $57,111,000 in Q1 2024, which is an increase of 10.4%[18] - As of March 31, 2025, net unrealized investment losses were $(148,730) thousand, a decrease from $(207,624) thousand as of December 31, 2024, reflecting a recovery in the value of investment securities[41] - The total fair value of fixed maturity securities available-for-sale as of March 31, 2025, was $5,815,337 thousand, compared to $5,624,773 thousand as of December 31, 2024, showing an increase in asset value[45] - The company reported gross unrealized losses of $(214,178) thousand on fixed maturity securities available-for-sale as of March 31, 2025, down from $(272,440) thousand at the end of 2024, indicating a reduction in unrealized losses[47] Reinsurance and Reserves - The gross loss reserves for domestic mortgage insurance as of March 31, 2025, were $537.5 million, compared to $530.8 million as of December 31, 2024[100] - The company recorded favorable reserve adjustments of $47 million for prior accident year reserves during the three months ended March 31, 2025[102] - For the three months ended March 31, 2025, losses and LAE incurred related to the current accident year amounted to $78 million, up from $74 million for the same period in 2024, representing a 5.4% increase[102] Shareholder Actions - The company repurchased common stock totaling $65,283,000 during Q1 2025, compared to $49,724,000 in Q1 2024, reflecting a 31.2% increase in stock repurchases[24] - The company authorized a new share repurchase program allowing for the repurchase of up to $350 million of common stock[175] - Cash dividends paid to Genworth were $22.8 million for the three months ended March 31, 2025, compared to $20.8 million for the same period in 2024, indicating an increase of 9.6%[134] Market Conditions - The unemployment rate as of March 31, 2025, was 4.2%, consistent with December 31, 2024, with approximately 7.1 million unemployed Americans[158] - The Consumer Price Index (CPI) inflation was reported at 2.4% year-over-year in March 2025, down from 2.9% in December 2024[156] - Mortgage origination remained slow in the first quarter of 2025 due to elevated mortgage rates and low housing supply, impacting housing affordability[157] Insurance Metrics - New insurance written (NIW) for Q1 2025 was $9.8 billion, a decrease of 7% compared to Q1 2024, primarily due to lower estimated market share[163] - The loss ratio for Q1 2025 was 12%, up from 8% in Q1 2024, influenced by favorable reserve development[165] - Current period primary delinquencies in Q1 2025 were 12,237, contributing $75 million of loss expense, compared to $74 million from 11,395 delinquencies in Q1 2024[166] - The primary delinquency rate for Florida increased to 3.28% as of March 31, 2025, up from 3.67% as of December 31, 2024[210]

Economic Overview - The U.S. economy contracted by 0.3% in the first quarter of 2025, marking the first quarter of negative growth since Q1 2022 and missing analysts' expectations of 0.4% growth [3] - Consumer confidence fell by 7.9 points to 86 in April, reaching a five-year low, indicating a lack of investor confidence in the economy [6] Trade and Tariffs - Concerns are rising that President Trump's tariffs could negatively impact economic health, despite a temporary 90-day pause on tariffs that led to a 41.3% increase in imports for the quarter, while exports only grew by 1.8% [4][6] Consumer Behavior - Consumer spending has slowed as individuals are saving more in anticipation of tougher economic conditions, alongside a significant decline in federal expenditures contributing to sluggish GDP figures [5] Dividend-Paying Stocks - In light of economic uncertainty, investing in dividend-paying stocks is recommended as they tend to provide steady income and stability [2][7] - Atkore Inc. (ATKR) announced a dividend of $0.33 per share with a dividend yield of 2%, having increased its dividend once in the past five years with a payout ratio of 12% [9][8] - Enact Holdings, Inc. (ACT) declared a dividend of $0.21 per share and has a dividend yield of 2.07%, having increased its dividend six times in the past five years with a payout ratio of 16% [11][10] - Pool Corporation (POOL) announced a dividend of $1.25 per share with a dividend yield of 1.64%, having increased its dividend six times in the past five years and a payout ratio of 46% [13][12] - American Water Works Company, Inc. (AWK) declared a dividend of $0.83 per share with a dividend yield of 2.08%, having increased its dividend six times in the past five years and a payout ratio of 57% [15][14]

