Enact Holdings, Inc. (NASDAQ:ACT) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET Company Participants Daniel Kohl - VP, Investor Relations Rohit Gupta - President, Chief Executive Officer and Director Dean Mitchell - Executive Vice President, Chief Financial Officer, and Treasurer Conference Call Participants Soham Bhonsle - BTIG Rick Shane - JPMorgan Mihir Bhatia - Bank of America Geoffrey Dunn - Dowling Operator Good day, and thank you for standing by. Welcome to the Enact’s Q2 2024 Earnings C ...

Financial Performance - Total revenues for Q2 2024 were $298,834, an increase of 7.5% compared to $277,522 in Q2 2023[14] - Net income for Q2 2024 was $183,673, representing a 9.1% increase from $168,020 in Q2 2023[16] - Premiums earned in Q2 2024 were $244,567, up from $238,520 in Q2 2023, reflecting a growth of 2.2%[14] - Net investment income increased to $59,773 in Q2 2024, compared to $50,915 in Q2 2023, marking a rise of 17.4%[14] - The company reported a total comprehensive income of $184,845 for Q2 2024, compared to $143,019 in Q2 2023, an increase of 29.3%[16] - Net income for the six months ended June 30, 2024, was $344,661, compared to $344,008 for the same period in 2023, reflecting a slight increase[26] - Net cash provided by operating activities increased to $331,996 for the six months ended June 30, 2024, from $287,185 in 2023, representing a growth of approximately 15.6%[26] - Net investment income for the six months ended June 30, 2024, was $116,884, up from $96,256 in 2023, indicating a year-over-year increase of about 21.5%[34] - For the six months ended June 30, 2024, net income available to common stockholders was $344.661 million, compared to $344.008 million for the same period in 2023[127] - Basic earnings per share for the six months ended June 30, 2024, was $2.18, an increase from $2.13 for the same period in 2023[127] Assets and Equity - Total assets as of June 30, 2024, were $6,349,372, up from $6,190,473 at the end of 2023, indicating a growth of 2.6%[12] - Total equity increased to $4,825,829 as of June 30, 2024, compared to $4,632,347 at the end of 2023, reflecting a growth of 4.2%[12] - Cash and cash equivalents at the end of the period increased to $699,035 as of June 30, 2024, from $691,416 at the end of June 2023[26] Stock Repurchase and Dividends - The company repurchased common stock worth $48,610 during Q2 2024[20] - The company repurchased common stock worth $98,334 during the six months ended June 30, 2024, compared to $63,435 in the same period of 2023, reflecting a significant increase of about 55%[26] - A quarterly cash dividend of $0.185 per share was paid in Q2 2024, up from $0.16 per share in Q2 2023[135] - As of June 30, 2024, $238.2 million remained available under the share repurchase program[134] Investment Performance - Unrealized investment losses on available-for-sale securities were $236,463 as of June 30, 2024, compared to $230,556 at the end of 2023, indicating a slight deterioration in investment performance[42] - The total fair value of fixed maturity securities available-for-sale was $5,331,345, with gross unrealized losses of $318,662[47] - The amortized cost of total investments as of June 30, 2024, was $5,644,893, reflecting a decrease in fair value compared to the previous period[47] - The total fair value of fixed maturity securities in an unrealized loss position was $4,195,578, with gross unrealized losses of $318,662 as of June 30, 2024[49] - The fair value of U.S. corporate fixed maturity securities was $2,723.7 million, with $2,476.5 million classified as Level 2 and $247.2 million as Level 3[81] - Approximately 89% of the fixed maturity securities portfolio was priced using third-party pricing services as of June 30, 2024[64] Liabilities and Borrowings - The carrying amount of long-term borrowings was $742.368 million, with a fair value of $749.880 million[98] - As of June 30, 2024, long-term borrowings totaled $742.368 million, a slight decrease from $745.416 million as of December 31, 2023[114] - The company issued $750 million in Senior Notes due 2029, with an interest rate of 6.25% per year, beginning on November 28, 2024[112] - The company redeemed all $750 million of its 6.5% senior notes due 2025 at a price of 101% of the principal amount, resulting in a loss on debt extinguishment of $10.9 million[115] - The company has a five-year unsecured revolving credit facility of $200 million, with the option to increase by an additional $100 million, maturing in June 2027[116] - The company is in compliance with all covenants of the revolving credit facility, which has remained undrawn through June 30, 2024[117] Loss Reserves and Insurance Operations - Loss reserves decreased to $508,138 as of June 30, 2024, from $518,191 at the end of 2023, a reduction of 1.9%[12] - The net loss reserves at the end of June 30, 2024, were $505.362 million, down from $516.221 million at the beginning of the period[102] - The gross loss reserves for domestic mortgage insurance decreased from $517.515 million at the beginning of the period to $506.710 million at the end of the period[102] - Losses and loss adjustment expenses (LAE) incurred related to the current accident year were $135.053 million, compared to $120.175 million for the same period in 2023[104] - The company recorded favorable reserve adjustments of $131 million primarily on prior accident year reserves due to improved cure performance of delinquencies[104] - The total incurred losses and LAE for the six months ended June 30, 2024, were $1.821 million, reflecting a decrease from the previous year[104] - The company operates through a single segment, focusing on residential mortgage guaranty insurance, with operations in all 50 states and the District of Columbia[31]

-       Newly issued U.S. patent augments Actinium's existing composition of matter patent coverage over Iomab-B and Iomab-ACT targeted radiotherapy conditioning programs-       Pertains to the use of Iomab-ACT with genetically engineered hematopoietic stem cells for treating non-malignant diseases including sickle cell disease, severe combined immunodeficiency disease, β-thalassemia and Fanconi's anemiaNEW YORK, Aug. 1, 2024 /PRNewswire/ -- Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) (Actinium or ...

Enact Holdings, Inc. (ACT) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $1.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.30%. A quarter ago, it was expected that this company would post earnings of $0.99 per share when it actually produced earnings of $1.04, delivering a surprise of 5.05%.Over the last four quarters, the compa ...

Exhibit 99.1 ENACT REPORTS SECOND QUARTER 2024 RESULTS AND ANNOUNCES QUARTERLY DIVIDEND _______________________________________ GAAP Net Income of $184 million, or $1.16 per diluted share Adjusted Operating Income of $201 million, or $1.27 per diluted share Return on Equity of 15.4% and Adjusted Operating Return on Equity of 16.9% Record Primary insurance in-force of $266 billion, a 3% increase from second quarter 2023 PMIERs Sufficiency of 169% or $2,057 million Book Value Per Share of $30.91 and Book Valu ...

GAAP Net Income of $184 million, or $1.16 per diluted shareAdjusted Operating Income of $201 million, or $1.27 per diluted shareReturn on Equity of 15.4% and Adjusted Operating Return on Equity of 16.9%Record Primary insurance in-force of $266 billion, a 3% increase from second quarter 2023PMIERs Sufficiency of 169% or $2,057 millionBook Value Per Share of $30.91 and Book Value Per Share excluding AOCI of $32.43Announces quarterly cash dividend of $0.185 per common share RALEIGH, N.C., July 31, 2024 (GLOBE ...

- Sickle cell disease affects approximately 100,000 patients in the U.S. annually and is a debilitating and life-threatening condition with high unmet need- Current conditioning with non-targeted chemotherapies provides limited access to potentially curative bone marrow transplant and recently approved gene therapies for sickle cell disease patients- Initial trial focused on conditioning for bone marrow transplant intended to inform subsequent gene therapy conditioning study and provide broader access to ce ...

Core Insights - The median home price in the United States has risen significantly over the past decade, recently reaching nearly $435,000, which has led to frustrations among potential home buyers [1] - Mortgage insurers, including Enact Holdings, Radian Group, and MGIC Investment Corp., have outperformed the S&P 500 index over the last two years despite a decline in home sales and refinancing activity [2][3] - Enact Holdings has shown growth in revenue, with total revenue for Q1 2024 at $291.6 million, up from $280.9 million in the previous year, driven by rising premiums and investment income [6] Industry Overview - Home sales are projected to remain low in 2024, with an annual level trending to less than 4.5 million transactions, marking a significant decline compared to previous years [3] - The volume of mortgage insurance sold is closely tied to mortgage originations and refinancing, which are currently affected by high interest rates, limiting refinancing activity [3][4] - Despite the challenges in the housing market, mortgage insurers have managed to maintain strong performance, indicating potential resilience in the sector [4] Company Analysis: Enact Holdings - Enact Holdings was spun out from Genworth Financial and has seen its shares underperform relative to the broader market recently, with a total return of approximately 8.9% compared to 18.1% for the S&P 500 [5][6] - The company reported a net income drop to $161.0 million in Q1 2024 from $176.0 million in the previous year, attributed to increased incurred losses [6] - Enact's balance sheet remains strong, with total assets increasing by $113 million and liquidity in excellent shape, allowing for a dividend increase and share repurchase program [6] Valuation and Future Outlook - The mortgage insurance sector is currently trading at a premium to book value, with Enact Holdings holding the lowest premium among its peers, indicating a fully valued status [8] - Expectations for interest rate cuts could lead to increased housing inventory and potentially boost transaction volumes, benefiting Enact Holdings [7][9] - The company is expected to see gradual appreciation in share price in line with book value, but significant upside appears limited unless market conditions change favorably [9]

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Enact Holdings, Inc. (ACT) , which belongs to the Zacks Insurance - Multi line industry, could be a great candidate to consider.This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 6.97%.For the most recent quarter, ...

RALEIGH, N.C., July 09, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) announced it will issue its second quarter earnings release after the market closes on July 31, 2024. Enact will host a conference call to review second quarter 2024 financial results on August 1, 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. Participa ...