Financial Data and Key Metrics Changes - The company reported adjusted operating income of $169 million, up 2% year over year [6] - Adjusted earnings per share was $10, up 6% year over year [6] - GAAP net income was $166 million or $1.08 per diluted share, compared to $1.01 per diluted share in the same period last year [17] - Adjusted operating return on equity was 13.4% [18] - Insurance in force was $258 billion, up 2% year over year [6] Business Line Data and Key Metrics Changes - New insurance written was $10 billion, down 26% sequentially and down 7% year over year [18] - Primary insurance in force was $268 billion, relatively flat from $269 billion in the fourth quarter of 2024 and up 2% year over year [19] - Total net premiums earned were $245 million, down $1 million sequentially and up $4 million or 2% year over year [19] Market Data and Key Metrics Changes - Persistency was 84% in the first quarter, up two points sequentially and down one point year over year [19] - The risk-weighted average FICO score of the portfolio was 745, and the risk-weighted average loan-to-value ratio was 93% [8] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, investing in business growth, and returning excess capital to shareholders [10][12] - The introduction of the Rate three sixty pricing engine aims to deliver competitive pricing on a risk-adjusted basis [11][12] - The company continues to participate in GSE CRT transactions to diversify its platform [11] Management's Comments on Operating Environment and Future Outlook - The management noted a stable consumer and labor market, with potential improvement if mortgage rates decline [7] - The company is prepared to navigate a range of scenarios amid elevated geopolitical uncertainty [14] - Management expressed confidence in the long-term drivers of the housing market, citing pent-up demand among first-time homebuyers [7] Other Important Information - The company returned over $94 million to shareholders through share buybacks and dividends [13] - A new $350 million share repurchase program was authorized, along with a 14% increase in the dividend from 18.5 cents to 21 cents per share [13][28] - The PMIERs sufficiency ratio stood at 165, indicating a strong capital foundation [8] Q&A Session Summary Question: How is the company reacting to market uncertainty in underwriting and pricing? - The company is maintaining prudent guidelines and leveraging its strong capital base to help well-qualified borrowers [34] Question: Has there been any impact from government policy changes on loss mitigation? - The company has seen continued strength in GSE loss mitigation programs and is optimistic about new options for consumers [37] Question: What are the pricing dynamics affecting market share changes? - Market share is influenced by risk alignment and the quality of business rather than solely pricing [42] Question: How does the seasoning of the portfolio affect delinquency development? - The average age of the book is now 3.9 years, which is expected to slow the increase in new delinquency development [52] Question: Are cancellation rates increasing? - The company has not observed any significant change in borrower-initiated cancellations, which remain stable [68]

Financial Data and Key Metrics Changes - The company reported adjusted operating income of $169 million, up 2% year over year [6] - Adjusted earnings per share was $10, up 6% year over year [6] - GAAP net income was $166 million or $1.08 per diluted share, compared to $1.00 per diluted share in the same period last year [18] - Adjusted operating return on equity was 13.4% [19] - Insurance in force was $258 billion, up 2% year over year [6] Business Line Data and Key Metrics Changes - New insurance written was $10 billion, down 26% sequentially and down 7% year over year [19] - Primary insurance in force was $268 billion, relatively flat from $269 billion in the fourth quarter of 2024 and up 2% year over year [20] - Total net premiums earned were $245 million, down $1 million sequentially and up $4 million or 2% year over year [20] - The base premium rate was 40.1 basis points, relatively flat sequentially [21] Market Data and Key Metrics Changes - The housing market conditions remained tight with elevated home prices despite high borrowing costs [6] - Approximately 8% of the insurance in force had mortgage rates at least 50 basis points above March's average mortgage rate of 6.7% [9] - Persistency was 84%, up two points sequentially and down one point year over year [20] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, investing in business growth, and returning capital to shareholders [11][14] - The introduction of the Rate three sixty pricing engine aims to enhance competitive pricing and risk selection [12][13] - The company continues to participate in GSE CRT transactions to diversify its platform [12] Management's Comments on Operating Environment and Future Outlook - The management highlighted a stable consumer and labor market, with potential improvement if mortgage rates decline [7] - The company is prepared to navigate a range of scenarios amid elevated geopolitical uncertainty [8] - Management expressed confidence in the long-term drivers of the housing market, particularly pent-up demand from first-time homebuyers [8] Other Important Information - The company returned over $94 million to shareholders through share buybacks and dividends [14] - A new $350 million share repurchase program was authorized, along with a 14% increase in the dividend from 18.5 cents to 21 cents per share [14][29] - The PMIERs sufficiency ratio stood at 165, indicating a strong capital foundation [9] Q&A Session Summary Question: How is the company reacting to market uncertainty in underwriting and pricing? - The company is maintaining prudent guidelines and leveraging its strong capital base to help well-qualified borrowers [35] Question: Has there been any impact from recent government policy changes on loss mitigation? - The company has seen continued strength in GSE loss mitigation programs and is optimistic about new loss mitigation options [39] Question: What are the pricing dynamics and market share changes? - Market participation has been stable, and pricing adjustments are made based on risk and return alignment [45] Question: How does the seasoning of the portfolio affect delinquency development? - The average age of the portfolio is now 3.9 years, which is expected to slow the increase in new delinquency development [54] Question: Are cancellation rates increasing? - The company has not seen significant changes in borrower-initiated cancellations, which primarily occur due to refinancing [71]

Group 1 - Enact Holdings, Inc. reported quarterly earnings of $1.10 per share, missing the Zacks Consensus Estimate of $1.12 per share, but showing an increase from $1.04 per share a year ago, resulting in an earnings surprise of -1.79% [1] - The company posted revenues of $310.02 million for the quarter ended March 2025, which was below the Zacks Consensus Estimate by 0.49%, and an increase from $298.26 million year-over-year [2] - Over the last four quarters, Enact Holdings has surpassed consensus EPS estimates two times and topped revenue estimates just once [2] Group 2 - Enact Holdings shares have increased approximately 9.6% since the beginning of the year, contrasting with the S&P 500's decline of -5.5% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the upcoming quarter is $1.06 on revenues of $312.59 million, and for the current fiscal year, it is $4.41 on revenues of $1.26 billion [7] Group 3 - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the top 17% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [8] - Another company in the same industry, MBIA, is expected to report a quarterly loss of $0.07 per share, reflecting a year-over-year change of +86.5%, with revenues projected to be $21 million, down 34.4% from the previous year [9]

First Quarter 2025 Financial Results April 30, 2025 Cautionary Note Regarding Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results and the quotations of management. These forward-looking statements are distinguished by use of words such as "wi ...

Financial Performance - GAAP net income for Q1 2025 was $166 million, or $1.08 per diluted share, compared to $163 million, or $1.05 per diluted share in Q4 2024, and $161 million, or $1.01 per diluted share in Q1 2024[1][6] - Adjusted operating income was $169 million, or $1.10 per diluted share, consistent with Q4 2024 and up from $166 million, or $1.04 per diluted share in Q1 2024[1][6] - Net income for Q1 2025 was $165,778,000, representing a 2.5% increase from $162,738,000 in Q4 2024 and a 3.4% increase from $160,988,000 in Q1 2024[19] - Adjusted Operating Income for Q1 2025 was $168,837,000, slightly up from $168,725,000 in Q4 2024 and $166,235,000 in Q1 2024[19] Revenue and Premiums - Total revenues for Q1 2025 increased to $306,776,000, up 1.0% from $301,776,000 in Q4 2024 and 5.2% from $291,576,000 in Q1 2024[19] - Net premiums earned were $245 million, up 2% from $241 million in Q1 2024, and relatively flat from $246 million in Q4 2024[1][6] - New insurance written (NIW) was approximately $10 billion, down 26% from Q4 2024 and down 7% from Q1 2024[1][6] Losses and Ratios - Losses incurred were $31 million with a loss ratio of 12%, compared to $24 million and 10% in Q4 2024, and $20 million and 8% in Q1 2024[1][6] - The loss ratio for Q1 2025 was 12%, up from 10% in Q4 2024 and 8% in Q1 2024[19] - The expense ratio improved to 21% in Q1 2025, down from 24% in Q4 2024 and up from 22% in Q1 2024[19] Expenses and Shareholder Returns - Operating expenses were $53 million with an expense ratio of 21%, down from $58 million and 24% in Q4 2024[1][6] - The Board of Directors declared a 14% increase in the quarterly dividend from $0.185 to $0.21 per common share, payable on June 11, 2025[1][14] - The company repurchased approximately 2.0 million shares at an average price of $33.38 for a total of approximately $66 million in the quarter[1][14] Assets and Liabilities - Total assets rose to $6,721,520,000 in Q1 2025, up from $6,521,531,000 in Q4 2024 and $6,303,683,000 in Q1 2024[20] - Total liabilities increased to $1,602,113,000 in Q1 2025, compared to $1,525,435,000 in Q4 2024 and $1,589,919,000 in Q1 2024[20] Investment Income and Capital Structure - The company’s net investment income for Q1 2025 was $63,037,000, an increase from $62,624,000 in Q4 2024 and $57,111,000 in Q1 2024[19] - The company reported a Debt to Capital Ratio of 13% for Q1 2025, consistent with Q4 2024 and down from 14% in Q1 2024[20] Book Value - Book value per share increased to $33.96 in Q1 2025, compared to $32.80 in Q4 2024 and $29.89 in Q1 2024[20] Insurance In-Force - Primary insurance in-force (IIF) was $268 billion, a 2% increase from $264 billion in Q1 2024, and relatively flat from $269 billion in Q4 2024[1][6] PMIERs Sufficiency - PMIERs sufficiency was 165%, approximately $2.0 billion above the PMIERs requirements, compared to 167% in Q4 2024[1][7]

Core Insights - Enact Holdings, Inc. reported a strong financial performance for the first quarter of 2025, with net income of $166 million, or $1.08 per diluted share, reflecting a year-over-year increase [1][4] - The company emphasized its commitment to prudent underwriting, expense discipline, and returning capital to shareholders, positioning itself well amid economic uncertainties [2] Financial Performance - Net income for Q1 2025 was $166 million, up from $163 million in Q4 2024 and $161 million in Q1 2024 [3][4] - Adjusted operating income remained stable at $169 million, with adjusted diluted earnings per share at $1.10, compared to $1.09 in Q4 2024 and $1.04 in Q1 2024 [3][4] - New insurance written (NIW) was approximately $10 billion, a decrease of 26% from Q4 2024 and 7% from Q1 2024, attributed to seasonality and lower market share [4][9] Key Ratios and Metrics - Return on Equity (ROE) was reported at 13.1%, with an adjusted operating ROE of 13.4%, showing slight declines from the previous quarters [3][9] - The loss ratio increased to 12% from 10% in Q4 2024 and 8% in Q1 2024, driven by lower reserve releases [9][22] - The expense ratio improved to 21% from 24% in Q4 2024, indicating better expense management [9][22] Capital and Liquidity - PMIERs sufficiency was reported at 165%, approximately $2.0 billion above requirements, down from 167% in Q4 2024 [9][22] - The company held $356 million in cash and cash equivalents, with total assets amounting to $6.72 billion as of March 31, 2025 [9][21] - Enact repurchased approximately 2.0 million shares for about $66 million during the quarter and announced a new share repurchase program of up to $350 million [9][22] Dividends and Shareholder Returns - A quarterly dividend of $0.185 per share was paid, with a subsequent increase to $0.21 per share announced for the next quarter [9][22] - The company completed a $200 million dividend from its subsidiary EMICO to enhance capital return capabilities [9][22]

Core Points - Enact Holdings, Inc. declared a quarterly dividend of $0.21 per common share, marking a 14% increase from the previous quarter [1] - The company authorized a new share repurchase program allowing for the purchase of up to $350 million of its common stock, in addition to the remaining $6 million from the existing $250 million program [2][3] - The CEO emphasized the commitment to shareholder value through the increased dividend and share repurchase program, highlighting a consistent annual dividend increase since inception [3] Dividend and Share Repurchase - The new quarterly dividend will be payable on June 11, 2025, to shareholders of record on May 19, 2025 [1] - The share repurchase program will utilize various methods, including open market purchases and privately negotiated transactions, and may be executed under specific trading plans [3] - The timing and amount of share repurchases will be opportunistic, influenced by factors such as share price and market conditions [4] Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is a leading private mortgage insurance provider in the U.S. [5] - The company aims to support homeownership by partnering with lenders to provide exceptional service and risk management [5]